|
|
| |
|
| |
|
|
| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | | | | | | $ | | | |
Underwriting discounts and commissions(1)
|
| | | $ | | | | | $ | | | ||
Proceeds, before expenses, to the selling shareholders
|
| | | $ | | | | | | $ | | | |
|
PROSPECTUS SUPPLEMENT
|
| ||||||
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-v | | | |
| | | | | S-1 | | | |
| | | | | S-14 | | | |
| | | | | S-19 | | | |
| | | | | S-20 | | | |
| | | | | S-21 | | | |
| | | | | S-22 | | | |
| | | | | S-25 | | | |
| | | | | S-31 | | | |
| | | | | S-31 | | | |
| | | | | S-31 | | | |
| | | | | S-32 | | | |
|
PROSPECTUS
|
| ||||||
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 21 | | | |
| | | | | 24 | | | |
| | | | | 25 | | | |
| | | | | 30 | | | |
| | | | | 30 | | |
(in thousands, except share and per share data)
|
| |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||
|
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2012
|
| ||||||||||||||||||||||
Statement of operations data: | | | | | | | ||||||||||||||||||||||||||||||
Revenue | | | | | | | ||||||||||||||||||||||||||||||
Passenger ticket(*)
|
| | | $ | 2,406,533 | | | | | $ | 1,627,684 | | | | | $ | 2,176,153 | | | | | $ | 1,784,439 | | | | | $ | 1,582,801 | | | |||||
Onboard and other(*)
|
| | | | 901,992 | | | | | | 709,288 | | | | | | 949,728 | | | | | | 785,855 | | | | | | 693,445 | | | |||||
Total revenue
|
| | | | 3,308,525 | | | | | | 2,336,972 | | | | | | 3,125,881 | | | | | | 2,570,294 | | | | | | 2,276,246 | | | |||||
Cruise operating expense | | | | | | | ||||||||||||||||||||||||||||||
Commissions, transportation and other
|
| | | | 589,851 | | | | | | 374,716 | | | | | | 503,722 | | | | | | 455,816 | | | | | | 410,531 | | | |||||
Onboard and other
|
| | | | 210,701 | | | | | | 172,780 | | | | | | 224,000 | | | | | | 195,526 | | | | | | 173,916 | | | |||||
Payroll and related
|
| | | | 490,253 | | | | | | 321,386 | | | | | | 452,647 | | | | | | 340,430 | | | | | | 293,059 | | | |||||
Fuel
|
| | | | 267,784 | | | | | | 236,753 | | | | | | 326,231 | | | | | | 303,439 | | | | | | 283,678 | | | |||||
Food
|
| | | | 131,969 | | | | | | 125,236 | | | | | | 168,240 | | | | | | 136,785 | | | | | | 125,807 | | | |||||
Other
|
| | | | 307,143 | | | | | | 197,133 | | | | | | 271,784 | | | | | | 225,663 | | | | | | 191,442 | | | |||||
Total cruise operating expense
|
| | | | 1,997,701 | | | | | | 1,428,004 | | | | | | 1,946,624 | | | | | | 1,657,659 | | | | | | 1,478,433 | | | |||||
Other operating expense | | | | | | | ||||||||||||||||||||||||||||||
Marketing, general and
administrative |
| | | | 411,879 | | | | | | 263,584 | | | | | | 403,169 | | | | | | 301,155 | | | | | | 251,183 | | | |||||
Depreciation and amortization
|
| | | | 314,381 | | | | | | 188,885 | | | | | | 273,147 | | | | | | 215,593 | | | | | | 189,537 | | | |||||
Total other operating expense
|
| | | | 726,260 | | | | | | 452,469 | | | | | | 676,316 | | | | | | 516,748 | | | | | | 440,720 | | | |||||
Operating income
|
| | | | 584,564 | | | | | | 456,499 | | | | | | 502,941 | | | | | | 395,887 | | | | | | 357,093 | | | |||||
Non-operating income (expense) | | | | | | | ||||||||||||||||||||||||||||||
Interest expense, net(1)
|
| | | | (153,219) | | | | | | (95,316) | | | | | | (151,754) | | | | | | (282,602) | | | | | | (189,930) | | | |||||
Other income (expense)
|
| | | | (35,589) | | | | | | 3,305 | | | | | | (10,853) | | | | | | 1,403 | | | | | | 2,099 | | | |||||
Total non-operating income (expense)
|
| | | | (188,808) | | | | | | (92,011) | | | | | | (162,607) | | | | | | (281,199) | | | | | | (187,831) | | | |||||
Net income before income taxes
|
| | | | 395,756 | | | | | | 364,488 | | | | | | 340,334 | | | | | | 114,688 | | | | | | 169,262 | | | |||||
Income tax benefit (expense)
|
| | | | (6,931) | | | | | | 3,761 | | | | | | 2,267 | | | | | | (11,802) | | | | | | (706) | | | |||||
Net income
|
| | | | 388,825 | | | | | | 368,249 | | | | | | 342,601 | | | | | | 102,886 | | | | | | 168,556 | | | |||||
Net income attributable to non-controlling
interest |
| | | | — | | | | | | 4,288 | | | | | | 4,249 | | | | | | 1,172 | | | | | | — | | | |||||
Net income attributable to Norwegian Cruise Line Holdings Ltd.
