MIAMI, Feb. 2, 2016 /PRNewswire/ -- Royal Caribbean
Cruises Ltd. (NYSE, OSE: RCL) today reported 2015 results and
provided guidance for 2016. Continuing on its Double-Double
trajectory, the company's adjusted earnings for 2015 were
$4.83 per share - up 42% over 2014,
and are expected to further increase to $5.90 - $6.10 in 2016.
KEY HIGHLIGHTS
Full Year 2015:
- Net Yields were up 3.5% on a Constant-Currency basis (down 1.0%
As-Reported).
- Net Cruise Costs ("NCC") excluding fuel were down 0.6% on a
Constant-Currency basis (down 3.2% As-Reported).
- Adjusted Net Income was better than guidance at $1.07 billion, or $4.83 per share, versus Adjusted Net Income of
$755.7 million, or $3.39 per share, in 2014. US GAAP Net Income was
$665.8 million or $3.02 per share, versus $764.1 million, or $3.43 per share in 2014.
Full Year 2016 Outlook:
- Net Yields are expected to increase 2.0% to 4.0% on a
Constant-Currency basis (in the range of flat to up 2%
As-Reported).
- NCC excluding fuel are expected to be up 1% or less on a
Constant-Currency basis (up 0.5% or less As-Reported).
- Adjusted EPS for 2016 is expected to be in the range of
$5.90 - $6.10 per share.
- In the second quarter of 2016, Royal Caribbean International
will take delivery of Ovation of the Seas, third in
the highly successful Quantum class of vessels. Also debuting
during the second quarter is Harmony of the Seas,
third in the groundbreaking Oasis class. Splendour of the
Seas will leave the Royal Caribbean fleet in April.
During the summer, TUI Cruises, the company's German joint venture,
will take delivery of its third new build, Mein Schiff 5.
"Our core brands are firing on all cylinders, our new ships are
performing exceptionally well and our costs are well controlled.
This is driving 40%+ earnings growth in two consecutive years,"
said Richard D. Fain, chairman and
chief executive officer. "These very gratifying results combined
with a strong start to Wave position us well on our path toward
Double-Double."
FOURTH QUARTER RESULTS
Adjusted and US GAAP Net Income for the fourth quarter of 2015
was $206.8 million, or $0.94 per share, compared to Adjusted Net Income
of $70 million, or $0.32 per share, for the same period last year.
Constant-Currency NCC excluding fuel were down 4.7%, 70 basis
points better than guidance, mainly due to timing. Net Yields on a
Constant-Currency basis increased 4.9% versus guidance of 4.5% to
5.0%. Stronger demand in the Caribbean and new China sailings in the winter drove an
improvement versus last year.
FULL YEAR 2015 RESULTS
Adjusted Net Income for the full year 2015 was $1.07 billion, or $4.83 per share, compared to Adjusted Net Income
of $755.7 million, or $3.39 per share, for the full year 2014. This
represents a 42% year-over-year increase. US GAAP Net Income for
the full year 2015 was $665.8
million.
Net Yields for the full year 2015 increased 3.5% on a
Constant-Currency basis versus 2.4% in 2014.
NCC excluding fuel were down 0.6% on a Constant-Currency basis,
marking another year of strong cost control. The average bunker
price net of hedging for full year 2015 was $582 per metric ton and consumption was 1,367,000
metric tons.
Last quarter, the company announced that its Pullmantur brand
would re-focus to the core market of Spain as a result of the deterioration of
economies in Latin America. The
company recorded a non-cash impairment charge of $399.3 million related to this change, which is
reflected in the US GAAP Net Income figure.
During 2015, the US Dollar strengthened while the price of fuel
in world markets declined. While the impact of currency is
immediate, there is a lag before a change in the price of fuel
flows through to business. There continues to be an inverse
relationship between the foreign exchange impact on our currency
exposures and fuel prices, but the offsets are not exact,
especially in the short term. For 2015, the net impact of currency
and fuel was a negative $0.25 per
share relative to our January guidance.
FULL YEAR 2016
Our booked position for 2016 is roughly equal to last year's
record high, and at higher rates. Continued strength from North
American consumers is driving strong demand for North American
products such as Caribbean,
Alaska, and Bermuda which represent over 50% of capacity
for the year. These North American products combined with strong
demand for Northern Europe and
Asia sailings are expected to more
than offset current pricing challenges impacting the Mediterranean,
Australia and Brazil.
The company expects a Net Yield increase in the range of 2.0% to
4.0% on a Constant-Currency basis and flat to up 2% on an
As-Reported basis for the full year.
NCC excluding fuel are expected to be up 1% or less on a
Constant-Currency basis and up 0.5% or less As-Reported.
"Despite some challenges in select destinations, our strong
brands, innovative hardware and deployment optimization are
continuing to deliver strong yield growth in 2016," said
Jason T. Liberty, chief financial
officer. "These yields coupled with continued cost discipline are
expected to result in another year of step change performance."
Over the past several months the dollar has continued to
strengthen relative to our basket of currency exposures, while fuel
prices have lowered – resulting in a negative $0.14 impact to earnings per share for 2016.
