royal caribbean cruises ltd. vat number

Royal Caribbean Cruises Ltd in Miami, Florida

Companies with 'R'
Royal Caribbean Cruises Ltd

Basic Profile

VAT Record: GB102833940

Changes detected for vat number gb102833940, company information, companies at post code kt13 0xw, companies with common directors.

Employer Identification Number: 980081645

Ein/tax id : 980081645 : royal caribbean cruises ltd.

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ROYAL CARIBBEAN CRUISE LINE A/S

Company number FC007848

Company Overview for ROYAL CARIBBEAN CRUISE LINE A/S (FC007848)
Filing history for ROYAL CARIBBEAN CRUISE LINE A/S (FC007848)
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Required to publish accounts from 1 January to 31 December within 7 months under parent law

Last accounts made up to 31 December 2011

Company details in the country of incorporation

Brand Profile

Founded: 1969 Fleet: 24 ships Fleet Capacity (Double Occupancy): 77,061 Destinations: Alaska, Asia, Australia/New Zealand, Dubai, Bahamas, Bermuda, Canada/New England, Caribbean, Europe, Hawaii, Mexico, Panama Canal and South America In 2017, Royal Caribbean will visit 256 ports, in 64 countries, on 6 continents

Our Management

Richard D. Fain, Chairman and CEO, Royal Caribbean Cruises Ltd. Adam Goldstein, President and COO, Royal Caribbean Cruises Ltd. Jason Liberty, Senior Vice President and CFO, Royal Caribbean Cruises Ltd. Michael Bayley, President and CEO, Royal Caribbean International Harri Kulovaara, Executive Vice President — Maritime, Royal Caribbean Cruises Ltd. Vicki Freed, Senior Vice President — Sales, Trade Support & Service, Royal Caribbean International Mark Tamis, Senior Vice President — Operations, Royal Caribbean International

Royal Caribbean International appeals to adventure-seeking families as well as couples and singles in their 30s to 50s. The median age is low-40s, slightly lower on three- and four-night cruises and slightly higher on longer cruises of 10 or more nights. Our guests have an appetite for new experiences and an interest in activities that take them out of the ordinary, connect them with other people and enable them to explore new places and learn about other cultures. They are keen travelers seeking a quality vacation at the best value, one that caters to an array of travel needs and preferences. About three-fourths of Royal Caribbean's guests have cruised before and more than a quarter have sailed with us previously — we enjoy one of the highest repeat passenger percentages in our market segment. Guests are almost evenly divided between men and women and about 60 percent are North American and the rest from international markets extending from Asia to Latin America.

Our Financial Status

In fiscal 2016, Royal Caribbean Cruises Ltd. reported net income of $1.31 billion. The company is publicly traded on the New York Stock Exchange (NYSE:RCL).

* double occupancy

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Royal caribbean cruises ltd. (rcl), key executives, royal caribbean cruises ltd., description.

Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd. was founded in 1968 and is headquartered in Miami, Florida.

Corporate Governance

Upcoming events.

July 25, 2024 at 12:30 PM UTC - July 29, 2024 at 12:30 PM UTC

Royal Caribbean Cruises Ltd. Earnings Date

Recent Events

April 25, 2024 at 2:00 PM UTC

Q1 2024 Earnings Call

April 25, 2024 at 12:00 AM UTC

10-Q: Periodic Financial Reports

April 17, 2024 at 12:00 AM UTC

DEF 14A: Proxy Statements

March 7, 2024 at 12:00 AM UTC

8-K: Corporate Changes & Voting Matters

February 29, 2024 at 12:00 AM UTC

S-3ASR: Offering Registrations

February 22, 2024 at 12:00 AM UTC

February 21, 2024 at 12:00 AM UTC

February 1, 2024 at 3:00 PM UTC

Q4 2023 Earnings Call

February 1, 2024 at 12:00 AM UTC

December 22, 2023 at 12:00 AM UTC

Related Tickers

Investor Relations

Global leadership.

About Royal Caribbean Group

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 65 ships traveling to more than 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award-winning cruise brands: Royal Caribbean International , Celebrity Cruises , and Silversea Cruises, and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 8 ships on order as of March 31, 2024. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com .

