ROYAL CARIBBEAN GROUP REPORTS FIRST QUARTER RESULTS AND INCREASES FULL YEAR GUIDANCE
"Our strong first quarter results are a testament to the enduring appeal and attractive value proposition of our leading brands and the incredible vacations they deliver," said
First Quarter 2025:
- Load factor in the first quarter was 109%.
- Gross Margin Yields were up 13.9% as-reported. Net Yields were up 4.7% as-reported and 5.6% in Constant Currency.
- Gross Cruise Costs per Available Passenger Cruise Days ("APCD") decreased 1.1% as-reported. Net Cruise Costs ("NCC"), excluding Fuel, per APCD decreased 0.3% as-reported and increased 0.1% in Constant Currency.
- Total revenues were
$4.0 billion , Net Income was$0.7 billion or$2.70 per share, Adjusted Net Income was$0.7 billion or$2.71 per share, and Adjusted EBITDA was$1.4 billion .
Full Year 2025 Outlook:
- Net Yields are expected to increase 2.5% to 4.5% as-reported (2.6% to 4.6% in Constant Currency).
- NCC, excluding Fuel, per APCD are expected to be 0.1% to 1.1% as-reported and (0.1%) to 0.9% in Constant Currency.
- Adjusted EPS is expected to grow approximately 28% year-over-year and be in the range of
$14.55 to$15.55 .
First Quarter 2025 Results
Net Income for the first quarter of 2025 was
Capacity for the first quarter was up 3% year over year and the company delivered memorable vacations to 2.2 million guests, a 9% increase year over year. Gross Margin Yields increased 13.9% as-reported, and Net Yields increased 4.7% as-reported (5.6% in Constant Currency), when compared to the first quarter of 2024. Load factor for the quarter was 109%. Net Yield growth exceeded the company's guidance mainly due to higher pricing across key products driven by strong close-in demand.
Gross Cruise Costs per APCD decreased 1.1% as-reported, compared to the first quarter of 2024. NCC, excluding Fuel, per APCD decreased 0.3% as-reported (and increased 0.1% in Constant Currency), when compared to the first quarter of 2024.
Update on Bookings
During the first quarter, the company took record bookings during WAVE season. Additionally, during April, the company's bookings were greater than the same period last year, including continued strength in close-in bookings. Booked load factors remain in line with prior years and at higher rates. Guest spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices. To account for broader external factors, the company has expanded its guidance ranges in response to the complexity of the current macroeconomic landscape.
"Bookings for 2025 have remained on track, cancellation levels are normal, and we continue to see excellent close-in demand" said
The cadence of yield growth throughout the year, as expected, is driven by the timing of new hardware entering service, with the arrival of Star of the Seas in late summer and the related ramp-up of load factors, as is typical for new ship launches.
Second Quarter 2025
Capacity in the quarter is expected to increase 6%, driven by lower dry dock days and a full year of Utopia of the Seas, compared to second quarter 2024. Net Yields are expected to increase 4.4% to 4.9% as-reported and 4.3% to 4.8% in Constant Currency as compared to the same period in the prior year. The expected growth in yield is driven by healthy demand across all key products and onboard spend, both from new and like-for-like hardware.
NCC, excluding Fuel, per APCD, is expected to increase 4.1% to 4.6% as-reported and 3.7% to 4.2% in Constant Currency as compared to the same period in the prior year. Approximately 140 bps of cost growth is attributable to the timing shift from the first quarter.
Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects second quarter Adjusted EPS to be in the range of
Fuel Expense
Bunker pricing, net of hedging, for the first quarter was
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 current fuel prices, the company has included $286 million of fuel expense in its second quarter guidance at a forecasted consumption of 428,000 metric tons, which is 59% hedged via swaps. Forecasted consumption is 59%, 55%, 45%, and 15% hedged via swaps for 2025, 2026, 2027, and 2028, respectively. The annual average cost per metric ton of the hedge portfolio is approximately
The company provided the following guidance for the second quarter and full year 2025:
|
FUEL STATISTICS |
Second Quarter 2025 |
Full Year 2025 |
|
Fuel Consumption (metric tons) |
428,000 |
1,726,000 |
|
Fuel Expenses |
|
|
|
Percent Hedged (fwd. consumption) |
59 % |
59 % |
|
|
|
|
|
GUIDANCE |
As-Reported |
Constant Currency |
|
|
|
|
|
|
Second Quarter 2025 |
|
|
Net Yields vs. 2024 |
4.4% to 4.9% |
4.3% to 4.8% |
|
Net Cruise Costs per APCD vs. 2024 |
2.8% to 3.3% |
2.4% to 2.9% |
|
Net Cruise Costs per APCD ex. Fuel vs. 2024 |
4.1% to 4.6% |
3.7% to 4.2% |
|
|
|
|
|
|
Full Year 2025 |
|
|
Net Yields vs. 2024 |
2.5% to 4.5% |
2.6% to 4.6% |
|
Net Cruise Costs per APCD vs. 2024 |
(1.0%) to 0.0% |
(1.2%) to (0.2%) |
|
Net Cruise Costs per APCD ex. Fuel vs. 2024 |
0.1% to 1.1% |
(0.1%) to 0.9% |
|
|
|
|
|
GUIDANCE |
Second Quarter 2025 |
Full Year 2025 |
|
APCDs |
12.9 million |
53.3 million |
|
Capacity change vs. 2024 |
5.8 % |
5.5 % |
|
Depreciation and amortization |
|
|
|
Net Interest, excluding loss on extinguishment of debt |
|
|
|
Adjusted EPS |
|
|
|
|
|
|
|
SENSITIVITY |
Second Quarter 2025 |
Full Year 2025 |
|
1% Change in Net Yields |
|
|
|
1% Change in NCC excluding Fuel |
|
|
|
|
Second Quarter 2025 |
Remainder of Year 2025 |
|
1% Change in Currency |
|
|
|
10% Change in Fuel prices |
|
|
|
100 basis pt. Change in SOFR |
|
|
|
|
|
|
|
Exchange rates used in guidance calculations |
|
|
|
GBP |
|
|
|
AUD |
|
|
|
CAD |
|
|
|
EUR |
|
|
Liquidity and Financing Arrangements
As of
During the quarter, the company was upgraded to investment grade by
Also during the quarter, the company entered into exchange agreements with holders of its 6.00% Convertible Senior Notes due 2025. In this transaction, the holders exchanged
The company also repurchased approximately 1.0 million shares under its existing share repurchase program. As of
"This quarter, we continued to opportunistically reduce debt, while lowering cost of capital and recapturing a portion of our Covid-era share dilution," said
The company noted that as of
Capital Expenditures and Capacity Guidance
Capital expenditures for the full year 2025 are expected to be approximately
Capacity changes for 2025 are expected to be 5.5% compared to 2024. Capacity changes for 2026, 2027, and 2028 are expected to be 6%, 5%, and 6%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future.
Conference call scheduled
The company has scheduled a conference call at
Definitions
Selected Operational and Financial Metrics
Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to
Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other (income) expense, and (ii) restructuring charges and other initiative expenses.
Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues.
Adjusted Gross Margin represent Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expense. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.
Adjusted Net Income attributable to
Adjusted Operating Income represents operating income including income from equity investments and income taxes but excluding certain items for which we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as defined below).
Available Passenger Cruise Days ("APCD") is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.
Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the
EBITDA is a non-GAAP measure that represents Net Income attributable to
Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.
Gross Margin Yield represent Gross Margin per APCD.
Net Cruise Costs and Net Cruise Costs Excluding Fuel are non-GAAP measures that 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. For the periods presented, Net Cruise Costs and Net Cruise Costs Excluding Fuel excludes restructuring and other initiative expenses.
Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect 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.
Occupancy ("Load factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.
Passenger Cruise Days ("PCD") represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.
Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027.
Return on
For additional information see "Adjusted Measures of Financial Performance" below.
