PRN: Royal Caribbean Reports Third Quarter Results

27/ott/2011 17.25.33 PR Newswire Turismo Contatta l'autore

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Royal Caribbean Reports Third Quarter Results

 
[27-October-2011]
 

MIAMI, October 27, 2011 /PRNewswire/ --

Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today reported its third quarter 2011 results and updated its outlook for the remainder of the year. Revenue yields, expenses and operating income all performed better than expected during the quarter. As a result, year-over-year Net Income grew 14% to $399 million. Included in third quarter results is an $0.08 per share charge in Other Income/(Expense) related to mark-to-market revaluations of the company's fuel option portfolio. For the full year, the company's profit expectations have remained stable except for this revaluation charge and changes in currency exchange rates.

Key Highlights

  • Results For the Third Quarter 2011:
    • Net income was $399.0 million, or $1.82 per share, versus $350.2 million, or $1.61 per share, in 2010;
    • Net Yields increased 5.3% (2.6% on a Constant-Currency basis.)  Net Cruise Costs per APCD ("NCC") excluding fuel increased 2.5% (0.7% on a Constant-Currency basis.)  
  • Full Year Guidance:
    • For the full year 2011, the company's Constant-Currency Net Yield improvement expectations are essentially unchanged at 2% to 3%.  Including currency movements, full year Net Yields are expected to increase approximately 4%;
    • Full year 2011 EPS is expected to be within a range of $2.70 to $2.80, a $0.15 reduction from prior guidance primarily due to the strengthening of the U.S. Dollar and the fuel option revaluation loss.
  • 2012 Outlook: Though economic uncertainty is elevated and it is still early in the booking cycle, 2012 demand thus far has been solid.  Booked load factors and pricing are both running ahead of this time last year, which supports the company's expectation of continued yield accretion during 2012.  

"It was gratifying to beat both our revenue and cost forecasts in the third quarter despite the turmoil in the worldwide financial markets," said Richard D. Fain, chairman and chief executive officer. Fain continued, "The strength of our brands, combined with the value of our product, provides us with a high degree of economic resilience, and both our 2011 results and our 2012 booking patterns validate this."

Third Quarter 2011 Results

Royal Caribbean Cruises Ltd. today announced net income of $399.0 million, or $1.82 per share, versus $350.2 million, or $1.61 per share, in 2010. Results include an $0.08 per share mark-to-market revaluation loss on the company's WTI fuel option portfolio. Absent the revaluation charge, third quarter earnings per share totaled $1.90.

Revenues improved to $2.3 billion in the third quarter of 2011 compared to $2.1 billion in the third quarter of 2010 as a result of capacity increases and yield improvements. Net Yields for the third quarter of 2011 increased 5.3% (2.6% on a Constant-Currency basis). The company experienced particularly strong demand for its Caribbean and Alaska products during the third quarter with both markets experiencing increases in excess of 15% in ticket yields and Alaska yields reaching a historical high.

Costs in the third quarter of 2011 remained under tight control with NCC excluding fuel increasing only 0.7% on a Constant-Currency basis (2.5% on an as-reported basis).

Bunker pricing for the third quarter was consistent with earlier calculations at $608 per metric ton and consumption was 333,000 metric tons. During the quarter the company booked an $0.08 per share mark-to-market revaluation loss on its WTI fuel option portfolio. This loss partially offsets the revaluation gains the company recorded earlier in the year. As previously noted, these fuel options have been entered into for the purpose of protecting the company against spikes in oil prices. However, the options are not treated as hedges for accounting purposes and therefore can cause swings in quarterly earnings. Overall, they have been a successful strategy despite the swings they have caused.

2011 Outlook

The company provided the following updates to its forward guidance:

Revenue:

Constant-Currency yield growth expectations for the year are unchanged at 2% to 3%. Recent strengthening of the U.S. Dollar has reduced full year 2011 as-reported Net Yield expectations slightly to an increase of approximately 4%. For the fourth quarter, the company expects Net Yields to increase 3% to 4% on both an as-reported and a Constant-Currency basis. Close-in demand was strong in the third quarter, but the company does not anticipate this strength will continue for the seasonally weaker fourth quarter.

