Royal Caribbean Cruises Ltd. · NYSE:RCL
Royal Caribbean Cruises — Q1 2025 Earnings Presentation
17 slides from Royal Caribbean Cruises's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Earnings Call
Q1 2025 EARNINGS CALL
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 Silver Ray, Kaiseki Restaurant
Slide 4: Q1 by the Numbers
Curacao Curacao Q1 BY THE NUMBERS Perfect Day CocoCay, Hideaway Beach Load Factor 109% Net Yield Growth vs. 2024 5.6% (in Constant Currency) NCCx Growth vs. 2024 0.1% (in Constant Currency) PLACE IMAGE Adjusted EBITDA $1.4B HERE +20% vs. 2024 (image must fill the width of this gray box) Adjusted EBI
Slide 5: FY 2025 Guidance
FY 2025 Perfect Day CocoCay, Hideaway Beach GUIDANCE APCDs 53.3M Net Yield Growth vs. 2024 2.6% to 4.6% (in Constant Currency) NCCx Growth vs. 2024 (in Constant Currency) (0.1)% to 0.9% PLACE IMAGE HERE (image must fill the width of Fuel Approximately $1,140M this gray box) D&A $1,710M to $1,720M Ne
Slide 6: Expecting Approximately 28% Year Over Year Adj. EPS Growth
EXPECTING APPROXIMATELY The Spa, Celebrity Cruises 28% YEAR OVER YEAR ADJ. EPS GROWTH January 2025 Guidance $14.35 - $14.65 Q1 2025 business outperformance $0.13 (excl. $0.08 timing of costs) PLACE IMAGE HERE (image must fill the width of Reduced fully diluted share count $0.05 this gray box) Foreig
Slide 7: Q2 2025 Guidance
Q2 2025 Celebrity Apex, San Juan GUIDANCE APCDs 12.9M Net Yield Growth vs. 2024 4.3% to 4.8% (in Constant Currency) NCCx Growth vs. 2024 (in Constant Currency) 3.7% to 4.2% PLACE IMAGE HERE (image must fill the width of Fuel Approximately $286M this gray box) D&A $415M to $425M Net Interest Expense
Slide 8: While Delivering the Best Vacation Experiences Responsibly by 2027
WH I LE Delivering the Best Vacation Experiences Responsibly and Maintaining Solid Investment Grade Metrics 8 BY 2027
Slide 9: Our Proven Formula Delivers Long-Term Shareholder Value
OUR PROVEN FORMULA DELIVERS LONG-TERM SHAREHOLDER VALUE Moderate Capacity Growth Moderate Yield Growth Disciplined Cost Control 9
Slide 10: Appendix: Definitions and Non-GAAP Information and Reconciliation
APPENDIX Definitions and Non-GAAP Information and Reconciliation The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may
Slide 11: Definitions
Definitions • Adjusted Earnings per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We bel
Slide 12: Definitions
Definitions • Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses. • Gross Margin Yield represent Gross Margin per APCD. • Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of
Slide 13: Selected Statistical Information
SELECTED STATISTICAL INFORMATION 13
Slide 14: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD were calculated by dividing Gross Margin and Adjusted Gross Margin by APCD, and Adjusted Gross Margin by PCD as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross Margin
Slide 15: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in millions, except APCD and costs per APCD. Certain amounts may not add due to use of rounded numbers; reported Gross Cruise Costs, Net Cruise Costs,
Slide 16: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin were calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not add due to use of rounded numbers; reported EBITDA, Adjusted EBITDA, and per APCD and Margin amounts are
Slide 17: Non-GAAP Reconciliation Information (Unaudited)
NON-GAAP RECONCILIATION INFORMATION (Unaudited) Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Earnings per Share were calculated as follows (in millions, except per share data. Certain amounts may not add due to use of rounded numbers; reported Adjusted Net Income att
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