Additionally, interest rates have recently increased, which are
negatively impacting earnings by $0.06 per share.
Taking into account current fuel pricing, interest rates,
currency exchange rates and the factors detailed above, the company
currently estimates 2016 Adjusted EPS will be in the range of
$5.90 - $6.10 per share.
As the company noted previously, due to the weakness in the
economies in Latin America, it is
re-focusing the Pullmantur brand on its core market of Spain and right-sizing the brand. Part of this
right-sizing includes anticipated restructuring and related charges
during 2016 in the range of $0.05 to
$0.10 per share. Additionally, the company plans to
eliminate the two-month reporting lag for the Pullmantur brand in
the first quarter of 2016 resulting in a negative impact of
approximately $0.10 per share. Both
adjustments will be excluded from key metrics for transparency and
comparability purposes.
FIRST QUARTER 2016
Constant-Currency Net Yields are expected to be up approximately
4.0% in the first quarter of 2016 (approximately 0.5% As-Reported).
A strong Caribbean environment,
combined with Quantum of the Seas' first winter product in
China, is driving the majority of
the improvement.
NCC excluding fuel are expected to be up in the range of 4.5% to
5.0% on a Constant-Currency basis (3.5% to 4.0% As-Reported). While
planned operating costs for the full year show continued strong
expense discipline, the timing of costs between quarters varies
considerably. The company has a higher level of dry docks during
the first and fourth quarters than the previous year. It also plans
to increase first quarter costs related to the expansion in
China and for the launch of new
marketing campaigns for the core brands. In addition, although
Ovation of the Seas and Harmony of the Seas are being
delivered in the second quarter, there are some preparatory costs
incurred in the months before delivery. As a result, costs are more
concentrated than usual in the first quarter.
Based on current fuel pricing, interest rates and currency
exchange rates and the factors detailed above, the company expects
first quarter Adjusted EPS to be approximately $0.30 per share.
FUEL EXPENSE AND SUMMARY OF KEY GUIDANCE STATS
Fuel Expense
The company does not forecast fuel prices, and its fuel cost
calculations are based on current at-the-pump prices net of hedging
impacts. Based on today's fuel prices, the company has included
$185 million and $716 million of fuel expense in its first quarter
and full year 2016 guidance, respectively.
Forecasted consumption is 66% hedged for 2016 and 59%, 40%, 20%
and 5% hedged for 2017, 2018, 2019 and 2020 respectively. For the
same five years, the average cost per metric ton of the hedge
portfolio is approximately $538,
$501, $466, $359 and
$261, respectively.
The company provided the following fuel statistics for the first
quarter and full year 2016:
FUEL
STATISTICS
|
First Quarter
2016
|
Full Year
2016
|
|
|
|
Fuel Consumption
(metric tons)
|
341,000
|
1,409,000
|
Fuel
Expenses
|
$185
million
|
$716
million
|
Percent Hedged
(fwd consumption)
|
70%
|
66%
|
Impact of 10%
change in fuel prices
|
$2.8
million
|
$12
million
|
In summary, the company provided the following guidance for the
first quarter and full year of 2016:
GUIDANCE
|
As-Reported
Constant-Currency
|
|
|
|
|
|
First Quarter
2016
|
|
Net
Yields
|
Approximately
0.5%
|
Approximately
4.0%
|
|
Net Cruise Costs
per APCD
|
0.5% or
less
|
1.0% to
1.5%
|
|
Net Cruise Costs
per APCD
excluding
Fuel
|
3.5% to
4.0%
|
4.5% to
5.0%
|
|
|
|
|
|
Full Year
2016
|
|
Net
Yields
|
Flat to up
2.0%
|
2.0% to
4.0%
|
|
Net Cruise Costs
per APCD
|
(2.5%) to
(3.0%)
|
(2.0%) to
(2.5%)
|
|
Net Cruise Costs
per APCD
excluding
Fuel
|
0.5% or
less
|
1% or less
|
|
|
|
|
|
|
First Quarter
2016
|
Full Year
2016
|
|
Capacity
Increase
|
5.0%
|
6.3%
|
|
Depreciation and
Amortization
|
$205 to $215
million
|
$898 to $908
million
|
|
Interest Expense,
net
|
$58 to $68
million
|
$282 to $292
million
|
|
Adjusted
EPS
|
Approximately
$0.30
|
$5.90 -
$6.10
|
|
|
|
|
1% Change in
Currency
|
$2 million
|
$15
million
|
|
1% Change in Net
Yield
|
$14
million
|
$68
million
|
|
1% Change in NCC x
Fuel
|
$9 million
|
$37
million
|
|
1% Change in
LIBOR
|
$10
million
|
$53
million
|
|
|
|
Exchange rates
used in guidance calculations
|
|
|
Current –
January
|
Previous –
October
|
|
GBP
|
$1.45
|
$1.53
|
|
CNH
AUD
CAD
EUR
|
$0.15
$0.70
$0.70
$1.09
|
$0.16
$0.74
$0.77
$1.14
|
|
|
|
|
|
|
|
LIQUIDITY AND FINANCING ARRANGEMENTS
As of December 31, 2015, liquidity
was $0.9 billion, including cash and
the undrawn portion of the company's unsecured revolving credit
facilities. The company noted that scheduled debt maturities for
2016, 2017, 2018, 2019 and 2020 are $0.9
billion, $0.9 billion,
$2.2 billion, $0.6 billion and $1.5
billion, respectively.
