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|
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|
|
Six Months Ended June 30, |
|
|
Year Ended December 31, |
| |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
| ||||||||||||||||||||
|
|
|
|
(all dollar amounts in thousands, except per share data) |
| ||||||||||||||||||||||||||||||||
|
Statement of Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Passenger ticket |
|
|
|
$ |
524,244 |
|
|
|
|
$ |
478,007 |
|
|
|
|
$ |
1,001,610 |
|
|
|
|
$ |
947,071 |
|
|
|
|
$ |
834,868 |
|
| |||||
|
Onboard and other |
|
|
|
|
85,691 |
|
|
|
|
|
74,008 |
|
|
|
|
|
162,947 |
|
|
|
|
|
151,213 |
|
|
|
|
|
134,270 |
|
| |||||
|
Charter |
|
|
|
|
5,840 |
|
|
|
|
|
9,312 |
|
|
|
|
|
18,779 |
|
|
|
|
|
13,737 |
|
|
|
|
|
— |
|
| |||||
|
Total revenue |
|
|
|
|
615,775 |
|
|
|
|
|
561,327 |
|
|
|
|
|
1,183,336 |
|
|
|
|
|
1,112,021 |
|
|
|
|
|
969,138 |
|
| |||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Cruise Operating Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Commissions, transportation and other |
|
|
|
|
167,763 |
|
|
|
|
|
156,732 |
|
|
|
|
|
323,841 |
|
|
|
|
|
331,254 |
|
|
|
|
|
271,527 |
|
| |||||
|
Onboard and other |
|
|
|
|
24,606 |
|
|
|
|
|
20,111 |
|
|
|
|
|
43,518 |
|
|
|
|
|
40,418 |
|
|
|
|
|
36,854 |
|
| |||||
|
Payroll, related and food |
|
|
|
|
91,547 |
|
|
|
|
|
88,268 |
|
|
|
|
|
177,953 |
|
|
|
|
|
168,594 |
|
|
|
|
|
153,754 |
|
| |||||
|
Fuel |
|
|
|
|
55,142 |
|
|
|
|
|
54,598 |
|
|
|
|
|
101,690 |
|
|
|
|
|
101,685 |
|
|
|
|
|
92,921 |
|
| |||||
|
Other ship operating |
|
|
|
|
50,228 |
|
|
|
|
|
47,621 |
|
|
|
|
|
98,062 |
|
|
|
|
|
95,808 |
|
|
|
|
|
86,022 |
|
| |||||
|
Other |
|
|
|
|
28,816 |
|
|
|
|
|
5,404 |
|
|
|
|
|
16,416 |
|
|
|
|
|
21,968 |
|
|
|
|
|
26,305 |
|
| |||||
|
Total cruise operating expense |
|
|
|
|
418,102 |
|
|
|
|
|
372,734 |
|
|
|
|
|
761,480 |
|
|
|
|
|
759,727 |
|
|
|
|
|
667,383 |
|
| |||||
|
Selling and administrative |
|
|
|
|
99,320 |
|
|
|
|
|
90,266 |
|
|
|
|
|
174,866 |
|
|
|
|
|
153,747 |
|
|
|
|
|
145,802 |
|
| |||||
|
Depreciation and amortization |
|
|
|
|
43,051 |
|
|
|
|
|
41,926 |
|
|
|
|
|
83,829 |
|
|
|
|
|
93,003 |
|
|
|
|
|
79,269 |
|
| |||||
|
Total operating expense |
|
|
|
|
560,473 |
|
|
|
|
|
504,926 |
|
|
|
|
|
1,020,175 |
|
|
|
|
|
1,006,477 |
|
|
|
|
|
892,454 |
|
| |||||
|
Operating income |
|
|
|
|
55,302 |
|
|
|
|
|
56,401 |
|
|
|
|
|
163,161 |
|
|
|
|
|
105,544 |
|
|
|
|
|
76,684 |
|
| |||||
|
Non-Operating Income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest income |
|
|
|
|
249 |
|
|
|
|
|
240 |
|
|
