# EDGAR Filing Document

**Accession Number:** 0000884887
**File Stem:** 0000884887-23-000003
**Filing Date:** 2023-2
**Character Count:** 67779
**Document Hash:** 7c56b765a69bda851174b235e5829867
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000884887-23-000003.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0000884887-23-000003

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230207

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL CARIBBEAN CRUISES LTD
- **CENTRAL INDEX KEY:** 0000884887
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **IRS NUMBER:** 980081645
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11884
- **FILM NUMBER:** 23592820

**BUSINESS ADDRESS:**
- **STREET 1:** 1050 CARIBBEAN WAY
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33132
- **BUSINESS PHONE:** 3055396000

**MAIL ADDRESS:**
- **STREET 1:** 1050 CARIBBEAN WAY
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33132

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RA HOLDINGS INC
- **DATE OF NAME CHANGE:** 19920424

?xml version="1.0" ? rcl-20230207

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant To Section 13 or 15(d) of The Securities Exchange Act of 1934** 

Date of Report (Date of Earliest Event Reported): February 7, 2023

**ROYAL CARIBBEAN CRUISES LTD.** 

(Exact name of registrant as specified in its charter)

**Republic of Liberia**

(State or Other Jurisdiction of Incorporation)

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| | |
|:---|:---|
| **1-11884** | **98-0081645** |
| (Commission File Number) | (IRS Employer Identification No.) |

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**1050 Caribbean Way, Miami, Florida 33132** 

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: **305-539-6000** 

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| |
|:---|
| **Not Applicable** |
| (Former Name or Former Address, if Changed Since Last Report) |

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&nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, par value $0.01 per share | RCL | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. □

    

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 7, 2023, Royal Caribbean Cruises Ltd. (the "Company") issued a press release regarding its financial results for the fourth quarter and full year ended December 31, 2022. A copy of this press release is furnished as Exhibit 99.1 to this report. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing by the Company, whether made before or after the filing of this report, regardless of any general incorporation language in the filing, except as expressly set forth by specific reference in such a filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.** 

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

Exhibit 99.1 - <u>[Press release dated February](a10k2022earningsrelease8-k.htm)[7](a10k2022earningsrelease8-k.htm)[, 202](a10k2022earningsrelease8-k.htm)[3](a10k2022earningsrelease8-k.htm)[.](a10k2022earningsrelease8-k.htm)</u>

Exhibit 104 - Cover Page Interactive Data File (embedded within the Inline XBRL document)

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | | ROYAL CARIBBEAN CRUISES LTD. | ROYAL CARIBBEAN CRUISES LTD. |
| Date: | February 7, 2023 | By: | /s/ NAFTALI HOLTZ |
|  |  | Name: | Naftali Holtz |
|  |  | Title: | Chief Financial Officer |

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## Exhibit 99.1

Exhibit 99.1

![image.jpg](image.jpg)

**FOR IMMEDIATE RELEASE**

**ROYAL CARIBBEAN GROUP REPORTS 2022 RESULTS AND PROVIDES FORWARD GUIDANCE** 

**MIAMI – February 7, 2023** – Royal Caribbean Group (NYSE: RCL) today reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted Loss per Share of $(1.12). These results exceeded the company's guidance due to better pricing on close-in demand, strong onboard spend, favorable timing of operating costs, and lower interest expense.

"2022 was a pivotal year as we successfully returned our business to full operations and delivered memorable vacation experiences to 6 million guests," said Jason Liberty, president and chief executive officer, Royal Caribbean Group. "We also returned to positive Adjusted EBITDA and Operating Cash Flow by consistently growing revenue and controlling costs. Our teams have worked tirelessly to deliver the best vacation experiences, responsibly, and we are grateful for their extraordinary efforts."

"We are experiencing a record-breaking WAVE season, resulting in a booked position approaching previous record highs and at higher prices. This, along with the normalization of our booking window, provides the visibility for us to provide annual guidance, which is in line with our Trifecta program," added Liberty. "The combination of our industry-leading global brands, most innovative fleet, nimble sourcing and our continued focus on profitability positions us well to deliver record yields and Adjusted EBITDA in 2023."

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**<u>Financial Highlights & Outlook</u>**

**Fourth Quarter 2022:** 

**•** Load Factors were in line with guidance at 95%, with Caribbean sailings reaching 100%, and holiday sailings close to 110%.

• Total revenues per passenger cruise day were up 3.5% as-reported and 4.5% in Constant Currency, compared to the fourth quarter of 2019.

• Total revenues were $2.6 billion, Net Loss was $(500.2) million or $(1.96) per share, Adjusted Net Loss was $(284.9) million or $(1.12) per share, and Adjusted EBITDA was $409.3 million.

**Full Year 2022:** 

• Load Factors were 85% overall, full fleet back in operation since June of 2022.

• Total revenues were $8.8 billion, Net Loss was $(2.2) billion or $(8.45) per share, Adjusted Net Loss was $(1.9) billion or $(7.50) per share, and Adjusted EBITDA was $711.6 million.

**Full Year 2023 Outlook:**

**•** The company is experiencing a record-breaking WAVE season, driven by strong demand. The seven biggest booking weeks in the company's history have occurred since the last earnings call in November 2022.

• 2023 cumulative booked position remains well within historical ranges for all quarters and at record rates. North America based itineraries are booked in line with 2019 for the full year, and ahead for the second quarter through the fourth quarter.