|
| | | $ | 388,825 | | | | | $ | 363,961 | | | | | $ | 338,352 | | | | | $ | 101,714 | | | | | $ | 168,556 | | | |||||
Weighted-average shares outstanding(2) | | | | | | | ||||||||||||||||||||||||||||||
Basic
|
| | | | 225,805,901 | | | | | | 204,444,469 | | | | | | 206,524,968 | | | | | | 202,993,839 | | | | | | 178,232,850 | | | |||||
Diluted
|
| | | | 229,860,900 | | | | | | 209,992,647 | | | | | | 212,017,784 | | | | | | 209,239,484 | | | | | | 179,023,683 | | | |||||
Earnings per share | | | | | | | ||||||||||||||||||||||||||||||
Basic
|
| | | $ | 1.72 | | | | | $ | 1.78 | | | | | $ | 1.64 | | | | | $ | 0.50 | | | | | $ | 0.95 | | | |||||
Diluted
|
| | | $ | 1.69 | | | | | $ | 1.75 | | | | | $ | 1.62 | | | | | $ | 0.49 | | | | | $ | 0.94 | | | |||||
|
(in thousands, except Adjusted EPS and Other data)
|
| |
As of or for the Nine
Months Ended September 30, |
| |
As of or for the Year Ended December 31,
|
| ||||||||||||||||||||||||
|
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||
Balance sheet data: (at end of period) | | | | | | | |||||||||||||||||||||||||
Cash and cash equivalents
|
| | | $ | 230,180 | | | | | $ | 55,869 | | | | | $ | 84,824 | | | | | $ | 56,467 | | | | | $ | 45,500 | | |
Advance ticket sales(**)
|
| | | | 1,141,688 | | | | | | 504,057 | | | | | | 832,997 | | | | | | 411,829 | | | | | | 353,793 | | |
Total assets
|
| | | | 11,747,165 | | | | | | 7,374,049 | | | | | | 11,573,077 | | | | | | 6,650,978 | | | | | | 5,938,427 | | |
Total debt
|
| | | | 5,683,741 | | | | | | 3,463,911 | | | | | | 6,184,104 | | | | | | 3,127,789 | | | | | | 2,985,353 | | |
Total liabilities
|
| | | | 7,828,271 | | | | | | 4,490,065 | | | | | | 8,054,264 | | | | | | 4,019,712 | | | | | | 3,919,643 | | |
Total shareholders’ equity
|
| | | | 3,918,894 | | | | | | 2,883,984 | | | | | | 3,518,813 | | | | | | 2,631,266 | | | | | | 2,018,784 | | |
Cash flow data:(***) | | | | | | | |||||||||||||||||||||||||
Net cash provided by operating activities
|
| | | | 973,476 | | | | | | 700,724 | | | | | | 635,601 | | | | | | 475,281 | | | | | | 398,594 | | |
Net cash used in investing activities
|
| | | | (331,558) | | | | | | (864,837) | | | | | | (1,796,660) | | | | | | (894,851) | | | | | | (303,840) | | |
Net cash provided by (used in) financing activities
|
| | | | (496,562) | | | | | | 163,515 | | | | | | 1,189,416 | | | | | | 430,537 | | | | | | (108,180) | | |
Other financial measures:(3) | | | | | | | |||||||||||||||||||||||||
Ship Contribution(4)
|
| | | | 1,310,824 | | | | | | 908,968 | | | | | | 1,179,257 | | | | | | 912,635 | | | | | | 797,813 | | |
Adjusted EBITDA(5)
|
| | | | 958,436 | | | | | | 685,366 | | | | | | 877,852 | | | | | | 647,195 | | | | | | 555,634 | | |
Adjusted Net Income(6)
|
| | | | 545,361 | | | | | | 402,927 | | | | | | 480,561 | | | | | | 295,790 | | | | | | 173,056 | | |
Adjusted EPS(6)
|
| | | | 2.37 | | | | | | 1.92 | | | | | | 2.27 | | | | | | 1.41 | | | | | | 0.97 | | |
Adjusted Net Cruise Cost Excluding
Fuel(7) |
| | | | 1,313,267 | | | | | | 867,357 | | | | | | 1,204,128 | | | | | | 970,984 | | | | | | 861,491 | | |
Capital Expenditures – Other
|
| | | | 149,559 | | | | | | 82,451 | | | | | | 126,432 | | | | | | 100,180 | | | | | | 112,331 | | |
Capital Expenditures – Newbuild
|
| | | | 181,999 | | | | | | 782,386 | | | | | | 843,542 | | | | | | 794,671 | | | | | | 191,509 | | |
Other data: | | | | | | | |||||||||||||||||||||||||
