PRN: Royal Caribbean Reports Second Year Of 40%+ Increase In Adjusted Earnings And Anticipates $6 EPS In 2016

02/feb/2016 14:56:23 PR Newswire Turismo Contatta l'autore

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Royal Caribbean Reports Second Year Of 40%+ Increase In Adjusted Earnings And Anticipates $6 EPS In 2016

 
[02-February-2016]
 

MIAMI, Feb. 2, 2016 /PRNewswire/ -- Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today reported 2015 results and provided guidance for 2016. Continuing on its Double-Double trajectory, the company's adjusted earnings for 2015 were $4.83 per share - up 42% over 2014, and are expected to further increase to $5.90 - $6.10 in 2016.

KEY HIGHLIGHTS

Full Year 2015:

  • Net Yields were up 3.5% on a Constant-Currency basis (down 1.0% As-Reported).
  • Net Cruise Costs ("NCC") excluding fuel were down 0.6% on a Constant-Currency basis (down 3.2% As-Reported).
  • Adjusted Net Income was better than guidance at $1.07 billion, or $4.83 per share, versus Adjusted Net Income of $755.7 million, or $3.39 per share, in 2014. US GAAP Net Income was $665.8 million or $3.02 per share, versus $764.1 million, or $3.43 per share in 2014.

Full Year 2016 Outlook:

  • Net Yields are expected to increase 2.0% to 4.0% on a Constant-Currency basis (in the range of flat to up 2% As-Reported).
  • NCC excluding fuel are expected to be up 1% or less on a Constant-Currency basis (up 0.5% or less As-Reported).
  • Adjusted EPS for 2016 is expected to be in the range of $5.90 - $6.10 per share.
  • In the second quarter of 2016, Royal Caribbean International will take delivery of Ovation of the Seas, third in the highly successful Quantum class of vessels.  Also debuting during the second quarter is Harmony of the Seas, third in the groundbreaking Oasis class. Splendour of the Seas will leave the Royal Caribbean fleet in April.  During the summer, TUI Cruises, the company's German joint venture, will take delivery of its third new build, Mein Schiff 5. 

"Our core brands are firing on all cylinders, our new ships are performing exceptionally well and our costs are well controlled. This is driving 40%+ earnings growth in two consecutive years," said Richard D. Fain, chairman and chief executive officer. "These very gratifying results combined with a strong start to Wave position us well on our path toward Double-Double."

FOURTH QUARTER RESULTS

Adjusted and US GAAP Net Income for the fourth quarter of 2015 was $206.8 million, or $0.94 per share, compared to Adjusted Net Income of $70 million, or $0.32 per share, for the same period last year. Constant-Currency NCC excluding fuel were down 4.7%, 70 basis points better than guidance, mainly due to timing. Net Yields on a Constant-Currency basis increased 4.9% versus guidance of 4.5% to 5.0%. Stronger demand in the Caribbean and new China sailings in the winter drove an improvement versus last year.

FULL YEAR 2015 RESULTS

Adjusted Net Income for the full year 2015 was $1.07 billion, or $4.83 per share, compared to Adjusted Net Income of $755.7 million, or $3.39 per share, for the full year 2014. This represents a 42% year-over-year increase. US GAAP Net Income for the full year 2015 was $665.8 million.

Net Yields for the full year 2015 increased 3.5% on a Constant-Currency basis versus 2.4% in 2014.

NCC excluding fuel were down 0.6% on a Constant-Currency basis, marking another year of strong cost control. The average bunker price net of hedging for full year 2015 was $582 per metric ton and consumption was 1,367,000 metric tons.

Last quarter, the company announced that its Pullmantur brand would re-focus to the core market of Spain as a result of the deterioration of economies in Latin America. The company recorded a non-cash impairment charge of $399.3 million related to this change, which is reflected in the US GAAP Net Income figure.

