FORM 8-K
CURRENT REPORT Pursuant To Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of report (Date of earliest event reported): November 7, 2017 ROYAL CARIBBEAN CRUISES LTD.
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(Exact Name of Registrant as Specified in Charter) |
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Republic of Liberia
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(State or Other Jurisdiction of Incorporation) |
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1-11884
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98-0081645
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(Commission File Number) |
(IRS Employer Identification No.) |
1050 Caribbean Way, Miami, Florida
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33132
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(Address of Principal Executive Offices) |
(Zip Code) |
Registrant's telephone number, including area code: 305-539-6000
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report) |
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ROYAL CARIBBEAN CRUISES LTD.
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||||
Date:
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November 7, 2017
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By:
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/s/ Jason T. Liberty
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Name:
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Jason T. Liberty
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|||
Title:
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EVP, Chief Financial Officer
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>
|
US GAAP and Adjusted Net Income were $752.8 million or $3.49 per share. Last year, US GAAP Net Income was $693.3 million, or $3.21 per share, and Adjusted Net Income was $690.9 million, or $3.20 per share.
|
>
|
Gross Yields were up 5.6% on a Constant-Currency basis (up 6.2% As-Reported). Net Yields were up 5.3% on a Constant-Currency basis (up 5.9% As-Reported).
|
>
|
Gross Cruise Costs per APCDs increased 5.2% on a Constant-Currency basis (5.6% As-Reported). Net Cruise Costs ("NCC") Excluding Fuel per APCDs were up 5.7% on a Constant-Currency basis (up 6.0% As-Reported).
|
>
|
Adjusted earnings per share are expected to be in the range of $7.35 to $7.40 per share. This includes a $0.26 negative impact from the recent hurricanes.
|
>
|
Net Yields are expected to increase approximately 6.0% on a Constant-Currency and As-Reported basis.
|
>
|
NCC Excluding Fuel per APCDs are expected to be up approximately 2.0% on a Constant-Currency and As-Reported basis.
|
FUEL STATISTICS
|
Fourth Quarter 2017
|
Full Year 2017
|
Fuel Consumption (metric tons)
|
334,800
|
1,315,800
|
Fuel Expenses
|
$177 million
|
$686 million
|
Percent Hedged (fwd consumption)
|
65%
|
65%
|
Impact of 10% change in fuel prices
|
$7 million
|
$7 million
|
GUIDANCE
|
As-Reported
|
Constant-Currency
|
Fourth Quarter 2017
|
||
Net Yields
|
Approx. 3.5%
|
2.0% to 2.5%
|
Net Cruise Costs per APCD
|
Approx. 7.0%
|
Approx. 6.5%
|
Net Cruise Costs per APCD ex Fuel
|
Approx. 9.0%
|
Approx. 8.5%
|
Full Year 2017
|
||
Net Yields
|
Approx. 6.0%
|
Approx. 6.0%
|
Net Cruise Costs per APCD
|
1.0% to 1.5%
|
Approx. 1.5%
|
Net Cruise Costs per APCD ex Fuel
|
Approx. 2.0%
|
Approx. 2.0%
|
GUIDANCE
|
Fourth Quarter 2017
|
Full Year 2017
|
Capacity Decrease
|
(0.6%)
|
(2.4%)
|
Depreciation and Amortization
|
Approx. $240 million
|
Approx. $950 million
|
Interest Expense, net
|
Approx. $65 million
|
Approx. $280 million
|
Adjusted EPS
|
$1.15 to $1.20
|
$7.35 to $7.40
|
SENSITIVITY
|
Fourth Quarter 2017
|
Remaining fiscal periods
|
1% Change in Currency
|
$4 million
|
$4 million
|
1% Change in Net Yield
|
$16 million
|
$16 million
|
1% Change in NCC ex fuel
|
$9 million
|
$9 million
|
1% pt Change in LIBOR
|
$6 million
|
$6 million
|
Exchange rates used in guidance calculations
|
||
GBP
|
$1.33
|
|
AUD
|
$0.77
|
|
CAD
|
$0.78
|
|
CNH
|
$0.15
|
|
EUR
|
$1.16
|
ROYAL CARIBBEAN CRUISES LTD.
