Subtext

Norwegian Cruise Line Holdings Ltd. NCLH

SectorConsumer Discretionary
Transcripts33
Date range2017-05-10 – 2025-04-30
Calls charted33

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-25-13+0+13+252017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · Overall: +10.92017 Q2 · Overall: +13.02017 Q3 · Overall: +9.42017 Q4 · Overall: +14.42018 Q1 · Overall: +13.12018 Q2 · Overall: +16.02018 Q3 · Overall: +15.52018 Q4 · Overall: +15.32019 Q1 · Overall: +15.62019 Q2 · Overall: +9.12019 Q3 · Overall: +11.92019 Q4 · Overall: -1.02020 Q1 · Overall: +0.92020 Q2 · Overall: +1.12020 Q3 · Overall: +2.92020 Q4 · Overall: +5.82021 Q1 · Overall: +4.02021 Q2 · Overall: +8.12021 Q3 · Overall: +14.82021 Q4 · Overall: +9.42022 Q1 · Overall: +12.02022 Q2 · Overall: +9.02022 Q3 · Overall: +8.32022 Q4 · Overall: +12.22023 Q1 · Overall: +18.02023 Q2 · Overall: +15.82023 Q3 · Overall: +6.32023 Q4 · Overall: +21.82024 Q1 · Overall: +5.32024 Q2 · Overall: +18.52024 Q3 · Overall: +21.02024 Q4 · Overall: +20.42025 Q1 · Overall: +14.1
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-35-18+0+18+352017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · CEO: +15.62017 Q2 · CEO: +20.52017 Q3 · CEO: +17.62017 Q4 · CEO: +19.82018 Q1 · CEO: +19.52018 Q2 · CEO: +21.72018 Q3 · CEO: +26.02018 Q4 · CEO: +23.72019 Q1 · CEO: +22.52019 Q2 · CEO: +13.32019 Q3 · CEO: +17.82019 Q4 · CEO: +3.12020 Q1 · CEO: +3.22020 Q2 · CEO: +5.22020 Q3 · CEO: +8.72020 Q4 · CEO: +7.22021 Q1 · CEO: +6.02021 Q2 · CEO: +14.62021 Q3 · CEO: +17.82022 Q1 · CEO: +15.32022 Q2 · CEO: +11.42022 Q3 · CEO: +16.32022 Q4 · CEO: +26.82023 Q1 · CEO: +28.32023 Q2 · CEO: +22.72023 Q3 · CEO: +9.72023 Q4 · CEO: +30.72024 Q1 · CEO: +9.92024 Q2 · CEO: +27.12024 Q3 · CEO: +30.62024 Q4 · CEO: +24.02025 Q1 · CEO: +18.52017 Q1 · CFO: +12.32017 Q2 · CFO: +10.12017 Q3 · CFO: +3.22017 Q4 · CFO: +16.92018 Q1 · CFO: +20.22018 Q2 · CFO: +14.52018 Q3 · CFO: +15.82018 Q4 · CFO: +13.42019 Q1 · CFO: +14.42019 Q2 · CFO: +12.52019 Q3 · CFO: +14.02019 Q4 · CFO: +0.82020 Q1 · CFO: +6.52020 Q2 · CFO: +0.02020 Q3 · CFO: +1.22020 Q4 · CFO: +9.42021 Q1 · CFO: +20.32021 Q2 · CFO: +7.92021 Q3 · CFO: +14.22022 Q1 · CFO: +21.22022 Q2 · CFO: +13.32022 Q3 · CFO: +5.92022 Q4 · CFO: +10.92023 Q1 · CFO: +19.42023 Q2 · CFO: +19.22023 Q3 · CFO: +13.02023 Q4 · CFO: +24.22024 Q1 · CFO: +11.42024 Q2 · CFO: +20.72024 Q3 · CFO: +18.52024 Q4 · CFO: +29.72025 Q1 · CFO: +18.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-41-20+0+20+412017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1 · Prepared remarks: +20.32017 Q2 · Prepared remarks: +17.92017 Q3 · Prepared remarks: +14.42017 Q4 · Prepared remarks: +22.22018 Q1 · Prepared remarks: +22.12018 Q2 · Prepared remarks: +20.82018 Q3 · Prepared remarks: +25.22018 Q4 · Prepared remarks: +18.62019 Q1 · Prepared remarks: +19.72019 Q2 · Prepared remarks: +14.12019 Q3 · Prepared remarks: +14.52019 Q4 · Prepared remarks: +15.12020 Q1 · Prepared remarks: +6.52020 Q2 · Prepared remarks: +6.02020 Q3 · Prepared remarks: +3.42020 Q4 · Prepared remarks: +5.32021 Q1 · Prepared remarks: +16.12021 Q2 · Prepared remarks: +10.52021 Q3 · Prepared remarks: +20.92021 Q4 · Prepared remarks: +15.42022 Q1 · Prepared remarks: +17.82022 Q2 · Prepared remarks: +14.82022 Q3 · Prepared remarks: +13.42022 Q4 · Prepared remarks: +18.82023 Q1 · Prepared remarks: +26.32023 Q2 · Prepared remarks: +20.32023 Q3 · Prepared remarks: +16.32023 Q4 · Prepared remarks: +33.42024 Q1 · Prepared remarks: +32.72024 Q2 · Prepared remarks: +28.12024 Q3 · Prepared remarks: +33.42024 Q4 · Prepared remarks: +35.32025 Q1 · Prepared remarks: +25.92017 Q1 · Q&A responses: +9.02017 Q2 · Q&A responses: +14.92017 Q3 · Q&A responses: +11.22017 Q4 · Q&A responses: +9.72018 Q1 · Q&A responses: +13.92018 Q2 · Q&A responses: +15.72018 Q3 · Q&A responses: +16.12018 Q4 · Q&A responses: +15.72019 Q1 · Q&A responses: +16.22019 Q2 · Q&A responses: +10.02019 Q3 · Q&A responses: +14.62019 Q4 · Q&A responses: -3.82020 Q1 · Q&A responses: +2.42020 Q2 · Q&A responses: +2.52020 Q3 · Q&A responses: +5.12020 Q4 · Q&A responses: +8.42021 Q1 · Q&A responses: +2.92021 Q2 · Q&A responses: +9.72021 Q3 · Q&A responses: +9.52021 Q4 · Q&A responses: +8.62022 Q1 · Q&A responses: +13.92022 Q2 · Q&A responses: +6.12022 Q3 · Q&A responses: +6.12022 Q4 · Q&A responses: +11.62023 Q1 · Q&A responses: +16.22023 Q2 · Q&A responses: +18.12023 Q3 · Q&A responses: -0.72023 Q4 · Q&A responses: +18.82024 Q1 · Q&A responses: +7.52024 Q2 · Q&A responses: +16.42024 Q3 · Q&A responses: +13.92024 Q4 · Q&A responses: +12.92025 Q1 · Q&A responses: +10.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$-6.26$0.15$6.562017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1: $4.012017 Q2: $4.202017 Q3: $4.482017 Q4: $4.582018 Q1: $4.742018 Q2: $4.892018 Q3: $5.092018 Q4: $5.152019 Q1: $5.472019 Q2: $5.672019 Q3: $5.562019 Q4: $5.582020 Q1: $2.922020 Q2: $-4.122020 Q3: $-5.302020 Q4: $-5.382021 Q1: $-4.422021 Q2: $-3.102021 Q3: $-1.472021 Q4: $0.022022 Q1: $-0.502022 Q2: $-0.232022 Q3: $-0.122022 Q4: $1.102023 Q1: $0.992023 Q2: $1.162023 Q3: $1.342023 Q4: $1.232024 Q1: $1.382024 Q2: $1.652024 Q3: $1.84

