Company Quick10K Filing
Royal Caribbean Cruises
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 210 $25,038
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-07-26 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-K 2019-02-22 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-06-30
10-Q 2018-04-30 Quarter: 2018-03-31
10-K 2018-02-21 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-01 Quarter: 2017-06-30
10-Q 2017-04-28 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-10-28 Quarter: 2016-09-30
10-Q 2016-08-02 Quarter: 2016-06-30
10-Q 2016-04-29 Quarter: 2016-03-31
10-K 2016-02-22 Annual: 2015-12-31
10-Q 2015-10-23 Quarter: 2015-09-30
10-Q 2015-07-31 Quarter: 2015-06-30
10-Q 2015-04-23 Quarter: 2015-03-31
10-K 2015-02-23 Annual: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-K 2014-02-20 Annual: 2013-12-31
10-Q 2013-10-24 Quarter: 2013-09-30
10-Q 2013-07-26 Quarter: 2013-06-30
10-Q 2013-04-25 Quarter: 2013-03-31
10-Q 2012-07-27 Quarter: 2012-06-30
10-Q 2012-04-24 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-10-31 Quarter: 2011-09-30
10-Q 2011-08-01 Quarter: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-07-23 Quarter: 2010-06-30
10-Q 2010-04-29 Quarter: 2010-03-31
10-K 2010-02-23 Annual: 2009-12-31
8-K 2019-12-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-12-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-10-30 Earnings, Regulation FD, Exhibits
8-K 2019-07-25 Earnings, Regulation FD, Exhibits
8-K 2019-06-11 Other Events
8-K 2019-06-06 Other Events, Exhibits
8-K 2019-05-30 Shareholder Vote
8-K 2019-05-01 Earnings, Regulation FD, Exhibits
8-K 2019-04-05 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-08 Officers
8-K 2019-01-30 Earnings, Regulation FD, Exhibits
8-K 2018-12-04 Officers, Amend Bylaw, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-07-31 Other Events, Exhibits
8-K 2018-06-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-14 Other Events
8-K 2018-06-13 Other Events, Exhibits
8-K 2018-05-21 Shareholder Vote
8-K 2018-05-08 Officers, Exhibits
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-03-19 Other Events, Exhibits
8-K 2018-03-19 Officers, Exhibits
8-K 2018-01-24 Earnings, Regulation FD, Exhibits
RCL 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. General
Note 2. Summary of Significant Accounting Policies
Note 3. Business Combination
Note 4. Intangible Assets
Note 5. Revenues
Note 6. Earnings per Share
Note 7. Other Assets
Note 8. Debt
Note 9. Leases
Note 10. Redeemable Noncontrolling Interest
Note 11. Commitments and Contingencies
Note 12. Shareholders' Equity
Note 13. Changes in Accumulated Other Comprehensive Income (Loss)
Note 14. Fair Value Measurements and Derivative Instruments
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 6. Exhibits
EX-10.1 a2019q3exhibit101.htm
EX-31.1 a2019q3exhibit311.htm
EX-31.2 a2019q3exhibit312.htm
EX-32.1 a2019q3exhibit321.htm

Royal Caribbean Cruises Earnings 2019-09-30

RCL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CCL 34,213 44,001 18,706 20,500 7,926 3,060 5,448 43,543 39% 8.0 7%
RCL 25,038 29,809 17,714 10,375 4,643 1,863 3,416 33,725 45% 9.9 6%
NCLH 11,554 15,966 9,816 6,307 0 983 1,577 17,605 0% 11.2 6%
BIP 9,374 36,580 21,912 0 0 0 0 9,080 0%
HII 9,338 7,230 5,602 8,550 0 687 1,146 11,074 0% 9.7 10%
KEX 4,544 6,233 2,911 2,942 0 110 433 6,116 0% 14.1 2%
GLNG 2,170 4,807 2,981 0 0 0 0 4,031 0%
MATX 1,621 2,658 1,892 2,245 0 93 235 2,433 0% 10.4 4%
EURN 1,547 4,127 0 0 0 0 1,436 0%
SSW 1,403 7,478 4,970 0 0 0 0 4,629 0%

Document
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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, 2019
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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock, par value $0.01 per share
 
RCL
 
New 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 209,631,168 shares of common stock outstanding as of October 23, 2019.
 


