ROYAL CARIBBEAN CRUISES LTD
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 29, 2024
RCL$327.16+1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-07-25.
0000884887-24-000130
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-29.
0000884887-24-000147
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 141 previous paragraphs and 153 current paragraphs.
73 unchanged; 57 reworded; 21 added; 8 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
•In August 2024, we issued $2.0 billion aggregate principal amount of 6.00% senior notes due 2033. Upon closing, we redeemed all of the outstanding $1.0 billion aggregate principal amount of 9.25% Senior Notes Due 2029, and all of the outstanding $1.0 billion aggregate principal amount of 8.25% Senior Secured Notes Due 2029.
Current report
•In August 2024, we completed privately negotiated exchange with certain holders of 6.00% Convertible Senior Notes due 2025 to exchange approximately $827 million in aggregate principal amount for approximately 11.4 million shares of common stock and $827 million in cash.
Current report
•In September 2024, we issued $1.5 billion aggregate principal amount of 5.63% senior unsecured notes due 2031. Upon closing, we redeemed of the outstanding $700 million aggregate principal amount of 7.25% Senior Notes Due 2030.
Current report
•In September 2024, we submitted an irrevocable notice to execute the bargain purchase option on the Silver Dawn finance lease for approximately $232 million.
Current report
•In September 2024, we entered into agreements to acquire the Port of Costa Maya and adjacent land in Mahahual, Mexico for approximately $292 million. The transaction is expected to close in the first half of 2025, subject to regulatory approval and customary closing conditions.
Current report
(1)For 2024, includes $119 million of inducement expense related to the partial settlement of our 6.00% convertible notes due 2025. Refer to Note 6. Debt to our consolidated financial statements for further information.
Current report
(8)Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $13 million and $51 million, and $20 million and $68 million for the quarter nine months ended September 30, 2024 and 2023, respectively.
Current report
(9)Weighted-Average Shares Outstanding - Diluted - for the quarter ended September 30, 2024, includes the add-back of 14.7 million shares that are anti-dilutive for diluted EPS purposes, but included for adjusted diluted EPS.
Current report
(1)Represents gain on sale of controlling interest in cruise terminal facilities in Italy. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Current report
•a $320 million driven by an increase in capacity of 10.9% due to the additions of Utopia of the Seas, Icon of the Seas, Celebrity Ascent, and Silver Raycompared to the addition of Silver Nova during the same period in 2023; and
Current report
Total Cruise operating expenses for 2024 increased $254 million to $2.4 billion from $2.1 billion in 2023. The increase was primarily due to the 10.9% increase in capacity noted above which increased cruise operating expenses by $232 million in 2024 compared to the same period in 2023.
Current report
Interest expense, net of interest capitalized for 2024 increased $263 million, to $603 million from $340 million in 2023. The increase was primarily due to loss on extinguishment of debt of $204 million associated with the full redemption of our 9.25%, 8.25%, and 7.25% Senior Notes, and $119 million inducement expense on the partial settlement of our 2025 Convertible notes in 2024 compared to loss on extinguishment of debt of $38 million during the same period in 2023. The increase was partially offset by a decrease of $42 million lower interest expense in 2024 compared to the same period in 2023, resulting from the 2024 refinancings.
Current report
Other Comprehensive (loss) income
Current report
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Current report
Total Cruise operating expenses for 2024 increased $715 million to $6.6 billion from $5.9 billion in 2023. The increase was primarily due to:
Current report
Marketing, Selling and Administrative Expenses
Current report
Other Income (Expense)
Current report
Interest expense, net of interest capitalized for 2024 increased $269 million, to $1.3 billion from $1.1 billion in 2023. The increase was primarily due to loss on extinguishment of debt of $337 million associated with the full redemption of our 11.63%, 9.25%, 8.25%, and 7.25% Senior Notes, and $119 million inducement expense on the partial settlement of our 2025 Convertible notes in 2024 compared to loss on extinguishment of debt of $81 million during the same period in 2023. The increase was partially offset by a decrease of $147 million lower interest expense in 2024 compared to the same period in 2023, resulting from the 2024 refinancings.
Current report
Depreciation and Amortization Expenses
Current report
Depreciation and amortization expenses for 2024 increased $103 million, or 9.5%, to $1.2 billion from $1.1 billion in 2023. The increase was primarily due to the additions of Utopia of the Seas, Icon of the Seas, Celebrity Ascent, and Silver Raycompared to the addition of Silver Nova during the same period in 2023.