Passenger Cruise Days
|
| | | | 11,925,493 | | | | | | 10,079,345 | | | | | | 13,634,200 | | | | | | 11,400,906 | | | | | | 10,332,914 | | |
Capacity Days
|
| | | | 10,887,160 | | | | | | 9,113,991 | | | | | | 12,512,459 | | | | | | 10,446,216 | | | | | | 9,602,730 | | |
Load Factor
|
| | | | 109.5% | | | | | | 110.6% | | | | | | 109.0% | | | | | | 109.1% | | | | | | 107.6% | | |
Gross Yield(8)
|
| | | $ | 303.89 | | | | | $ | 256.42 | | | | | $ | 249.82 | | | | | $ | 246.05 | | | | | $ | 237.04 | | |
Net Yield(8)
|
| | | $ | 230.36 | | | | | $ | 196.34 | | | | | $ | 191.66 | | | | | $ | 183.70 | | | | | $ | 176.18 | | |
Adjusted Net Yield(8)
|
| | | $ | 233.26 | | | | | $ | 196.34 | | | | | $ | 192.47 | | | | | $ | 183.70 | | | | | $ | 176.18 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||
(in thousands)
|
| |
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2012
|
| ||||||||||||||||||||
Total revenue
|
| | | $ | 3,308,525 | | | | | $ | 2,336,972 | | | | | $ | 3,125,881 | | | | | $ | 2,570,294 | | | | | $ | 2,276,246 | | | |||||
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Total cruise operating expense
|
| | | | 1,997,701 | | | | | | 1,428,004 | | | | | | 1,946,624 | | | | | | 1,657,659 | | | | | | 1,478,433 | | | |||||
Ship Contribution
|
| | | $ | 1,310,824 | | | | | $ | 908,968 | | | | | $ | 1,179,257 | | | | | $ | 912,635 | | | | | $ | 797,813 | | | |||||
|
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||
(in thousands)
|
| |
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2012
|
| ||||||||||||||||||||
Net income attributable to Norwegian Cruise Line Holdings Ltd.
|
| | | $ | 388,825 | | | | | $ | 363,961 | | | | | $ | 338,352 | | | | | $ | 101,714 | | | | | $ | 168,556 | | | |||||
Interest expense, net
|
| | | | 153,219 | | | | | | 95,316 | | | | | | 151,754 | | | | | | 282,602 | | | | | | 189,930 | | | |||||
Income tax expense (benefit)
|
| | | | 6,931 | | | | | | (3,761) | | | | | | (2,267) | | | | | | 11,802 | | | | | | 706 | | | |||||
Depreciation and amortization expense
|
| | | | 314,381 | | | | | | 188,885 | | | | | | 273,147 | | | | | | 215,593 | | | | | | 189,537 | | | |||||
EBITDA
|
| | | | 863,356 | | | | | | 644,401 | | | | | | 760,986 | | | | | | 611,711 | | | | | | 548,729 | | | |||||
Net income attributed to non-controlling interest
|
| | | | — | | | | | | 4,288 | | | | | | 4,249 | | | | | | 1,172 | | | | | | — | | | |||||
Other (income) expense
|
| | | | 35,589 | | | | | | (3,305) | | | | | | 10,853 | | | | | | (1,403) | | | | | | (2,099) | | | |||||
Non-GAAP adjustments: | | | | | | | ||||||||||||||||||||||||||||||
Non-cash share-based compensation related to the IPO(a)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 18,527 | | | | | | — | | | |||||
Non-cash deferred compensation(b)
|
| | | | 5,759 | | | | | | 5,144 | | | | | | 7,693 | | | | | | — | | | | | | — | | | |||||
Non-cash share-based compensation(c)
|
| | | | 27,857 | | | | | | 9,552 | | | | | | 20,627 | | | | | | 11,623 | | | | | | 9,004 | | | |||||
Secondary Equity Offerings’ expenses(d)
|
| | | | 1,384 | | | | | | 2,075 | | | | | | 2,075 | | | | | | 2,251 | | | | | | — | | | |||||
Severance payments and other fees(e)
|
| | | | 15,045 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Management NCL Corporation Units exchange expenses(f)
|
| | | | 624 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Acquisition of Prestige expenses(g)
|
