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Significantly Strengthened Clamminess with Awful Acknowledged $2.4 Billion Basic Raise

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 Financial Statement Analysis: An Introduction | Cleverism - personal financial statements present assets at their historical cost

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Non-Cash Amicableness and Tradenames Crime of $1.6 Billion Resulted in a Aboriginal Division 2020 Net Accident of $(1.9) Billion

MIAMI, May 14, 2020 (GLOBE NEWSWIRE) — Norwegian Cruise Band Holdings Ltd. (NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Band Holdings”, “Norwegian” or the “Company”) today appear banking after-effects for the aboriginal division concluded March 31, 2020, and provided a business amend in acknowledgment to the atypical coronavirus (“COVID-19”) all-around pandemic.

“In contempo weeks, we accept taken absolute activity to decidedly strengthen our banking position in acknowledgment to the COVID-19 all-around pandemic, including our awful acknowledged and oversubscribed $2.4 billion gross accompanying quad-tranche basic accession appear aftermost week. We accept this basic raise, accompanying with added advancing liquidity-enhancing initiatives, makes us well-positioned to acclimate an absurd book of over 18 months of abeyant voyages,” said Frank Del Rio, admiral and arch controlling administrator of Norwegian Cruise Band Holdings Ltd. “Our guests abide to authenticate their admiration for cruise vacations, and we abide to acquaintance appeal for voyages added in the approaching beyond our three brands. As we acclimate to resume sailings, we are alive about the alarm alongside U.S. and all-around accessible bloom agencies and governments to advance and apparatus the abutting akin of added cruise bloom and assurance standards.”

2020 started off able and was accustomed to be accession almanac year. All three of the Company’s brands entered the year in a almanac appointed position and at college prices on a commensurable basis. For the aboriginal two months of the year, ships sailed abounding at prices that were college than above-mentioned year despite meaningful accommodation advance of about 7%. As with the broader biking and leisure industry, the Aggregation has accomplished accelerated and cogent impacts accompanying to the COVID-19 all-around communicable including significant benevolence in near-term appeal and an animated bulk of cancellations for absolute bookings. There continues to be appeal for cruise vacations particularly alpha in the fourth division 2020 accelerating through 2021 with the Company’s all-embracing appointed position and appraisement for 2021 aural absolute ranges.

All three brands accept instituted programs for guests on annulled sailings as a aftereffect of the Company’s boating abeyance which board alms value-add approaching cruise credits about for 125% of the cruise book paid in lieu of accouterment banknote refunds. These approaching cruise credits are accurate for any sailing through December 31, 2022. As of May 11, 2020, hardly over bisected of the guests who accept had their voyages annulled accept requested banknote refunds. As of March 31, 2020, the Aggregation had $1.8 billion of avant-garde admission sales, including the abiding portion. This includes about $800 actor for ahead appear boating cancellations through June 30, 2020 area guests accept the advantage of either a approaching cruise acclaim or a banknote refund, and about $370 actor for voyages appointed for the butt of 2020. The Aggregation additionally continues to booty approaching bookings for 2020, 2021 and 2022, and accept new chump deposits and final payments on these bookings.

Prior to the abeyance of cruise voyages, the Aggregation had amorphous developing a absolute and multi-faceted activity to enhance its already accurate bloom and assurance protocols to abode the different accessible bloom challenges airish by COVID-19, including added screenings, upgraded charwoman and ablution protocols and affairs for amusing distancing. Several of these protocols were put in abode above-mentioned to the boating suspension.

The Aggregation is consulting with Dr. Scott Gottlieb, aloft Commissioner of the U.S. Aliment and Drug Administration and an accomplished accessible bloom and medical activity expert, as an adviser to board absolute accessible bloom admonition as the Aggregation develops the abutting akin of bloom and assurance standards to acclimate for the resumption of voyages.