Expenses:

For the full year, the company expects NCC excluding fuel to increase 2% to 3% on an as-reported basis and 1% to 2% on a Constant-Currency basis. The comparable figure for the fourth quarter is expected to be approximately 4% on an as-reported basis and 3% to 4% on a Constant-Currency basis.

Fuel Expense:

The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on today's fuel prices the company has included $204 million and $761 million of fuel expense in its fourth quarter 2011 and full year 2011 guidance, respectively.

Forecasted consumption is now 57% hedged via swaps for the remainder of 2011 and 55%, 47%, 30% and 20% for 2012, 2013, 2014 and 2015, respectively. For the same five-year period, the average cost per metric ton of the remaining hedge portfolio is approximately $490, $520, $520, $575 and $580, respectively.

In addition to the above-mentioned fuel hedges, the company also utilizes fuel options to further protect against escalating fuel prices. The company recently sold its options for 2012, which were at a strike price of $100 and will recognize an associated small gain in the fourth quarter. The remaining WTI fuel option portfolio consists of options expiring in 2013 at a strike price of $90 bbl that covers an estimated 11% of 2013 consumption.

The company provided the following fuel statistics for the fourth quarter and full year 2011:

                FUEL STATISTICS            Fourth Quarter 2011 Full Year 2011        Fuel Consumption (metric tons)           344,000         1,317,000                 Fuel Expenses                $204 Million      $761 Million       Percent Hedged (fwd consumption)            57%              57%     Impact of 10% change in fuel prices *     $9 million        $9 million      *excludes mark-to-market impact of fuel options. 


 

In addition, based on the assumed fuel statistics above, the company provided the following guidance for the fourth quarter and full year 2011.

               GUIDANCE                As-Reported       Constant-Currency                                              Fourth Quarter 2011              Net Yields                 3% to 4%             3% to 4%       Net Cruise Costs per APCD        Approx. 6%           Approx. 6%      Net Cruise Costs per APCD,            excluding Fuel              Approx. 4%            3% to 4%                                                  Full Year 2011              Net Yields                Approx. 4%            2% to 3%       Net Cruise Costs per APCD         3% to 4%             2% to 3%      Net Cruise Costs per APCD,              excluding Fuel               2% to 3%             1% to 2%                                     Fourth Quarter 2011     Full Year 2011                  EPS                 $0.09 to $0.19       $2.70 to $2.80           Capacity Increase               7.3%                 7.5%     Depreciation and Amortization $180 to $185 million $702 to $707 million         Interest Expense, net      $82 to $87 million  $357 to $362 million       Exchange rates used in guidance calculations                  EUR                     $1.39                  GBP                     $1.60                  CAD                     $1.00                     


Liquidity and Financing Arrangements

As of September 30, 2011, liquidity was $1.3 billion, including cash and the undrawn portion of the company's unsecured revolving credit facilities. Additionally, the company has committed unsecured financing on all of its remaining newbuilds. The company noted that remaining debt maturities for 2011, 2012, and 2013 are $250 million, $600 million, and $1.6 billion, respectively. The company expects that the combination of cash flows and existing liquidity are sufficient to meet these obligations without accessing the capital markets during this time period, but it will consider opportunistic actions.

Capital Expenditures and Capacity Guidance

Based on current ship orders, projected capital expenditures for 2011, 2012, 2013 and 2014 are $1.1 billion, $1.2 billion, $500 million and $1.1 billion, respectively.

Capacity increases for the same four years are 7.5%, 2.1%, 2.4% and 0.8%, respectively.

Conference Call Scheduled

The company has scheduled a conference call at 10 a.m. Eastern Daylight Time today to discuss its earnings. This call can be heard, either live or on a delayed basis, on the company's investor relations web site at http://www.rclinvestor.com.

Selected Operational and Financial Metrics

Available Passenger Cruise Days ("APCD")

APCD is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period. We use this measure to perform capacity and rate analysis to identify the main non-capacity drivers that cause our cruise revenues and expenses to vary.

Constant-Currency

We believe Net Yields and Net Cruise Costs are our most relevant non-GAAP financial measures. However, a significant portion of our revenue and expenses are denominated in currencies other than the United States dollar. Because our reporting currency is the United States dollar, the value of these revenues and expenses in US dollars will be affected by changes in currency exchange rates. Although such changes in local currency prices is just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor Net Yields and Net Cruise Costs on a "Constant-Currency" basis - i.e. as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. We calculate "Constant-Currency" by applying the average 2010 monthly exchange rates for each month of the period during 2010 to the results during the corresponding ! months in 2011, so as to calculate what the results would have been had exchange rates been the same throughout both periods. It should be emphasized that the use of Constant-Currency is primarily used for comparing short-term changes and/or projections.

Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies significantly change the impact of the purely currency based fluctuations.

Gross Cruise Costs

Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Gross Yields

Gross Yields represent total revenues per APCD.

Net Cruise Costs and Net Cruise Costs Excluding Fuel

Net Cruise Costs and Net Cruise Costs Excluding Fuel represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs Excluding Fuel, fuel (each of which is described above under the Description of Certain Line Items heading). 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. A reconciliation of historical Gross Cruise Costs to Net Cruise Costs and Net Cruise Costs Excluding Fuel is provided below under Results of Operations. We have not provided a quantitative reconciliation of projected Gross Cruise Costs to projected Net Cruise Costs and projected Net Cruise Costs Excluding Fuel due to the significant uncertainty in projecting the costs deducted to arrive at these measures. Accordingly, we do not believe that recon! ciling information for such projected figures would be meaningful.

Net Debt-to-Capital

Net Debt-to-Capital is a ratio which represents total long-term debt, including the current portion of long-term debt, less cash and cash equivalents ("Net Debt") divided by the sum of Net Debt and total shareholders' equity. We believe Net Debt and Net Debt-to-Capital, along with total long-term debt and shareholders' equity are useful measures of our capital structure.

Net Revenues

Net Revenues represent total revenues less commissions, transportation and other expenses and onboard and other expenses.

Net Yields

Net Yields represent Net Revenues per APCD. We utilize Net Revenues and Net Yields to manage our business on a day-to-day basis as we believe that it is the most relevant measure of our pricing performance because it reflects the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses and onboard and other expenses. We have not provided a quantitative reconciliation of projected Gross Yields to projected Net Yields due to the significant uncertainty in projecting the costs deducted to arrive at this measure. Accordingly, we do not believe that reconciling information for such projected figures would be meaningful.

Occupancy

Occupancy, in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days

Passenger Cruise Days represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises, CDF Croisieres de France, and TUI Cruises through a 50% joint venture. The company has a combined total of 40 ships in service and two under construction. It also offers unique land-tour vacations in Alaska, Asia, Australia, Canada, Europe, Latin America and New Zealand. Additional information can be found on http://www.royalcaribbean.com, http://www.celebrity.com, http://www.pullmantur.es, http://www.azamaraclubcruises.com, http://www.cdfcroisieresdefrance.com, http://www.tuicruises.com or http://www.rclinvestor.com.

Certain statements in this release relating to, among other things, our future performance constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding expected financial results for the fourth quarter and full year 2011 and the yields expected in 2011. Words such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," and similar expressions are intended to identify these forward-looking statements. Forward-looking statements reflect management's current expectations, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other ! factors include, but are not limited to the following: the impact of the economic environment on the demand for cruises, the impact of the economic environment on our ability to generate cash flows from operations or obtain new borrowings from the credit or capital markets in amounts sufficient to satisfy our capital expenditures, debt repayments and other financing needs, the uncertainties of conducting business internationally and expanding into new markets, changes in operating and financing costs, vacation industry competition and changes in industry capacity and overcapacity, emergency ship repairs, including the related lost revenue, the impact of ship delivery delays, ship cancellations or ship construction price increases, financial difficulties encountered by shipyards or their subcontractors and adverse publicity concerning the cruise vacation industry and the unavailability or cost of air service.

More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting our Investor Relations web site at http://www.rclinvestor.com or the SEC's web site at http://www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures of Financial Performance

This press release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements which are prepared and presented in accordance with generally accepted accounting principles, or GAAP.

The presentation of non-GAAP 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 GAAP. These measures may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding GAAP measures.

A reconciliation to the most comparable GAAP measure of all non-GAAP financial measures included in this press release can be found in the tables included at the end of this press release.