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||
(unaudited, in thousands, except per share data)
|
||||||||||||||||
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Passenger ticket revenues
|
$
|
1,893,152
|
$
|
1,899,956
|
$
|
4,892,760
|
$
|
4,794,653
|
||||||||
Onboard and other revenues
|
676,392
|
663,785
|
1,880,618
|
1,792,145
|
||||||||||||
Total revenues
|
2,569,544
|
2,563,741
|
6,773,378
|
6,586,798
|
||||||||||||
Cruise operating expenses:
|
||||||||||||||||
Commissions, transportation and other
|
409,597
|
400,933
|
1,060,176
|
1,060,391
|
||||||||||||
Onboard and other
|
157,041
|
159,887
|
395,472
|
399,739
|
||||||||||||
Payroll and related
|
210,764
|
214,081
|
636,861
|
671,955
|
||||||||||||
Food
|
126,223
|
125,732
|
369,198
|
371,759
|
||||||||||||
Fuel
|
160,752
|
178,772
|
508,914
|
531,283
|
||||||||||||
Other operating
|
253,892
|
260,718
|
780,257
|
857,161
|
||||||||||||
Total cruise operating expenses
|
1,318,269
|
1,340,123
|
3,750,878
|
3,892,288
|
||||||||||||
Marketing, selling and administrative expenses
|
273,637
|
259,327
|
874,957
|
852,435
|
||||||||||||
Depreciation and amortization expenses
|
240,150
|
229,328
|
710,836
|
661,712
|
||||||||||||
Operating Income
|
737,488
|
734,963
|
1,436,707
|
1,180,363
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
4,693
|
6,472
|
16,756
|
14,875
|
||||||||||||
Interest expense, net of interest capitalized
|
(73,233
|
)
|
(82,610
|
)
|
(230,182
|
)
|
(226,803
|
)
|
||||||||
Equity investment income
|
85,120
|
46,539
|
120,359
|
94,832
|
||||||||||||
Other expense (including a $21.7 million loss related to the first quarter 2016 elimination of the Pullmantur reporting lag)
|
(1,226
|
)
|
(12,107
|
)
|
(6,546
|
)
|
(40,965
|
)
|
||||||||
|
15,354
|
(41,706
|
)
|
(99,613
|
)
|
(158,061
|
)
|
|||||||||
Net Income
|
$
|
752,842
|
$
|
693,257
|
$
|
1,337,094
|
$
|
1,022,302
|
||||||||
Earnings per Share:
|
||||||||||||||||
Basic
|
$
|
3.51
|
$
|
3.23
|
$
|
6.22
|
$
|
4.74
|
||||||||
Diluted
|
$
|
3.49
|
$
|
3.21
|
$
|
6.19
|
$
|
4.72
|
||||||||
Weighted-Average Shares Outstanding:
|
||||||||||||||||
Basic
|
214,694
|
214,819
|
214,882
|
215,663
|
||||||||||||
Diluted
|
215,824
|
215,667
|
215,905
|
216,575
|
||||||||||||
Comprehensive Income
|
||||||||||||||||
Net Income
|
$
|
752,842
|
$
|
693,257
|
$
|
1,337,094
|
$
|
1,022,302
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Foreign currency translation adjustments
|
5,889
|
4,043
|
14,210
|
8,423
|
||||||||||||
Change in defined benefit plans
|
(1,990
|
)
|
(5,051
|
)
|
(6,280
|
)
|
(12,148
|
)
|
||||||||
Gain on cash flow derivative hedges
|
230,245
|
95,536
|
381,660
|
254,624
|
||||||||||||
Total other comprehensive income
|
234,144
|
94,528
|
389,590
|
250,899
|
||||||||||||
Comprehensive Income
|
$
|
986,986
|
$
|
787,785
|
$
|
1,726,684
|
$
|
1,273,201
|
||||||||
STATISTICS
|
||||||||||||||||
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016(1)
|
|
|||||||||||
Passengers Carried
|
1,512,363
|
1,558,224
|
4,371,235
|
4,365,144
|
||||||||||||
Passenger Cruise Days
|
10,189,900
|
10,727,918
|
30,100,035
|
30,367,048
|
||||||||||||
APCD
|
9,214,470
|
9,766,482
|
27,646,779
|
28,503,681
|
||||||||||||
Occupancy
|
110.6
|
%
|
109.8
|
%
|
108.9
|
%
|
106.5
|
%
|
||||||||
(1) Does not include November and December 2015 amounts for Pullmantur as the net Pullmantur result for those months was included within Other expense in our consolidated statements of comprehensive income (loss) for the nine months ended September 30, 2016, as a result of the elimination of the Pullmantur reporting lag, and did not affect Gross Yields, Net Yields, Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel.