About
Cautionary Statement Concerning Forward-Looking Statements
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. These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2025 and beyond; demand for our brands; and expectations regarding our credit profile. Words such as "anticipate," "believe," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "shaping up," "position," "allows," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. 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. 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, and operating costs; changes in operating costs; the unavailability or cost of air service; disease outbreaks and increased concern about the risk of illness on our ships or when travelling to or from our ships, which could cause a decrease in demand, guest cancellations, and ship redeployments; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, climate events and/or natural disasters on our business; risks related to our sustainability activities; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry capacity and overcapacity; inability to manage our cost and capital allocation strategies; the uncertainties of conducting business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel advisers that sell and market our cruises; reliance on third-party service providers; potential unavailability of insurance coverage; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data integrity and security; uncertainties of a foreign legal system as we are not incorporated in
More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent annual report on Form 10-K, as well as our other filings with the
Adjusted Measures of Financial Performance
This press release includes certain adjusted financial measures defined as non-GAAP financial measures under
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
A reconciliation to the most comparable
|
|
|||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|||
|
(unaudited; in millions, except per share data) |
|||
|
|
|
|
|
|
|
Quarter Ended |
||
|
|
|
||
|
|
2025 |
|
2024 |
|
Passenger ticket revenues |
$ 2,744 |
|
$ 2,542 |
|
Onboard and other revenues |
1,255 |
|
1,186 |
|
Total revenues |
3,999 |
|
3,728 |
|
Cruise operating expenses: |
|
|
|
|
Commissions, transportation and other |
522 |
|
498 |
|
Onboard and other |
200 |
|
193 |
|
Payroll and related |
340 |
|
318 |
|
Food |
239 |
|
221 |
|
Fuel |
277 |
|
304 |
|
Other operating |
500 |
|
522 |
|
Total cruise operating expenses |
2,079 |
|
2,056 |
|
Marketing, selling and administrative expenses |
562 |
|
535 |
|
Depreciation and amortization expenses |
412 |
|
387 |
|
Operating Income |
945 |
|
750 |
|
Other income (expense): |
|
|
|
|
Interest income |
2 |
|
5 |
|
Interest expense, net of interest capitalized |
(249) |
|
(424) |
|
Equity investment income |
48 |
|
41 |
|
Other expense |
(11) |
|
(8) |
|
|
(210) |
|
(386) |
|
Net Income |
736 |
|
364 |
|
Less: Net Income attributable to noncontrolling interest |
6 |
|
4 |
|
Net Income attributable to |
$ 730 |
|
$ 360 |
|
Earnings per Share: |
|
|
|
|
Basic |
$ 2.71 |
|
$ 1.40 |
|
Diluted |
$ 2.70 |
|
$ 1.35 |
|
Weighted-Average Shares Outstanding: |
|
|
|
|
Basic |
269 |
|
257 |
|
Diluted |
276 |
|
281 |
|
|
|
|
|
|
Comprehensive Income (Loss) |
|
|
|
|
Net Income |
$ 736 |
