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 2020-03-31 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
10-Q 2010-03-31 Filed 2010-04-29
10-K 2009-12-31 Filed 2010-02-23
8-K 2020-07-30 Other Events, Exhibits
8-K 2020-07-16 Other Events
8-K 2020-07-09 Sale of Shares, Exhibits
8-K 2020-07-06 Regulation FD, Exhibits
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 6. Exhibits
EX-10.4 exhibit104.htm
EX-10.5 exhibit105.htm
EX-10.6 exhibit106.htm
EX-31.1 a2020q1exhibit311.htm
EX-31.2 a2020q1exhibit312.htm
EX-32.1 a2020q1exhibit321.htm

Royal Caribbean Cruises Earnings 2020-03-31

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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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 March 31, 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 209,385,377 shares of common stock outstanding as of May 13, 2020.
























EXPLANATORY NOTE

As previously disclosed in the Current Report on Form 8-K filed by Royal Caribbean Cruises Ltd. (the “Company”) on May 11, 2020, as amended on May 12, 2020, the Company delayed the filing of this Quarterly Report on Form 10-Q due to circumstances related to the COVID-19 pandemic and in reliance on the U.S. Securities and Exchange Commission’s order under Section 36 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and certain rules thereunder (Release No. 34-88465). In particular, the COVID-19 pandemic has resulted in the Company announcing a voluntary suspension of its global cruise operations from March 13 through at least July 31, 2020 and China sailings until at least June 30, 2020, interfering with the Company’s normal operations. In addition, voluntary and mandatory measures implemented by the Company to reduce the spread of the virus have limited access to many of the areas where the Company operates, including its corporate offices and facilities, resulting in limited support from staff. These restrictions impacted the Company’s ability to complete its internal quarterly review, including an evaluation of the various impacts of COVID-19 on the Company’s financial statements and to prepare and complete the Form 10-Q in a timely manner.


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ROYAL CARIBBEAN CRUISES LTD.
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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 March 31,
 20202019
Passenger ticket revenues$1,376,851  $1,709,984  
Onboard and other revenues655,899  729,783  
Total revenues2,032,750  2,439,767  
Cruise operating expenses:  
Commissions, transportation and other317,129  363,155  
Onboard and other123,718  135,170  
Payroll and related330,390  269,532  
Food121,316  139,534  
Fuel194,268  160,171  
Other operating423,998  346,142  
Total cruise operating expenses1,510,819  1,413,704  
Marketing, selling and administrative expenses395,890  414,947  
Depreciation and amortization expenses324,330  292,285  
Impairment and credit losses1,108,118    
Operating (Loss) Income(1,306,407) 318,831  
Other income (expense):  
Interest income5,534  9,784  
Interest expense, net of interest capitalized(92,911) (100,415) 
Equity investment (loss) income(10,392) 33,694  
Other expense(32,859) (5,088) 
 (130,628) (62,025) 
Net (Loss) Income(1,437,035) 256,806  
Less: Net Income attributable to noncontrolling interest7,444  7,125  
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(1,444,479) $249,681  
(Loss) Earnings per Share:  
Basic$(6.91) $1.19  
Diluted$(6.91) $1.19  
Weighted-Average Shares Outstanding:  
Basic209,097  209,322  
Diluted209,097  209,874  
Comprehensive (Loss) Income  
Net (Loss) Income$(1,437,035) $256,806  
Other comprehensive income (loss):  
Foreign currency translation adjustments10,290  564  
Change in defined benefit plans(7,589) (653) 
(Loss) gain on cash flow derivative hedges(300,605) 48,843  
Total other comprehensive (loss) income(297,904) 48,754  
Comprehensive (Loss) Income(1,734,939) 305,560  
Less: Comprehensive Income attributable to noncontrolling interest7,444  7,125  
Comprehensive (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(1,742,383) $298,435  
The accompanying notes are an integral part of these consolidated financial statements.
1

