Royal Caribbean Cruises Ltd (RCL) 10-K Annual Report February 2023

– Royal Caribbean Group (NYSE: RCL) today reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted Loss per Share of $(1.12). These results exceeded the company's guidance due to better pricing on close-in demand, strong onboard spend, favorable timing of operating costs, and lower interest expense.

“2022 was a pivotal year as we successfully returned our business to full operations and delivered memorable vacation experiences to 6 million guests," said Jason Liberty, president and chief executive officer, Royal Caribbean Group. "We also returned to positive Adjusted EBITDA and Operating Cash Flow by consistently growing revenue and controlling costs. Our teams have worked tirelessly to deliver the best vacation experiences, responsibly, and we are grateful for their extraordinary efforts.”

“We are experiencing a record-breaking WAVE season, resulting in a booked position approaching previous record highs and at higher prices. This, along with the normalization of our booking window, provides the visibility for us to provide annual guidance, which is in line with our Trifecta program," added Liberty. "The combination of our industry-leading global brands, most innovative fleet, nimble sourcing and our continued focus on profitability positions us well to deliver record yields and Adjusted EBITDA in 2023."

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The following information was filed by Royal Caribbean Cruises Ltd (RCL) on Tuesday, February 7, 2023 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-K Annual 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-K Annual Report:

Financial - Shares Highlight
Results of Operations In addition to the items discussed above under "Executive Overview," significant items for 2022 include: Our Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. for the year ended December 31, 2022 was $(2.2) billion and $(1.9) billion, or $(8.45) and $(7.50) per share on a diluted basis, respectively, reflecting our return to full operations, compared to Net Loss attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. of $(5.3) billion and $(4.8) billion, or $(20.89) and $(19.19) per share on a diluted basis, respectively, for the year ended December 31, 2021.

Financial - Earnings Highlight
Adjusted Net Loss attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that 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.
Revenue - Product Highlight
Passenger ticket revenues increased by $4.9 billion, or 515.6% to $5.8 billion in 2022 from $0.9 billion 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 $129.8 million.
Financial - Expense Highlight
Improvement costs that we believe add value to our ships are capitalized as additions to the ship and depreciated over the shorter of the improvements' estimated useful lives or that of the associated ship.
Revenue - Product Highlight
The remaining 34.5% of total revenues was comprised of Onboard and other revenues, which increased $2.5 billion, or 415.6% to $3.0 billion in 2022 from $591.0 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 $19.2 million.
Financial - Shares
Adjusted Loss per Share ("Adjusted...Read more
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Additionally, total revenue per passenger...Read more
Financial - Cash Flow
We have been, and may...Read more
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Gross Cruise Costs, Net Cruise...Read more
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(10) Represents the net gain...Read more
Other - Other
Liquidity and Capital Resources Sources...Read more
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Net cash used in investing...Read more
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Other - Other
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Financial - Expense
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Other - Other
This seasonal trend was disrupted...Read more
Financial - Expense
Other (expense) income decreased $140.7...Read more
Financial - Expense
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Other - Other
COVID-19 resulted in our voluntary...Read more
Financial - Expense
Cruise operating expenses increased from...Read more
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Financial - Expense
EBITDA and Adjusted EBITDA were...Read more
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As amended by ASU No....Read more
Revenue - Product
Onboard and other revenues also...Read more
Other - Other
(2) Due to the three-month...Read more
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EBITDA and Adjusted EBITDA for...Read more
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Revenues Total revenues increased $7.3...Read more
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These new ships, along with...Read more
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In measuring our ability to...Read more
Financial - Expense
For the periods presented, these...Read more
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A reconciliation of Net Loss...Read more
Revenue - Product
In 2023, we expect our...Read more
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As of December 31, 2022...Read more
M & A - Other
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.1: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.72: Material Contract

Exhibit 10.73: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 24.1: Power Of Attorney

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-K Annual Report
Accession Number: 0000884887-23-000006
Submitted to the SEC: Thu Feb 23 2023 5:28:20 PM EST
Accepted by the SEC: Thu Feb 23 2023
Period: Saturday, December 31, 2022
Industry: Water Transportation

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Royal Caribbean Cruises Ltd (RCL) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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