Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) shares were on the downslope on quarterly figures.
The Miami-based cruise line reported GAAP net loss of $1.9 billion or EPS of $8.80 compared to $118.2 million or $0.54 in the prior year. These results include a non-cash impairment loss of $1.6 billion primarily related to goodwill and tradenames.
The company reported adjusted net loss of $211.3 million or Adjusted loss per share of 99 cents, compared to EPS of $181.8 million or $0.83 in the prior year.
These results include adjustments of $1.7 billion primarily consisting of expenses related to impairment losses, non-cash stock-based compensation and amortization of intangible assets.
Revenue decreased 11.2% to $1.2 billion compared to $1.4 billion in 2019. Gross Yield increased 1.6% primarily due to increased onboard spending. Net Yield decreased 12.3% on both an as reported basis and Constant Currency basis on a decrease in Capacity Days of 12.6%.
In response to COVID-19, the Company secured a new $675-million revolving credit facility on March 5, and fully drew down on this new facility as well as its existing $875 million revolving credit facility beginning on March 12, for a total of $1.55 billion. As of March 31, the Company’s total debt position was $8.6 billion.
Last week, NCLH launched a series of capital markets transactions, led by Goldman Sachs, to raise approximately $2 billion. As a result of significant demand, oversubscription and the full exercise of options to purchase additional ordinary shares and exchangeable notes, the total amount of gross proceeds increased to approximately $2.4 billion.
Shares in NCLH lost 93 cents, or 9%, to $9.38
