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Royal Caribbean (RCL)

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

Ticker
RCL
Exchange
CEO
Richard Fain
Employees
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Admiral Management Inc. • Adventure of the Seas Inc. • Allure of the Seas Inc. • Anthem of the Seas Inc. • Brilliance of the Seas Shipping Inc. • Celebrity Apex Inc. • Celebrity Cruise Lines Inc. • Celebrity Cruises Holdings Inc. • Celebrity Cruises Inc. • Celebrity Eclipse Inc. ...
IRS number
980081645

RCL stock data

Analyst ratings and price targets

Last 3 months

Calendar

29 Jul 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.1B 2.1B 2.1B 2.1B 2.1B 2.1B
Cash burn (monthly) (no burn) 179.01M 72.88M 259.62M (no burn) 54.87M
Cash used (since last report) n/a 256.07M 104.25M 371.37M n/a 78.49M
Cash remaining n/a 1.85B 2B 1.73B n/a 2.02B
Runway (months of cash) n/a 10.3 27.4 6.7 n/a 36.9

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Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
25 Jun 22 Laura H Bethge Common Stock Payment of exercise Dispose F No No 38.94 837 32.59K 22,898
25 Jun 22 Naftali Holtz Common Stock Payment of exercise Dispose F No No 38.94 2,583 100.58K 23,026
9 Jun 22 Vagn O Sorensen Common Stock Buy Acquire P No No 53.73 2,785 149.64K 32,583
1 Jun 22 Lake Robert Alexander Common Stock Payment of exercise Dispose F No No 56.84 2,867 162.96K 20,853
31 May 22 Roberto Martinoli Common Stock Grant Acquire A No No 0 9,023 0 47,404
78.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 652 637 +2.4%
Opened positions 103 108 -4.6%
Closed positions 88 84 +4.8%
Increased positions 210 199 +5.5%
Reduced positions 200 194 +3.1%
13F shares Current Prev Q Change
Total value 16.73B 15.28B +9.5%
Total shares 200.8M 198.66M +1.1%
Total puts 11.49M 17.99M -36.1%
Total calls 10.15M 18.55M -45.3%
Total put/call ratio 1.1 1.0 +16.7%
Largest owners Shares Value Change
Capital International Investors 28.89M $2.42B +5.6%
Vanguard 23.36M $1.96B +1.4%
Capital Research Global Investors 21.75M $1.82B -8.4%
BLK Blackrock 14.26M $1.19B +2.6%
Osiris 11.5M $884.11M 0.0%
STT State Street 8.57M $718.38M -2.3%
JPM JPMorgan Chase & Co. 6.59M $552.53M -11.0%
Primecap Management 5.02M $420.55M -0.8%
Credit Agricole S A 4.86M $407.26M -3.6%
Canada Pension Plan Investment Board 4.77M $399.57M -0.5%
Largest transactions Shares Bought/sold Change
Capital World Investors 2.76M +2.76M NEW
Capital Research Global Investors 21.75M -1.99M -8.4%
Norges Bank 0 -1.83M EXIT
Capital International Investors 28.89M +1.52M +5.6%
JPM JPMorgan Chase & Co. 6.59M -819.11K -11.0%
ATAC Neuberger Berman 3.23M +779.7K +31.8%
APG Asset Management 1.26M +680.62K +118.4%
CMTDF Sumitomo Mitsui Trust 615.28K +615.28K NEW
Columbus Hill Capital Management 155.85K -580.3K -78.8%
FSZ Fiera Capital 523K +523K NEW

Financial report summary

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Risks
  • The COVID-19 pandemic has had, and continues to have, a material adverse impact on our business, results of operations and liquidity. The global spread of COVID-19, the unprecedented responses by governments and other authorities to control and contain the disease, including related variants, and challenges to global vaccination efforts, have caused significant disruptions, created new risks, and exacerbated existing risks to our business.
  • 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 services for our guests or major changes or reduction in commercial airline services and/or availability could adversely impact the demand for cruises and undermine our ability to provide reasonably priced vacation packages to our guests.
  • Terrorist attacks, war, and other similar events could have a material adverse impact on our business and results of operations.
  • Disease outbreaks and an increase in concern about the risk of illness could adversely impact our business and results of 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, have affected and could continue to 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 of operations.
  • Our sustainability activities, including environmental, social and governance (ESG) matters, could result in reputational risks, increased costs and other risks.
  • 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 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 advisors to sell and market our cruises exposes us to certain risks which 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 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 a change of control and may prevent efforts by our shareholders to change our management.
  • 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 requires a significant amount of cash to service and could adversely affect our financial condition.
  • Despite our leverage, we may incur more debt, which could adversely affect our business.
  • If we elect to settle conversions of our convertible notes in shares of our common stock or a combination of cash and shares of our common stock, conversions of our convertible notes will result in dilution for our existing shareholders. Furthermore, new equity or convertible debt issuances will also result in dilution for our existing shareholders.
  • We did not declare quarterly dividends on our common stock in the quarter ended June 30, 2022 and do not expect to pay dividends on our common stock for the foreseeable future.
  • Increased regulatory oversight, and the phasing out of LIBOR may adversely affect the value of a portion of our indebtedness.
  • Changes in U.S. or other countries’ foreign travel policy have affected, and may continue to affect our results of operations.
  • Environmental, labor, health and safety, financial responsibility and other maritime regulations and measures 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 results of operations.
  • We are not a U.S. corporation and, as a result, our shareholders may be subject to the uncertainties of a foreign legal system in protecting their interests.
  • Conducting business globally results in increased costs and other risks.
  • The terms of our 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.
  • 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 could adversely affect our results of operations.
  • If we are unable to keep pace with developments in technology, 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 and the risks and costs associated with protecting our systems and maintaining data integrity and security.
  • 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 2022 refer to the quarter ended June 30, 2022 and references to 2021 refer to the quarter ended June 30, 2021.
  • Total revenues for 2022 increased $2.1 billion to $2.2 billion from $50.9 million in 2021.
  • Passenger ticket revenues comprised 64.9% of our 2022 total revenues. Passenger ticket revenues for 2022 increased by $1.4 billion from $22.8 million in 2021, and was partially offset by unfavorable movements in foreign currency exchange rates related to our revenue transactions denominated in currencies other than the United States dollar of $26.3 million.

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