So, just kind of wondering if it was -- what it was in the yield management that approach that changed. Frank? We've covered a lot today, so I'll conclude our commentary here and open up the call for your questions. And we've absolutely seen or exceeded those levels during Q1 booking period compared to Q1 of 2019. This reflects the rapid execution of cost savings initiatives identified and implemented last year, some of which were realized earlier than anticipated. This was primarily to finance improvements and modifications to newbuilds currently on order across our three brands. What if I booked my cruise with a travel agent and received a Future Cruise Credit? 7/27/2022. Please proceed with your question. 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. Thailand And our consumers are booking very far out in advance, which is a good thing. Unfortunately not, however, if the new cruise fare is lower than the Future Cruise Credits value, a new Future Cruise Credit will be issued for the remaining balance. Once the transfer is completed, a confirmation email will be sent to the email provided at time of case submission. Yeah, so, regarding our second half NPDs, you know, I think we labeled that on our slide. Our target consumer remains resilient with a persistent desire for travel and experiences. Partial value transfers or transfers of remaining FCC balance are not permitted. I hope you take up some golf now. I would now like to turn the conference over to your host, Jessica John, vice president of investor relations, ESG, and corporate communications. A credit card dispute was filed for the charges. If outside final payment and an FCC was used as payment, the original FCC was added back to the guest's profile. So although guests can use the FCC until the end of the year 2022, they must also sail by the end of 2022. Of course, as you -- as your occupancy ramps up, you do see a little bit less of pricing power on your lower meter, i.e. Our press release with first quarter 2023 results was issued this morning and is available on our investor relations website. In Q2, a quarter ago, you talked about it, returning to historic occupancy levels. Can I use my Future Cruise Credit to book cruise extras and add-ons such as shore excursions stays tours or drink packages onboard? Instead of getting the amount refunded to your credit card, you may be issued a certificate you can use towards your next Norwegian Cruise Line sailing. The value will be included in the POM-NRD credit that was issued. We thank you for your continued loyalty to Norwegian Cruise Line. Effective today, all FCCs with a current effective to date of January 31, 2022, will be updated to reflect a new effective to date of December 31, 2022, and a sail-by date of December 31, 2022.. Our next question is from Vince Ciepiel with Cleveland Research Company. 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. The Motley Fool has no position in any of the stocks mentioned. Just trying to get comfortable with how you get there. The scope of these targets cover our direct emissions, as well as the full well-to-wake impact of our fuel consumption. Or is it spread out over a number of deliveries between now and then? So in terms of 2024, I'll take the second part of your question first. After eight incredible years, it is now time for me to make way for the next generation of leaders who are ready and energized to take this company onto greater heights. 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. At this time all participants are in a listen-only mode. Transfers 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%. Future Cruise Credits are issued by the Cruise Lines for various reasons. During the first months of the pandemic in 2020, Norwegian Cruise Line issued thousands of FCCs to guests who saw their cruises canceled. Guests can then participate in a new bid once invited to bid for the newly selected sailing. I assure you it is exactly where we expect it to be. How long do I have to redeem my POM future cruise credit (FCC)? Only one transfer or exchange of ownership will be allowed per FCC. Is that still the intention? The cruise line has extended this period again; FCCs are now valid through December 31, 2022. IMPORTANT: To learn more about how to prepare your clients for sailing please visit the pre-cruise requirements page at www.ncl.com/prepare-for-your-cruise/2021 for all required documents and protocols. What can I use the Future Cruise Credit towards in the future? And then, on the cost side, you know, the cost guidance, obviously, the first quarter was better. Frank, well, congratulations on absolutely an amazing career. Demand in pricing continues to be strong, not only for 2023, but also as we look further out the sailings in 2024 and beyond. The full cancellation and final payment schedule can be viewed here. We bought two Cruise Next certificates because we figured we would be returning to NCL for future cruises. Step 5. I tried searching on the NCL site and cannot find it. India: ICE Vacation Center India (ICE). Free expert cruise tips and news from Cruise Hive! That said, we have not stopped, and we continue to look at opportunities to improve our cost structure. Turning to liquidity, our overall liquidity position remains strong at approximately 1.9 billion as outlined on Slide 17. 