(6)Represents net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas. (For Additional Reporting) 3217. If purchased pre-cruiseor onboard, photo selections must be made onboard at the Focus Photo Gallery. The Group is now offering cruises in all of its key destinations with the exception of China. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis. For the third quarter, the company reported sales was . October 27, 2022 12:36 pm. Examples of these risks, uncertainties and other factors include, but are not limited to the following: the impact of the global incidence and spread of COVID-19, which has led to the temporary suspension of our operations and has had and will continue to have a material adverse impact on our business, liquidity and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: the current and potential additional governmental and self-imposed travel restrictions, the current and potential extension of the suspension of cruises and new additional suspensions, guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business including the conflict between Ukraine and Russia, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; our ability to accurately estimate our monthly cash burn rate during the suspension of our operations; concerns over safety, health and security of guests and crew; any protocols we adopt across our fleet relating to COVID-19, such as those recommended by the Healthy Sail Panel, may be costly and less effective than we expect in reducing the risk of infection and spread of COVID-19 on our cruise ships; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; the incurrence of COVID-19 and other contagious diseases on our ships and an increase in concern about the risk of illness on our ships or when traveling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in US foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; the impact of foreign currency exchange rates, interest rate and fuel price fluctuations; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; emergency ship repairs, including the related lost revenue; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States. In July, the Group acquired an ultra-luxury expedition cruise ship that was originally delivered in 2021. As of March 31, 2022, the company's customer deposit balance was $3.6 billion. Royal Caribbean Group (NYSE: RCL) today reported first quarter 2022 operating loss of $(1.2) billion and loss per share of $(4.58). Personal Data: Contact . . The Net Loss and Adjusted Net Loss for the quarter are primarily the result of the impact of the COVID-19 pandemic on the business. Job Opportunities. Royal Caribbean's Requirements. Cruising remains a very attractive value proposition for vacationers, and today we have an opportunity to further close the value gap to other land-based vacation offerings," added Liberty. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. The storm already lashed St. Barts, St. Martin and Barbuda with 180 mph winds, killing at least 9 people and causing extensive destruction. 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. Represents the amortization of non-cash debt discount on our convertible notes. Changes in operating assets and liabilities: Increase in trade and other receivables, net, Increase in prepaid expenses and other assets, Decrease in accrued expenses and other liabilities, Cash received on settlement of derivative financial instruments, Cash paid on settlement of derivative financial instruments, Investments in and loans to unconsolidated affiliates, Cash received on loans to unconsolidated affiliates, Proceeds from the sale of property and equipment and other assets, Net cash provided by financing activities, Effect of exchange rate changes on cash and cash equivalents, Net (decrease) increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Notes receivable issued upon sale of property and equipment and other assets, Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities. Represents equity investment asset impairments primarily for TUI Cruises GmbH in 2021 as a result of the impact of COVID-19. The occupancy rate is a measure of the amount of available passenger capacity, or cabins, being utilized. Net Cruise Costs ("NCC") and NCC excluding FuelNet Cruise Costs 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. Approximately 27% of the customer deposit balance is related to FCCs compared to 32% in the prior quarter, a positive trend indicating new demand. It added that booking volumes in March and April have been significantly higher than the same period in 2019, before the pandemic. Changes in operating assets and liabilities: Increase in trade and other receivables, net, Increase in prepaid expenses and other assets, Decrease in accrued expenses and other liabilities, Cash received on settlement of derivative financial instruments, Cash paid on settlement of derivative financial instruments, Investments in and loans to unconsolidated affiliates, Cash received on loans to unconsolidated affiliates, Proceeds from the sale of property and equipment and other assets, Net cash provided by financing activities, Net (decrease) increase in cash and cash equivalents, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period, Notes receivable issued upon sale of property and equipment and other assets, Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities. (5) Represents equity investment asset impairments for TUI Cruises GmbH in 2021 as a result of the impact of COVID-19. Award. 