Royal Caribbean Cruises Ltd. · NYSE:RCL
Royal Caribbean Cruises — Q4 2022 Earnings Presentation
16 slides from Royal Caribbean Cruises's earnings presentation, Feb 7, 2023
Slide 1: Q4 & Full Year 2022 Earnings Call
Q4 & FULL YEAR 2022 EARNINGS CALL 1
Slide 2: Forward Looking Statements and Non-GAAP Financial Information
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL INFORMATION Certain statements in this presentation 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 s
Slide 3: Our Mission: Deliver the Best Vacation Experiences, Responsibly
OUR MISSION DELIVER THE BEST VACATION EXPERIENCES, RESPONSIBLY 3
Slide 4: We Are the Leader in the Industry
WE ARE THE LEADER IN THE INDUSTRY BRAND CULTURE OF BEST BEST-IN-CLASS LEADERSHIP INNOVATION ASSETS WORKFORCE • Best brands across segments • Industry pioneers • Industry-leading, innovative newbuilds • Industry-differentiating talent • Portfolio of complementary brands • Innovation in our DNA • Crit
Slide 5: A Complementary Portfolio of Leading Brands Within Their Segments
A COMPLEMENTARY PORTFOLIO OF LEADING BRANDS WITHIN THEIR SEGMENTS German-Speaking The Ultimate Relaxed Luxury Ultra-Luxury Premium Family Vacation Resorts at Sea and Expedition and Luxury 26 Ships / 4 on Order 15 Ships / 2 on Order 11 Ships / 2 on Order 12 Ships / 3 on Order 94K Berths 33K Berths 4K
Slide 6: 2022 Highlights
2022 HIGHLIGHTS SUCCESSFULLY RETURNED SIGNIFICANT RAMP UP DELIVERING ON TO FULL OPERATIONS IN LOAD FACTORS OUR MISSION 6M Vacations at high guest 100% of fleet operating since June 2022 85% Overall satisfaction scores Delivered Wonder of the Seas, Cruising in all key 57% Q1 95% Q4 3 Celebrity Beyond
Slide 7: Q4 Highlights
Q4 HIGHLIGHTS LOAD FACTORS ROBUST SPEND DEMAND NORMALIZING ON OUR EXPERIENCES ACCELERATING 95% Overall +4.5% Revenue per passenger cruise Record November day vs. 2019 Black Friday & Cyber Monday 100% Caribbean Compelling Value Proposition Record Customer Deposits 110% Holidays CONSISTENTLY IMPROVING
Slide 8: Demand Is Accelerating at Record Prices
DEMAND IS ACCELERATING AT RECORD PRICES Total Bookings by Month for 2023 sailings 2023 Bookings 2019 Bookings Jul Aug Sep Oct Nov Dec Jan 8
Slide 9: Record Breaking Wave
RECORD BREAKING WAVE BOOKING WINDOW NORMALIZED Continues to expand and has returned to 2019 7 BIGGEST NORTH AMERICA AHEAD North America itineraries booked Booking Weeks ahead of 2019 for Q2 - Q4 in Company History, all occurred since last BOOKED POSITIONED earnings call 2023 booked position well wit
Slide 10: Q4 Results
Q4 RESULTS Q4 Q4 Guidance Load Factor 95% 95% Total Revenue $2.6B $2.6B Adjusted EBITDA $409M $350M- $400M Adjusted EPS ($1.12) ($1.30) - ($1.50) 10 Note: Please refer to our press release issued 2/7/23 for definitions of certain financial terms and reconciliations of non-GAAP measures to GAAP measu
Slide 11: 2023 Full Year Guidance
2023 Full Year Guidance WE ARE RESUMING ANNUAL GUIDANCE, IN LINE WITH APCDs 47M OUR TRIFECTA PROGRAM Net Yields vs. 2019 (in Constant Currency) 2.5% - 4.5% NCCx vs. 2019 (in Constant Currency) 4.75% – 5.75% Fuel Approx. $1,141M Adjusted EBITDA Exceed prior 2019 record D&A $1,470M - $1,490M Net Inter
Slide 12: Q1 2023 Guidance
Q1 2023 GUIDANCE APCDs 11.2 M Net Yields vs. 2019 (in Constant Currency) 1% to 2% NCCx vs. 2019 (in Constant Currency) Approx. 8.5% Fuel Approx. $294M D&A Approx. $360M Net Interest Expense $330M - $340M Adjusted Loss Per Share ($0.65) - ($0.85) Note: Net interest expense excludes losses on extingui
Slide 13: Appendix
@ Royal Caribbean Group Appendix 13
Slide 14: Definitions
DEFINITIONS • 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. • Adjusted Net Income (Loss) is a non-GAAP measure that represents net income (lo
Slide 15: Definitions
DEFINITIONS • Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency e
Slide 16: Definitions
DEFINITIONS • 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”) repr
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