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RCL Royal Caribbean

Royal Caribbean Cruises Ltd., doing business as Royal Caribbean Group, is a cruise vacation company that owns four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea. Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 61 ships with an additional 15 on order as of December 21, 2020.

Company profile

RCL stock data

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Calendar

25 Feb 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 3.68B 3.68B 3.68B 3.68B 3.68B 3.68B
Cash burn (monthly) (positive/no burn) (positive/no burn) 338.85M 383.46M 275.13M 310.97M
Cash used (since last report) n/a n/a 1.21B 1.37B 981.75M 1.11B
Cash remaining n/a n/a 2.48B 2.32B 2.7B 2.57B
Runway (months of cash) n/a n/a 7.3 6.0 9.8 8.3

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Apr 21 Jason T Liberty Common Stock Sell Dispose S No Yes 88.77 3,000 266.31K 93,789
7 Apr 21 Henry L Pujol Common Stock Sell Dispose S No Yes 95 15,208 1.44M 39,544
6 Apr 21 Henry L Pujol Common Stock Sell Dispose S No Yes 89.6401 850 76.19K 54,752
6 Apr 21 Henry L Pujol Common Stock Sell Dispose S No Yes 89.1998 4,219 376.33K 55,602
6 Apr 21 Bradley H Stein Common Stock Sell Dispose S No Yes 89.6188 1,599 143.3K 19,698
6 Apr 21 Bradley H Stein Common Stock Sell Dispose S No Yes 89.1843 5,101 454.93K 21,297
5 Apr 21 Michael W Bayley Common Stock Sell Dispose S No Yes 91.224 1,000 91.22K 126,676
5 Apr 21 Michael W Bayley Common Stock Sell Dispose S No Yes 90.6655 29,904 2.71M 127,676
5 Apr 21 Michael W Bayley Common Stock Sell Dispose S No Yes 89.5545 25,919 2.32M 157,580

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

63.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 628 549 +14.4%
Opened positions 157 108 +45.4%
Closed positions 78 74 +5.4%
Increased positions 214 155 +38.1%
Reduced positions 151 173 -12.7%
13F shares
Current Prev Q Change
Total value 12.13B 8.54B +42.1%
Total shares 162.35M 131.87M +23.1%
Total puts 12.48M 9.74M +28.1%
Total calls 12.02M 9.12M +31.8%
Total put/call ratio 1.0 1.1 -2.9%
Largest owners
Shares Value Change
Capital Research Global Investors 21.82M $1.63B +11.3%
Vanguard 19.57M $1.46B +2.1%
Capital International Investors 12.43M $928.65M +194.9%
BLK Blackrock 11.63M $868.97M -5.0%
Osiris 11.5M $858.7M NEW
STT State Street 7.46M $557.06M -5.4%
Primecap Management 5.64M $421.11M -6.7%
FMR 5.5M $410.95M +1461.4%
Canada Pension Plan Investment Board 4.88M $364.51M -40.3%
Geode Capital Management 3.46M $257.93M +6.4%
Largest transactions
Shares Bought/sold Change
Osiris 11.5M +11.5M NEW
Capital International Investors 12.43M +8.22M +194.9%
FMR 5.5M +5.15M +1461.4%
FIL 2 -3.41M -100.0%
Canada Pension Plan Investment Board 4.88M -3.29M -40.3%
Capital Research Global Investors 21.82M +2.22M +11.3%
Norges Bank 2.06M +2.06M NEW
Allianz Asset Management GmbH 759.73K -1.65M -68.5%
D. E. Shaw & Co. 2.01M -1.12M -35.7%
Marshall Wace 1.09M +1.02M +1443.9%

