And our consumers are booking very far out in advance, which is a good thing. In addition to using your Future Cruise Credit, you will have access to Cruise Line Promotions as well as savings on future travel when you book. What happens if the cruise I am looking to book has a greater value than my Future Cruise Credit? OK, thank you. You've come to the right place. Norwegian Cruise Line ; Transfer cruise credits Please . Policies for bookings made through Tour Operators or Wholesalers may vary, so please contact your Travel Partner for full details. You know, we've stated before that our goal is to be between 60% and 65% booked at year-end for the following 12 months. And as I had communicated when we communicated on our last call, we were steadfastly going into a lot of our onboard -- our margin enhancement initiatives. My questions are for Mark. FCCs have a set monetary value that can be applied towards the purchase of a new cruise vacation. And then, just a related follow-up question. We continue to expect modest sequential improvement each quarter in 2023 as occupancy increases and as a result of initiatives which have already been identified and implemented. Once added to your profile, Future Cruise Credit can then be applied to any existing booking or newly created booking. In addition, comparisons to 2019 includes certain premium price Baltic and Cuba voyages in that year, which we did not operate in 2023. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. These are given to customers as a form of compensation for inconveniences caused by cancelled cruises or service issues on a previous cruise. Cruise tours purchased through Norwegian Cruise Line What happens if the cancelled booking had a previous FCC applied? A credit card dispute was filed for the charges. In order to transfer an FCC, and in an effort for us to best assist you quickly, please follow the instructions below: POM or Suspended Sailing reservation number that generated the FCC being transferred: This website uses cookies. And then, maybe also kind of give us a look at '24. And, Harry, welcome to the hot seat, as they say. . An email from the current FCC owner requesting the transfer to be made must be included when submitting the transfer request via https://www.ncl.com/case-submission Insurance FCCs and 10% bonus FCCs are not transferrable Once the transfer takes place, the receiving guest is now the owner and the previous owner cannot request a transfer back. Exclusions may apply, but are not limited to, one of the following: An FCC has been fully or partially transferred. At that time, the receiving guest will be able to apply the coupon to the desired reservation. Social Security Cuts May Be Coming. Learn More, Norwegian Cruise Line(NCLH 8.91%)Q12023 Earnings CallMay 01, 2023, 10:00 a.m. Get in touch at the below options: Copyright 2020 International Cruise & Excursion Gallery, Inc. My Future Cruise Credit, I.C.E. As we look to the remainder of the year, our substantial book position, coupled with the continued healthy demand metrics we are experiencing, gives us confidence in achieving our 2023 net per diem and net yield guidance, which Mark will touch on in more detail momentarily. I look forward to continuing to partner with Harry in his new role as we work to capitalize on the momentum we are experiencing in order to maximize value for all of our stakeholders. This website uses cookies. Can you discuss what you're seeing, I think first half of the year you're weighted a little heavier Caribbean, you know, how pricing and closing demand is looking for the region? And now, as we've essentially exited wave, can you maybe help us think about where you are booked now for '23? So, in order to preserve cash for the long term and given the very efficient rates, we simply decided to finance more. Thanks. They either make their own air arrangements or they make air arrangements through us. Are any costs refunded instead of being included in the FCC? And I think -- I'm very confident, I think quite a bit of -- we're nervous last quarter, whether or not we could achieve our cost savings. Yeah. By continuing to browse the site you agree to our use of cookies. As I said, those are fixed, so we have very efficient financing going forward. So, while on the surface it may appear that there is a -- it is a bit softer than Q1. Essentials, Booksafe Standard or Platinum Travel Protection insurance (if purchased on the original suspended reservation), The Future Cruise Credit cannot be applied or used for the following: Those ships, along with some of our other recent additions, translate to a nearly 20% growth in capacity when compared to 2019. Our target consumer remains resilient with a persistent desire for travel and experiences. Give specific details . With Harry Sommer at the helm, I leave this company in the most capable of hands. We've demonstrated that in our full year updated guidance, and we will continue to push hard on that. Despite Its Falling 92%, Cathie Wood Is Buying More of This Growth Stock. You know, I just want to add to Mark's comment that our guests have to fly to get to a cruise. This may mean different protocols from ship to ship based on local state or port requirements or in an abundance of caution to keep our guests and crew as safe as possible. Yes, a good way to be sure to redeem the full amount is to consider a cabin upgrade, book an ocean view instead of an inside cabin or treat yourself to a balcony instead of an ocean view stateroom. Just on the second half net per diem, you know, it's implied a decent step-up in the second half. Today marks a significant milestone for me, as it is