Company Quick10K Filing
Royal Caribbean Cruises
Price108.64 EPS9
Shares210 P/E12
MCap22,828 P/FCF7
Net Debt8,542 EBIT2,257
TEV31,370 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-21
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-10-23
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-04-23
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-10-23
10-Q 2014-06-30 Filed 2014-07-24
10-Q 2014-03-31 Filed 2014-04-24
10-K 2013-12-31 Filed 2014-02-20
10-Q 2013-09-30 Filed 2013-10-24
10-Q 2013-06-30 Filed 2013-07-26
10-Q 2013-03-31 Filed 2013-04-25
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-24
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-10-31
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-04-28
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-06-30 Filed 2010-07-23
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10-K 2009-12-31 Filed 2010-02-23
8-K 2020-11-13
8-K 2020-11-10
8-K 2020-10-29
8-K 2020-10-16
8-K 2020-10-13
8-K 2020-10-13
8-K 2020-10-13
8-K 2020-10-06
8-K 2020-09-21
8-K 2020-09-14
8-K 2020-08-26
8-K 2020-08-12
8-K 2020-08-10
8-K 2020-07-30
8-K 2020-07-28
8-K 2020-07-16
8-K 2020-07-09
8-K 2020-07-06
8-K 2020-06-23
8-K 2020-06-22
8-K 2020-06-09
8-K 2020-06-04
8-K 2020-06-04
8-K 2020-05-28
8-K 2020-05-20
8-K 2020-05-19
8-K 2020-05-13
8-K 2020-05-13
8-K 2020-05-13
8-K 2020-05-08
8-K 2020-05-06
8-K 2020-04-28
8-K 2020-04-21
8-K 2020-04-16
8-K 2020-04-08
8-K 2020-04-01
8-K 2020-03-27
8-K 2020-03-24
8-K 2020-03-23
8-K 2020-03-14
8-K 2020-03-13
8-K 2020-03-10
8-K 2020-03-05
8-K 2020-02-13
8-K 2020-02-04
8-K 2020-01-29
8-K 2019-12-18
8-K 2019-12-13
8-K 2019-10-30
8-K 2019-07-25
8-K 2019-06-11
8-K 2019-06-06
8-K 2019-05-30
8-K 2019-05-01
8-K 2019-04-05
8-K 2019-02-08
8-K 2019-01-30
8-K 2018-12-04
8-K 2018-10-25
8-K 2018-08-02
8-K 2018-07-31
8-K 2018-06-29
8-K 2018-06-14
8-K 2018-06-14
8-K 2018-06-13
8-K 2018-05-21
8-K 2018-05-08
8-K 2018-04-26
8-K 2018-03-19
8-K 2018-03-19
8-K 2018-01-24

RCL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. General
Note 2. Summary of Significant Accounting Policies
Note 3. Impairment and Credit Losses
Note 4. Revenues
Note 5. (Loss) Earnings per Share
Note 6. Other Assets
Note 7. Debt
Note 8. Leases
Note 9. Redeemable Noncontrolling Interest
Note 10. Commitments and Contingencies
Note 11. Shareholders' Equity
Note 12. Changes in Accumulated Other Comprehensive Income (Loss)
Note 13. Fair Value Measurements and Derivative Instruments
Note 14. Restructuring Charges
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.9 a2020q3exhibit109.htm
EX-10.10 a2020q3exhibit1010.htm
EX-10.11 a2020q3exhibit1011.htm
EX-10.12 a2020q3exhibit1012.htm
EX-10.13 a2020q3exhibit1013.htm
EX-31.1 a2020q3exhibit311.htm
EX-31.2 a2020q3exhibit312.htm
EX-32.1 a2020q3exhibit321.htm

Royal Caribbean Cruises Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
30241812602012201420172020
Assets, Equity
3.22.51.81.00.3-0.42012201420172020
Rev, G Profit, Net Income
1.30.6-0.0-0.7-1.3-2.02012201420172020
Ops, Inv, Fin

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Table of Contents    

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q 
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from            to            
Commission File Number: 1-11884
ROYAL CARIBBEAN CRUISES LTD.
(Exact name of registrant as specified in its charter) 
Republic of Liberia
 98-0081645
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
 
1050 Caribbean Way, Miami, Florida 33132
(Address of principal executive offices) (zip code) 
(305) 539-6000
(Registrant’s telephone number, including area code) 
N/A
(Former name, former address and former fiscal year, if changed since last report) 

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareRCLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  
There were 224,338,138 shares of common stock outstanding as of October 30, 2020.
