CAPITAL EXPENDITURES AND CAPACITY GUIDANCE
Based upon current ship orders, projected capital expenditures
for full year 2016, 2017, 2018, 2019 and 2020 are $2.4 billion, $0.5
billion, $2.5 billion,
$1.4 billion and $1.7 billion, respectively. Capacity increases
for 2016, 2017, 2018, 2019 and 2020 are expected to be 6.3%, 3.7%,
3.4%, 6.4% and 3.0%, respectively. These figures do not include
potential ship sales or additions that the company may elect to
make in the future.
CONFERENCE CALL SCHEDULED
The company has scheduled a conference call at 10 a.m. Eastern Standard Time today to discuss
its earnings. This call can be heard, either live or on a delayed
basis, on the company's investor relations web site at
www.rclinvestor.com.
Selected Operational and Financial Metrics
Adjusted Net Income
Adjusted Net Income represents net income excluding certain
items that we believe adjusting for is meaningful when assessing
our performance on a comparative basis. For the periods presented,
these items included the impairment of the Pullmantur related
assets, restructuring charges, other costs related to our
profitability initiatives, the estimated impact of the divested
Pullmantur non-core businesses for the periods prior to the sales
transaction, the loss recognized on the sale of Celebrity
Century, the impact of the change in our voyage proration
methodology and the reversal of an asset valuation allowance due to
Spanish tax reform. The estimated impact of the divested Pullmantur
non-core businesses was arrived at by adjusting the net income
(loss) of these businesses for the ownership percentage we retained
as well as for intercompany transactions that are no longer
eliminated in our consolidated statements of comprehensive income
(loss) subsequent to the sales transaction. For the full year 2014,
the impact of the voyage proration change represents net income
that would have been recognized in 2013 had we recognized revenues
and cruise operating expenses on a pro-rata basis for all
voyages.
Adjusted Earnings per Share ("Adjusted EPS")
Represents Adjusted Net Income divided by the diluted shares
outstanding at the end of the reporting period. We believe this
measure is meaningful when assessing our performance on a
comparative basis.
Available Passenger Cruise Days ("APCD")
APCD is our measurement of capacity and represents double
occupancy per cabin multiplied by the number of cruise days for the
period. We use this measure to perform capacity and rate analysis
to identify the main non-capacity drivers that cause our cruise
revenues and expenses to vary.
Constant-Currency
We believe Net Yields, Net Cruise Costs, and Net Cruise Costs
Excluding Fuel are our most relevant financial measures. However, a
significant portion of our revenue and expenses are denominated in
currencies other than the United
States dollar. Because our reporting currency is
the United States dollar, the
value of these revenues and expenses in US dollars will be affected
by changes in currency exchange rates. Although such changes in
local currency prices are just one of many elements impacting our
revenues and expenses, it can be an important element. For this
reason, we also monitor Net Yields, Net Cruise Costs, and Net
Cruise Costs Excluding Fuel on a "Constant-Currency" basis – i.e.
as if the current period's currency exchange rates had remained
constant with the comparable prior period's rates. We calculate
"Constant-Currency" by applying the average prior year period
exchange rates for each of the corresponding months of the reported
and/or forecasted period, so as to calculate what the results would
have been had exchange rates been the same throughout both periods.
We do not make predictions about future exchange rates and use
current exchange rates for calculations of future periods. It
should be emphasized that the use of Constant-Currency is primarily
used by us for comparing short-term changes and/or projections.
Over the longer term, changes in guest sourcing and shifting the
amount of purchases between currencies significantly change the
impact of the purely currency-based fluctuations.
Gross Cruise Costs
Gross Cruise Costs represent the sum of total cruise operating
expenses plus marketing, selling and administrative expenses.
Gross Yields
Gross Yields represent total revenues per APCD.
Net Cruise Costs ("NCC") and Net Cruise Costs ("NCC") Excluding
Fuel
Represent Gross Cruise Costs excluding commissions,
transportation and other expenses and onboard and other expenses
and, in the case of Net Cruise Costs Excluding Fuel, fuel expenses.
In measuring our ability to control costs in a manner that
positively impacts net income, we believe changes in Net Cruise
Costs and Net Cruise Costs Excluding Fuel to be the most relevant
indicators of our performance. We have not provided a quantitative
reconciliation of projected Gross Cruise Costs to projected Net
Cruise Costs and projected Net Cruise Costs Excluding Fuel due to
the significant uncertainty in projecting the costs deducted to
arrive at these measures. Accordingly, we do not believe that
reconciling information for such projected figures would be
meaningful. For the periods prior to the sale of the Pullmantur
non-core businesses, Net Cruise Costs excludes the estimated impact
of these divested businesses. Net Cruise Costs also excludes
initiative costs reported within Cruise operating expenses and
Marketing, Selling and Administrative expenses, as well as the loss
recognized on the sale of Celebrity Century included within
Other Operating Expenses.