2024 Annual Shareholder Meeting

Date: May 29, 2024

Time: 9:00AM ET

Location: InterContinental Miami, 100 Chopin Plaza, Miami, Florida 33131

For record holders as of April 11, 2024

(click here for online voting and materials)

Sustainability Report

Safeguarding and Protecting the World’s Oceans and Destinations we Operate, and the Health and Well-Being of our Guests and Crew Members.

View And Download Reports

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this release 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 statements include, but are not limited to: statements regarding revenues, costs and financial results for 2020 and beyond. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering”, and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, 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 global incidence and spread of COVID-19, which has led to the temporary suspension of our operations and has had and will continue to have a material adverse impact on our business and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: the current and potential additional governmental and self-imposed travel restrictions, the current and potential extension of the suspension of cruises and new additional suspensions, guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; the incurrence of COVID-19 and other contagious diseases on our ships and an increase in concern about the risk of illness on our ships or when traveling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in US foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; the impact of foreign currency exchange rates, interest rate and fuel price fluctuations; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs associated with protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; emergency ship repairs, including the related lost revenue; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; and the unavailability or cost of air service.

In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. It is not possible to predict or identify all such risks.

More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, and 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, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website 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.

Press Releases

Royal caribbean group reports 2022 results and provides forward guidance.

MIAMI – February 7, 2023 – Royal Caribbean Group (NYSE: RCL) today reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted Loss per Share of $(1.12). These results exceeded the company's guidance due to better pricing on close-in demand, strong onboard spend, favorable timing of operating costs, and lower interest expense.

“2022 was a pivotal year as we successfully returned our business to full operations and delivered memorable vacation experiences to 6 million guests," said Jason Liberty, president and chief executive officer, Royal Caribbean Group. "We also returned to positive Adjusted EBITDA and Operating Cash Flow by consistently growing revenue and controlling costs. Our teams have worked tirelessly to deliver the best vacation experiences, responsibly, and we are grateful for their extraordinary efforts.”

“We are experiencing a record-breaking WAVE season, resulting in a booked position approaching previous record highs and at higher prices. This, along with the normalization of our booking window, provides the visibility for us to provide annual guidance, which is in line with our Trifecta program," added Liberty. "The combination of our industry-leading global brands, most innovative fleet, nimble sourcing and our continued focus on profitability positions us well to deliver record Yields and Adjusted EBITDA in 2023."

Financial Highlights & Outlook

Fourth Quarter 2022:

Load Factors were in line with guidance at 95%, with Caribbean sailings reaching 100%, and holiday sailings close to 110%.
Total revenues per passenger cruise day were up 3.5% as-reported and 4.5% in Constant Currency, compared to the fourth quarter of 2019.
Total revenues were $2.6 billion, Net Loss was $(500.2) million or $(1.96) per share, Adjusted Net Loss was $(284.9) million or $(1.12) per share, and Adjusted EBITDA was $409.3 million.

Full Year 2022:

Load Factors were 85% overall, full fleet back in operation since June of 2022.
Total revenues were $8.8 billion, Net Loss was $(2.2) billion or $(8.45) per share, Adjusted Net Loss was $(1.9) billion or $(7.50) per share, and Adjusted EBITDA was $711.6 million.

Full Year 2023 Outlook:

The company is experiencing a record-breaking WAVE season, driven by strong demand. The seven biggest booking weeks in the company's history have occurred since the last earnings call in November 2022.
2023 cumulative booked position remains well within historical ranges for all quarters and at record rates. North America based itineraries are booked in line with 2019 for the full year, and ahead for the second quarter through the fourth quarter.
Net Yields are expected to increase 5% to 4.5% in both as-reported and in Constant Currency versus 2019. Net Yields are expected to ramp up as load factors reach historical levels by late spring.
The company continues to successfully manage costs in a complicated environment with Net Cruise Costs (NCC), excluding Fuel, per APCD expected to increase 4.5% to 5.5% as-reported and 4.75% to 5.75% in Constant Currency compared to 2019, a three year old benchmark, and include approximately 210 basis points from lingering transitional costs (e.g. crew movement) and additional structural costs (e.g. full year operations of Perfect Day at CocoCay and the new Galveston terminal).
The company expects to exceed prior record Adjusted EBITDA, achieved in 2019.
The company expects Adjusted Earnings per Share in the range of $3.00 to $3.60.

