| Schedule of Quarterly Financial Information |
| |
|
First Quarter |
|
|
Second Quarter |
|
|
Third Quarter |
|
|
Fourth Quarter |
|
| |
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
| Total revenue |
|
$ |
664,028 |
|
|
$ |
527,631 |
|
|
$ |
765,927 |
|
|
$ |
644,433 |
|
|
$ |
907,017 |
|
|
$ |
797,885 |
|
|
$ |
788,909 |
|
|
$ |
600,345 |
|
| Operating income |
|
|
73,089 |
|
|
|
30,988 |
|
|
|
148,588 |
|
|
|
95,389 |
|
|
|
234,822 |
|
|
|
208,080 |
|
|
|
46,442 |
|
|
|
61,430 |
|
| Net income (loss) attributable to Norwegian Cruise Line Holdings Ltd. |
|
|
51,267 |
(1) |
|
|
(96,395 |
)(2) |
|
|
111,616 |
(3) |
|
|
(8,841 |
)(4) |
|
|
201,078 |
(5) |
|
|
170,858 |
(6) |
|
|
(25,609 |
)(7) |
|
|
36,092 |
(8) |
| Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
0.25 |
|
|
$ |
(0.49 |
) |
|
$ |
0.54 |
|
|
$ |
(0.04 |
) |
|
$ |
0.99 |
|
|
$ |
0.84 |
|
|
$ |
(0.12 |
) |
|
$ |
0.18 |
|
| Diluted |
|
$ |
0.24 |
|
|
$ |
(0.49 |
) |
|
$ |
0.54 |
|
|
$ |
(0.04 |
) |
|
$ |
0.97 |
|
|
$ |
0.82 |
|
|
$ |
(0.12 |
) |
|
$ |
0.17 |
|
The seasonality of the North American cruise industry generally results in the greatest demand for cruises during the summer months. This predictable seasonality in demand has resulted in fluctuations in our revenue and results of operations. The seasonality of our results is increased due to ships being taken out of service for regularly scheduled Dry-docks, which we typically scheduled during non-peak demand periods.
|
(1) |
Includes $2.7 million of expenses associated with non-cash compensation and a tax benefit of $6.7 million from a change in estimate of tax provision associated with a change in our corporate entity structure and expenses related the Secondary Equity Offering. |
|
(2) |
Includes $110.4 million of expenses associated with debt prepayments, non-cash compensation, changes in corporate entity structure and other supplemental adjustments. |
|
(3) |
Includes $5.0 million of expenses associated with non-cash compensation and $2.3 million of expenses related to the tax restructuring and costs related to the settlement of a 2007 breach of contract claim. |
|
(4) |
Includes $69.1 million of expenses associated with debt prepayments, non-cash compensation, changes in corporate entity structure and other supplemental adjustments. |
|
(5) |
Includes $20.3 million of certain fees (legal, accounting and consulting) and integration costs related to the Acquisition of Prestige, $7.0 million of expenses associated with non-cash compensation and $0.8 million of expenses related to the tax restructuring. |
|
(6) |
Includes $9.3 million of expenses associated with non-cash compensation, changes in corporate entity structure and a Secondary Equity Offering. |
|
(7) |
Includes a total of $103.3 million of expenses as follows: |
|
· |
$13.6 million of non-cash compensation; |
|
· |
$10.6 million related to tax due to the change in corporate structure; |
|
· |
$15.4 million of expenses related to financing transactions in conjunction with the Acquisition of Prestige |
|
· |
$37.2 million related to the Acquisition of Prestige which includes legal, accounting, consulting fees and integration and severance costs; |
|
· |
$25.6 million related to the Acquisition of Prestige of which $13.0 million related to the fair value adjustment of deferred revenue and $12.6 million related to amortization expense; and |
|
· |
$0.9 million related to the tax restructuring. |
|
(8) |
Includes $4.1 million of expenses, net related to non-cash compensation, a Secondary Equity Offering and benefits incurred from changes in corporate entity structure. |
|