Financial Tables Follow

 

                           ROYAL CARIBBEAN CRUISES LTD.                       CONSOLIDATED STATEMENTS OF OPERATIONS                 (unaudited, in thousands, except per share data)                                               Quarter Ended                                             September 30,                                          2011            2010         Passenger ticket revenues       $ 1,734,328     $ 1,520,562       Onboard and other revenues          587,666         540,097               Total revenues            2,321,994       2,060,659       Cruise operating expenses:               Commissions,               transportation and               other                       405,674         350,166               Onboard and other           181,604         159,824               Payroll and related         210,535         197,070               Food                        113,319          99,969               Fuel                        202,478         164,786               Other operating             291,690         267,810                         Total cruise                         operating                         expenses        1,405,300       1,239,625       Marketing, selling and       administrative expenses             231,761         213,300       Depreciation and       amortization expenses               177,191         162,232       Operating Income                    507,742         445,502       Other income (expense):               Interest income               7,070           1,815               Interest expense, net               of interest               capitalized                 (98,198)        (89,082)               Other (expense)               income                      (17,656)         (8,056)                                          (108,784)        (95,323)       Net Income                      $   398,958     $   350,179         Earnings Per Share:       Basic                           $      1.84     $      1.63       Diluted                         $      1.82     $      1.61         Weighted-Average Shares       Outstanding:       Basic                               217,105         215,150       Diluted                             218,934         217,512                                         STATISTICS                                               Quarter Ended                                             September 30,                                          2011            2010         Passengers Carried                1,247,574       1,199,759         Passenger Cruise Days             9,255,801       8,656,023         APCD                              8,575,926       8,069,663       Occupancy                             107.9%          107.3%   


                                                       Nine Months Ended                                                       September 30,                                                  2011               2010         Passenger ticket       revenues                               $  4,257,634       $  3,762,536       Onboard and other       revenues                                  1,504,228          1,385,470              Total revenues                     5,761,862          5,148,006       Cruise operating       expenses:              Commissions,              transportation and              other                                984,397            889,956              Onboard and other                    419,032            374,949              Payroll and related                  613,816            565,112              Food                                 312,550            286,466              Fuel                                 556,667            483,843              Other operating                      805,284            750,761                      Total                      cruise                      operating                      expenses                   3,691,746          3,351,087       Marketing, selling and       administrative expenses                     722,157            636,143       Depreciation and       amortization expenses                       522,493            479,838       Operating Income                            825,466            680,938       Other income (expense):              Interest income                       17,329              4,547              Interest expense,              net of interest              capitalized                         (291,791)          (271,271)              Other (expense)              income                                19,855             69,539                                                  (254,607)          (197,185)       Net Income                             $    570,859       $    483,753         Earnings Per Share:       Basic                                  $       2.63       $       2.25       Diluted                                $       2.60       $       2.23         Weighted-Average Shares       Outstanding:       Basic                                       216,883            214,839       Diluted                                     219,315            217,388                                   STATISTICS                                                            Nine Months Ended                                                         September 30,                                                  2011               2010         Passengers Carried                        3,648,063          3,430,273         Passenger Cruise Days                    26,039,146         24,058,087         APCD                                     24,714,236         22,967,291       Occupancy                                     105.4%             104.7%   


                                   ROYAL CARIBBEAN CRUISES LTD.                                   CONSOLIDATED BALANCE SHEETS                                (in thousands, except share data)                                                              As of                                                September 30,     December 31,                                                    2011              2010                                                 (unaudited)      Assets      Current assets                    Cash and cash                    equivalents                     $ 451,460        $ 419,929                    Trade and other                    receivables, net                  303,919          266,710                    Inventories                       152,273          126,797                    Prepaid expenses and                    other assets                      241,392          145,144                    Derivative financial                    instruments                        74,074           56,491                    Total current assets            1,223,118        1,015,071        Property and equipment, net                  16,988,832       16,771,677      Goodwill                                        760,769          759,328      Other assets                                  1,197,307        1,107,753                                                 $ 20,170,026     $ 19,653,829        Liabilities and Shareholders' Equity      Current liabilities                    Current portion of                    long-term debt                  $ 639,497      $ 1,198,929                    Accounts payable                  323,082          249,047                    Accrued interest                  146,536          160,906                    Accrued expenses and                    other liabilities                 526,158          553,218                    Customer deposits               1,479,968        1,283,073                    Total current                    liabilities                     3,115,241        3,445,173      Long-term debt                                8,136,206        7,951,187      Other long-term liabilities                     480,483          356,717        Commitments and contingencies        Shareholders' equity                    Preferred stock ($0.01                    par value; 20,000,000                    shares authorized;                    none outstanding)                       -                -                    Common stock ($0.01 par                    value; 500,000,000                    shares authorized;                    227,530,560 and                    226,211,731 shares                    issued, September 30,                    2011                                2,275            2,262                    and December 31, 2010,                    respectively)                    Paid-in capital                 3,066,162        3,027,130                    Retained earnings               5,809,150        5,259,998                    Accumulated other                    comprehensive (loss)                    income                            (25,787)          25,066                    Treasury stock                    (10,308,683 common                    shares at                    cost, September 30,                    2011 and December 31,                    2010)                            (413,704)        (413,704)                    Total shareholders'                    equity                          8,438,096        7,900,752                                                 $ 20,170,026     $ 19,653,829   


