Norwegian Cruise Line Reports Results for the Fourth Quarter and Full Year 2012

Norwegian Cruise Line Reports Results for the Fourth Quarter and Full Year
2012

MIAMI, Feb. 11, 2013 (GLOBE NEWSWIRE) -- Norwegian Cruise Line (Nasdaq:NCLH)
(Norwegian Cruise Line Holdings Ltd., NCL Corporation Ltd., "Norwegian" or
"the Company"), today reported results for the quarter and year ended December
31, 2012.

2012 Full Year Highlights

  oNet income of $173.1 million and diluted EPS of $0.97, excluding
    share-based compensation charge detailed below
  oAdjusted EBITDA increase of 10%
  oNet Yield increase of 1.6% (2.4% on a Constant Currency basis)
  oNet Cruise Cost per Capacity Day Excluding Fuel ("NCC ex Fuel") decrease
    of 5.3% (decrease of 4.6% on a Constant Currency basis)
  oExpansion of newbuild program with order for Breakaway Plus ship for
    delivery in Q4 2015 with option for second ship

2012 Fourth Quarter Highlights

  oNet income of $5.6 million and diluted EPS of $0.04, excluding share-based
    compensation charge detailed below
  oAdjusted EBITDA increase of 17%
  oNet Yield increase of 2.5% (2.7% on a Constant Currency basis)
  oNCC ex Fuel decrease of 6.7% (decrease of 5.9% on a Constant Currency
    basis)

"We are very pleased to begin our journey as a public company by posting
strong results for 2012," said Kevin Sheehan, President and Chief Executive
Officer of Norwegian Cruise Line. "In addition, our fourth quarter results
marked our eighteenth consecutive quarter of year-over-year Adjusted EBITDA
growth," continued Sheehan.

2012 Full Year Results

The Company reported full year 2012 net income of $173.1 million, or $0.97
diluted EPS, before a non-recurring, non-cashshare-based compensation charge
of $4.5 million related to former CEO, compared to net income of $126.9
million, or $0.71 diluted EPS, in 2011.

Revenue for the full year 2012 increased 2.6% to $2,276.2 million from
$2,219.3 million. Net Yield increased 1.6%, or 2.4% on a Constant Currency
basis, from higher yields from both passenger ticket and onboard and other
revenue. NCC ex Fuel decreased 5.3% in the period, or 4.6% on a Constant
Currency basis, as a result of cost improvement initiatives in all line items.
The Company's fuel price per metric ton, net of hedges, increased to $664 from
$571 from the same period last year. Despite the increase in fuel price, Net
Cruise Cost per Capacity Day decreased 1.0%, or 0.5% on a Constant Currency
basis.

"While 2012 included some unexpected challenges in the macro environment, our
results demonstrate our ability to manage our operations through these
external factors and report healthy growth," said Sheehan.

2012 Fourth Quarter Results

The Company reported fourth quarter 2012 net income of $5.6 million and
diluted EPS of $0.04, before the aforementioned share-based compensation
charge, compared to a net loss in 2011 of $(1.9) million, or $(0.01) diluted
EPS. Revenue for 2012 increased to $503.2 million from $488.6 million in 2011.

Contributing to the increase in revenue were slightly higher Capacity Days in
the quarter and a Net Yield improvement of 2.5%, or 2.7% on a Constant
Currency basis, from higher ticket pricing and onboard spend per Capacity Day.
NCC ex Fuel decreased 6.7%, or 5.9% on a Constant Currency basis, from the
timing of certain repairs and maintenance expense, including dry-docks, and
business improvement initiatives. The Company's fuel price per metric ton, net
of hedges, increased to $695 from $573 in the same period last year. Including
fuel expense, Net Cruise Cost per Capacity Day was essentially flat on both an
as-reported and Constant Currency basis.

Guidance for 2013

In addition to the results for the fourth quarter and full year 2012, the
Company also issued the following guidance which reflects its expectationsfor
the first quarter and full year 2013.