• Net Yields are expected to increase 2.5% to 4.5% in both as-reported and in Constant Currency versus 2019. Net Yields are expected to ramp up as load factors reach historical levels by late spring.

• The company continues to successfully manage costs in a complicated environment with Net Cruise Costs (NCC), excluding Fuel, per APCD expected to increase 4.5% to 5.5% as-reported and 4.75% to 5.75% in Constant Currency compared to 2019, a three-year old benchmark, and include approximately 210 basis points from lingering

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transitional costs (e.g. crew movement) and additional structural costs (e.g. full-year operations of Perfect Day at CocoCay and the new Galveston terminal).

• The company expects to exceed prior record Adjusted EBITDA, achieved in 2019.

• The company expects Adjusted Earnings per Share in the range of $3.00 to $3.60.

**First Quarter 2023 Outlook:**

**•** Net Yields are expected to increase 0.5% to 1.5% as-reported and 1% to 2% in Constant Currency compared to 2019, with load factors reaching 100% and total revenues per passenger cruise day up in the mid-to-high single digit range in both as-reported and Constant Currency compared to 2019.

• NCC, excluding Fuel, per APCD is expected to increase approximately 8.3% as-reported and approximately 8.5% in Constant Currency, compared to 2019, including 320 basis points of lagging transitional costs, additional structural costs, and timing of expenses.

• Adjusted Loss per Share is expected to be in the range of $(0.65) – $(0.85).

**<u>Fourth Quarter 2022 Results</u>**

The company reported Net Loss for the fourth quarter of 2022 of $(0.5) billion or $(1.96) per share compared to Net Loss of $(1.4) billion or $(5.33) per share for the same period in the prior year. Adjusted Net Loss was $(0.3) billion or $(1.12) per share for the fourth quarter of 2022 compared to Adjusted Net Loss of $(1.2) billion or $(4.78) per share for the same period in the prior year.

Fourth quarter Load Factors were in line with guidance at 95%, with Caribbean sailings reaching 100%. Total revenues per passenger cruise day were up 3.5% as-reported and 4.5% in Constant Currency versus the fourth quarter of 2019 due to strong pricing on close-in demand and continued strength in onboard revenues.

Gross Cruise Costs per APCD increased 4.9% as-reported and 5.8% in Constant Currency, compared to the fourth quarter of 2019. NCC, excluding Fuel, per APCD

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increased 3.9% as-reported and 4.7% in Constant Currency, compared to the fourth quarter of 2019. Gross Cruise Costs per APCD and NCC, excluding Fuel, per APCD for the fourth quarter included $1.23 per APCD related to health protocols and one-time lagging costs related to fleet ramp up. The Group expects transitory costs related to health protocols and ramp up of operations to be largely gone in 2023 as the majority of crew have returned and protocols have eased. In the fourth quarter, the company continued to benefit from multiple actions taken to reshape its cost structure and to help partially offset inflationary and supply chain challenges.

"Fourth quarter results reflect the continued strong demand for our vacation experiences and our teams' ability to manage costs in a complicated environment while staying focused on delivering the best vacation experiences expected by our guests," said Naftali Holtz, chief financial officer, Royal Caribbean Group. "The benefit from multiple actions we have taken during the last few years to improve margins continue to yield results, as we focus on executing our proven formula of moderate yield growth and strong cost controls."

The company recorded a loss contingency of $130 million in the fourth quarter related to a Helms-Burton Act claim which the company continues to vigorously defend.

**<u>Full Year 2022 Results</u>**

For the full year, the company reported Net Loss of $(2.2) billion or $(8.45) per share compared to Net Loss of $(5.3) billion or $(20.89) per share in the prior year. The company also reported Adjusted Net Loss of $(1.9) billion or $(7.50) per share for the full year 2022 compared to Adjusted Net Loss of $(4.8) billion or $(19.19) per share in the prior year.

**<u>Update on Bookings</u>**

The company is very encouraged about the demand environment for 2023. Booking volumes in the fourth quarter were significantly higher than the corresponding period in 2019, culminating in record booking weeks for the Group for both Black Friday and

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Cyber Monday. Momentum continues into early 2023 and the company is experiencing a record-breaking WAVE season. Overall, the seven biggest booking weeks in the company's history have occurred since the middle of November 2022, including the first five weeks of WAVE. The booking window has continued to move back to normal, providing further confidence in forward looking business, as guests plan for the future. Consumer spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices, indicating quality and healthy future demand.

The cumulative booked position remains well within historical ranges at record rates and has improved significantly since November. North America sailings, many of which visit Perfect Day at CocoCay, are leading the way and are booked in line with record 2019 levels for the full year and ahead for the second quarter through the fourth quarter. Bookings for European itineraries have been accelerating during WAVE and are now higher than 2019.

"Leisure travel strength continues as consumer spend is shifting towards experiences, with cruising remaining an attractive value proposition," said Liberty. "The quality demand trends further exhibit the strength of our brands and the growing propensity to cruise."

As of December 31, 2022, the Group's customer deposit balance was at a record $4.2 billion.

**<u>Fuel Expense</u>**

Bunker pricing, net of hedging, for the fourth quarter was $694 per metric ton and consumption was 422,000 metric tons.