Net Revenues
Net Revenues represent total revenues less commissions,
transportation and other expenses and onboard and other expenses.
For the periods prior to the sale of the Pullmantur non-core
businesses, Net Revenues excludes the estimated impact of these
divested businesses.
Net Yields
Net Yields represent Net Revenues per APCD. We utilize Net
Revenues and Net Yields to manage our business on a day-to-day
basis as we believe that it is the most relevant measure of our
pricing performance because it reflects the cruise revenues earned
by us net of our most significant variable costs, which are
commissions, transportation and other expenses and onboard and
other expenses. We have not provided a quantitative reconciliation
of projected Gross Yields to projected Net Yields due to the
significant uncertainty in projecting the costs deducted to arrive
at this measure. Accordingly, we do not believe that reconciling
information for such projected figures would be meaningful. For the
periods prior to the sale of the Pullmantur non-core businesses,
Net Yields excludes the estimated impact of these divested
businesses.
Occupancy
Occupancy, in accordance with cruise vacation industry practice,
is calculated by dividing Passenger Cruise Days by APCD. A
percentage in excess of 100% indicates that three or more
passengers occupied some cabins.
Passenger Cruise Days
Passenger Cruise Days represent the number of passengers carried
for the period multiplied by the number of days of their respective
cruises.
Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) is a global cruise
vacation company that owns Royal Caribbean International, Celebrity
Cruises, Pullmantur, Azamara Club Cruises and CDF Croisières de
France, as well as TUI Cruises
through a 50 percent joint venture. Together, these six brands
operate a combined total of 44 ships with an additional eleven on
order. They operate diverse itineraries around the world that call
on approximately 490 destinations on all seven continents.
Additional information can be found on www.royalcaribbean.com,
www.celebritycruises.com, www.pullmantur.es,
www.azamaraclubcruises.com, www.cdfcroisieresdefrance.com,
www.tuicruises.com or www.rclinvestor.com.
Certain statements in this release relating to, among other
things, our future performance constitute forward-looking
statements under the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, statements
regarding expected financial results for the first quarter and full
year 2016, and expectations regarding the timing and results of our
Double-Double initiative and the costs and yields expected in 2016
and other future periods. Words such as "anticipate," "believe,"
"could," "estimate," "expect," "goal," "intend," "may," "plan,"
"project," "seek," "should," "will," and similar expressions are
intended to identify these forward-looking statements.
Forward-looking statements reflect management's current
expectations, are inherently uncertain and are subject to risks,
uncertainties and other factors, which could cause our actual
results, performance or achievements to differ materially from the
future results, performance or achievements expressed or implied in
those forward-looking statements. Examples of these risks,
uncertainties and other factors include, but are not limited to the
following: the impact of the economic and geopolitical environment
on key aspects of our business, such as the demand for cruises,
passenger spending, our operating costs and our ability to obtain
new borrowings in amounts sufficient to satisfy our capital
expenditures, debt repayments and other financing needs, incidents
or adverse publicity concerning the cruise vacation industry,
concerns over safety, health and security aspects of traveling,
unavailability of ports of call, the uncertainties of conducting
business internationally and expanding into new markets and new
ventures, changes in operating and financing costs, the impact of
foreign exchange rates, interest rate and fuel price fluctuations,
vacation industry competition and changes in industry capacity and
overcapacity, the impact of new or changing regulations on our
business, emergency ship repairs, including the related lost
revenue, the impact of ship delivery delays, ship cancellations or
ship construction price increases, shipyard unavailability and the
unavailability or cost of air service.
More information about factors that could affect our operating
results is included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent annual report on Form
10-K and subsequent quarterly reports on Form 10-Q, copies of which
may be obtained by visiting our Investor Relations web site at
www.rclinvestor.com or the SEC's web site at www.sec.gov. Undue
reliance should not be placed on the forward-looking statements in
this release, which are based on information available to us on the
date hereof. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Adjusted Measures of Financial Performance
This press release includes certain adjusted financial measures
as defined under Securities and Exchange Commission rules, which we
believe provide useful information to investors as a supplement to
our consolidated financial statements which are prepared and
presented in accordance with generally accepted accounting
principles, or GAAP.
The presentation of adjusted financial information is not
intended to be considered in isolation or as a substitute for, or
superior to, the financial information prepared and presented in
accordance with GAAP. These measures may be different from adjusted
measures used by other companies. In addition, these adjusted
measures are not based on any comprehensive set of accounting rules
or principles. Adjusted measures have limitations in that they do
not reflect all of the amounts associated with our results of
operations as do the corresponding GAAP measures.
A reconciliation to the most comparable GAAP measure of all
adjusted financial measures included in this press release can be
found in the tables included at the end of this press release.
