Norwegian Cruise Line Holdings Ltd (NCLH)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	163,176	-210,602	-870,878	-1,467,876	-2,276,703	-3,365,008	-3,904,500	-4,111,174	-4,501,313	-3,638,322	-3,473,858	-3,481,362	-4,000,042	-3,173,699	-2,030,788	-1,060,132	911,367	943,134	962,184	947,980
Revenue (ttm)	US$ in thousands	7,787,490	7,249,679	6,348,249	5,189,539	3,722,459	3,465,267	1,973,871	959,849	636,309	158,451	23,565	25,926	1,289,606	2,760,647	4,678,029	6,332,440	6,465,390	6,365,960	6,300,220	6,173,950
Pretax margin		2.10%	-2.90%	-13.72%	-28.29%	-61.16%	-97.11%	-197.81%	-428.31%	-707.41%	-2,296.18%	-14,741.60%	-13,428.07%	-310.18%	-114.96%	-43.41%	-16.74%	14.10%	14.82%	15.27%	15.35%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $163,176K ÷ $7,787,490K
= 2.10%

Norwegian Cruise Line Holdings Ltd's pretax margin has shown a trend of improvement over the past eight quarters. The pretax margin was negative in some quarters, including Q3 2022 to Q2 2023, reflecting challenges faced by the company, potentially due to the impact of the pandemic on the cruise industry. However, there has been a significant turnaround in more recent quarters, with the pretax margin rising to 1.91% in Q4 2023 from a low of -352.34% in Q1 2022. This indicates that the company has made progress in managing its costs and improving its profitability. Continued monitoring of the pretax margin will be essential to assess the company's financial performance and stability.