| | | | 17,389 | | | | | | 20,268 | | | | | | 57,513 | | | | | | — | | | | | | — | | | |||||
Deferred revenue(h)
|
| | | | 31,514 | | | | | | — | | | | | | 10,052 | | | | | | — | | | | | | — | | | |||||
Contingent consideration adjustment(i)
|
| | | | (43,400) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Contract termination expenses(j)
|
| | | | 3,319 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Other(k)
|
| | | | — | | | | | | 2,943 | | | | | | 3,804 | | | | | | 3,314 | | | | | | — | | | |||||
Adjusted EBITDA
|
| | | $ | 958,436 | | | | | $ | 685,366 | | | | | $ | 877,852 | | | | | $ | 647,195 | | | | | $ | 555,634 | | | |||||
|
(in thousands, except share and per share data):
|
| |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||
|
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2012
|
| ||||||||||||||||||||||
Net income attributable to Norwegian Cruise
Line Holdings Ltd. |
| | | $ | 388,825 | | | | | $ | 363,961 | | | | | $ | 338,352 | | | | | $ | 101,714 | | | | | $ | 168,556 | | | |||||
Net income attributable to non-controlling interest
|
| | | | — | | | | | | 4,288 | | | | | | 4,249 | | | | | | 1,172 | | | | | | — | | | |||||
Net income
|
| | | | 388,825 | | | | | | 368,249 | | | | | | 342,601 | | | | | | 102,886 | | | | | | 168,556 | | | |||||
Non-GAAP Adjustments: | | | | | | | ||||||||||||||||||||||||||||||
Non-cash share-based compensation related to the IPO(a)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 18,527 | | | | | | 4,500 | | | |||||
Non-cash deferred compensation(b)
|
| | | | 5,759 | | | | | | 5,144 | | | | | | 7,693 | | | | | | — | | | | | | — | | | |||||
Non-cash share-based compensation(c)
|
| | | | 28,030 | | | | | | 9,552 | | | | | | 20,627 | | | | | | 9,408 | | | | | | — | | | |||||
Secondary Equity Offerings’ expenses(d)
|
| | | | 1,384 | | | | | | 2,075 | | | | | | 2,075 | | | | | | 2,251 | | | | | | — | | | |||||
Tax expense (benefit)(e)
|
| | | | — | | | | | | (5,304) | | | | | | 5,247 | | | | | | (5) | | | | | | — | | | |||||
Severance payments and other fees(f)
|
| | | | 15,045 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Management NCL Corporation Units exchange expenses(g)
|
| | | | 624 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Acquisition of Prestige expenses(h)
|
| | | | 17,389 | | | | | | 20,268 | | | | | | 57,513 | | | | | | — | | | | | | — | | | |||||
Deferred revenue(i)
|
| | | | 31,514 | | | | | | — | | | | | | 13,004 | | | | | | — | | | | | | — | | | |||||
Amortization of intangible assets(j)
|
| | | | 59,973 | | | | | | — | | | | | | 12,600 | | | | | | — | | | | | | — | | | |||||
Contingent consideration adjustment(k)
|
| | | | (43,400) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Derivative loss(l)
|
| | | | 33,370 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Debt related expenses(m)
|
| | | | — | | | | | | — | | | | | | 15,397 | | | | | | 160,573 | | | | | | — | | | |||||
Contract termination expenses(n)
|
| | | | 6,848 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Other(o)
|
| | | | — | | | | | | 2,943 | | | | | | 3,804 | | | | | | 2,150 | | | | | | — | | | |||||
Adjusted Net Income
|
| | | $ | 545,361 | | | | | $ | 402,927 | | | | | $ | 480,561 | | | | | $ | 295,790 | | | | | $ | 173,056 | | | |||||
Diluted weighted-average shares outstanding – Net income and Adjusted Net Income
|
| | | | 229,860,900 | | | | | | 209,992,647 | | | | | | 212,017,784 | | | | | | 209,239,484 | | | | | | 179,023,683 | | | |||||
