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2022.07.31
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rgy stocks lose juice, while Chi

Energy stocks lose juice, while Chinese ADRs continue to rally. Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a global cruise holding company incorporated in Liberia and based in Miami, Florida, US. Gross Cruise CostsGross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses. The scheduled debt maturities for the remainder of 2022 are $1.6 billion. Transaction costs related to Silversea Cruises acquisition included within marketing, selling and administrative expenses, Costs, net of insurance recoveries, related to the Oasis of the Seas incident included within cruise operating expenses. sail sailings 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. Other assets, net of allowances of $72,648 and $86,781 at June30, 2022 and December31, Common stock ($0.01 par value; 500,000,000 shares authorized; 283,076,357 and 282,703,246, Treasury stock (28,018,385 and 27,882,987 common shares at cost, June30, 2022 and, Purchase of property and equipment included in accounts payable and accrued, Restructuring charges and other initiatives expense included within, Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. The onboard product, including food, entertainment and amenities, is custom-tailored for German tastes and German is the main language used onboard its ships. Approximately 20% of the customer deposit balance as of the end of the second quarter is related to FCCs. A keel-laying ceremony took place at Finnish shipyard Meyer Turku to celebrate the progress on the revolutionary cruise ship. Silver Endeavour is scheduled to begin service winter 2022, spending its inaugural season in Antarctica starting November 2022. In addition, cancellation activity has now returned to pre-COVID levels. [21] It operates the five largest passenger ships in the world. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. It was formed in 2007 as a joint venture between the German tourism company TUI AG and the American cruise line operator Royal Caribbean Cruises Ltd., both of whom hold a 50% stake in the company. It targets German-speaking customers who opt for a premium cruise experience. (1)For the quarter and six months ended June 30, 2019, the amount does not include incremental fuel expenses incurred of $0.7 million related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas.

