(Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) (Zip Code) |
Not Applicable | ||
(Former Name or Former Address, if Changed Since Last Report) | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
ROYAL CARIBBEAN CRUISES LTD. | |||
Date: | October 30, 2019 | By: | /s/ JASON T. LIBERTY |
Name: | Jason T. Liberty | ||
Title: | EVP, Chief Financial Officer |
• | US GAAP Net Income was $883.2 million or $4.20 per share and Adjusted Net Income was $896.8 million or $4.27 per share. These results include the negative impact of approximately $27 million or $0.13 per share from itinerary disruptions and relief efforts related to Hurricane Dorian. Last year, US GAAP Net Income was $810.4 million or $3.86 per share, and Adjusted Net Income was $836.3 million or $3.98 per share. |
• | Gross Yields were up 6.6% in Constant-Currency (up 5.4% As-Reported). Net Yields were up 6.4% in Constant-Currency (up 5.2% As-Reported). |
• | Gross Cruise Costs per Available Passenger Cruise Days ("APCD") increased 7.5% in Constant-Currency (up 6.7% As-Reported). Net Cruise Costs (“NCC”) excluding Fuel per APCD were up 11.0% in Constant-Currency (up 10.4% As-Reported). |
• | These yield and cost metrics have not been adjusted to separate out the impact of Hurricane Dorian. |
• | Adjusted earnings for the full year are expected to be in the range of $9.50 to $9.55 per share. This range includes the negative impact of approximately $0.15 per share from itinerary disruptions and relief efforts related to Hurricane Dorian. |
• | Net revenue yields are expected to increase approximately 8.0% in Constant-Currency and approximately 6.75% As-Reported. |
• | NCC excluding Fuel per APCD are expected to be up approximately 11.0% in Constant-Currency (up approximately 10.5% As-Reported). |
FUEL STATISTICS | Fourth Quarter 2019 | Full Year 2019 |
Fuel Consumption (metric tons) | 371,400 | 1,486,200 |
Fuel Expenses | $176 million | $696 million |
Percent Hedged (fwd. consumption) | 60% | 60% |
GUIDANCE | As-Reported | Constant-Currency |
Fourth Quarter 2019 | ||
Net Yields | Approx. 6.25% | Approx. 6.75% |
Net Cruise Costs per APCD | Approx. 10.0% | Approx. 10.25% |
Net Cruise Costs ex.Fuel per APCD | Approx. 14.25% | Approx. 14.5% |
Full Year 2019 | ||
Net Yields | Approx. 6.75% | Approx. 8.0% |
Net Cruise Costs per APCD | Approx. 7.5% | Approx. 8.0% |
Net Cruise Costs ex.Fuel per APCD | Approx. 10.5% | Approx. 11.0% |
GUIDANCE | Fourth Quarter 2019 | Full Year 2019 |
Capacity change | 2.3% | 7.9% |
Depreciation and Amortization | $322 to $326 million | $1,237 to $1,241 million |
Interest Expense, net | $89 to $93 million | $374 to $378 million |
Adjusted EPS | Approx. $1.40 | $9.50 to $9.55 |
SENSITIVITY | Fourth Quarter 2019 |
1% Change in Currency | $5 million |
1% Change in Net Yields | $19 million |
1% Change in NCC ex Fuel | $10 million |
100 Basis pt. change in LIBOR | $5 million |
10% Change in Fuel prices | $9 million |
Exchange rates used in guidance calculations | |
GBP | $1.29 |
AUD | $0.68 |
CAD | $0.77 |
CNH | $0.14 |
EUR | $1.11 |
ROYAL CARIBBEAN CRUISES LTD. | |||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
(unaudited, in thousands, except per share data) | |||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Passenger ticket revenues | $ | 2,344,779 | $ | 2,042,911 | $ | 6,072,599 | $ | 5,141,125 | |||||||
Onboard and other revenues | 842,071 | 753,276 | 2,360,649 | 2,020,423 | |||||||||||
Total revenues | 3,186,850 | 2,796,187 | 8,433,248 | 7,161,548 | |||||||||||
Cruise operating expenses: | |||||||||||||||
