2016 Annual Report for Norwegian Cruiseline Holdings - 33

Non-GAAP Financial Measures
We use certain non-GAAP financial measures, such as Net Revenue, Adjusted Net Revenue, Net Yield, Adjusted Net Yield, Net Cruise Cost, Adjusted
Net Cruise Cost Excluding Fuel, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS, to enable us to analyze our performance. See "Terms
Used in this Annual Report" for the definitions of these non-GAAP financial measures. 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. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise
Cost and Adjusted Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance.
As our business includes the sourcing of passengers and deployment of vessels outside of the U.S., a portion of our revenue and expenses are
denominated in foreign currencies, particularly British pound, Canadian dollar, euro and Australian dollar 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.
We believe that Adjusted EBITDA is a useful measure in determining our performance as it reflects certain operating drivers of our business, such as
sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. 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 a measure 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, Adjusted Net Revenue and Adjusted Net Yield, which exclude certain business combination accounting entries, are non-GAAP financial
measures that we believe are useful as supplemental measures in evaluating the performance of our operating business and provide greater transparency
into our results of operations. Adjusted Net Income and Adjusted EPS are non-GAAP financial measures that exclude certain amounts and are used to
supplement GAAP net income and EPS. We use Adjusted Net Income and Adjusted EPS as key performance measures of our earnings performance. We
believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when
planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparison to our
historical performance. In addition, management uses Adjusted EPS as a performance measure for our incentive compensation. The amounts excluded in
the presentation of these non-GAAP financial measures may vary from period to period; accordingly, our presentation of Adjusted Net Revenue,
Adjusted Net Yield, Adjusted Net Income and Adjusted EPS may not be indicative of future adjustments or results. For example, for the year ended
December 31, 2016, we incurred $28.0 million of amounts related to the extinguishment of debt and $11.2 million of deferred financing fees due to the
refinancing of certain credit facilities. We included these as adjustments in the reconciliation of Adjusted Net Income since these amounts are not
representative of our day-to-day operations and we have included similar adjustments in prior periods.
You are encouraged to evaluate each adjustment used in calculating our non-GAAP financial measures and the reasons we consider our non-GAAP
financial measures appropriate for supplemental analysis. In evaluating our non-GAAP financial measures, you should be aware that in the future we
may incur expenses similar to the adjustments in our presentation. Our non-GAAP financial measures have limitations as analytical tools, and you
should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of our non-GAAP
financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our non-GAAP
financial measures may not be comparable to other companies. Please see a historical reconciliation of these measures to the most comparable GAAP
measure presented in our consolidated financial statements below in the "Results of Operations" section.
Summary of Significant 2016 Events
Sirena, previously under a Bareboat Charter, joined our Oceania Cruises fleet in April 2016. This ship is approximately 30,000 Gross Tons with
approximately 684 Berths.
Seven Seas Explorer was delivered in June 2016 to our Regent fleet. This ship is approximately 55,000 Gross Tons with 750 Berths. We placed an order
to build a second Explorer Class Ship for delivery in the winter of 2020.
We introduced a new destination, Harvest Caye, in November 2016. This destination in Southern Belize features Belize's only cruise ship pier,
expansive seven acre white sand beach, 15,000 sq. ft. pool with swim up bar, multiple dining options and a nature center with wildlife experiences plus
adventure tours.
We repurchased approximately $50 million of NCLH's outstanding ordinary shares under our previously authorized three-year, $500 million share
repurchase program.
In February 2017, we announced that we plan to introduce an additional four ships with expected delivery dates through 2025 and we have an option to
introduce two additional ships for delivery in 2026 and 2027, subject to certain conditions. These four ships are each 140,000 gross tons with
approximately 3,300 Berths. The contract price for each of the four ships is approximately €800.0 million, subject to certain conditions, or $841.4
million based on the exchange rate as of December 31, 2016. We have obtained export credit financing for the four ships to fund approximately 80% of
the contract price of each ship expected to be delivered through 2025, subject to certain conditions.
