ROYAL CARIBBEAN GROUP INTRODUCES THE "PERFECTA" PERFORMANCE PROGRAM
Royal Caribbean Group (NYSE: RCL) has unveiled the 'Perfecta Program', a new three-year financial initiative targeting ambitious growth through 2027. The program aims for a 20% compound annual growth rate in Adjusted Earnings per Share compared to 2024 and Return on Invested Capital in the high teens.
Building on the success of their previous Trifecta Program, which achieved its goals 18 months ahead of schedule, Perfecta focuses on moderate capacity growth, yield growth, and strong cost control. The company plans to expand through new ships and private destinations, including Star of the Seas, Legend of the Seas, a fourth Icon Class ship, Celebrity Xcel, Perfect Day Mexico, and two Royal Beach Clubs in Nassau and Cozumel.
The initiative emphasizes maintaining a target leverage ratio below 3.0x while committing to reducing carbon intensity by 15% or greater compared to 2024. RCL plans to implement strategic investments, competitive dividends, and opportunistic share repurchases while maintaining investment grade balance sheet metrics.
Royal Caribbean Group (NYSE: RCL) ha svelato il 'Perfecta Program', una nuova iniziativa finanziaria triennale mirata a una crescita ambiziosa fino al 2027. Il programma punta a un tasso di crescita annuale composto del 20% negli utili per azione rettificati rispetto al 2024 e a un ritorno sul capitale investito nei livelli alti dei teen.
Basandosi sul successo del precedente Trifecta Program, che ha raggiunto i suoi obiettivi con 18 mesi di anticipo, Perfecta si concentra su una crescita moderata della capacità, una crescita dei ricavi e un forte controllo dei costi. L'azienda prevede di espandersi attraverso nuove navi e destinazioni private, tra cui Star of the Seas, Legend of the Seas, una quarta nave della classe Icon, Celebrity Xcel, Perfect Day Mexico e due Royal Beach Clubs a Nassau e Cozumel.
L'iniziativa sottolinea l'importanza di mantenere un rapporto di indebitamento target inferiore a 3.0x mentre si impegna a ridurre l'intensità di carbonio del 15% o più rispetto al 2024. RCL prevede di attuare investimenti strategici, dividendi competitivi e riacquisti opportunistici di azioni mantenendo metriche di bilancio di grado d'investimento.
Royal Caribbean Group (NYSE: RCL) ha presentado el 'Perfecta Program', una nueva iniciativa financiera de tres años que busca un crecimiento ambicioso hasta 2027. El programa tiene como objetivo un tasa de crecimiento anual compuesto del 20% en las ganancias por acción ajustadas en comparación con 2024 y un retorno sobre el capital invertido en los altos dígitos de los teens.
Basándose en el éxito de su anterior Trifecta Program, que alcanzó sus metas 18 meses antes de lo previsto, Perfecta se centra en un crecimiento moderado de la capacidad, un crecimiento de ingresos y un fuerte control de costos. La empresa planea expandirse a través de nuevos barcos y destinos privados, incluyendo Star of the Seas, Legend of the Seas, un cuarto barco de la clase Icon, Celebrity Xcel, Perfect Day Mexico y dos Royal Beach Clubs en Nassau y Cozumel.
La iniciativa enfatiza la importancia de mantener un ratio de apalancamiento objetivo por debajo de 3.0x mientras se compromete a reducir la intensidad de carbono en un 15% o más en comparación con 2024. RCL planea implementar inversiones estratégicas, dividendos competitivos y recompra de acciones oportunistas mientras mantiene métricas de balance de grado de inversión.
로얄 캐리비안 그룹 (NYSE: RCL)이 '퍼펙타 프로그램'을 발표했습니다. 이는 2027년까지의 야심찬 성장을 목표로 하는 3년 재정 이니셔티브입니다. 이 프로그램은 2024년 대비 조정된 주당순이익의 연평균 성장률 20%와 높은 10대의 투자 자본 수익률을 목표로 하고 있습니다.