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ROYAL CARIBBEAN CRUISES LTD.
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in thousands, except per share data)
Quarter Ended September 30,
 20202019
Passenger ticket revenues$3,204 $2,344,779 
Onboard and other revenues(36,892)842,071 
Total revenues(33,688)3,186,850 
Cruise operating expenses:  
Commissions, transportation and other(3,321)488,921 
Onboard and other6,036 200,656 
Payroll and related119,213 263,993 
Food5,640 149,621 
Fuel53,815 177,677 
Other operating127,226 342,170 
Total cruise operating expenses308,609 1,623,038 
Marketing, selling and administrative expenses246,779 352,725 
Depreciation and amortization expenses317,139 320,295 
Impairment and credit losses89,899  
Operating (Loss) Income(996,114)890,792 
Other expense:  
Interest income5,017 5,625 
Interest expense, net of interest capitalized(259,349)(102,038)
Equity investment (loss) income(78,013)103,654 
Other expense(10,853)(7,668)
 (343,198)(427)
Net (Loss) Income(1,339,312)890,365 
Less: Net Income attributable to noncontrolling interest7,444 7,125 
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(1,346,756)$883,240 
(Loss) Earnings per Share:  
Basic$(6.29)$4.21 
Diluted$(6.29)$4.20 
Weighted-Average Shares Outstanding:  
Basic214,163 209,575 
Diluted214,163 210,121 
Comprehensive (Loss) Income  
Net (Loss) Income$(1,339,312)$890,365 
Other comprehensive income (loss):  
Foreign currency translation adjustments19,071 (15,510)
Change in defined benefit plans(3,086)(12,456)
Gain (loss) on cash flow derivative hedges66,135 (265,224)
Total other comprehensive income (loss) 82,120 (293,190)
Comprehensive (Loss) Income(1,257,192)597,175 
Less: Comprehensive Income attributable to noncontrolling interest7,444 7,125 
Comprehensive (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(1,264,636)$590,050 

The accompanying notes are an integral part of these consolidated financial statements.

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ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in thousands, except per share data)
Nine Months Ended September 30,
20202019
Passenger ticket revenues$1,487,077 $6,072,599 
Onboard and other revenues687,590 2,360,649 
Total revenues2,174,667 8,433,248 
Cruise operating expenses:
Commissions, transportation and other342,632 1,279,010 
Onboard and other151,333 510,255 
Payroll and related693,480 799,094 
Food154,439 436,002 
Fuel327,275 519,772 
Other operating830,689 1,037,113 
Total cruise operating expenses2,499,848 4,581,246 
Marketing, selling and administrative expenses944,087 1,144,546 
Depreciation and amortization expenses961,226 924,180 
Impairment and credit losses1,354,514  
Operating (Loss) Income(3,585,008)1,783,276 
Other expense:
Interest income15,757 21,751 
Interest expense, net of interest capitalized(571,149)(313,757)
Equity investment (loss) income(140,258)170,393 
Other expense(127,537)(34,537)
(823,187)(156,150)
Net (Loss) Income(4,408,195)1,627,126 
Less: Net Income attributable to noncontrolling interest22,332 21,375 
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(4,430,527)$1,605,751 
(Loss) Earnings per Share:
Basic$(21.01)$7.67 
Diluted$(21.01)$7.65 
Weighted-Average Shares Outstanding:
Basic210,894 209,477 
Diluted210,894 210,032 
Comprehensive (Loss) Income
Net (Loss) Income$(4,408,195)$1,627,126 
Other comprehensive (loss) income:
Foreign currency translation adjustments55,698 (7,683)
Change in defined benefit plans(16,953)(22,831)
Loss on cash flow derivative hedges(110,139)(288,115)
Total other comprehensive (loss) (71,394)(318,629)
Comprehensive (Loss) Income(4,479,589)1,308,497 
Less: Comprehensive Income attributable to noncontrolling interest22,332 21,375 
Comprehensive (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(4,501,921)$1,287,122 