|
ROYAL CARIBBEAN CRUISES LTD.
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(in thousands, except share data)
|
||||||||
As of
|
||||||||
September 30,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
139,950
|
$
|
132,603
|
||||
Trade and other receivables, net
|
285,332
|
291,899
|
||||||
Inventories
|
119,949
|
114,087
|
||||||
Prepaid expenses and other assets
|
200,125
|
209,716
|
||||||
Derivative financial instruments
|
52,796
|
—
|
||||||
Total current assets
|
798,152
|
748,305
|
||||||
Property and equipment, net
|
19,688,872
|
20,161,427
|
||||||
Goodwill
|
288,517
|
288,386
|
||||||
Other assets
|
1,323,773
|
1,112,206
|
||||||
|
$
|
22,099,314
|
$
|
22,310,324
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities
|
||||||||
Current portion of long-term debt
|
$
|
1,515,708
|
$
|
1,285,735
|
||||
Accounts payable
|
384,536
|
305,313
|
||||||
Accrued interest
|
92,914
|
46,166
|
||||||
Accrued expenses and other liabilities
|
748,442
|
692,322
|
||||||
Derivative financial instruments
|
89,333
|
146,592
|
||||||
Customer deposits
|
2,226,179
|
1,965,473
|
||||||
Total current liabilities
|
5,057,112
|
4,441,601
|
||||||
Long-term debt
|
6,076,499
|
8,101,701
|
||||||
Other long-term liabilities
|
530,215
|
645,610
|
||||||
Shareholders' equity
|
||||||||
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
|
—
|
—
|
||||||
Common stock ($0.01 par value; 500,000,000 shares authorized; 235,134,180 and 234,613,486 shares issued, September 30, 2017
and December 31, 2016, respectively)
|
2,351
|
2,346
|
||||||
Paid-in capital
|
3,375,969
|
3,328,517
|
||||||
Retained earnings
|
8,862,369
|
7,860,341
|
||||||
Accumulated other comprehensive loss
|
(526,894
|
)
|
(916,484
|
)
|
||||
Treasury stock (21,059,191 and 20,019,237 common shares at cost, September 30, 2017 and December 31, 2016, respectively)
|
(1,278,307
|
)
|
(1,153,308
|
)
|
||||
Total shareholders' equity
|
10,435,488
|
9,121,412
|
||||||
|
$
|
22,099,314
|
$
|
22,310,324
|
||||
ROYAL CARIBBEAN CRUISES LTD.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(unaudited, in thousands)
|
||||||||
Nine Months Ended September 30,
|
||||||||
2017
|
2016
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
1,337,094
|
$
|
1,022,302
|
||||
Adjustments:
|
||||||||
Depreciation and amortization
|
710,836
|
661,712
|
||||||
Net deferred income tax expense
|
516
|
1,601
|
||||||
(Gain) loss on derivative instruments not designated as hedges
|
(56,836
|
)
|
6,353
|
|||||
Share-based compensation expense
|
52,469
|
22,041
|
||||||
Equity investment income
|
(120,359
|
)
|
(94,832
|
)
|
||||
