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Last10K.com | 10-Q Quarterly Report Wed Oct 30 2019
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 AND UPDATES FULL YEAR GUIDANCE
MIAMI - October 30, 2019 - Royal Caribbean Cruises Ltd. (NYSE: RCL) today reported record third quarter US GAAP earnings of $4.20 per share and adjusted earnings of $4.27 per share which include a $0.13 negative impact from Hurricane Dorian. The company also updated its full year Adjusted EPS guidance to a range of $9.50 to $9.55 per share, which includes a negative impact of approximately $0.15 per share from Hurricane Dorian.
“Our business continues to thrive and exceed our expectations,” said Richard D. Fain, chairman and CEO. “While Hurricane Dorian had a negative impact, stronger demand for our brands and our key itineraries exceeded our expectations. Excluding the hurricane impact, we are not only able to maintain our yield and earnings guidance, but to raise both slightly as a result of particularly strong performance in the US and China.”
KEY HIGHLIGHTS
1
The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Wednesday, October 30, 2019 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 2019 10-K Annual Report includes:
- Voting Procedures
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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 - Expense Highlight
Our cost of fuel (net of the financial impact of fuel swap agreements) for 2019 decreased 9.8% per metric ton compared to 2018; and a favorable effect of changes in foreign currency exchange rates related to our expense transactions denominated in currencies other than the United States dollar of $32.6 million.
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Financial - Earnings Highlight
Adjusted Earnings per Share ("Adjusted EPS") represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable.
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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 $32.6 million.
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Revenue - Product Highlight
The increase in Onboard and other 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 $4.5 million.
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Revenue - Product
The increase in Passenger ticket...Read more
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Revenue - Product
The increase in Onboard and...Read more
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Financial - Expense
Our cost of fuel (net...Read more
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Financial - Shares
The estimated negative impact resulting...Read more
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Financial - Earnings
Adjusted Net Income attributable to...Read more
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Other - Other
The increase in cash provided...Read more
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Financial - Expense
46 Table of Contents Marketing,...Read more
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Financial - Shares
The estimated negative impact resulting...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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Other - Other
Effective June 5th, 2019, we...Read more
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Financial - Earnings
Net Income attributable to Royal...Read more
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Financial - Earnings
Net Income attributable to Royal...Read more
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Financial - Expense
Gross and Net Cruise Costs...Read more
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Other - Other
These non-GAAP financial 33 Table...Read more
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Financial - Expense
Total cruise operating expenses, excluding...Read more
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Revenue - Geography
The effect of changes in...Read more
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M & A - Other
The decrease was primarily attributable...Read more
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Financial - Income
Other income in 2018 included...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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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 2019...Read more
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Revenue - Product
Passenger ticket revenues for 2019...Read more
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Other - Other
As of September 30, 2019,...Read more
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Revenue - Product
The remaining 26.4% of 2019...Read more
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Revenue - Product
The remaining 28.0% of 2019...Read more
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Revenue - Geography
Based on our highest net...Read more
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Financial - Expense
Gross and Net Cruise Costs...Read more
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Financial - Debt
These decreases in cash were...Read more
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Revenue - Product
Revenues Total revenues for 2019...Read more
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Revenue - Product
Revenues Total revenues for 2019...Read more
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Other - Other
As of September 30, 2019,...Read more
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Financial - Expense
In measuring our ability to...Read more
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Other - Other
As of September 30, 2019,...Read more
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Financial - Cash Flow
The change of $327.8 million...Read more
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Financial - Cash Flow
The change of $422.3 million...Read more
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Revenue - Geography
The change of $302.2 million...Read more
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Revenue - Geography
Due to significant uncertainty, we...Read more
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Revenue - Product
Gross and Net Yields Gross...Read more
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Financial - Expense
The cash received as advanced...Read more
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Financial - Shares
The estimated negative impact resulting...Read more
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Financial - Shares
Equity investment income increased $8.5...Read more
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Revenue - Product
Gross and Net Yields Gross...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
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Business Combination
Business Combination (Details)
Changes In Accumulated Other Comprehensive Income (Loss)
Changes In Accumulated Other Comprehensive Income (Loss) (Tables)
Changes In Accumulated Other Comprehensive Income (Loss) - Changes In Aoci By Component (Details)
Changes In Accumulated Other Comprehensive Income (Loss) - Reclassifications (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Contingent Capital Commitments (Details)
Commitments And Contingencies - Future Commitments (Details)
Commitments And Contingencies - Narrative (Details)
Debt
Debt (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements And Derivative Instruments
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 - Estimated Fair Value (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 (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Finite-Lived Intangible Assets Amortization Expense (Details)
Intangible Assets - Schedule Of Intangible Assets (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Lease Expense (Details)
Leases - Schedule Of Lease Maturities (Details)
Leases - Schedule Of Lease Terms And Discount Rates (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Noncash Information (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)
Redeemable Noncontrolling Interest
Redeemable Noncontrolling Interest (Tables)
Redeemable Noncontrolling Interest - Narrative (Details)
Redeemable Noncontrolling Interest - Schedule Of Redeemable Noncontrolling Interest (Details)
Revenues
Revenues (Tables)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
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: 0000884887-19-000046
Submitted to the SEC: Wed Oct 30 2019 1:28:26 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Water Transportation
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