In early 2019, Royal Caribbean announced in a joint venture with ITM Group the formation of Holistica, a company that intends to develop cruise destinations. Approximately 60% of the FCC balance accumulated since the start of the pandemic has been redeemed. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. "We have taken and will continue to take proactive actions to improve our cash flow, balance sheet and methodically address near-term maturities.". In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. (5) Represents equity investment asset impairments for TUI Cruises GmbH in 2021 as a result of the impact of COVID-19. Of the redeemed FCCs, about half have already sailed resulting in revenue being recognized. [28], Pullmantur Cruises was the largest Spain-based cruise line. The improvement in costs from earlier in the year is expected to be driven by lower expenses related to returning ships and crew to operations, easing health protocols, and accelerating benefit from actions taken to improve margin. Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. We expect stabilizing pricing in 2020 despite ongoing economic struggles abroad. As a result, all quarters are currently booked within historical ranges at record pricing. We sell different types of products and services to both investment professionals and individual investors. Starting Aug. 8, testing will be required for unvaccinated guests on all voyages and for vaccinated guests only on voyages that are six nights or longer. Adjusted Net Loss and Adjusted Loss per Share were calculated as follows (in thousands, except per share data): Impairment and credit losses (recoveries) (2), Restructuring charges and other initiatives expense, Amortization of Silversea Cruises intangible assets related to Silversea Cruises acquisition, Convertible debt amortization of debt discount (3), Net gain related to the sale of the Azamara brand, Weighted-Average Shares Outstanding - Diluted. Together, the brands have an additional 10 ships on order as of June 30, 2022. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS, (unaudited, in thousands, except per share data), Marketing, selling and administrative expenses, Impairment and credit losses (recoveries), Interest expense, net of interest capitalized, (Loss) gain on cash flow derivative hedges, Trade and other receivables, net of allowances of $7,897 and $13,411 at June30, 2022 and December31, 2021, respectively, Other assets, net of allowances of $72,648 and $86,781 at June30, 2022 and December31, 2021, respectively, Current portion of operating lease liabilities, Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding), Common stock ($0.01 par value; 500,000,000 shares authorized; 283,076,357 and 282,703,246 shares issued, June30, 2022 and December31, 2021, respectively), Treasury stock (28,018,385 and 27,882,987 common shares at cost, June30, 2022 and December31, 2021, respectively), Total liabilities and shareholders' equity, Loss (gain) on derivative instruments not designated as hedges, Amortization of debt discounts and premiums. The Group is now offering cruises in all of its key destinations with the exception of China. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. We continue to see a robust and accelerating demand environment for cruising and on-board spend. Develop and improve features of our offerings. Second quarter load factors were 82%. Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): Restructuring charges and other initiatives expense included within marketing, selling and administrative expenses. Selected Operational and Financial Metrics. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters. For additional information see "Adjusted Measures of Financial Performance" below. For the 2022 and 2019 periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; (ii) the transaction costs related to the Silversea Cruises acquisition; and (iii) the costs, net of insurance recoveries, related to the Grand Bahama drydock structure incident involving Oasis of the Seas. Now that the full fleet has returned to service and load factors are nearly 90%, the company expects customer deposits to return to typical seasonality. The company reported Net Loss for the second quarter of 2022 of $(0.5) billion or $(2.05) per share compared to Net Loss of $(1.3) billion or $(5.29) per share in the prior year. It's now Royal Caribbean Group", "Royal Caribbean Cruises has officially changed its name after quietly dropping the word 'cruises' and tweaking its logo", "Surprise! The company also has a 50% investment in a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises, allowing it to compete on the basis of innovation, quality of ships and service, variety of itineraries, choice of destinations, and price. How we use your information depends on the product and service that you use and your relationship with us. Shares of Carnival, Royal and Norwegian are undervalued and could remain depressed until the coronavirus passes. This site is protected by reCAPTCHA and the Google In 2018, Royal Caribbean International controlled 19.2% of the worldwide cruise market by passengers and 14.0% by revenue. Weve made tremendous progress in our conservation efforts in partnership with World Wildlife Fund. Operating cash flow and EBITDA were positive for the quarter. Certain statements in this release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. We are raising our fair value estimates for Carnival and Royal Caribbean. Words such as anticipate, believe, could, driving, estimate, expect, goal, intend, may, plan, project, seek, should, will, would, considering, and similar expressions are intended to help identify forward-looking statements. Celebrity Cruises is a cruise line headquartered in Miami, Florida[22] and a wholly owned subsidiary of Royal Caribbean Group. Net interest expense for the third quarter of 2022, based on current interest rates, is expected to be in the range of $310 million - $320 million. [25] Since July 2020, it has been owned by Royal Caribbean Group. Instead, they were either laid up or under charter to other cruise lines, such as the Brazil-based Viagens CVC.

[35], Holistica was formed in early 2019 after the purchase of the Grand Lucayan Resort in a joint venture by Royal Caribbean and ITM Group. (8)Excludes income tax (benefit) expense, included in the EBITDA calculation above. The Group continues to benefit from the delivery of new, more efficient ships and past sales of less efficient ships, as well as actions taken to improve operating costs and margins that continue to materialize as operations ramp up. Wed like to share more about how we work and what drives our day-to-day business. Net Cruise Costs (NCC), excluding fuel, per APCD improved 16.5% as reported and 16.2% in constant currency, compared to the first quarter of 2022.