my 34th and final earnings call as president and CEO of this incredible company before my upcoming retirement, which was announced just over a month ago. Future Cruise Credit Expiration Dates: Do I Need to Worry? What happens to CruiseNext certificates that were used on a cancelled reservation? Ms. John, please proceed. Is there anything the Peace of Mind FCC cannot be used for? ATAS Travel Accreditation No: A11156. Include the following information in the comments field: Completed FCC transfer request information as listed below. Future cruise credit (FCC) is a bit like store credit from a cruise line. It has a monetary amount associated with it, and it is provided in lieu of a refund. Sign up and register your future cruise credit details to get personalised service, cruise line updates and exclusive promotions. And there's two choices. Flights are considered an add-on to the main cruise fare so, your Future Cruise Credit would not cover the cost of the flight, however, here at my Future Cruise Credit, we can help you use your Future Cruise Credit towards a cruise inclusive of the promotional add-ons you had with your original cruise. Peace of Mind allows you to defer decisions to a later date and therefore the cancelled cruise may not be re-booked using the FCC. These guests will receive a 125% refund of the fare paid in the form of a future cruise credit, which can be applied toward any cruise through to 31 December 2022, or a 100% refund of the fare paid. The scope of these targets cover our direct emissions, as well as the full well-to-wake impact of our fuel consumption. It's a little less close in demand there as we are booked further in advance. Asia-Pacific: I.C.E Vacations Asia Pacific Pty Ltd. Company Number: 54 105 542 176. I booked and paid for 2 cabins, we received future cruise credits to be used within 1 year and the credit was issued to each of the cruisers. Now, for one last time, thank you for your interest and your support. This will either cover the cost of the fare or be issued in the form of an open certificate similar to the Future Cruise Credit. Yes. If the cruise fare for the new booking exceeds the Future Cruise Credit value, you will be responsible for the difference. If you have booked any shore excursions, beverage packages, or other pre-cruise purchases, you will receive a refund to the original form of payment. And as we look out over the next five years, this increases to approximately 50% growth versus 2019. 5 Things You Didn't Know About Booking a Costco Cruise, Hidden in the Fine Print: 16 Things You Need to Know About Your Cruise Contract, Club Orange, Holland America's Priority Program, 10 Things You Should Never Do on a Cruise Line Private Island. Listen, in Q2 and in all future quarters, our focus now is on having our cabins as close to 100% full as possible. The full value of FCC will be credited back to the guest's Latitudes profile if cancellation is outside of standard penalties. I know the 1.2 billion are for those ships that are a couple of years out, is the additional 500 million euros, is that for 2023 specifically? Great. You can redeem any FCC by calling us! Thank you. And lastly, we feel comfortable with our liquidity position and are committed to prioritizing restoration of our balance sheet in the coming years. Before getting to the crux of the call, I want to take a moment to thank all of Norwegian's team members around the globe, shipboard, and shore side, who are the backbone of this company and who are the main driver of its success. As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. The best way to ensure a smooth transfer of future credits collected is to fill out the survey provided on the last day of the sailing. Check out the following tips. Complete the on-board survey. Purchased onboard credits Thank you. And we're very pleased with that. If the cruise you booked with future cruise credit is canceled, the full amount may again be refunded in the form of an FCC, and the expiration dates will likely be adjusted accordingly. So, now I'll turn the call over to Harry, who will be tasked with delivering on the significant potential upside we see ahead, to provide an update on the current environment and the key catalyst we have in the horizon. Another strong indicator that our product continues to resonate with our guests is the performance of NCL's CruiseNext program, an onboard program in which we sell nonrefundable future cruise certificates. So, first and foremost, there is no change. Thanks. I'll -- it's Harry. I mean, is there any net cruise costs changes or net yield changes that we should be thinking through? Cancellation penalties will be withdrawn from the FCC amount if applicable and remaining balance will be attached to guest's profile. Attachment of email from current FCC owner authorizing transfer. Dan Politzer -- Wells Fargo Securities -- Analyst. Posted 2 hours ago. Upon submission of the online request, an email will be sent to the email address entered on the form with a response and case number. Please proceed with your question. Thanks for taking my question. Okay, gotcha. Thanks Mark. She will be offering guests cruises to the Greek Isles. Will out of pocket costs (including items such as individually purchased air) incurred as a result of this cancellation be reimbursed? Norwegians Enhanced Peace of Mind Policy was available from December 30, 2021 through January 31, 2022. We're pleased with the results so far, but we're not stopping there. We also revamped our climate action strategy, which is now centered on three key pillars: efficiency, innovation, and collaboration. What does My Future Cruise