Current report
Other Comprehensive (loss) income
Removed paragraphs (8)
Previous report
•a 4.5% increase in capacity which increased Passenger ticket revenues by$109 million, due to the additions of Icon of the Seas, Celebrity Ascent, and Silver Nova compared to the same period in 2023.
Previous report
Total Cruise operating expenses for 2024 increased $197 million to $2.2 billion from $2.0 billion in 2023. The increase was primarily due to:
Previous report
•$97 million of the increase is driven by various factors including higher drydock and maintenance related expenses; an increase in Commissions, transportation and other expenses due to the increase in load factors of 3.2% in 2024 compared to the same period in 2023.
Previous report
Interest expense, net of interest capitalized for 2024 decreased $57 million, or (16.1)%, to $298 million from $355 million in 2023. The decrease was primarily due to lower interest expense of $88 million in 2024 resulting from the redemption of our 11.50% Secured Notes during 2023 and the redemption of our 11.625% Senior Notes in March 2024. The decrease was partially offset by an increase of $43 million primarily related to the debt of our new ship deliveries between June and December 2023, as well as deliveries through June 2024.
Previous report
Other Comprehensive Income (Loss)
Previous report
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023
Previous report
Total Cruise operating expenses for 2024 increased $0.5 billion to $4.2 billion from $3.7 billion in 2023. The increase was primarily due to:
Previous report
Other Comprehensive Income (Loss)
Reworded paragraphs (57)
Previous wording
•a discussion of our results of operations for the quarter and six months ended June 30, 2024, compared to the same period in 2023; and
Current wording
•a discussion of our results of operations for the quarter and nine months ended September 30, 2024, compared to the same period in 2023; and
Previous wording
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 periods presented, these items included (i) other (income) expense; (ii) gain on sale of controlling interest; (iii) recovery of losses from one of our equity method investees; (iv) restructuring charges and other initiative expenses, and (v) impa irment and credit losses (recoveries). A reconciliation of Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. to Adjusted EBITDA is provided below under Results of Operations.
Current wording
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 periods presented, these items included (i) other expense (income); (ii) gain on sale of controlling interest; (iii) equity investment impairment and recovery losses; (iv) restructuring charges and other initiative expenses, and (v) impa irment and credit losses (recoveries). A reconciliation of Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. to Adjusted EBITDA is provided below under Results of Operations.
Previous wording
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt; (ii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition; (iii) gain on sale of controlling interest; (iv) tax on the sale of PortMiami noncontrolling interest; (v)Silver Whisper deferred tax liability release; (vi) restructuring charges and other initiative expenses; (vii) recovery of losses from one of our equity method investees; and (viii) impairment and credit losses (recoveries). A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is provided below under Results of Operations.
Current wording
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense; (ii) the amortization of the Silversea Cruises intangible assets resulting from the Silversea Cruises acquisition; (iii) gain on sale of controlling interest; (iv) tax on the sale of PortMiami noncontrolling interest; (v)Silver Whisper deferred tax liability release; (vi) restructuring charges and other initiative expenses; (vii)equity investment impairment and recovery losses; and (viii) impairment and credit losses (recoveries). A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is provided below under Results of Operations.
Previous wording
EBITDAis a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. 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. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to EBITDA is provided below under Results of Operations.
Current wording
EBITDAis a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax expense. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis. A reconciliation of Net Income attributable to Royal Caribbean Cruises Ltd. to EBITDA is provided below under Results of Operations.
Previous wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the second quarter of 2024 was $854 million and $882 million, compared to Net Income and Adjusted Net Income of $459 million and $492 million, respectively, for the second quarter of 2023.
Current wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the third quarter of 2024 was $1.1 billion and $1.4 billion, compared to Net Income and Adjusted Net Income of $1.0 billion and $1.1 billion, respectively, for the third quarter of 2023.
Previous wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the six months ended June 30, 2024 was $1,214 million and $1,359 million, compared to Net Income and Adjusted Net Income of $411 million and $433 million, respectively, for the six months ended June 30, 2023
Current wording
Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. for the nine months ended September 30, 2024 was $2.3 billion and $2.8 billion, compared to Net Income and Adjusted Net Income of $1.4 billion and $1.5 billion, respectively, for the nine months ended September 30, 2023
Previous wording
Significant items for the quarter and six months ended June 30, 2024 include:
Current wording
Significant items for the quarter and nine months ended September 30, 2024 include:
Previous wording
•Total revenues, increased $587 million and $1,430 million for the quarter and six months ended June 30, 2024 as compared to the same period in 2023. The increase was primarily due to an increase in in ticket prices, capacity and onboard spending in 2024, compared to same periods in 2023.
