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Last10K.com | 10-Q Quarterly Report Fri Oct 26 2018
Exhibit 99.1
News From
Royal Caribbean Cruises Ltd.
Corporate Communications Office
1050 Caribbean Way, Miami, Florida 33132-2096
Contact: Carola Mengolini
(305) 982-2625
For Immediate Release
ROYAL CARIBBEAN REPORTS RECORD THIRD QUARTER EARNINGS
MIAMI – October 25, 2018 – Royal Caribbean Cruises Ltd. (NYSE: RCL) today reported third quarter results and narrowed its full year Adjusted EPS guidance to a range of $8.75 to $8.85 per share. This range includes a negative impact of approximately $0.10 per share due to a stronger dollar and higher fuel prices since the company's previous guidance. The company reported third quarter US GAAP earnings of $3.86 per share and adjusted earnings of $3.98 per share, beating the mid-point of previous guidance by $0.05 per share.
KEY HIGHLIGHTS
Third Quarter 2018 results:
• | US GAAP Net Income was $810.4 million or $3.86 per share and Adjusted Net Income was $836.3 million or $3.98 per share in 2018 versus US GAAP and Adjusted Net Income of $752.8 million or $3.49 per share in 2017. |
• | Gross Yields were up 1.9% in Constant-Currency (up 1.0% As-Reported). Net Yields were up 2.6% in Constant-Currency (up 1.8% As-Reported). |
• | Gross Cruise Costs per APCD increased 0.2% in Constant-Currency (down 0.2% As-Reported). Net Cruise Costs (“NCC”) excluding Fuel per APCD were down 0.1% in Constant-Currency (down 0.4% As-Reported). |
The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Royal Caribbean Cruises Ltd's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Royal Caribbean Cruises Ltd.
Assess how Royal Caribbean Cruises Ltd's management team is paid from their Annual Proxy
Royal Caribbean Cruises Ltd's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
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Financial - Earnings Highlight
Adjusted Earnings per Share ("Adjusted EPS") represents Adjusted Net Income divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable.
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Revenue - Product Highlight
We have not provided a quantitative reconciliation of (i) projected Total revenues to projected Net Revenues, (ii) projected Gross Yields to projected Net Yields, (iii) projected Gross Cruise Costs to projected Net Cruise Costs and projected Net Cruise Costs Excluding Fuel and (iv) projected Net Income and Earnings per Share to projected Adjusted Net Income and Adjusted Earnings per Share because preparation of meaningful GAAP projections of Total revenues, Gross Yields, Gross Cruise Costs, Net Income and Earnings per Share would require unreasonable effort.
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Financial - Dividend Highlight
The increase in cash provided by operating activities was primarily attributable to an increase in proceeds from customer deposits and an increase of $134.4 million in dividends received from unconsolidated affiliates during the first nine months in 2018 compared to the same period in 2017.
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Revenue - Product Highlight
Additionally, for the nine months ended September 30, 2018, the increase was due to the gain of $30.9 million recognized on the sale of Legend of the Seas in March 2017 that did not recur in 2018.
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Revenue - Product Highlight
The increase in passenger ticket revenues was partially offset by an unfavorable effect of changes in foreign currency exchange rates related to our revenue transactions denominated in currencies other than the United States dollar of $20.4 million.