Credit not cover? I was just wondering if that 500 million was for 2023, or is that for the later deliveries that the 1.2 billion applies to? Our next question is from Patrick Scholes with Truist Securities. That's helpful. Sure, Vince. Your Future Cruise Credit will, most likely, only be redeemable towards a new cruise fare and is issued in lieu of a refund, however, some Cruise Lines have given customers the option to receive an onboard spend credit in lieu of a refund. Depending on the cruise line, an FCC will likely not cover future charges such as: 19952023, The Independent Traveler, Inc. .css-18jw8gc{-webkit-appearance:none;-moz-appearance:none;-ms-appearance:none;appearance:none;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;-webkit-user-select:none;-moz-user-select:none;-ms-user-select:none;user-select:none;position:relative;white-space:nowrap;vertical-align:middle;outline:2px solid transparent;outline-offset:2px;line-height:1.2;border-radius:var(--chakra-radii-md);transition-property:var(--chakra-transition-property-common);transition-duration:var(--chakra-transition-duration-normal);height:auto;min-width:var(--chakra-sizes-10);font-size:var(--chakra-fontSizes-md);background:none;border:0;color:black;display:inline;margin:0px;padding:0!important;font-family:var(--chakra-fonts-Roboto);font-weight:500;padding-top:0.625rem;padding-bottom:0.625rem;-webkit-padding-start:1rem;padding-inline-start:1rem;-webkit-padding-end:1rem;padding-inline-end:1rem;}.css-18jw8gc:focus-visible,.css-18jw8gc[data-focus-visible]{box-shadow:var(--chakra-shadows-outline);}.css-18jw8gc:disabled,.css-18jw8gc[disabled],.css-18jw8gc[aria-disabled=true],.css-18jw8gc[data-disabled]{opacity:0.4;cursor:not-allowed;box-shadow:var(--chakra-shadows-none);}.css-18jw8gc:active,.css-18jw8gc[data-active]{border:var(--chakra-borders-none);background:none;}.css-18jw8gc:hover,.css-18jw8gc[data-hover]{border:var(--chakra-borders-none);background:none;}.css-18jw8gc:focus,.css-18jw8gc[data-focus]{border:var(--chakra-borders-none);outline:2px solid transparent;outline-offset:2px;box-shadow:var(--chakra-shadows-none);}Cookie Consent, Mega-Chart: Compare Hurricane Sandy Cruise Line Compensation. Before I turn the call over, I'd like to provide an update on our decarbonization efforts as part of our global sustainability program, Sail & Sustain, something that I am very passionate about and committed to advancing. When cruises are greatly affected or canceled, or if passengers are given compensation for any reason, a nonrefundable future cruise credit is a common form of payment. Frank? This includes improvements in areas such as supply chain initiatives, back office optimization, as well as crew costs and travel expenses. And I think it's somewhere in the neighborhood of -- we have 3% more deployment in Q4 of Alaska and I believe 7% deployment -- more deployment in Europe for Q4. The following is applied to the Future Cruise Credit when calculated: Cruise fare and taxes. Step 5. In terms of this gap of 3%, does that reflect what we're going forward? Operator? As a result, growth is in line with our expectations, with net per diem increasing approximately 5.5% to 6.25%, and net yield expected to increase approximately 2.5% to 3.25%. I just want to comment that when Frank goes on cruises in retirement, he doesn't pay, so he won't be contributing to that world cruise number you saw earlier. Guests who elect to request their FCC for a monetary refund will receive the original cruise fare paid back to their original form of payment and forfeit any bonus FCCs attached to their Latitudes profile. It cannot be used to pay: Taxes Port fees Here at myFCC, we're committed to helping you make the most of your Future Cruise Credit. Thousands of domestic & international car hire and both low-cost & scheduled flights. But I guess what I'm just getting at here is, you know, if your customer base stays pretty much status quo from here, you know, it would seem to us that it would be tough not to get to the high end of your full year guidance and maybe even exceed the top end of your guidance. What Is Future Cruise Credit and How Can I Use It? Use your FCCs as payment first. By On the other hand, a future cruise program is a way to secure a future cruise booking whilst onboard taking advantage of a great deal. The value will be included in the POM-NRD credit that was issued. And then, changing gears a little bit, can you just remind us of how much of your new ship spend is already financed and locked in as we think about rates? But if, you know, Mark, if we look at Slide 13, I mean, look, you basically destroyed every guidance target that you laid out back in February for the first quarter. In Q2, a quarter ago, you talked about it, returning to historic occupancy levels. So, we feel good about our positioning over the next year, and we're going to do everything in our power to deliver on all our goals. Mark, you sort of gave us quick update and sort of sequential improvement on the dollar basis throughout the year. OK, great. You know, we use all types of tools in terms of automation, even AI to predict when the best time to book a flight is. I know that was a big part of the commentary last quarter just on the uncertain macro. Unless otherwise noted, my commentary on net per diem, net yield, and adjusted net cruise cost, excluding fuel per capacity day metrics, is on a constant currency basis. How is My Future Cruise Credit Calculated? This should result in a lower run rate cost level exiting 2023 than our full year reported results. And lastly, we're going to continue to capitalize on the robust consumer demand we're experiencing, which