Diluted earnings per share
|
| | | $ | 1.69 | | | | | $ | 1.75 | | | | | $ | 1.62 | | | | | $ | 0.49 | | | | | $ | 0.94 | | | |||||
Adjusted EPS
|
| | | $ | 2.37 | | | | | $ | 1.92 | | | | | $ | 2.27 | | | | | $ | 1.41 | | | | | $ | 0.97 | | | |||||
|
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||
(in thousands):
|
| |
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2012
|
| ||||||||||||||||||||
Total cruise operating expense
|
| | | $ | 1,997,701 | | | | | $ | 1,428,004 | | | | | $ | 1,946,624 | | | | | $ | 1,657,659 | | | | | $ | 1,478,433 | | | |||||
Marketing, general and administrative expense
|
| | | | 411,879 | | | | | | 263,584 | | | | | | 403,169 | | | | | | 301,155 | | | | | | 251,183 | | | |||||
Gross Cruise Cost
|
| | | | 2,409,580 | | | | | | 1,691,588 | | | | | | 2,349,793 | | | | | | 1,958,814 | | | | | | 1,729,616 | | | |||||
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Commissions, transportation and other
|
| | | | 589,851 | | | | | | 374,716 | | | | | | 503,722 | | | | | | 455,816 | | | | | | 410,531 | | | |||||
Onboard and other expense
|
| | | | 210,701 | | | | | | 172,780 | | | | | | 224,000 | | | | | | 195,526 | | | | | | 173,916 | | | |||||
Net Cruise Cost
|
| | | | 1,609,028 | | | | | | 1,144,092 | | | | | | 1,622,071 | | | | | | 1,307,472 | | | | | | 1,145,169 | | | |||||
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Fuel expense
|
| | | | 267,784 | | | | | | 236,753 | | | | | | 326,231 | | | | | | 303,439 | | | | | | 283,678 | | | |||||
Net Cruise Cost Excluding Fuel
|
| | | | 1,341,244 | | | | | | 907,339 | | | | | | 1,295,840 | | | | | | 1,004,033 | | | | | | 861,491 | | | |||||
Less Non-GAAP Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Non-cash share-based compensation related to the IPO(a)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 18,527 | | | | | | — | | | |||||
Non-cash deferred compensation(b)
|
| | | | 5,759 | | | | | | 5,144 | | | | | | 7,693 | | | | | | — | | | | | | — | | | |||||
Non-cash share-based compensation(c)
|
| | | | 27,857 | | | | | | 9,552 | | | | | | 20,627 | | | | | | 8,898 | | | | | | — | | | |||||
Secondary Equity Offerings’ expenses(d)
|
| | | | 1,384 | | | | | | 2,075 | | | | | | 2,075 | | | | | | 2,251 | | | | | | — | | | |||||
Severance payments and other fees(e)
|
| | | | 15,045 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Management NCL Corporation Units exchange expenses(f)
|
| | | | 624 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Acquisition of Prestige expenses(g)
|
| | | | 17,389 | | | | | | 20,268 | | | | | | 57,513 | | | | | | — | | | | | | — | | | |||||
Contingent consideration adjustment(h)
|
| | | | (43,400) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Contract termination expenses(i)
|
| | | | 3,319 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||||
Other(j)
|
| | | | — | | | | | | 2,943 | | | | | | 3,804 | | | | | | 3,373 | | | | | | — | | | |||||
Adjusted Net Cruise Cost Excluding Fuel
|
| | | $ | 1,313,267 | | | | | $ | 867,357 | | | | | $ | 1,204,128 | | | | | $ | 970,984 | | | | | $ | 861,491 | | | |||||
|
(in thousands, except Capacity Days and Yield
data): |
| |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
|
2015
|
| |
2014
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||
Passenger ticket revenue
|
| | | $ | 2,406,533 | | | | | $ | 1,627,684 | | | | | $ | 2,176,153 | | | | | $ | 1,784,439 | | | | | $ | 1,582,801 | | |