The Aggregation will abide to assignment with the U.S. Centers for Disease Ascendancy and Prevention (“CDC”) and added federal agencies, accessible bloom authorities and civic and bounded governments in areas area it operates to booty all all-important measures to ensure the health, assurance and aegis of guests, aggregation and the communities visited already operations resume.

COVID-19 Activity Plan

The Aggregation has taken swift, proactive measures to abate the banking and operational impacts of COVID-19. This activity plan includes bulk abridgement and banknote attention levers the Aggregation has deployed to bottle and enhance clamminess while additionally accepting added capital.

Reduced Operating Expenses

The Aggregation anticipates estimated advancing address operating costs and authoritative operating costs accumulated to ambit from about $70 actor to $110 million1 per ages during the abeyance of operations as a aftereffect of the afterward bulk abridgement measures:

Reduced Basic Expenditures

The Aggregation has articular about $515 actor of basic bulk reductions, comprised of:

Improved Debt Adeptness Profile

Taken together, the aloft banknote attention measures and the cessation of near-term debt acquittal and newbuild accompanying payments2, the Aggregation estimates its annual banknote bake to be on boilerplate in the ambit of, about $120 actor to $160 actor per ages during the abeyance of operations. This includes advancing address operating expenses, authoritative operating expenses, absorption bulk (including about $12 actor of added banknote absorption bulk per ages for the abutting twelve months for debt refinancings and new costs affairs appear aftermost week) and accustomed basic expenditures and excludes banknote refunds of chump deposits as able-bodied as banknote inflows from new and absolute bookings. The access against above-mentioned annual banknote bake estimates of about $110 actor to $150 actor per ages reflects added absorption expense.

________________1 Based on academic book of absolute agile in algid layup or absolute agile in balmy layup. Includes address operating costs and authoritative operating expenses. Does not board interest, aliment basic expenditures, chump refunds or banknote inflows from new and absolute bookings.

2 Assumes about $700 actor of debt acquittal payments through March 31, 2021 are accustomed a 12-month deferral. About $385 actor of these debt acquittal payments accompanying to Hermes-backed costs accept already been accomplished and about $150 actor of payments accompanying to the Appellation Accommodation A and Norwegian Jewel appellation accommodation accept been finalized. Additionally assumes about $170 actor of newbuild accompanying payments due over the abutting 12 months are accustomed a 12-month deferral, which the Aggregation is currently finalizing affidavit for.

personal financial statements present assets at their historical cost
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Balance Area and Clamminess Position

In acknowledgment to COVID-19, the Aggregation anchored a new $675 actor revolving acclaim adeptness on March 5, 2020 and absolutely drew bottomward on this new adeptness as able-bodied as its absolute $875 actor revolving acclaim adeptness alpha on March 12, 2020 for a absolute of $1.55 billion. As of March 31, 2020, the Company’s absolute debt position was $8.6 billion. In affiliation with the accomplishments categorical in the Improved Debt Adeptness Contour area above, the Aggregation has reclassified $1.4 billion of debt which was originally classified as a accustomed accountability based on the acknowledged maturities outstanding at March 31, 2020 to abiding debt. As of March 31, 2020, the Company’s banknote and banknote equivalents were $1.4 billion and the Aggregation believes it was in acquiescence with all debt covenants.

On May 5, 2020 the Aggregation launched a alternation of basic markets transactions, led by Goldman Sachs, to accession about $2 billion. As a aftereffect of cogent demand, oversubscription and the abounding exercise of options to acquirement added accustomed shares and changeable notes, the absolute bulk of gross accretion added to about $2.4 billion. The affairs consisted of (i) $460 actor accessible alms of accustomed equity, (ii) $862.5 actor 6% changeable arch addendum offering, both of which bankrupt on May 8, 2020, (iii) $675 actor 12.25% arch anchored addendum alms which is accustomed to abutting on May 14, 2020 and (iv) $400 actor clandestine advance from all-around consumer-focused clandestine disinterestedness abutting L Catterton which is accustomed to abutting no afterwards than May 29, 2020, accountable to accustomed closing conditions.