Current wording
•Total revenues, increased $726 million and $2.2 billion for the quarter and nine months ended September 30, 2024 as compared to the same period in 2023. The increase was primarily due to an increase in capacity, ticket prices and onboard spending in 2024, compared to same periods in 2023.
Previous wording
•Total cruise operating expenses, increased $197 million and $462 million for the quarter and six months ended June 30, 2024 as compared to the same period in 2023. The increase was primarily due to an increase in capacity and occupancy, and additional drydock days in 2024 compared to the same period in 2023.
Current wording
•Total cruise operating expenses, increased $254 million and $715 million for the quarter and nine months ended September 30, 2024 as compared to the same period in 2023. The increase was primarily due to an increase in capacity in 2024 compared to the same period in 2023.
Previous wording
•In March 2024, we issued $1.25 billion aggregate principal amount of 6.25% senior notes. Upon closing, we redeemed all of the outstanding $1.25 billion aggregate principal amount of 11.625% Senior Notes Due 2027.
Current wording
•In March 2024, we issued $1.25 billion aggregate principal amount of 6.25% senior notes due 2032. Upon closing, we redeemed all of the outstanding $1.25 billion aggregate principal amount of 11.63% Senior Notes Due 2027.
Previous wording
•During the quarter ended June 30, 2024, we repaid $839 million of outstanding deferred amounts under our export credit facilities,
Current wording
•During the second quarter of 2024, we repaid $839 million of outstanding deferred amounts under our export credit facilities.
Previous wording
•In May 2024, we took delivery of Silver Nova. Refer to Note 6. Debtto our consolidated financial statements for further information on the financing of the ship.
Current wording
•In May 2024, we took delivery of Silver Ray. Refer to Note 6. Debtto our consolidated financial statements for further information on the financing of the ship
Previous wording
For further information regarding the debt transactions discussed above, refer to Note 6. Debt to our consolidated financial statements.
Current wording
For further information regarding the debt transactions discussed above, refer to Note 6. Debt, Note 7. Leases, and Note 8. Commitments and Contingencies, respectively, to our consolidated financial statements.
Previous wording
Operating results for the quarter ended June 30, 2024 compared to the same period in 2023 are shown in the following table (in millions, except per share data):
Current wording
Operating results for the quarter and nine months ended September 30, 2024 compared to the same periods in 2023 are shown in the following tables (in millions, except per share data):
Previous wording
(1)Represents the amortization of the Silversea Cruises intangible assets resulting from the 2018 Silversea Cruises acquisition.
Current wording
(2)Represents the amortization of the Silversea Cruises intangible assets resulting from the 2018 Silversea Cruises acquisition.
Previous wording
(2)For 2023, represents gain on sale of controlling interest in cruise terminal facilities in Italy. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Current wording
(3)For 2023, represents gain on sale of controlling interest in cruise terminal facilities in Italy. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Previous wording
(3)For 2023, represents tax on the PortMiami sale of noncontrolling interest. These amounts are included in Other (expense) income in our consolidated statements of comprehensive income (loss).
Current wording
(4)For 2024, represents adjustments to tax impacts on the 2023 PortMiami sale of noncontrolling interest. For 2023, represents tax on the PortMiami sale of noncontrolling interest. These amounts are included in Other expense in our consolidated statements of comprehensive income (loss).
Previous wording
(4)For 2023, represents the release of the deferred tax liability subsequent to the execution of the bargain purchase option for the Silver Whisper. These amounts are included in Other (expense) income within our consolidated statements of comprehensive income (loss).
Current wording
(5)For 2023, represents the release of the deferred tax liability subsequent to the execution of the bargain purchase option for the Silver Whisper. These amounts are included in Other (expense) income within our consolidated statements of comprehensive income (loss).
Previous wording
(5)For 2024, represents property and equipment impairment charges related to certain construction in progress assets which we determined would no longer be completed. For 2023, represents asset impairments and credit losses recoveries for notes receivables for which credit losses were previously recorded. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Current wording
(6)For 2024, represents property and equipment impairment charges related to certain construction in progress assets which we determined would no longer be completed. For 2023, represents asset impairments and credit losses recoveries for notes receivables for which credit losses were previously recorded. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Previous wording
(6)Diluted EPS and Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $19 million and $38 million for the quarter and six months ended June 30, 2024, respectively, and $21 million and $4 million for the quarter and six months ended June 30, 2023, respectively. Refer to Note 4. Earnings Per Share to our consolidated financial statements for further information.
