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Last10K.com | 10-Q Quarterly Report Thu Aug 05 2021
Exhibit 99.1
FOR IMMEDIATE RELEASE
ROYAL CARIBBEAN GROUP REPORTS SECOND QUARTER 2021 RESULTS AND LATEST UPDATES ON RESUMPTION OF SERVICE
MIAMI – August 4, 2021 – Royal Caribbean Group (NYSE: RCL) today reported financial results for the second quarter of 2021 and provided business updates on the resumption of service.
The Group has made tremendous strides in resuming service both in the United States and globally and is encouraged by the significant improvement in demand and pricing environments for cruises.
Resumption of Sailing and Business Highlights
The resumption of service is being implemented at a very fast pace.
•Already, the Group is operating 29 ships across its five brands, representing 42% of capacity.
•By the end of this month, the Group expects to be operating 36 ships, representing over 60% of its capacity.
•The Company anticipates having 80% of its capacity in service by end of year 2021.
“We’re thrilled to be back on the water at accelerated speed in the US and elsewhere. After 16 months of being at a virtual standstill and another painful financial result this quarter, the flywheel is clearly picking up momentum,” said Richard D. Fain, Chairman and CEO. “Since the pandemic began, our objective has been to make our ships safer than Main Street, and today, we are proving that ambitious goal is achievable. We are also encouraged by the booking outlook especially for 2022 and beyond.”
•Booked load factor for 2022 is within historical ranges. Prices for 2022 are up versus a record-setting 2019, even including the dilutive impact of future cruise credits (FCCs).
•Customer Deposits have increased $530 million from last quarter to $2.4 billion.
•The Company ended the second quarter with $5.0 billion of liquidity.
1
The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Wednesday, August 4, 2021 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.
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Royal Caribbean Cruises Ltd's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Financial - Shares Highlight
Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. for the six months ended June 30, 2021 were $(2.48) billion and $(2.37) billion, or $(9.96) and $(9.51) per share on a diluted basis, respectively, compared to Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable Royal Caribbean Cruises Ltd. of $(3.08) billion and $(1.59) billion, or $(14.74) and $(7.61) per share on a diluted basis, respectively, for the six months ended June 30, 2020.
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Financial - Shares Highlight
Results of Operations Summary Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. for the second quarter of 2021 were $(1.35) billion and $(1.29) billion, or $(5.29) and $(5.06) per share on a diluted basis, respectively, reflecting the impact of the continued suspension of the majority of our sailings, compared to Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable Royal Caribbean Cruises Ltd. of $(1.64) billion and $(1.28) billion, or $(7.83) and $(6.13) per share on a diluted basis, respectively, for the second quarter of 2020.
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Financial - Cash Flow Highlight
Impairment and Credit Losses Impairment and credit losses for 2021 decreased by $1.2 billion as a result of charges recorded during the six months ended June 30, 2020 due to the impact of COVID-19 on our operations and cash flows, which impacted our long-lived assets related to goodwill, intangibles, vessels and operating lease right-of-use asset, and resulted in credit losses.
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Financial - Cash Flow Highlight
Impairment and Credit Losses Impairment and credit losses for 2021 decreased by $115.9 million as a result of charges recorded during the quarter ended June 30, 2020 due to the impact of COVID-19 on our operations and cash flows, which adversely impacted our long-lived assets related to vessels and operating lease right-of-use assets, and resulted in credit losses.
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Financial - Earnings Highlight
Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. represents net loss less net income attributable to noncontrolling interest excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis.
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Revenue - Geography
Favorable movements in foreign currency...Read more
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Financial - Income
The decrease in income of...Read more
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Financial - Expense
The decrease Cruise operating expenses...Read more
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Financial - Shares
Adjusted Loss per Share ("Adjusted...Read more
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Financial - Cash Flow
Decreased demand for cruising as...Read more
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Revenue - Product
Passenger ticket revenues also increased...Read more
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Financial - Expense
Marketing, Selling and Administrative Expenses...Read more
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Financial - Expense
45 Marketing, Selling and Administrative...Read more
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Revenue - Product
Significant items for the quarter...Read more
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Financial - Expense
The decrease was primarily due...Read more
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Revenue - Geography
The effect of changes in...Read more
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Financial - Expense
The decrease was primarily due...Read more
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Revenue - Product
(10)Represents the net gain recognized...Read more
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Revenue - Product
35 Update on Bookings Overall...Read more
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Revenue - Product
Additionally, higher ticket pricing for...Read more
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Other - Other
These non-GAAP financial measures are...Read more
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Other - Other
By June, we were receiving...Read more
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Other - Other
As we continue to ramp...Read more
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Financial - Expense
The increase was due to...Read more
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Revenue - Product
Higher ticket pricing for the...Read more
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Financial - Expense
Uncertainties remain as to the...Read more
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Revenue - Product
Higher ticket pricing for the...Read more
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Revenue - Product
The decrease was primarily due...Read more
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Revenue - Product
In June 2021, we issued...Read more
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Financial - Shares
Equity investment loss increased $45.7...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 - Expense
The increase in customer deposits...Read more
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Revenue - Product
The decrease in Onboard and...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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Financial - Shares
44 Equity investment loss in...Read more
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Revenue - Product
The decrease in Passenger ticket...Read more
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Other - Other
However, 2022 continues to remain...Read more
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Revenue - Product
The decrease in total revenues...Read more
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Financial - Income
The $108.3 million increase in...Read more
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Other - Other
Approximately 40% of the customer...Read more
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Other - Other
For the six months ended...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
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
(Loss) Per Share
(Loss) Per Share (Details)
(Loss) Per Share (Tables)
Changes In Accumulated Other Comprehensive Loss
Changes In Accumulated Other Comprehensive Loss (Tables)
Changes In Accumulated Other Comprehensive Loss - Changes In Aoci By Component (Details)
Changes In Accumulated Other Comprehensive Loss - Narrative (Details)
Changes In Accumulated Other Comprehensive Loss - Reclassifications (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 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 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 - Narrative (Details)
Impairments And Credit Losses
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)
Other Assets - Summary Of Credit Loss Allowance (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
Ticker: RCL
CIK: 884887
Form Type: 10-Q Quarterly Report
Accession Number: 0000884887-21-000018
Submitted to the SEC: Thu Aug 05 2021 9:01:45 AM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Water Transportation
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