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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, 2021
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 254,789,847 shares of common stock outstanding as of October 27, 2021


























ROYAL CARIBBEAN CRUISES LTD.




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited; in thousands, except per share data)
Quarter Ended September 30,
 20212020
Passenger ticket revenues$280,153 $3,204 
Onboard and other revenues176,805 (36,892)
Total revenues456,958 (33,688)
Cruise operating expenses:  
Commissions, transportation and other64,780 (3,321)
Onboard and other42,703 6,036 
Payroll and related265,974 119,213 
Food48,950 5,640 
Fuel118,127 53,815 
Other operating273,157 127,226 
Total cruise operating expenses813,691 308,609 
Marketing, selling and administrative expenses323,422 246,779 
Depreciation and amortization expenses325,907 317,139 
Impairment and credit losses(238)89,899 
Operating Loss(1,005,824)(996,114)
Other income (expense):  
Interest income3,786 5,017 
Interest expense, net of interest capitalized(430,661)(259,349)
Equity investment loss(29,085)(78,013)
Other income (expense)37,230 (10,853)
 (418,730)(343,198)
Net Loss(1,424,554)(1,339,312)
Less: Net Income attributable to noncontrolling interest 7,444 
Net Loss attributable to Royal Caribbean Cruises Ltd.$(1,424,554)$(1,346,756)
Loss per Share:  
Basic$(5.59)$(6.29)
Diluted$(5.59)$(6.29)
Weighted-Average Shares Outstanding:  
Basic254,713 214,163 
Diluted254,713 214,163 
Comprehensive Loss  
Net Loss$(1,424,554)$(1,339,312)
Other comprehensive income (loss):  
Foreign currency translation adjustments5,022 19,071 
Change in defined benefit plans(3,627)(3,086)
(Loss) gain on cash flow derivative hedges(13,264)66,135 
Total other comprehensive (loss) income(11,869)82,120 
Comprehensive Loss(1,436,423)(1,257,192)
Less: Comprehensive Income attributable to noncontrolling interest 7,444 
Comprehensive Loss attributable to Royal Caribbean Cruises Ltd.$(1,436,423)$(1,264,636)



The accompanying notes are an integral part of these consolidated financial statements
1


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited; in thousands, except per share data)

Nine Months Ended September 30,
20212020
Passenger ticket revenues$323,782 $1,487,077 
Onboard and other revenues226,104 687,590 
Total revenues549,886 2,174,667 
Cruise operating expenses:
Commissions, transportation and other72,917 342,632 
Onboard and other55,782 151,333 
Payroll and related530,250 693,480 
Food74,618 154,439 
Fuel219,058 327,275 
Other operating569,383 830,689 
Total cruise operating expenses1,522,008 2,499,848 
Marketing, selling and administrative expenses867,021 944,087 
Depreciation and amortization expenses959,512 961,226 
Impairment and credit losses39,934 1,354,514 
Operating Loss(2,838,589)(3,585,008)
Other income (expense):
Interest income13,317 15,757 
Interest expense, net of interest capitalized(1,007,986)(571,149)
Equity investment loss(137,044)(140,258)
Other income (expense)66,771 (127,537)
(1,064,942)(823,187)
Net Loss(3,903,531)(4,408,195)
Less: Net Income attributable to noncontrolling interest 22,332 
Net Loss attributable to Royal Caribbean Cruises Ltd.$(3,903,531)$(4,430,527)
Loss per Share:
Basic$(15.56)$(21.01)
Diluted$(15.56)$(21.01)
Weighted-Average Shares Outstanding:
Basic250,808 210,894 
Diluted250,808 210,894 
Comprehensive Loss
Net Loss$(3,903,531)$(4,408,195)
Other comprehensive income (loss):
Foreign currency translation adjustments11,255 55,698 
Change in defined benefit plans3,748 (16,953)
Gain (loss) on cash flow derivative hedges48,514 (110,139)
Total other comprehensive income (loss)63,517 (71,394)
Comprehensive Loss(3,840,014)(4,479,589)
Less: Comprehensive Income attributable to noncontrolling interest 22,332 
Comprehensive Loss attributable to Royal Caribbean Cruises Ltd.$(3,840,014)$(4,501,921)
The accompanying notes are an integral part of these consolidated financial statements
2