During 2015, the US Dollar strengthened while the price of fuel in world markets declined. While the impact of currency is immediate, there is a lag before a change in the price of fuel flows through to business. There continues to be an inverse relationship between the foreign exchange impact on our currency exposures and fuel prices, but the offsets are not exact, especially in the short term. For 2015, the net impact of currency and fuel was a negative $0.25 per share relative to our January guidance.

FULL YEAR 2016

Our booked position for 2016 is roughly equal to last year's record high, and at higher rates. Continued strength from North American consumers is driving strong demand for North American products such as Caribbean, Alaska, and Bermuda which represent over 50% of capacity for the year. These North American products combined with strong demand for Northern Europe and Asia sailings are expected to more than offset current pricing challenges impacting the Mediterranean, Australia and Brazil.

The company expects a Net Yield increase in the range of 2.0% to 4.0% on a Constant-Currency basis and flat to up 2% on an As-Reported basis for the full year.

NCC excluding fuel are expected to be up 1% or less on a Constant-Currency basis and up 0.5% or less As-Reported.

"Despite some challenges in select destinations, our strong brands, innovative hardware and deployment optimization are continuing to deliver strong yield growth in 2016," said Jason T. Liberty, chief financial officer. "These yields coupled with continued cost discipline are expected to result in another year of step change performance."

Over the past several months the dollar has continued to strengthen relative to our basket of currency exposures, while fuel prices have lowered â€�“ resulting in a negative $0.14 impact to earnings per share for 2016. Additionally, interest rates have recently increased, which are negatively impacting earnings by $0.06 per share.

Taking into account current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company currently estimates 2016 Adjusted EPS will be in the range of $5.90 - $6.10 per share.

As the company noted previously, due to the weakness in the economies in Latin America, it is re-focusing the Pullmantur brand on its core market of Spain and right-sizing the brand. Part of this right-sizing includes anticipated restructuring and related charges during 2016 in the range of $0.05 to $0.10 per share. Additionally, the company plans to eliminate the two-month reporting lag for the Pullmantur brand in the first quarter of 2016 resulting in a negative impact of approximately $0.10 per share. Both adjustments will be excluded from key metrics for transparency and comparability purposes.

FIRST QUARTER 2016

Constant-Currency Net Yields are expected to be up approximately 4.0% in the first quarter of 2016 (approximately 0.5% As-Reported). A strong Caribbean environment, combined with Quantum of the Seas' first winter product in China, is driving the majority of the improvement.

NCC excluding fuel are expected to be up in the range of 4.5% to 5.0% on a Constant-Currency basis (3.5% to 4.0% As-Reported). While planned operating costs for the full year show continued strong expense discipline, the timing of costs between quarters varies considerably. The company has a higher level of dry docks during the first and fourth quarters than the previous year. It also plans to increase first quarter costs related to the expansion in China and for the launch of new marketing campaigns for the core brands. In addition, although Ovation of the Seas and Harmony of the Seas are being delivered in the second quarter, there are some preparatory costs incurred in the months before delivery. As a result, costs are more concentrated than usual in the first quarter.

Based on current fuel pricing, interest rates and currency exchange rates and the factors detailed above, the company expects first quarter Adjusted EPS to be approximately $0.30 per share.

FUEL EXPENSE AND SUMMARY OF KEY GUIDANCE STATS

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 $185 million and $716 million of fuel expense in its first quarter and full year 2016 guidance, respectively.

Forecasted consumption is 66% hedged for 2016 and 59%, 40%, 20% and 5% hedged for 2017, 2018, 2019 and 2020 respectively. For the same five years, the average cost per metric ton of the hedge portfolio is approximately $538, $501, $466, $359 and $261, respectively.