First Quarter 2013

For the first quarter of 2013, compared to the same period in 2012, Net Yield
is expected to increase between 2.5% and 3.5% ^(1) on both an as reported and
Constant Currency basis. Net cruise cost excluding fuel per capacity day basis
is expected to be flat to up 1.0% ^(2) on both an as reported and Constant
Currency basis. Adjusted EPS ^(3) is expected to be in the range of $0.02 to
$0.05. Fuel consumption is expected to be approximately 109,000 metric tons
with a per metric ton price of approximately $670 ^(4), net of hedges.

Full Year 2013

For the full year 2013, compared to the same period in 2012, Net Yield is
expected to increase between 3.5% and 5.5% ^(5) on both an as reported and
Constant Currency basis. Fuel consumption is expected to be approximately
460,500 metric tons with a per metric ton price of approximately $695 ^(6),
net of hedges. Adjusted EPS ^(3) is expected to be in the range of $1.20 to
$1.40.

"2013 marks the beginning of the next chapter of Norwegian's growth story,"
commented Sheehan. "The delivery of our Breakaway and Breakaway Plus class
vessels, designed to improve on the already successful platform of Norwegian
Epic, along with our strong product proposition that offers a consistent
experience throughout our fleet, has Norwegian well positioned for 2013 and
beyond."

^(1) Based on the midpoint of guidance on an as reported basis, a 25 basis
point change in Net Yield results in a change of approximately $1.0 million to
Net Revenue ($0.40 to Net Yield).

^(2) Based on the midpoint of guidance on an as reported basis, a 25 basis
point change in NCC ex fuel per Capacity Day results in a change of
approximately $0.5 million to NCC ex Fuel ($0.25 change to NCC ex Fuel per
Capacity Day).

^(3) Adjusted EPS guidance based on net income excluding one-time charges
related to the Company's initial public offering, issuance of $300 million in
senior unsecured notes, redemption of the full amount of the Company's
outstanding $450 million 11.75% senior secured notes due 2016 and partial
redemption of our outstanding $350 million 9.5% senior unsecured notes due
2018.

^(4) A 10% increase in fuel price results in a change of approximately $2.0
million in fuel expense, net of hedges.

^(5) Based on the midpoint of guidance on an as reported basis, a 25 basis
point change in Net Yield results in a change of approximately $5.0 million to
Net Revenue ($0.45 to Net Yield).

^(6) A 10% increase in fuel price results in a change of approximately $11.5
million in fuel expense, net of hedges.

Subsequent Events

On January 24, 2013 the Company closed on an initial public offering ("IPO")
of 27,058,824 of its ordinary shares, including shares sold as a result of the
full exercise by the underwriters of their option to purchase additional
shares, at a price of $19.00 per share. In addition, on February 6, 2013, the
Company closed on the sale of $300 million of senior unsecured notes due
February 2018 at a coupon of 5.00% per annum. The notes were issued at a price
of 99.451%. The aggregate net proceeds of the IPO and the notes offering,
after deducting underwriting discounts, commissions, initial purchasers'
discount and estimated fees and expenses, were used to prepay certain credit
facilities, repay amounts pursuant to the Norwegian Sky Agreement, redeem the
full amount of the outstanding $450 million 11.75% senior secured notes due
2016, redeem a portion of the outstanding $350 million 9.5% senior notes due
2018 and for general corporate purposes.

The results of the aforementioned transactions will be reflected in the
Company's results for the first quarter of 2013.

Conference Call

The Company has scheduled a conference call for Tuesday, February 12, 2013 at
10:00 a.m. EST to discuss fourth quarter and full year 2012 financial results.
A link to the live webcast can be found on the Company's Investor Relations
website at www.investor.ncl.com. A replay of the conference call will also be
available on the website for one month after the call.