Commissions, transportation and other | 488,921 | 430,039 | 1,279,010 | 1,078,953 | |||||||||||
Onboard and other | 200,656 | 171,028 | 510,255 | 412,805 | |||||||||||
Payroll and related | 263,993 | 221,205 | 799,094 | 674,676 | |||||||||||
Food | 149,621 | 133,324 | 436,002 | 381,349 | |||||||||||
Fuel | 177,677 | 182,415 | 519,772 | 515,065 | |||||||||||
Other operating | 342,170 | 273,353 | 1,037,113 | 838,946 | |||||||||||
Total cruise operating expenses | 1,623,038 | 1,411,364 | 4,581,246 | 3,901,794 | |||||||||||
Marketing, selling and administrative expenses | 352,725 | 325,167 | 1,144,546 | 975,451 | |||||||||||
Depreciation and amortization expenses | 320,295 | 259,923 | 924,180 | 753,529 | |||||||||||
Operating Income | 890,792 | 799,733 | 1,783,276 | 1,530,774 | |||||||||||
Other income (expense): | |||||||||||||||
Interest income | 5,625 | 5,831 | 21,751 | 26,662 | |||||||||||
Interest expense, net of interest capitalized | (102,038 | ) | (86,510 | ) | (313,757 | ) | (236,252 | ) | |||||||
Equity investment income | 103,654 | 95,169 | 170,393 | 168,232 | |||||||||||
Other (expense) income | (7,668 | ) | (3,832 | ) | (34,537 | ) | 5,923 | ||||||||
(427 | ) | 10,658 | (156,150 | ) | (35,435 | ) | |||||||||
Net Income | 890,365 | 810,391 | 1,627,126 | 1,495,339 | |||||||||||
Less: Net Income attributable to noncontrolling interest | 7,125 | — | 21,375 | — | |||||||||||
Net Income attributable to Royal Caribbean Cruises Ltd. | $ | 883,240 | $ | 810,391 | $ | 1,605,751 | $ | 1,495,339 | |||||||
Earnings per Share: | |||||||||||||||
Basic | $ | 4.21 | $ | 3.88 | $ | 7.67 | $ | 7.08 | |||||||
Diluted | $ | 4.20 | $ | 3.86 | $ | 7.65 | $ | 7.05 | |||||||
Weighted-Average Shares Outstanding: | |||||||||||||||
Basic | 209,575 | 209,054 | 209,477 | 211,099 | |||||||||||
Diluted | 210,121 | 209,928 | 210,032 | 211,973 | |||||||||||
Comprehensive Income | |||||||||||||||
Net Income | $ | 890,365 | $ | 810,391 | $ | 1,627,126 | $ | 1,495,339 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Foreign currency translation adjustments | (15,510 | ) | (3,479 | ) | (7,683 | ) | (13,840 | ) | |||||||
Change in defined benefit plans | (12,456 | ) | 1,153 | (22,831 | ) | 6,949 | |||||||||
(Loss) gain on cash flow derivative hedges | (265,224 | ) | 36,946 | (288,115 | ) | 110,576 | |||||||||
Total other comprehensive (loss) income | (293,190 | ) | 34,620 | (318,629 | ) | 103,685 | |||||||||
Comprehensive Income | 597,175 | 845,011 | 1,308,497 | 1,599,024 | |||||||||||
Less: Comprehensive Income attributable to noncontrolling interest | 7,125 | — | 21,375 | — | |||||||||||
Comprehensive Income attributable to Royal Caribbean Cruises Ltd. | $ | 590,050 | $ | 845,011 | $ | 1,287,122 | $ | 1,599,024 | |||||||
STATISTICS | |||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 |
ROYAL CARIBBEAN CRUISES LTD. | |||||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
(unaudited, in thousands, except per share data) | |||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Passengers Carried | 1,728,997 | 1,635,884 | 4,926,123 | 4,501,890 | |||||||||||
Passenger Cruise Days | 11,863,189 | 11,103,471 | 33,746,534 | 30,942,320 | |||||||||||
APCD | 10,733,254 | 9,923,690 | 31,031,274 | 28,242,132 | |||||||||||
Occupancy | 110.5 | % | 111.9 | % | 108.8 | % | 109.6 | % |
ROYAL CARIBBEAN CRUISES LTD. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except share data) | |||||||
As of | |||||||
September 30, | December 31, | ||||||
2019 | 2018 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 276,730 | $ | 287,852 | |||