The company provided the following fuel statistics for the first quarter and full year 2016:

FUEL STATISTICS

First Quarter 2016

Full Year 2016




Fuel Consumption (metric tons)

341,000

1,409,000

Fuel Expenses

$185 million

$716 million

Percent Hedged (fwd consumption)

70%

66%

Impact of 10% change in fuel prices

$2.8 million

$12 million

In summary, the company provided the following guidance for the first quarter and full year of 2016:

GUIDANCE

As-Reported                         Constant-Currency






First Quarter 2016


Net Yields

Approximately 0.5%

Approximately 4.0%


Net Cruise Costs per APCD

0.5% or less

1.0% to 1.5%


Net Cruise Costs per APCD

excluding Fuel

3.5% to 4.0%

4.5% to 5.0%






Full Year 2016


Net Yields

Flat to up 2.0%

2.0% to 4.0%


Net Cruise Costs per APCD

(2.5%) to (3.0%)

(2.0%) to (2.5%)


Net Cruise Costs per APCD

excluding Fuel

0.5% or less

1% or less







First Quarter 2016

Full Year 2016


Capacity Increase

5.0%

6.3%


Depreciation and Amortization

$205 to $215 million

$898 to $908 million


Interest Expense, net

$58 to $68 million

$282 to $292 million


Adjusted EPS

Approximately $0.30

$5.90 - $6.10





1% Change in Currency

$2 million

$15 million


1% Change in Net Yield

$14 million

$68 million


1% Change in NCC x Fuel

$9 million

$37 million


1% Change in LIBOR

$10 million

$53 million




Exchange rates used in guidance calculations



Current â€�“ January

Previous â€�“ October


GBP

$1.45

$1.53


CNH

AUD

CAD

EUR

$0.15

$0.70

$0.70

$1.09

$0.16

$0.74

$0.77

$1.14








LIQUIDITY AND FINANCING ARRANGEMENTS

As of December 31, 2015, liquidity was $0.9 billion, including cash and the undrawn portion of the company's unsecured revolving credit facilities. The company noted that scheduled debt maturities for 2016, 2017, 2018, 2019 and 2020 are $0.9 billion, $0.9 billion, $2.2 billion, $0.6 billion and $1.5 billion, respectively.

CAPITAL EXPENDITURES AND CAPACITY GUIDANCE

Based upon current ship orders, projected capital expenditures for full year 2016, 2017, 2018, 2019 and 2020 are $2.4 billion, $0.5 billion, $2.5 billion, $1.4 billion and $1.7 billion, respectively. Capacity increases for 2016, 2017, 2018, 2019 and 2020 are expected to be 6.3%, 3.7%, 3.4%, 6.4% and 3.0%, respectively. These figures do not include potential ship sales or additions that the company may elect to make in the future.

CONFERENCE CALL SCHEDULED

The company has scheduled a conference call at 10 a.m. Eastern Standard 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 www.rclinvestor.com.

Selected Operational and Financial Metrics

Adjusted Net Income

Adjusted Net Income represents net income excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included the impairment of the Pullmantur related assets, restructuring charges, other costs related to our profitability initiatives, the estimated impact of the divested Pullmantur non-core businesses for the periods prior to the sales transaction, the loss recognized on the sale of Celebrity Century, the impact of the change in our voyage proration methodology and the reversal of an asset valuation allowance due to Spanish tax reform. The estimated impact of the divested Pullmantur non-core businesses was arrived at by adjusting the net income (loss) of these businesses for the ownership percentage we retained as well as for intercompany transactions that are no longer eliminated in our consolidated statements of comprehensive income (loss) subsequent to the sal! es transaction. For the full year 2014, the impact of the voyage proration change represents net income that would have been recognized in 2013 had we recognized revenues and cruise operating expenses on a pro-rata basis for all voyages.

Adjusted Earnings per Share ("Adjusted EPS")

Represents Adjusted Net Income divided by the diluted shares outstanding at the end of the reporting period. We believe this measure is meaningful when assessing our performance on a comparative basis.

