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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. [26] It began operations in the late 1990s as an offshoot of the Madrid-based travel agency Pullmantur. [18], In July 2022, Royal Caribbean Group received court approval to purchase Endeavor, a former Crystal Cruise ship, for $275 million. "Our liquidity position remains strong, and we are generating positive operating cash flow and EBITDA. It is not possible to predict or identify all such risks. Since the purchase, Royal Caribbean has announced that it is intended for the resort to be developed into a cruise destination that will benefit the local Freeport economy. 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. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. extends [16][17] Royal Caribbean sold Azamara Cruises to Sycamore Partners in March of 2021 for $201 million. Silversea Cruises' new ultra-luxury cruise ship joins the fleet later this month and is scheduled to begin service winter 2022/2023, spending her inaugural season in Antarctica beginning November 2022. Approximately 20% of the customer deposit balance as of the end of the second quarter is related to FCCs. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis. Together, the brands have an additional 10 ships on order as of June 30, 2022. (3) Represents the amortization of non-cash debt discount on our convertible notes. 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.

sail 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.

As of the date of this release, fuel consumption is 56% hedged via swaps for the remainder of 2022 and 36% hedged for 2023 below market prices. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the global incidence and continued spread of COVID-19, which has had and will continue to have a material adverse impact on our business, liquidity and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business including the conflict between Ukraine and Russia, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; our COVID-19 protocols and any other health protocols we may develop in response to infectious diseases may be costly and less effective than we expect in reducing the risk of infection and spread of such disease on our cruise ships; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rate and fuel prices; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States. (8)Excludes income tax (benefit) expense, included in the EBITDA calculation above. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. [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. Celebrity's signature logo is an "" displayed on the funnel of Celebrity ships, and is the Greek letter chi, for "Chandris".[23][24]. 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. Shares of Carnival, Royal and Norwegian are undervalued and could remain depressed until the coronavirus passes. 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. Pullmantur Cruises was a cruise line headquartered in Madrid, Spain. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Celebrity Cruises was founded in 1988 by the Greece-based Chandris Group, and merged with Royal Caribbean Cruise Line in 1997. 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. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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. It should be emphasized that the use of Constant-Currency is primarily used by us for comparing short-term changes and/or projections. "Since our return to service last year, we have seen more than 3 million guests enjoy cruise vacations responsibly, under an evolving operating environment," said Liberty. Of the redeemed FCCs, about half have already sailed resulting in revenue being recognized. A look at how the industry's largest active equity mutual funds have fared in the coronavirus bear market. These measures may be different from adjusted measures used by other companies. Restructuring charges and other initiatives expense included within marketing, selling and administrative expenses. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. On July 10, 2020, Royal Caribbean Cruises purchased the remaining shares of Silversea Cruises. 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. 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. We plan to wait for more clarity on the persistence of the coronavirus before further altering our forward estimates. As expected, load factors for sailings in the second half of 2022 remain below historical levels and are expected to finish at approximately 95% in the third quarter and reach triple digits by the end of the year. Cision Distribution 888-776-0942 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.

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