Trade and other receivables, net | 348,991 | 324,507 | |||||
Inventories | 167,213 | 153,573 | |||||
Prepaid expenses and other assets | 399,390 | 456,547 | |||||
Derivative financial instruments | 11,633 | 19,565 | |||||
Total current assets | 1,203,957 | 1,242,044 | |||||
Property and equipment, net | 25,005,404 | 23,466,163 | |||||
Operating lease right-of-use assets | 697,461 | — | |||||
Goodwill | 1,373,065 | 1,378,353 | |||||
Other assets | 1,545,574 | 1,611,710 | |||||
Total assets | $ | 29,825,461 | $ | 27,698,270 | |||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | |||||||
Current liabilities | |||||||
Current portion of debt | $ | 943,060 | $ | 1,646,841 | |||
Commercial paper | 922,201 | 775,488 | |||||
Current portion of operating lease liabilities | 93,058 | — | |||||
Accounts payable | 538,949 | 488,212 | |||||
Accrued interest | 124,561 | 74,550 | |||||
Accrued expenses and other liabilities | 979,939 | 899,761 | |||||
Derivative financial instruments | 101,561 | 78,476 | |||||
Customer deposits | 3,410,205 | 3,148,837 | |||||
Total current liabilities | 7,113,534 | 7,112,165 | |||||
Long-term debt | 8,819,212 | 8,355,370 | |||||
Long-term operating lease liabilities | 620,570 | — | |||||
Other long-term liabilities | 731,844 | 583,254 | |||||
Total liabilities | 17,285,160 | 16,050,789 | |||||
Redeemable noncontrolling interest | 563,394 | 542,020 | |||||
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; 236,494,616 and 235,847,683 shares issued, September 30, 2019 and December 31, 2018, respectively) | 2,365 | 2,358 | |||||
Paid-in capital | 3,466,641 | 3,420,900 | |||||
Retained earnings | 11,412,773 | 10,263,282 | |||||
Accumulated other comprehensive loss | (946,363 | ) | (627,734 | ) | |||
Treasury stock (26,887,147 and 26,830,765 common shares at cost, at September 30, 2019 and December 31, 2018, respectively) | (1,958,509 | ) | (1,953,345 | ) | |||
Total shareholders’ equity | 11,976,907 | 11,105,461 | |||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 29,825,461 | $ | 27,698,270 |
ROYAL CARIBBEAN CRUISES LTD. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(unaudited, in thousands) | |||||||
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Operating Activities | |||||||
Net Income | $ | 1,627,126 | $ | 1,495,339 | |||
Adjustments: | |||||||
Depreciation and amortization | 924,180 | 753,529 | |||||
Impairment losses | — | 33,651 | |||||
Net deferred income tax expense (benefit) | 4,664 | (2,926 | ) | ||||
Loss on derivative instruments not designated as hedges | 24,229 | 41,397 | |||||
Share-based compensation expense | 51,256 | 63,420 | |||||
Equity investment income | (170,393 | ) | (168,232 | ) | |||
Amortization of debt issuance costs | 24,154 | 31,656 | |||||
Amortization of commercial paper notes discount | 23,583 | 3,844 | |||||
Loss on extinguishment of debt | 6,326 | — | |||||
Change in fair value of contingent consideration | 10,700 | — | |||||
Gain on sale of unconsolidated affiliate | — | (13,680 | ) | ||||
Recognition of deferred gain | — | (21,794 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Increase in trade and other receivables, net | (36,682 | ) | (17,141 | ) | |||
Increase in inventories | (13,640 | ) | (21,760 | ) | |||
Decrease (increase) in prepaid expenses and other assets | 41,757 | (76,471 | ) | ||||
Increase in accounts payable | 51,011 | 35,433 | |||||
Increase in accrued interest | 50,011 | 45,735 | |||||
Increase (decrease) in accrued expenses and other liabilities | 81,026 | (15,856 | ) | ||||
Increase in customer deposits | 261,335 | 349,230 | |||||