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, Net Cruise Costs, and Net Cruise Costs Excluding Fuel are our most relevant 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 are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor Net Yields, Net Cruise Costs, and Net Cruise Costs Excluding Fuel on a "Constant-Currency" basis â€�“ 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 prior year period exchange rates for each of th! e corresponding months of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant-Currency is primarily used by us 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 ("NCC") and Net Cruise Costs ("NCC") 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 expenses. 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 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 reconciling information for such projected figures would be meaningful. For the periods prior to the sale of the Pullmantur non-core businesses, Net Cruise Costs excludes the estimated impact of these divested businesses. Net Cruise Costs also excludes initiative costs reported within Cru! ise operating expenses and Marketing, Selling and Administrative expenses, as well as the loss recognized on the sale of Celebrity Century included within Other Operating Expenses.

Net Revenues

Net Revenues represent total revenues less commissions, transportation and other expenses and onboard and other expenses. For the periods prior to the sale of the Pullmantur non-core businesses, Net Revenues excludes the estimated impact of these divested businesses.

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. For the periods prior to the sale of the Pullmantur non-core businesses, Net Yields excludes the estimated impact of these divested businesses.

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. (NYSE, OSE: RCL) is a global cruise vacation company that owns Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises and CDF Croisières de France, as well as TUI Cruises through a 50 percent joint venture. Together, these six brands operate a combined total of 44 ships with an additional eleven on order. They operate diverse itineraries around the world that call on approximately 490 destinations on all seven continents. Additional information can be found on www.royalcaribbean.com, www.celebritycruises.com, www.pullmantur.es, www.azamaraclubcruises.com, www.cdfcroisieresdefrance.com, www.tuicruises.com or 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 first quarter and full year 2016, and expectations regarding the timing and results of our Double-Double initiative and the costs and yields expected in 2016 and other future periods. 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 ach! ievements 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 and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, our operating costs and our ability to obtain new borrowings in amounts sufficient to satisfy our capital expenditures, debt repayments and other financing needs, incidents or adverse publicity concerning the cruise vacation industry, concerns over safety, health and security aspects of traveling, unavailability of ports of call, the uncertainties of conducting business internationally and expanding into new markets and new ventures, changes in operating and financing costs, the impact of foreign exchange rates, interest rate and fuel price fluctuations, vacation industry competition and changes in industry capacity and overcapacity, the impact of new or changing regu! lations on our business, emergency ship repairs, including the! related lost revenue, the impact of ship delivery delays, ship cancellations or ship construction price increases, shipyard unavailability 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 www.rclinvestor.com or the SEC's web site at 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.

Adjusted Measures of Financial Performance

This press release includes certain adjusted 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 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 GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted 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 adjusted financial measures included in this press release can be found in the tables included at the end of this press release.

 

ROYAL CARIBBEAN CRUISES LTD.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands, except per share data)





























Quarter Ended

Year Ended










December 31,

December 31,











2015



2014



2015



2014























Passenger ticket revenues



$

1,370,632


$

1,303,799


$

6,058,821


$

5,893,847



Onboard and other revenues



531,421



514,027



2,240,253



2,180,008




Total revenues




1,902,053



1,817,826



8,299,074



8,073,855



Cruise operating expenses:

















Commissions, transportation and other


307,369



303,824



1,400,778



1,372,785




Onboard and other




114,546



126,454



553,104



582,750




Payroll and related




213,987



213,409



861,775



847,641




Food






118,692



119,958



480,009



478,130




Fuel






188,112



229,310



795,801



947,391




Other operating




230,635



251,790



1,007,926



1,077,584





Total cruise operating expenses


1,173,341



1,244,745



5,099,393



5,306,281



Marketing, selling and administrative expenses


269,464



257,995



1,086,504



1,048,952



Depreciation and amortization expenses


209,330



193,382



827,008



772,445



Impairment of Pullmantur related assets


-



-



411,267



-



Restructuring charges


-



2,360



-



4,318



Operating Income




249,918



119,344



874,902



941,859



Other income (expense):

















Interest income




3,781



2,321



12,025



10,344




Interest expense, net of interest capitalized


(64,127)



(64,368)



(277,725)



(258,299)




Other income (including $12.0 million net deferred tax benefit related to impairments in the year
ended December 31, 2015 and $33.5 million deferred tax benefit related to the reversal of a
valuation allowance in the quarter and year ended December 31, 2014)




