For the full year and the second half of 2022, pricing remains higher than in 2019 both including and excluding FCCs. March load factors were 68%. While load factors for sailings in the second half of 2022 are currently slightly below historical levels, consumers are booking their cruises closer to sailing and the Group is capitalizing on that healthy close-in demand to improve load factors. Based on current currency exchange rates, fuel rates and interest rates, the Group expects Adjusted Earnings Per Share for the third quarter of $0.05 - $0.25. As used in this Quarterly Report on Form 10-Q, the terms "Royal Caribbean," "Royal Caribbean Group," the "Company," "we," "our" and . We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. RECORD-BREAKING BOOKINGS FOR A RECORD-BREAKING SHIP: ROYAL CARIBBEAN'S ICON OF THE SEAS SETS . Capital expenditures for the remainder of 2022 are expected to be approximately $0.5 billion, excluding the acquisition of Silver Endeavour. However, it marks a slight . It added that booking volumes in March and April have been significantly higher than the same period in 2019, before the pandemic. Now that King Charles III has succeeded the former monarch, his mother, Queen Elizabeth II, who died on September 8, he possesses the large portfolio of historic castles, stately homes and palaces across the country. The Group's fleet size expanded to 63 with the delivery of Wonder of the Seas and Celebrity Beyond in the first quarter and early second quarter, respectively. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations. When typing in this field, a list of search results will appear and be automatically updated as you type. Slectionnez Grer les paramtres pour grer vos prfrences. We invest in our communities to foster culture and inclusive opportunities, and we go above and beyond to protect the environment and ocean health for future generations. Second quarter results exceeded the company's expectations driven by better revenue and cost performance. Words such as "anticipate," "believe," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Read about Enrons CEO and the companys demise. Together, their brands operate a global fleet of 60 ships traveling to more than 800 destinations. This report discusses the executive compensation determinations made by the . Changes in operating assets and liabilities: Increase in trade and other receivables, net, Increase in prepaid expenses and other assets, Decrease in accrued expenses and other liabilities, Cash received on settlement of derivative financial instruments, Cash paid on settlement of derivative financial instruments, Investments in and loans to unconsolidated affiliates, Cash received on loans to unconsolidated affiliates, Proceeds from the sale of property and equipment and other assets, Net cash provided by financing activities, Effect of exchange rate changes on cash and cash equivalents, Net (decrease) increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Notes receivable issued upon sale of property and equipment and other assets, Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities. Royal Caribbean Cruises Ltd. "Royal Caribbean Group Reports First Quarter 2022 Results and Provides a Business Update. The . In addition, the elevated cancellations experienced earlier in the year returned to pre-Omicron levels as cases subsided in February. Together, the brands have an additional 11 ships on order as of March 31, 2022. As of March 31, 2022, the company's customer deposit balance was $3.6 billion. For additional information see "Adjusted Measures of Financial Performance" below. Passenger Cruise DaysPassenger Cruise Days represent the number of passengers carried for the period multiplied by the number of days of their respective cruises. The company expects to operate 11.6 million APCDs in the third quarter and generate approximately $2.9 billion - $3.0 billion in Total Revenue, based on current currency exchange rates. The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with US GAAP. For the third quarter, the company reported sales was . These expenditures are mainly driven by new shipbuilding projects that have committed financing. We believe that good governance and transparency are critical to our ESG strategy and performance. Load factors increased to almost 90% in June, with Caribbean itineraries averaging over 100%. Shares of RCI Hospitality have improved 21% in the past year. "Last week, the CDC ended its COVID-19 Program for Cruise Ships. "Much of what the Royal Caribbean Group has achieved has involved collaborators and partners. Starting Aug. 8, testing will be required for unvaccinated guests on all voyages and for vaccinated guests only on voyages that are six nights or longer. Where can I file a claim for my travel insurance? Why do I have a pending authorization on my bank account? The company's operating cash flow, while slightly negative in March, turned positive in April, an important step in returning to profitability. This represents an improvement of about $400 million over the previous quarter despite the significant quarter-over-quarter increase in revenue recognition and near-term cancellations due to the Omicron variant, both of which reduced the customer deposit balance. These measures may be different from adjusted measures used by other companies. Zacks Investment Research, Royal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis Report, Crocs, Inc. (CROX) : Free Stock Analysis Report, Cedar