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: At time of cancellation, all promotional offers, amenities, and value adds will be removed from the booking and will not carry-over to future reservations. Thank you. I'm just curious, if flight prices broadly is acting as a headwind and if you think about your book or your strategy this year for the summer, is it -- is flight prices being bundled in for the consumer? Have you received a Norwegian Cruise Line Future Cruise Credit and are looking for some advice on the best way to use it? Effective from the 29th July 2020 the below values are rewarded in Future Cruise Credits: If a refund is approved, all FCCs (including Bonus FCCs) will be deactivated, and a refund will be issued back to the original form of payment, within 90 days from the request submission date. The following is applied to the Future Cruise Credit when calculated: Cruise fare and taxes. As Harry noted, we continue to evaluate all opportunities to accelerate revenue and improve operating efficiencies and are taking deliberate actions to improve our margins, while maintaining the exceptional guest experience and superior service levels our brands are known for. The guests -- the passenger load occupancy is a function of what we talked before, having less third and fourth guests on board. And before I get started, I have to say that I am honored and grateful to be given the opportunity to lead this iconic company. When will I receive My Future Cruise Credit? Have you qualified for a future cruise credit but aren't sure how to use it? Instead of getting the amount refunded to your credit card, you may be issued a certificate you can use towards your next Norwegian Cruise Line sailing. What can the Peace of Mind FCC be used for? How Reassuring are New Cruise Cancellation Policies Really? A Future Cruise Credit (FCC) is essentially a voucher for future travel. Here at myFCC, we're committed to helping you make the most of your Future Cruise Credit. Don't rely on the cruise line to keep track of your credit; bookmark, print or save the email with your future cruise credit information so you have everything you'll need -- or your agent needs -- when you're ready to rebook. If the new cruise fare is lower than the Future Cruise Credit value, a new Future Cruise Credit will be issued for the remaining balance. W9 Tax document form. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. We think this shift to premium itineraries, primarily Europe and Alaska, but a little bit in Asia as well, allows us to get the type of customer that we need to get to support our revenue goals and our revenue growth for the future. These guests will receive a 150% 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. And then, maybe also kind of give us a look at '24. inside cabins. We are also increasing quality touch points with our guests, starting with the time of booking, to capture even more revenue and prepayment prior to cruise. In April, Norwegian Star and the only large cruise ship registered under the US flag, Pride of America, will resume sailings. So, I think Q2 to Q4 basically represents what we're going to see in future periods as well. Which sailings qualify under Norwegians Peace of Mind policy? Special Promotional Onboard Credits (OBC). Check out the following tips. As we have stated previously, the second quarter will complete our occupancy ramp-up. Cruise tours purchased through Norwegian Cruise Line Our pre-sold revenue on a per-passenger day basis for the first quarter of 2023 is approximately double the level in 2019, an important contributor to our onboard revenue strength, as guests who make pre-cruise purchases tend to spend significantly more than guests who do not pre-book onboard activities. Thanks. Can guests choose to carry promotional amenities or value adds from their cancelled reservation to their future booking? Japanese And in our last earnings release, we had called out that we had increased our contractual commitments by 1.2 billion euro. Harry, Mark, and Jessica, and the team will be available to answer any questions you may have once this call is over. What Is Future Cruise Credit and How Can I Use It? And, Frank, best wishes in retirement. That is just a complete no-no in our organization. We will also make reference to a slide presentation during this call, which may also be found on our investor relations website. And as we look out over the next five years, this increases to approximately 50% growth 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? I won a bid on the Norwegian Upgrade Advantage. Once added to your profile, Future Cruise Credit can then be applied to any existing booking or newly created booking. Norwegians Enhanced Peace of Mind Policy was available from December 30, 2021 through January 31, 2022. 