4 unchanged sentences
Since certain of our shares are held by brokers and other institutions on behalf of shareholders, the foregoing number is not representative of the number of beneficial owners.
−Removed: Holders of our common stock have an equal right to share in our profits in the form of dividends when and if declared by our board of directors out of funds legally available.
+Added: Holders of our common stock have an equal right, pro rata based on number of shares held, to share in our profits in the form of dividends when and if declared by our board of directors out of funds legally available, subject to any rights of holders of preferred stock if any.
Holders of our common stock have no rights to any sinking fund.
−Removed: There are no exchange control restrictions on remittances of dividends on our common stock since (1) we are and intend to maintain our status as a nonresident Liberian entity under the Liberia Revenue Code of 2000 as Amended and the regulations thereunder, and (2) our ship-owning subsidiaries are not now engaged, and are not in the future expected to engage, in any business in Liberia, including voyages exclusively within the territorial waters of the Republic of Liberia.
+Added: There are no exchange control restrictions on remittances of dividends on our common stock by reason of our incorporation in Liberia because (1) we are and intend to maintain our status as a nonresident Liberian entity under the Liberia Revenue Code of 2000 as amended and the regulations thereunder, and (2) our ship-owning subsidiaries are not now engaged, and are not in the future expected to engage, in any business in Liberia, including voyages exclusively within the territorial waters of the Republic of Liberia.
Under current Liberian law, no Liberian taxes or withholding will be imposed on payments to holders of our securities other than to a holder that is a resident Liberian entity or a resident individual or an individual or entity subject to taxation in Liberia as a result of having a permanent establishment within the meaning of the Liberia Revenue Code of 2000 as amended in Liberia.
The declaration of dividends shall at all times be subject to the final determination of our board of directors that a dividend is prudent at that time in consideration of the needs of the business.
+Added: In connection with securing various financial covenant waivers, we agreed with certain of our lenders not to pay dividends until the end of the third quarter of 2022.
+Added: In addition, in the event we thereafter declare a dividend, we will need to repay the amounts deferred under our export credit facilities as part of the principal amortization deferrals agreed with them during 2020 and 2021.
+Added: Accordingly, we did not declare a dividend during the second, third and fourth quarters of 2020.
Refer to Note 12.
2 unchanged sentences
Share Repurchases
−Removed: The following table presents the total number of shares of our common stock that we repurchased during the quarter ended December 31, 2019:
−Removed: Period Total number of shares purchased Average price paid per share Total number of shares purchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be purchased under the plans or programs
−Removed: October 1, 2019 - October 31, 2019 — — — $ 700,000,000
−Removed: November 1, 2019 - November 30, 2019 859,701 $ 115.83 859,701 $ 600,417,000
−Removed: December 1, 2019 - December 31, 2019 — — — $ 600,417,000
−Removed: Total 859,701 859,701
−Removed: As of December 31, 2019, we have approximately $ 600.0 million that remains available for future common stock repurchase transactions under a 24-month common stock repurchase program for up to $ 1.0 billion authorized by our board of directors on May 9, 2018.
−Removed: Refer to Note 12 .
−Removed: Shareholders' Equity to our consolidated financial statements under Item 8.
−Removed: Financial Statements and Supplemental Data for further information.
−Removed: Table of C ontents
+Added: There were no repurchases of common stock during the quarter ended December 31, 2020.
+Added: As of December 31, 2020, the 24-month common stock repurchase program authorized by our board of directors on May 9, 2018 had expired.
+Added: In connection with our debt covenant waivers, we agreed with certain of our lenders not to engage in stock repurchases until the end of the third quarter of 2022.
+Added: In addition, in the event we engage in share repurchases, we will need to repay the amounts deferred under our export credit facilities as part of the principal amortization deferrals agreed with them during 2020 and 2021.
Performance Graph
8 unchanged sentences
Past performance is not necessarily an indicator of future results.
−Removed: Table of C ontents
Selected Financial Data
−Removed: The selected consolidated financial data presented below for the years ended December 31, 2015 through December 31, 2019 and as of the end of each such year, except for Adjusted Net Income amounts, are derived from our audited consolidated financial statements and should be read in conjunction with those financial statements and the related notes as well as in conjunction with Item 7.