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 As of
 September 30,December 31,
 20212020
 (unaudited) 
Assets  
Current assets  
Cash and cash equivalents$3,289,326 $3,684,474 
Trade and other receivables, net of allowances of $12,369 and $3,867 at September 30, 2021 and December 31, 2020, respectively
397,232 284,149 
Inventories142,408 118,703 
Prepaid expenses and other assets268,008 154,339 
Derivative financial instruments70,407 70,082 
Total current assets4,167,381 4,311,747 
Property and equipment, net25,699,712 25,246,595 
Operating lease right-of-use assets560,224 599,985 
Goodwill809,373 809,480 
Other assets, net of allowances of $85,089 and $81,580 at September 30, 2021 and December 31, 2020, respectively
1,428,876 1,497,380 
Total assets$32,665,566 $32,465,187 
Liabilities and Shareholders’ Equity  
Current liabilities  
Current portion of long-term debt$956,743 $961,768 
Commercial paper 409,319 
Current portion of operating lease liabilities71,341 102,677 
Accounts payable461,411 353,422 
Accrued interest248,983 252,668 
Accrued expenses and other liabilities658,987 615,750 
Derivative financial instruments 79,305 56,685 
Customer deposits2,766,150 1,784,832 
Total current liabilities5,242,920 4,537,121 
Long-term debt19,882,760 17,957,956 
Long-term operating lease liabilities549,099 563,876 
Other long-term liabilities523,289 645,565 
Total liabilities26,198,068 23,704,518 
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, 282,672,234 and 265,198,371 shares issued, September 30, 2021 and December 31, 2020, respectively)
2,827 2,652 
Paid-in capital7,547,210 5,998,574 
Retained earnings1,659,244 5,562,775 
Accumulated other comprehensive loss(675,824)(739,341)
Treasury stock (27,882,987 and 27,799,775 common shares at cost, September 30, 2021 and December 31, 2020, respectively)
(2,065,959)(2,063,991)
Total shareholders’ equity6,467,498 8,760,669 
Total liabilities and shareholders’ equity$32,665,566 $32,465,187 

The accompanying notes are an integral part of these consolidated financial statements
3


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30,
 20212020
Operating Activities  
Net Loss$(3,903,531)$(4,408,195)
Adjustments:  
Depreciation and amortization959,512 961,226 
Impairment and credit losses 39,934 1,354,514 
Net deferred income tax benefit(31,395)(4,586)
(Gain) loss on derivative instruments not designated as hedges(11,560)64,541 
Share-based compensation expense55,435 29,871 
Equity investment loss137,044 140,258 
Amortization of debt issuance costs94,511 54,887 
Amortization of debt discounts and premiums93,517 36,330 
Loss on extinguishment of debt138,759 41,109 
Currency translation adjustment losses 69,044 
Change in fair value of contingent consideration (45,126)
Changes in operating assets and liabilities:  
(Increase) decrease in trade and other receivables, net(225,535)133,769 
(Increase) decrease in inventories(26,711)19,675 
(Increase) decrease in prepaid expenses and other assets(123,935)271,315 
Increase (decrease) in accounts payable107,215 (90,306)
(Decrease) increase in accrued interest(3,685)164,284 
Decrease in accrued expenses and other liabilities(5,911)(87,936)
Increase (decrease) in customer deposits1,031,930 (1,608,355)
Dividends received from unconsolidated affiliates 2,215 
Other, net1,637 (4,789)
Net cash used in operating activities(1,672,769)(2,906,255)
Investing Activities  
Purchases of property and equipment(1,654,271)(1,573,241)
Cash received on settlement of derivative financial instruments27,497 3,771 
Cash paid on settlement of derivative financial instruments(54,916)(139,940)
Investments in and loans to unconsolidated affiliates(70,084)(87,943)
Cash received on loans to unconsolidated affiliates25,647 15,581 
Proceeds from the sale of property and equipment and other assets175,439  
Other, net(9,546)(6,921)
Net cash used in investing activities(1,560,234)(1,788,693)
Financing Activities  
Debt proceeds4,144,077 12,672,189 
Debt issuance costs(159,147)(348,118)
Repayments of debt(2,212,510)(3,430,245)
Premium on repayment of debt(135,372) 
Proceeds from issuance of commercial paper notes 6,765,816 
Repayments of commercial paper notes(414,570)(7,837,635)
Dividends paid (326,421)
Proceeds from common stock issuances1,621,860  
The accompanying notes are an integral part of these consolidated financial statements
4


