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Last10K.com | 10-Q Quarterly Report Wed Nov 04 2020
Exhibit 99.1
FOR IMMEDIATE RELEASE
Royal Caribbean Group provides business update and reports on third quarter 2020
MIAMI – October 29, 2020 – Royal Caribbean Group (NYSE: RCL) today reported financial results for the third quarter of 2020 and commented on the business considering the global COVID-19 pandemic.
Third Quarter 2020
On March 13, 2020 and due to the COVID-19 pandemic, the Company voluntarily suspended its global cruise operation. The Company resumed limited cruise operations outside of the U.S. in July with three vessels from TUI cruises and two vessels from Hapag Lloyd, and in September, for a limited period, with one Silversea ship.
The Company reported US GAAP Net Loss for the third quarter of 2020 of $(1.3) billion or $(6.29) per share compared to US GAAP Net Income of $883.2 million or $4.20 per share in the prior year. The Company also reported Adjusted Net Loss of $(1.2) billion or $(5.62) per share for the third quarter of 2020 compared to Adjusted Net Income of $896.8 million or $4.27 per share in the prior year. The Net Loss and Adjusted Net Loss for the quarter are the result of the impact of the COVID-19 pandemic on the business.
Business Update
1
The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Thursday, October 29, 2020 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 2020 10-K Annual Report includes:
- Voting Procedures
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Financial - Cash Flow Highlight
Events surrounding the COVID-19 pandemic negatively impacted the expected undiscounted cash flows of these assets.
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Financial - Cash Flow Highlight
Impairment and Credit Losses For the nine months ended September 30, 2020, as a result of the current and expected ongoing impact of the COVID-19 pandemic on our operations and cash flows, we recorded total impairment and credit losses of $1.4 billion, most of which was recorded during the three months ended March 31, 2020, related to the impairment of goodwill, intangibles, long-lived assets and credit losses related to the sale of our property and equipment.
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Financial - Expense Highlight
Depreciation and Amortization Expenses Depreciation and amortization expenses for 2020 decreased $3.2 million, or 1.0%, to $317.1 million from $320.3 million in 2019.
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Financial - Shares Highlight
Equity investment (loss) income decreased $310.7 million, or 182.3%, to a loss of $140.3 million in 2020 from income of $170.4 million in 2019 mainly due to losses reported by our equity investments as a result of the adverse impact of COVID-19 on their operations and earnings and a $39.7 million impairment charge of equity investments, recorded during the three months ended March 31, 2020, primarily for our investment in Grand Bahama Shipyard.
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Other - Other Highlight
Certain of our credit card processing agreements that govern the terms to advance passenger ticket deposits, require under certain circumstances, including existence of a material adverse change, excessive chargebacks and other triggering events, that we maintain a reserve which could be satisfied by posting collateral.
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Financial - Cash Flow
The increase in cash flow...Read more
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Financial - Earnings
Adjusted (Loss) Earnings per Share...Read more
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Financial - Cash Flow
Decreased demand for cruising as...Read more
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Financial - Cash Flow
Funding Needs and Sources Historically,...Read more
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Financial - Income
Adjusted Net (Loss) Income represents...Read more
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Financial - Expense
a $192.5 million decrease in...Read more
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Financial - Expense
Marketing, Selling and Administrative Expenses...Read more
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Financial - Expense
Marketing, Selling and Administrative Expenses...Read more
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Revenue - Product
Significant items for the quarter...Read more
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Other - Other
Among the recommendations are key...Read more
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Other - Other
The cumulative booked position for...Read more
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Financial - Dividend
In connection therewith, we increased...Read more
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Other - Other
Response, Contingency Planning and Execution...Read more
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Other - Other
During the quarter ended March...Read more
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Other - Other
These non-GAAP financial measures are...Read more
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Revenue - Product
The decrease was due to...Read more
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Revenue - Product
When we start returning our...Read more
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Financial - Income
The increase in income of...Read more
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Financial - Cash Flow
The reduction in cash flow...Read more
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Revenue - Product
Passenger ticket revenues were also...Read more
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Financial - Expense
These expenses sequentially declined each...Read more
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Financial - Cash Flow
To that base, we add...Read more
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Financial - Expense
The increase of $3.2 million...Read more
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Financial - Shares
42 Operating results for the...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 - Cash Flow
Impairment and Credit Losses During...Read more
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Other - Other
As amended by ASU No....Read more
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Revenue - Product
Onboard and other revenues also...Read more
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Financial - Shares
The decrease of $181.7 million...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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Other - Other
In the event that our...Read more
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Financial - Expense
These expenses were partially offset...Read more
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Financial - Expense
38 While the Conditional Order...Read more
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Other - Other
The senior secured loan balance...Read more
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Other - Other
On and effective as of...Read more
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Financial - Debt
Our cash burn rate for...Read more
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Financial - Shares
Results of Operations Summary Net...Read more
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Other - Other
The impairment charges related to...Read more
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Other - Other
Further, the Conditional Order contemplates...Read more
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Financial - Cash Flow
During the quarter and nine...Read more
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Other - Other
We will continue to work...Read more
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Other - Other
In May 2020, we qualified...Read more
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Other - Other
Containment efforts as a result...Read more
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Financial - Shares
Net Loss and Adjusted Net...Read more
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Other - Other
CDC Framework for Conditional Sailing...Read more
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Financial - Cash Flow
The adverse impact COVID-19 will...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 (Loss) Income
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
(Loss) Earnings Per Share
(Loss) Earnings Per Share (Details)
(Loss) Earnings Per Share (Tables)
(Loss) Earnings Per Share - Narrative (Details)
Changes In Accumulated Other Comprehensive (Loss) Income (Tables)
Changes In Accumulated Other Comprehensive (Loss) Income - Changes In Aoci By Component (Details)
Changes In Accumulated Other Comprehensive (Loss) Income - Reclassifications (Details)
Changes In Accumulated Other Comprehensive Income (Loss)
Changes In Accumulated Other Comprehensive Income (Loss) - Narrative (Details)
Commitment And Contingencies (Tables)
Commitment And Contingencies - Capital Commitments (Details)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Convertible Notes (Details)
Debt - Schedule Of Maturities (Details)
Debt - Summary Of Debt (Details)
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 Related Contingent 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 - Nonrecurring (Details)
Fair Value Measurements And Derivative Instruments - Offsetting Of Derivative Instruments (Details)
Fair Value Measurements And Derivative Instruments - Recurring (Details)
General
General (Details)
Impairment And Credit Losses
Impairment And Credit Losses (Tables)
Impairment And Credit Losses - Intangible Assets (Details)
Impairment And Credit Losses - Narrative (Details)
Impairment And Credit Losses - Schedule Of Goodwill (Details)
Impairment And Credit Losses - Summary Of Credit Loss Allowance (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 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)
Restructuring Charges
Restructuring Charges (Tables)
Restructuring Charges - Narrative (Details)
Restructuring Charges - Summary Of Changes (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 (Policies)
Material Contracts, Statements, Certifications & more
Royal Caribbean Cruises Ltd provided additional information to their SEC Filing as exhibits
Exhibit 10.9: Material Contract
Exhibit 10.10: Material Contract
Exhibit 10.11: Material Contract
Exhibit 10.12: Material Contract
Exhibit 10.13: Material Contract
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Ticker: RCL
CIK: 884887
Form Type: 10-Q Quarterly Report
Accession Number: 0000884887-20-000049
Submitted to the SEC: Wed Nov 04 2020 7:57:40 AM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020
Industry: Water Transportation
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