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
Earnings per share expectation
“start with a $14 handle”
Period
FY2025
Measure
GAAP-tied
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
"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. • Total revenues were $4.9 billion, Net Income was $1.1 billion or $4.21 per share, Adjusted Net Income was $1.4 billion or $5.20 per share, and Adjusted EBITDA was $2.1 billion. Full Year 2024 Outlook: • Net Yields are expected to increase 10.8% to 11.3% in Constant Currency (10.9% to 11.4% as-reported). • NCC, excluding Fuel, per APCD is expected to increase approximately 6.2% to 6.7% in Constant Currency and as-reported. The increase in costs, compared to prior guidance, is driven by higher stock-based compensation. • Adjusted EPS is expected to grow 71% year-over-year and be in the range of $11.57 to $11.62. Third Quarter 2024 Results Net Income for the third quarter of 2024 was $1.1 billion or $4.21 per share compared to Net Income of $1.0 billion or $3.65 per share for the same period in the prior year.
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.