17,227



52,471



56,581



70,242











(43,119)



(9,576)



(209,119)



(177,713)



Net Income




$

206,799


$

109,768


$

665,783


$

764,146























Earnings Per Share:
















Basic

$

0.95


$

0.50


$

3.03


$

3.45



Diluted

$

0.94


$

0.49


$

3.02


$

3.43























Weighted-Average Shares Outstanding:














Basic







218,652



220,622



219,537



221,658



Diluted 






219,893



222,041



220,689



223,044































































Comprehensive Income 
















Net Income




$

206,799


$

109,768


$

665,783


$

764,146



Other comprehensive (loss) income:















Foreign currency translation adjustments


(6,158)



(8,257)



(30,152)



(26,102)




Change in defined benefit plans


(807)



(1,677)



4,760



(7,213)




Loss on cash flow derivative hedges


(125,079)



(546,171)



(406,047)



(869,350)





Total other comprehensive loss


(132,044)



(556,105)



(431,439)



(902,665)























Comprehensive Income (Loss) 

$

74,755


$

(446,337)


$

234,344


$

(138,519)






































































STATISTICS






























Quarter Ended



Year Ended










December 31,



December 31,











2015



2014



2015



2014























Passengers Carried




1,348,447



1,263,129



5,401,899



5,149,952























Passenger Cruise Days




9,666,317



9,221,383



38,523,060



36,710,966























APCD






9,361,889



8,825,623



36,646,639



34,773,915



Occupancy





103.3%



104.5%



105.1%



105.6%




 

ROYAL CARIBBEAN CRUISES LTD.



CONSOLIDATED BALANCE SHEETS



(in thousands, except share data)













As  of






December 31,


December 31,






2015


2014






(unaudited)





Assets







Current assets








Cash and cash equivalents

$      121,565


$       189,241




Trade and other receivables, net

238,972


261,392




Inventories

121,332


123,490




Prepaid expenses and other assets

220,579


226,960




Derivative financial instruments

134,574


-




   Total current assets


837,022


801,083











Property and equipment, net


18,777,778


18,193,627



Goodwill



286,764


420,542



Other assets


1,020,291


1,297,938






$ 20,921,855


$  20,713,190











Liabilities and Shareholders' Equity







Current liabilities








Current portion of long-term debt


$      899,677


$       799,630




Accounts payable


302,072


331,505




Accrued interest


38,325


49,074




Accrued expenses and other liabilities


658,601


635,138




Derivative financial instruments


651,866


266,986




Customer deposits


1,742,286


1,766,914




   Total current liabilities


4,292,827


3,849,247



Long-term debt


7,767,378


7,644,318



Other long-term liabilities


798,611


935,266











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;








233,905,166 and 233,106,019 shares issued, December 31, 2015








and December 31, 2014, respectively)


2,339


2,331




Paid-in capital


3,297,619


3,253,552




Retained earnings


6,944,862


6,575,248




Accumulated other comprehensive loss


(1,328,433)


(896,994)




Treasury stock (15,911,971 and 13,808,683 common shares at 
 cost, December 31, 2015 and December 31, 2014, respectively)


(853,348)


(649,778)




Total shareholders' equity


8,063,039


8,284,359






$ 20,921,855


$  20,713,190

























 


ROYAL CARIBBEAN CRUISES LTD.



