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Last10K.com | 10-Q Quarterly Report Thu Nov 03 2022
Exhibit 99.1
FOR IMMEDIATE RELEASE
ROYAL CARIBBEAN GROUP REPORTS THIRD QUARTER RESULTS, PROVIDES FORWARD GUIDANCE, AND INTRODUCES THE “TRIFECTA” PERFORMANCE INITIATIVE
MIAMI – November 3, 2022 – Royal Caribbean Group (NYSE: RCL) today reported third quarter 2022 Earnings per Share of $0.13 and Adjusted Earnings per Share of $0.26. Third quarter results were better than expected and above guidance for the quarter mainly due to higher load factors from strong close-in demand, further improvement in onboard revenue and better cost performance. The Group also introduced the Trifecta Program, a new three-year initiative designed to drive superior performance.
“Last quarter's better than expected performance was a result of the continued robust demand environment and strong execution by our teams,” said Jason Liberty, president and chief executive officer of Royal Caribbean Group. "The combination of our leading global brands, the best and most innovative fleet in the industry, our nimble global sourcing platform and the very best people have delivered a successful return of our business to full operations and positions us well to deliver record yields and adjusted EBITDA in 2023," added Liberty. "The Trifecta Program provides us the financial coordinates we are looking to achieve over the next three years. As we have demonstrated in the past, we expect the formula of moderate yield growth, strong cost discipline, and moderate growth of our fleet will deliver a strong financial profile."
Business Highlights
•Load factors in the third quarter were 96% overall, with Caribbean sailings reaching almost 105%.
•Total Revenue in the third quarter was $3.0 billion, Net Income was $33.0 million and Adjusted EBITDA was $742.3 million.
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The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Thursday, November 3, 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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Revenue - Product Highlight
Passenger ticket revenues for 2022 increased by $1.7 billion from $280.2 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 $65.5 million The remaining 32.5% of 2022 total revenues was comprised of Onboard and other revenues, which increased $0.8 billion to $1.0 billion in 2022 from $176.8 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 $8.9 million.
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Financial - Earnings Highlight
Adjusted Earnings (Loss) per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income (Loss) (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable.
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Financial - Debt Highlight
The decrease was primarily due to a debt extinguishment loss of $141.9 million recognized in the third quarter of 2021 associated with the partial redemption of the 11.50% senior secured notes due 2025, compared to a debt extinguishment loss of $16.4 million in 2022, and the elimination of the non-cash debt discount amortization on our convertible notes under the adoption of ASU 2020-06.
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Financial - Debt Highlight
The decrease was primarily due to a debt extinguishment loss of $138.8 million recognized in 2021 associated with the partial redemption of the 11.50% senior secured notes due 2025, compared to a debt extinguishment loss of $16.4 million in 2022, and the elimination of the non-cash debt discount amortization on our convertible notes under the adoption of ASU 2020-06.
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Revenue - Product Highlight
Passenger ticket revenues for 2022 increased by $3.8 billion to $4.1 billion from $323.8 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 $93.8 million.
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Revenue - Product
The remaining 34.4% of 2022...Read more
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Financial - Expense
Operating Costs Operating costs for...Read more
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Financial - Expense
The improvement in operating costs...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 - Cash Flow
We have been, and may...Read more
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Financial - Expense
33 Gross Cruise Costs, Net...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
A reconciliation of Gross Cruise...Read more
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Financial - Expense
Depreciation and Amortization Expenses Depreciation...Read more
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Other - Other
Net cash used in investing...Read more
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Revenue - Product
The increase was primarily due...Read more
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Other - Other
These non-GAAP financial measures are...Read more
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Financial - Expense
Total cruise operating expenses, excluding...Read more
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Financial - Cash Flow
Other Comprehensive (Loss) Other comprehensive...Read more
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Revenue - Geography
The effect of changes in...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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Financial - Earnings
A reconciliation of Net Income...Read more
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Other - Other
COVID-19 resulted in our voluntary...Read more
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Revenue - Product
Nine Months Ended September 30,...Read more
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Revenue - Product
Additionally, booking volumes for 2023...Read more
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Revenue - Product
Onboard and other revenues also...Read more
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Financial - Earnings
A reconciliation of Net Income...Read more
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Financial - Debt
Debt denominated in other currencies...Read more
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Financial - Income
The decrease in income was...Read more
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Other - Other
The increase was primarily due...Read more
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Revenue - Product
Revenues Total revenues for 2022...Read more
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Financial - Debt
39 Material Cash Requirements As...Read more
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Financial - Expense
In measuring our ability to...Read more
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Revenue - Product
Update on Bookings Booking volumes...Read more
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Other - Other
The increase reflects our full...Read more
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Other - Other
The increase reflects our return...Read more
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Revenue - Geography
Due to significant uncertainty, we...Read more
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Financial - Earnings
Adjusted EBITDA is a non-GAAP...Read more
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Financial - Income
The amount excludes income tax...Read more
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Financial - Expense
As we approach full occupancy...Read more
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Other - Other
In September 2022, we amended...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
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)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
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
Ticker: RCL
CIK: 884887
Form Type: 10-Q Quarterly Report
Accession Number: 0000884887-22-000038
Submitted to the SEC: Thu Nov 03 2022 5:08:33 PM EST
Accepted by the SEC: Thu Nov 03 2022
Period: Friday, September 30, 2022
Industry: Water Transportation
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