                                   ROYAL CARIBBEAN CRUISES LTD.                               CONSOLIDATED STATEMENTS OF CASH FLOWS                                     (unaudited, in thousands)                                                             Nine Months Ended                                                          September 30,                                                      2011            2010        Operating Activities      Net income                                     $ 570,859       $ 483,753      Adjustments:                     Depreciation and                     amortization                      522,493         479,838                     (Gain) loss on fuel call                     options                           (11,701)          4,167      Changes in operating assets and      liabilities:                     Decrease in trade and                     other receivables, net             55,062          91,196                     Increase in inventories           (25,490)         (6,255)                     Increase in prepaid                     expenses and other assets         (72,538)        (33,456)                     Increase in accounts                     payable                            74,498          16,894                     (Decrease) increase in                     accrued interest                  (14,370)          7,159                     Increase in accrued                     expenses and other                     liabilities                        34,380          59,855                     Increase in customer                     deposits                           97,089         157,952      Cash received on settlement of      derivative financial instruments                       -         172,993      Dividends received from unconsolidated      affiliates                                        21,147               -      Other, net                                        21,289           1,811      Net cash provided by operating      activities                                     1,272,718       1,435,907        Investing Activities      Purchases of property and equipment           (1,030,102)       (925,826)      Cash received (paid) on settlement of      derivative financial instruments                  20,172          (1,521)      Loans to unconsolidated affiliates              (110,660)              -      Proceeds from the sale of ships                  345,000               -      Other, net                                           352         (12,057)      Net cash used in investing activities           (775,238)       (939,404)        Financing Activities      Debt proceeds                                  1,408,368       1,081,069      Debt issuance costs                              (80,619)        (57,238)      Repayments of debt                            (1,786,414)     (1,378,099)      Dividends paid                                   (21,707)              -      Proceeds from exercise of common stock      options                                           18,947          11,802      Other, net                                        10,413           1,148      Net cash used in financing activities           (451,012)       (341,318)        Effect of exchange rate changes on cash          (14,937)          2,126        Net increase in cash and cash      equivalents                                       31,531         157,311      Cash and cash equivalents at beginning      of period                                        419,929         284,619      Cash and cash equivalents at end of      period                                         $ 451,460       $ 441,930        Supplemental Disclosure      Cash paid during the period for:                     Interest, net of amount                     capitalized                     $ 269,625       $ 210,684   


                               ROYAL CARIBBEAN CRUISES LTD.                             NON-GAAP RECONCILING INFORMATION                                       (unaudited)      Gross Yields and Net Yields were calculated as follows (in     thousands, except APCD and Yields):                                          Quarter Ended                                        September 30,                                             2011                                            On a                                          Constant                                          Currency                              2011          basis         2010       Passenger ticket     revenues             $ 1,734,328   $ 1,680,010   $ 1,520,562     Onboard and other     revenues                 587,666       579,196       540,097     Total revenues         2,321,994     2,259,206     2,060,659     Less:           Commissions,           transportation           and other          405,674       392,424       350,166           Onboard and           other              181,604       176,292       159,824     Net revenues         $ 1,734,716   $ 1,690,490   $ 1,550,669       APCD                   8,575,926     8,575,926     8,069,663     Gross Yields         $    270.76   $    263.44   $    255.36     Net Yields           $    202.28   $    197.12   $    192.16   