The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on today's fuel prices, the company has included $294 million of fuel expense in its first quarter guidance at a

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forecasted consumption of 412,500 which is 57% hedged via swaps. Forecasted consumption is 55% hedged via swaps for full year 2023 and is 10% hedged via swaps for 2024. The annual average cost per metric ton of the hedge portfolio is approximately $583 for 2023 and $826 for 2024. The higher average hedged cost in 2024 is driven primarily by the hedged fuel mix, with 2024 currently hedged with Marine Gas Oil ("MGO") swaps, while 2023 is hedged fairly evenly between MGO and Intermediate Fuel Oil ("IFO") swaps.

The company provided the following guidance for the first quarter and full year 2023:

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| | | |
|:---|:---|:---|
| **FUEL STATISTICS** | **First Quarter 2023** | **Full Year 2023** |
| **Fuel Consumption (metric tons)** | 412500 | 1654000 |
| **Fuel Expenses** | Approx. $294 million | Approx. $1,141 million |
| **Percent Hedged (fwd. consumption)** | 57.0% | 55.0% |

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| | | |
|:---|:---|:---|
| **GUIDANCE** | **As-Reported** | **Constant Currency** |
| | **<u>First Quarter 2023</u>** | **<u>First Quarter 2023</u>** |
| **Net Yields vs. 2019** | 0.5% to 1.5% | 1% to 2% |
| **Net Cruise Costs per APCD vs. 2019** | Approx. 14.7% | Approx. 14.9% |
| **Net Cruise Costs per APCD ex. Fuel vs. 2019** | Approx. 8.3% | Approx. 8.5% |
|  | **<u>Full Year 2023</u>** | **<u>Full Year 2023</u>** |
| **Net Yields vs. 2019** | 2.5% to 4.5% | 2.5% to 4.5% |
| **Net Cruise Costs per APCD vs. 2019** | 9.7% to 10.7% | 9.8% to 10.8% |
| **Net Cruise Costs per APCD ex. Fuel vs. 2019** | 4.5% to 5.5% | 4.75% to 5.75% |
| **GUIDANCE** | **First Quarter 2023** | **Full Year 2023** |
| **APCDs** | 11.2 million | 47 million |
| **Capacity change vs. 2019** | 14.0% | 14.0% |
| **Depreciation and amortization** | Approx. $360 million | $1,470 to $1,490 million |
| **Net Interest, excluding loss on extinguishment of debt** | $330 to $340 million | $1,310 to $1,350 million |
| **Adjusted EPS** | $(0.65) to $(0.85) | $3.00 to $3.60 |

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| | | |
|:---|:---|:---|
| **SENSITIVITY** | **First Quarter 2023** | **Full Year 2023** |
| **1% Change in Currency** | $3 million | $15 million |
| **1% Change in Net Yields** | $22 million | $102 million |
| **1% Change in NCC excluding Fuel** | $14 million | $55 million |
| **100 basis pt. Change in LIBOR/SOFR** | $5 million | $34 million |
| **10% Change in Fuel prices** | $29 million | $114 million |
| **<u>Exchange rates used in guidance calculations</u>** | **<u>Exchange rates used in guidance calculations</u>** |  |
| **GBP** | $1.23 |  |
| **AUD** | $0.71 |  |
| **CAD** | $0.75 |  |
| **EUR** | $1.09 |  |

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**<u>Liquidity and Financing Arrangements</u>**

As of December 31, 2022, the Group's liquidity position was $2.9 billion, which includes cash and cash equivalents, undrawn revolving credit facility capacity, and a $700 million commitment for a 364-day term loan facility.

During the fourth quarter, the company repaid $0.6 billion of debt maturities and closed on the refinancing of $2.0 billion of secured and guaranteed debt previously due June 2023. Additionally, in January 2023, the company extended $2.3 billion of its existing revolving credit facility commitment to April 2025.

The company noted that as of December 31, 2022, and taking into effect the extension of the credit facilities, the scheduled debt maturities for 2023, 2024, 2025 and 2026 were $2.1 billion, $2.6 billion, $5.7 billion and $2.8 billion, respectively. Approximately 75% of the company's debt is tied to fixed interest rates.

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**<u>Capital Expenditures and Capacity Guidance</u>**

Capital expenditures for the full-year 2023 are expected to be approximately $4.1 billion, based on current foreign exchange rates and are predominantly related to the company's new ship order book. The company expects to take delivery of three new ships in 2023 including *Icon of the Seas*, *Celebrity Ascent* and *Silver Nova*. All ship orders have committed financing in place. Non-new ship related capital expenditures are expected to be $0.5 billion. Capacity changes for 2023 are expected to be 14% compared to 2019. Capacity changes for 2024, 2025, and 2026 are expected to be 10%, 5%, and 6%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future.

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**<u>Conference call scheduled</u>**

The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company's investor relations website at <u>www.rclinvestor.com</u>.

**<u>Definitions</u>**

**Selected Operational and Financial Metrics**

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the 2022 and 2021 periods, these items included (i) other expenses, which includes the estimate of amounts payable in connection with ongoing Havana Docks litigation recorded in 2022; (ii) impairment and credit losses; (iii) restructuring charges and other initiative expenses; (iv) equity investment asset impairments; (v) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving *Oasis of the Seas*; (vi) Pullmantur reorganization settlement; and (vii) the net gain recognized in 2021 in relation to the sale of the Azamara brand.