3589 (2022) 2022 Cable Television & Public Utility Property Report. "We have taken and will continue to take proactive actions to improve our cash flow, balance sheet and methodically address near-term maturities.". Of the redeemed FCCs, about half have already sailed resulting in revenue being recognized. Together, the brands have an additional 11 ships on order as of March 31, 2022. We had two adjoining rooms in December - Reservation #5591722 and #5594756 and a cruise in April - Reservation #6384967. . Third. Looking for a particular position? (2)Primarily represents asset impairments in 2021 and a credit loss recovery for a note receivable in which credit losses were previously recorded in 2022. The Group expects to operate approximately 10.3 million Available Passenger Cruise Days (APCD) for the second quarter with load factors of 75% to 80%. Royal Caribbean's next earnings report (for Q2 FY 2022) is expected to be released on Aug. 3, 2022. While the higher occupancy rate is a sign that the company is recovering from the pandemic shock that essentially brought the cruise line industry to a halt, the recovery is far from over, as the company's occupancy rate is still well below levels reached prior to the pandemic. Travel Norwegian Cruise Line Beats Earnings Estimates and Signals Record 2023. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Rates by State, Fiscal Quarters (Q1, Q2, Q3, Q4) Explained, Royal Caribbean Group Reports First Quarter 2022 Results and Provides a Business Update, Form 10-K for the Fiscal Year Ended December 31, 2021. Approximately 70% of the company's debt is tied to fixed interest rates. . Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities . For inquiries about purchases made while you were in port, please contact Royal Media Partners online or by phone at (305) 673-9500 or 1-855-769-2567. The second half of the year is booked slightly below historical ranges but at higher prices than 2019, with and without future cruise credits (FCCs). This report discusses the executive compensation determinations made by the . Third quarter results were better than expected and above guidance for the quarter mainly due to higher load factors from strong close-in demand, further improvement in onboard revenue and better Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding US GAAP measures. As one of the Caribbean's leading diversified financial services companies, RBC provides personal and commercial banking, wealth management, corporate and investment banking, insurance . Royal Caribbeans third-quarter performance is likely to have benefited from strong demand for leisure travel and cruising, improved booking trends and solid onboard spending. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises brands, which comprise a range of itineraries that call on approximately 1,000 destinations. This represents an increase of about $600 million over the previous quarter despite the significant quarter-over-quarter increase in revenue recognition. To date, approximately 56% of FCCs have been redeemed. One of the most important is World Wildlife Fund. However, Royal Caribbean is facing a number of inflationary and supply chain challenges that are likely to weigh on earnings this year. Where can I fill out a survey regarding my experience on my most recent sailing? I think we get over a million different attacks a day. Where can I get financial information if I booked through a Travel Advisor? MIAMI, May 5, 2022 /PRNewswire/ -- Royal Caribbean Group (NYSE:RCL) today reported first quarter 2022 operating loss of $(1.2) billion and loss per share of $(4.58). Second quarter results were meaningfully ahead of the company's . Image downloads are available for guests who purchased photo packages or photos that included digital files. Core itineraries exclude sailings during the early ramp-up period of up to four weeks. The measure of capacity assumes double occupancy per cabin, which is why occupancy rates greater than 100% are possiblesometimes cabins are occupied by more than two passengers. Crown & Anchor points take about two weeks from the end of your sailing to post to your account. Photo packages can be purchasedpre-cruise with a discount, or onboard. For new bookings, the Group has returned to typical booking and cancellation policies, which were relaxed during the pandemic. How can I file a claim if my luggage was damaged? It should be emphasized that the use of Constant-Currency is primarily used by us for comparing short-term changes and/or projections. These include white papers, government data, original reporting, and interviews with industry experts. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Occupancy ("Load Factor")Occupancy, in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days by APCD. Some of the property in the control of the Royal Family is owned by the Crown Estate, and others they privately own. (9)Primarily represents asset impairments in 2021 and a credit loss recovery for a note receivable in which credit losses were previously recorded in 2022. 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