As of January 2021, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. [4][5] Previously Royal Caribbean Group also fully owned Azamara Cruises selling the cruise line to Sycamore Partners in January 2021, and 50% of Island Cruises, selling their stake to TUI Travel PLC in October 2008. All rights reserved. It was also announced by the CEO of Royal Caribbean that Freeport Harbor will be developed into a cruise facility of choice. For the 2022 and 2021 periods presented, these items included (i) impairment and credit losses (recoveries); (ii) restructuring charges and other initiative expenses; (iii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition in 2018; (iv) the amortization of non-cash debt discount on our convertible notes; (v) the estimated cash refunds expected to be paid to Pullmantur guests as part of the Pullmantur S.A. reorganization in 2020; (vi) gain on the extinguishment of debt; (vii) equity investment asset impairments; (viii) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; and (ix) the net gain recognized in 2021 in relation to the sale of the Azamara brand. [26] It began operations in the late 1990s as an offshoot of the Madrid-based travel agency Pullmantur. Guests are still booking their cruises closer-in compared to prior years, contributing to the better-than-expected load factors in the second quarter. Third quarter load factors are expected to average approximately 95%, with itineraries in North America (including the Caribbean, Alaska, Bermuda, West Coast, and Canada) averaging about 100%. Some of the company's ships operated an "all-inclusive" product, where some extras, such as brand alcoholic beverages, were included in the cruise price. [29] Pullmantur under Administration review was hoping to restart some operations with MV Horizon, laid up in Eleusis Bay, and two Celebrity Millennium class cruise ships.

A reconciliation to the most comparable U.S. 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. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. As of January 2022, the line operates twenty-six ships and has four additional ships on order. Copyright 2022 Morningstar, Inc. All rights reserved.

[10], Royal Caribbean also has an interest in TUI Cruises, a joint venture with TUI AG,[11] which began operations in 2009 aimed at a German-speaking market. Adjusted Net (Loss) IncomeAdjusted Net (Loss) Income represents Net (Loss) Income excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. Demand has been hindered but not permanently impaired by COVID-19. Some of the improvement is partially offset by inflationary and supply chain challenges, mainly related to fuel and food costs. More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent current report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC's website at www.sec.gov. Approximately 70% of the company's debt is tied to fixed interest rates. This press release includes certain adjusted financial measures defined as non-GAAP financial measures 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 U.S. GAAP. Gross Cruise Costs per APCD and NCCper APCD for the second quarter included $7.75 per APCD related to enhanced health protocols and one-time costs to return ships and crew back to operations. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations. Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. [9] It followed this with the formation of CDF Croisires de France in May 2008 to serve the French-language market. Capital expenditures for the remainder of 2022 are expected to be approximately $0.5 billion, excluding the acquisition of Silver Endeavour. NCC, excluding fuel, per APCD is expected to significantly improve in the second half of the year compared to the first half of 2022 and be higher for the second half of 2022 by mid-single digits compared to the second half of 2019 all on a constant currency basis. [3] They also hold a 50% stake in TUI Cruises and the now-defunct Pullmantur Cruises and CDF Croisires de France. Constant-CurrencyA significant portion of our revenues and expenses are denominated in currencies other than the U.S. Dollar. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. Forward-looking statements reflect management's current expectations, are based on judgments, 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. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful. In the second quarter, approximately 90% of total bookings were new versus FCC redemptions. Oil tops $116, Occidental and Kroger hit new highs. Trip.com and airlines on the rise, while bank stocks take a hit. EBITDAEBITDA represents Net (Loss) Income excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. Gear advertisements and other marketing efforts towards your interests. The company does not forecast fuel rates, and fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. It should be emphasized that the use of Constant-Currency is primarily used by us for comparing short-term changes and/or projections. Existing home sales figures from May are on deck. Brands the company operates include Royal Caribbean International, Celebrity Cruises, and Silversea.