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30,
 20212020
Other, net(5,779)(25,824)
Net cash provided by financing activities2,838,559 7,469,762 
Effect of exchange rate changes on cash(704)(1,764)
Net (decrease) increase in cash and cash equivalents (395,148)2,773,050 
Cash and cash equivalents at beginning of period 3,684,474 243,738 
Cash and cash equivalents at end of period $3,289,326 $3,016,788 
Supplemental Disclosure  
Cash paid during the period for:  
Interest, net of amount capitalized$630,740 $258,063 
Non-cash Investing Activities  
Notes receivable issued upon sale of property and equipment and other assets$16,000 $53,419 
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities$22,925 $13,603 
Non-cash Financing Activities
Purchase of Silversea Cruises non-controlling interest$ $592,313 
Termination of Silversea Cruises contingent consideration obligation$ $17,274 

The accompanying notes are an integral part of these consolidated financial statements
5


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited; in thousands)
Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Shareholders' Equity
Balance at July 1, 2021$2,826 $7,527,305 $3,083,798 $(663,955)$(2,065,959)$7,884,015 
Activity related to employee stock plans1 20,045 — — — 20,046 
Common stock issuance— (140)— — — (140)
Changes related to cash flow derivative hedges— — — (13,264)— (13,264)
Change in defined benefit plans— — — (3,627)— (3,627)
Foreign currency translation adjustments— — — 5,022 — 5,022 
Net Loss attributable to Royal Caribbean Cruises Ltd.— — (1,424,554)— — (1,424,554)
Balance at September 30, 2021$2,827 $7,547,210 $1,659,244 $(675,824)$(2,065,959)$6,467,498 

Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Shareholders' Equity
Balance at January 1, 2021$2,652 $5,998,574 $5,562,775 $(739,341)$(2,063,991)$8,760,669 
Activity related to employee stock plans5 52,799 — — — 52,804 
Common stock issuance170 1,495,837 — — — 1,496,007 
Changes related to cash flow derivative hedges— — — 48,514 — 48,514 
Change in defined benefit plans— — — 3,748 — 3,748 
Foreign currency translation adjustments— — — 11,255 — 11,255 
Purchase of treasury stock— — — — (1,968)(1,968)
Net Loss attributable to Royal Caribbean Cruises Ltd.— — (3,903,531)— — (3,903,531)
Balance at September 30, 2021$2,827 $7,547,210 $1,659,244 $(675,824)$(2,065,959)$6,467,498 














The accompanying notes are an integral part of these consolidated financial statements
6


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited; in thousands)

Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Shareholders' Equity
Balance at July 1, 2020$2,372 $3,700,288 $8,276,463 $(951,227)$(2,063,991)$8,963,905 
Activity related to employee stock plans1 20,445 — — — 20,446 
Silversea acquisition52 608,824 608,876 
Changes related to cash flow derivative hedges— — — 66,135 — 66,135 
Change in defined benefit plans— — — (3,086)— (3,086)
Foreign currency translation adjustments— — 3 19,071 — 19,074 
Net loss attributable to Royal Caribbean Cruises Ltd.— — (1,346,756)— — (1,346,756)
Balance at September 30, 2020$2,425 $4,329,557 $6,929,710 $(869,107)$(2,063,991)$8,328,594 


Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Shareholders' Equity
Balance at January 1, 2020$2,365 $3,493,959 $11,523,326 $(797,713)$(2,058,091)$12,163,846 
Activity related to employee stock plans8 11,886 — — — 11,894 
Equity component of convertible notes, net of issuance costs— 208,988 — — — 208,988 
Silversea acquisition52 608,824 —