Sector: Consumer Discretionary|Industry: Travel Services|Market Cap: $61.71B|Employees: 98.2K
Royal Caribbean Cruises Ltd. is a global cruise company that operates three main brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. They also hold a 50% joint venture in TUI Cruises. The company's ships offer a wide variety of itineraries across all seven continents. They compete on service, innovation, and quality of ships.
Total revenue increased by $726 million year-over-year to $4.9 billion, driven by a 10.9% increase in capacity from new ships and higher load factors and ticket prices. Onboard and other revenues also saw a $196 million increase.
Total cruise operating expenses increased by $254 million year-over-year to $2.4 billion, primarily due to the 10.9% capacity increase and higher drydock and maintenance expenses.
Interest expense, net of interest capitalized, increased by $263 million to $603 million, primarily due to losses on debt extinguishment and inducement expenses related to debt refinancing and convertible notes exchange.