                                              Nine Months Ended                                                September 30,                                                       2011                                                      On a                                                    Constant                                                    Currency                                     2011            basis             2010       Passenger ticket     revenues                   $  4,257,634     $  4,141,218     $  3,762,536     Onboard and other     revenues                      1,504,228        1,486,269        1,385,470     Total revenues                5,761,862        5,627,487        5,148,006     Less:           Commissions,           transportation           and other                 984,397          956,606          889,956           Onboard and           other                     419,032          408,703          374,949     Net revenues               $  4,358,433     $  4,262,178     $  3,883,101       APCD                         24,714,236       24,714,236       22,967,291     Gross Yields               $     233.14     $     227.70     $     224.15     Net Yields                 $     176.35     $     172.46     $     169.07   


          Gross Cruise Costs and Net Cruise Costs were calculated as follows     (in thousands, except APCD and costs per APCD):                                            Quarter Ended                                          September 30,                                                 2011                                              On a                                            Constant                                            Currency                                2011          basis         2010       Total cruise     operating expenses     $ 1,405,300   $ 1,377,294   $ 1,239,625     Marketing, selling     and administrative     expenses                   231,761       225,996       213,300     Gross Cruise Costs       1,637,061     1,603,290     1,452,925     Less:             Commissions,             transportation             and other          405,674       392,424       350,166             Onboard and             other              181,604       176,292       159,824     Net Cruise Costs       $ 1,049,783   $ 1,034,574   $   942,935     Less:             Fuel               202,478       201,415       164,786     Net Cruise Costs     Excluding Fuel         $   847,305   $   833,159   $   778,149       APCD                     8,575,926     8,575,926     8,069,663     Gross Cruise Costs     per APCD               $    190.89   $    186.95   $    180.05     Net Cruise Costs per     APCD                   $    122.41   $    120.64   $    116.85     Net Cruise Costs     Excluding Fuel per     APCD                   $     98.80   $     97.15   $     96.43   


                                             Nine Months Ended                                               September 30,                                                          2011                                                     On a                                                   Constant                                                   Currency                                    2011            basis             2010       Total cruise     operating expenses        $  3,691,746     $  3,633,042     $  3,351,087     Marketing, selling     and administrative     expenses                       722,157          705,640          636,143     Gross Cruise Costs           4,413,903        4,338,682        3,987,230     Less:             Commissions,             transportation             and other              984,397          956,606          889,956             Onboard and             other                  419,032          408,703          374,949     Net Cruise Costs          $  3,010,474     $  2,973,373     $  2,722,325     Less:             Fuel                   556,667          553,794          483,843     Net Cruise Costs     Excluding Fuel            $  2,453,807     $  2,419,579     $  2,238,482       APCD                        24,714,236       24,714,236       22,967,291     Gross Cruise Costs     per APCD                  $     178.60     $     175.55     $     173.60     Net Cruise Costs per     APCD                      $     121.81     $     120.31     $     118.53     Net Cruise Costs     Excluding Fuel per     APCD                      $      99.29     $      97.90     $      97.46   


          Net Debt-to-Capital was calculated as follows (in thousands):                                       As of                           September 30,      December 31,                                2011              2010     Long-term debt,     net of current     portion               $  8,136,206      $  7,951,187     Current portion     of long-term     debt                       639,497         1,198,929     Total debt               8,775,703         9,150,116     Less: Cash and     cash equivalents           451,460           419,929     Net Debt              $  8,324,243      $  8,730,187       Total     shareholders'     equity                $  8,438,096      $  7,900,752     Total debt               8,775,703         9,150,116     Total debt and     shareholders'     equity                  17,213,799        17,050,868     Debt-to-Capital               51.0%             53.7%     Net Debt                 8,324,243         8,730,187     Net Debt and     shareholders'     equity                $ 16,762,339      $ 16,630,939     Net     Debt-to-Capital               49.7%             52.5%   