|
|
|
540 |
|
|
|
|
|
752 |
|
|
|
|
|
670 |
|
| |||||
|
Interest expense |
|
|
|
|
(68,103 |
) |
|
|
|
|
|
(70,858 |
) |
|
|
|
|
|
(141,634 |
) |
|
|
|
|
|
(131,651 |
) |
|
|
|
|
|
(101,560 |
) |
|
|
|
Other income (expense)(1) |
|
|
|
|
(2,170 |
) |
|
|
|
|
|
3,308 |
|
|
|
|
|
13,209 |
|
|
|
|
|
22,956 |
|
|
|
|
|
(45,901 |
) |
|
| |||
|
Total non-operating expense |
|
|
|
|
(70,024 |
) |
|
|
|
|
|
(67,310 |
) |
|
|
|
|
|
(127,885 |
) |
|
|
|
|
|
(107,943 |
) |
|
|
|
|
|
(146,791 |
) |
|
|
|
(Loss) income before income taxes |
|
|
|
|
(14,722 |
) |
|
|
|
|
|
(10,909 |
) |
|
|
|
|
|
35,276 |
|
|
|
|
|
(2,399 |
) |
|
|
|
|
|
(70,107 |
) |
|
| |
|
Income tax expense |
|
|
|
|
(333 |
) |
|
|
|
|
|
112 |
|
|
|
|
|
246 |
|
|
|
|
|
(213 |
) |
|
|
|
|
|
335 |
|
| |||
|
Net (loss) income |
|
|
|
$ |
(15,055 |
) |
|
|
|
|
$ |
(10,797 |
) |
|
|
|
|
$ |
35,522 |
|
|
|
|
$ |
(2,612 |
) |
|
|
|
|
$ |
(69,772 |
) |
|
| |
|
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Basic |
|
|
|
$ |
(1.11 |
) |
|
|
|
|
$ |
(0.80 |
) |
|
|
|
|
$ |
2.62 |
|
|
|
|
$ |
(0.19 |
) |
|
|
|
|
$ |
(5.14 |
) |
|
| |
|
Diluted |
|
|
|
$ |
(1.11 |
) |
|
|
|
|
$ |
(0.80 |
) |
|
|
|
|
$ |
1.88 |
|
|
|
|
$ |
(0.19 |
) |
|
|
|
|
$ |
(5.14 |
) |
|
| |
| | | | | | | | | | | | | | | | | |
|
|
|
|
As of and for the Six Months Ended June 30, |
|
|
As of and for the Year Ended December 31, |
| |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
| ||||||||||||||||||||
|
|
|
|
(in thousands, except per share data) |
| ||||||||||||||||||||||||||||||||
|
Balance sheet data (at end of period): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Cash and cash equivalents |
|
|
|
$ |
281,567 |
|
|
|
|
$ |
263,081 |
|
|
|
|
$ |
286,419 |
|
|
|
|
$ |
139,556 |
|
|
|
|
$ |
147,212 |
|
| |||||
|
Restricted cash(2) |
|
|
|
|
767 |
|
|
|
|
|
50,893 |
|
|
|
|
|
43,401 |
|
|
|
|
|
63,692 |
|
|
|
|
|
58,168 |
|
| |||||
|
Property and equipment, net |
|
|
|
|
2,040,637 |
|
|
|
|
|
2,004,103 |
|
|
|
|
|
2,012,710 |
|
|
|
|
|
2,035,449 |
|
|
|
|
|
1,644,971 |
|
| |||||
|
Total assets |
|
|
|
|
2,973,951 |
|
|
|
|
|
2,957,679 |
|
|
|
|
|
2,989,886 |
|
|
|
|
|
2,872,110 |
|
|
|
|
|
2,479,581 |
|
| |||||
|
Passenger deposits(2) |
|
|
|
|
534,142 |
|
|
|
|
|
449,112 |
|
|
|
|
|
432,564 |
|
|
|
|
|
365,296 |
|
|
|
|
|
336,203 |
|
| |||||
|
Long-term debt(3) |
|
|
|
|
1,452,546 |
|
|
|
|
|
1,647,975 |
|
|
|
|
|
1,596,218 |
|
|
|
|
|
1,695,656 |
|
|
|
|
|
1,328,518 |
|
| |||||
|
Total debt(3) |
|
|
|
|
1,542,109 |
|
|
|
|
|
1,716,567 |
|
|
|
|
|
1,686,544 |
|
|
|
|
|
1,713,216 |
|
|
|
|
|
1,350,840 |
|
| |||||
|
Related party notes payable |