|
$ 364 |
|
Other comprehensive income (loss): |
|
|
|
|
Foreign currency translation adjustments |
(17) |
|
4 |
|
Change in defined benefit plans |
(4) |
|
9 |
|
Gain on cash flow derivative hedges |
128 |
|
44 |
|
Total other comprehensive income |
107 |
|
57 |
|
Comprehensive Income |
842 |
|
421 |
|
Less: Comprehensive Income attributable to noncontrolling interest |
6 |
|
4 |
|
Comprehensive Income attributable to |
$ 837 |
|
$ 417 |
|
|
|
Certain amounts may not add due to use of rounded numbers. |
|
|
|||
|
STATISTICS |
|||
|
(unaudited) |
|||
|
|
|
|
|
|
|
Quarter Ended |
||
|
|
|
||
|
|
2025 |
|
2024 |
|
|
|
|
|
|
Passengers Carried |
2,241,673 |
|
2,054,382 |
|
Passenger Cruise Days |
13,768,332 |
|
13,149,708 |
|
APCD |
12,657,992 |
|
12,285,830 |
|
Occupancy |
108.8 % |
|
107.0 % |
|
|
|
|
|
|
|
|||
|
CONSOLIDATED BALANCE SHEETS |
|||
|
(in millions, except share data) |
|||
|
|
As of |
||
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ 386 |
|
$ 388 |
|
Trade and other receivables, net |
427 |
|
371 |
|
Inventories |
256 |
|
265 |
|
Prepaid expenses and other assets |
723 |
|
670 |
|
Derivative financial instruments |
36 |
|
11 |
|
Total current assets |
1,828 |
|
1,705 |
|
Property and equipment, net |
31,904 |
|
31,831 |
|
Operating lease right-of-use assets |
661 |
|
677 |
|
Goodwill |
808 |
|
808 |
|
Other assets |
2,251 |
|
2,049 |
|
Total assets |
$ 37,452 |
|
$ 37,070 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Current portion of long-term debt |
$ 1,396 |
|
$ 1,603 |
|
Current portion of operating lease liabilities |
75 |
|
74 |
|
Accounts payable |
956 |
|
919 |
|
Accrued expenses and other liabilities |
1,504 |
|
1,635 |
|
Derivative financial instruments |
35 |
|
90 |
|
Customer deposits |
6,334 |
|
5,496 |
|
Total current liabilities |
10,300 |
|
9,817 |
|
Long-term debt |
17,993 |
|
18,473 |
|
Long-term operating lease liabilities |
655 |
|
670 |
|
Other long-term liabilities |
362 |
|
375 |
|
Total liabilities |
29,310 |
|
29,335 |
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
Preferred stock ( |
— |
|
— |
|
Common stock ( |
3 |
|
3 |
|
Paid-in capital |
7,846 |
|
7,831 |
|
Retained earnings |
3,139 |
|
2,612 |
|
Accumulated other comprehensive loss |
(695) |
|
(802) |
|
Treasury stock (29,575,028 and 28,468,430 common shares at cost, |
(2,333) |
|
(2,081) |
|
Total shareholders' equity attributable to |
7,960 |
|
7,563 |
|
Noncontrolling Interests |
182 |
|
172 |
|
Total shareholders' equity |
8,142 |
|
7,735 |
|
Total liabilities and shareholders' equity |
$ 37,452 |
|
$ 37,070 |
|
|
|||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
|
(unaudited, in millions) |
|||
|
|
Three Months Ended |
||
|
|
2025 |
|
2024 |
|
Operating Activities |
|
|
|
|
Net Income |
$ 736 |
|
$ 364 |
|
Adjustments: |
|
|
|
|
Depreciation and amortization |
412 |
|
387 |
|
Net deferred income tax benefit |
(1) |
|
— |
|
(Gain) loss on derivative instruments not designated as hedges |
(2) |
|
35 |
|
Share-based compensation expense |
53 |
|
45 |
|
Equity investment income |
(48) |
|
(41) |
|
Amortization of debt issuance costs, discounts and premiums |
23 |
|
26 |
|
Loss on extinguishment of debt and inducement expense |
10 |
|
116 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Increase in trade and other receivables, net |
(77) |
