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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q 
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from            to            
Commission File Number: 1-11884
ROYAL CARIBBEAN CRUISES LTD.
(Exact name of registrant as specified in its charter) 
Republic of Liberia
 98-0081645
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
 
1050 Caribbean Way, Miami, Florida 33132
(Address of principal executive offices) (zip code) 
(305) 539-6000
(Registrant’s telephone number, including area code) 
N/A
(Former name, former address and former fiscal year, if changed since last report) 

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareRCLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  
There were 214,667,937 shares of common stock outstanding as of July 31, 2020.


























ROYAL CARIBBEAN CRUISES LTD.
TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in thousands, except per share data)
Quarter Ended June 30,
 20202019
Passenger ticket revenues$107,022  $2,017,836  
Onboard and other revenues68,583  788,795  
Total revenues175,605  2,806,631  
Cruise operating expenses:  
Commissions, transportation and other28,824  426,934  
Onboard and other21,579  174,429  
Payroll and related243,877  265,569  
Food27,483  146,847  
Fuel79,192  181,924  
Other operating279,465  348,801  
Total cruise operating expenses680,420  1,544,504  
Marketing, selling and administrative expenses301,418  376,874  
Depreciation and amortization expenses319,757  311,600  
Impairment and credit losses156,497    
Operating (Loss) Income(1,282,487) 573,653  
Other expense:  
Interest income5,206  6,342  
Interest expense, net of interest capitalized(218,889) (111,304) 
Equity investment (loss) income(51,853) 33,045  
Other expense(83,825) (21,781) 
 (349,361) (93,698) 
Net (Loss) Income(1,631,848) 479,955  
Less: Net Income attributable to noncontrolling interest7,444  7,125  
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(1,639,292) $472,830  
(Loss) Earnings per Share:  
Basic$(7.83) $2.26  
Diluted$(7.83) $2.25  
Weighted-Average Shares Outstanding:  
Basic209,385  209,531  
Diluted209,385  210,052  
Comprehensive (Loss) Income  
Net (Loss) Income$(1,631,848) $479,955  
Other comprehensive income (loss):  
Foreign currency translation adjustments26,337  7,263  
Change in defined benefit plans(6,278) (9,722) 
Gain (loss) on cash flow derivative hedges124,331  (71,734) 
Total other comprehensive income (loss) 144,390  (74,193) 
Comprehensive (Loss) Income(1,487,458) 405,762  
Less: Comprehensive Income attributable to noncontrolling interest7,444  7,125  
Comprehensive (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(1,494,902) $398,637  

The accompanying notes are an integral part of these consolidated financial statements.

1


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited; in thousands, except per share data)
Six Months Ended June 30,
20202019
Passenger ticket revenues$1,483,873  $3,727,820  
Onboard and other revenues724,482  1,518,578  
Total revenues2,208,355  5,246,398  
Cruise operating expenses:
Commissions, transportation and other345,953  790,089  
Onboard and other145,297  309,599  
Payroll and related574,267  535,101  
Food148,799  286,381  
Fuel273,460  342,095  
Other operating703,463  694,943  
Total cruise operating expenses2,191,239  2,958,208  
Marketing, selling and administrative expenses697,308  791,821  
Depreciation and amortization expenses644,087  603,885  
Impairment and credit losses1,264,615    
Operating (Loss) Income(2,588,894) 892,484  
Other expense:
Interest income10,740  16,126  
Interest expense, net of interest capitalized(311,800) (211,719) 
Equity investment (loss) income(62,245) 66,739  
Other expense(116,684) (26,869) 
(479,989) (155,723) 
Net (Loss) Income(3,068,883) 736,761  
Less: Net Income attributable to noncontrolling interest14,888  14,250  
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(3,083,771) $722,511  
(Loss) Earnings per Share:
Basic$(14.74) $3.45  
Diluted$(14.74) $3.44  
Weighted-Average Shares Outstanding:
Basic209,241  209,427  
Diluted209,241  209,962  
Comprehensive (Loss) Income
Net (Loss) Income$(3,068,883) $736,761  
Other comprehensive (loss) income:
Foreign currency translation adjustments36,627  7,827  
Change in defined benefit plans(13,867) (10,375) 
Loss on cash flow derivative hedges(176,274) (22,891) 
Total other comprehensive (loss) (153,514) (25,439) 
Comprehensive (Loss) Income(3,222,397) 711,322  
Less: Comprehensive Income attributable to noncontrolling interest14,888  14,250  
Comprehensive (Loss) Income attributable to Royal Caribbean Cruises Ltd.$(3,237,285) $697,072  

The accompanying notes are an integral part of these consolidated financial statements.
2

`ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 As of
 June 30,December 31,
 20202019
 (unaudited) 
Assets  
Current assets  
Cash and cash equivalents$4,146,691  $243,738  
Trade and other receivables, net of allowances of $21,362 and $5,635
at June 30, 2020 and December 31, 2019, respectively
205,921  305,821  
Inventories152,596  162,107  
Prepaid expenses and other assets178,364  429,211  
Derivative financial instruments868  21,751  
Total current assets4,684,440  1,162,628  
Property and equipment, net25,647,715  25,466,808  
Operating lease right-of-use assets609,422  687,555  
Goodwill809,384  1,385,644  
Other assets, net of allowances of $61,990 and $0 at June 30, 2020
and December 31, 2019, respectively
1,555,582  1,617,649  
Total assets$33,306,543  $30,320,284  
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity  
Current liabilities  
Current portion of debt$706,283  $1,186,586  
Commercial paper368,952  1,434,180  
Current portion of operating lease liabilities102,814  96,976  
Accounts payable661,427  563,706  
Accrued interest122,204  70,090  
Accrued expenses and other liabilities810,536  1,078,345  
Derivative financial instruments 158,818  94,875  
Customer deposits1,805,874  3,428,138  
Total current liabilities4,736,908  7,952,896  
Long-term debt17,753,424  8,414,110  
Long-term operating lease liabilities569,392  601,641  
Other long-term liabilities698,045  617,810  
Total liabilities23,757,769  17,586,457  
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest584,869  569,981  
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; 237,187,862 and 236,547,842 shares issued, June 30, 2020 and December 31, 2019, respectively)
2,372  2,365  
Paid-in capital3,700,288  3,493,959  
Retained earnings8,276,463  11,523,326  
Accumulated other comprehensive loss(951,227) (797,713) 
Treasury stock (27,799,775 and 27,746,848 common shares at cost, June 30, 2020 and December 31, 2019, respectively)
(2,063,991) (2,058,091) 
Total shareholders’ equity8,963,905  12,163,846  
Total liabilities, redeemable noncontrolling interest and shareholders’ equity$33,306,543  $30,320,284  

3


The accompanying notes are an integral part of these consolidated financial statements.

4

ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Six Months Ended June 30,
 20202019
Operating Activities  
Net (loss) income$(3,068,883) $736,761  
Adjustments:  
Depreciation and amortization644,087  603,885  
Impairment and credit losses 1,264,615    
Net deferred income tax (benefit) expense(2,666) 3,794  
Loss (gain) on derivative instruments not designated as hedges84,280  (713) 
Share-based compensation expense8,764  41,974  
Equity investment loss (income)62,245  (66,739) 
Amortization of debt issuance costs28,807  20,467  
Amortization of commercial paper notes discount6,668  16,350  
Loss on extinguishment of secured senior term loan40,335  6,326  
Currency translation adjustment losses69,044    
Change in fair value of contingent consideration(44,605) 10,700  
Changes in operating assets and liabilities:  
Decrease (increase) in trade and other receivables, net94,873  (14,262) 
Decrease (increase) in inventories9,511  (14,436) 
Decrease (increase) in prepaid expenses and other assets249,481  (51,443) 
Increase in accounts payable118,398  43,594  
Increase in accrued interest52,114  763  
(Decrease) increase in accrued expenses and other liabilities(17,110) 34,056  
(Decrease) increase in customer deposits(1,622,721) 760,435  
Dividends received from unconsolidated affiliates1,991  80,572  
Other, net(28,051) (16,557) 
Net cash (used in) provided by operating activities(2,048,823) 2,195,527  
Investing Activities  
Purchases of property and equipment(1,391,891) (1,866,141) 
Cash received on settlement of derivative financial instruments1,558  6,204  
Cash paid on settlement of derivative financial instruments(117,518) (55,758) 
Investments in and loans to unconsolidated affiliates(87,943) (3,046) 
Cash received on loans to unconsolidated affiliates10,241  19,509  
Other, net(5,924) (173) 
Net cash used in investing activities(1,591,477) (1,899,405) 
Financing Activities  
Debt proceeds12,672,189  2,749,564  
Debt issuance costs(276,995) (35,454) 
Repayments of debt(3,424,387) (3,008,893) 
Proceeds from issuance of commercial paper notes6,765,739  13,335,536  
Repayments of commercial paper notes(7,837,635) (13,080,788) 
Dividends paid(326,421) (293,197) 
Proceeds from exercise of common stock options386  265  
Other, net(28,670) (15,930) 
Net cash provided by (used in) financing activities7,544,206  (348,897) 
Effect of exchange rate changes on cash(953) (76) 
Net increase (decrease) in cash and cash equivalents 3,902,953  (52,851) 
Cash and cash equivalents at beginning of period 243,738  287,852  
Cash and cash equivalents at end of period $4,146,691  $235,001  
Supplemental Disclosure  
Cash paid during the period for:  
Interest, net of amount capitalized$153,078  $141,961  
Non-cash Investing Activities  
Notes receivable issued upon sale of property and equipment$53,419  $  
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities$64,326  $  
The accompanying notes are an integral part of these consolidated financial statements.
5


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited; in thousands)





Common StockPaid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal Shareholders' Equity
Balance at April 1, 20202,372  3,473,253  9,915,758  (1,095,617) (