Amortization of debt issuance costs
|
37,562
|
39,425
|
||||||
Gain on sale of property and equipment
|
(30,902
|
)
|
—
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Decrease in trade and other receivables, net
|
16,245
|
9,823
|
||||||
Increase in inventories
|
(6,131
|
)
|
(6,379
|
)
|
||||
Decrease (increase) in prepaid expenses and other assets
|
10,211
|
(8,794
|
)
|
|||||
Increase (decrease) in accounts payable
|
77,436
|
(17,313
|
)
|
|||||
Increase in accrued interest
|
46,748
|
56,787
|
||||||
Increase in accrued expenses and other liabilities
|
12,870
|
17,929
|
||||||
Increase in customer deposits
|
256,855
|
197,277
|
||||||
Dividends received from unconsolidated affiliates
|
107,267
|
71,370
|
||||||
Other, net
|
2,720
|
21,650
|
||||||
Net cash provided by operating activities
|
2,454,601
|
2,000,952
|
||||||
Investing Activities
|
||||||||
Purchases of property and equipment
|
(387,335
|
)
|
(2,313,831
|
)
|
||||
Cash received (paid) on settlement of derivative financial instruments
|
57,004
|
(172,878
|
)
|
|||||
Investments in and loans to unconsolidated affiliates
|
—
|
(8,611
|
)
|
|||||
Cash received on loans to unconsolidated affiliates
|
31,633
|
22,470
|
||||||
Proceeds from the sale of property and equipment
|
230,000
|
—
|
||||||
Other, net (2)
|
(9,313
|
)
|
(44,709
|
)
|
||||
Net cash used in investing activities
|
(78,011
|
)
|
(2,517,559
|
)
|
||||
Financing Activities
|
||||||||
Debt proceeds
|
3,682,000
|
6,038,560
|
||||||
Debt issuance costs
|
(25,987
|
)
|
(83,793
|
)
|
||||
Repayments of debt
|
(5,598,198
|
)
|
(4,818,262
|
)
|
||||
Purchases of treasury stock
|
(124,999
|
)
|
(299,959
|
)
|
||||
Dividends paid
|
(309,162
|
)
|
(243,557
|
)
|
||||
Proceeds from exercise of common stock options
|
2,499
|
1,782
|
||||||
Other, net
|
4,137
|
2,179
|
||||||
Net cash (used in) provided by financing activities
|
(2,369,710
|
)
|
596,950
|
|||||
Effect of exchange rate changes on cash
|
467
|
(23,480
|
)
|
|||||
Net increase in cash and cash equivalents
|
7,347
|
56,863
|
||||||
Cash and cash equivalents at beginning of period
|
132,603
|
121,565
|
||||||
Cash and cash equivalents at end of period
|
$
|
139,950
|
$
|
178,428
|
||||
Supplemental Disclosure
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amount capitalized
|
$
|
147,789
|
$
|
140,335
|
||||
Non-cash Investing Activities
|
||||||||
Notes receivable issued upon sale of property and equipment
|
$
|
—
|
$
|
213,042
|
||||
(2) Amount includes $26.0 million in 2016 related to cash included in the divestiture of our 51% interest in Pullmantur Holdings.
|
ROYAL CARIBBEAN CRUISES LTD.