Onboard and other revenue
|
| | | | 901,992 | | | | | | 709,288 | | | | | | 949,728 | | | | | | 785,855 | | | | | | 693,445 | | |
Total revenue
|
| | | | 3,308,525 | | | | | | 2,336,972 | | | | | | 3,125,881 | | | | | | 2,570,294 | | | | | | 2,276,246 | | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commissions, transportation and other
expense |
| | | | 589,851 | | | | | | 374,716 | | | | | | 503,722 | | | | | | 455,816 | | | | | | 410,531 | | |
Onboard and other expense
|
| | | | 210,701 | | | | | | 172,780 | | | | | | 224,000 | | | | | | 195,526 | | | | | | 173,916 | | |
Net Revenue
|
| | | | 2,507,973 | | | | | | 1,789,476 | | | | | | 2,398,159 | | | | | | 1,918,952 | | | | | | 1,691,799 | | |
Non-GAAP Adjustment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred revenue(a)
|
| | | | 31,514 | | | | | | — | | | | | | 10,052 | | | | | | — | | | | | | — | | |
Adjusted Net Revenue
|
| | | $ | 2,539,487 | | | | | $ | 1,789,476 | | | | | $ | 2,408,211 | | | | | $ | 1,918,952 | | | | | $ | 1,691,799 | | |
Capacity Days
|
| | | | 10,887,160 | | | | | | 9,113,991 | | | | | | 12,512,459 | | | | | | 10,446,216 | | | | | | 9,602,730 | | |
Gross Yield
|
| | | $ | 303.89 | | | | | $ | 256.42 | | | | | $ | 249.82 | | | | | $ | 246.05 | | | | | $ | 237.04 | | |
Net Yield
|
| | | $ | 230.36 | | | | | $ | 196.34 | | | | | $ | 191.66 | | | | | $ | 183.70 | | | | | $ | 176.18 | | |
Adjusted Net Yield
|
| | | $ | 233.26 | | | | | $ | 196.34 | | | | | $ | 192.47 | | | | | $ | 183.70 | | | | | $ | 176.18 | | |
2013
|
| |
High
|
| |
Low
|
| ||||||
First fiscal quarter of 2013 (from January 18, 2013)
|
| | | $ | 31.91 | | | | | $ | 19.00 | | |
Second fiscal quarter of 2013
|
| | | $ | 32.93 | | | | | $ | 28.00 | | |
Third fiscal quarter of 2013
|
| | | $ | 33.67 | | | | | $ | 28.28 | | |
Fourth fiscal quarter of 2013
|
| | | $ | 35.97 | | | | | $ | 28.57 | | |
2014
|
| |
High
|
| |
Low
|
| ||||||
First fiscal quarter of 2014
|
| | | $ | 37.30 | | | | | $ | 31.61 | | |
Second fiscal quarter of 2014
|
| | | $ | 34.18 | | | | | $ | 29.08 | | |
Third fiscal quarter of 2014
|
| | | $ | 38.05 | | | | | $ | 31.38 | | |
Fourth fiscal quarter of 2014
|
| | | $ | 48.16 | | | | | $ | 30.44 | | |
2015
|
| |
High
|
| |
Low
|
| ||||||
First fiscal quarter of 2015
|
| | | $ | 55.35 | | | | | $ | 42.55 | | |
Second fiscal quarter of 2015
|
| | | $ | 57.55 | | | | | $ | 48.03 | | |
Third fiscal quarter of 2015
|
| | | $ | 63.22 | | | | | $ | 50.00 | | |
Fourth fiscal quarter of 2015 (through December 11, 2015)
|
| | | $ | 64.27 | | | | | $ | 53.46 | | |
| | |
Ordinary Shares
Beneficially Owned Prior to this Offering |
| |
Number of
Ordinary Shares Offered Hereby |
| |
Ordinary Shares
Beneficially Owned After this Offering |
| |||||||||||||||||||||
Name and Address(1)
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||
Apollo Holders(2)
|
| | | | 41,274,810 | | | | | | 18.1% | | | | | | 5,171,028 | | | | | | 36,103,782 | | | | | | 15.8% | | |
Star NCLC(3)
|
| | | | 30,569,334 | | | | | | 13.4% | | | | | | 5,171,027 | | | | | | 25,398,307 | | | | | | 11.1% | | |
| | |
Percentage Ownership in
Genting HK |
| |||
Golden Hope Limited (“GHL”)(a)
|
| | | | 53.67% | | |
Genting Malaysia Berhad (“GENM”)(b)
|
| | | | 16.87% | | |
|
Per Share
|
| | | $ | | | ||
|
Total
|
| | | $ | | | | |
|
| | |
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