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
Website
CEO
Richard Fain
Employees
Location
Fiscal year end
Industry (SIC)
Carnival • Carnival Corp. • NCL • Norwegian Cruise Line • Tidewater • Seapeak • Altera Infrastructure • Kirby • Golar Lng • International Seaways ...
SEC CIK
Corporate docs
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
News

Why Cruise Line Stocks Are Sailing Choppy Waters Today
9 Aug 22
Why Revlon Shares Jumped 90%; Here Are 83 Biggest Movers From Yesterday
2 Aug 22
Royal Caribbean Late Monday Announced Pricing and Upsizing of $1B Senior Convertible Notes Offering to Refinance Existing Convertible Notes
2 Aug 22
This Biotechnology Stock Is Trading Lower By 77%, Here Are 62 Stocks Moving In Monday's Mid-Day Session
1 Aug 22
JELD-WEN, Royal Caribbean Cruises And Some Other Big Stocks Moving Lower On Monday
1 Aug 22
Press releases
Royal Caribbean Group announces closing of $1.15 billion senior convertible notes offering and repurchase of $1.15 billion existing senior convertible notes
8 Aug 22
Royal Caribbean Group announces pricing and upsizing of $1 billion senior convertible notes offering to refinance existing convertible notes
1 Aug 22
Thinking about trading options or stock in Dollar Tree, Nvidia, Occidental Petroleum, Roku, or Royal Caribbean Cruises?
1 Aug 22
Royal Caribbean Group announces proposed offering of senior convertible notes to refinance existing outstanding senior convertible notes
1 Aug 22
'COLOUR THE WORLD': SILVERSEA® SEWS CULTURE, COLOR, AND TASTE INTO ITS LARGEST-EVER VOYAGE COLLECTION FOR 2024/2025 WITH HAUTE COUTURE CATWALK
28 Jul 22
Analyst ratings and price targets
Current price
Average target
$48.67
Low target
$40.00
High target
$56.00
Morgan Stanley
Maintains
$40.00
Barclays
Initiated
$56.00
Deutsche Bank
Maintains
$50.00
Calendar
29 Jul 22
12 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Change in cash | |||||
Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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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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Recent insider trades
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 |
Institutional ownership, Q1 2022
78.7% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 652 |
Opened positions | 103 |
Closed positions | 88 |
Increased positions | 210 |
Reduced positions | 200 |
13F shares | Current |
---|---|
Total value | 16.73B |
Total shares | 200.8M |
Total puts | 11.49M |
Total calls | 10.15M |
Total put/call ratio | 1.1 |
Largest owners | Shares | Value |
---|---|---|
Capital International Investors | 28.89M | $2.42B |
Vanguard | 23.36M | $1.96B |
Capital Research Global Investors | 21.75M | $1.82B |
BLK Blackrock | 14.26M | $1.19B |
Osiris | 11.5M | $884.11M |
STT State Street | 8.57M | $718.38M |
JPM JPMorgan Chase & Co. | 6.59M | $552.53M |
Primecap Management | 5.02M | $420.55M |
Credit Agricole S A | 4.86M | $407.26M |
Canada Pension Plan Investment Board | 4.77M | $399.57M |
Financial report summary
?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.
Content analysis
?Positive | ||
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Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Good
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New words:
EBITDA, instance, newly, Nova, smaller, uninterrupted, unreasonable
Removed:
accepting, affiliated, Aida, amendment, amortized, announced, attempt, Barcelona, Carnival, cleaning, continuation, correct, Costa, Cunard, decline, defer, Disney, disposal, distancing, downturn, elevated, excessive, existence, expenditure, fare, frequent, furloughed, gathering, generation, gradually, heightened, Holland, improved, indeterminable, influenced, insolvency, intensity, introduced, issuing, length, light, lockdown, marine, mitigation, MSC, noncancelable, Norwegian, notified, Oceania, pattern, plc, rapid, rebuilding, Regent, rerouting, rest, resume, resurgence, retirement, running, scaled, Seabourn, sovereign, Spanish, spend, unclear, unpredictably, usage, variant, Venice, West, workforce
Financial reports
Current reports
8-K
Entry into a Material Definitive Agreement
8 Aug 22
8-K
Royal Caribbean Group announces pricing and upsizing of $1 billion senior convertible notes offering to refinance existing convertible notes