|
||||||||||||||||||||||||
NON-GAAP RECONCILING INFORMATION
|
||||||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||||||
Gross Yields and Net Yields were calculated as follows (in thousands, except APCD and Yields):
|
||||||||||||||||||||||||
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
2017
|
2017 On a Constant Currency Basis
|
2016
|
2017
|
2017 On a Constant Currency Basis
|
2016
|
||||||||||||||||||
Passenger ticket revenues
|
$
|
1,893,152
|
$
|
1,880,360
|
$
|
1,899,956
|
$
|
4,892,760
|
$
|
4,907,927
|
$
|
4,794,653
|
||||||||||||
Onboard and other revenues
|
676,392
|
674,382
|
663,785
|
1,880,618
|
1,882,049
|
1,792,145
|
||||||||||||||||||
Total revenues
|
2,569,544
|
2,554,742
|
2,563,741
|
6,773,378
|
6,789,976
|
6,586,798
|
||||||||||||||||||
Less:
|
||||||||||||||||||||||||
Commissions, transportation and other
|
409,597
|
406,500
|
400,933
|
1,060,176
|
1,062,632
|
1,060,391
|
||||||||||||||||||
Onboard and other
|
157,041
|
155,818
|
159,887
|
395,472
|
394,316
|
399,739
|
||||||||||||||||||
Net Revenues including other initiative costs
|
|
2,002,906
|
|
1,992,424
|
|
2,002,921
|
|
5,317,730
|
|
5,333,028
|
|
5,126,668
|
||||||||||||
Less:
|
||||||||||||||||||||||||
Other initiative costs included within Net Revenues
|
—
|
—
|
(1,843
|
)
|
—
|
—
|
(1,843
|
)
|
||||||||||||||||
Net Revenues
|
$
|
2,002,906
|
$
|
1,992,424
|
$
|
2,004,764
|
$
|
5,317,730
|
$
|
5,333,028
|
$
|
5,128,511
|
||||||||||||
APCD
|
9,214,470
|
9,214,470
|
9,766,482
|
27,646,779
|
27,646,779
|
28,503,681
|
||||||||||||||||||
Gross Yields
|
$
|
278.86
|
$
|
277.25
|
$
|
262.50
|
$
|
245.00
|
$
|
245.60
|
$
|
231.09
|
||||||||||||
Net Yields
|
$
|
217.37
|
$
|
216.23
|
$
|
205.27
|
$
|
192.35
|
$
|
192.90
|
$
|
179.92
|
||||||||||||
Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD):
|
||||||||||||||||||||||||
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||||||||||
|
2017
|
2017 On a Constant Currency Basis
|
2016
|
2017
|
2017 On a Constant Currency Basis
|
2016
|
||||||||||||||||||
Total cruise operating expenses
|
$
|
1,318,269
|
$
|
1,311,964
|
$
|
1,340,123
|
$
|
3,750,878
|
$
|
3,753,441
|
$
|
3,892,288
|
||||||||||||
Marketing, selling and administrative expenses(3)
|
273,637
|
273,121
|
257,430
|
874,957
|
881,067
|
845,808
|
||||||||||||||||||
Gross Cruise Costs
|
1,591,906
|
1,585,085
|
1,597,553
|
4,625,835
|
4,634,508
|
4,738,096
|
||||||||||||||||||
Less:
|
||||||||||||||||||||||||
Commissions, transportation and other
|
409,597
|
406,500
|
400,933
|
1,060,176
|
1,062,632
|
1,060,391
|
||||||||||||||||||
Onboard and other
|
157,041
|
155,818
|
159,887
|
395,472
|
394,316
|
399,739
|
||||||||||||||||||
Net Cruise Costs including other initiative costs
|
1,025,268
|
1,022,767
|
1,036,733
|
3,170,187
|
3,177,560
|
3,277,966
|
||||||||||||||||||
Less:
|
||||||||||||||||||||||||
Net gain related to the sale of Pullmantur
and CDF Croisières de France brands
included within other operating expenses
|
—
|
—
|
(3,834
|
)
|
—
|
—
|
(3,834
|
)
|
||||||||||||||||
Other initiative costs included within cruise
operating expenses and marketing, selling
and administrative expenses
|
—
|
—
|
(2,252
|
)
|
—
|
—
|
1,073
|
|||||||||||||||||
Net Cruise Costs
|
1,025,268
|
1,022,767
|
1,042,819
|
3,170,187
|
3,177,560
|
3,280,727
|
||||||||||||||||||
Less:
|
||||||||||||||||||||||||
Fuel(4)
|
160,752
|
160,751
|
178,772
|
508,914
|
508,911
|
530,859
|
||||||||||||||||||
Net Cruise Costs Excluding Fuel
|
$
|
864,516
|
$
|
862,016
|
$
|
864,047
|
$
|
2,661,273
|
$
|
2,668,649
|
$
|
2,749,868
|
||||||||||||
APCD
|
9,214,470
|
9,214,470
|
9,766,482
|
27,646,779
|
27,646,779
|
28,503,681
|
||||||||||||||||||
Gross Cruise Costs per APCD
|
$
|
172.76
|
$
|
172.02
|
$
|
163.58
|
$
|
167.32
|
$
|
167.63
|
$
|
166.23
|
||||||||||||
Net Cruise Costs per APCD
|
$
|
111.27
|
$
|
111.00
|
$
|
106.78
|
$
|
114.67
|
$
|
114.93
|
$
|
115.10
|
||||||||||||
Net Cruise Costs Excluding Fuel per APCD
|
$
|
93.82
|
$
|
93.55
|
$
|
88.47
|
$
|
96.26
|
$
|
96.53
|
$
|
96.47
|
||||||||||||
(3) For the quarter and nine months ended September 30, 2016, amounts do not include restructuring charges of $1.9 million and $6.6 million, respectively.