Adjusted Net Income (Loss) is a non-GAAP measure that represents net income (loss) excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the 2022 and 2021 periods presented, these items included (i) gain or loss on the extinguishment of debt; (ii) the amortization of non-cash debt discount on our convertible notes; (iii) the estimated cash refunds expected to be paid to Pullmantur guests as part of the Pullmantur S.A. reorganization in 2020; (iv) impairment and credit losses; (v) equity investment asset impairments; (vi) net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving Oasis of the Seas; (vii) restructuring charges and other initiative expenses; (viii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition in 2018; (ix) the net gain recognized in 2021 in relation to the sale of the Azamara brand; (x) the net loss recognized in the fourth quarter of 2021 related to the elimination of the three-month reporting lag for Silversea Cruises; and (xi) the estimated amounts that may be payable in relation to the ongoing Havana Docks litigation.

Adjusted Earnings (Loss) per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income (Loss) (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.

Available Passenger Cruise Days ("APCD") is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this

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measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in "Constant Currency" - i.e., as if the current period's currency exchange rates had remained constant with the comparable prior period's rates. For the 2022 periods presented, we calculate "Constant Currency" by applying the average 2019 or Q3 2022 period exchange rates for each of the corresponding months of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.

EBITDA is a non-GAAP measure that represents net income (loss) excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.

Occupancy ("Load Factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

Passenger Cruise Days represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.

Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.

Net Cruise Costs ("NCC") and NCC excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. For the 2022 and 2019 periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; (ii) the transaction and integration costs related to the Silversea Cruises acquisition; and (iii) the costs, net of insurance recoveries, related to the Grand Bahama drydock structure incident involving *Oasis of the Seas*. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net

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Cruise Costs excluding Fuel to be the most relevant indicators of our performance.

Gross Margin Yield represent Gross Margin per APCD.

Adjusted Gross Margin represent Gross Margin, adjusted for payroll and related, fuel, food, other operating expenses, and depreciation and amortization. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.

Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses.

For additional information see "Adjusted Measures of Financial Performance" below.

**<u>About Royal Caribbean Group</u>**

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order as of December 31, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.

**<u>Cautionary Statement Concerning Forward-Looking Statements</u>**

Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding revenues, costs and financial results for 2023 and beyond, and expectations regarding credit profile. Words such as "anticipate," "believe," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," "would," "considering," and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions

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we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rate and food and fuel prices; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.

More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**<u>Adjusted Measures of Financial Performance</u>**

This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial

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statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP.

The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures.

A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS** |
| **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** |  |
| &nbsp;&nbsp;&nbsp;Passenger ticket revenues | $1702457 | $617393 | $5793492 | $941175 |
| &nbsp;&nbsp;&nbsp;Onboard and other revenues | 901535 | 364854 | 3047048 | 590958 |
| Total revenues | 2603992 | 982247 | 8840540 | 1532133 |
| &nbsp;&nbsp;&nbsp;Cruise operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissions, transportation and other | 392752 | 134645 | 1357008 | 207562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onboard and other | 146329 | 61164 | 596554 | 116946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and related | 306673 | 307838 | 1287801 | 838088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food | 202763 | 89771 | 653139 | 164389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel | 292694 | 166264 | 1072567 | 385322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating | 441231 | 375822 | 1647267 | 945205 |
| &nbsp;&nbsp;&nbsp;Total cruise operating expenses | 1782442 | 1135504 | 6614336 | 2657512 |
| &nbsp;&nbsp;&nbsp;Marketing, selling and administrative expenses | 444358 | 503055 | 1582929 | 1370076 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 360595 | 333366 | 1406689 | 1292878 |
| &nbsp;&nbsp;&nbsp;Impairment and credit losses | 1146 | 42067 | 562 | 82001 |
| **Operating Income (Loss)** | 15451 | (1031745) | (763976) | (3870334) |
| &nbsp;&nbsp;&nbsp;Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 14092 | 3456 | 35857 | 16773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of interest capitalized | (431610) | (283767) | (1364162) | (1291753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity investment income (loss) | 26936 | 1575 | 56695 | (135469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income (for 2021, includes a $62.6 million net loss related to the 2021 elimination of the Silversea Cruises reporting lag) | (125075) | (46487) | (120376) | 20284 |
|  | (515657) | (325223) | (1391986) | (1390165) |
| **Net Loss** | $(500206) | $(1356968) | $(2155962) | $(5260499) |
| **Loss per Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(1.96) | $(5.33) | $(8.45) | $(20.89) |
| &nbsp;&nbsp;&nbsp;Diluted | $(1.96) | $(5.33) | $(8.45) | $(20.89) |
| **Weighted-Average Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 255184 | 254792 | 255011 | 251812 |
| &nbsp;&nbsp;&nbsp;Diluted | 255184 | 254792 | 255011 | 251812 |
| **Comprehensive Loss** |  |  |  |  |
| **Net Loss** | $(500206) | $(1356968) | $(2155962) | $(5260499) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (21663) | 4448 | 10295 | 15703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in defined benefit plans | 13923 | 4959 | 48914 | 8707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on cash flow derivative hedges | 157003 | (44468) | 8462 | 4046 |
| &nbsp;&nbsp;&nbsp;Total other comprehensive income (loss) | 149263 | (35061) | 67671 | 28456 |
| **Comprehensive Loss** | $(350943) | $(1392029) | $(2088291) | $(5232043) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **STATISTICS** | **STATISTICS** | **STATISTICS** | **STATISTICS** | **STATISTICS** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** <sup>(1)</sup> | **2022** | **2021** <sup>(1)</sup> |
| Passengers Carried | 1746130 | 703177 | 5536335 | 1030403 |
| Passenger Cruise Days | 11052960 | 4031495 | 35051935 | 5802582 |
| APCD | 11644086 | 6800363 | 41197650 | 11767441 |
| Occupancy | 94.9% | 59.3% | 85.1% | 49.3% |

---

<sup>(1)</sup> Due to the elimination of the Silversea Cruises three-month reporting lag in October of 2021, we include Silversea Cruises' statistics from October 1 through December 31, 2021 in the quarter ended December 31, 2021, and from October 1, 2020 through June 30, 2021 and October 1 through December 31, 2021 in the year ended December 31, 2021. The year ended December 31, 2021 does not include July, August, and September 2021 statistics as Silversea Cruises' results of operations for those months are included within Other (expense) income in our consolidated statements of comprehensive loss for the quarter and year ended December 31, 2021.