First Quarter 2023 Outlook:

Net Yields are expected to increase 0.5% to 1.5% as-reported and 1% to 2% in Constant Currency compared to 2019, with load factors reaching 100% and total revenues per passenger cruise day up in the mid to high single digit range in both as-reported and Constant Currency compared to 2019.
NCC, excluding Fuel, per APCD is expected to increase approximately 8.3% as-reported and approximately 8.5% in Constant Currency, compared to 2019, including 320 basis points of lagging transitional costs, additional structural costs, and timing of expenses.
Adjusted Loss per Share is expected to be in the range of ($0.65) – ($0.85).

Fourth Quarter 2022 results

The company reported Net Loss for the fourth quarter of 2022 of $(0.5) billion or $(1.96) per share compared to Net Loss of $(1.4) billion or $(5.33) per share for the same period in the prior year. Adjusted Net Loss was $(0.3) billion or $(1.12) per share for the fourth quarter of 2022 compared to Adjusted Net Loss of $(1.2) billion or $(4.78) per share for the same period in the prior year.

Fourth quarter Load Factors were in line with guidance at 95%, with Caribbean sailings reaching 100%. Total revenues per passenger cruise day were up 3.5% as-reported and 4.5% in Constant Currency versus the fourth quarter of 2019 due to strong pricing on close-in demand and continued strength in onboard revenues.

Gross Cruise Costs per APCD increased 4.9% as reported and 5.8% in Constant Currency, compared to the fourth quarter of 2019. NCC, excluding Fuel, per APCD increased 3.9% as reported and 4.7% in Constant Currency, compared to the fourth quarter of 2019. Gross Cruise Costs per APCD and NCC, excluding Fuel, per APCD for the fourth quarter included $1.23 per APCD related to health protocols and one-time lagging costs related to fleet ramp-up. The Group expects transitory costs related to health protocols and ramp-up of operations to be largely gone in 2023 as the majority of crew have returned and protocols have eased. In the fourth quarter, the company continued to benefit from multiple actions taken to reshape its cost structure and to help partially offset inflationary and supply chain challenges.

"Fourth quarter results reflect the continued strong demand for our vacation experiences and our teams' ability to manage costs in a complicated environment while staying focused on delivering the best vacation experiences expected by our guests," said Naftali Holtz, chief financial officer, Royal Caribbean Group. "The benefit from multiple actions we have taken during the last few years to improve margins continue to yield results, as we focus on executing our proven formula of moderate yield growth and strong cost controls."

The company recorded a loss contingency of $130 million in the fourth quarter related to a Helms-Burton Act claim which the company continues to vigorously defend.

Full Year 2022 results

For the full year, the company reported Net Loss of $(2.2) billion or $(8.45) per share compared to Net Loss of $(5.3) billion or $(20.89) per share in the prior year. The company also reported Adjusted Net Loss of $(1.9) billion or $(7.50) per share for the full year 2022 compared to Adjusted Net Loss of $(4.8) billion or $(19.19) per share in the prior year.

Update on Bookings

The company is very encouraged about the demand environment for 2023. Booking volumes in the fourth quarter were significantly higher than the corresponding period in 2019, culminating in record booking weeks for the Group for both Black Friday and Cyber Monday. Momentum continues into early 2023 and the company is experiencing a recordbreaking WAVE season. Overall, the seven biggest booking weeks in the company's history have occurred since the middle of November 2022, including the first five weeks of WAVE. The booking window has continued to move back to normal, providing further confidence in forward looking business, as guests plan for the future. Consumer spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices, indicating quality and healthy future demand.

The cumulative booked position remains well within historical ranges at record rates and has improved significantly since November. North America sailings, many of which visit Perfect Day at CocoCay, are leading the way and are booked in line with record 2019 levels for the full year and ahead for the second quarter through the fourth quarter. Bookings for European itineraries have been accelerating during WAVE and are now higher than 2019.

“Leisure travel strength continues as consumer spend is shifting towards experiences, with cruising remaining an attractive value proposition," said Liberty. "The quality demand trends further exhibit the strength of our brands and the growing propensity to cruise."

As of December 31, 2022, the Group’s customer deposit balance was at a record $4.2 billion.

Fuel Expense

Bunker pricing, net of hedging, for the fourth quarter was $694 per metric ton and consumption was 422,000 metric tons.