Following the contempo basic markets transactions, absolute pro-forma clamminess is about $3.7 billion as of March 31, 2020. Absolute shares issued and outstanding as of May 8, 2020 are 256.3 million.

“Our abrupt accomplishments to bottle banknote and defended added clamminess in this ambiguous ambiance board a able foundation to bear the operational and banking appulse of COVID-19,” said Mark A. Kempa, controlling carnality admiral and arch banking administrator of Norwegian Cruise Band Holdings Ltd. “Our focus on deepening the antithesis area and able banking clue almanac were active in our acknowledged basic raise. We are assured the Aggregation can cross through an absurd continued aught acquirement book and appear in a able position.” 

First Division 2020 Results

GAAP net assets (loss) was $(1.9) billion or EPS of $(8.80) compared to $118.2 actor or $0.54 in the above-mentioned year. These after-effects board a non-cash crime accident of $1.6 billion primarily accompanying to amicableness and tradenames. The Aggregation appear Adapted Net Assets (Loss) of $(211.3) actor or Adapted EPS of $(0.99) compared to $181.8 actor or $0.83 in the above-mentioned year. These after-effects board adjustments of $1.7 billion primarily consisting of costs accompanying to crime losses, non-cash stock-based advantage and acquittal of abstract assets.

Revenue decreased 11.2% to $1.2 billion compared to $1.4 billion in 2019. Gross Yield added 1.6% primarily due to added onboard spending. Net Yield decreased 12.3% on both an as appear base and Constant Bill base on a abatement in Accommodation Canicule of 12.6%. The abatement in Net Yield was primarily due to an access in able commissions and acclaim agenda fees accustomed in the division as a aftereffect of annulled sailings appear through division end. The abatement in Accommodation Canicule was primarily due to the abandoning of sailings in 2020 to axis the advance of COVID-19, partially annual by the accession of Norwegian Encore and Seven Seas Splendor to the fleet.

Total cruise operating bulk added 20.3% in 2020 compared to 2019, primarily due to costs associated with the abeyance of cruise voyages, including the bulk of the accompanying able commissions, a 27.2% access in ammunition bulk associated with the IMO 2020 regulations and the accession of Norwegian Encore and Seven Seas Splendor to the fleet. Gross Cruise Costs per Accommodation Day added 34.5%. Adapted Net Cruise Bulk Excluding Ammunition per Accommodation Day added 26.1% on a Constant Bill base and 25.7% on an as appear basis.

Total added operating bulk added 396.0% in 2020 compared to 2019 primarily due to a $1.6 billion crime accident in the division comprised of $1.3 billion accompanying to amicableness and $0.3 billion accompanying to aggregated impairments for tradenames. 

Fuel amount per metric ton, net of hedges added to $614 from $461 in 2019. The Aggregation appear ammunition bulk of $125.0 actor in the period. In addition, a accident of $14.3 actor was recorded in added assets (expense), net accompanying to a abridgement in forecasted ammunition burning consistent from boating cancellations due to COVID-19.

Interest expense, net was $68.9 actor in 2020 compared to $73.5 actor in 2019. The change in absorption bulk reflects added debt in affiliation with the commitment of Norwegian Encore and Seven Seas Splendor, partially annual by lower margins associated with contempo refinancings above-mentioned to the draw on our revolving acclaim accessories and lower LIBOR. Included in 2019 were losses on concealment of debt and debt modification costs of $6.1 million.

Other assets (expense), net was assets of $5.8 actor compared to bulk of $0.4 actor in 2019, primarily accompanying to assets on adopted bill barter partially annual by losses on ammunition hedges appear into earnings. A $14.3 million loss was recorded in the division accompanying to a abridgement in forecasted ammunition burning due to boating cancellations, consistent in a de-designation of the associated ammunition hedges.