33



Table of Contents for the Digital Edition of 2016 Annual Report for Norwegian Cruiseline Holdings

Contents
2016 Annual Report for Norwegian Cruiseline Holdings - Cover1
2016 Annual Report for Norwegian Cruiseline Holdings - Cover2
2016 Annual Report for Norwegian Cruiseline Holdings - I
2016 Annual Report for Norwegian Cruiseline Holdings - II
2016 Annual Report for Norwegian Cruiseline Holdings - III
2016 Annual Report for Norwegian Cruiseline Holdings - IV
2016 Annual Report for Norwegian Cruiseline Holdings - V
2016 Annual Report for Norwegian Cruiseline Holdings - VI
2016 Annual Report for Norwegian Cruiseline Holdings - VII
2016 Annual Report for Norwegian Cruiseline Holdings - VIII
2016 Annual Report for Norwegian Cruiseline Holdings - IX
2016 Annual Report for Norwegian Cruiseline Holdings - X
2016 Annual Report for Norwegian Cruiseline Holdings - XI
2016 Annual Report for Norwegian Cruiseline Holdings - Contents
2016 Annual Report for Norwegian Cruiseline Holdings - 1
2016 Annual Report for Norwegian Cruiseline Holdings - 2
2016 Annual Report for Norwegian Cruiseline Holdings - 3
2016 Annual Report for Norwegian Cruiseline Holdings - 4
2016 Annual Report for Norwegian Cruiseline Holdings - 5
2016 Annual Report for Norwegian Cruiseline Holdings - 6
2016 Annual Report for Norwegian Cruiseline Holdings - 7
2016 Annual Report for Norwegian Cruiseline Holdings - 8
2016 Annual Report for Norwegian Cruiseline Holdings - 9
2016 Annual Report for Norwegian Cruiseline Holdings - 10
2016 Annual Report for Norwegian Cruiseline Holdings - 11
2016 Annual Report for Norwegian Cruiseline Holdings - 12
2016 Annual Report for Norwegian Cruiseline Holdings - 13
2016 Annual Report for Norwegian Cruiseline Holdings - 14
2016 Annual Report for Norwegian Cruiseline Holdings - 15
2016 Annual Report for Norwegian Cruiseline Holdings - 16
2016 Annual Report for Norwegian Cruiseline Holdings - 17
2016 Annual Report for Norwegian Cruiseline Holdings - 18
2016 Annual Report for Norwegian Cruiseline Holdings - 19
2016 Annual Report for Norwegian Cruiseline Holdings - 20
2016 Annual Report for Norwegian Cruiseline Holdings - 21
2016 Annual Report for Norwegian Cruiseline Holdings - 22
2016 Annual Report for Norwegian Cruiseline Holdings - 23
2016 Annual Report for Norwegian Cruiseline Holdings - 24
2016 Annual Report for Norwegian Cruiseline Holdings - 25
2016 Annual Report for Norwegian Cruiseline Holdings - 26
2016 Annual Report for Norwegian Cruiseline Holdings - 27
2016 Annual Report for Norwegian Cruiseline Holdings - 28
2016 Annual Report for Norwegian Cruiseline Holdings - 29
2016 Annual Report for Norwegian Cruiseline Holdings - 30
2016 Annual Report for Norwegian Cruiseline Holdings - 31
2016 Annual Report for Norwegian Cruiseline Holdings - 32
2016 Annual Report for Norwegian Cruiseline Holdings - 33
2016 Annual Report for Norwegian Cruiseline Holdings - 34
2016 Annual Report for Norwegian Cruiseline Holdings - 35
2016 Annual Report for Norwegian Cruiseline Holdings - 36
2016 Annual Report for Norwegian Cruiseline Holdings - 37
2016 Annual Report for Norwegian Cruiseline Holdings - 38
2016 Annual Report for Norwegian Cruiseline Holdings - 39
2016 Annual Report for Norwegian Cruiseline Holdings - 40
2016 Annual Report for Norwegian Cruiseline Holdings - 41
2016 Annual Report for Norwegian Cruiseline Holdings - 42
2016 Annual Report for Norwegian Cruiseline Holdings - 43
2016 Annual Report for Norwegian Cruiseline Holdings - 44
2016 Annual Report for Norwegian Cruiseline Holdings - 45
2016 Annual Report for Norwegian Cruiseline Holdings - 46
2016 Annual Report for Norwegian Cruiseline Holdings - 47
2016 Annual Report for Norwegian Cruiseline Holdings - 48
2016 Annual Report for Norwegian Cruiseline Holdings - 49
2016 Annual Report for Norwegian Cruiseline Holdings - 50
2016 Annual Report for Norwegian Cruiseline Holdings - 51
2016 Annual Report for Norwegian Cruiseline Holdings - 52
2016 Annual Report for Norwegian Cruiseline Holdings - 53
2016 Annual Report for Norwegian Cruiseline Holdings - F-1
2016 Annual Report for Norwegian Cruiseline Holdings - F-2
2016 Annual Report for Norwegian Cruiseline Holdings - F-3
2016 Annual Report for Norwegian Cruiseline Holdings - F-4
2016 Annual Report for Norwegian Cruiseline Holdings - F-5
2016 Annual Report for Norwegian Cruiseline Holdings - F-6
2016 Annual Report for Norwegian Cruiseline Holdings - F-7
2016 Annual Report for Norwegian Cruiseline Holdings - F-8
2016 Annual Report for Norwegian Cruiseline Holdings - F-9
2016 Annual Report for Norwegian Cruiseline Holdings - F-10
2016 Annual Report for Norwegian Cruiseline Holdings - F-11
2016 Annual Report for Norwegian Cruiseline Holdings - F-12
2016 Annual Report for Norwegian Cruiseline Holdings - F-13
2016 Annual Report for Norwegian Cruiseline Holdings - F-14
2016 Annual Report for Norwegian Cruiseline Holdings - F-15
2016 Annual Report for Norwegian Cruiseline Holdings - F-16