------

---

| | | |
|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
| **(in thousands, except share data)** | **(in thousands, except share data)** | **(in thousands, except share data)** |
| | **As of** | **As of** |
| | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1935005 | $2701770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net of allowances of $11,612 and $13,411 at December 31, 2022 and December 31, 2021, respectively | 531066 | 408067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 224016 | 150224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 455836 | 286026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 59083 | 54184 |
| &nbsp;&nbsp;&nbsp;Total current assets | 3205006 | 3600271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 27546445 | 25907949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 537559 | 542128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 809277 | 809383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets, net of allowances of $71,614 and $86,781 at December 31, 2022 and December 31, 2021, respectively | 1678074 | 1398624 |
| **Total assets** | $33776361 | $32258355 |
| **Liabilities and shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $2087711 | $2243131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 79760 | 68922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 646727 | 545978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 388828 | 251974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1071129 | 887575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments | 131312 | 127236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 4167997 | 3160867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 8573464 | 7285683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 21303480 | 18847209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term operating lease liabilities | 523006 | 534726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 507599 | 505181 |
| &nbsp;&nbsp;**Total liabilities** | 30907549 | 27172799 |
| &nbsp;&nbsp;**Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock ($0.01 par value; 500,000,000 shares authorized; 283,257,102 and 282,703,246 shares issued, December 31, 2022 and December 31, 2021, respectively) | 2832 | 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 7284852 | 7557297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Accumulated deficit) retained earnings | (1707429) | 302276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (643214) | (710885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock (28,018,385 and 27,882,987 common shares at cost, December 31, 2022 and December 31, 2021, respectively) | (2068229) | (2065959) |
| &nbsp;&nbsp;**Total shareholders' equity** | 2868812 | 5085556 |
| **Total liabilities and shareholders' equity** | $33776361 | $32258355 |

---

------

---

| | | |
|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(unaudited)** |  |
| **Operating Activities** |  |  |
| Net Loss | $(2155962) | $(5260499) |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1406689 | 1292878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment and credit losses | 562 | 82001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred income tax benefit | (21576) | (42979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on derivative instruments not designated as hedges | 99985 | (1492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 36116 | 63638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity investment (income) loss | (56695) | 135469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 148790 | 125116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discounts and premiums | 13978 | 123439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 93810 | 138759 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in trade and other receivables, net | (234348) | (181707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in inventories | (73792) | (34527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in prepaid expenses and other assets | (153196) | (152071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable | 74657 | 188518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accrued interest | 136855 | (694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses and other liabilities | 215981 | 235446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in customer deposits | 1007129 | 1426647 |
| &nbsp;&nbsp;&nbsp;Other, net | (57126) | (15757) |
| Net cash provided by (used in) operating activities | 481857 | (1877815) |
| **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (2710063) | (2229704) |
| &nbsp;&nbsp;&nbsp;Cash received on settlement of derivative financial instruments | 52550 | 44492 |
| &nbsp;&nbsp;&nbsp;Cash paid on settlement of derivative financial instruments | (355909) | (74249) |
| &nbsp;&nbsp;&nbsp;Investments in and loans to unconsolidated affiliates |  | (70228) |
| &nbsp;&nbsp;&nbsp;Cash received on loans to unconsolidated affiliates | 18650 | 31334 |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of property and equipment and other assets | 421 | 176039 |
| &nbsp;&nbsp;&nbsp;Other, net | 6585 | (22423) |
| Net cash used in investing activities | (2987766) | (2144739) |