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. Of course, Caribbean doesn't matter all that much for us in Q2 and beyond as we shift our deployment to Europe and Alaska. Taking all of this into account, adjusted EBITDA for the second quarter is expected to be approximately 485 million, which is roughly the same level as EBITDA in the same quarter of 2019, another stepping stone to closing the gap versus pre-pandemic levels. But it's a bit early for us to give additional color on that. 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 there's two choices. Please proceed with your question. Why Is SoFi Stock Down After Earnings? 10 stocks we like better thanNorwegian Cruise LineWhen our analyst team hasa stock tip, it can pay to listen. However, they will be brought back to service soon. We'll be taking delivery of a ship in the third quarter and fourth quarter. (A future cruise credit is nontransferable, so it cannot be applied to cover the cost of someone else's cruise.) For up-to-the-minute details on vaccination requirements, testing protocols, and health and safety procedures visit www.ncl.com/sail-safe. And, hopefully, over the next few quarters, we can continue to prove that and further build confidence that we're leveraging our scale to the best of our ability. Attachment of email from current FCC owner authorizing transfer. Your original Future Cruise Credit can be applied to Pre-paid service charges, Beverage or dining gratuities (if part of the Free At Sea promotion selection), Air purchased through Norwegian Cruise Line, Hotel purchased through, Norwegian Cruise Line, Cruise tours purchased through Norwegian Cruise Line, Pre-booked and pre-paid shore excursions, Transfers, Essentials, Booksafe Standard or Platinum Travel Protection insurance (if purchased on the original suspended reservation). And then, of course as you look at the brand mix, that's also a tailwind. TAANZ No: 9838. Registered Seller of Travel. What protocols have been implemented to address COVID-19? But, you know, Q1 finished up at 101.5. 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. 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? All three of our brands are well poised to properly absorb this elevated capacity growth, given our relative size and under-penetration in many markets around the world. Taiwan So, first and foremost, there is no change. At least, by that time, all of the Norwegian Cruise Line fleet will be operational. And the fact that they're willing to finance the additional 500 million euro, absolutely a positive. But, Frank, you took me under your wings early in my career, and it taught me so much over the last three decades. Does Norwegian's Peace of Mind apply to me? So. All future cruise credits must be redeemed within one year from issue date and can be used for sailings departing on or before December 31, 2022. Thank you. 1. That being said, we were very pleasantly surprised with flows in demand for Caribbean in Q1. You can redeem any FCC by calling us! 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. The financing also covers older supplies associated with preparing certain newbuilds to enter service, as well as related financing premiums. So, look, I think bottom line, we continue to sequentially improve our cost structure. If I cancel a reservation using Peace of Mind can I use my FCC to rebook the same sailing? Communication will be sent to you once the Future Cruise Credit is added. Since we last spoke, we also signed agreements to increase our ECA-backed commitments by approximately 1.7 billion euro. What happens to CruiseNext certificates that were used on a cancelled reservation? Listen, in Q2 and in all future quarters, our focus now is on having our cabins as close to 100% full as possible. Dan Politzer -- Wells Fargo Securities -- Analyst. I remember reading there was a form that my kids could fill out to transfer their cruise credits to me, does anyone have a link to that form? An Future Cruise Credit is almost always a compensation due to a cancelled, interrupted or rebooked cruise. And we'll continue to leave no stone unturned. Amenities Photo packages. What happens if the cancelled booking had a previous FCC applied? I have to thank our partners at Fincantieri once again for bringing our vision to life and delivering a truly magnificent ship. As we anticipate high volumes of inquiries, we kindly ask for your patience and allow up to 30 days for the review process to be completed. What is not included in the future cruise credit (FCC) are; Travel Protection. The amount of FCC that a cruise passenger qualifies for is calculated on the base fare that they paid, less any taxes, fees, upgrades or additional purchases like excursions. Yeah, and, Robin, just to just to add to that, you know, we did try to communicate last quarter and over the course of many investor meetings that when we said historical occupancies, we didn't say that they were going to be exactly the same.
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