Current wording
(7)Diluted EPS includes the add-back of dilutive inducement and interest expense related to our convertible notes of $169 million for the nine months ended September 30, 2024, and $20 million and $68 million for the quarter and nine months ended September 30, 2023, respectively. For the quarter ended September 30, 2024 the impact of our convertible notes was anti-dilutive. Refer to Note 4. Earnings Per Share to our consolidated financial statements for further information.
Previous wording
(1) These amounts are included in Other (expense) income within our consolidated statements of comprehensive income (loss).
Current wording
(1)These amounts are included in Other (expense) income within our consolidated statements of comprehensive income (loss).
Previous wording
(2) Represents net non-operating expense. The amount excludes income tax expense (benefit), included in the EBITDA calculation above.
Current wording
(2)Represents net non-operating expense. The amount excludes income tax expense, included in the EBITDA calculation above.
Previous wording
(4) For 2024, represents property and equipment impairment charges related to certain construction in progress assets. For 2023, represents asset impairments and credit losses recoveries for notes receivables for which credit losses were previously recorded. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Current wording
(4)For 2024, represents property and equipment impairment charges related to certain construction in progress assets. For 2023, represents asset impairments and credit losses recoveries for notes receivables for which credit losses were previously recorded. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Previous wording
(2) For 2024, represents property and equipment impairment charges related to certain construction in progress assets. For 2023, represents asset impairments and credit losses recoveries for notes receivables for which credit losses were previously recorded. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Current wording
(2)For 2024, represents property and equipment impairment charges related to certain construction in progress assets. For 2023, represents asset impairments and credit losses recoveries for notes receivables for which credit losses were previously recorded. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Previous wording
(3) These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).
Current wording
(3)These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss).
Previous wording
Total revenues for 2024 increased $587 million to $4.1 billion from $3.5 billion in 2023.
Current wording
Total revenues for 2024 increased $726 million to $4.9 billion from $4.2 billion in 2023.
Previous wording
Passenger ticket revenues comprised 70.2% of our 2024 total revenues. Passenger ticket revenuesfor 2024 increased by $443 million, or 18.1% to $2.9 billion from $2.4 billion in 2023. The increase was primarily due to:
Current wording
Passenger ticket revenues comprised 71% of our 2024 total revenues. Passenger ticket revenuesfor 2024 increased by $530 million, or 18.0% to $3.5 billion from $2.9 billion in 2023. The increase was primarily due to:
Previous wording
•a $790 million increase driven by increases in our occupancy of 4.0% and ticket prices on a per passenger basis on existing hardware as well as the benefit of new hardware, compared to the same period in 2023; and
Current wording
•a $210 million increase driven by higher load factors and ticket prices on a per passenger basis on existing ships as well as the benefit of new ships, compared to the same period in 2023.
Previous wording
The remaining 30% of 2024 total revenues was comprised of Onboard and other revenues, which increased $144 million, or 13.3% to $1.2 billion in 2024 from $1.1 billion in 2023. The increase was primarily due to:
Current wording
The remaining 29% of 2024 total revenues was comprised of Onboard and other revenues, which increased $196 million, or 16.1% to $1.4 billion in 2024 from $1.2 billion in 2023. The increase was primarily due to:
Previous wording
•$48 million driven by increase capacity noted above due to the addition of new hardware.
Current wording
•$132 million driven by increased capacity noted above due to the addition of new ships; and
Previous wording
•$84 million driven by improved pricing and an increase in load factors of 3.2% in 2024 compared to the same period in 2023; and
Current wording
•$63 million primarily driven by improved pricing and an increase in load factors in 2024 compared to the same period in 2023.
Previous wording
Marketing, selling and administrative expenses for 2024 increased $105 million, or 11.7%, to $1 billion from $896 million in 2023. The increase was primarily due to an increase in payroll and benefits expense driven by an increase in headcount and higher stock price related to our performance share awards in 2024 compared to the same period in 2023, and higher spending on advertisement and media promotions.
