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34	34	* In December 2022, the company amended the Senior Secured Credit Facility to extend approximately $1.4 billion of maturities by one year to January 2025.
35	35	* In February 2023, NCLC issued $600 million aggregate principal amount of 8.375% senior secured notes due 2028. The proceeds from the notes were used to repay the loans outstanding under Term Loan A Facility that otherwise would have become due in January 2024.
36	36	* In July 2022, the company amended their $1 billion commitment, which provided additional liquidity to the Company through March 31, 2023. In February 2023, the commitment was further extended through February 2024, with an option for NCLC to further extend the commitments through February 2025 at its election. Simultaneously, the amount of the commitment was reduced to $650 million.
	37	+* In April 2023, the Company increased its export-credit agency backed commitments by approximately €1.7 billion to finance improvements, changes and modifications to certain newbuilds, owners’ supplies associated with preparing these ships to enter service and related financing premiums.
37	37
38	38	= Financial Highlights =
39	39
40	40	== Q1'23 Financial Highlights ==
41	41
42		-During the first quarter of 2023, revenue increased to $1.8 billion compared to $521.9 million in first quarter 2022 due to the phased ramp up of cruise voyages. Net loss was $(159.3) million or EPS of $(0.38) compared to net loss of $(982.7) million or EPS of $(2.35) in the prior year. The Company reported Adjusted Net Loss of $(127.7) million or Adjusted EPS of $(0.30) in first quarter 2023.
	43	+During the first quarter of 2023, revenue increased to $1.8 billion compared to $521.9 million in first quarter 2022 due to the phased ramp up of cruise voyages. Net loss was $(159.3) million or EPS of $(0.38) compared to net loss of $(982.7) million or EPS of $(2.35) in the prior year. The Company reported Adjusted Net Loss of $(127.7) million or Adjusted EPS of $(0.30) in first quarter 2023. This compares to Adjusted Net Loss and Adjusted EPS of $(760.5) million and $(1.82), respectively, in first quarter 2022. Adjusted EBITDA in the first quarter was approximately $234.2 million.
43	43
	45	+Fuel price per metric ton, net of hedges, increased to $779 from $724 in 2022. The Company reported fuel expense of $194.9 million in the period. Interest expense, net was $171.3 million in 2023 compared to $327.7 million in 2022. 2023 included lower extinguishment of debt and debt modification costs, which were $2.4 million in 2023 compared to $188.4 million in 2022. Excluding this, interest expense increased primarily as a result of higher rates.
44	44
	47	+As of March 31, 2023, the Company’s total debt position was $13.1 billion and the Company’s liquidity was approximately $1.9 billion, consisting of $701 million of cash and cash equivalents, nearly $600 million of availability under its Revolving Loan Facility and a $650 million undrawn commitment. The Company also has an incremental $300 million unsecured and undrawn commitment through January 2, 2024, which enhances future liquidity as it becomes available to draw on October 4, 2023.
	48	+
45	45	== Annual Performance Highlights ==
46	46
47	47	Due to the impact of COVID-19, travel restrictions and limited access to ports around the world, in March 2020, like the other cruising companies, Norwegian also implemented a voluntary suspension of all cruise voyages across their three brands. In the third quarter of 2021, the company began a phased relaunch of certain cruise voyages with ships initially operating at reduced occupancy levels. In early May 2022, NCLH completed the phased relaunch of their entire fleet with all ships now in operation with guests on board. Occupancy levels have sequentially increased in recent quarters, most recently averaging 87% in the fourth quarter 2022, with the Company expecting to return to historical Occupancy levels for the second quarter of 2023.