2016 Annual Report for Norwegian Cruiseline Holdings - F-17
2016 Annual Report for Norwegian Cruiseline Holdings - F-18
2016 Annual Report for Norwegian Cruiseline Holdings - F-19
2016 Annual Report for Norwegian Cruiseline Holdings - F-20
2016 Annual Report for Norwegian Cruiseline Holdings - F-21
2016 Annual Report for Norwegian Cruiseline Holdings - F-22
2016 Annual Report for Norwegian Cruiseline Holdings - F-23
2016 Annual Report for Norwegian Cruiseline Holdings - F-24
2016 Annual Report for Norwegian Cruiseline Holdings - F-25
2016 Annual Report for Norwegian Cruiseline Holdings - F-26
2016 Annual Report for Norwegian Cruiseline Holdings - F-27
2016 Annual Report for Norwegian Cruiseline Holdings - F-28
2016 Annual Report for Norwegian Cruiseline Holdings - F-29
2016 Annual Report for Norwegian Cruiseline Holdings - F-30
2016 Annual Report for Norwegian Cruiseline Holdings - F-31
2016 Annual Report for Norwegian Cruiseline Holdings - F-32
2016 Annual Report for Norwegian Cruiseline Holdings - F-33
2016 Annual Report for Norwegian Cruiseline Holdings - F-34
2016 Annual Report for Norwegian Cruiseline Holdings - F-35
2016 Annual Report for Norwegian Cruiseline Holdings - F-36
2016 Annual Report for Norwegian Cruiseline Holdings - F-37
2016 Annual Report for Norwegian Cruiseline Holdings - Cover3
2016 Annual Report for Norwegian Cruiseline Holdings - Cover4
http://www.nxtbook.com/nxtbooks/ncl/japanesefleetbrochure_20192022
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http://www.nxtbook.com/nxtbooks/ncl/thehavenus_2018
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss18
http://www.nxtbook.com/nxtbooks/ncl/fleetsp_18
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2019
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_aunz
http://www.nxtbook.com/nxtbooks/ncl/uknewitineraryleafletuk_20192020
http://www.nxtbook.com/nxtbooks/ncl/ce_dach
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_mea
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020
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http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_uk
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2018-2019
http://www.nxtbook.com/nxtbooks/ncl/stewardshipreport_2017
http://www.nxtbook.com/nxtbooks/ncl/annualreport_2017
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide1819_aunz
http://www.nxtbook.com/nxtbooks/ncl/charters18_latam
http://www.nxtbook.com/nxtbooks/ncl/cubabahamas1719_latam
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss_latam
http://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2018-2021
http://www.nxtbook.com/nxtbooks/ncl/thehaven2018_latam
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019sp
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2019
http://www.nxtbook.com/nxtbooks/ncl/norwegianjewel_201819aunzcruise
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2019_aunz
http://www.nxtbook.com/nxtbooks/ncl/thehaven2018_de
http://www.nxtbook.com/nxtbooks/ncl/thehaven2018_es
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_es
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_it
http://www.nxtbook.com/nxtbooks/ncl/bestofalaska_asia2017
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_fr
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss_aunz
http://www.nxtbook.com/nxtbooks/ncl/thehaven2017_aunz
http://www.nxtbook.com/nxtbooks/ncl/thehaven2017
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss
http://www.nxtbook.com/nxtbooks/ncl/deckbydeckasia_2017
http://www.nxtbook.com/nxtbooks/ncl/carribbeancruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/nedeparturescruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/asiaaunzcruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/southamericacruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/pcmrtrcruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/bestofalaska2017
http://www.nxtbook.com/nxtbooks/ncl/bestofeurope2017
http://www.nxtbook.com/nxtbooks/ncl/environmentalreport_2016v2
http://www.nxtbook.com/nxtbooks/ncl/environmentalreport_2016
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_ge
http://www.nxtbook.com/nxtbooks/ncl/norwegianjewel_201718aunzcruise
http://www.nxtbook.com/nxtbooks/ncl/annualreport_2016
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruises_allinclusive_2017-2019_uk
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruises_allinclusive_2017-2019_ce
http://www.nxtbook.com/nxtbooks/ncl/bestofcaribbeanandbahamas2017
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-2018_jp
http://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_asia2017
http://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_au2017
http://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_nz2017
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-2018
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http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_fall2016-spring2018
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