18개월 앞서 목표를 달성한 이전의 트리펙타 프로그램의 성공을 바탕으로, 퍼펙타는 적당한 용량 성장, 수익 성장 및 강력한 비용 통제에 중점을 두고 있습니다. 회사는 Star of the Seas, Legend of the Seas, 네 번째 아이콘 클래스 선박, Celebrity Xcel, Perfect Day Mexico, 그리고 나소와 코zumel에 있는 두 개의 로열 비치 클럽을 포함한 새로운 선박과 개인 목적지를 통해 확장할 계획입니다.
이 이니셔티브는 목표 레버리지 비율을 3.0x 이하로 유지하는 것의 중요성을 강조하며, 2024년 대비 탄소 집약도를 15% 이상 줄이는 데 전념하고 있습니다. RCL은 투자 등급의 재무 지표를 유지하면서 전략적 투자, 경쟁력 있는 배당금 및 기회에 따른 자사주 매입을 시행할 계획입니다.
Royal Caribbean Group (NYSE: RCL) a dévoilé le 'Perfecta Program', une nouvelle initiative financière de trois ans visant une croissance ambitieuse jusqu'en 2027. Le programme vise un taux de croissance annuel composé de 20% des bénéfices par action ajustés par rapport à 2024 et un retour sur le capital investi dans les niveaux élevés des teens.
S'appuyant sur le succès de leur précédent Trifecta Program, qui a atteint ses objectifs 18 mois avant la date prévue, Perfecta se concentre sur une croissance modérée de la capacité, une croissance des revenus et un contrôle strict des coûts. L'entreprise prévoit de s'étendre grâce à de nouveaux navires et des destinations privées, y compris Star of the Seas, Legend of the Seas, un quatrième navire de classe Icon, Celebrity Xcel, Perfect Day Mexico et deux Royal Beach Clubs à Nassau et Cozumel.
L'initiative souligne l'importance de maintenir un ratio d'endettement cible inférieur à 3,0x tout en s'engageant à réduire l'intensité carbone de 15% ou plus par rapport à 2024. RCL prévoit de mettre en œuvre des investissements stratégiques, des dividendes compétitifs et des rachats d'actions opportunistes tout en maintenant des indicateurs de bilan de qualité investissement.
Royal Caribbean Group (NYSE: RCL) hat das 'Perfecta Program' vorgestellt, eine neue dreijährige finanzielle Initiative, die auf ambitioniertes Wachstum bis 2027 abzielt. Das Programm strebt eine jährliche Wachstumsrate von 20% beim bereinigten Gewinn pro Aktie im Vergleich zu 2024 und eine Rendite auf investiertes Kapital im hohen Teen-Bereich an.
Aufbauend auf dem Erfolg des vorherigen Trifecta Programms, das seine Ziele 18 Monate früher erreicht hat, konzentriert sich Perfecta auf moderates Kapazitätswachstum, Ertragswachstum und strenge Kostenkontrolle. Das Unternehmen plant, durch neue Schiffe und private Ziele zu expandieren, darunter Star of the Seas, Legend of the Seas, ein viertes Schiff der Icon-Klasse, Celebrity Xcel, Perfect Day Mexico und zwei Royal Beach Clubs in Nassau und Cozumel.
Die Initiative betont die Aufrechterhaltung eines Zielverschuldungsverhältnisses von unter 3,0x, während sie sich verpflichtet, die Kohlenstoffintensität im Vergleich zu 2024 um 15% oder mehr zu reduzieren. RCL plant, strategische Investitionen, wettbewerbsfähige Dividenden und opportunistische Aktienrückkäufe umzusetzen, während die Kennzahlen der Bilanz auf Investment-Grade-Niveau bleiben.
- 20% compound annual growth target in Adjusted EPS through 2027
- High teens ROIC target
- Previous Trifecta Program achieved goals 18 months ahead of schedule
- Significant expansion planned with new ships and private destinations
- Strong focus on maintaining investment grade balance sheet metrics
- Potential shareholder dilution from opportunistic share repurchases not included in program forecasts
- Substantial capital expenditure required for new ships and destinations
Insights
Royal Caribbean's new Perfecta Program represents a significant financial initiative with ambitious targets that build upon their successful Trifecta Program. The 20% compound annual growth rate in Adjusted EPS and high-teens ROIC by 2027 signal management's confidence in their business model and growth trajectory.
