2014 Q2 Form 10-Q Financial Statement

#000088488714000078 Filed on July 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $1.980B $1.883B
YoY Change 5.17% 3.39%
Cost Of Revenue $1.331B $1.324B
YoY Change 0.53% 2.13%
Gross Profit $649.4M $559.1M
YoY Change 16.14% 6.51%
Gross Profit Margin 32.8% 29.7%
Selling, General & Admin $261.0M $257.9M
YoY Change 1.18% 4.19%
% of Gross Profit 40.19% 46.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $192.9M $186.1M
YoY Change 3.65% 3.1%
% of Gross Profit 29.71% 33.28%
Operating Expenses $261.0M $257.9M
YoY Change 1.18% 4.19%
Operating Profit $195.6M $113.3M
YoY Change 72.57% 16.96%
Interest Expense $65.26M $86.88M
YoY Change -24.88% -2.5%
% of Operating Profit 33.37% 76.65%
Other Income/Expense, Net -$57.91M -$88.59M
YoY Change -34.63% -11.9%
Pretax Income $137.7M $24.70M
YoY Change 457.49% -767.57%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $137.7M $24.75M
YoY Change 456.32% -777.44%
Net Earnings / Revenue 6.95% 1.31%
Basic Earnings Per Share $0.62 $0.11
Diluted Earnings Per Share $0.62 $0.11
COMMON SHARES
Basic Shares Outstanding 222.2M shares 219.5M shares
Diluted Shares Outstanding 223.4M shares 220.6M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $185.0M $205.0M
YoY Change -9.76% -3.3%
Cash & Equivalents $185.3M $205.2M
Short-Term Investments
Other Short-Term Assets $356.0M $296.0M
YoY Change 20.27% -4.52%
Inventory $143.4M $141.4M
Prepaid Expenses
Receivables $294.0M $310.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $978.3M $953.0M
YoY Change 2.66% -0.12%
LONG-TERM ASSETS
Property, Plant & Equipment $17.47B $17.51B
YoY Change -0.22% 3.69%
Goodwill $438.4M $430.7M
YoY Change 1.79%
Intangibles
YoY Change
Long-Term Investments $359.0M $314.0M
YoY Change 14.33%
Other Assets $1.121B $1.055B
YoY Change 6.28% -5.62%
Total Long-Term Assets $19.03B $19.00B
YoY Change 0.19% 1.37%
TOTAL ASSETS
Total Short-Term Assets $978.3M $953.0M
Total Long-Term Assets $19.03B $19.00B
Total Assets $20.01B $19.95B
YoY Change 0.31% 1.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $331.5M $314.2M
YoY Change 5.49% -0.57%
Accrued Expenses $576.2M $541.7M
YoY Change 6.38% -14.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $495.0M $1.906B
YoY Change -74.03% 64.74%
Total Short-Term Liabilities $3.549B $4.712B
YoY Change -24.68% 23.71%
LONG-TERM LIABILITIES
Long-Term Debt $6.928B $6.348B
YoY Change 9.14% -10.2%
Other Long-Term Liabilities $514.3M $524.7M
YoY Change -1.99% -3.9%
Total Long-Term Liabilities $514.3M $524.7M
YoY Change -1.99% -93.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.549B $4.712B
Total Long-Term Liabilities $514.3M $524.7M
Total Liabilities $4.064B $5.237B
YoY Change -22.4% -54.16%
SHAREHOLDERS EQUITY
Retained Earnings $6.108B $5.793B
YoY Change 5.45%
Common Stock $3.226B $3.127B
YoY Change 3.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $413.7M $413.7M
YoY Change 0.0%
Treasury Stock Shares 10.31M shares 10.31M shares
Shareholders Equity $8.849B $8.366B
YoY Change
Total Liabilities & Shareholders Equity $20.01B $19.95B
YoY Change 0.31% 1.29%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $137.7M $24.75M
YoY Change 456.32% -777.44%
Depreciation, Depletion And Amortization $192.9M $186.1M
YoY Change 3.65% 3.1%
Cash From Operating Activities $565.1M $431.5M
YoY Change 30.96% 17.16%
INVESTING ACTIVITIES
Capital Expenditures -$164.7M -$217.7M
YoY Change -24.35% 49.52%
Acquisitions
YoY Change
Other Investing Activities $36.20M -$33.70M
YoY Change -207.42% 266.3%
Cash From Investing Activities -$128.4M -$251.4M
YoY Change -48.93% 62.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -467.5M -192.1M
YoY Change 143.36% -28.98%
NET CHANGE
Cash From Operating Activities 565.1M 431.5M
Cash From Investing Activities -128.4M -251.4M
Cash From Financing Activities -467.5M -192.1M
Net Change In Cash -30.80M -12.00M
YoY Change 156.67% -78.95%
FREE CASH FLOW
Cash From Operating Activities $565.1M $431.5M
Capital Expenditures -$164.7M -$217.7M
Free Cash Flow $729.8M $649.2M
YoY Change 12.42% 26.33%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2014, amended guidance was issued regarding the accounting for service concession arrangements. The new guidance defines a service concession as an arrangement between a public-sector entity grantor and an operating entity under which the operating entity operates and maintains the grantor&#8217;s infrastructure for a specified period of time and in return receives payments from the grantor and or third party user for use of the infrastructure. The guidance prohibits the operating entity from accounting for a service concession arrangement as a lease and from recording the infrastructure used in the arrangement within property plant and equipment. This guidance must be applied using a modified retrospective approach and will be effective for our interim and annual reporting periods beginning after December 15, 2014. Early adoption is permitted. </font></div></div>
