HighGravityDataRoyal Caribbean Cruises — Oct 29, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000884887-24-000145
Showing in the filing
Adjusted EPS
“$1.40 - $1.45”
Period
Q4 FY2024
Measure
Company-defined measure
Source
Prose
All guidance in this release · 56
Adjusted EPS for FY2024
“$11.57 - $11.62”
Adjusted EPS for Q4 FY2024
“$1.40 - $1.45”
Earnings per share expectation for FY2025
“start with a $14 handle”
Net Yields for FY2024
“expected to increase 10.8% to 11.3% in Constant Currency (10.9% to 11.4% as-reported)”
Net Yields vs. 2023 (Constant Currency) for FY2024
“10.8% to 11.3%”
NCC, excluding Fuel, per APCD for FY2024
“expected to increase approximately 6.2% to 6.7% in Constant Currency and as-reported”
Adjusted EPS growth year-over-year for FY2024
“71%”
Net Yields for Q4 FY2024
“expected to increase 5.1% to 5.6% in Constant Currency and 5.3% to 5.8% as-reported”
Net Yields vs. 2023 (Constant Currency) for Q4 FY2024
“5.1% to 5.6%”
Net Yields vs. 2023 (As-Reported) for Q4 FY2024
“5.3% to 5.8%”
NCC, excluding Fuel, per APCD for Q4 FY2024
“expected to increase 11.6% to 12.1% in Constant Currency and 11.7% to 12.2% as-reported”
NCC, excluding Fuel, per APCD (Constant Curr… for Q4 FY2024
“11.6% to 12.1%”
Net Cruise Costs per APCD ex. Fuel vs. 2023 … for Q4 FY2024
“11.6% to 12.1%”
Fuel expense included in for Q4 FY2024
“$285 million”
Forecasted fuel consumption for Q4 FY2024
“433,000 metric tons”
Forecasted consumption hedged via swaps for FY2024
“61%”
Percent Hedged (fwd. consumption) for Q4 FY2024
“61%”
Percent hedged via swaps for Q4 FY2024
“61%”
Forecasted consumption hedged via swaps for FY2025
“60%”
Forecasted consumption hedged via swaps for FY2026
“44%”
Forecasted consumption hedged via swaps for FY2027
“10%”
Annual average cost per metric ton of hedge … for FY2024
“$518”
Annual average cost per metric ton of hedge … for FY2025
“$487”
Annual average cost per metric ton of hedge … for FY2026
“$469”
Annual average cost per metric ton of hedge … for FY2027
“$426”
Fuel Consumption (metric tons) for Q4 FY2024
“433,000”
Fuel Consumption (metric tons) for FY2024
“1,704,000”
Fuel Expenses for Q4 FY2024
“$285 million”
Fuel Expenses for FY2024
“$1,161 million”
Net Cruise Costs per APCD vs. 2023 (As-Repor… for Q4 FY2024
“7.8% to 8.3%”
Net Cruise Costs per APCD vs. 2023 (Constant… for Q4 FY2024
“7.7% to 8.2%”
NCC, excluding Fuel, per APCD (as-reported) for Q4 FY2024
“11.7% to 12.2%”
Net Cruise Costs per APCD ex. Fuel vs. 2023 … for Q4 FY2024
“11.7% to 12.2%”
Net Yields vs. 2023 (As-Reported) for FY2024
“10.9% to 11.4%”
Net Cruise Costs per APCD vs. 2023 (Constant… for FY2024
“4.0% to 4.5%”
Net Cruise Costs per APCD ex. Fuel vs. 2023 … for FY2024
“6.2% to 6.7%”
APCDs for Q4 FY2024
“12.8 million”
APCDs for FY2024
“50.6 million”
Capacity change vs. 2023 for Q4 FY2024
“6.6%”
Capacity change vs. 2023 for FY2024
“7.8%”
Capacity change for FY2024
“8%”
Depreciation and amortization for Q4 FY2024
“$410 to $420 million”
Depreciation and amortization for FY2024
“$1,590 to $1,600 million”
1% Change in Net Yields for Q4 FY2024
“$29 million”
1% Change in Net Yields for FY2024
“$120 million”
1% Change in NCC excluding Fuel for Q4 FY2024
“$16 million”
1% Change in NCC excluding Fuel for FY2024
“$60 million”
1% Change in Currency for Q4 FY2024
“$4 million”
10% Change in Fuel prices for Q4 FY2024
“$14 million”
100 basis pt. Change in SOFR for Q4 FY2024
“$1 million”
Capital expenditures for FY2024
“approximately $3.4 billion”
Non-new ship related capital expenditures for FY2024
“$0.7 billion”
Capacity changes for FY2024
“8%, 5%, 7%, and 5%, respectively”
Capacity change for FY2027
“5%”
Capacity change for FY2025
“5%”
Capacity change for FY2026
“7%”
Exhibit 99.1 · the passage around this item
… earlier in the release
The company is increasing its full year 2024 Adjusted EPS guidance to $11.57 - $11.62. The increase in earnings expectations is driven by the strong revenue performance in the third quarter and an increase in pricing expectations for the fourth quarter. The fourth quarter Adjusted EPS guidance of $1.40 - $1.45 includes $0.24 of headwinds – one third is related to Hurricane Milton, with the remainder driven by the timing of costs shifting from the third quarter, and higher non-cash stock compensation. “Our exceptional third quarter results and increased full year expectations reflect the robust demand for our differentiated vacation experiences," said Jason Liberty, president and CEO, Royal Caribbean Group. "We see elevated demand patterns continuing as we build the business for 2025, and although the yield comparable will be a high bar, our proven formula of moderate capacity growth, moderate yield growth and strong cost discipline is expected to continue to deliver strong financial results. While we are still very early in the planning process, we anticipate earnings per share in 2025 to start with a $14 handle." 1 Third Quarter 2024: • Load factor in the third quarter was 111%. • Gross Margin Yields were up 13.4% as-reported. Net Yields were up 7.9% in Constant Currency and as-reported. • Gross Cruise Costs per Available Passenger Cruise Days ("APCD") increased 1.3% as-reported. Net Cruise Costs ("NCC"), excluding Fuel, per APCD increased 4.0% in Constant-Currency and as-reported. • T
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.