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 $294 million of fuel expense in its first quarter guidance at a forecasted consumption of 412,500 which is 57% hedged via swaps. Forecasted consumption is 55% hedged via swaps for full year 2023 and is 10% hedged via swaps for 2024. The annual average cost per metric ton of the hedge portfolio is approximately $583 for 2023 and $826 for 2024. The higher average hedged cost in 2024 is driven primarily by the hedged fuel mix, with 2024 currently hedged with MGO swaps, while 2023 is hedged fairly evenly between MGO and IFO swaps.

The company provided the following guidance for the first quarter and full year 2023:

Exchange rates used in guidance calculations

GBP $1.23

AUD $0.71

CAD $0.75

EUR $1.12

Liquidity and Financing Arrangements

As of December 31, 2022, the Group’s liquidity position was $2.9 billion, which includes cash and cash equivalents, undrawn revolving credit facility capacity, and a $700 million commitment for a 364-day term loan facility.

During the fourth quarter, the company repaid $0.6 billion of debt maturities and closed on the refinancing of $2.0 billion of secured and guaranteed debt previously due June 2023. Additionally, in January 2023, the company extended $2.3 billion of its existing revolving credit facility commitment to April 2025.

The company noted that as of December 31, 2022, and taking into effect the extension of the credit facilities, the scheduled debt maturities for 2023, 2024, 2025 and 2026 were $2.1 billion, $2.6 billion, $5.7 billion and $2.8 billion, respectively. Approximately 75% of the company's debt is tied to fixed interest rates.

Capital Expenditures and Capacity Guidance

Capital expenditures for the full year 2023 are expected to be approximately $4.1 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book. The company expects to take delivery of three new ships in 2023 including Icon of the Seas , Celebrity Ascent and Silver Nova . All ship orders have committed financing in place. Non-new ship related capital expenditures are expected to be $0.5 billion. Capacity changes for 2023 is expected to be 14% compared to 2019. Capacity changes for 2024, 2025, 2026 are expected to be 10%, 5%, and 6%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future.

Conference call scheduled

The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company's investor relations website at www.rclinvestor.com .

Definitions

Selected Operational and Financial Metrics

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. For the 2022 and 2021 periods, these items included (i) other expenses, which includes the estimate of amounts payable in connection with ongoing Havana Docks litigation recorded in 2022; (ii) impairment and credit losses (recoveries); (iii) restructuring charges and other initiative expenses; (iv) equity investment asset impairments; (v) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas ; (vi) Pullmantur reorganization settlement; and (vii) the net gain recognized in 2021 in relation to the sale of the Azamara brand.

Adjusted Net Income (Loss) is a non-GAAP measure that represents net income (loss) excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the 2022 and 2021 periods presented, these items included (i) gain or loss on the extinguishment of debt; (ii) the amortization of non-cash debt discount on our convertible notes; (iii) the estimated cash refunds expected to be paid to Pullmantur guests as part of the Pullmantur S.A. reorganization in 2020; (iv) impairment and credit losses; (v) equity investment asset impairments; (vi) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; (vii) restructuring charges and other initiative expenses; (viii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition in 2018; (ix) the net gain recognized in 2021 in relation to the sale of the Azamara brand; (x) the net loss recognized in the fourth quarter of 2021 related to the elimination of the three-month reporting lag for Silversea Cruises; and (xi) the estimated amounts that may be payable in relation to the ongoing Havana Docks litigation.

Adjusted Earnings (Loss) per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income (Loss) (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.

Available Passenger Cruise Days (“APCD”) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

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 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 our revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. For the 2022 periods presented, we calculate "Constant Currency" by applying the average 2019 or Q3 2022 period exchange rates for each of the 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 can significantly change the impact of the purely currencybased fluctuations.

EBITDA is a non-GAAP measure that represents net income (loss) excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.

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

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

Net Cruise Costs (“NCC”) and NCC excluding Fuel are non-GAAP measures that 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. For the 2022 and 2019 periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; (ii) the transaction and integration costs related to the Silversea Cruises acquisition; and (iii) the costs, net of insurance recoveries, related to the Grand Bahama drydock structure incident involving Oasis of the Seas . 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.

Gross Margin Yield represent Gross Margin per APCD.