About Norwegian Cruise Line

Norwegian Cruise Line is the innovator in cruise travel with a 46-year history
of breaking the boundaries of traditional cruising, most notably with the
introduction of Freestyle Cruising which revolutionized the industry by giving
guests more freedom and flexibility. Today, Norwegian invites guests to
"Cruise like a Norwegian" on one of 11 purpose-built Freestyle Cruising ships,
providing guests the opportunity to enjoy a relaxed cruise vacation on some of
the newest and most contemporary ships at sea. Recently, the line was named
"Europe's Leading Cruise Line" by the World Travel Awards for the fifth
consecutive year.

Norwegian Cruise Line's largest and most innovative Freestyle Cruising ship,
Norwegian Epic, debuted in June 2010 and has been named "Best Overall Cruise
Ship" by the readers of Travel Weekly two years in a row and "Best Ship for
Sea Days" by Cruise Critic.

The Company has two 4,000-passenger vessels, Norwegian Breakaway and Norwegian
Getaway, under construction for delivery in April 2013 and January 2014, along
with a "Breakaway Plus" vessel for delivery in fall 2015.Known as New York's
ship, Norwegian Breakaway will be the largest vessel to homeport year-round in
the city, sailing to Bermuda for the summer beginning May 12, 2013.Norwegian
Breakaway's features include hull art by legendary artist Peter Max, seafood
restaurant Ocean Blue by famed New York Iron Chef Geoffrey Zakarian, bakery by
Buddy Valastro, star of the TLC series "Cake Boss," and fitness classes and a
retrospective display from the ship's iconic godmothers, the Rockettes®.The
entertainment lineup includes three Broadway shows: Rock of Ages, Burn the
Floor and Cirque Dreams™ & Dinner: Jungle Fantasy.Sister ship Norwegian
Getaway, the largest ship to homeport year-round in Miami, will sail Eastern
Caribbean voyages beginning in February 2014.Sailings for both vessels are
now on sale.

High resolution, downloadable images are available at www.ncl.com/pressroom.
For further information on Norwegian Cruise Line, visit www.ncl.com, follow us
on Facebook, Twitter, and Instagram @Norwegiancruiseline, Pin us on Pinterest,
watch us on YouTube, or contact us in the U.S. and Canada at 888-NCL-CRUISE
(625-2784).

Terminology

Adjusted EBITDA. EBITDA adjusted for other income (expense) and other
supplemental adjustments.

Adjusted Earnings per Share (EPS). Earnings per share adjusted for
non-recurring, infrequent or unusual charges.

Adjusted Free Cash Flow. Net cash provided by operating activities less
additions to property and equipment and other plus proceeds from newbuild
financing facilities.

Adjusted Net Income. Net income adjusted for non-recurring, infrequent or
unusual charges.

Berths. Double occupancy capacity per cabin (single occupancy per studio
cabin) even though many cabins can accommodate three or more passengers.

Capacity Days. Available Berths multiplied by the number of cruise days for
the period.

Constant Currency. A calculation whereby foreign currency-denominated revenues
and expenses in a period are converted at the U.S. dollar exchange rate of a
comparable period in order to eliminate the effects of foreign exchange
fluctuations.

Corporate Reorganization. In connection with the consummation of the IPO, the
Company's ordinary shares were exchanged for the ordinary shares of NCL
Holdings, and NCL Holdings became the owner of 100% of the ordinary shares
(representing a 97.3% economic interest) of the Company and parent company of
NCL Corporation Ltd. (the "Corporate Reorganization"). The Corporate
Reorganization was effected solely for the purpose of reorganizing our
corporate structure.

Dry-dock. A process whereby a ship is positioned in a large basin where all of
the fresh/sea water is pumped out in order to carry out cleaning and repairs
of those parts of a ship which are below the water line.

EBITDA. Earnings before interest, taxes, depreciation and amortization.