Dividends received from unconsolidated affiliates | 148,285 | 241,697 | |||||
Other, net | (1,860 | ) | (10,087 | ) | |||
Net cash provided by operating activities | 3,107,068 | 2,746,984 | |||||
Investing Activities | |||||||
Purchases of property and equipment | (2,341,895 | ) | (2,509,127 | ) | |||
Cash received on settlement of derivative financial instruments | 6,442 | 74,008 | |||||
Cash paid on settlement of derivative financial instruments | (86,671 | ) | (50,891 | ) | |||
Investments in and loans to unconsolidated affiliates | (6,889 | ) | (15,194 | ) | |||
Cash received on loans to unconsolidated affiliates | 27,697 | 49,501 | |||||
Proceeds from the sale of unconsolidated affiliate | — | 13,215 | |||||
Acquisition of Silversea Cruises, net of cash acquired | — | (916,135 | ) | ||||
Other, net | (1,028 | ) | (3,989 | ) | |||
Net cash used in investing activities | (2,402,344 | ) | (3,358,612 | ) | |||
Financing Activities | |||||||
Debt proceeds | 3,080,564 | 6,626,295 | |||||
Debt issuance costs | (42,491 | ) | (54,775 | ) | |||
Repayments of debt | (3,424,339 | ) | (5,833,602 | ) | |||
Proceeds from issuance of commercial paper notes | 19,807,417 | 2,165,991 |
ROYAL CARIBBEAN CRUISES LTD. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(unaudited, in thousands) | |||||||
Nine Months Ended September 30, | |||||||
2019 | 2018 | ||||||
Repayments of commercial paper notes | (19,684,288 | ) | (1,171,000 | ) | |||
Purchases of treasury stock | — | (575,039 | ) | ||||
Dividends paid | (439,543 | ) | (381,465 | ) | |||
Proceeds from exercise of common stock options | 1,452 | 4,206 | |||||
Other, net | (13,681 | ) | (14,857 | ) | |||
Net cash (used in) provided by financing activities | (714,909 | ) | 765,754 | ||||
Effect of exchange rate changes on cash | (937 | ) | (19,417 | ) | |||
Net (decrease) increase in cash and cash equivalents | (11,122 | ) | 134,709 | ||||
Cash and cash equivalents at beginning of period | 287,852 | 120,112 | |||||
Cash and cash equivalents at end of period | $ | 276,730 | $ | 254,821 | |||
Supplemental Disclosure | |||||||
Cash paid during the period for: | |||||||
Interest, net of amount capitalized | $ | 179,497 | $ | 154,231 | |||
Non-cash Investing Activities | |||||||
Contingent consideration for the acquisition of Silversea Cruises | $ | — | $ | 44,000 |
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, | ||||||||||||||||||||||
2019 | 2019 On a Constant Currency Basis | 2018 | 2019 | 2019 On a Constant Currency Basis | 2018 | ||||||||||||||||||
Passenger ticket revenues | $ | 2,344,779 | $ | 2,377,350 | $ | 2,042,911 | $ | 6,072,599 | $ | 6,173,459 | $ | 5,141,125 | |||||||||||
Onboard and other revenues | 842,071 | 846,596 | 753,276 | 2,360,649 | 2,374,817 | 2,020,423 | |||||||||||||||||
Total revenues | 3,186,850 | 3,223,946 | 2,796,187 | 8,433,248 | 8,548,276 | 7,161,548 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Commissions, transportation and other | 488,921 | 495,974 | 430,039 | 1,279,010 | 1,296,848 | 1,078,953 | |||||||||||||||||
Onboard and other | 200,656 | 202,229 | 171,028 | 510,255 | 513,397 | 412,805 | |||||||||||||||||
Net Revenues | $ | 2,497,273 | $ | 2,525,743 | $ | 2,195,120 | $ | 6,643,983 | $ | 6,738,031 | $ | 5,669,790 | |||||||||||
APCD | 10,733,254 | 10,733,254 | 9,923,690 | 31,031,274 | 31,031,274 | 28,242,132 | |||||||||||||||||
Gross Yields | $ | 296.91 | $ | 300.37 | $ | 281.77 | $ | 271.77 | $ | 275.47 | $ | 253.58 | |||||||||||
Net Yields | $ | 232.67 | $ | 235.32 | $ | 221.20 | $ | 214.11 | $ | 217.14 | $ | 200.76 | |||||||||||