Fair, L.P. (FUN) : Free Stock Analysis Report, RCI Hospitality Holdings, Inc. (RICK) : Free Stock Analysis Report. Feb 22, 2021, 08:07 ET. Royal Caribbean's next earnings report (for Q2 FY 2022) is expected to be released on Aug. 3, 2022. EBITDAEBITDA represents Net (Loss) Income excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. I was assaulted in international waters on their cruise ship. "2021 marked the beginning of our return to our mission of delivering the very best vacation experiences," said . Royal Caribbean Group RCL is scheduled to report its third-quarter 2022 results on Nov 3, before the opening bell. A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP. We are committed to decarbonizing our operations through innovation and collaborative partnerships. After-Market: $49.00 +0.10 (0.20%) 7:44 PM ET. Adjusted Net Loss and Adjusted Loss per Share were calculated as follows (in thousands, except per share data): Impairment and credit losses (recoveries) (2), Restructuring charges and other initiatives expense, Amortization of Silversea Cruises intangible assets related to Silversea Cruises acquisition, Convertible debt amortization of debt discount (3), Net gain related to the sale of the Azamara brand, Weighted-Average Shares Outstanding - Diluted. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. MOST RECENT 2021 Annual Report and Form 10K. ET. The storm already lashed St. Barts, St. Martin and Barbuda with 180 mph winds, killing at least 9 people and causing extensive destruction. These notes are due in 2027 with proceeds to be used to repay principal payments on debt maturing in 2022. (6)Represents net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas. MIAMI, Feb. 22, 2021 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported financial results for the fiscal year of 2020 and commented on . (5) Represents equity investment asset impairments for TUI Cruises GmbH in 2021 as a result of the impact of COVID-19. "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. skindoc336. Royal Caribbean Group today reported third quarter 2022 Earnings per Share of $0.13 and Adjusted Earnings per Share of $0.26. Career Designer is coming soon! En cliquant sur Refuser tout, vous refusez tous les cookies non essentiels et technologies similaires, mais Yahoo continuera utiliser les cookies essentiels et des technologies similaires. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. Looking for a particular position? Customer service contacts and company information. During the second quarter, the Group generated operating cash flow of approximately $0.5 billion. Company profile for Royal Caribbean Group including key executives, insider trading, ownership, revenue and average growth rates. Based on current fuel prices, the company expects approximately $271 million of fuel expense in its second quarter 2022 at an average pricing of $695 per metric ton net of hedging. On the other hand, supply-chain constraints, transitory costs related to health and safety protocols and elevated expenses (including fuel and food) are likely to negatively impact the results.The company has also anticipated the hurdles that can weigh on its 2022 earnings. These include white papers, government data, original reporting, and interviews with industry experts. During the first quarter, four additional ships resumed operations. Based on the continued strength in consumer demand, the company expects load factors will average approximately 95% in the third quarter and increase to triple digits by year-end. (7) Included within Other income in our consolidated statements of comprehensive loss. The purchase price for the vessel was $275 million, significantly below its estimated original cost. DefinitionsSelected Operational and Financial Metrics. More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent annual report on Form 10-K, as well as our other filings with the SEC, and the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC's website at www.sec.gov. MIAMI, July 28, 2022 /PRNewswire/ -- 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 . (9)Primarily represents asset impairments in 2021 and a credit loss recovery for a note receivable in which credit losses were previously recorded in 2022. Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities . To date, approximately 56% of FCCs have been redeemed. In the last . Request for Exemption of Personal Property Stored in a Public Warehouse. 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). Calls went unanswered, emails not returned. "Our near-term focus is to return to full operations and profitability as we execute on our recovery and build for long term success.". You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. China remains closed to cruising due to the ongoing lockdowns. RCL Financial Summary. Net interest expense for the second quarter of 2022 is expected to be in the range of $300-$310 million. Enron was a U.S. energy company that perpetrated one of the biggest accounting frauds in history. (4)Represents estimated cash refunds expected to be paid to Pullmantur guests as part of the Pullmantur S.A. reorganization. The Groups' cruise operating expenses per Available Passenger Cruise Days (APCD) improved in the first quarter 2022 from the fourth quarter 2021 despite inflationary pressures and elevated health protocol costs. Net Cruise Costs ("NCC") and NCC excluding FuelNet Cruise Costs represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. Load factors in the second quarter were 82% overall, with June sailings reaching almost 90%. (8)Excludes income tax (benefit) expense, included in the EBITDA calculation above. Investing.com. Together, the brands have an additional 11 ships on order as of March 31, 2022. In July, the Group acquired an ultra-luxury expedition cruise ship that was originally delivered in 2021. October 28, 2022 1:26 pm. We have a long-lasting partnership with our travel advisors across the globe. For inquiries about purchases made while you were in port, please contact Royal Media Partners online or by phone at (305) 673-9500 or 1-855-769-2567. Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): Restructuring charges and other initiatives expense included within marketing, selling and administrative expenses. However, Royal Caribbean is facing a number of inflationary and supply chain challenges that are likely to weigh on earnings this year. As of March 31, 2022, the company's liquidity position was $3.8 billion, which includes cash and cash equivalents, undrawn revolving credit facility capacity, and a $700 million commitment for a 364-day term loan facility. We connect people to the wonders of the world and help them create unforgettable memories. Operating cash flow and EBITDA were positive for the quarter. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com. Going up against a cruise line by yourself may not end the way you want. This compares to loss of $5.06 per share a year ago. Over the past year, Royal Caribbean's shares have provided atotal returnof -7.4%, below the S&P 500's total return of 3.3%. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful. Caribbean property agents Our International Residential team's unrivalled knowledge and expertise makes us perfectly suited for all your property needs. Our ships operate using a cashless system, so these accounts allow you to link a form of payment with your SeaPass Card which is then used for all onboard transactions. Ocean-view cabins: 176 (6%). In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our performance. Core itineraries exclude sailings during the early ramp-up period of up to four weeks. (12/26/2018) Royal Caribbean Cruises has recently been ranked #248 on the 2018 Management 250 list by Drucker Institute, which measures the corporate effectiveness of publicly-traded US companies who have a stock-market capitalization of $10 billion or revenue of at least $3 billion. Due to this, we cannot speak about the finances on a reservation once a guest has booked through a travel agency. Add to portfolio. ESG at Royal Caribbean Group. The Net Loss and Adjusted Net Loss for the quarter are primarily the result of the continued impact of the COVID-19 pandemic on the business. "Our liquidity position remains strong as we execute on our return to service, and our operations generate positive cash flow again," said Naftali Holtz, chief financial officer, Royal Caribbean Group. In the last reported quarter, the company delivered a positive earnings surprise of 6.7%. UPDATE 1-Chesapeake Energy to offload part of south Texas operations for $1.4 bln, CANADA FX DEBT-C$ posts biggest decline in one month as 'hard-landing' risk weighs, Marketmind: Finally, bad news is bad news, Netflix earnings due out Thursday, 'Avatar' sequel becomes sixth-biggest film of all time, MORNING BID-Finally, bad news is bad news. Photo packages can be purchasedpre-cruise with a discount, or onboard. "Since our return to service last year, we have seen more than 3 million guests enjoy cruise vacations responsibly, under an evolving operating environment," said Liberty. Whether you are looking to buy a poolside villa or sell a holiday apartment in a purpose-built development, our London office provides a comprehensive, quality service to ensure all . Depreciation and amortization expenses for the third quarter of 2022 are expected to be approximately $360 million. In June, the Group completed the return of its global fleet to operations across key destinations. Who can I speak to? Royal Caribbean expects its full fleet of ships to be operational by the start of the 2022 summer season. A reconciliation to the most comparable US GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. These measures may be different from adjusted measures used by other companies. Based on the strong and close-in nature of bookings, the company expects load factors will continue to improve each quarter and expects fleetwide load factors to exceed 100% by year end. Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. 3 Analysts expect the company to . Across all markets, bookings in the first quarter of 2022 were higher than in the fourth quarter of 2021, and throughout the first quarter, bookings improved each week. "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.". Royal Caribbean Cruises Ltd. RCL reported mixed first-quarter 2022 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same. A secure invitation link to view and do For Spa Product and Services inquiries, please contact OneSpaWorld. How can I redeem my Future Cruise Credit? Together, the brands have an additional 10 ships on order as of June 30, 2022. Some of the improvement is partially offset by inflationary and supply chain challenges, mainly related to fuel and food costs. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Statement of "Qualified Personal Property" by a "Qualified Business". When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. "Our liquidity position remains strong, and we are generating positive operating cash flow and EBITDA. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. "Royal Caribbean Cruises Ltd (RCL).". These statements include, but are not limited, to: statements regarding revenues, costs and financial results for 2022 and beyond. This compensation may impact how and where listings appear. Adjusted EBITDAAdjusted EBITDA represents EBITDA (as defined below) excluding (i) other income; (ii) impairment and credit losses (recoveries); (iii) restructuring charges and other initiative expenses; (iv) equity investment asset impairments; (v) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; and (vi) the net gain recognized in 2021 in relation to the sale of the Azamara brand. 2014 Corrections Annual Report - Volusia County, Florida. (1)For the quarter and six months ended June 30, 2019, the amount does not include incremental fuel expenses incurred of $0.7 million related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas. Ships that operated the Group's core itineraries in the first quarter achieved a load factor of 59%. Cision Distribution 888-776-0942 ROYAL CARIBBEAN CRUISES LTD. 1050 Caribbean Way Miami, Florida 33132 : . These ships, along with six other new ships which have joined the fleet over the last 20 months and represent over 10% of total capacity, are significantly contributing to yield growth and profitability. Were unableto offer sales of any photographic products or services after your cr For inquiries about a product you purchased onboard, please contact Starboard Cruises at(800) 540-4785 or online. You can change your choices at any time by visiting your privacy controls. Represents net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas. Operating cash flow significantly improved throughout the first quarter and is turning positive in April. While bookings for Europe are now exceeding 2019 levels for the same period, the situation in Ukraine is expected to weigh on load factors in Europe this summer. Silver Endeavour is scheduled to begin service winter 2022, spending its inaugural season in Antarctica starting November 2022. Annualized Return. Constant-CurrencyA significant portion of our revenues and expenses are denominated in currencies other than the U.S. Dollar. Load factors continue to improve sequentially with total revenue per Passenger Cruise Day up versus record 2019 levels. There are far fewer balcony cabins on older Royal Caribbean ships (and all older cruise ships in general). Career Designer. If you w *Please see all applicable Terms & Conditions for Promotions. For new bookings, the Group has returned to typical booking and cancellation policies, which were relaxed during the pandemic. Revenue per available room (RevPAR) is calculated by multiplying a hotel's average daily room rate by its occupancy rate. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Royal Caribbean Group. In instances where Onboard Credits are issued due to an itinerary change or service recovery, the credit may be issued in the value of either a dollar amount or for a value equal to a specific number of days. Third quarter results were better than expected and above . MIAMI, July 28, 2022 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported second quarter 2022 net loss of $(0.5) billion and loss per share of $(2.05). Click the button below to request a report when hardcopies become available. Read More. Investors will be watching for signs of improvement in Royal Caribbean's financial performance when the company reports earnings on May 5, 2022 for Q1 FY 2022. Jason Liberty Executive Vice President/CFO Royal Caribbean Cruises "It is happening. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding US GAAP measures. Third quarter load factors are expected to average approximately 95%, with itineraries in North America (including the Caribbean, Alaska, Bermuda, West Coast, and Canada) averaging about 100%. The scheduled debt maturities for the remainder of 2022 are $1.6 billion. Gross Cruise Costs per APCD and NCCper APCD for the second quarter included $7.75 per APCD related to enhanced health protocols and one-time costs to return ships and crew back to operations. The 59-acre fort is where . Any luggage claims can be made by contacting us at royalguestrelations@rccl.com.. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. The Group expects to operate approximately 10.3 million Available Passenger Cruise Days (APCD) for the second quarter with load factors of 75% to 80%. Our proven model does not conclusively predict an earnings beat for Royal Caribbean this time around. View detailed RCL description & address. Click to get this free reportRoyal Caribbean Cruises Ltd. (RCL) : Free Stock Analysis ReportCrocs, Inc. (CROX) : Free Stock Analysis ReportCedar Fair, L.P. (FUN) : Free Stock Analysis ReportRCI Hospitality Holdings, Inc. (RICK) : Free Stock Analysis ReportTo read this article on Zacks.com click here. Who can I speak with regarding my onboard purchase? The transaction is fully financed through a 15-year unsecured term loan, guaranteed by the German export credit agency, Euler Hermes, and has no amortization payments in the first two years. Royal Caribbean Group RCL is scheduled to report its third-quarter 2022 results on Nov 3, before the opening bell. Company delivered a positive earnings surprise of 6.7 % information about your device internet... 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