|
(57) |
|
Decrease in inventories |
9 |
|
12 |
|
Increase in prepaid expenses and other assets |
(112) |
|
(80) |
|
Increase in accounts payable trade |
22 |
|
78 |
|
Decrease in accrued expenses and other liabilities |
(151) |
|
(238) |
|
Increase in customer deposits |
838 |
|
729 |
|
Other, net |
(85) |
|
(48) |
|
Net cash provided by operating activities |
1,627 |
|
1,328 |
|
Investing Activities |
|
|
|
|
Purchases of property and equipment |
(428) |
|
(242) |
|
Cash paid on settlement of derivative financial instruments |
(2) |
|
(35) |
|
Investments in and loans to unconsolidated affiliates |
(26) |
|
(9) |
|
Cash received on loans from unconsolidated affiliates |
4 |
|
5 |
|
Other, net |
12 |
|
(15) |
|
Net cash used in investing activities |
(440) |
|
(296) |
|
Financing Activities |
|
|
|
|
Debt proceeds |
480 |
|
2,179 |
|
Debt issuance costs |
(3) |
|
(19) |
|
Repayments of debt |
(1,221) |
|
(3,107) |
|
Premium on repayment of debt |
(2) |
|
(104) |
|
Repurchase of common stock |
(241) |
|
— |
|
Dividends paid |
(148) |
|
— |
|
Other, net |
(56) |
|
(40) |
|
Net cash used in financing activities |
(1,191) |
|
(1,091) |
|
Effect of exchange rate changes on cash and cash equivalents |
2 |
|
(1) |
|
Net decrease in cash and cash equivalents |
(2) |
|
(60) |
|
Cash and cash equivalents at beginning of period |
388 |
|
497 |
|
Cash and cash equivalents at end of period |
$ 386 |
|
$ 437 |
|
|
|
|
|
|
Supplemental Disclosure |
|
|
|
|
Cash paid during the period for: |
|
|
|
|
Interest, net of amount capitalized |
$ 279 |
|
$ 411 |
|
Non-cash Investing Activities |
|
|
|
|
Purchase of property and equipment included in accounts payable and accrued |
$ 42 |
|
$ 44 |
|
Non-cash Financing Activity |
|
|
|
|
Non-cash inducement on convertible notes exchange |
$ 7 |
|
$ — |
|
|
|||||
|
NON-GAAP RECONCILING INFORMATION |
|||||
|
(unaudited) |
|||||
|
Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD were calculated by |
|||||
|
|
|
|
|
|
|
|
|
Quarter Ended |
||||
|
|
2025 |
|
2025 On a |
|
2024 |
|
Total revenue |
$ 3,999 |
|
$ 4,031 |
|
$ 3,728 |
|
Less: |
|
|
|
|
|
|
Cruise operating expenses |
2,079 |
|
2,086 |
|
2,056 |
|
Depreciation and amortization expenses |
412 |
|
412 |
|
387 |
|
Gross Margin |
1,508 |
|
1,533 |
|
1,285 |
|
Add: |
|
|
|
|
|
|
Payroll and related |
340 |
|
340 |
|
318 |
|
Food |
239 |
|
239 |
|
221 |
|
Fuel |
277 |
|
277 |
|
304 |
|
Other operating |
500 |
|
503 |
|
522 |
|
Depreciation and amortization expenses |
412 |
|
412 |
|
387 |
|
Adjusted Gross Margin |
$ 3,276 |
|
$ 3,305 |
|
$ 3,037 |
|
|
|
|
|
|
|
|
APCD |
12,657,992 |
|
12,657,992 |
|
12,285,830 |
|
Passenger Cruise Days |
13,768,332 |
|
13,768,332 |
|
13,149,708 |
|
Gross Margin Yields |
$ 119.09 |
|
$ 121.13 |
|
$ 104.59 |
|
Net Yields |
$ 258.83 |
|
$ 261.07 |
|
$ 247.20 |
|
Adjusted Gross Margin per PCD |
$ 237.96 |
|
$ 240.01 |
|
$ 230.96 |
|
|
|||||
|
NON-GAAP RECONCILING INFORMATION |
|||||
|
(unaudited) |
|||||
|
Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated
to use of rounded numbers; reported Gross Cruise Costs, Net Cruise Costs, Net Cruise Costs |
|||||
|
|
|
|
|
|
|
|
|
Quarter Ended |
||||
|
|
2025 |
|
2025 On a |
|
2024 |
|
Total cruise operating expenses |
$ 2,079 |
|
$ 2,086 |
|
$ 2,056 |
|
Marketing, selling and administrative expenses |