ROYAL CARIBBEAN
CRUISES LTD.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
(unaudited, in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Year
Ended
|
|
|
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger ticket
revenues
|
|
|
$
|
1,370,632
|
|
$
|
1,303,799
|
|
$
|
6,058,821
|
|
$
|
5,893,847
|
|
|
Onboard and other
revenues
|
|
|
531,421
|
|
|
514,027
|
|
|
2,240,253
|
|
|
2,180,008
|
|
|
|
Total
revenues
|
|
|
|
1,902,053
|
|
|
1,817,826
|
|
|
8,299,074
|
|
|
8,073,855
|
|
|
Cruise operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions,
transportation and other
|
|
307,369
|
|
|
303,824
|
|
|
1,400,778
|
|
|
1,372,785
|
|
|
|
Onboard and
other
|
|
|
|
114,546
|
|
|
126,454
|
|
|
553,104
|
|
|
582,750
|
|
|
|
Payroll and
related
|
|
|
|
213,987
|
|
|
213,409
|
|
|
861,775
|
|
|
847,641
|
|
|
|
Food
|
|
|
|
|
|
118,692
|
|
|
119,958
|
|
|
480,009
|
|
|
478,130
|
|
|
|
Fuel
|
|
|
|
|
|
188,112
|
|
|
229,310
|
|
|
795,801
|
|
|
947,391
|
|
|
|
Other
operating
|
|
|
|
230,635
|
|
|
251,790
|
|
|
1,007,926
|
|
|
1,077,584
|
|
|
|
|
Total cruise
operating expenses
|
|
1,173,341
|
|
|
1,244,745
|
|
|
5,099,393
|
|
|
5,306,281
|
|
|
Marketing, selling
and administrative expenses
|
|
269,464
|
|
|
257,995
|
|
|
1,086,504
|
|
|
1,048,952
|
|
|
Depreciation and
amortization expenses
|
|
209,330
|
|
|
193,382
|
|
|
827,008
|
|
|
772,445
|
|
|
Impairment of
Pullmantur related assets
|
|
-
|
|
|
-
|
|
|
411,267
|
|
|
-
|
|
|
Restructuring
charges
|
|
-
|
|
|
2,360
|
|
|
-
|
|
|
4,318
|
|
|
Operating
Income
|
|
|
|
249,918
|
|
|
119,344
|
|
|
874,902
|
|
|
941,859
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
3,781
|
|
|
2,321
|
|
|
12,025
|
|
|
10,344
|
|
|
|
Interest expense, net
of interest capitalized
|
|
(64,127)
|
|
|
(64,368)
|
|
|
(277,725)
|
|
|
(258,299)
|
|
|
|
Other income
(including $12.0 million net deferred tax benefit related to
impairments in the year
ended December 31, 2015 and $33.5 million deferred tax benefit
related to the reversal of a
valuation allowance in the quarter and year ended December 31,
2014)
|
|
|
|
17,227
|
|
|
52,471
|
|
|
56,581
|
|
|
70,242
|
|
|
|
|
|
|
|
|
|
|
(43,119)
|
|
|
(9,576)
|
|
|
(209,119)
|
|
|
(177,713)
|
|
|
Net
Income
|
|
|
|
$
|
206,799
|
|
$
|
109,768
|
|
$
|
665,783
|
|
$
|
764,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.95
|
|
$
|
0.50
|
|
$
|
3.03
|
|
$
|
3.45
|
|
|
Diluted
|
$
|
0.94
|
|
$
|
0.49
|
|
$
|
3.02
|
|
$
|
3.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
218,652
|
|
|
220,622
|
|
|
219,537
|
|
|
221,658
|
|
|
Diluted
|
|
|
|
|
|
219,893
|
|
|
222,041
|
|
|
220,689
|
|
|
223,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
|
$
|
206,799
|
|
$
|
109,768
|
|
$
|
665,783
|
|
$
|
764,146
|
|
|
Other comprehensive
(loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
|
(6,158)
|
|
|
(8,257)
|
|
|
(30,152)
|
|
|
(26,102)
|
|
|
|
Change in defined
benefit plans
|
|
(807)
|
|
|
(1,677)
|
|
|
4,760
|
|
|
(7,213)
|
|
|
|
Loss on cash flow
derivative hedges
|
|
(125,079)
|
|
|
(546,171)
|
|
|
(406,047)
|
|
|
(869,350)
|
|
|
|
|
Total other
comprehensive loss
|
|
(132,044)
|
|
|
(556,105)
|
|
|
(431,439)
|
|
|
(902,665)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income (Loss)
|
$
|
74,755
|
|
$
|
(446,337)
|
|
$
|
234,344
|
|
$
|
(138,519)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passengers
Carried
|
|
|
|
1,348,447
|
|
|
1,263,129
|
|
|
5,401,899
|
|
|
5,149,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger Cruise
Days
|
|
|
|
9,666,317
|
|
|
9,221,383
|
|
|
38,523,060
|
|
|
36,710,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APCD
|
|
|
|
|
|
9,361,889
|
|
|
8,825,623
|
|
|
36,646,639
|
|
|
34,773,915
|
|
|
Occupancy
|
|
|
|
|
103.3%
|
|
|
104.5%
|
|
|
105.1%
|
|
|
105.6%
|
|
|
|
ROYAL CARIBBEAN
CRUISES LTD.
