Norwegian Cruise Line Holdings (NCLH) FY2019 results: revenue $6.5 billion, up 6.7% on the year
Norwegian Cruise Line Holdings Ltd. (NCLH) reported revenue of $6.5 billion for fiscal 2019, the year ended 31 December 2019, up 6.7% on the year before. Net income was $930 million, down 2.6%, and diluted earnings per share $4.30. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$6.5 billion
+6.7% on the year
FY2012FY2019
Operating margin
18.2%
20.1% a year earlier
FY2012FY2019
Net income
$930 million
-2.6% on the year
FY2012FY2019
Diluted EPS
$4.30
+1.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,462
6,055
5,396
+6.7%
Cost of revenue
3,663
n/a
n/a
Gross profit
2,799
n/a
n/a
Gross margin
43.3%
n/a
n/a
Selling, general and administrative
975
898
774
+8.6%
Operating income
1,178
1,219
1,049
-3.4%
Operating margin
18.2%
20.1%
19.4%
Interest expense
273
270
268
+0.9%
Pre-tax income
911
969
771
-6.0%
Income tax
-18.9
14.5
10.7
Effective tax rate
-2.1%
1.5%
1.4%
Net income
930
955
760
-2.6%
Net margin
14.4%
15.8%
14.1%
Diluted EPS
$4.30
$4.25
$3.31
+1.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,823
2,075
1,601
-12.2%
Capital expenditure
1,637
1,567
1,372
+4.5%
Free cash flow
185
508
229
-63.5%
Free cash flow margin
2.9%
8.4%
4.2%
Cash from investing
-1,680
-1,503
-1,405
Cash from financing
-53.4
-585
-149
Depreciation and amortisation
647
567
521
+14.1%
Share-based compensation
95.1
116
87.0
-18.0%
Buybacks
350
665
n/a
-47.4%
Diluted shares, weighted
216m
224m
229m
-3.5%
Shares outstanding at period end
213m
218m
229m
-2.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,516
5,963
5,750
+9.3%
Debt
6,802
6,492
6,308
+4.8%
Other liabilities
3,367
2,751
2,037
+22.4%
Total liabilities and equity
16,685
15,206
14,095
+9.7%
Fixed assets
13,135
12,119
11,040
+8.4%
Goodwill
1,389
1,389
1,389
0.0%
Intangible assets
818
818
818
0.0%
Cash and equivalents
253
164
176
+54.3%
Receivables
75.1
55.2
44.0
+35.9%
Inventory
95.4
90.2
82.1
+5.8%
Other assets
919
571
546
+61.0%
Total assets
16,685
15,206
14,095
+9.7%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.