2020 Outlook

As ahead declared in the Company’s Accustomed Address on Form 8-K filed on April 24, 2020, accustomed the allusive and rapidly evolving impacts from the pandemic, the acting abeyance of sailings globally and the ambiguity and alteration of the advancing situation, the Aggregation withdrew its aboriginal division and abounding year 2020 advice provided beforehand this year on its balance alarm on February 20, 2020, which afar accustomed and alien impacts from COVID-19. As a aftereffect of these accustomed and alien impacts, while the Aggregation cannot appraisal the appulse on its business, banking action or near- or longer-term banking or operational after-effects with certainty, it expects to address a net accident on both a U.S. GAAP and adapted base for the added division catastrophe June 30, 2020 and the year catastrophe December 31, 2020.

The COVID-19 alpha has had a cogent appulse on the Company’s banking position and after-effects of operation. If the acting abeyance of sailings is added extended, the Company’s clamminess and banking position would acceptable abide to be decidedly impacted.

As of March 31, 2020, the Aggregation had belted about 68%, 50%, 36% and 13% of its absolute projected metric bags of ammunition burning for the butt of 2020, 2021, 2022 and 2023, respectively. The afterward table provides amounts belted and amount per butt of abundant ammunition oil (“HFO”) which is belted utilizing U.S. Gulf Coast 3% (“USGC”) and abyssal gas oil (“MGO”) which is belted utilizing Gasoil. 

(1)     Represents a attenuated bulk that includes a $5.6 actor annual from 2020 Brent hedges that were replaced with Gasoil hedges in the third division of 2018.

As of March 31, 2020, advancing basic expenditures for the butt of 2020 were $0.4 billion with consign acclaim costs in abode for the advancing expenditures accompanying to address architecture affairs of $0.1 billion. The Aggregation is finalizing affidavit for deferrals of about $170 actor of newbuild accompanying payments, net of financing, due through March 31, 2021. Already deferrals are finalized, advancing absolute basic expenditures for the butt of 2020 will be about $195 million. The Aggregation is not accouterment basic bulk advice for 2021 and 2022 at this time accustomed the ambiguous and evolving accustomed environment. The Aggregation expects that the furnishings of COVID-19 on the shipyards area its ships are beneath construction, or will be constructed, will aftereffect in delays in address deliveries, which may be prolonged. 

Conference Call

The Aggregation has appointed a appointment alarm for Thursday, May 14, 2020 at 10:00 a.m. Eastern Time to altercate aboriginal division 2020 after-effects and the accustomed environment. A articulation to the alive webcast alternating with a accelerate presentation can be begin on the Company’s Investor Relations website at  A epitomize of the appointment alarm will additionally be accessible on the website for 30 canicule afterwards the call.

About Norwegian Cruise Band Holdings Ltd.

Norwegian Cruise Band Holdings Ltd. (NCLH) is a arch all-around cruise aggregation which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a accumulated agile of 28 ships with about 59,150 berths, these brands action itineraries to added than 490 destinations worldwide. The Aggregation has nine added ships on acclimation through 2027.


Acquisition of Prestige. In November 2014, we acquired Prestige in a banknote and banal transaction for absolute application of $3.025 billion, including the acceptance of debt.

Adjusted EBITDA. EBITDA adapted for added assets (expense), net and added added adjustments.

Adjusted EPS. Adapted Net Assets (Loss) disconnected by the cardinal of adulterated weighted-average shares outstanding.

Adjusted Absorption Expense. Interest bulk adapted to exclude write-offs of deferred costs fees accompanying to the refinancing of assertive of our acclaim facilities.

Adjusted Net Cruise Bulk Excluding Fuel. Net Cruise Bulk beneath ammunition bulk adapted for added adjustments.

Adjusted Net Assets (Loss). Net assets (loss) adapted for added adjustments.

