Norwegian Cruise Line Holdings (NCLH) FY2020 results: revenue $1.3 billion, down 80.2% on the year
Norwegian Cruise Line Holdings Ltd. (NCLH) reported revenue of $1.3 billion for fiscal 2020, the year ended 31 December 2020, down 80.2% on the year before. Net income was -$4.0 billion, and diluted earnings per share $-15.75. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$1.3 billion
-80.2% on the year
FY2013FY2020
Operating margin
-272.2%
18.2% a year earlier
FY2013FY2020
Net income
-$4.0 billion
FY2013FY2020
Diluted EPS
-$15.75
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,280
6,462
6,055
-80.2%
Cost of revenue
1,693
3,663
n/a
-53.8%
Gross profit
-413
2,799
n/a
Gross margin
-32.3%
43.3%
n/a
Selling, general and administrative
745
975
898
-23.5%
Operating income
-3,484
1,178
1,219
Operating margin
-272.2%
18.2%
20.1%
Interest expense
482
273
270
+76.7%
Pre-tax income
-4,000
911
969
Income tax
12.5
-18.9
14.5
Effective tax rate
n/a
-2.1%
1.5%
Net income
-4,013
930
955
Net margin
-313.5%
14.4%
15.8%
Diluted EPS
-$15.75
$4.30
$4.25
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-2,556
1,823
2,075
Capital expenditure
947
1,637
1,567
-42.2%
Free cash flow
-3,503
185
508
Free cash flow margin
-273.7%
2.9%
8.4%
Cash from investing
-975
-1,680
-1,503
Cash from financing
6,579
-53.4
-585
Depreciation and amortisation
740
647
567
+14.3%
Share-based compensation
111
95.1
116
+17.1%
Buybacks
n/a
350
665
Diluted shares, weighted
255m
216m
224m
+17.7%
Shares outstanding at period end
316m
213m
218m
+48.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,354
6,516
5,963
-33.2%
Debt
11,806
6,802
6,492
+73.6%
Operating lease liabilities
185
n/a
n/a
Finance lease liabilities
4.6
n/a
n/a
Other liabilities
2,049
3,367
2,751
-39.1%
Total liabilities and equity
18,399
16,685
15,206
+10.3%
Fixed assets
13,411
13,135
12,119
+2.1%
Goodwill
98.1
1,389
1,389
-92.9%
Intangible assets
501
818
818
-38.8%
Cash and equivalents
3,300
253
164
+1,205.2%
Receivables
20.6
75.1
55.2
-72.6%
Inventory
82.4
95.4
90.2
-13.7%
Other assets
986
919
571
+7.2%
Total assets
18,399
16,685
15,206
+10.3%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.