---

------

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| | | |
|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** |
| | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
|  | **(unaudited)** |  |
| **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Debt proceeds | 9787166 | 4467789 |
| &nbsp;&nbsp;&nbsp;Debt issuance costs | (251888) | (201698) |
| &nbsp;&nbsp;&nbsp;Repayments of debt | (7728568) | (2296990) |
| &nbsp;&nbsp;&nbsp;Premium on repayment of debt | (49367) | (135372) |
| &nbsp;&nbsp;&nbsp;Repayments of commercial paper notes |  | (414570) |
| &nbsp;&nbsp;&nbsp;Proceeds from common stock issuances |  | 1621860 |
| &nbsp;&nbsp;&nbsp;Other, net | (16370) | (442) |
| Net cash provided by financing activities | 1740973 | 3040577 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | (1829) | (727) |
| &nbsp;&nbsp;&nbsp;Net (decrease) in cash and cash equivalents | (766765) | (982704) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of year | 2701770 | 3684474 |
| Cash and cash equivalents at end of year | $1935005 | $2701770 |
| **Supplemental Disclosures** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amount capitalized | $959907 | $834245 |
| **Non-Cash Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Notes receivable issued upon sale of property and equipment and other assets | $— | $16000 |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities | $33853 | $14097 |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment from assumed debt | $277000 | $— |
| **Non-Cash Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Debt related to acquisition of property and equipment | $277000 | $— |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): |
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2022 On a Constant Currency Basis** | **2019** | **2022** | **2022 On a Constant Currency Basis** | **2019** |
| &nbsp;&nbsp;&nbsp;Total cruise operating expenses | $1782442 | $— | $1481519 | $6614336 | $— | $6062765 |
| &nbsp;&nbsp;&nbsp;Marketing, selling and administrative expenses | 444358 |  | 414707 | 1582929 |  | 1559253 |
| **Gross Cruise Costs** | 2226800 | 2245145 | 1896226 | 8197265 | 8247096 | 7622018 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commissions, transportation and other | 392752 |  | 377287 | 1357008 |  | 1656297 |
| &nbsp;&nbsp;&nbsp;Onboard and other | 146329 |  | 129527 | 596554 |  | 639782 |
| Net Cruise Costs including other costs | 1687719 |  | 1389412 | 6243703 |  | 5325939 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Restructuring charges and other initiatives expense (1) | 5177 |  | 13707 | 11625 |  | 13707 |
| &nbsp;&nbsp;&nbsp;Integration costs related to Silversea Cruises acquisition (1) |  |  |  |  |  | 862 |
| &nbsp;&nbsp;&nbsp;Transaction costs related to Silversea Cruises acquisition (1) |  |  |  |  |  | 1186 |
| &nbsp;&nbsp;&nbsp;Costs, net of insurance recoveries, related to the Oasis of the Seas incident (2) |  |  | 2932 |  |  | 14530 |
| **Net Cruise Costs** | 1682542 | 1693131 | 1372773 | 6232078 | 6262111 | 5295654 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fuel | 292694 |  | 178190 | 1072567 |  | 697962 |
| **Net Cruise Costs excluding Fuel** | $1389848 | $1400436 | $1194583 | $5159511 | $5189542 | $4597692 |
| **APCD** | 11644086 | 11644086 | 10401177 | 41197650 | 41197650 | 41432451 |
| **Gross Cruise Costs per APCD** | $191.24 | $192.81 | $182.31 | $198.97 | $200.18 | $183.96 |
| **Net Cruise Costs per APCD** | $144.50 | $145.41 | $131.98 | $151.27 | $152.00 | $127.81 |
| **Net Cruise Costs excluding Fuel per APCD** | $119.36 | $120.27 | $114.85 | $125.24 | $125.97 | $110.97 |

---

<sup>(1)</sup> Included within *Marketing, selling and administrative expenses* in our consolidated statements of comprehensive loss.

<sup>(2)</sup> Included within *Total cruise operating expenses* in our consolidated statements of comprehensive loss.

------

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| | | | |
|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): | Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD): |
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **December 31, 2022** | **2022 On a Constant Currency Basis** | **September 30, 2022** |
| &nbsp;&nbsp;&nbsp;Total cruise operating expenses | $1782442 | $— | $1956263 |
| &nbsp;&nbsp;&nbsp;Marketing, selling and administrative expenses | 444358 |  | 373116 |
| **Gross Cruise Costs** | 2226800 | 2227726 | 2329379 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Commissions, transportation and other | 392752 |  | 484054 |
| &nbsp;&nbsp;&nbsp;Onboard and other | 146329 |  | 220216 |
| Net Cruise Costs including other costs | 1687719 |  | 1625109 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Restructuring charges and other initiatives expense (1) | 5177 |  | 4573 |
| **Net Cruise Costs** | 1682542 | 1682599 | 1620536 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;Fuel | 292694 |  | 316214 |
| **Net Cruise Costs excluding Fuel** | $1389848 | $1390019 | $1304322 |
| **APCD** | 11644086 | 11644086 | 11564662 |
| **Gross Cruise Costs per APCD** | $191.24 | $191.32 | $201.42 |
| **Net Cruise Costs per APCD** | $144.50 | $144.50 | $140.13 |
| **Net Cruise Costs excluding Fuel per APCD** | $119.36 | $119.38 | $112.79 |

---

<sup>(1)</sup> Included within *Marketing, selling and administrative expenses* in our consolidated statements of comprehensive loss.