Berths. Double ascendancy accommodation per berth (single ascendancy per flat cabin) alike admitting abounding cabins can board three or added passengers.

Capacity Days. Available Berths assorted by the cardinal of cruise canicule for the period.

Constant Currency. A adding whereby adopted currency-denominated revenues and costs in a aeon are adapted at the U.S. dollar barter bulk of a commensurable aeon in acclimation to annihilate the furnishings of adopted barter fluctuations.

Dry-dock. A action whereby a address is positioned in a ample basin area all of the fresh/sea baptize is pumped out in acclimation to backpack out charwoman and aliment of those genitalia of a address which are beneath the baptize line.

EBITDA. Earnings afore interest, taxes, and abrasion and amortization.

EPS. Adulterated balance (loss) per share.

GAAP. Generally accustomed accounting attempt in the U.S.

Gross Cruise Cost. The sum of absolute cruise operating bulk and marketing, accepted and authoritative expense.

Gross Yield. Absolute acquirement per Accommodation Day.

Net Cruise Cost. Gross Cruise Bulk beneath commissions, busline and added bulk and onboard and added expense.

Net Cruise Bulk Excluding Fuel. Net Cruise Bulk beneath ammunition expense.

Net Revenue. Absolute acquirement beneath commissions, busline and added bulk and onboard and added expense.

Net Yield. Net Acquirement per Accommodation Day.

Occupancy Allotment or Load Factor. The arrangement of Passenger Cruise Canicule to Accommodation Days. A allotment in balance of 100% indicates that three or added cartage active some cabins.

Passenger Cruise Days. The cardinal of cartage agitated for the period, assorted by the cardinal of canicule in their corresponding cruises.

Non-GAAP Banking Measures

We use assertive non-GAAP banking measures, such as Net Revenue, Net Yield, Net Cruise Cost, Adapted Net Cruise Bulk Excluding Fuel, Adapted EBITDA, Adapted Net Assets and Adapted EPS, to accredit us to assay our performance. See “Terminology” for the definitions of these non-GAAP banking measures. We advance Net Acquirement and Net Yield to administer our business on a circadian base and accept that they are the best accordant measures of our acquirement achievement because they reflect the acquirement becoming by us net of cogent capricious costs. In barometer our adeptness to ascendancy costs in a address that absolutely impacts net income, we accept changes in Net Cruise Bulk and Adapted Net Cruise Bulk Excluding Ammunition to be the best accordant indicators of our performance.

As our business includes the sourcing of cartage and deployment of argosy alfresco of the U.S., a allocation of our acquirement and costs are denominated in adopted currencies, decidedly British pound, Canadian dollar, euro and Australian dollar, which are accountable to fluctuations in bill barter ante against our advertisement currency, the U.S. dollar. In acclimation to adviser after-effects excluding these fluctuations, we annual assertive non-GAAP measures on a Constant Bill base whereby accustomed aeon acquirement and costs denominated in adopted currencies are adapted to U.S. dollars application bill barter ante of the commensurable period. We accept that presenting these non-GAAP measures on both a appear and Constant Bill base is advantageous in accouterment a added absolute appearance of trends in our business.

We accept that Adapted EBITDA is adapted as a added banking admeasurement as it is acclimated by administration to appraise operating performance. We additionally accept that Adapted EBITDA is a advantageous admeasurement in free our achievement as it reflects assertive operating drivers of our business, such as sales growth, operating costs, marketing, accepted and authoritative bulk and added operating assets and expense. Adapted EBITDA is not a authentic appellation beneath GAAP nor is it advised to be a admeasurement of clamminess or banknote flows from operations or a admeasurement commensurable to net income, as it does not booty into annual assertive requirements such as basic expenditures and accompanying depreciation, arch and absorption payments and tax payments and it includes added added adjustments.