2 Aug 22
8-K
Royal Caribbean Group announces proposed offering of senior convertible notes to refinance existing outstanding senior convertible notes
1 Aug 22
8-K
Results of Operations and Financial Condition
28 Jul 22
8-K
Departure of Directors or Certain Officers
3 Jun 22
8-K
Royal Caribbean Group Reports First Quarter 2022 Results and Provides a Business Update
5 May 22
8-K
Royal Caribbean Group appoints Governor Michael O. Leavitt to Board of Directors
10 Feb 22
8-K
Royal Caribbean Group Reports on 2021 Results, Provides Business Update
4 Feb 22
8-K
Royal Caribbean Group Announces Closing of Senior Unsecured Notes Offering
7 Jan 22
8-K
Royal Caribbean group Announces UPSIZING AND Pricing Of $1,000,000,000 Senior unsecured Notes
4 Jan 22
Registration and prospectus
S-8
Registration of securities for employees
11 Aug 22
S-8
Registration of securities for employees
25 Jun 21
424B5
Prospectus supplement for primary offering
3 Mar 21
424B5
Prospectus supplement for primary offering
1 Mar 21
S-3ASR
Automatic shelf registration
1 Mar 21
424B5
Prospectus supplement for primary offering
3 Dec 20
424B5
Prospectus supplement for primary offering
15 Oct 20
FWP
Free writing prospectus
13 Oct 20
424B5
Prospectus supplement for primary offering
13 Oct 20
S-8
Registration of securities for employees
16 Nov 18
Other
UPLOAD
Letter from SEC
30 Jan 22
CORRESP
Correspondence with SEC
28 Nov 21
CORRESP
Correspondence with SEC
7 Nov 21
UPLOAD
Letter from SEC
27 Oct 21
CORRESP
Correspondence with SEC
13 Oct 21
CORRESP
Correspondence with SEC
30 Sep 21
UPLOAD
Letter from SEC
16 Sep 21
UPLOAD
Letter from SEC
10 Jun 19
CORRESP
Correspondence with SEC
13 May 19
UPLOAD
Letter from SEC
29 Apr 19
Ownership
SC 13G/A
ROYAL CARIBBEAN CRUISES / Capital Research Global Investors ownership change
10 Aug 22
4
ROYAL CARIBBEAN CRUISES / Naftali Holtz ownership change
28 Jun 22
4
ROYAL CARIBBEAN CRUISES / LAURA H BETHGE ownership change
28 Jun 22
4
ROYAL CARIBBEAN CRUISES / Vagn O Sorensen ownership change
10 Jun 22
4
ROYAL CARIBBEAN CRUISES / Robert Alexander Lake ownership change
6 Jun 22
4
ROYAL CARIBBEAN CRUISES / Roberto Martinoli ownership change
2 Jun 22
4
ROYAL CARIBBEAN CRUISES / Michael W Bayley ownership change
31 Mar 22
4
ROYAL CARIBBEAN CRUISES / Henry L Pujol ownership change
28 Mar 22
4
ROYAL CARIBBEAN CRUISES / Lisa Lutoff-Perlo ownership change
28 Mar 22
4
ROYAL CARIBBEAN CRUISES / Jason T Liberty ownership change
28 Mar 22
Patents
Utility
Text Classification and Sentimentization with Visualization
12 Aug 20
A text classification method includes loading a corpus of text that different words organized as different collections of comments and concurrently submitting each of the comments to a topic modeler and a sentiment analysis engine, and receiving for each of the comments, a set of topics likely to be associated with a corresponding one of the comments and an associated sentiment.
Utility
Augmented Reality Tour Guide
5 Aug 20
In augmented reality self-guided tour, different augmented reality views are received in a mobile computing device.
Utility
Virtual reality dining
27 Jul 20
A method, system and computer program product for virtual reality dining includes establishing an index of different human consumables positioned on a sensory surface of a serving tray and, generating in a display of a virtual reality headset, a rendering both of a thematic visual background and also a display of different graphical representations of corresponding ones of the different human consumables at different positions consistent with the index.
Utility
High throughput passenger identification in portal monitoring
13 Jul 20
The present invention provides for high throughput passenger identification in portal security.
Design
Trampoline enclosure
18 May 20
Inventors: Analise Calleiro, Dieter Brell, Robert Levash
Transcripts
2022 Q2
Earnings call transcript
28 Jul 22
2022 Q1
Earnings call transcript
5 May 22
2021 Q4
Earnings call transcript
4 Feb 22
2021 Q3
Earnings call transcript
29 Oct 21
2021 Q2
Earnings call transcript
4 Aug 21
2021 Q1
Earnings call transcript
29 Apr 21
2020 Q4
Earnings call transcript
22 Feb 21
2020 Q3
Earnings call transcript
29 Oct 20
2020 Q2
Earnings call transcript
10 Aug 20
2020 Q1
Earnings call transcript
20 May 20
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