Royal Caribbean Cruises Ltd. Q4 FY2023 results: revenue $3.3 billion, up 27.9% on the year

Royal Caribbean Cruises Ltd. (RCL) reported revenue of $3.3 billion for Q4 FY2023, the quarter ended 31 December 2023, up 27.9% on the same quarter a year earlier. Net income was $277 million, and diluted earnings per share $1.15. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue$3.3 billionup 27.9%

Net income$277 million

Diluted EPS$1.15

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,331	4,160	n/a	n/a
Cost of revenue	1,890	2,137	n/a	n/a
Gross profit	1,441	2,024	n/a	n/a
Gross margin	43.3%	48.6%	n/a
Selling, general and administrative	503	393	n/a	n/a
Operating income	570	1,265	n/a	n/a
Operating margin	17.1%	30.4%	n/a
Interest expense	346	341	n/a	n/a
Net income	277	1,009	n/a	n/a
Net margin	8.3%	24.3%	n/a
Diluted EPS	$1.15	$3.65	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,116	660	n/a	n/a
Capital expenditure	2,568	280	n/a	n/a
Free cash flow	-1,452	379	n/a	n/a
Free cash flow margin	-43.6%	9.1%	n/a
Depreciation and amortisation	368	365	n/a	n/a
Share-based compensation	46.7	13.6	n/a	n/a
Diluted shares, weighted	283m	282m	n/a	n/a
Shares outstanding at period end	257m	256m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	35,131	32,769	n/a	n/a
Cash and equivalents	497	600	n/a	n/a
Receivables	405	360	n/a	n/a
Inventory	248	242	n/a	n/a
Goodwill	809	809	n/a	n/a
Total debt, as filed	21,452	19,969	n/a	n/a
Long-term debt including finance leases	19,732	17,925	n/a	n/a
Operating lease liabilities	613	517	n/a	n/a
Finance lease liabilities	343	n/a	n/a	n/a
Shareholders' equity	4,724	4,423	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,160	3,331	3,728	4,110	4,886	3,760	3,999	4,538	5,139	4,259	4,452	4,832
Cost of revenue	2,137	1,890	2,056	2,152	2,391	2,053	2,079	2,283	2,479	2,242	2,247	2,547
Gross profit	2,024	1,441	1,672	1,958	2,495	1,707	1,920	2,255	2,660	2,017	2,205	2,285
Gross margin	49%	43%	45%	48%	51%	45%	48%	50%	52%	47%	50%	47%
SG&A	393	503	535	466	451	673	562	508	522	631	582	513
Operating income	1,265	570	750	1,099	1,634	623	945	1,329	1,702	934	1,162	1,307
Operating margin	30%	17%	20%	27%	33%	17%	24%	29%	33%	22%	26%	27%
Interest expense	341	346	424	298	603	265	249	228	248	267	278	236
Pre-tax income	n/a	n/a	n/a	n/a	n/a	n/a	751	1,232	n/a	n/a	976	1,150
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	2%	1%	n/a	n/a	3%	1%
Net income	1,009	277	360	854	1,111	552	730	1,210	1,575	753	941	1,128
Net margin	24%	8%	10%	21%	23%	15%	18%	27%	31%	18%	21%	23%
Diluted EPS	$3.65	$1.15	$1.35	$3.11	$4.21	$2.27	$2.70	$4.41	$5.74	$2.76	$3.48	$4.20
Operating cash flow	660	1,116	1,328	1,573	897	1,467	1,627	1,746	1,469	1,623	1,834	1,860
Capital expenditure	280	2,568	242	2,140	334	552	428	836	2,458	1,507	500	2,737
Free cash flow	379	-1,452	1,086	-567	563	915	1,199	910	-989	116	1,334	-877
Buybacks	n/a	n/a	0.0	0.0	0.0	0.0	241	0.0	414	504	836	199
Dividends paid	n/a	n/a	0.0	0.0	0.0	107	148	200	204	272	270	404
Shares outstanding	256m	257m	257m	257m	269m	269m	272m	272m	273m	271m	268m	267m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 21 February 2024, accession 0000884887-24-000075: the filing on EDGAR. All of Royal Caribbean Cruises Ltd.'s filings: EDGAR company page.

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