562 |
|
565 |
|
535 |
|
Gross Cruise Costs |
2,641 |
|
2,651 |
|
2,591 |
|
Less: |
|
|
|
|
|
|
Commissions, transportation and other |
522 |
|
526 |
|
498 |
|
Onboard and other |
200 |
|
201 |
|
193 |
|
Net Cruise Costs including other costs |
1,919 |
|
1,925 |
|
1,900 |
|
Less: |
|
|
|
|
|
|
Restructuring charges and other initiative expenses (1) |
2 |
|
2 |
|
— |
|
Net Cruise Costs |
1,917 |
|
1,923 |
|
1,900 |
|
Less: |
|
|
|
|
|
|
Fuel |
277 |
|
277 |
|
304 |
|
Net Cruise Costs Excluding Fuel |
$ 1,640 |
|
$ 1,645 |
|
$ 1,596 |
|
|
|
|
|
|
|
|
APCD |
12,657,992 |
|
12,657,992 |
|
12,285,830 |
|
Gross Cruise Costs per APCD |
$ 208.68 |
|
$ 209.43 |
|
$ 210.89 |
|
Net Cruise Costs per APCD |
$ 151.44 |
|
$ 151.89 |
|
$ 154.65 |
|
Net Cruise Costs Excluding Fuel per APCD |
$ 129.54 |
|
$ 129.99 |
|
$ 129.91 |
|
|
|
(1) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). |
|
|
||||
|
NON-GAAP RECONCILING INFORMATION |
||||
|
(unaudited) |
||||
|
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin were calculated as follows (in millions, except APCD and |
||||
|
|
|
|
|
|
|
|
|
Quarter Ended |
||
|
|
|
2025 |
|
2024 |
|
|
|
|
|
|
|
Net Income attributable to |
|
$ 730 |
|
$ 360 |
|
Interest income |
|
(2) |
|
(5) |
|
Interest expense, net of interest capitalized |
|
249 |
|
424 |
|
Depreciation and amortization expenses |
|
412 |
|
387 |
|
Income tax expense (1) |
|
16 |
|
6 |
|
EBITDA |
|
1,405 |
|
1,172 |
|
|
|
|
|
|
|
Other (income) expense (2) |
|
(5) |
|
2 |
|
Restructuring charges and other initiative expenses (3) |
|
2 |
|
— |
|
Adjusted EBITDA |
|
$ 1,402 |
|
$ 1,174 |
|
|
|
|
|
|
|
Total revenues |
|
$ 3,999 |
|
$ 3,728 |
|
|
|
|
|
|
|
APCD |
|
12,657,992 |
|
12,285,830 |
|
Net Income attributable to |
|
$ 57.66 |
|
$ 29.30 |
|
Adjusted EBITDA per APCD |
|
$ 110.73 |
|
$ 95.56 |
|
Adjusted EBITDA Margin |
|
35.1 % |
|
31.5 % |
|
|
|
(1) These amounts are included in Other expense within our consolidated statements of comprehensive income (loss). |
|
(2) Represents net non-operating (income) expense. The amount excludes income tax expense, included in the EBITDA calculation above. |
|
(3) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). |
|
|
|||
|
NON-GAAP RECONCILING INFORMATION |
|||
|
(unaudited) |
|||
|
Adjusted Net Income attributable to |
|||
|
|
|
|
|
|
|
Quarter Ended |
||
|
|
2025 |
|
2024 |
|
|
|
|
|
|
Net Income attributable to |
$ 730 |
|
$ 360 |
|
Loss on extinguishment of debt and inducement expense (1) |
10 |
|
116 |
|
Amortization of |
2 |
|
2 |
|
Restructuring charges and other initiative expenses (3) |
2 |
|
— |
|
Adjusted Net Income attributable to |
$ 744 |
|
$ 478 |
|
|
|
|
|
|
Earnings per Share - Diluted (4) |
$ 2.70 |
|
$ 1.35 |
|
Adjusted Earnings per Share - Diluted (5) |
$ 2.71 |
|
$ 1.77 |
|
|
|
|
|
|
Weighted-Average Shares Outstanding - Diluted |
276 |
|
281 |
|
|
|
|
|
|
|
|
(1) For 2025, includes |
|
(2) Represents the amortization of the |
|
(3) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). |
|
(4) Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of |
|
(5) Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of |
View original content to download multimedia:https://www.prnewswire.com/news-releases/royal-caribbean-group-reports-first-quarter-results-and-increases-full-year-guidance-302441093.html
SOURCE