Adjusted Gross Margin represent Gross Margin, adjusted for payroll and related, fuel, food, other operating expenses, and depreciation and amortization. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect 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.

For additional information see “Adjusted Measures of Financial Performance” below.

About Royal Caribbean Group

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order as of December 31, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com .

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release 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 statements include, but are not limited, to: statements regarding revenues, costs and financial results for 2023 and beyond, and expectations regarding credit profile. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering,” and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, 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 contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rate and food and fuel prices; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.

More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website 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 defined as non-GAAP financial measures 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 U.S. 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 U.S. 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 U.S. GAAP measures.

A reconciliation to the most comparable U.S. 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. We have not provided a quantitative reconciliation of the projected nonGAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.

(1) Due to the elimination of the Silversea Cruises three-month reporting lag in October of 2021, we include Silversea Cruises' statistics from October 1 through December 31, 2021 in the quarter ended December 31, 2021, and from October 1, 2020 through June 30, 2021 and October 1 through December 31, 2021 in the year ended December 31, 2021. The year ended December 31, 2021 does not include July, August, and September 2021 statistics as Silversea Cruises' results of operations for those months are included within Other (expense) income in our consolidated statements of comprehensive loss for the quarter and year ended December 31, 2021.

(1) Included within Marketing, selling and administrative expenses in our consolidated statements of comprehensive loss.

(1) Included within Other income (expense) in our consolidated statements of comprehensive loss.

(2) Represents net non-operating income or expense. For 2022, primarily relates to our estimate of amounts that may be payable in connection with the ongoing Havana Docks litigation plus related legal fees and costs. Excludes income tax (benefit) expense, included in the EBITDA calculation above.

(3) Represents equity investment asset impairment, primarily for our investments in TUI Cruises GmbH in 2021 as a result of the impact of COVID-19.

(4) Represents net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas.

(5) Represents estimated cash refunds expected to be paid to Pullmantur guests and other expenses incurred as part of the Pullmantur S.A. reorganization.

(1) Included within Other income (expense) in our consolidated statements of comprehensive income (loss).

(2) Excludes income tax expense, included in the EBITDA calculation above.

(3) Represents incidental costs, net of insurance recoveries, related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas.

(4) Adjustment made to exclude the impact of the contractual accretion requirements associated with the put option held by Heritage Cruise Holding Ltd.'s (previously known as Silversea Cruises Group Ltd.) noncontrolling interest, which noncontrolling interest we acquired on July 9, 2020.

(1) Represents the amortization of non-cash debt discount on our convertible notes.

(2) Represents estimated cash refunds expected to be paid to Pullmantur guests and other expenses incurred as part of the Pullmantur S.A. reorganization.

(3) Represents equity investment asset impairment, primarily for our investments in TUI Cruises GmbH in 2021 as a result of the impact of COVID-19

(4) Amounts include net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas .

(5) Represents the net loss related to the elimination of the Silversea Cruises reporting lag in 2021.

(6) Represents our estimate of amounts that may be payable in connection with the ongoing Havana Docks litigation plus related legal fees and costs.

How Much Is the VAT on Royal Caribbean Cruise Ships?

On Royal Caribbean cruise ships, passengers often enjoy a luxurious and unforgettable vacation experience, complete with stunning ocean views, delectable dining options, and an array of thrilling activities. However, before embarking on this remarkable voyage, it’s crucial for travelers to consider the various costs involved, including the value-added tax (VAT). The VAT is a consumption tax levied on goods and services, and while it’s rates may vary from country to country, it’s essential to understand how it applies to cruise travel with Royal Caribbean. By gaining insight into the VAT rates and regulations, passengers can better plan their budget and make informed decisions regarding their upcoming cruise adventure.

Do You Pay VAT on a Cruise Ship?

On cruises where all the ports are European Union countries, the appropriate VAT will be added to all onboard purchases throughout the cruise. This means that passengers will need to factor in the VAT when budgeting for their trip. It’s important for passengers to check with the cruise line or their travel agent to determine the exact VAT rate that will be applied to their cruise.

The VAT, or Value Added Tax, is a consumption tax that’s levied on goods and services in many countries around the world. It’s typically included in the price of goods and services and is charged at a specific rate, which can vary from country to country. The VAT is then collected by the government and used to fund public services and infrastructure.