Current wording
Marketing, selling and administrative expenses for 2024 increased $58 million, or 14.8%, to $451 million from $393 million in 2023. The increase was primarily due to an increase in payroll and benefits expense driven by an increase in headcount and higher stock price related to our performance share awards in 2024 compared to the same period in 2023, and higher spending on advertisement and media promotions.
Previous wording
Other comprehensive income was$20 million in 2024 compared to Other comprehensive loss of$(37) million for the same period in 2023. The increase of$57 million, or 154.1% was primarily due to a Gain on cash flow derivative hedges in 2024 of$13 million compared to a Loss on cash flow derivative hedges in 2023 of$(27) million, mostly as a result of a significant increase in fair value of our fuel swaps in 2024 compared to 2023.
Current wording
Other comprehensive loss was$(99) million in 2024 compared to Other comprehensive income of $36 million for the same period in 2023. The decrease of $(135) million was primarily due to a Loss on cash flow derivative hedges in 2024 of $95 million compared to a Gain on cash flow derivative hedges in 2023 of $20 million, mostly as a result of a significant decrease in the fair value of our fuel swaps in 2024 compared to 2023.
Previous wording
In this section, references to 2024 refer to the six months ended June 30, 2024 and references to 2023 refer to the six months ended June 30, 2023.
Current wording
In this section, references to 2024 refer to the nine months ended September 30, 2024 and references to 2023 refer to the nine months ended September 30, 2023.
Previous wording
Total revenues for 2024 increased $1.4 billion to $7.8 billion from $6.4 billion in 2023.
Current wording
Total revenues for 2024 increased $2.2 billion to $12.7 billion from $10.6 billion in 2023.
Previous wording
Passenger ticket revenues comprised 69% of our 2024 total revenues. Passenger ticket revenuesfor 2024 increased by $1.1 billion, or 25% to $5.4 billion from $4.3 billion in 2023. The increase was primarily due to:
Current wording
Passenger ticket revenues comprised 70% of our 2024 total revenues. Passenger ticket revenuesfor 2024 increased by $1.6 billion, or 22% to $8.9 billion from $7.3 billion in 2023. The increase was primarily due to:
Previous wording
•a $334 million increase driven by increases in our occupancy of 3.2% and ticket prices on a per passenger basis on existing hardware as well as the benefit of new hardware, compared to the same period in 2023; and
Current wording
•an increase of $1 billion driven by increases in ticket prices on a per passenger basis on existing ships as well as the benefit of new ships, compared to the same period in 2023; and
Previous wording
•a 6.9% increase in capacity which increased Passenger ticket revenues by $298 million, primarily due to the additions of Icon of the Seas, Celebrity Ascent, and Silver Nova compared to the same period in 2023.
Current wording
•an 8.2% increase in capacity, which increased Passenger ticket revenues by $600 million, primarily due to the additions of Utopia of the Seas, Icon of the Seas, Celebrity Ascent, and Silver Raycompared to the addition of Silver Nova during the same period in 2023.
Previous wording
The remaining 31% of 2024 total revenues was comprised of Onboard and other revenues, which increased $341 million, or 16.5% to $2.4 billion in 2024 from $2.1 billion in 2023. The increase was primarily due to:
Current wording
The remaining 30% of 2024 total revenues was comprised of Onboard and other revenues, which increased $537 million, or 16.3% to $3.8 billion in 2024 from $3.3 billion in 2023. The increase was primarily due to:
Previous wording
•a $142 million increase driven by a 6.9% increase in capacity due to the additions of new hardware noted above in 2024 compared to the same period in 2023; and
Current wording
•a $271 million increase driven by an 8.2% increase in capacity due to the additions of new ships noted above in 2024 compared to the same period in 2023; and
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
(3)For 2023, represents gain on sale of controlling interest in cruise terminal facilities in Italy. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Current report — wording carried from elsewhere
Marketing, selling and administrative expenses for 2024 increased $163 million, or 13%, to $1.5 billion from $1.3 billion in 2023. The increase was primarily due to an increase in payroll and benefits expense driven by an increase in headcount and higher stock price related to our performance share awards in 2024 compared to the same period in 2023, and higher spending on advertisement and media promotions.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
(3) For 2023, represents gain on sale of controlling interest in cruise terminal facilities in Italy. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Previous report — wording carried elsewhere
(1) Represents gain on sale of controlling interest in cruise terminal facilities in Italy. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss).
Previous report — wording carried elsewhere
•the 6.9% increase in capacity noted above increased cruise operating expenses by $258 million; and