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| EBITDA and Adjusted EBITDA were calculated as follows (in thousands, except APCD and per APCD data): | EBITDA and Adjusted EBITDA were calculated as follows (in thousands, except APCD and per APCD data): | EBITDA and Adjusted EBITDA were calculated as follows (in thousands, except APCD and per APCD data): | EBITDA and Adjusted EBITDA were calculated as follows (in thousands, except APCD and per APCD data): | EBITDA and Adjusted EBITDA were calculated as follows (in thousands, except APCD and per APCD data): |
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Net Loss** | $(500206) | $(1356968) | $(2155962) | $(5260499) |
| &nbsp;&nbsp;&nbsp;Interest income | (14092) | (3456) | (35857) | (16773) |
| &nbsp;&nbsp;&nbsp;Interest expense, net of interest capitalized | 431610 | 283767 | 1364162 | 1291753 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 360595 | 333366 | 1406689 | 1292878 |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense (1) | (362) | (10910) | 4153 | (47167) |
| **EBITDA** | 277545 | (754201) | 583185 | (2739808) |
| &nbsp;&nbsp;&nbsp;Other expenses (2) | 125437 | 57397 | 116223 | 26883 |
| &nbsp;&nbsp;&nbsp;Impairment and credit losses | 1146 | 42067 | 562 | 82001 |
| &nbsp;&nbsp;&nbsp;Restructuring charges and other initiatives expense | 5177 | 111 | 11625 | 1831 |
| &nbsp;&nbsp;&nbsp;Equity investment impairment (3) |  | 5302 |  | 31344 |
| &nbsp;&nbsp;&nbsp;Oasis of the Seas incident (4) |  |  |  | (6584) |
| &nbsp;&nbsp;&nbsp;Pullmantur reorganization settlement (5) |  |  |  | 10242 |
| &nbsp;&nbsp;&nbsp;Net gain related to the sale of the Azamara brand |  | 1403 |  | (3371) |
| **Adjusted EBITDA** | $409305 | $(647921) | $711595 | $(2597462) |
| **APCD** | 11644086 | 6800363 | 41197650 | 11767441 |
| &nbsp;&nbsp;**Net Loss per APCD** | $(42.96) | $(199.54) | $(52.33) | $(447.04) |
| &nbsp;&nbsp;**Adjusted EBITDA per APCD** | $35.15 | $(95.28) | $17.27 | $(220.73) |

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<sup>(1)</sup> Included within *Other income (expense)* in our consolidated statements of comprehensive loss.

<sup>(2)</sup> Represents net non-operating income or expense. For 2022, primarily relates to our estimate of amounts that may be payable in connection with the ongoing Havana Docks litigation plus related legal fees and costs. Excludes income tax (benefit) expense, included in the EBITDA calculation above.

<sup>(3)</sup> Represents equity investment asset impairment, primarily for our investments in TUI Cruises GmbH in 2021 as a result of the impact of COVID-19.

<sup>(4)</sup> Represents net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving *Oasis of the Seas.*

<sup>(5)</sup> Represents estimated cash refunds expected to be paid to Pullmantur guests and other expenses incurred as part of the Pullmantur S.A. reorganization.

------

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| | |
|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** |
| **(unaudited)** | **(unaudited)** |
| EBITDA and Adjusted EBITDA were calculated as follows (in thousands, except APCD and per APCD data): | EBITDA and Adjusted EBITDA were calculated as follows (in thousands, except APCD and per APCD data): |
|  | **Year Ended December 31,** |
|  | **2019** |
| **Net Income attributable to Royal Caribbean Cruises Ltd.** | $1878887 |
| &nbsp;&nbsp;&nbsp;Interest income | (26945) |
| &nbsp;&nbsp;&nbsp;Interest expense, net of interest capitalized | 408513 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 1245942 |
| &nbsp;&nbsp;&nbsp;Income tax expense (1) | 32602 |
| **EBITDA** | 3538999 |
| &nbsp;&nbsp;&nbsp;Other income (2) | (8089) |
| &nbsp;&nbsp;&nbsp;Grand Bahama's drydock write-off and other incidental expenses | 20709 |
| &nbsp;&nbsp;&nbsp;Restructuring charges and other initiatives expense | 13707 |
| &nbsp;&nbsp;&nbsp;Oasis of the Seas incident (3) | 14530 |
| &nbsp;&nbsp;&nbsp;Transaction and integration costs related to the 2018 Silversea acquisition | 2048 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest adjustment (4) | 35965 |
| **Adjusted EBITDA** | $3617869 |
| **APCD** | 41432451 |
| **Net Income attributable to Royal Caribbean Cruises Ltd. per APCD** | $45.35 |
| **Adjusted EBITDA per APCD** | $87.32 |

---

<sup>(1)</sup> Included within *Other income (expense)* in our consolidated statements of comprehensive income (loss).

<sup>(2)</sup> Excludes income tax expense, included in the EBITDA calculation above.

<sup>(3)</sup> Represents incidental costs, net of insurance recoveries, related to the collapse of the drydock structure at the Grand Bahama Shipyard involving *Oasis of the Seas.*

<sup>(4)</sup> Adjustment made to exclude the impact of the contractual accretion requirements associated with the put option held by Heritage Cruise Holding Ltd.'s (previously known as Silversea Cruises Group Ltd.) noncontrolling interest, which noncontrolling interest we acquired on July 9, 2020.