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 121,565
|
|
$ 189,241
|
|
|
|
Trade and other
receivables, net
|
238,972
|
|
261,392
|
|
|
|
Inventories
|
121,332
|
|
123,490
|
|
|
|
Prepaid expenses and
other assets
|
220,579
|
|
226,960
|
|
|
|
Derivative financial
instruments
|
134,574
|
|
-
|
|
|
|
Total
current assets
|
|
837,022
|
|
801,083
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
18,777,778
|
|
18,193,627
|
|
|
Goodwill
|
|
|
286,764
|
|
420,542
|
|
|
Other
assets
|
|
1,020,291
|
|
1,297,938
|
|
|
|
|
|
$ 20,921,855
|
|
$ 20,713,190
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$ 899,677
|
|
$ 799,630
|
|
|
|
Accounts
payable
|
|
302,072
|
|
331,505
|
|
|
|
Accrued
interest
|
|
38,325
|
|
49,074
|
|
|
|
Accrued expenses and
other liabilities
|
|
658,601
|
|
635,138
|
|
|
|
Derivative financial
instruments
|
|
651,866
|
|
266,986
|
|
|
|
Customer
deposits
|
|
1,742,286
|
|
1,766,914
|
|
|
|
Total
current liabilities
|
|
4,292,827
|
|
3,849,247
|
|
|
Long-term
debt
|
|
7,767,378
|
|
7,644,318
|
|
|
Other long-term
liabilities
|
|
798,611
|
|
935,266
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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;
|
|
|
|
|
|
|
|
233,905,166 and
233,106,019 shares issued, December 31, 2015
|
|
|
|
|
|
|
|
and December 31,
2014, respectively)
|
|
2,339
|
|
2,331
|
|
|
|
Paid-in
capital
|
|
3,297,619
|
|
3,253,552
|
|
|
|
Retained
earnings
|
|
6,944,862
|
|
6,575,248
|
|
|
|
Accumulated other
comprehensive loss
|
|
(1,328,433)
|
|
(896,994)
|
|
|
|
Treasury stock
(15,911,971 and 13,808,683 common shares at
cost, December 31, 2015 and December 31, 2014,
respectively)
|
|
(853,348)
|
|
(649,778)
|
|
|
|
Total shareholders'
equity
|
|
8,063,039
|
|
8,284,359
|
|
|
|
|
|
$ 20,921,855
|
|
$ 20,713,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROYAL CARIBBEAN
CRUISES LTD.
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Operating
Activities
|
|
|
|
|
|
|
Net income
|
|
|
$
665,783
|
|
$ 764,146
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
827,008
|
|
772,445
|
|
|
|
Impairment of
Pullmantur related assets
|
|
411,267
|
|
-
|
|
|
|
Net deferred income
tax benefit
|
|
(10,001)
|
|
(41,003)
|
|
|
|
Loss on sale of
property and equipment
|
|
-
|
|
17,401
|
|
|
|
Loss on derivative
instruments not designated as hedges
|
|
59,162
|
|
48,637
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Decrease in trade and
other receivables, net
|
|
63,102
|
|
100,095
|
|
|
|
Decrease in
inventories
|
|
1,197
|
|
26,254
|
|
|
|
Decrease in prepaid
expenses and other assets
|
|
14,905
|
|
41,077
|
|
|
|
Decrease in accounts
payable
|
|
(25,278)
|
|
(40,651)
|
|
|
|
Decrease in accrued
interest
|
|
(10,749)
|
|
(53,951)
|
|
|
|
Increase in accrued
expenses and other liabilities
|
|
41,754
|
|
70,565
|
|
|
|
(Decrease) increase
in customer deposits
|
|
(92,849)
|
|
14,885
|
|
|
Dividends received
from unconsolidated affiliates
|
|
33,338
|
|
5,814
|
|
|
Other, net
|
|
|
(32,273)
|
|
18,045
|
|
|
Net cash provided by
operating activities
|
|
1,946,366
|
|
1,743,759
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(1,613,340)
|
|
(1,811,398)
|
|
|
Cash paid on
settlement of derivative financial instruments
|
|
(178,597)
|
|
(68,098)
|
|
|
Investments in and
loans to unconsolidated affiliates
|
|
(56,163)
|
|
(188,595)
|
|
|
Cash received on
loans to unconsolidated affiliates
|
|
124,253
|
|
76,167
|
|
|
Proceeds from sale of
property and equipment
|
|
-
|
|
220,000
|
|
|
Other, net
|
|
|
(19,128)
|
|
1,546
|
|
|
Net cash used in
investing activities
|
|
(1,742,975)
|
|
(1,770,378)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
|
|
Debt
proceeds
|
|
4,399,501
|
|
4,153,958
|
|
|
Debt issuance
costs
|
|
(68,020)
|
|
(72,974)
|
|
|
Repayments of
debt
|
|
(4,118,553)
|
|
(3,724,218)
|
|
|
Purchase of treasury
of stock
|
|
(200,000)
|
|