The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents    

`ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 As of
 September 30,December 31,
 20202019
 (unaudited) 
Assets  
Current assets  
Cash and cash equivalents$3,016,788 $243,738 
Trade and other receivables, net of allowances of $7,673 and $5,635
at September 30, 2020 and December 31, 2019, respectively
165,225 305,821 
Inventories142,432 162,107 
Prepaid expenses and other assets197,195 429,211 
Derivative financial instruments10,155 21,751 
Total current assets3,531,795 1,162,628 
Property and equipment, net25,362,549 25,466,808 
Operating lease right-of-use assets584,477 687,555 
Goodwill809,471 1,385,644 
Other assets, net of allowances of $73,156 and $0 at September 30, 2020
and December 31, 2019, respectively
1,540,518 1,617,649 
Total assets$31,828,810 $30,320,284 
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity  
Current liabilities  
Current portion of debt$870,027 $1,186,586 
Commercial paper386,683 1,434,180 
Current portion of operating lease liabilities102,251 96,976 
Accounts payable421,023 563,706 
Accrued interest234,375 70,090 
Accrued expenses and other liabilities677,594 1,078,345 
Derivative financial instruments 113,474 94,875 
Customer deposits1,820,038 3,428,138 
Total current liabilities4,625,465 7,952,896 
Long-term debt17,633,737 8,414,110 
Long-term operating lease liabilities546,494 601,641 
Other long-term liabilities694,520 617,810 
Total liabilities23,500,216 17,586,457 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest 569,981 
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; 242,502,983 and 236,547,842 shares issued, September 30, 2020 and December 31, 2019, respectively)
2,425 2,365 
Paid-in capital4,329,557 3,493,959 
Retained earnings6,929,710 11,523,326 
Accumulated other comprehensive loss(869,107)(797,713)
Treasury stock (27,799,775 and 27,746,848 common shares at cost, September 30, 2020 and December 31, 2019, respectively)
(2,063,991)(2,058,091)
Total shareholders’ equity8,328,594 12,163,846 
Total liabilities, redeemable noncontrolling interest and shareholders’ equity$31,828,810 $30,320,284 
The accompanying notes are an integral part of these consolidated financial statements.
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ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
<
Nine Months Ended September 30,
 20202019
Operating Activities  
Net (loss) income$(4,408,195)$1,627,126 
Adjustments:  
Depreciation and amortization961,226 924,180 
Impairment and credit losses 1,354,514  
Net deferred income tax (benefit) expense(4,586)4,664 
Loss on derivative instruments not designated as hedges64,541 24,229 
Share-based compensation expense29,871 51,256 
Equity investment loss (income)140,258 (170,393)
Amortization of debt issuance costs54,887 24,154 
Amortization of commercial paper notes discount7,269 23,583 
Amortization of debt discounts and premiums29,061 265 
Loss on extinguishment of secured senior term loan41,109 6,326 
Currency translation adjustment losses69,044  
Change in fair value of contingent consideration(45,126)10,700 
Changes in operating assets and liabilities:  
Decrease (increase) in trade and other receivables, net133,769 (36,682)
Decrease (increase) in inventories19,675 (13,640)
Decrease in prepaid expenses and other assets271,315 41,757 
(Decrease) increase in accounts payable(90,306)51,011 
Increase in accrued interest164,284 50,011 
(Decrease) increase in accrued expenses and other liabilities(87,936)81,026 
(Decrease) increase in customer deposits(1,608,355)261,335 
Dividends received from unconsolidated affiliates2,215 148,285 
Other, net(4,789)(2,125)
Net cash (used in) provided by operating activities(2,906,255)3,107,068 
Investing Activities