Gross Cruise Cost. The sum of total cruise operating expense and marketing,
general and administrative expense.

Gross Yield. Total revenue per Capacity Day.

Net Cruise Cost. Gross Cruise Cost less commissions, transportation and other
expense and onboard and other expense.

Net Cruise Cost Excluding Fuel. Net Cruise Cost less fuel expense.

Net Debt-to-Capitalization. Net Debt-to-Capitalization is defined as total
debt less cash and cash equivalents ("Net Debt") divided by Net Debt plus
shareholders' equity.

Net Revenue. Total revenue less commissions, transportation and other expense
and onboard and other expense.

Net Yield. Net Revenue per Capacity Day.

Occupancy Percentage or Load Factor. The ratio of Passenger Cruise Days to
Capacity Days. A percentage in excess of 100% indicates that three or more
passengers occupied some cabins.

Passenger Cruise Days. The number of passengers carried for the period,
multiplied by the number of days in their respective cruises.

Non-GAAP Financial Measures

We use certain non-GAAP financial measures, such as Net Revenue, Net Yield,
Net Cruise Cost, Adjusted EBITDA and Adjusted Net Income to enable us to
analyze our performance. We utilize Net Revenue and Net Yield to manage our
business on a day-to-day basis and believe that they are the most relevant
measures of our revenue performance because they reflect the revenue earned by
us net of significant variable costs and are commonly used in the cruise
industry to measure revenue performance. In measuring our ability to control
costs in a manner that positively impacts net income, we believe changes in
Net Cruise Cost and Net Cruise Cost Excluding Fuel to be the most relevant
indicators of our performance and are commonly used in the cruise industry as
a measurement of costs.

As our business includes the sourcing of passengers and deployment of vessels
outside of North America, a portion of our revenue and expenses are
denominated in foreign currencies, particularly euro and British pound
sterling, which are subject to fluctuations in currency exchange rates versus
our reporting currency, the U.S. dollar. In order to monitor results
excluding these fluctuations, we calculate certain non-GAAP measures on a
Constant Currency basis whereby current period revenue and expenses
denominated in foreign currencies are converted to U.S. dollars using currency
exchange rates of the comparable period. We believe that presenting these
non-GAAP measures on both a reported and Constant Currency basis is useful in
providing a more comprehensive view of trends in our business.

We believe that Adjusted EBITDA is appropriate as a supplemental financial
measure as it is used by management to assess operating performance, is a
factor in the evaluation of the performance of management and is the primary
metric used in determining the Company's performance incentive bonus paid to
its employees. We believe that Adjusted EBITDA is a useful measure in
determining the Company's performance as it reflects certain operating drivers
of the Company's business, such as sales growth, operating costs, marketing,
general and administrative expenses and other operating income and expense.
You are encouraged to evaluate each adjustment and the reasons we consider
them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you
should be aware that in the future we may incur expenses similar to the
adjustments in this presentation. Our use of Adjusted EBITDA has limitations
as an analytical tool, and you should not consider this measure in isolation
or as a substitute for analysis of our results as reported under GAAP. Our
presentation of Adjusted EBITDA should not be construed as an inference that
our future results will be unaffected by unusual or non-recurring items.

Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA is not
intended to be a measure of liquidity or cash flows from operations or
measures comparable to net income as it does not take into account certain
requirements such as capital expenditures and related depreciation, principal
and interest payments and tax payments and it includes other supplemental
adjustments.

In addition, we utilize Adjusted Net Income as a supplemental financial
measure to demonstrate GAAP net income excluding non-recurring, infrequent or
unusual charges. These charges vary from period to period; thus, our
presentation of Adjusted Net Income may not be indicative of future
adjustments or results.

Our non-GAAP financial measures may not be comparable to other companies.
Please see a historical reconciliation of these measures to items in our
consolidated financial statements.