(236,074)
|
|
|
Dividends
paid
|
|
(280,212)
|
|
(198,952)
|
|
|
Proceeds from
exercise of common stock options
|
|
11,252
|
|
70,879
|
|
|
Cash received on
settlement of derivative financial instruments
|
|
-
|
|
22,835
|
|
|
Other, net
|
|
|
2,520
|
|
2,026
|
|
|
Net cash (used in)
provided by financing activities
|
|
(253,512)
|
|
17,480
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
(17,555)
|
|
(6,307)
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
|
(67,676)
|
|
(15,446)
|
|
|
Cash and cash
equivalents at beginning of period
|
|
189,241
|
|
204,687
|
|
|
Cash and cash
equivalents at end of period
|
|
$
121,565
|
|
$ 189,241
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Disclosure
|
|
|
|
|
|
|
Cash paid during the
year for:
|
|
|
|
|
|
|
|
Interest, net of
amount capitalized
|
|
$
248,611
|
|
$ 276,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2015
On a
Constant
Currency
basis
|
|
|
2014
|
|
|
|
2015
|
|
|
2015
On a
Constant
Currency
basis
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger ticket
revenues
|
|
|
$
|
1,370,632
|
|
$
|
1,443,434
|
|
$
|
1,303,799
|
|
|
$
|
6,058,821
|
|
$
|
6,392,389
|
|
$
|
5,893,847
|
|
Onboard and other
revenues
|
|
|
|
531,421
|
|
|
540,283
|
|
|
514,027
|
|
|
|
2,240,253
|
|
|
2,291,067
|
|
|
2,180,008
|
|
Total
revenues
|
|
|
|
|
|
1,902,053
|
|
|
1,983,717
|
|
|
1,817,826
|
|
|
|
8,299,074
|
|
|
8,683,456
|
|
|
8,073,855
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions,
transportation and other
|
|
307,369
|
|
|
320,735
|
|
|
303,824
|
|
|
|
1,400,778
|
|
|
1,471,291
|
|
|
1,372,785
|
|
|
Onboard and
other
|
|
|
|
114,546
|
|
|
118,706
|
|
|
126,454
|
|
|
|
553,104
|
|
|
576,544
|
|
|
582,750
|
|
Net Revenues
including divested businesses
|
|
1,480,138
|
|
|
1,544,276
|
|
|
1,387,548
|
|
|
|
6,345,192
|
|
|
6,635,621
|
|
|
6,118,320
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues related
to divested businesses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
prior to sales
transaction
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
35,656
|
|
Net
Revenues
|
|
|
|
|
$
|
1,480,138
|
|
$
|
1,544,276
|
|
$
|
1,387,548
|
|
|
$
|
6,345,192
|
|
$
|
6,635,621
|
|
$
|
6,082,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APCD
|
|
|
|
|
|
|
9,361,889
|
|
|
9,361,889
|
|
|
8,825,623
|
|
|
|
36,646,639
|
|
|
36,646,639
|
|
|
34,773,915
|
|
Gross
Yields
|
|
|
|
|
$
|
203.17
|
|
$
|
211.89
|
|
$
|
205.97
|
|
|
$
|
226.46
|
|
$
|
236.95
|
|
$
|
232.18
|
|
Net Yields
|
|
|
|
|
|
$
|
158.10
|
|
$
|
164.95
|
|
$
|
157.22
|
|
|
$
|
173.15
|
|
$
|
181.07
|
|
$
|
174.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2015
On a
Constant
Currency
basis
|
|
|
2014
|
|
|
|
2015
|
|
|
2015
On a
Constant
Currency
basis
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cruise
operating expenses
|
|
|
$
|
1,173,341
|
|
$
|
1,199,459
|
|
$
|
1,244,745
|
|
|
$
|
5,099,393
|
|
$
|
5,257,018
|
|
$
|
5,306,281
|
|
Marketing, selling
and administrative expenses
|
|
269,464
|
|
|
276,748
|
|
|
257,995
|
|
|
|
1,086,504
|
|
|
1,122,977
|
|
|
1,048,952
|
|
Gross Cruise
Costs
|
|
|
|
|
1,442,805
|
|
|
1,476,207
|
|
|
1,502,740
|
|
|
|
6,185,897
|
|
|
6,379,995
|
|
|
6,355,233
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions,
transportation and other
|
|
307,369
|
|
|
320,735
|
|
|
303,824
|
|
|
|
1,400,778
|
|
|
1,471,291
|
|
|
1,372,785
|
|
|
Onboard and
other
|
|
|
|
114,546
|
|
|
118,706
|
|
|
126,454
|
|
|
|
553,104
|
|
|
576,544
|
|
|
582,750
|
|
Net Cruise Costs
including divested businesses
|
|
1,020,890
|
|
|
1,036,766
|
|
|
1,072,462
|
|
|
|
4,232,015
|
|
|
4,332,160
|
|
|
4,399,698
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cruise Costs
related to divested businesses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
prior to sales
transaction
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
47,854