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2013Q2 us-gaap Other Cost And Expense Operating
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312427000 USD
CY2014Q2 us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
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us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
544472000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
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514282000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
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486246000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
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4716000 USD
CY2013Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2014Q2 us-gaap Passenger Revenue
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1455099000 USD
us-gaap Passenger Revenue
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2760491000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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-1280000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-781000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
20554000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
33627000 USD
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54098000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
131857000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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35757000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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68885000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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396073000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
342472000 USD
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CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Outstanding
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PreferredStockSharesOutstanding
0 shares
CY2014Q2 us-gaap Preferred Stock Value
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0 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
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252852000 USD
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
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299882000 USD
us-gaap Proceeds From Collection Of Advance To Affiliate
ProceedsFromCollectionOfAdvanceToAffiliate
66138000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1519464000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the quarter and six months ended June 30, 2013, </font><font style="font-family:inherit;font-size:10pt;">$1.7 million</font><font style="font-family:inherit;font-size:10pt;"> has been reclassified in the consolidated statements of comprehensive income (loss) from </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Marketing, selling and administrative expenses </font><font style="font-family:inherit;font-size:10pt;">to</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Restructuring Charges </font><font style="font-family:inherit;font-size:10pt;">to conform to the current year presentation. </font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Proceeds From Collection Of Advance To Affiliate
ProceedsFromCollectionOfAdvanceToAffiliate
11993000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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1846200000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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941000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
742000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6918000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
54938000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17474143000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17517752000 USD
CY2013Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
259746000 USD
CY2014Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
293516000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-7101000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
21810000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2334396000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1670248000 USD
CY2013Q2 us-gaap Restructuring Charges
RestructuringCharges
1678000 USD
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