Overall, while the VAT on Royal Caribbean Cruise Ships can add to the cost of a cruise, it’s an important factor to consider when budgeting for your trip. By understanding the tax regulations for your specific itinerary, you can better plan and prepare for any additional costs that may be incurred.

How Does VAT Impact the Overall Price of a Cruise and Is It Included in the Advertised Price?

Understanding the impact of VAT on cruise prices
Is VAT included in the advertised price?
The basics of VAT and how it applies to cruise fares
Factors influencing the overall price of a cruise
Does VAT vary by cruise line or destination?
Exploring VAT exemptions and discounts
Calculating the total cost of a cruise with VAT
Transparency in advertising cruise prices
Customer rights and VAT on international cruises
Tips for budgeting and understanding the impact of VAT

Guest Services plays a crucial role in ensuring a memorable experience for passengers aboard Royal Caribbean cruises. As a result of their significant contributions, they’re compensated with an average hourly pay of $20 per hour at Royal Caribbean International. This article delves into the various factors that may influence their compensation, including experience, location, and additional perks offered by the company. Additionally, we will explore the responsibilities and qualifications required for a Guest Service position at Royal Caribbean, shedding light on the rewarding and fulfilling career opportunities available within the cruise industry.

How Much Does Royal Caribbean Pay Guest Services?

When it comes to the pay scale for guest services at Royal Caribbean International, the average hourly rate stands at $20 per hour. This figure provides an approximate estimate of what guest service employees can expect to earn while working for the cruise line. However, it’s important to note that the actual amount may vary based on various factors such as location, experience, and job performance.

Guest services play a crucial role in ensuring a memorable and enjoyable experience for passengers aboard Royal Caribbean cruise ships. They’re responsible for assisting and addressing the needs of guests throughout their voyage. From providing information about onboard amenities to handling guest complaints and inquiries, these professionals are an integral part of the cruise lines customer service team.

The company recognizes the importance of providing competitive compensation to attract and retain skilled individuals who can effectively cater to the diverse needs of passengers from all walks of life. By offering a fair wage, Royal Caribbean strives to motivate and reward it’s guest service employees for their hard work and dedication on a daily basis.

Source: Royal Caribbean International Salary for Guest Service

Visitors to the Bahamas can avail themselves of a VAT refund on purchases made from authorized stores that display the government-issued “tax free goods” certificate and logo. To ensure a smooth process, it’s important to follow the designated guidelines and requirements. Here’s how you can navigate the VAT refund system in the Bahamas.

How Do I Get a VAT Refund in the Bahamas?

When visiting the Bahamas, tourists have the opportunity to obtain a VAT refund on their purchases. This refund is applicable when buying goods from stores that have been authorized to participate in the VAT refund scheme. These stores will display a certificate and logo issued by the Bahamas Government, indicating that they’re eligible for tax-free goods.

To claim a VAT refund, visitors will need to keep their receipts from the authorized stores, as these will be required for the refund process. These receipts must show that VAT has been paid on the purchases.

Any purchases made outside the country, such as online purchases or purchases made on cruise ships, aren’t eligible for a VAT refund. Furthermore, visitors must consider the minimum purchase requirement set by the authorized stores in order to be eligible for a refund. This requirement varies and should be confirmed with the individual retailers.

It’s been a topic of debate whether Carnival Cruise Line, a subsidiary of Carnival Corporation &, plc, pays US taxes. While the company is headquartered in Florida, it’s legally incorporated in Panama, which enables it to legally avoid paying most US taxes under the current Tax Code.

Does Carnival Cruise Line Pay US Taxes?

Carnival Cruise Line, a subsidiary of Carnival Corporation & plc, is a major player in the cruise industry with a fleet of over ninety vessels. While it’s headquarters is located in Doral, Florida, the company is legally incorporated in Panama. This strategic move allows Carnival to take advantage of the current Tax Code and legally avoid paying the majority of US taxes.

By incorporating in Panama, Carnival Cruise Line can save significant amounts of money in taxes that would otherwise be owed to the US government. This is a common practice among multinational corporations, as different countries have varying tax laws and rates. Panamas tax laws are more favorable for companies like Carnival, and it provides them with a competitive advantage in the industry.

This allows the company to reinvest it’s earnings back into it’s operations and expansion plans, ultimately benefiting it’s shareholders and customers.