Note on Forward-Looking Statements

This release may contain "forward-looking statements" intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. The words "expect," "anticipate," "goal,"
"project," "plan," "believe," "seek," "will," "may," "forecast," "estimate,"
"intend," "future," and similar expressions may identify forward-looking
statements, which are not historical in nature. These forward-looking
statements reflect Norwegian's current expectations, and are subject to a
number of risks, uncertainties, and assumptions. Among the important risks,
uncertainties, and other factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking statements
are the adverse impact of the worldwide economic downturn and related factors;
changes in cruise capacity, as well as capacity changes in the overall
vacation industry; intense competition from other cruise companies as well as
non-cruise vacation alternatives; our substantial leverage, including the
inability to generate the necessary amount of cash to service our existing
debt and repay our debt, including if payment is accelerated; changes in fuel
prices or other cruise operating costs; the risks associated with operating
internationally; the continued borrowing availability under our credit
facilities; compliance with our debt covenants; our ability to incur
significantly more debt despite our substantial existing indebtedness; the
impact of volatility and disruptions in the global credit and financial
markets; adverse events impacting the security of travel; accidents and other
incidents affecting the health, safety, security and vacation satisfaction of
passengers or causing damage to ships; the impact of problems encountered at
shipyards or with our contracts with shipyards; and other factors discussed in
the Company's filings with the Securities and Exchange Commission (the"SEC").
For more information concerning factors that could cause actual results to
differ materially from those conveyed in the forward-looking statements,
please refer to the "Risk Factors" section of the registration statement on
Form S-1 filed by Norwegian Cruise Line Holdings Ltd. ("NCLH") with the SEC
and subsequent filings by NCLH and the Company. You should not place undue
reliance on forward-looking statements as a prediction of actual results. The
Company expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statements to reflect any
change in expectations or events, conditions or circumstances on which any
such statements are based. In addition, certain financial measures in this
website constitute non-GAAP financial measures as defined by Regulation G. A
reconciliation of these items can be found on the Company's web site
atwww.investor.ncl.com


NCL CORPORATION LTD. (1)
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands of dollars)
                                                             
                      Three Months Ended          Year Ended
                      December 31,                December 31,
                      2012          2011          2012          2011
                                                             
Revenue                                                       
Passenger ticket      $346,692     $337,383     $1,604,563   $1,563,363
Onboard and other     156,479      151,211      671,683      655,961
Total revenue          503,171      488,594      2,276,246    2,219,324
Cruise operating                                              
expense
Commissions,
transportation and     88,891       91,098       410,531      410,709
other
Onboard and other      37,065       35,679       173,916      169,329
Payroll and related    72,376       71,805       293,059      290,822
Fuel                   76,935       61,787       283,678      243,503
Food                   30,644       29,597       125,807      124,933
Other                  38,683       53,415       191,442      228,580
Total cruise operating 344,594      343,381      1,478,433    1,467,876
expense
Other operating                                               
expense
Marketing, general and 60,435        58,173        251,183       251,351
administrative
Depreciation and       48,637        44,701        189,537       183,985
amortization
Total other operating  109,072      102,874      440,720      435,336
expense
Operating income      49,505        42,339        357,093       316,112
Non-operating income                                          
(expense)
Interest expense, net  (47,659)      (45,748)      (189,930)     (190,187)
Other income (expense) (793)         1,468         1,393         934
Total non-operating    (48,452)      (44,280)      (188,537)     (189,253)
income (expense)
Net income (loss)      $1,053       $(1,941)     $168,556     $126,859
                                                             
Earnings (Loss) Per                                           
Share
Basic                  $0.01        $(0.01)      $0.95        $0.71
Diluted                $0.01        $(0.01)      $0.94        $0.71
                                                             
Weighted-Average Shares Outstanding (1)
Basic                  178,343,470  177,968,484  178,232,850  177,869,461
Diluted                179,144,241  177,968,484  179,023,683  178,859,720
                                                             
(1) The financial statements presented are those of NCL Corporation Ltd.,
however, we have retrospectively applied the exchange of ordinary shares due
to the Corporate Reorganization.