CONSOLIDATED STATEMENTS OF CASH FLOWS



(unaudited, in thousands)














Year Ended






December 31,






2015


2014











Operating Activities







Net income



$          665,783


$       764,146



Adjustments:








Depreciation and amortization


827,008


772,445




Impairment of Pullmantur related assets


411,267


-




Net deferred income tax benefit 


(10,001)


(41,003)




Loss on sale of property and equipment


-


17,401




Loss on derivative instruments not designated as hedges


59,162


48,637



Changes in operating assets and liabilities:








Decrease in trade and other receivables, net


63,102


100,095




Decrease in inventories


1,197


26,254




Decrease in prepaid expenses and other assets


14,905


41,077




Decrease in accounts payable


(25,278)


(40,651)




Decrease in accrued interest


(10,749)


(53,951)




Increase in accrued expenses and other liabilities 


41,754


70,565




(Decrease) increase in customer deposits


(92,849)


14,885



Dividends received from unconsolidated affiliates


33,338


5,814



Other, net



(32,273)


18,045



Net cash provided by operating activities


1,946,366


1,743,759











Investing Activities







Purchases of property and equipment 


(1,613,340)


(1,811,398)



Cash paid on settlement of derivative financial instruments


(178,597)


(68,098)



Investments in and loans to unconsolidated affiliates


(56,163)


(188,595)



Cash received on loans to unconsolidated affiliates


124,253


76,167



Proceeds from sale of property and equipment


-


220,000



Other, net



(19,128)


1,546



Net cash used in investing activities


(1,742,975)


(1,770,378)











Financing Activities







Debt proceeds


4,399,501


4,153,958



Debt issuance costs


(68,020)


(72,974)



Repayments of debt


(4,118,553)


(3,724,218)



Purchase of treasury of stock


(200,000)


(236,074)



Dividends paid


(280,212)


(198,952)



Proceeds from exercise of common stock options


11,252


70,879



Cash received on settlement of derivative financial instruments


-


22,835



Other, net



2,520


2,026



Net cash (used in) provided by  financing activities


(253,512)


17,480











Effect of exchange rate changes on cash


(17,555)


(6,307)











Net decrease in cash and cash equivalents


(67,676)


(15,446)



Cash and cash equivalents at beginning of period


189,241


204,687



Cash and cash equivalents at end of period


$          121,565


$       189,241











Supplemental Disclosure







Cash paid during the year for:








Interest, net of amount capitalized


$          248,611


$       276,933




























 

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 December 31,



Year Ended December 31,










2015



2015 
On a
 Constant
Currency
basis



2014




2015



2015 
On a 
Constant
Currency
basis



2014




























Passenger ticket revenues



$

1,370,632


$

1,443,434


$

1,303,799



$

6,058,821


$

6,392,389


$

5,893,847


Onboard and other revenues




531,421



540,283



514,027




2,240,253



2,291,067



2,180,008


Total revenues






1,902,053



1,983,717



1,817,826




8,299,074



8,683,456



8,073,855


Less:


























Commissions, transportation and other


307,369



320,735



303,824




1,400,778



1,471,291



1,372,785



Onboard and other




114,546



118,706



126,454




553,104



576,544



582,750


Net Revenues including divested businesses


1,480,138



1,544,276



1,387,548




6,345,192



6,635,621



6,118,320


Less:


























Net Revenues related to divested businesses 





















prior to sales transaction




-



-



-




-



-



35,656


Net Revenues





$

1,480,138


$

1,544,276


$

1,387,548



$

6,345,192


$

6,635,621


$

6,082,664




























APCD







9,361,889



9,361,889



8,825,623




36,646,639



36,646,639



34,773,915


Gross Yields





$

203.17


$

211.89


$

205.97



$

226.46


$

236.95


$

232.18


Net Yields






$

158.10


$

164.95


$

157.22



$

173.15


$

181.07


$

174.92






















































 Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD):




























































































Quarter Ended December 31,



Year Ended December 31,










2015



2015 
On a 
Constant
Currency
basis



2014




2015



2015 
On a 
Constant
Currency
basis



2014




























Total cruise operating expenses



$

1,173,341


$

1,199,459


$

1,244,745



$

5,099,393


$

5,257,018


$

5,306,281


Marketing, selling and administrative expenses


269,464



276,748



257,995




1,086,504



1,122,977



1,048,952


Gross Cruise Costs





1,442,805



1,476,207



1,502,740




6,185,897



6,379,995



6,355,233


Less:


