While some may argue that companies like Carnival should pay their fair share of US taxes, it’s important to note that they’re operating within the boundaries of the law. As long as the Tax Code allows for such tax planning strategies, corporations will continue to utilize them to maximize their profits.

This strategic move allows the company to allocate it’s profits and expenses in a way that reduces it’s tax obligations, ultimately benefiting it’s shareholders and customers. While it may be a controversial practice, it’s within the boundaries of the current Tax Code.

One popular way to take advantage of VAT refunds is on a cruise. When sailing to different countries, passengers have the opportunity to purchase products onboard or during shore excursions. These purchases may be eligible for a VAT refund, allowing cruisers to save money on their souvenirs and other goods.

How Does VAT Refund Work on a Cruise?

VAT refund policies vary from country to country and can also depend on the specific regulations of the cruise line. However, in general, if you’re a non-resident of the country where the cruise ship is registered and you make significant purchases onboard, you may be eligible for a VAT refund.

To claim the refund, you typically need to keep your receipts for the items you purchased during the cruise. These receipts will serve as proof of your purchases and the VAT paid.

At the VAT refund office, you’ll need to provide your receipts and complete the necessary paperwork. The staff will verify that you meet the eligibility criteria and may ask for additional documentation, such as your passport or boarding pass. They’ll then process your refund, which can be issued in cash or credited back to your credit card, depending on the refund policy in place.

It’s important to note that there may be a minimum spending requirement to qualify for a VAT refund, and certain items may be excluded from the refund eligibility. Additionally, some countries may charge an administration fee for processing the refund.

You can usually find this information on the cruise lines website or by contacting their customer service.

How VAT Refunds on a Cruise Differ From VAT Refunds for Purchases Made on Land

When requesting a VAT refund for purchases made on land, you typically need to present the original receipts at the VAT refund office.
For VAT refunds on a cruise, you may need to follow a different process depending on the cruise line and the specific itinerary.
Some cruise lines have designated VAT refund desks onboard where you can submit your refund application and receipts.
Unlike land-based purchases, refunds for purchases made onboard a cruise might be subject to additional terms and conditions set by the cruise line.
It’s important to check the cruise line’s specific refund policies and procedures for VAT refunds to ensure you meet all requirements.
In some cases, cruise passengers may receive VAT refunds in the form of onboard credits that can be used for other purchases during the cruise.
It’s advisable to gather all relevant receipts and keep them organized to make the VAT refund process smoother.
Remember to check the VAT refund eligibility criteria for each country you visit during the cruise, as rules and limits may vary.
Always inquire about VAT refund options before making any purchases onboard a cruise to ensure you understand the process and requirements.

While it’s true that VAT is applicable to certain onboard expenses, such as drinks, spa treatments, and specialty dining, the actual percentage can vary depending on the aforementioned factors. Therefore, it’s recommended to consult with the cruise line or check the specific terms and conditions of the cruise package to determine the accurate VAT rates. By doing so, passengers can better plan their budget and avoid any unexpected expenses during their Royal Caribbean cruise experience.

When should i cruise to hawaii: a guide to the best time to sail, how to cruise the hawaiian islands, does norwegian cruise have a soda cup refill option, does norwegian cruise line offer military discount | find out here.

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We are here to help with reservations, Crown & Anchor memberships and general questions. If you'd like to get your answer quickly, below are our most frequently asked questions for your convenience.

What are the pre-cruise testing requirements for my cruise?
What vaccines are required to travel on a Royal Caribbean cruise?
What travel documents are required to board?
What are the top things to know after I have booked a Royal Caribbean cruise?
When should I arrive at the port terminal to board my cruise ship?
Can I book back-to-back cruises at this time?
If I test positive for COVID-19 right before my cruise or on the cruise, what is your refund policy and what associated costs are covered?
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What kind of refund am I entitled to if I cancel my cruise booking?
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Should I choose to cancel a reservation confirmed under a non-refundable deposit fare, what refunds will apply?
When is the final payment for my cruise holiday due?
How can I make a payment on my booking?
How long do refunds take to process?

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Media Enquiries [email protected] UK Press Office Pleas note that this email address is for enquiries from the UK media only. The Press Office does not have access to customer booking information and is unable to transfer calls. For all customer enquiries, please use the pre or post departure contact details listed above and a member of the team will be happy to assist you.

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