NCL CORPORATION LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands of dollars)
                                                                 
                                       Three Months Ended Year Ended
                                       December 31,       December 31,
                                       2012     2011      2012      2011
                                                                 
Net Income (loss)                       $1,053  $(1,941) $168,556 $126,859
Other comprehensive income (loss):                                
Change related to Shipboard Retirement  (1,624) (2,306)  (1,330)  (2,615)
Plan
Changes related to cash flow hedges:                              
Net unrealized gain related to cash     4,797   4,931    19,907   15,198
flow hedges
Amount realized and reclassified into   2,907   (10,399) (16,402) (36,686)
earnings
Total other comprehensive income (loss) 6,080   (7,774)  2,175    (24,103)
Total comprehensive income (loss)       $7,133  $(9,715) $170,731 $102,756



NCL CORPORATION LTD.
CONSOLIDATED BALANCE SHEETS
unaudited, in thousands, except share data
                                                                
                                                                
                                                    December 31, December 31,
                                                     2012         2011
Assets                                                          
Current assets:                                                 
Cash and cash equivalents                            $45,500     $58,926
Accounts receivable, net                            15,062       8,159
Inventories                                         39,681       36,234
Prepaid expenses and other assets                   64,686       48,824
Total current assets                                164,929      152,143
                                                                
Property and equipment, net                         4,960,142    4,640,093
Goodwill and tradenames                             611,330      602,792
Other long-term assets                              202,026      167,383
Total assets                                        $5,938,427  $5,562,411
Liabilities and shareholders' equity                            
Current liabilities:                                            
Current portion of long-term debt                   $221,233    $200,582
Accounts payable                                    79,126       80,327
Accrued expenses and other liabilities              231,040      208,102
Due to affiliate                                     59,897       2,963
Advance ticket sales                                353,793      325,472
Total current liabilities                           945,089      817,446
Long-term debt                                      2,764,120    2,837,499
Due to affiliate                                     147,364      --
Other long-term liabilities                         63,070       63,003
Total liabilities                                   3,919,643    3,717,948
Commitments and contingencies                                   
Shareholders' equity:                                           
Ordinary shares, $.0012 par value; 40,000,000 shares
authorized, 21,000,000 shares issued and             25           25
outstanding
Additional paid-in capital                          2,335,563    2,331,973
Accumulated other comprehensive income (loss)        (17,619)     (19,794)
Retained earnings (deficit)                          (299,185)    (467,741)
Total shareholders' equity                          2,018,784    1,844,463
Total liabilities and shareholders' equity           $5,938,427  $5,562,411



NCL CORPORATION LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
                                                                   
                                                          Year Ended
                                                          December 31,
                                                          2012      2011
Cash flows from operating activities                                
Net income                                                 $168,556 $126,859
Adjustments to reconcile net income to net cash provided            
by operating activities:
Depreciation and amortization expense                      216,137   211,049
Loss (gain) on derivatives                                 1,945     (2,338)
Write-off of deferred financing fees                       2,358     --
Share-based compensation expense                           5,160     1,211
Premium on debt issuance                                   6,000     --
Changes in operating assets and liabilities:                        
Accounts receivable, net                                   (4,592)   (280)
Inventories                                                (3,447)   (3,471)
Prepaid expenses and other assets                          (3,490)   (4,264)
Accounts payable                                           (1,228)   15,928
Accrued expenses and other liabilities                     (3,107)   (15,876)
Advance ticket sales                                       14,302    28,172
Net cash provided by operating activities                  398,594   356,990
Cash flows from investing activities                                
Additions to property and equipment and other              (303,840) (184,797)
Net cash used in investing activities                      (303,840) (184,797)
Cash flows from financing activities                                
Repayments of long-term debt                               (859,422) (439,959)
Proceeds from long-term debt                               800,618   273,375
Other, primarily deferred financing fees                   (49,376)  (1,730)
Net cash used in financing activities                      (108,180) (168,314)
Net increase (decrease) in cash and cash equivalents       (13,426)  3,879
Cash and cash equivalents at beginning of year             58,926    55,047
Cash and cash equivalents at end of year                   $45,500  $58,926

