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Royal Caribbean Cruises Ltd (RCL) CEO Richard Fain on Q2 2021 Results - Earnings Call Transcript

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Royal Caribbean Cruises Ltd (NYSE:RCL) Q2 2021 Earnings Conference Call August 4, 2021 10:00 AM ET

Company Participants

Jason Liberty - EVP & CFO

Richard Fain - CEO & Chairman

Michael Bayley - President & CEO, Royal Caribbean International

Conference Call Participants

Steven Wieczynski - Stifel, Nicolaus & Company

Robin Farley - UBS

Frederick Wightman - Wolfe Research

Jaime Katz - Morningstar

Sharon Zackfia - William Blair & Company

Benjamin Chaiken - Crédit Suisse

Stephen Grambling - Goldman Sachs Group

Assia Georgieva - Infinity Research

Vince Ciepiel - Cleveland Research Company


Good morning. My name is Shelby, and I'll be your conference operator today. At this time, I would like to welcome everyone to Royal Caribbean Group's Business Update and Second Quarter 2021 Earnings Call. [Operator Instructions].

I would now like to introduce Chief Financial Officer, Mr. Jason Liberty. Mr. Liberty, the floor is yours.

Jason Liberty

Thank you, Shelby. Good morning, everyone, and thank you for joining us today for our business update and second quarter earnings call. Joining me are Richard Fain, our Chairman and Executive Officer; Michael Bayley, President and CEO of Royal Caribbean International; and Michael McCarthy, our Vice President of Investor Relations.

During this call, we will be referring to a few slides, which have been posted on our investor website, www.rclinvestor.com.

Before we get started, I would like to refer you to our notice about forward-looking statements, which is on our first slide. During this call, we will be making comments that are forward-looking. These statements do not guarantee future performance and do involve risks and uncertainties. Examples are described in our SEC filings and other disclosures. Please note that we do not undertake to update the information in our filings as circumstances change.

Also, we will be discussing certain non-GAAP financial measures, which are

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Comments (1)

pinatubo200701 profile picture
Think about what this means. "This morning, we reported an adjusted net loss of $1.3 billion or a loss of $5.06 per share for the second quarter of 2021. While these losses are incredibly painful, the second quarter was a turning point for the company on multiple fronts. For 5 quarters this company has lost billions. Somehow they found lenders who would offer them money and found new stockholders for newly floated shares, but COVID is now worse than ever, despite the vaccines. New variants are appearing that can evade the vaccines. Many people who "cruise" are elderly and retired...this is a particularly vulnerable group who are careful about what they expose themselves to. These ships are floating Petri dishes for viruses and once the virus appears, it's hard to control in a contained environment. I've been on 5 cruises but have no intention of booking again. They've had problems with norovirus outbreaks on ships. We not only have the Delta variant, there's a new Lamda variant, which also can evade vaccines. Nobody sane wants to get sick and trapped on a ship for days or a week. I think there's a very good chance the stock of this company is going to zero. I don't believe what they say about the demand for cruises. But the numbers speak for themselves. In 5 quarters they've lost close to $10 billion. That's a big number and I'm sure their risk management team is looking at bankruptcy.
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