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ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 As of
 March 31,December 31,
 20202019
 (unaudited) 
Assets  
Current assets  
Cash and cash equivalents$3,890,811  $243,738  
Trade and other receivables, net220,876  305,821  
Inventories177,705  162,107  
Prepaid expenses and other assets304,809  429,211  
Derivative financial instruments  21,751  
Total current assets4,594,201  1,162,628  
Property and equipment, net25,857,215  25,466,808  
Operating lease right-of-use assets619,439  687,555  
Goodwill809,216  1,385,644  
Other assets1,564,982  1,617,649  
Total assets$33,445,053  $30,320,284  
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity  
Current liabilities  
Current portion of debt$3,411,993  $1,186,586  
Commercial paper343,557  1,434,180  
Current portion of operating lease liabilities98,883  96,976  
Accounts payable1,414,394  563,706  
Accrued interest114,738  70,090  
Accrued expenses and other liabilities1,022,405  1,078,345  
Derivative financial instruments 203,308  94,875  
Customer deposits2,373,092  3,428,138  
Total current liabilities8,982,370  7,952,896  
Long-term debt12,273,322  8,414,110  
Long-term operating lease liabilities583,979  601,641  
Other long-term liabilities796,182  617,810  
Total liabilities22,635,853  17,586,457  
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest577,425  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; 237,168,148 and 236,547,842 shares issued, March 31, 2020 and December 31, 2019, respectively)
2,372  2,365  
Paid-in capital3,473,253  3,493,959  
Retained earnings9,915,758  11,523,326  
Accumulated other comprehensive loss(1,095,617) (797,713) 
Treasury stock (27,799,775 and 27,746,848 common shares at cost, March 31, 2020 and December 31, 2019, respectively)
(2,063,991) (2,058,091) 
Total shareholders’ equity10,231,775  12,163,846  
Total liabilities, redeemable noncontrolling interest and shareholders’ equity$33,445,053  $30,320,284  
The accompanying notes are an integral part of these consolidated financial statements.

2

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ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Three Months Ended March 31,
 20202019
Operating Activities  
Net (Loss) Income$(1,437,035) $256,806  
Adjustments:  
Depreciation and amortization324,330  292,285  
Impairment and credit losses 1,108,118    
Net deferred income tax expense253  2,983  
Loss (gain) on derivative instruments not designated as hedges120,765  (4,780) 
Share-based compensation (income) expense(7,428) 27,322  
Equity investment loss (income)10,392  (33,694) 
Amortization of debt issuance costs7,795  10,366  
Amortization of commercial paper notes discount6,615  7,916  
Change in fair value of contingent consideration(51,019)   
Changes in operating assets and liabilities:  
Decrease (increase) in trade and other receivables, net84,578  (44,382) 
Increase in inventories(15,598) (4,366) 
Decrease (increase) in prepaid expenses and other assets24,476  (12,323) 
Increase in accounts payable851,342  8,843  
Increase in accrued interest44,648  45,581  
Increase (decrease) in accrued expenses and other liabilities110,440  (68,688) 
(Decrease) increase in customer deposits(959,555) 580,735  
Dividends received from unconsolidated affiliates1,991  42,435  
Other, net(26,398) (28,585) 
Net cash provided by operating activities198,710  1,078,454  
Investing Activities  
Purchases of property and equipment(1,252,554) (470,116) 
Cash received on settlement of derivative financial instruments1,132  5,803  
Cash paid on settlement of derivative financial instruments(96,575) (678) 
Investments in and loans to unconsolidated affiliates(2,000)   
Cash received on loans to unconsolidated affiliates5,160  11,824  
Proceeds from the sale of property and equipment5,256    
Other, net(1,596) 2,719  
Net cash used in investing activities(1,341,177) (450,448) 
Financing Activities  
Debt proceeds7,052,189  316,810  
Debt issuance costs(62,346) (3,675) 
Repayments of debt(921,867) (1,146,674) 
Proceeds from issuance of commercial paper notes6,396,787  5,039,834  
Repayments of commercial paper notes(7,494,025) (4,711,208) 
Dividends paid(163,563) (146,817) 
Proceeds from exercise of common stock options384  241  
Other, net(17,347) (16,192) 
Net cash provided by (used in) financing activities4,790,212  (667,681) 
Effect of exchange rate changes on cash(672) 20  
Net increase (decrease) in cash and cash equivalents 3,647,073  (39,655) 
Cash and cash equivalents at beginning of period 243,738  287,852  
Cash and cash equivalents at end of period $3,890,811  $248,197  
Supplemental Disclosure  
Cash paid during the period for:  
Interest, net of amount capitalized$31,481  $37,103  
Non-cash Investing Activities  
Notes receivable issued upon sale of property and equipment$6,294  $  
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities$29,022  $  
The accompanying notes are an integral part of these consolidated financial statements.
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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 January 1, 2020$2,365  $3,493,959  $11,523,326  $(797,713) $(2,058,091) $12,163,846  
Activity related to employee stock plans7  (20,706) —  —  —  (20,699) 
Common stock dividends, $0.78 per share
—  —  (163,089) —  —  (163,089) 
Changes related to cash flow derivative hedges—  —  —  (300,605) —  (300,605) 
Change in defined benefit plans—  —  —  (7,589) —  (7,589) 
Foreign currency translation adjustments—  —  —  10,290  —  10,290  
Purchases of treasury stock—  —  —  (5,900) (5,900) 
Net Loss attributable to Royal Caribbean Cruises Ltd.—  —  (1,444,479) —  —  (1,444,479) 
Balance at March 31, 2020$2,372  $3,473,253  $9,915,758  $(1,095,617) $(2,063,991) $10,231,775  

Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal 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