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| | | | | |
|:---|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** |
| | **(unaudited)** | | | |
| Adjusted Net Loss and Adjusted Loss per Share were calculated as follows (in thousands, except per share data): | Adjusted Net Loss and Adjusted Loss per Share were calculated as follows (in thousands, except per share data): | Adjusted Net Loss and Adjusted Loss per Share were calculated as follows (in thousands, except per share data): | Adjusted Net Loss and Adjusted Loss per Share were calculated as follows (in thousands, except per share data): | Adjusted Net Loss and Adjusted Loss per Share were calculated as follows (in thousands, except per share data): |
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Net Loss** | $(500206) | $(1356968) | $(2155962) | $(5260499) |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 77361 |  | 93810 | 138759 |
| &nbsp;&nbsp;&nbsp;Convertible debt amortization of debt discount (1) |  | 26073 |  | 104291 |
| &nbsp;&nbsp;&nbsp;Pullmantur reorganization settlement (2) |  |  |  | 10242 |
| &nbsp;&nbsp;&nbsp;Impairment and credit losses | 1146 | 42067 | 562 | 82001 |
| &nbsp;&nbsp;&nbsp;Equity investment impairment (3) |  | 5302 |  | 31344 |
| &nbsp;&nbsp;&nbsp;Oasis of the Seas incident (4) |  |  |  | (6584) |
| &nbsp;&nbsp;&nbsp;Restructuring charges and other initiatives expense | 5177 | 111 | 11625 | 1831 |
| &nbsp;&nbsp;&nbsp;Amortization of Silversea Cruises intangible assets related to Silversea Cruises acquisition | 1623 | 1623 | 6493 | 6493 |
| &nbsp;&nbsp;&nbsp;Net gain related to the sale of Azamara brand |  | 1403 |  | (3371) |
| &nbsp;&nbsp;&nbsp;Net loss related to the elimination of the Silversea Cruises reporting lag (5) |  | 62604 |  | 62604 |
| &nbsp;&nbsp;&nbsp;Litigation loss contingency (6) | 130033 |  | 130033 |  |
| **Adjusted Net Loss** | $(284866) | $(1217785) | $(1913439) | $(4832889) |
| &nbsp;&nbsp;**Loss per Share - Diluted** | $(1.96) | $(5.33) | $(8.45) | $(20.89) |
| &nbsp;&nbsp;**Adjusted Loss per Share - Diluted** | $(1.12) | $(4.78) | $(7.50) | $(19.19) |
| &nbsp;&nbsp;**Weighted-Average Shares Outstanding - Diluted** | 255184 | 254792 | 255011 | 251812 |

---

<sup>(1)</sup> Represents the amortization of non-cash debt discount on our convertible notes.

<sup>(2)</sup> Represents estimated cash refunds expected to be paid to Pullmantur guests and other expenses incurred as part of the Pullmantur S.A. reorganization.

<sup>(3)</sup> Represents equity investment asset impairment, primarily for our investments in TUI Cruises GmbH in 2021 as a result of the impact of COVID-19

<sup>(4)</sup> Amounts include net insurance recoveries related to the collapse of the drydock structure at the Grand Bahama Shipyard involving *Oasis of the Seas*.

<sup>(5)</sup> Represents the net loss related to the elimination of the Silversea Cruises reporting lag in 2021.

<sup>(6)</sup> Represents our estimate of amounts that may be payable in connection with the ongoing Havana Docks litigation plus related legal fees and costs.

.

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| | | | |
|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Total revenues per PCDs were calculated as follows (in thousands, except PCDs data): | Total revenues per PCDs were calculated as follows (in thousands, except PCDs data): | Total revenues per PCDs were calculated as follows (in thousands, except PCDs data): | Total revenues per PCDs were calculated as follows (in thousands, except PCDs data): |
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Quarter Ended December 31,** |
|  | **2022** | **2022 On a Constant Currency Basis** | **2019** |
| Passenger ticket revenues | $1702457 | $— | $1784458 |
| Onboard and other revenues | 901535 |  | 732955 |
| Total revenues | $2603992 | $2629801 | $2517413 |
| **PCDs** | 11052960 | 11052960 | 11057419 |
| **Total revenues per PCDs** | $235.6 | $237.9 | $227.7 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** | **ROYAL CARIBBEAN CRUISES LTD.** |
| **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** | **NON-GAAP RECONCILING INFORMATION** |
| **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Gross Margin Yields, and Net Yields were calculated as follows (in thousands, except APCD and Yields): | Gross Margin Yields, and Net Yields were calculated as follows (in thousands, except APCD and Yields): | Gross Margin Yields, and Net Yields were calculated as follows (in thousands, except APCD and Yields): | Gross Margin Yields, and Net Yields were calculated as follows (in thousands, except APCD and Yields): | Gross Margin Yields, and Net Yields were calculated as follows (in thousands, except APCD and Yields): | Gross Margin Yields, and Net Yields were calculated as follows (in thousands, except APCD and Yields): | Gross Margin Yields, and Net Yields were calculated as follows (in thousands, except APCD and Yields): |
|  | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended September 30,** | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Quarter Ended December 31,** |
|  | **2022** | **2022 On a Constant Currency Basis** | **2019** | **2022** | **2022 On a Constant Currency Basis** | **2019** |
| Total revenues | $2993075 | $— | $3186850 | $2603992 | $— | $2517413 |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cruise operating expenses | 1956263 |  | 1623038 | 1782442 |  | 1481519 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 355085 |  | 320295 | 360595 |  | 321762 |
| **Gross Margin** | 681727 | 700188 | 1243517 | 460955 | 477156 | 714132 |
| Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payroll and related | 304369 |  | 263993 | 306673 |  | 280027 |
| &nbsp;&nbsp;&nbsp;Food | 194966 |  | 149621 | 202763 |  | 147903 |
| &nbsp;&nbsp;&nbsp;Fuel | 316214 |  | 177677 | 292694 |  | 178190 |
| &nbsp;&nbsp;&nbsp;Other operating | 436444 |  | 342170 | 441231 |  | 368585 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 355085 |  | 320295 | 360595 |  | 321762 |
| **Adjusted Gross Margin** | $2288805 | $2311122 | $2497273 | $2064911 | $2083243 | $2010599 |
| **APCD** | 11564662 | 11564662 | 10733254 | 11644086 | 11644086 | 10401177 |
| **Gross Margin Yields** | $58.95 | $60.55 | $115.86 | $39.59 | $40.98 | $68.66 |
| **Net Yields** | $197.91 | $199.84 | $232.67 | $177.34 | $178.91 | $193.30 |

---