                                                                   
                                                                   
NCL CORPORATION LTD.                                                
NON-GAAP RECONCILING INFORMATION                                    
(unaudited)                                                         
                                                              
The following
table sets
forth selected                                                 
statistical
information:
                                                              
                        Three Months Ended  Year Ended            
                          December 31,        December 31,
                        2012      2011      2012       2011       
                                                              
Passengers               342,866   370,037   1,503,107  1,530,113  
carried
Passenger                2,466,955 2,472,209 10,332,914 10,227,438 
Cruise Days
Capacity Days           2,410,639 2,370,682 9,602,730  9,454,570  
Occupancy                102.3%    104.3%    107.6%     108.2%     
Percentage
                                                              
                                                              
Gross Yield and Net Yield were calculated as follows (in           
thousands, except Capacity Days and Yield data):
                                                              
               Three Months Ended            Year Ended
               December 31,                  December 31,
                        2012                         2012       
                        Constant                     Constant   
               2012      Currency  2011      2012       Currency   2011
                                                              
Passenger       $ 346,692 $ 347,323 $ 337,383 $1,604,563 $1,621,412 $1,563,363
ticket revenue
Onboard and     156,479   156,479   151,211   671,683    671,683    655,961
other revenue
Total revenue   503,171   503,802   488,594   2,276,246  2,293,095  2,219,324
Less:                                                          
Commissions,
transportation  88,891    89,058    91,098    410,531    415,030    410,709
and other
expense
Onboard and     37,065    37,065    35,679    173,916    173,916    169,329
other expense
Net Revenue     $ 377,215 $ 377,679 $ 361,817 $1,691,799 $1,704,149 $1,639,286
                                                              
Capacity Days  2,410,639 2,410,639 2,370,682 9,602,730  9,602,730  9,454,570
                                                              
Gross Yield     $208.73  $208.99  $206.10  $237.04   $238.80   $234.74
Net Yield       $156.48  $156.67  $152.62  $176.18   $177.47   $173.39
                                                              
                                                              
Gross Cruise Cost, Net Cruise Cost and Net
Cruise Cost Excluding Fuel were calculated as                     
follows
(in thousands, except
Capacity Days and per                                           
Capacity Day data):
                                                              
               Three Months Ended            Year Ended
               December 31,                  December 31,
                        2012                         2012       
                        Constant                     Constant   
               2012      Currency  2011      2012       Currency   2011
Total cruise
operating       $ 344,594 $ 346,434 $ 343,381 $1,478,433 $1,487,544 $1,467,876
expense
Marketing,
general and     60,435    60,476    58,173    251,183    252,615    251,351
administrative
expense
Gross Cruise    405,029  406,910  401,554  1,729,616 1,740,159 1,719,227
Cost
Less:                                                          
Commissions,                                                   
transportation
and other      88,891    89,058    91,098    410,531    415,030    410,709
expense
Onboard and     37,065    37,065    35,679    173,916    173,916    169,329
other expense
Net Cruise Cost 279,073   280,787   274,777   1,145,169  1,151,213  1,139,189
Less: Fuel      76,935    76,935    61,787    283,678    283,678    243,503
expense
Net Cruise Cost $ 202,138 $ 203,852 $ 212,990 $861,491  $867,535  $895,686
Excluding Fuel
                                                              