|
|
|
|
738,783 |
|
|
|
|
|
686,186 |
|
|
|
|
|
711,617 |
|
|
|
|
|
661,304 |
|
|
|
|
|
615,143 |
|
| |||||
|
Total liabilities |
|
|
|
|
2,959,661 |
|
|
|
|
|
2,979,769 |
|
|
|
|
|
2,962,304 |
|
|
|
|
|
2,885,453 |
|
|
|
|
|
2,489,409 |
|
| |||||
|
Total stockholders’ equity (deficit) |
|
|
|
|
14,290 |
|
|
|
|
|
(22,090 |
) |
|
|
|
|
|
27,582 |
|
|
|
|
|
(13,343 |
) |
|
|
|
|
|
(9,828 |
) |
|
| ||
|
Cash flow data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net cash provided by operating activities |
|
|
|
|
166,156 |
|
|
|
|
|
123,802 |
|
|
|
|
|
230,724 |
|
|
|
|
|
188,068 |
|
|
|
|
|
186,317 |
|
| |||||
|
Net cash used in investing activities |
|
|
|
|
(15,965 |
) |
|
|
|
|
|
2,939 |
|
|
|
|
|
(33,086 |
) |
|
|
|
|
|
(539,501 |
) |
|
|
|
|
|
(603,733 |
) |
|
| |
|
Net cash (used in) provided by financing activities |
|
|
|
|
(154,961 |
) |
|
|
|
|
|
2,975 |
|
|
|
|
|
(50,743 |
) |
|
|
|
|
|
343,621 |
|
|
|
|
|
447,193 |
|
| |||
|
Operating data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Passenger Days Sold(4) |
|
|
|
|
1,002,253 |
|
|
|
|
|
978,607 |
|
|
|
|
|
1,978,998 |
|
|
|
|
|
1,873,691 |
|
|
|
|
|
1,688,958 |
|
| |||||
|
Available Passenger Cruise Days(5) |
|
|
|
|
1,057,086 |
|
|
|
|
|
1,042,198 |
|
|
|
|
|
2,094,670 |
|
|
|
|
|
1,985,522 |
|
|
|
|
|
1,836,722 |
|
| |||||
|
Occupancy(6) |
|
|
|
|
94.8 |
% |
|
|
|
|
|
93.9 |
% |
|
|
|
|
|
94.5 |
% |
|
|
|
|
|
94.4 |
% |
|
|
|
|
|
92 |
% |
|
|
|
Prestige Net per Diem(7)(9) |
|
|
|
$ |
416.63 |
|
|
|
|
$ |
383.37 |
|
|
|
|
$ |
402.83 |
|
|
|
|
$ |
387.80 |
|
|
|
|
$ |
391.22 |
|
| |||||
|
Prestige Gross Yield(8)(9) |
|
|
|
|
577.00 |
|
|
|
|
|
529.66 |
|
|
|
|
|
555.96 |
|
|
|
|
|
553.15 |
|
|
|
|
|
527.65 |
|
| |||||
|
Prestige Net Yield(9) |
|
|
|
|
395.02 |
|
|
|
|
|
359.98 |
|
|
|
|
|
380.58 |
|
|
|
|
|
365.96 |
|
|
|
|
|
359.75 |
|
| |||||
|
Prestige Adjusted EBITDA(10) |
|
|
|
|
104,029 |
|
|
|
|
|
102,907 |
|
|
|
|
|
255,798 |
|
|
|
|
|
227,337 |
|
|
|
|
|
182,196 |
|
| |||||
|
Capital Expenditures |
|
|
|
|
(58,525 |
) |
|
|
|
|
|
(9,978 |
) |
|
|
|
|
|
53,420 |
|
|
|
|
|
478,962 |
|
|
|
|
|
535,531 |
|
| |||
| | | | | | | | | | | | | | | | | |
|
|
|
|
Six Months Ended June 30, |
|
|
Year Ended December 31, |
| ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
| |||||||||||||||||||||||||||
|
|
|
|
(in thousands, except operating data) |
| |||||||||||||||||||||||||||||||||||||||
|
Passenger ticket revenue |
|
|
|
$ |
524,244 |
|
|
|
|
$ |
478,007 |
|
|
|
|
$ |
1,001,610 |
|
|
|
|
$ |
947,071 |
|
|
|
|
$ |
834,868 |
|
| | | | | | | | |||||
|
Onboard and other revenue |