Financial report summary

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Risks
  • The COVID-19 pandemic has had, and will continue to have, a material adverse impact on our business and results of operations. The global spread of COVID-19 and the unprecedented responses by governments and other authorities to control and contain the disease, has caused significant disruptions, created new risks, and exacerbated existing risks to our business.
  • We may not be able to obtain sufficient financing or capital for our needs or may not be able to do so on terms that are acceptable or consistent with our expectations.
  • Our substantial debt could adversely affect our financial condition.
  • Despite our leverage, we may incur more debt, which could adversely affect our business.
  • The terms of existing debt financing gives, and any future preferred equity or debt financing may give, holders of any preferred securities or debt securities rights that are senior to rights of our common shareholders or impose more stringent operating restrictions on our company.
  • We will require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors beyond our control, and we may not be able to generate cash required to service our debt.
  • If we elect to settle conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, conversions of our convertible notes may result in substantial dilution for our existing shareholders.
  • We did not declare dividends on our common stock in the quarters ended June 30, 2020, September 30, 2020 and December 31, 2020 and do not expect to pay dividends on our common stock for the foreseeable future.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly
  • Adverse worldwide economic or other conditions could reduce the demand for cruises and passenger spending, adversely impacting our operating results, cash flows and financial condition including impairing the value of our goodwill, ships, trademarks and other assets and potentially affecting other critical accounting estimates where the change may be material to our operating results.
  • Our operating costs could increase due to market forces and economic or geopolitical factors beyond our control.
  • Any further impairment of our goodwill, long-lived assets, equity investments and notes receivable could adversely affect our financial condition and operating results.
  • Price increases for commercial airline service for our guests or major changes or reduction in commercial airline service and/or availability could adversely impact the demand for cruises and undermine our ability to provide reasonably priced vacation packages to our guests.
  • Fears of terrorist attacks, war, and other hostilities could have a negative impact on our results of operations.
  • Disease outbreaks and an increase in concern about the risk of illness could adversely impact our business and results from operations.
  • Incidents on ships, at port facilities, land destinations and/or affecting the cruise vacation industry in general, and the associated negative media coverage and publicity, could affect our reputation and impact our sales and results of operations.
  • Significant weather, climate events and/or natural disasters could adversely impact our business and results from operations.
  • Our reliance on shipyards, their subcontractors and our suppliers to implement our newbuild and ship upgrade programs and to repair and maintain our ships exposes us to risks which, if realized, could adversely impact our business.
  • An increase in capacity worldwide or excess capacity in a particular market could adversely impact our cruise sales and/or pricing.
  • Unavailability of ports of call may adversely affect our results of operations.
  • We may lose business to competitors throughout the vacation market.
  • If we are unable to appropriately balance our cost management and capital allocation strategies with our goal of satisfying guest expectations, it may adversely impact our business success.
  • Our attempts to expand our business into new markets and new ventures may not be successful.
  • Risks associated with our development and operation of key land-based destination projects may adversely impact our business or results of operations.
  • Our reliance on travel agencies to sell and market our cruises exposes us to certain risks which, if realized, could adversely impact our business.
  • Business activities that involve our co-investments with third parties may subject us to additional risks.
  • Past or pending business acquisitions or potential acquisitions that we may decide to pursue in the future carry inherent risks which could adversely impact our financial performance and condition.
  • We rely on supply chain vendors and third-party service providers who are integral to the operations of our businesses. These vendors and service providers are also affected by COVID-19 and may be unable or unwilling to deliver on their commitments or may act in ways that could harm our business.
  • The potential unavailability of insurance coverage, an inability to obtain insurance coverage at commercially reasonable rates or our failure to have coverage in sufficient amounts to cover our incurred losses may adversely affect our financial condition or results of operations.
  • Disruptions in our shoreside or shipboard operations or our information systems may adversely affect our results of operations.
  • Provisions of our Articles of Incorporation, By-Laws and Liberian law could inhibit others from acquiring us, prevent a change of control, and may prevent efforts by our shareholders to change our management.
  • Changes in U.S. or other countries’ foreign travel policy may affect our results of operations.
  • Growing anti-tourism sentiments and environmental concerns related to cruising could adversely impact our operations.
  • Environmental, labor, health and safety, financial responsibility and other maritime regulations could affect operations and increase operating costs.
  • A change in our tax status under the U.S. Internal Revenue Code, or other jurisdictions, may have adverse effects on our income.
  • We are not a U.S. corporation and our shareholders may be subject to the uncertainties of a foreign legal system in protecting their interests.
  • Conducting business globally may result in increased costs and other risks.
  • Fluctuations in foreign currency exchange rates, fuel prices and interest rates could affect our financial results.
  • The loss of key personnel, our inability to recruit or retain qualified personnel, or disruptions among our shipboard personnel due to strained employee relations could adversely affect our results of operations.
  • If we are unable to keep pace with developments in technology or technological obsolescence, including technology in response to the COVID-19 pandemic, our operations or competitive position could become impaired.
  • We are exposed to cyber security attacks and data breaches, including the risks and costs associated with protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and business partners.
  • Litigation, enforcement actions, fines or penalties could adversely impact our financial condition or results of operations and/or damage our reputation.
Management Discussion
  • In this section, references to 2020 refer to the year ended December 31, 2020 and references to 2019 refer to the year ended December 31, 2019.
  • Total revenues for 2020 decreased $8.7 billion, or 79.8%, to $2.2 billion from $11.0 billion in 2019.
  • Passenger ticket revenues comprised 68.1% of our 2020 total revenues. Passenger ticket revenues decreased by $6.4 billion, or 80.9% from 2019. The decrease was primarily due to a 79.4% decrease in capacity driven by our cancelled sailings resulting from the suspension of our global fleet operations since mid-March 2020 in response to the COVID-19 pandemic.
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