Royal Caribbean Cruises Ltd (RCL) 10-Q Quarterly Report May 2022

MIAMI – May 5, 2022 – Royal Caribbean Group (NYSE: RCL) today reported first quarter 2022 operating loss of $(1.2) billion and loss per share of $(4.58). The Group continues to make strides in its healthy return to operations in a strong demand environment. Load factors continue to improve sequentially with total revenue per Passenger Cruise Day up versus record 2019 levels. Operating cash flow significantly improved throughout the first quarter and approached breakeven in March.

“It is gratifying to see our ships and crew returning to our mission of delivering the best vacation experiences in a safe and responsible way,” said Jason Liberty, president and chief executive officer of the Royal Caribbean Group. “Despite the impact of Omicron earlier in the year and the horrific conflict in Ukraine, we are encouraged by the strong demand for cruising and the steady acceleration in booking volumes,” Liberty added. “Since the beginning of March, booking volumes have exceeded the record levels achieved in 2019 and we are optimistic that 2022 will be a strong transitional year as we return to full operations and profitability in the second half of the year.”

Business Highlights

•By the end of the first quarter of 2022, the Group had returned 54 out of 62 ships to operations across its five brands, representing close to 90% of worldwide fleet capacity.

•During the first quarter, the Group carried approximately 800,000 guests and achieved record guest satisfaction scores and record total revenue per Passenger Cruise Day.

•The Group continues to make progress towards profitability with operating cash flow only slightly negative in March and turning positive in April.

The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Thursday, May 5, 2022 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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Inside Royal Caribbean Cruises Ltd's 10-Q Quarterly Report:

Financial - Shares Highlight
Adjusted Loss per Share ("Adjusted EPS") represents Adjusted Net Loss (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable.

Revenue - Product Highlight
Passenger ticket revenues for 2022 increased by $0.6 billion to $0.7 billion from $20.8 million in 2021, and were partially offset by unfavorable movements in foreign currency exchange rates related to our revenue transactions denominated in currencies other than the United States dollar of $1.9 million.
Revenue - Product Highlight
The remaining 38.5% of 2022 total revenues was comprised of Onboard and other revenues, which increased $386.2 million to $407.4 million in 2022 from $21.2 million in 2021, and was partially offset by unfavorable movements in foreign currency exchange rates related to our revenue transactions denominated in currencies other than the United States dollar of $0.7 million.
Financial - Expense Highlight
Operating Costs As we resume our return to service, we are experiencing inflationary and supply chain challenges, mainly related to fuel and food costs, as well as transitory costs related to our health and safety protocols.
Financial - Expense Highlight
Additionally, as discussed above in Recent Developments, high inflation has impacted our operating costs, especially in fuel and food expense.
Revenue - Product
The increase in revenues was...Read more
Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
Financial - Shares
Results of Operations Summary Net...Read more
Other - Other
Net cash used in investing...Read more
Financial - Cash Flow
The increase was primarily due...Read more
Other - Other
Approximately 27% of the customer...Read more
Revenue - Product
The increase was primarily due...Read more
Other - Other
These non-GAAP financial measures are...Read more
Financial - Expense
Total cruise operating expenses, excluding...Read more
Financial - Debt
The increase was primarily due...Read more
Other - Other
Our continued resumption of cruise...Read more
Financial - Shares
35 Operating results for the...Read more
Financial - Expense
Our cost of fuel (net...Read more
Financial - Expense
Cruise Operating Expenses Total Cruise...Read more
Other - Other
During the fourth quarter of...Read more
Other - Other
This seasonal trend was disrupted...Read more
Revenue - Geography
Australia, one of the last...Read more
Other - Other
Adjusted Net Loss represents net...Read more
Financial - Expense
The increase in customer deposits...Read more
Revenue - Product
Onboard and other revenues also...Read more
Other - Other
Since then, we have steadily...Read more
Financial - Debt
Debt denominated in other currencies...Read more
Financial - Debt
(5) Debt denominated in other...Read more
Revenue - Product
Significant items for the quarter...Read more
Revenue - Product
Revenues Total revenues for 2022...Read more
Other - Other
In particular, we: issued $1.0...Read more
Other - Other
The increase reflects the ramp...Read more
Revenue - Geography
34 Bookings for Europe sailings...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Royal Caribbean Cruises Ltd provided additional information to their SEC Filing as exhibits

Exhibit 10.1: 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: 0000884887-22-000018
Submitted to the SEC: Thu May 05 2022 5:15:58 PM EST
Accepted by the SEC: Thu May 05 2022
Period: Thursday, March 31, 2022
Industry: Water Transportation

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Royal Caribbean Cruises Ltd (RCL) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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