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, | ||||||||||||||||||||||
2019 | 2019 On a Constant Currency Basis | 2018 | 2019 | 2019 On a Constant Currency Basis | 2018 | ||||||||||||||||||
Total cruise operating expenses | $ | 1,623,038 | $ | 1,634,594 | $ | 1,411,364 | $ | 4,581,246 | $ | 4,613,867 | $ | 3,901,794 | |||||||||||
Marketing, selling and administrative expenses (1) (2) | 351,863 | 354,751 | 299,259 | 1,142,498 | 1,153,627 | 942,855 | |||||||||||||||||
Gross Cruise Costs | 1,974,901 | 1,989,345 | 1,710,623 | 5,723,744 | 5,767,494 | 4,844,649 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Commissions, transportation and other | 488,921 | 495,974 | 430,039 | 1,279,010 | 1,296,848 | 1,078,953 | |||||||||||||||||
Onboard and other | 200,656 | 202,229 | 171,028 | 510,255 | 513,397 | 412,805 | |||||||||||||||||
Net Cruise Costs including other costs | 1,285,324 | 1,291,142 | 1,109,556 | 3,934,479 | 3,957,249 | 3,352,891 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Costs, net of insurance recoveries, related to the Oasis of the Seas incident included within cruise operating expenses | (429 | ) | (429 | ) | — | 11,597 | 11,597 | — | |||||||||||||||
Net Cruise Costs | 1,285,753 | 1,291,571 | 1,109,556 | 3,922,882 | 3,945,652 | 3,352,891 | |||||||||||||||||
Less: | |||||||||||||||||||||||
Fuel (3) | 178,373 | 178,374 | 182,415 | 519,772 | 519,791 | 515,065 | |||||||||||||||||
Net Cruise Costs Excluding Fuel | $ | 1,107,380 | $ | 1,113,197 | $ | 927,141 | $ | 3,403,110 | $ | 3,425,861 | $ | 2,837,826 | |||||||||||
APCD | 10,733,254 | 10,733,254 | 9,923,690 | 31,031,274 | 31,031,274 | 28,242,132 | |||||||||||||||||
Gross Cruise Costs per APCD | $ | 184.00 | $ | 185.34 | $ | 172.38 | $ | 184.45 | $ | 185.86 | $ | 171.54 | |||||||||||
Net Cruise Costs per APCD | $ | 119.79 | $ | 120.33 | $ | 111.81 | $ | 126.42 | $ | 127.15 | $ | 118.72 | |||||||||||
Net Cruise Costs Excluding Fuel per APCD | $ | 103.17 | $ | 103.71 | $ | 93.43 | $ | 109.67 | $ | 110.40 | $ | 100.48 |
(1) | For the nine months ended September 30, 2019, the amount does not include the transaction costs related to the Silversea Cruises acquisition of $1.2 million. For the quarter and nine months ended September 30, 2018, the amount does not include the transaction costs related to the Silversea Cruises acquisition of $25.9 million and $30.6 million, respectively, and the impairment and other costs related to the exit of our tour operations business of $11.3 million. |
(2) | For the nine months ended September 30, 2018, the amount does not include the impact of the change in accounting principle related to the recognition of stock-based compensation expense, which resulted in an increase to Net Income attributable to Royal Caribbean Cruises Ltd. of $9.2 million. |
(3) | For the quarter and nine months ended September 30, 2019, the amounts do not include fuel expense, net of insurance recoveries, related to the Oasis of the Seas incident. |
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, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net Income attributable to Royal Caribbean Cruises Ltd. | $ | 883,240 | $ | 810,391 | $ | 1,605,751 | $ | 1,495,339 | |||||||
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. | 896,838 | 836,299 | 1,705,420 | 1,551,278 | |||||||||||
Net Adjustments to Net Income attributable to Royal Caribbean Cruises Ltd. - Increase | $ | 13,598 | $ | 25,908 | $ | 99,669 | $ | 55,939 | |||||||
Adjustments to Net Income attributable to Royal Caribbean Cruises Ltd.: | |||||||||||||||