                           ROYAL CARIBBEAN CRUISES LTD.                EFFECT OF CORRECTION ON CONSOLIDATED STATEMENTS OF                                    OPERATIONS                       (in thousands, except per share data)                                    Quarter Ended                             September 30, 2010                            As                   Previously                       As                    Reported      Adjustment      Revised       Interest     expense,     net of     interest     capitalized $    (82,494)  $    (6,588)   $   (89,082)     Total other     expense          (88,735)       (6,588)       (95,323)     Net Income       356,767        (6,588)       350,179     Earnings     per Share:     Basic       $       1.66   $     (0.03)   $      1.63     Diluted     $       1.64   $     (0.03)   $      1.61                                  Nine Months Ended                             September 30, 2010                            As                   Previously                       As                    Reported      Adjustment      Revised       Interest     expense,     net of     interest     capitalized $   (250,264)  $   (21,007)   $  (271,271)     Total other     expense         (176,178)      (21,007)      (197,185)     Net Income       504,760       (21,007)       483,753     Earnings     per Share:     Basic       $       2.35   $     (0.10)   $      2.25     Diluted     $       2.32   $     (0.10)   $      2.23   


                                                    Quarter Ended                                             September 30, 2009                                           As                                  Previously                           As                                   Reported        Adjustment        Revised       Interest     expense,     net of     interest     capitalized                $    (73,912)    $       (684)    $   (74,596)     Total other     expense                         (76,449)            (684)        (77,133)     Net Income                      230,392             (684)        229,708     Earnings     per Share:     Basic                      $       1.08     $       0.00     $      1.07     Diluted                    $       1.07     $       0.00     $      1.07                                               Nine Months Ended                                             September 30, 2009                                           As                                  Previously                           As                                   Reported        Adjustment        Revised       Interest     expense,     net of     interest     capitalized                $   (221,701)    $     (1,873)    $  (223,574)     Total other     expense                        (247,088)          (1,873)       (248,961)     Net Income                      159,068           (1,873)        157,195     Earnings     per Share:     Basic                      $       0.74     $      (0.01)    $      0.74     Diluted                    $       0.74     $      (0.01)    $      0.73   


                                ROYAL CARIBBEAN CRUISES LTD.              EFFECT OF CORRECTION ON CONSOLIDATED BALANCE SHEETS                                 (in thousands)                                          As of                                December 31, 2010                         As                     Previously                      Reported      Adjustment     As Revised       Property and     equipment,     net           $ 16,769,181   $      2,496   $ 16,771,677     Other assets     1,151,324        (43,571)     1,107,753     Total assets    19,694,904        (41,075)    19,653,829     Accrued     expenses and     other     liabilities        552,543            675        553,218     Total current     liabilities      3,444,498            675      3,445,173     Retained     earnings         5,301,748        (41,750)     5,259,998     Total     shareholders'     equity           7,942,502        (41,750)     7,900,752     Total     liabilities     and     shareholders'     equity          19,694,904        (41,075)    19,653,829   


                                                   As of                                             December 31, 2009                                       As                                   Previously                                     Reported      Adjustment     As Revised       Property and     equipment,     net                         $ 15,268,053   $        384    $ 15,268,437     Other assets                   1,146,677         (9,453)      1,137,224     Total assets                  18,233,494         (9,069)     18,224,425     Accrued     expenses and     other     liabilities                      521,190            867         522,057     Total current     liabilities                    2,749,030            867       2,749,897     Retained     earnings                       4,754,950         (9,936)      4,745,014     Total     shareholders'     equity                         7,499,717         (9,936)      7,489,781     Total     liabilities     and     shareholders'     equity                        18,233,494         (9,069)     18,224,425   


                            ROYAL CARIBBEAN CRUISES LTD.            EFFECT OF CORRECTION ON CONSOLIDATED STATEMENT OF CASH FLOWS                                   (in thousands)          The correction did not have an effect on the company's     operating cash flows. The following table presents the effect     on the individual line items within operating cash flows on     the company's Consolidated Statement of Cash Flows for     September 30, 2010.                                 Nine Months Ended September 30, 2010                         As                     Previously                   Reclassification     As                      Reported      Adjustment          (1)          Revised         Net Income  $    504,760   $   (21,007)   $             -   $ 483,753       Increase in       accrued       expenses       and other       liabilities       58,700          1,155                 -      59,855       Other, net      (13,874)         19,852           (4,167)       1,811       (1) For the nine months ended September 30, 2010, $4.2 million     has been reclassified in the consolidated statement of cash     flows from other, net to (gain) loss on fuel call options     within net cash flows provided by operating activities in     order to conform to the current year presentation.   



Company Codes: NYSE:RCL, Bloomberg:RCL@NO, Bloomberg:RCL@US, RICS:RCL.N
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