Norwegian Cruise Line Holdings Ltd. Q1 FY2024 results: revenue $2.2 billion, up 20.3% on the year

Norwegian Cruise Line Holdings Ltd. (NCLH) reported revenue of $2.2 billion for Q1 FY2024, the quarter ended 31 March 2024, up 20.3% on the same quarter a year earlier. Net income was $17 million, and diluted earnings per share $0.04. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$2.2 billionup 20.3%

Net income$17 million

Diluted EPS$0.04

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,191	1,986	n/a	n/a
Cost of revenue	1,387	1,322	n/a	n/a
Gross profit	804	665	n/a	n/a
Gross margin	36.7%	33.5%	n/a
Selling, general and administrative	362	328	n/a	n/a
Operating income	218	124	n/a	n/a
Operating margin	10.0%	6.3%	n/a
Interest expense	17.3	676	n/a	n/a
Pre-tax income	18.4	-108	n/a	n/a
Income tax	1.0	-1.8	n/a	n/a
Effective tax rate	5.5%	n/a	n/a
Net income	17.4	-106	n/a	n/a
Net margin	0.8%	-5.4%	n/a
Diluted EPS	$0.04	-$0.14	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	807	259	n/a	n/a
Capital expenditure	259	648	n/a	n/a
Free cash flow	548	-389	n/a	n/a
Free cash flow margin	25.0%	-19.6%	n/a
Depreciation and amortisation	245	233	n/a	n/a
Share-based compensation	21.9	22.7	n/a	n/a
Diluted shares, weighted	431m	427m	n/a	n/a
Shares outstanding at period end	429m	426m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	19,825	19,493	n/a	n/a
Cash and equivalents	560	402	n/a	n/a
Receivables	282	280	n/a	n/a
Inventory	158	158	n/a	n/a
Goodwill	98.1	98.1	n/a	n/a
Long-term debt including finance leases	12,005	12,314	n/a	n/a
Operating lease liabilities	648	645	n/a	n/a
Shareholders' equity	362	301	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,536	1,986	2,191	2,372	2,807	2,109	2,128	2,517	2,938	2,244	2,331	2,641
Cost of revenue	1,483	1,322	1,387	1,455	1,539	1,308	1,304	1,457	1,555	1,324	1,378	1,587
Gross profit	1,053	665	804	918	1,268	802	824	1,061	1,383	921	953	1,054
Gross margin	42%	33%	37%	39%	45%	38%	39%	42%	47%	41%	41%	40%
SG&A	325	328	362	354	358	361	391	393	383	381	460	419
Operating income	523	124	218	342	691	215	201	424	749	187	233	363
Operating margin	21%	6%	10%	14%	25%	10%	9%	17%	26%	8%	10%	14%
Interest expense	17.5	676	17.3	16.0	15.0	n/a	14.7	10.9	9.0	n/a	5.7	5.8
Pre-tax income	354	-108	18.4	165	482	108	-41.4	30.6	434	5.9	108	226
Tax rate	2%	n/a	5%	1%	1%	-136%	n/a	2%	3%	-142%	3%	2%
Net income	346	-106	17.4	163	475	255	-40.3	30.0	419	14.3	105	223
Net margin	14%	-5%	1%	7%	17%	12%	-2%	1%	14%	1%	4%	8%
Diluted EPS	$0.71	-$0.14	$0.04	$0.35	$0.95	$0.55	-$0.09	$0.07	$0.86	n/a	$0.23	$0.48
Operating cash flow	210	259	807	671	173	399	679	715	237	459	811	603
Capital expenditure	1,129	648	259	341	368	243	1,525	334	963	438	1,437	458
Free cash flow	-918	-389	548	330	-196	156	-846	381	-727	21.5	-625	145
Shares outstanding	425m	426m	429m	440m	440m	440m	443m	447m	455m	455m	459m	459m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0001558370-24-007014: the filing on EDGAR. All of Norwegian Cruise Line Holdings Ltd.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install