|
||||||||||||||||||||||||
(4) For the nine months ended September 30, 2016, amount does not include fuel expense of $0.4 million included within other initiative costs associated with the redeployment of Pullmantur's Empress to the Royal Caribbean International brand.
|
||||||||||||||||||||||||
ROYAL CARIBBEAN CRUISES LTD.
|
||||||||||||||||
NON-GAAP RECONCILING INFORMATION (CONTINUED)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Adjusted Net Income and Adjusted Earnings per Share were calculated as follows (in thousands, except per share data):
|
||||||||||||||||
|
Quarter Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net Income
|
$
|
752,842
|
$
|
693,257
|
$
|
1,337,094
|
$
|
1,022,302
|
||||||||
Adjusted Net income
|
752,842
|
690,911
|
1,337,094
|
1,050,031
|
||||||||||||
Net Adjustments to Net Income- (Decrease) Increase
|
$
|
—
|
$
|
(2,346
|
)
|
$
|
—
|
$
|
27,729
|
|||||||
Adjustments to Net Income:
|
||||||||||||||||
Net loss related to the elimination of the Pullmantur reporting lag
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
21,656
|
||||||||
Net gain related to the sale of the Pullmantur and CDF Croisières de France brands
|
—
|
(3,834
|
)
|
—
|
(3,834
|
)
|
||||||||||
Restructuring charges
|
—
|
1,897
|
—
|
6,627
|
||||||||||||
Other initiative costs
|
—
|
(409
|
)
|
—
|
3,280
|
|||||||||||
Net Adjustments to Net Income- (Decrease) Increase
|
$
|
—
|
$
|
(2,346
|
)
|
$
|
—
|
$
|
27,729
|
|||||||
Earnings per Share - Diluted
|
$
|
3.49
|
$
|
3.21
|
$
|
6.19
|
$
|
4.72
|
||||||||
Adjusted Earnings per Share - Diluted
|
3.49
|
3.20
|
6.19
|
4.85
|
||||||||||||
Net Adjustments to Net Income- (Decrease) Increase
|
$
|
—
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
0.13
|
|||||||
Adjustments to Earnings per Share:
|
||||||||||||||||
Net loss related to the elimination of the Pullmantur reporting lag
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
0.10
|
||||||||
Net gain related to the sale of the Pullmantur and CDF Croisières de France brands
|
—
|
(0.02
|
)
|
—
|
(0.02
|
)
|
||||||||||
Restructuring charges
|
—
|
0.01
|
—
|
0.03
|
||||||||||||
Other initiative costs
|
—
|
—
|
|
—
|
0.02
|
|||||||||||
Net Adjustments to Net Income- (Decrease) Increase
|
$
|
—
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
0.13
|
|||||||
Weighted-Average Shares Outstanding - Diluted
|
215,824
|
215,667
|
215,905
|
216,575
|
||||||||||||