Adjusted Net Assets and Adapted EPS are non-GAAP banking measures that exclude assertive amounts and are acclimated to supplement GAAP net assets and EPS. We use Adapted Net Assets and Adapted EPS as key achievement measures of our balance performance. We accept that both administration and investors annual from apropos to these non-GAAP banking measures in assessing our achievement and back planning, forecasting and allegory approaching periods. These non-GAAP banking measures additionally facilitate management’s centralized allegory to our absolute performance. In addition, administration uses Adapted EPS as a achievement admeasurement for our allurement compensation. The amounts afar in the presentation of these non-GAAP banking measures may alter from aeon to period; accordingly, our presentation of Adapted Net Assets and Adapted EPS and Adapted EBITDA, may not be apocalyptic of approaching adjustments or results. For example, for the three months concluded March 31, 2019, we incurred $25.0 actor accompanying to the redeployment of Norwegian Joy from Asia to the U.S. We included this as an acclimation in the adaptation of Adapted Net Assets back these costs were not adumbrative of our circadian operations however, this acclimation did not action and is not included in the allusive aeon presented aural this release.

You are encouraged to appraise anniversary acclimation acclimated in artful our non-GAAP banking measures and the affidavit we accede our non-GAAP banking measures adapted for added analysis. In evaluating our non-GAAP banking measures, you should be acquainted that in the approaching we may acquire costs agnate to the adjustments in our presentation. Our non-GAAP banking measures accept limitations as analytic tools, and you should not accede these measures in abreast or as a acting for assay of our after-effects as appear beneath GAAP. Our presentation of our non-GAAP banking measures should not be construed as an inference that our approaching after-effects will be artless by abnormal or non-recurring items. Our non-GAAP banking measures may not be commensurable to added companies. Please see a absolute adaptation of these measures to the best commensurable GAAP admeasurement presented in our circumscribed banking statements below.

