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Last10K.com | 10-Q Quarterly Report Fri Jul 29 2022
Exhibit 99.1
FOR IMMEDIATE RELEASE
ROYAL CARIBBEAN GROUP REPORTS SECOND QUARTER 2022 RESULTS, HIGHLIGHTED BY THE RETURN OF ITS FULL FLEET BACK TO SERVICE AND POSITIVE OPERATING CASH FLOW
MIAMI – July 28, 2022 – Royal Caribbean Group (NYSE: RCL) today reported second quarter 2022 net loss of $(0.5) billion and loss per share of $(2.05). Second quarter results were meaningfully ahead of the company's expectations driven by accelerating and strong close-in demand, further improvement in onboard revenue and better cost performance. Operating cash flow and EBITDA were positive for the quarter.
“We reached two important milestones in our recovery this quarter – returning our entire global fleet back to operations and delivering positive operating cash flow and EBITDA,” said Jason Liberty, president and chief executive officer of Royal Caribbean Group. “Consumers' propensity to travel and cruise remains strong. We continue to see a robust and accelerating demand environment for cruising and on-board spend. Cruising remains a very attractive value proposition for vacationers, and today we have an opportunity to further close the value gap to other land-based vacation offerings," added Liberty. "Our liquidity position remains strong, and we are generating positive operating cash flow and EBITDA. With the fleet back in service, we have the full strength of our platform as we continue to execute on our recovery and build on our capabilities for long-term success."
Business Highlights
•In June, the Group completed the return of its global fleet to operations across key destinations.
•Load factors in the second quarter were 82% overall, with June sailings reaching almost 90%.
1
The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Thursday, July 28, 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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Financial - Earnings Highlight
Adjusted (Loss) Earnings per Share ("Adjusted EPS") represents Adjusted Net (Loss) Income (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable.
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Revenue - Product Highlight
Passenger ticket revenues for 2022 increased by $1.4 billion from $22.8 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 $26.3 million.
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Revenue - Product Highlight
Passenger ticket revenues for 2022 increased by $2.0 billion to $2.1 billion from $43.6 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 $28.3 million.
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Revenue - Product Highlight
The remaining 35.1% of 2022 total revenues was comprised of Onboard and other revenues, which increased $0.7 billion to $0.8 billion in 2022 from $28.1 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 $3.7 million.
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Revenue - Product Highlight
The remaining 36.2% of 2022 total revenues was comprised of Onboard and other revenues, which increased $1.1 billion to $1.2 billion in 2022 from $49.3 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 $4.5 million.
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Financial - Expense
32 Gross Cruise Costs, Net...Read more
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Financial - Expense
Additionally, as discussed above in...Read more
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Financial - Expense
Additionally, as discussed above in...Read more
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Financial - Expense
Operating Costs We are experiencing...Read more
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Financial - Income
The decrease in income of...Read more
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Revenue - Product
The increase in revenues was...Read more
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Revenue - Product
The increase in revenues was...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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Financial - Shares
Results of Operations Summary Net...Read more
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Financial - Debt
Increases in 2022 were primarily...Read more
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Financial - Expense
A reconciliation of historical Gross...Read more
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Other - Other
Net cash used in investing...Read more
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Financial - Cash Flow
The increase was primarily due...Read more
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Other - Other
Approximately 20% of the customer...Read more
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Other - Other
These non-GAAP financial measures are...Read more
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Financial - Income
Adjusted EBITDA represents EBITDA (as...Read more
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Financial - Expense
Total cruise operating expenses, excluding...Read more
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Financial - Income
The decrease in income was...Read more
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Financial - Income
The decrease in income was...Read more
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Other - Other
We have not provided a...Read more
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Other - Other
Since then, we have steadily...Read more
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Financial - Expense
Our cost of fuel (net...Read more
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Financial - Expense
Our cost of fuel (net...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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Other - Other
During the fourth quarter of...Read more
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Other - Other
This seasonal trend was disrupted...Read more
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Revenue - Product
The increase was primarily due...Read more
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Revenue - Product
The increase was primarily due...Read more
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Other - Other
COVID-19 resulted in our voluntary...Read more
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Financial - Expense
The increase in customer deposits...Read more
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Revenue - Product
Six Months Ended June 30,...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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Revenue - Product
Significant items for the quarter...Read more
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Revenue - Product
Revenues Total revenues for 2022...Read more
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Financial - Debt
38 Material Cash Requirements As...Read more
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Financial - Expense
In measuring our ability to...Read more
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Other - Other
In particular, we: issued $1.0...Read more
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Other - Other
The increase reflects our return...Read more
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Revenue - Geography
Due to 26 significant uncertainty,...Read more
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Other - Other
Our full resumption of cruise...Read more
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Other - Other
The loss in 2021 was...Read more
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Other - Other
The loss in 2021 was...Read more
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Financial - Income
The amount excludes income tax...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
(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 - Reclassifications (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Capital Commitments (Details)
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)
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)
Property And Equipment
Property And Equipment (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
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 10.7: Material Contract
Exhibit 10.8: Material Contract
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 10.14: Material Contract
Exhibit 10.15: Material Contract
Exhibit 10.16: Material Contract
Exhibit 10.17: Material Contract
Exhibit 10.18: Material Contract
Exhibit 10.19: Material Contract
Exhibit 10.20: Material Contract
Exhibit 10.21: Material Contract
Exhibit 10.22: Material Contract
Exhibit 10.23: Material Contract
Exhibit 10.24: Material Contract
Exhibit 10.25: Material Contract
Exhibit 10.26: Material Contract
Exhibit 10.27: Material Contract
Exhibit 10.28: Material Contract
Exhibit 10.29: Material Contract
Exhibit 10.30: 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: 0000884887-22-000028
Submitted to the SEC: Fri Jul 29 2022 5:29:37 PM EST
Accepted by the SEC: Fri Jul 29 2022
Period: Thursday, June 30, 2022
Industry: Water Transportation
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