Grand Bahama's drydock write-off and other incidental expenses | $ | 1,588 | $ | — | $ | 16,709 | $ | — | |||||||
Noncontrolling interest adjustment | 8,508 | — | 43,082 | — | |||||||||||
Oasis of the Seas incident | (429 | ) | — | 11,597 | — | ||||||||||
Change in the fair value of contingent consideration related to Silversea Cruises acquisition | — | — | 10,700 | — | |||||||||||
Loss on extinguishment of debt | — | — | 6,326 | — | |||||||||||
Amortization of Silversea Cruises intangible assets resulting from the acquisition | 3,069 | — | 9,207 | — | |||||||||||
Integration costs related to Silversea Cruises acquisition | 862 | — | 862 | — | |||||||||||
Transaction costs related to Silversea Cruises acquisition | — | 25,908 | 1,186 | 30,579 | |||||||||||
Impairment and other costs related to exit of tour operations business | — | — | — | 11,255 | |||||||||||
Impairment loss related to Skysea Holding | — | — | — | 23,343 | |||||||||||
Impact of change in accounting principle | — | — | — | (9,238 | ) | ||||||||||
Net Adjustments to Net Income attributable to Royal Caribbean Cruises Ltd. - Increase | $ | 13,598 | $ | 25,908 | $ | 99,669 | $ | 55,939 | |||||||
Earnings per Share - Diluted | $ | 4.20 | $ | 3.86 | $ | 7.65 | $ | 7.05 | |||||||
Adjusted Earnings per Share - Diluted | 4.27 | 3.98 | 8.12 | 7.32 | |||||||||||
Net Adjustments to Earnings per Share | $ | 0.07 | $ | 0.12 | $ | 0.47 | $ | 0.27 | |||||||
Adjustments to Earnings per Share: | |||||||||||||||
Grand Bahama's dry-dock write-off and other incidental expenses | $ | 0.01 | $ | — | $ | 0.08 | $ | — | |||||||
Noncontrolling interest adjustment | 0.04 | — | 0.20 | — | |||||||||||
Oasis of the Seas incident | — | — | 0.06 | — | |||||||||||
Change in the fair value of contingent consideration related to Silversea Cruises acquisition | — | — | 0.05 | — | |||||||||||
Loss on extinguishment of debt | — | — | 0.03 | — | |||||||||||
Amortization of Silversea Cruises intangible assets resulting from the acquisition | 0.01 | — | 0.04 | — | |||||||||||
Integration costs related to Silversea Cruises acquisition | 0.01 | — | 0.01 | — | |||||||||||
Transaction costs related to Silversea Cruises acquisition | — | 0.12 | — | 0.14 | |||||||||||
Impairment and other costs related to exit of tour operations business | — | — | — | 0.06 | |||||||||||
Impairment loss related to Skysea Holding | — | — | — | 0.11 | |||||||||||
Impact of change in accounting principle | — | — | — | (0.04 | ) | ||||||||||
Net Adjustments to Earnings per Share | $ | 0.07 | $ | 0.12 | $ | 0.47 | $ | 0.27 | |||||||
Weighted-Average Shares Outstanding - Diluted | 210,121 | 209,928 | 210,032 | 211,973 |
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Document and Entity Information Document |
Oct. 30, 2019 |
---|---|
Document Information [Line Items] | |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Local Phone Number | 539-6000 |
Entity Registrant Name | ROYAL CARIBBEAN CRUISES LTD. |
Document Type | 8-K |
Document Period End Date | Oct. 30, 2019 |
Entity File Number | 1-11884 |
Entity Tax Identification Number | 98-0081645 |
Entity Address, Postal Zip Code | 33132 |
City Area Code | 305 |
Entity Incorporation, State or Country Code | N0 |
Entity Address, Address Line One | 1050 Caribbean Way |
Entity Address, City or Town | Miami |
Entity Address, State or Province | FL |
Trading Symbol | RCL |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Security Exchange Name | NYSE |
Entity Central Index Key | 0000884887 |
Amendment Flag | false |
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