Forward P/E

-77.40503.091083.572017 Q12018 Q22019 Q32020 Q42022 Q12023 Q22024 Q32017 Q1: 12.832017 Q2: 12.442017 Q3: 12.892017 Q4: 11.612018 Q1: 11.822018 Q2: 10.922018 Q3: 11.212018 Q4: 8.772019 Q1: 10.072019 Q2: 9.502019 Q3: 9.702019 Q4: 9.832020 Q1: 2.672020 Q2: 8.022021 Q4: 1003.502022 Q1: 227.502022 Q3: 189.372022 Q4: 13.712023 Q1: 12.972023 Q2: 16.712023 Q3: 12.162023 Q4: 15.632024 Q1: 14.402024 Q2: 10.322024 Q3: 10.80

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2017 Q3 tone ↓ -3.6 fwd EPS ↑ +0.29 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -6.5 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↑ +2.8 fwd EPS ↓ -0.12 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↑ +2.8 fwd EPS ↓ -0.08 Tone rose while the forward EPS estimate was cut.
  • 2021 Q4 tone ↓ -5.4 fwd EPS ↑ +1.49 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↑ +2.6 fwd EPS ↓ -0.52 Tone rose while the forward EPS estimate was cut.
  • 2022 Q2 tone ↓ -3.0 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +5.8 fwd EPS ↓ -0.11 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↓ -2.2 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -9.5 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↑ +15.5 fwd EPS ↓ -0.11 Tone rose while the forward EPS estimate was cut.
  • 2024 Q1 tone ↓ -16.5 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-30+14.1——View →
2024 Q42025-02-27+20.4——View →
2024 Q32024-10-31+21.0$1.8410.8View →
2024 Q22024-07-31+18.5$1.6510.3View →
2024 Q12024-05-01+5.3$1.3814.4View →
2023 Q42024-02-27+21.8$1.2315.6View →
2023 Q32023-11-01+6.3$1.3412.2View →
2023 Q22023-08-01+15.8$1.1616.7View →