This framework provides investors with clear performance metrics to track over the next three years. Their three-pronged strategy of moderate capacity growth, moderate yield growth, and strong cost control has proven effective, as evidenced by achieving their previous financial goals 18 months ahead of schedule.
What stands out is the balanced approach to capital allocation—continuing fleet expansion while maintaining a leverage ratio below 3.0x and delivering shareholder returns through dividends and potential share repurchases. The pipeline of new ships and destinations creates tangible growth catalysts.
The program effectively positions Royal Caribbean to capitalize on the
20% compound annual growth rate in Adjusted Earnings per Share compared to 2024- Return on Invested Capital ("ROIC") in the high teens
…all while delivering the best vacation experiences responsibly and maintaining solid investment grade balance sheet metrics. The company remains dedicated to reducing its carbon intensity by
The Perfecta Program sets clear financial targets that align the organization around these priorities, in order to drive strong financial performance and sustainable shareholder value creation. Perfecta builds on the success of the company's previous three-year Trifecta Program that launched in 2022 and concluded last year with goals achieved 18 months ahead of schedule. Perfecta builds on this momentum with even bolder targets for Royal Caribbean Group's next chapter of transformative progress.
"The Perfecta Program sets a clear course for Royal Caribbean Group's next ambitious ascent," said Jason Liberty, president and CEO, Royal Caribbean Group. "It propels us forward with even greater ambition—driven by strategic execution, unmatched vacation experiences, and a relentless focus on innovation. As we drive towards delivering a lifetime of vacations and winning a greater share of the large and growing
To achieve the new program's goals, the company plans to execute its proven formula of moderate capacity growth, moderate yield growth, and strong cost control. The company has an exciting lineup of new ships and private destinations to be delivered by 2027, including Star of the Seas, Legend of the Seas, the fourth Icon Class ship, Celebrity Xcel, Perfect Day Mexico and two Royal Beach Clubs in
The company expects to generate significant cash flow over the next three years and remains committed to disciplined capital allocation through strategic investments, a competitive dividend and opportunistic share repurchases, all while maintaining solid investment grade metrics. While the company may opportunistically repurchase shares, it does not forecast the impact of potential future share repurchases in setting the Perfecta goals.
"Together with our Perfecta goals, we remain committed to maintaining a strong balance sheet at a target leverage ratio below 3.0x," said Naftali Holtz, chief financial officer, Royal Caribbean Group. "This aligns with our disciplined approach to capital allocation, ensuring we have the flexibility to invest in growth while continuing to deliver long term shareholder value."
About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is a vacation industry leader with a global fleet of 67 ships across its five brands traveling to all seven continents. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean, Celebrity Cruises, and Silversea; and an expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns
Cautionary Statement Concerning Forward-Looking Statements: This press release and related comments by management includes "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding financial results for 2025 and beyond, expectations regarding the timing and results of our Perfecta Program and expectations regarding credit profile and our carbon intensity. Words such as "designed," "committed to," "driving," "expect," "goal," "plan," 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. More information about factors that could affect our operating results is included under the caption "Risk Factors" in our most recent annual report on Form 10-K, 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.
Definitions
Selected Operational and Financial Metrics
Adjusted Earnings (Loss) per Share ("Adjusted EPS") is a non-GAAP measure that represents Adjusted Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. (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.
Adjusted Operating Income (Loss) is a non-GAAP measure that represents operating income (loss) including income (loss) from equity investments and income taxes but excluding certain items that we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as defined below).
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 measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.
Carbon Intensity is our measurement of carbon dioxide emissions divided by APCD (well-to-wake).
Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-term debt) plus the most recent five-quarter average of Total shareholders' equity. We use this measure to calculate ROIC (as defined below).
Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting
Return on Invested Capital ("ROIC") is a non-GAAP measure that represents Adjusted Operating Income (Loss) divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.
Adjusted Measures of Financial Performance
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 statements, which are prepared and presented in accordance with generally accepted accounting principles, or
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
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SOURCE Royal Caribbean Group
FAQ
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