Table of Contents    


ROYAL CARIBBEAN CRUISES LTD.
TABLE OF CONTENTS
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents    


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited; in thousands, except per share data)
 
Quarter Ended September 30,
 
2019
 
2018
Passenger ticket revenues
$
2,344,779

 
$
2,042,911

Onboard and other revenues
842,071

 
753,276

Total revenues
3,186,850

 
2,796,187

Cruise operating expenses:
 

 
 

Commissions, transportation and other
488,921

 
430,039

Onboard and other
200,656

 
171,028

Payroll and related
263,993

 
221,205

Food
149,621

 
133,324

Fuel
177,677

 
182,415

Other operating
342,170

 
273,353

Total cruise operating expenses
1,623,038

 
1,411,364

Marketing, selling and administrative expenses
352,725

 
325,167

Depreciation and amortization expenses
320,295

 
259,923

Operating Income
890,792

 
799,733

Other income (expense):
 

 
 

Interest income
5,625

 
5,831

Interest expense, net of interest capitalized
(102,038
)
 
(86,510
)
Equity investment income
103,654

 
95,169

Other expense
(7,668
)
 
(3,832
)
 
(427
)
 
10,658

Net Income
890,365

 
810,391

Less: Net Income attributable to noncontrolling interest
7,125

 

Net Income attributable to Royal Caribbean Cruises Ltd.
$
883,240

 
$
810,391

Earnings per Share:
 

 
 

Basic
$
4.21

 
$
3.88

Diluted
$
4.20

 
$
3.86

Weighted-Average Shares Outstanding:
 

 
 

Basic
209,575

 
209,054

Diluted
210,121

 
209,928

Comprehensive Income
 

 
 

Net Income
$
890,365

 
$
810,391

Other comprehensive income (loss):
 

 
 

Foreign currency translation adjustments
(15,510
)
 
(3,479
)
Change in defined benefit plans
(12,456
)
 
1,153

(Loss) gain on cash flow derivative hedges
(265,224
)
 
36,946

Total other comprehensive (loss) income
(293,190
)
 
34,620

Comprehensive Income
597,175

 
845,011

Less: Comprehensive Income attributable to noncontrolling interest
7,125

 

Comprehensive Income attributable to Royal Caribbean Cruises Ltd.
$
590,050

 
$
845,011


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

1

Table of Contents    


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited; in thousands, except per share data)
 
Nine Months Ended September 30,
 
2019
 
2018
Passenger ticket revenues
$
6,072,599

 
$
5,141,125

Onboard and other revenues
2,360,649

 
2,020,423

Total revenues
8,433,248

 
7,161,548

Cruise operating expenses:
 

 
 

Commissions, transportation and other
1,279,010

 
1,078,953

Onboard and other
510,255

 
412,805

Payroll and related
799,094

 
674,676

Food
436,002

 
381,349

Fuel
519,772

 
515,065

Other operating
1,037,113

 
838,946

Total cruise operating expenses
4,581,246

 
3,901,794

Marketing, selling and administrative expenses
1,144,546

 
975,451

Depreciation and amortization expenses
924,180

 
753,529

Operating Income
1,783,276

 
1,530,774

Other income (expense):
 

 
 

Interest income
21,751

 
26,662

Interest expense, net of interest capitalized
(313,757
)
 
(236,252
)
Equity investment income
170,393

 
168,232

Other (expense) income
(34,537
)
 
5,923

 
(156,150
)
 
(35,435
)
Net Income
1,627,126

 
1,495,339

Less: Net Income attributable to noncontrolling interest
21,375

 

Net Income attributable to Royal Caribbean Cruises Ltd.
$
1,605,751

 
$
1,495,339

Earnings per Share:
 

 
 

Basic
$
7.67

 
$
7.08

Diluted
$
7.65

 
$
7.05

Weighted-Average Shares Outstanding:
 

 
 

Basic
209,477

 
211,099

Diluted
210,032

 
211,973

Comprehensive Income
 

 
 

Net Income
$
1,627,126

 
$
1,495,339

Other comprehensive income (loss):
 

 
 

Foreign currency translation adjustments
(7,683
)
 
