GAAP net income (loss) was $(1.9) billion or EPS of $(8.80) compared to $118.2 million or $0.54 in the prior year.
These results include a non-cash impairment loss of $1.6 billion primarily related to goodwill and tradenames.
The Company reported Adjusted Net Income (Loss) of $(211.3) million or Adjusted EPS of $(0.99) compared to $181.8 million or $0.83 in the prior year.
These results include adjustments of $1.7 billion primarily consisting of expenses related to impairment losses, non-cash stock-based compensation and amortization of intangible assets.
Revenue decreased 11.2% to $1.2 billion compared to $1.4 billion in 2019.
Gross Yield increased 1.6% primarily due to increased onboard spending.
Net Yield decreased 12.3% on both an as reported basis and Constant Currency basis on a decrease in Capacity Days of 12.6%.
The decrease in Net Yield was primarily due to an increase in protected commissions and credit card fees recognized in the quarter as a result of cancelled sailings announced through quarter end.
The decrease in Capacity Days was primarily due to the cancellation of sailings in 2020 to stem the spread of COVID-19, partially offset by the addition of Norwegian Encore and Seven Seas Splendor to the fleet.
Total cruise operating expense increased 20.3% in 2020 compared to 2019, primarily due to costs associated with the suspension of cruise voyages, including the cost of the related protected commissions, a 27.2% increase in fuel expense associated with the IMO 2020 regulations and the addition of Norwegian Encore and Seven Seas Splendor to the fleet.
Gross Cruise Costs per Capacity Day increased 34.5%.
Adjusted Net Cruise Cost Excluding Fuel per Capacity Day increased 26.1% on a Constant Currency basis and 25.7% on an as reported basis.
Total other operating expense increased 396.0% in 2020 compared to 2019 primarily due to a $1.6 billion impairment loss in the quarter comprised of $1.3 billion related to goodwill and $0.3 billion related to aggregated impairments for tradenames.
Fuel price per metric ton, net of hedges increased to $614 from $461 in 2019.
The Company reported fuel expense of $125.0 million in the period.
In addition, a loss of $14.3 million was recorded in other income (expense), net related to a reduction in forecasted fuel consumption resulting from voyage cancellations due to COVID-19.
Interest expense, net was $68.9 million in 2020 compared to $73.5 million in 2019.
The change in interest expense reflects additional debt in connection with the delivery of Norwegian Encore and Seven Seas Splendor, partially offset by lower margins associated with recent refinancings prior to the draw on our revolving credit facilities and lower LIBOR.
Included in 2019 were losses on extinguishment of debt and debt modification costs of $6.1 million.
Other income (expense), net was income of $5.8 million compared to expense of $0.4 million in 2019, primarily related to gains on foreign currency exchange partially offset by losses on fuel hedges released into earnings.
A $14.3 million loss was recorded in the quarter related to a reduction in forecasted fuel consumption due to voyage cancellations, resulting in a de-designation of the associated fuel hedges. ■