+Added: The selected consolidated financial data presented below for the years ended December 31, 2016 through December 31, 2020 and as of the end of each such year, except for Adjusted Net (Loss) Income amounts, are derived from our audited consolidated financial statements and should be read in conjunction with those financial statements and the related notes as well as in conjunction with Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations .
4 unchanged sentences
Total revenues $ 2,208,805 $ 10,950,661 $ 9,493,849 $ 8,777,845 $ 8,496,401
−Removed: Operating Income $ 2,082,701 $ 1,894,801 $ 1,744,056 $ 1,477,205 $ 874,902
−Removed: Net Income (2)
+Added: Operating (Loss) Income $ (4,601,557) $ 2,082,701 $ 1,894,801 $ 1,744,056 $ 1,477,205
+Added: Net (Loss) Income (3)
$ (5,775,130) $ 1,907,600 $ 1,815,792 $ 1,625,133 $ 1,283,388
−Removed: Net Income attributable to Royal Caribbean Cruises Ltd.
+Added: Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.
$ (5,797,462) $ 1,878,887 $ 1,811,042 $ 1,625,133 $ 1,283,388
−Removed: Adjusted Net Income attributable to Royal Caribbean Ltd.
+Added: Adjusted Net (Loss) Income attributable to Royal Caribbean Ltd.
$ (3,924,579) $ 2,002,847 $ 1,873,363 $ 1,625,133 $ 1,314,689
Per Share Data—Basic:
−Removed: Net Income attributable to Royal Caribbean Cruises Ltd.
+Added: Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.
$ (27.05) $ 8.97 $ 8.60 $ 7.57 $ 5.96
−Removed: Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.
+Added: Adjusted Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.
$ (18.31) $ 9.56 $ 8.90 $ 7.57 $ 6.10
1 unchanged sentence
Per Share Data—Diluted:
−Removed: Net Income attributable to Royal Caribbean Cruises Ltd.
+Added: Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.
$ (27.05) $ 8.95 $ 8.56 $ 7.53 $ 5.93
−Removed: Adjusted Net Income attributable to Royal Caribbean Cruises Ltd.
+Added: Adjusted Net (loss) Income attributable to Royal Caribbean Cruises Ltd.
$ (18.31) $ 9.54 $ 8.86 $ 7.53 $ 6.08
10 unchanged sentences
Refer to Note 1 .
−Removed: Business Combination to our consolidated financial statements under Item 8.
+Added: General , Note 3.
+Added: Business Combinations and Note 11 .
+Added: Redeemable Noncontrolling Interest to our consolidated financial statements under Item 8.
Financial Statements and Supplementary Data for information on the Silversea Cruises acquisition.
+Added: (2) Operating Data and Per Share Data amounts in 2020 reflect the impact of our 2020 suspension of operations due to the COVID-19 pandemic, including impairment charges and credit losses of $1.6 billion incurred related to the impairment of goodwill and trademarks and trade names attributable to our Silversea Cruises reporting unit, and long-lived assets as well as credit losses mostly on receivables related to our sale of property and equipment.
(3) Amount for 2017 includes a gain of $30.9 million related to the sale of Legend of the Seas .
1 unchanged sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations for the definition of Adjusted Net Income and a reconciliation of Adjusted Net Income to Net income.
−Removed: (4) Amount for 2016 excludes the net loss related to the elimination of the Pullmantur reporting lag of $21.7 million, the net gain related to the sale of the Pullmantur and CDF Croisieres de France brands of $3.8 million, restructuring charges of $8.5 million and other initiative costs of $5.0 million.
−Removed: (5) Amount for 2015 excludes the impairment of Pullmantur related assets of $399.3 million.
(5) We reclassified prepaid commissions of $64.6 million from Customer deposits to Prepaid expenses and other assets in our consolidated balance sheet as of December 31, 2017 in order to conform to the current year presentation.
−Removed: Table of C ontents
(6) Upon adoption of the new Lease accounting guidance effective January 1, 2019, we recognized right-of-use assets relating to operating leases within Operating lease right-of-use assets in our consolidated balance sheet.
2 unchanged sentences
For further information on leases, refer to Note 10 .
−Removed: Table of C ontents
+Added: Leases, to our consolidated financial statements under Item 8.
+Added: Financial Statements and Supplementary Data for further information.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.