|
|
|
Other initiative
costs included within cruise operating
expenses and marketing, selling and administrative
expenses
|
|
-
|
|
|
-
|
|
|
3,936
|
|
|
|
-
|
|
|
-
|
|
|
18,972
|
|
|
Loss on sale of ship
included within other operating expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
17,401
|
|
Net Cruise
Costs
|
|
|
|
|
1,020,890
|
|
|
1,036,766
|
|
|
1,068,526
|
|
|
|
4,232,015
|
|
|
4,332,160
|
|
|
4,315,471
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
|
|
|
|
|
188,112
|
|
|
188,253
|
|
|
229,310
|
|
|
|
795,801
|
|
|
803,289
|
|
|
947,391
|
|
Net Cruise Costs
Excluding Fuel
|
|
|
$
|
832,778
|
|
$
|
848,513
|
|
$
|
839,216
|
|
|
$
|
3,436,214
|
|
$
|
3,528,871
|
|
$
|
3,368,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APCD
|
|
|
|
|
|
|
9,361,889
|
|
|
9,361,889
|
|
|
8,825,623
|
|
|
|
36,646,639
|
|
|
36,646,639
|
|
|
34,773,915
|
|
Gross Cruise Costs
per APCD
|
|
|
$
|
154.11
|
|
$
|
157.68
|
|
$
|
170.27
|
|
|
$
|
168.80
|
|
$
|
174.09
|
|
$
|
182.76
|
|
Net Cruise Costs per
APCD
|
|
|
$
|
109.05
|
|
$
|
110.74
|
|
$
|
121.07
|
|
|
$
|
115.48
|
|
$
|
118.21
|
|
$
|
124.10
|
|
Net Cruise Costs
Excluding Fuel per APCD
|
$
|
88.95
|
|
$
|
90.63
|
|
$
|
95.09
|
|
|
$
|
93.77
|
|
$
|
96.29
|
|
$
|
96.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Year
Ended
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income
|
$
|
206,799
|
|
$
|
70,048
|
|
$
|
1,065,066
|
|
$
|
755,729
|
|
Net
Income
|
|
206,799
|
|
|
109,768
|
|
|
665,783
|
|
|
764,146
|
|
|
Net Adjustments to
Net Income- (Decrease) Increase
|
$
|
-
|
|
$
|
(39,720)
|
|
$
|
399,283
|
|
$
|
(8,417)
|
|
Adjustments to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
Pullmantur related assets (1)
|
$
|
-
|
|
$
|
-
|
|
$
|
399,283
|
|
$
|
-
|
|
Restructuring
charges
|
|
-
|
|
|
2,360
|
|
|
-
|
|
|
4,318
|
|
Other initiative
costs
|
|
-
|
|
|
3,936
|
|
|
-
|
|
|
21,211
|
|
Estimated impact of
divested businesses prior to sales transaction
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,013
|
|
Loss on sale of ship
included within other operating expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
17,401
|
|
Impact of voyage
proration change
|
|
-
|
|
|
(12,533)
|
|
|
-
|
|
|
(28,877)
|
|
Reversal of a
deferred tax valuation allowance
|
|
-
|
|
|
(33,483)
|
|
|
-
|
|
|
(33,483)
|
|
|
Net Adjustments to
Net Income- (Decrease) Increase
|
$
|
-
|
|
$
|
(39,720)
|
|
$
|
399,283
|
|
$
|
(8,417)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
per Share - Diluted
|
$
|
0.94
|
|
$
|
0.32
|
|
$
|
4.83
|
|
$
|
3.39
|
|
Earnings per Share
- Diluted
|
|
0.94
|
|
|
0.49
|
|
|
3.02
|
|
|
3.43
|
|
|
Net Adjustments to
Net Income- (Decrease) Increase
|
$
|
-
|
|
$
|
(0.17)
|
|
$
|
1.81
|
|
$
|
(0.04)
|
|
Adjustments to
Earnings per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of
Pullmantur related assets
|
$
|
-
|
|
$
|
-
|
|
$
|
1.81
|
|
$
|
-
|
|
Restructuring
charges
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.02
|
|
Other initiative
costs
|
|
-
|
|
|
0.02
|
|
|
-
|
|
|
0.09
|
|
Estimated impact of
divested businesses prior to sales transaction
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.05
|
|
Loss on sale of ship
included within other operating expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.08
|
|
Impact of voyage
proration change
|
|
-
|
|
|
(0.05)
|
|
|
-
|
|
|
(0.13)
|
|
Reversal of a
deferred tax valuation allowance
|
|
-
|
|
|
(0.15)
|
|
|
-
|
|
|
(0.15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Adjustments to
Net Income- (Decrease) Increase
|
$
|
-
|
|
$
|
(0.17)
|
|
$
|
1.81
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
Shares Outstanding - Diluted
|
|
219,893
|
|
|
222,041
|
|
|
220,689
|
|
|
223,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes a
net deferred income tax benefit of $12.0
million related to the Pullmantur
impairment.
|
|
|
|
|
|