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Last10K.com | 10-Q Quarterly Report Fri Oct 29 2021
Exhibit 99.1
FOR IMMEDIATE RELEASE
ROYAL CARIBBEAN GROUP REPORTS THIRD QUARTER 2021 RESULTS AND PROVIDES UPDATES ON ITS RETURN TO SERVICE
MIAMI – October 29, 2021 – Royal Caribbean Group (NYSE: RCL) today reported financial results for the third quarter of 2021 and provided business updates.
The Company has worked aggressively to restart its vessel operations. This process is proceeding at a strong pace with two-thirds of our fleet operating. The Delta-Dip caused a delay in our booking progress but did not alter the strong fundamental trajectory.
Key Highlights include:
•Over 500k guests sailed across our five brands since the restart of operations; over 1 million guests expected by year end.
•By the end of this year, the Group anticipates that 50 out of 61 ships will have returned to service across its five brands, representing almost 100% of its core itineraries and approximately 80% of worldwide capacity.
•Sailings for 2022 are booked within historical ranges and at higher prices than 2019, even when including future cruise credits (FCCs).
•Guest satisfaction scores and onboard spending per passenger are both at the highest levels in the Company’s history.
•The Group expects to be cash flow positive by spring and profitable for the full year 2022.
•Constructive dialogue with the CDC leading to the end of the prescriptive CSO in January.
Third Quarter 2021
The Company reported US GAAP Net Loss for the third quarter of 2021 of $(1.4) billion or $(5.59) per share compared to US GAAP Net Loss of $(1.3) billion or $(6.29) per share in the prior year. The Company also reported Adjusted Net Loss of $(1.2) billion or
1
The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Friday, October 29, 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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Financial - Shares Highlight
Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. for the nine months ended September 30, 2021 were $(3.9) billion and $(3.6) billion, or $(15.56) and $(14.41) 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 $(4.4) billion and $(2.8) billion, or $(21.01) and $(13.26) per share on a diluted basis, respectively, for the nine months ended September 30, 2020.
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Financial - Shares Highlight
Results of Operations 37 Summary Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. for the third quarter of 2021 were $(1.4) billion and $(1.2) billion, or $(5.59) and $(4.91) per share on a diluted basis, respectively, reflecting the ramp up of our return to operations, and increased sales and marketing expenses during the quarter, compared to Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable Royal Caribbean Cruises Ltd. of $(1.3) billion and $(1.2) billion, or $(6.29) and $(5.62) per share on a diluted basis, respectively, for the third quarter of 2020.
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Financial - Cash Flow Highlight
Impairment and Credit Losses Impairment and credit losses for 2021 decreased by $1.3 billion compared to charges recorded during the nine months ended September 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 - 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 Highlight
Favorable movements in foreign currency exchange rates related to our revenue transactions denominated in currencies other than the United States dollar increased Passenger ticket revenues by $3.0 million.
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Revenue - Product
The increase in Passenger ticket...Read more
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Financial - Shares
Adjusted Loss per Share ("Adjusted...Read more
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Financial - Debt
Additionally, a higher average debt...Read more
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Financial - Cash Flow
Decreased demand for cruising as...Read more
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Financial - Expense
Additionally, a higher average cost...Read more
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Revenue - Product
The increase in 2021 was...Read more
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Financial - Expense
Marketing, Selling and Administrative Expenses...Read more
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Financial - Cash Flow
Impairment and Credit Losses Impairment...Read more
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Revenue - Product
The increase in Onboard and...Read more
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Revenue - Geography
The effect of changes in...Read more
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Revenue - Product
The increase in total revenues...Read more
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Revenue - Product
(10)Represents the net gain recognized...Read more
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Other - Other
On October 25, 2021, the...Read more
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Other - Other
These non-GAAP financial measures are...Read more
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Revenue - Product
As of September 30, 2021,...Read more
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Other - Other
36 During our ramp up...Read more
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Financial - Expense
Uncertainties remain as to the...Read more
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Financial - Expense
Cruise Operating Expenses Total Cruise...Read more
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Financial - Expense
The decrease was primarily due...Read more
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Other - Other
Also on October 25, 2021,...Read more
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Revenue - Product
In June 2021, we issued...Read more
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Revenue - Geography
Favorable movements in foreign currency...Read more
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Financial - Income
The decrease in income of...Read more
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Other - Other
Pricing remains strong throughout 2022,...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
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 2021...Read more
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Revenue - Product
The remaining 38.7% of 2021...Read more
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Revenue - Product
Revenues Total revenues for 2021...Read more
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Financial - Expense
The increase was primarily due...Read more
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Financial - Shares
Equity investment loss decreased $3.2...Read more
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Financial - Expense
The increase in total cruise...Read more
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Financial - Cash Flow
We anticipate 6.9 million APCDs...Read more
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Other - Other
Approximately 35% of the customer...Read more
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Revenue - Product
Significant items for the quarter...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
Exhibit 10.1: Material Contract
Exhibit 10.2: Material Contract
Exhibit 10.3: Material Contract
Exhibit 10.4: Material Contract
Exhibit 10.5: Material Contract
Exhibit 10.6: 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: 0000884887-21-000028
Submitted to the SEC: Fri Oct 29 2021 5:23:21 PM EST
Accepted by the SEC: Fri Oct 29 2021
Period: Thursday, September 30, 2021
Industry: Water Transportation
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