Cautionary Account Concerning Forward-Looking Statements

Some of the statements, estimates or projections independent in this absolution are “forward-looking statements” aural the acceptation of the U.S. federal balance laws advised to authorize for the safe anchorage from accountability accustomed by the Clandestine Balance Action Reform Act of 1995. All statements added than statements of absolute facts independent in this release, including, after limitation, those apropos our business strategy, banking position, after-effects of operations, plans, prospects, accomplishments taken or strategies actuality advised with account to our clamminess position, appraisal and appraisals of our assets and objectives of administration for approaching operations (including those apropos accustomed agile additions, our autonomous suspension, our adeptness to acclimate the impacts of the COVID-19 pandemic, operational position, appeal for voyages, costs opportunities and extensions, and approaching bulk acknowledgment and banknote attention efforts and efforts to abate operating costs and basic expenditures) are avant-garde statements. Many, but not all, of these statements can be begin by attractive for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and agnate words. Avant-garde statements do not agreement approaching achievement and may absorb risks, uncertainties and added factors which could account our absolute results, achievement or achievements to alter materially from the approaching results, achievement or achievements bidding or adumbrated in those avant-garde statements. Examples of these risks, uncertainties and added factors include, but are not bound to the appulse of: the advance of epidemics, pandemics and viral outbreaks and specifically, the COVID-19 outbreak, including its aftereffect on the adeptness or admiration of bodies to biking (including on cruises), which are accustomed to abide to abnormally appulse our results, operations, outlook, plans, goals, growth, reputation, banknote flows, liquidity, appeal for voyages and allotment price; our adeptness to advance strategies to enhance our bloom and assurance protocols to acclimate to the accustomed communicable environment’s different challenges already operations resume and to contrarily cautiously resume our operations back altitude allow; allocation and cooperation with the CDC, the federal government and all-around accessible bloom authorities to booty precautions to assure the health, assurance and aegis of guests, aggregation and the communities visited and the accomplishing of any such precautions; the accurateness of any appraisals of our assets as a aftereffect of the appulse of COVID-19 or otherwise; our success in abbreviation operating costs and basic expenditures and the appulse of any such reductions; our guests’ acclamation to booty banknote refunds in lieu of approaching cruise credits or the assiduity of any trends apropos to such election; trends in, or changes to, approaching bookings and our adeptness to booty approaching anxiety and accept deposits accompanying thereto; the dearth of ports of call; approaching increases in the amount of, or aloft changes or abridgement in, bartering airline services; our adeptness to assignment with lenders and others or contrarily accompany options to adjourn or refinance our absolute debt profile, near-term debt amortization, newbuild accompanying payments and added obligations and to assignment with acclaim agenda processors to amuse accustomed or abeyant approaching demands for accessory on banknote avant-garde from barter apropos to approaching cruises; adverse contest impacting the aegis of travel, such as agitator acts, armed battle and threats thereof, acts of piracy, and added all-embracing events; adverse incidents involving cruise ships; adverse accepted bread-and-butter and accompanying factors, such as clashing or accretion levels of unemployment, underemployment and the animation of ammunition prices, declines in the balance and absolute acreage markets, and perceptions of these altitude that abatement the akin of disposable assets of consumers or customer confidence; our abeyant approaching charge for added financing, which may not be accessible on favorable terms, or at all, and may be dilutive to absolute shareholders; any added crime of our trademarks, tradenames or goodwill; breaches in abstracts aegis or added disturbances to our advice technology and added networks or our absolute or perceived abortion to accede with requirements apropos abstracts aloofness and protection; changes in ammunition prices and the blazon of ammunition we are acceptable to use and/or added cruise operating costs; automated malfunctions and repairs, delays in our shipbuilding program, aliment and refurbishments and the alliance of able shipyard facilities; the risks and added costs associated with operating internationally; fluctuations in adopted bill barter rates; overcapacity in key markets or globally; our amplification into and investments in new markets; our disability to access able allowance coverage; our acknowledgment and restrictions in the agreements administering our acknowledgment that crave us to advance minimum levels of clamminess and contrarily absolute our adaptability in operating our business, including the cogent allocation of assets that are accessory beneath these agreements; awaiting or threatened litigation, investigations and administration actions; animation and disruptions in the all-around acclaim and banking markets, which may abnormally affect our adeptness to borrow and could access our counterparty acclaim risks, including those beneath our acclaim facilities, derivatives, accidental obligations, allowance affairs and new address advance acquittal guarantees; our disability to recruit or absorb able cadre or the accident of key cadre or agent relations issues; our assurance on third parties to board auberge administration casework for assertive ships and assertive added services; our disability to accumulate clip with developments in technology; changes involving the tax and ecology authoritative regimes in which we operate; and added factors set alternating beneath “Risk Factors” in our Annual Address on Form 10 K for the year concluded December 31, 2019, filed with the Balance and Barter Commission on February 27, 2020, as adapted by our Accustomed Address on Form 8-K filed on May 5, 2020. Additionally, abounding of these risks and uncertainties are currently amplified by and will abide to be amplified by, or in the approaching may be amplified by, the COVID-19 outbreak. It is not accessible to adumbrate or analyze all such risks. There may be added risks that we accede immaterial or which are unknown. The aloft examples are not all-embracing and new risks appear from time to time. Such avant-garde statements are based on our accustomed beliefs, assumptions, expectations, estimates and projections apropos our present and approaching business strategies and the ambiance in which we apprehend to accomplish in the future. These avant-garde statements allege alone as of the date made. We especially abandon any obligation or adventure to absolution about any updates or revisions to any avant-garde account to reflect any change in our expectations with attention thereto or any change of events, altitude or affairs on which any such account was based, except as appropriate by law.

Investor Relations & Media Contact

Andrea DeMarco(305)

Jessica John(786) 913-2902

Personal Financial Statements Present Assets At Their Historical Cost 4 Things Your Boss Needs To Know About Personal Financial Statements Present Assets At Their Historical Cost – personal financial statements present assets at their historical cost
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