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Royal Caribbean Group reports first quarter 2022 results and provides a business update

Royal Caribbean Group reported first quarter 2022 net loss of USD (1.2) billion and loss per share of USD (4.58). The Group continues to make strides in its return to operations in a strong demand environment. Load factors continue to improve sequentially with total revenue per Passenger Cruise Day up versus record 2019 levels. Operating cash flow significantly improved throughout the first quarter and approached breakeven in March.

"It is gratifying to see our ships and crew returning to our mission of delivering the best vacation experiences in a safe and responsible way," said Jason Liberty, president and chief executive officer of the Royal Caribbean Group. "Despite the impact of Omicron earlier in the year and the horrific conflict in Ukraine, we are encouraged by the strong demand for cruising and the steady acceleration in booking volumes," Liberty added. "Since the beginning of March, booking volumes have exceeded the record levels achieved in 2019 and we are optimistic that 2022 will be a strong transitional year as we return to full operations and profitability in the second half of the year."

Business Highlights

• By the end of the first quarter of 2022, the Group had returned 54 out of 62 ships to operations across its five brands, representing close to 90% of worldwide fleet capacity.
• During the first quarter, the Group carried approximately 800,000 guests and achieved record guest satisfaction scores and record total revenue per Passenger Cruise Day.
• The Group continues to make progress towards profitability with operating cash flow only slightly negative in March and turning positive in April.
• The Group expects to return the full fleet to operations before the summer season of 2022.
• Across all markets, bookings in the first quarter of 2022 were higher than in the fourth quarter of 2021, and throughout the first quarter, bookings improved each week.
• In March and April, booking volumes have been significantly higher than the same period in 2019.
• The second half of the year is booked slightly below historical ranges but at higher prices than 2019, with and without future cruise credits (FCCs). Based on the strong and close-in nature of bookings, the company expects load factors will continue to improve each quarter and expects fleetwide load factors to exceed 100% by year end.
• For 2023, all quarters are currently booked within historical ranges at record pricing.
• The Group is managing through inflationary and supply chain challenges, mainly related to fuel and food costs, as well as transitory costs related to health and safety protocols, which are expected to weigh on 2022 earnings.
• The Group expects a return to net profit for the second half of 2022.

Full report https://www.rclinvestor.com/press-releases/release/?id=1598

May 11 2022

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