Capacity Days  2,410,639 2,410,639 2,370,682 9,602,730  9,602,730  9,454,570
                                                              
Gross Cruise
Cost per        $168.02  $168.80  $169.38  $180.12   $181.22   $181.84
Capacity Day
Net Cruise Cost
per Capacity    $115.77  $116.48  $115.91  $119.25   $119.88   $120.49
Day
Net Cruise Cost
Excluding Fuel  $83.85   $84.56   $89.84   $89.71    $90.34    $94.74
per Capacity
Day



NCL CORPORATION LTD.
NON-GAAP RECONCILING INFORMATION
(unaudited)
                                                               
Adjusted net income was
calculated as follows (in                                       
thousands):
                                                               
                            Three Months Ended        Year Ended
                            December 31,              December 31,
                            2012          2011        2012        2011
                                                               
Net income (loss)            $1,053       $(1,941)   $168,556   $126,859
Share-based compensation     4,500         --          4,500       --
charge (1)
Adjusted net income (loss)   $5,553       $(1,941)   $173,056   $126,859
                                                               
Weighted-average shares      179,144,241   177,968,484 179,023,683 178,859,720
outstanding - diluted
                                                               
Diluted earnings (loss) per  $0.01        $(0.01)    $0.94      $0.71
share
Share-based compensation     0.03         --         0.03       --
charge (1)
Adjusted diluted earnings    $0.04        $(0.01)    $0.97      $0.71
(loss) per share (2)
                                                               
(1) Non-recurring, non-cash
share-basedcompensation charge related to                       
former CEO.
(2) Differences due to rounding.                                 
                                                               
Adjusted EBITDA was
calculated as follows (in                                       
thousands):
                                                               
                            Three Months Ended        Year Ended
                            December 31,              December 31,
                            2012          2011        2012        2011
                                                               
Net income (loss)            $1,053       $(1,941)   $168,556   $126,859
Interest expense, net        47,659        45,748      189,930     190,187
Depreciation and             48,637        44,701      189,537     183,985
amortization expense
EBITDA                       97,349        88,508      548,023     501,031
Other (income) expense       793           (1,468)     (1,393)     (934)
Other (1)                    5,318         1,212       9,004       5,942
Adjusted EBITDA              $103,460     $88,252    $555,634   $506,039
                                                               
(1) Includes non-cash compensation and non-recurring, non-cashshare-based
compensation charge related to former CEO.



NCL CORPORATION LTD.
NON-GAAP RECONCILING INFORMATION
(unaudited)
                                                                
Net Debt-to-Capital was calculated as follows (in thousands):     
                                                                
                                                    
                                                    December 31,
                                                    2012         2011
                                                                
Long-term debt, net of current portion               $2,764,120  $2,837,499
Current portion of long-term                         221,233      200,582
Total debt                                           2,985,353    3,038,081
Less: Cash and cash equivalents                      45,500       58,926
Net Debt                                             $2,939,853  $2,979,155
                                                                
Total shareholders' equity                           $2,018,784  $1,844,463
Total debt                                           2,985,353    3,038,081
Total debt and shareholder's equity                  $5,004,137  $4,882,544
Debt-to-Capital                                      59.7%        62.2%
Net Debt                                             2,939,853    2,979,155
Net Debt and shareholders' equity                    $4,958,637  $4,823,618
Net Debt-to-Capital                                  59.3%        61.8%
                                                                
                                                                
Adjusted Free Cash Flow was calculated as follows (in thousands): 
                                                                
                                                    Year Ended
                                                    December 31,
                                                    2012         2011
                                                                
Net cash provided by operating activities            $398,594    $356,990
Less: Additions to property and equipment and other  (303,840)    (184,797)
Proceeds from newbuild financing facilities          133,493      86,105
Adjusted Free Cash Flow                              $228,247    $258,298

CONTACT: Investor Relations Contact
         Andrea DeMarco
         (305) 468-2463
         InvestorRelations@ncl.com
        
         Media Contact
         AnneMarie Mathews
         (305) 436-4799
         PublicRelations@ncl.com

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