Commissions, transportation and other


307,369



320,735



303,824




1,400,778



1,471,291



1,372,785



Onboard and other




114,546



118,706



126,454




553,104



576,544



582,750


Net Cruise Costs including divested businesses


1,020,890



1,036,766



1,072,462




4,232,015



4,332,160



4,399,698


Less:


























Net Cruise Costs related to divested businesses 





















prior to sales transaction




-



-



-




-



-



47,854



Other initiative costs included within cruise operating
expenses and marketing, selling and administrative
expenses


-



-



3,936




-



-



18,972



Loss on sale of ship included within other operating expenses


-



-



-




-



-



17,401


Net Cruise Costs 





1,020,890



1,036,766



1,068,526




4,232,015



4,332,160



4,315,471


Less:


























Fuel







188,112



188,253



229,310




795,801



803,289



947,391


Net Cruise Costs Excluding Fuel



$

832,778


$

848,513


$

839,216



$

3,436,214


$

3,528,871


$

3,368,080




























APCD







9,361,889



9,361,889



8,825,623




36,646,639



36,646,639



34,773,915


Gross Cruise Costs per APCD



$

154.11


$

157.68


$

170.27



$

168.80


$

174.09


$

182.76


Net Cruise Costs per APCD



$

109.05


$

110.74


$

121.07



$

115.48


$

118.21


$

124.10


Net Cruise Costs Excluding Fuel per APCD 

$

88.95


$

90.63


$

95.09



$

93.77


$

96.29


$

96.86

































 




















ROYAL CARIBBEAN CRUISES LTD.






NON-GAAP RECONCILING INFORMATION (CONTINUED)






(unaudited)












































Adjusted Net Income and Adjusted Earnings per Share were calculated as follows (in thousands, except per share data):































 Quarter Ended



Year Ended









December 31,



December 31,










2015



2014



2015



2014





















Adjusted Net Income  

$

206,799


$

70,048


$

1,065,066


$

755,729


Net Income  


206,799



109,768



665,783



764,146



Net Adjustments to Net Income- (Decrease) Increase

$

-


$

(39,720)


$

399,283


$

(8,417)


Adjustments to Net Income:













Impairment of Pullmantur related assets (1)

$

-


$

-


$

399,283


$

-


Restructuring charges


-



2,360



-



4,318


Other initiative costs


-



3,936



-



21,211


Estimated impact of divested businesses prior to sales transaction


-



-



-



11,013


Loss on sale of ship included within other operating expenses


-



-



-



17,401


Impact of voyage proration change


-



(12,533)



-



(28,877)


Reversal of a deferred tax valuation allowance


-



(33,483)



-



(33,483)



Net Adjustments to Net Income- (Decrease) Increase

$

-


$

(39,720)


$

399,283


$

(8,417)



























































Adjusted Earnings per Share - Diluted

$

0.94


$

0.32


$

4.83


$

3.39


Earnings per Share - Diluted


0.94



0.49



3.02



3.43



Net Adjustments to Net Income- (Decrease) Increase

$

-


$

(0.17)


$

1.81


$

(0.04)


Adjustments to Earnings per Share:













Impairment of Pullmantur related assets 

$

-


$

-


$

1.81


$

-


Restructuring charges


-



0.01



-



0.02


Other initiative costs


-



0.02



-



0.09


Estimated impact of divested businesses prior to sales transaction


-



-



-



0.05


Loss on sale of ship included within other operating expenses


-



-



-



0.08


Impact of voyage proration change


-



(0.05)



-



(0.13)


Reversal of a deferred tax valuation allowance


-



(0.15)



-



(0.15)






















Net Adjustments to Net Income- (Decrease) Increase

$

-


$

(0.17)


$

1.81


$

(0.04)





















Weighted-Average Shares Outstanding - Diluted


219,893



222,041



220,689



223,044









































(1)

  Includes a net deferred income tax benefit of $12.0
  million related to the Pullmantur impairment. 






 

 

 


Company Codes: NYSE:RCL, Oslo:RCL
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