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean is the world's second-largest cruise company, operating 63 ships across five global and partner brands in the cruise vacation industry, with 11 more ships on order. The purchase price for the vessel was $275 million, significantly below its estimated original cost. The company also reported Adjusted Net Loss of $(0.5) billion or $(2.08) per share for the second quarter of 2022 compared to Adjusted Net Loss of $(1.3) billion or $(5.06) per share in the prior year. Booking volumes received in the second quarter for the back half of 2022 sailings remained significantly higher than booking volumes received in the second quarter of 2019 for the back half of 2019. Forward-looking statements reflect managements current expectations, are based on judgments, 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. A few undervalued stocks remain, but many have already surged past fair value. Gross Cruise Costs per APCD improved 2.4% as reported and 1.9% in constant currency, compared to the first quarter 2022. Royal Caribbean International (RCI), also formerly known as Royal Caribbean Cruise Line (RCCL), is a cruise line brand founded in 1968 in Norway and organised as a wholly owned subsidiary of Royal Caribbean Group since 1997. Based on current currency exchange rates, fuel rates and interest rates, the Group expects Adjusted Earnings Per Share for the third quarter of $0.05 - $0.25. [27] Originally, most Pullmantur ships did not operate cruises for the company during the northern hemisphere winter season. We've cut our economic moat ratings on these notable names. Adjusted EBITDAAdjusted EBITDA represents EBITDA (as defined below) excluding (i) other income; (ii) impairment and credit losses (recoveries); (iii) restructuring charges and other initiative expenses; (iv) equity investment asset impairments; (v) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; and (vi) the net gain recognized in 2021 in relation to the sale of the Azamara brand. Together, the brands have an additional 10 ships on order as of June 30, 2022. Silversea Cruises is a luxury cruise line headquartered in Monaco. 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. [12] In October 2008, Royal Caribbean Cruises rationalized their holdings by selling their share of Island Cruises to TUI.[6]. Celebrity Cruises was founded in 1988 by the Greece-based Chandris Group, and merged with Royal Caribbean Cruise Line in 1997. This represents an increase of about $600 million over the previous quarter despite the significant quarter-over-quarter increase in revenue recognition. 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. Based on this change, we are continuing to adapt our protocols to align more closely with how the rest of society and other travel and leisure businesses are operating. More information about factors that could affect our operating results is included under the caption Risk Factors in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, and the captions Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations in our most recent annual report on Form 10-K, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SECs website at www.sec.gov.

The company expects to operate 11.6 million APCDs in the third quarter and generate approximately $2.9 billion - $3.0 billion in Total Revenue, based on current currency exchange rates. In 2006, Pullmantur Cruises, through its parent company, was purchased by U.S.-based Royal Caribbean Group,[27] but Royal Caribbean later sold a 51% stake in the cruise line to Spain-based investment firm Springwater Capital, retaining a 49% stake. Privacy Policy and Second quarter results were meaningfully ahead of the company's expectations driven by accelerating and strong close-in demand, further improvement in onboard revenue and better cost performance. On July 10, 2020, Royal Caribbean Cruises purchased the remaining shares of Silversea Cruises. Load factors in the second quarter were 82% overall, with June sailings reaching almost 90%. With the fleet back in service, we have the full strength of our platform as we continue to execute on our recovery and build on our capabilities for long-term success.". (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. [36], This article is about the holding company that owns several cruise lines.

[3] That same month, it also changed its name to Royal Caribbean Group. As of June 30, 2022, the Group's liquidity position was $3.3 billion, which includes cash and cash equivalents, undrawn revolving credit facility capacity, and a $700 million commitment for a 364-day term loan facility. As the pandemic recedes, consumer spending behavior will normalize and shift back toward services and away from goods. MIAMI, July 28, 2022 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) today reported second quarter 2022 net loss of $(0.5) billion and loss per share of $(2.05). [8], In November 2006, Royal Caribbean Cruises purchased Pullmantur Cruises based in Madrid, Spain. 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. These companies stand to benefit from pent-up demand--but they arent all undervalued today. [13] The only known destination that the company is to develop is the Grand Lucayan Resort, located in Freeport after the hotel campus was sold to newly formed subsidiary by the Bahamian Government. Additionally, Royal offered third-quarter guidance that included sales that reach $2.9 billion-$3 billion (around our $3.1 billion projection), signaling sales are set to surpass 2019 levels.