-86000 USD
us-gaap Restructuring Charges
RestructuringCharges
1678000 USD
us-gaap Restructuring Charges
RestructuringCharges
1650000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6054952000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6108116000 USD
CY2013Q2 us-gaap Revenues
Revenues
1882767000 USD
CY2014Q2 us-gaap Revenues
Revenues
1980043000 USD
us-gaap Revenues
Revenues
3793987000 USD
us-gaap Revenues
Revenues
3867267000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
257948000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
260988000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
531982000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
551295000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
8849240000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
8808265000 USD
CY2014Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
10308683 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
10308683 shares
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
413704000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
413704000 USD
CY2014Q2 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
11700000 USD
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
220648000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
223381000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
223055000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
220596000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
219502000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
222189000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
219301000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
221745000 shares
rcl Cash Paid Received On Settlement Of Derivative Financial Instruments
CashPaidReceivedOnSettlementOfDerivativeFinancialInstruments
-18096000 USD
rcl Cash Paid Received On Settlement Of Derivative Financial Instruments
CashPaidReceivedOnSettlementOfDerivativeFinancialInstruments
25843000 USD
CY2014Q1 rcl Common Stock Dividend Declared Prior Quarter Paid Current Quarter
CommonStockDividendDeclaredPriorQuarterPaidCurrentQuarter
0.25
CY2014Q2 rcl Cost Of Onboard And Other
CostOfOnboardAndOther
150606000 USD
CY2013Q2 rcl Cost Of Onboard And Other
CostOfOnboardAndOther
140710000 USD
rcl Cost Of Onboard And Other
CostOfOnboardAndOther
273638000 USD
rcl Cost Of Onboard And Other
CostOfOnboardAndOther
262197000 USD
CY2014Q2 rcl Cruise Commissions Transportation And Other
CruiseCommissionsTransportationAndOther
346180000 USD
CY2013Q2 rcl Cruise Commissions Transportation And Other
CruiseCommissionsTransportationAndOther
316506000 USD
rcl Cruise Commissions Transportation And Other
CruiseCommissionsTransportationAndOther
639443000 USD
rcl Cruise Commissions Transportation And Other
CruiseCommissionsTransportationAndOther
672045000 USD
rcl Maximum Length Of Time Hedged In Derivative Contract
MaximumLengthOfTimeHedgedInDerivativeContract
P3Y
rcl Number Of Months Considered To Determine Requirement Of Prepayment Of Debts
NumberOfMonthsConsideredToDetermineRequirementOfPrepaymentOfDebts
P24M
CY2014Q2 rcl Number Of Ships On Order
NumberOfShipsOnOrder
4 ship
CY2014Q2 rcl Onboard And Other
OnboardAndOther
524944000 USD
CY2013Q2 rcl Onboard And Other
OnboardAndOther
516054000 USD
rcl Onboard And Other
OnboardAndOther
1033496000 USD
rcl Onboard And Other
OnboardAndOther
1063965000 USD
CY2014Q2 rcl Percentage Of Aggregate Cost Exposed To Fluctuations In Euro Exchange Rate
PercentageOfAggregateCostExposedToFluctuationsInEuroExchangeRate
0.163
CY2013Q4 rcl Percentage Of Aggregate Cost Exposed To Fluctuations In Euro Exchange Rate
PercentageOfAggregateCostExposedToFluctuationsInEuroExchangeRate
0.363
CY2014Q2 rcl Percentage Of Long Term Debt Bearing Fixed Interest Rate
PercentageOfLongTermDebtBearingFixedInterestRate
0.224
CY2013Q4 rcl Percentage Of Long Term Debt Bearing Fixed Interest Rate
PercentageOfLongTermDebtBearingFixedInterestRate
0.346
rcl Port Costs Included In Revenues
PortCostsIncludedInRevenues
261800000 USD
CY2014Q2 rcl Port Costs Included In Revenues
PortCostsIncludedInRevenues
137700000 USD
rcl Port Costs Included In Revenues
PortCostsIncludedInRevenues
232700000 USD
CY2013Q2 rcl Port Costs Included In Revenues
PortCostsIncludedInRevenues
117000000 USD
CY2014Q2 rcl Stated Or Notional Amounts Included In Indemnification Clauses
StatedOrNotionalAmountsIncludedInIndemnificationClauses
0 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000884887
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
222309015 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ROYAL CARIBBEAN CRUISES LTD

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