is translating into our record book position and strong pricing, including very robust onboard revenue generation. So, it does not represent a further half-a-billion increase in the overall ship cost, it is simply a different mechanism for financing some of the existing costs that were already expected. And then, on the shift to longer cruises and more immersive cruise, the 3-point gap in overall occupancy, is that basically reflective of that change in the second quarter? Good morning, and welcome to the Norwegian Cruise Line Holdings first quarter 2023 earnings conference call. And I see no risk around that because there's just simply not an opportunity for the institutions to do that. Get expert advice, insider tips and more. PLUS receive a bonus credit to save on hotels, get 24/7 expert Future Cruise Credit & COVID advice & find the best deals - all in one place. Which guests on the bookings receive the Future Cruise Credit? The first ship to return to service will be Norwegian Pearl, sailing from the stunning new cruise terminal in PortMiami, from February 7. inside cabins. Focus on where you want to go and let us make your dream come true - stress-free!". Partial value transfers or transfers of remaining FCC balance are not permitted. Shifting our attention to guidance, our outlook for the second quarter can be found on Slide 14. This is applicable to Peace of Mind and suspended sailings FCCs, including 25% and 50% credit FCCs issued for suspended sailings. This will be incredibly convenient for guests who had a cruise booked in 2020. that was extended to January 2025, we will address that -- start addressing that later this year. Effective May 18, 2020, FCCs from either the 2020 Suspended Sailings or Peace of Mind FCC are transferable. Photo packages. So, look, I think bottom line, we continue to sequentially improve our cost structure. This makes for an attractive entry point for investors as the newbuild pipeline adds significant potential future earnings power compared to today's levels. FCC is almost always a compensation due to a canceled, interrupted or rebooked cruise. That said, we have not stopped, and we continue to look at opportunities to improve our cost structure. This initiative is very much ongoing and will continue to be a top priority under my leadership. And, Frank, best wishes in retirement. All guests who complete an online submission request (requesting to convert active FCCs to a monetary refund) agree that they are authorized to do so on behalf of all persons on the reservation as we are unable to issue partial refunds. Many cruise fans opted for the credits instead of cash refunds in order to treat themselves to longer sailings or cabin upgrades down the road, courtesy of the cruise line. We want to deliver and hopefully beat, we'll continue down that path. A guest has been affected by one or more suspensions, Guest elected to cancel via our Peace of Mind (POM) policy, A guest is unable to meet any vaccination requirements. ET. Amenities For example, if several ports on an itinerary are skipped, a full or partial credit might be given. How long will it take to receive the refunded portion (if any) of the cancelled booking? Our comments may also reference non-GAAP financial measures. Only one transfer or exchange of ownership will be allowed per FCC. Can I convert my FCC into another currency? To give you an example, bookings for Regent's 2026 World Cruise were nearly 70% higher than its 2022 World Cruise, which was the last world cruise launched pre-pandemic, at an average price point of over $230,000 per suite. Simply put, for new and existing bookings made by January 31, 2022, for any voyage with an embarkation date through and including May 31, 2022, guests were free to cancel up to and including January 31, 2022 with Norwegian's Peace of Mind. Yes. But most of all, you've made us better. And that's going to come on the back of, again, strong pricing and yield growth, which we've talked about, as well as rightsizing our cost base and leveraging our scale. Turning to Slide 11, after a very strong wave season, our cumulative book position for the balance of 2023 remains ahead of 2019's record performance and at higher prices. My name is Paul, and I will be your operator. And our balance sheet is up, I think, 60% compared to the end of Q1 2019, which I think gives you a very robust indicator of how our book position looks? Listen, we have about 20% increase in capacity for 2023 versus 2019. The top-voted question we received this quarter was, what are the three main action points the company will take to ensure growth in the year ahead? Thank you. Or is that spread out over different years? Our NPD and yields continue to be strong, continue to be in line with our expectations. And, you know, number one, that's on the back of very strong just good old-fashioned core growth. Thank you. The full amount of your FCC can be applied to the base cruise fare on a new booking, but only if the passenger whose name it is under is the one who is booking. When is the best time to go on an Alaska cruise? Our brands continue to resonate with consumers as demonstrated by our book position and pricing for the remainder of '23. May 01, 2023, 10:00 a.m. Get advice from Norwegian Cruise Line Future Cruise Credit experts & extra bonuses. Got it. Whether you're looking to sail the Magical Mediterranean, or are ready for a new tropical adventure, we've got you covered with special deals, extensive choice, expert advice, and an extra credit bonus, to use to save on hotels, tours, holiday packages & so much more!
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