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M & A - Other
The increase in investing activities...Read more
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Revenue - Product
The increase in onboard and...Read more
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Financial - Expense
We believe Net Yields, Net...Read more
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Revenue - Product
We utilize Net Revenues and...Read more
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Financial - Expense
A reconciliation of historical Gross...Read more
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Other - Other
Net cash provided by operating...Read more
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Financial - Expense
Table of Contents Table of...Read more
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Other - Other
Net cash used in investing...Read more
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Revenue - Geography
Additionally, 2017 included the impact...Read more
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Other - Other
These non-GAAP financial measures are...Read more
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Financial - Expense
Total cruise operating expenses, excluding...Read more
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Revenue - Product
The increase in onboard and...Read more
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Other - Other
Changes in guest sourcing and...Read more
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Financial - Expense
Cruise Operating Expenses Total cruise...Read more
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Financial - Expense
Cruise Operating Expenses Total cruise...Read more
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Financial - Shares
Table of Contents Table of...Read more
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Financial - Expense
The increase was primarily due...Read more
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Revenue - Product
The increase was partially offset...Read more
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M & A - Other
Goodwill is recognized as the...Read more
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Revenue - Product
Due to the sale of...Read more
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Revenue - Product
Onboard and other revenues also...Read more
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Financial - Debt
Debt denominated in other currencies...Read more
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Financial - Debt
Debt denominated in other currencies...Read more
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Revenue - Product
Passenger ticket revenues for 2018...Read more
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Revenue - Product
Passenger ticket revenues for 2018...Read more
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Other - Other
As of September 30, 2018,...Read more
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Revenue - Product
The remaining 26.9% of 2018...Read more
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Revenue - Product
The remaining 28.2% of 2018...Read more
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Financial - Expense
Our cost of fuel (net...Read more
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Revenue - Geography
Based on our highest net...Read more
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Financial - Earnings
Liability-classified contingent consideration is remeasured...Read more
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Revenue - Product
Revenues Total revenues for 2018...Read more
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Revenue - Product
Revenues Total revenues for 2018...Read more
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Other - Other
As of September 30, 2018,...Read more
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Financial - Expense
In measuring our ability to...Read more
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Other - Other
Table of Contents Table of...Read more
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Other - Other
In April 2017, our board...Read more
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Financial - Cash Flow
The decrease of $285.9 million,...Read more
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Revenue - Product
The change of $12.5 million...Read more
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Revenue - Geography
Due to significant uncertainty, we...Read more
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Revenue - Product
Table of Contents Table of...Read more
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Revenue - Product
The increase was primarily due...Read more
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Financial - Expense
The cash received as advanced...Read more
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Financial - Debt
The change was primarily attributable...Read more
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Financial - Shares
Equity investment income increased $10.0...Read more
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Revenue - Product
Gross and Net Yields Gross...Read more
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Financial - Shares
Equity investment income increased $47.9...Read more
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Financial - Debt
The specific covenants and related...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Business Combination
Business Combination (Details)
Business Combination (Tables)
Business Combination - Schedule Of Assets And Liabilities (Details)
Changes In Accumulated Other Comprehensive (Loss) Income (Details)
Changes In Accumulated Other Comprehensive (Loss) Income (Tables)
Changes In Accumulated Other Comprehensive (Loss) Income - Reclassifications (Details)
Changes In Accumulated Other Comprehensive Income (Loss)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Debt
Debt - Narrative (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements And Derivative Instruments
Fair Value Measurements And Derivative Instruments (Details)
Fair Value Measurements And Derivative Instruments (Tables)
Fair Value Measurements And Derivative Instruments - Balance Sheet (Details)
Fair Value Measurements And Derivative Instruments - Balance Sheet Hedging Instruments (Details)
Fair Value Measurements And Derivative Instruments - Credit Features (Details)
Fair Value Measurements And Derivative Instruments - Derivative Instruments, Interest Rate Risk, Foreign Currency Exchange Rate Risk (Narrative) (Details)
Fair Value Measurements And Derivative Instruments - Derivatives Not Designated As Hedging Instruments (Details)
Fair Value Measurements And Derivative Instruments - Designated Cash Flow Hedges (Details)
Fair Value Measurements And Derivative Instruments - Equity Method Investments (Details)
Fair Value Measurements And Derivative Instruments - Fuel Price Risk (Details)
Fair Value Measurements And Derivative Instruments - Income Statement Hedging Instruments (Details)
Fair Value Measurements And Derivative Instruments - Interest Rate Risk (Details)
Fair Value Measurements And Derivative Instruments - Non-Derivative Net Investment (Details)
Fair Value Measurements And Derivative Instruments - Offsetting Of Derivative Instruments (Details)
Fair Value Measurements And Derivative Instruments - Recurring (Details)
General
General - Narrative (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Acquired Intangible Assets (Details)
Goodwill And Intangible Assets - Finite-Lived Intangible Assets Amortization Expense (Details)
Other Assets
Other Assets (Tables)
Other Assets - Narrative (Details)
Other Assets - Notes Receivable Due From Equity Instruments (Details)
Other Assets - Related Party Transactions (Details)
Other Assets - Share Of Equity Income From Investments (Details)
Revenues
Revenues (Tables)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Shareholders' Equity
Shareholders' Equity - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)
Material Contracts, Statements, Certifications & more
Royal Caribbean Cruises Ltd provided additional information to their SEC Filing as exhibits
Ticker: RCL
CIK: 884887
Form Type: 10-Q Quarterly Report
Accession Number: 0000884887-18-000086
Submitted to the SEC: Thu Oct 25 2018 9:32:39 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Water Transportation
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