(13,840
)
Change in defined benefit plans
(22,831
)
 
6,949

(Loss) gain on cash flow derivative hedges
(288,115
)
 
110,576

Total other comprehensive (loss) income
(318,629
)
 
103,685

Comprehensive Income
1,308,497

 
1,599,024

Less: Comprehensive Income attributable to noncontrolling interest
21,375

 

Comprehensive Income attributable to Royal Caribbean Cruises Ltd.
$
1,287,122

 
$
1,599,024

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

2

Table of Contents    


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

Commitments and contingencies (Note 11)


 


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


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


3

Table of Contents    


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

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


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

4

Table of Contents    


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited; in thousands)
 
Common Stock
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Total Shareholders' Equity
Balance at July 1, 2019
$
2,364

 
$
3,454,831

 
$
10,692,890

 
$
(653,173
)
 
$
(1,958,509
)
 
$
11,538,403

Activity related to employee stock plans
1

 
11,810

 

 

 

 
11,811

Common stock dividends, $0.78 per share

 

 
(163,357
)
 

 

 
(163,357
)
Changes related to cash flow derivative hedges

 

 

 
(265,224
)
 

 
(265,224
)
Change in defined benefit plans

 

 

 
(12,456
)
 

 
(12,456
)
Foreign currency translation adjustments

 

 

 
(15,510
)
 

 
(15,510
)
Net Income attributable to Royal Caribbean Cruises Ltd.

 

 
883,240

 

 

 
883,240

Balance at September 30, 2019
$
2,365

 
$
3,466,641

 
$
11,412,773

 
$
(946,363
)
 
$
(1,958,509
)
 
$
11,976,907

 
Common Stock
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Total Shareholders' Equity
Balance at January 1, 2019
$
2,358

 
$
3,420,900

 
$
10,263,282

 
$
(627,734
)
 
$
(1,953,345
)
 
$
11,105,461

Activity related to employee stock plans
7

 
45,741

 

 

 
(5,164
)
 
40,584

Common stock dividends, $2.18 per share

 

 
(456,260
)
 

 

 
(456,260
)
Changes related to cash flow derivative hedges

 

 

 
(288,115
)
 

 
(288,115
)
Change in defined benefit plans

 

 

 
(22,831
)
 

 
(22,831
)
Foreign currency translation adjustments

 

 

 
(7,683
)
 

 
(7,683
)
Net Income attributable to Royal Caribbean Cruises Ltd.

 

 
1,605,751

 

 


1,605,751

Balance at September 30, 2019
$
2,365

 
$
3,466,641

 
$
11,412,773

 
$
(946,363
)
 
$
(1,958,509
)
 
$
11,976,907














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

5

Table of Contents    


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY -Continued
(unaudited; in thousands)
 
Common Stock
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Total Shareholders' Equity
Balance at July 1, 2018
$
2,358

 
$
3,397,561

 
$
9,429,784

 
$
(265,200
)
 
$
(1,790,805
)
 
$
10,773,698

Activity related to employee stock plans

 
28,249

 

 

 

 
28,249

Common stock dividends, $0.70 per share

 

 
(146,283
)
 

 

 
(146,283
)
Changes related to cash flow derivative hedges

 

 

 
36,946

 

 
36,946

Change in defined benefit plans

 

 

 
1,153

 

 
1,153

Foreign currency translation adjustments

 

 

 
(3,479
)
 

 
(3,479
)
Purchases of treasury stock

 

 

 

 
(162,540
)
 
(162,540
)
Net Income attributable to Royal Caribbean Cruises Ltd.

 

 
810,391

 

 

 
810,391

Balance at September 30, 2018
$
2,358

 
$
3,425,810

 
$
10,093,892

 
$
(230,580
)
 
$
(1,953,345
)
 
$
11,338,135

 
Common Stock
 
Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury Stock
 
Total Shareholders' Equity
Balance at January 1, 2018
$
2,352

 
$
3,390,117

 
$
9,022,405

 
$
(334,265
)
 
$
(1,378,306
)
 
$
10,702,303

Cumulative effect of accounting changes

 

 
(23,476
)
 

 

 
(23,476
)
Activity related to employee stock plans
6

 
35,693