Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock is listed on the New York Stock Exchange ("NYSE") under the symbol "RCL."
Holders
As of February 22, 2021, there were 1,296 record holders of our common stock. 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.
Dividends
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.
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. 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. 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. Accordingly, we did not declare a dividend during the second, third and fourth quarters of 2020. Refer to Note 12. Shareholders' Equity to our consolidated financial statements under Item 8. Financial Statements and Supplemental Data for further information on dividends declared.
Share Repurchases
There were no repurchases of common stock during the quarter ended December 31, 2020. As of December 31, 2020, the 24-month common stock repurchase program authorized by our board of directors on May 9, 2018 had expired.
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. 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.
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Performance Graph
The following graph compares the total return, assuming reinvestment of dividends, on an investment in the Company, based on performance of the Company's common stock, with the total return of the Standard & Poor's 500 Composite Stock Index ("S&P 500") and the Dow Jones United States Travel and Leisure Index for a five year period by measuring the changes in common stock prices from December 31, 2015 to December 31, 2020.
12/15 12/16 12/17 12/18 12/19 12/20
Royal Caribbean Cruises Ltd .
100.00 82.91 122.90 103.06 144.23 81.65
S&P 500 100.00 111.96 136.40 130.42 171.49 203.04
Dow Jones U.S. Travel & Leisure 100.00 107.57 133.19 125.74 155.84 158.56
The stock performance graph assumes for comparison that the value of the Company's common stock and of each index was $100 on December 31, 2015 and that all dividends were reinvested. Past performance is not necessarily an indicator of future results.
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Item 6. Selected Financial Data
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 .
Year Ended December 31,
2020 2019 2018 (1)
2017 2016
(in thousands, except per share data)
Operating Data: (2)
Total revenues $ 2,208,805 $ 10,950,661 $ 9,493,849 $ 8,777,845 $ 8,496,401
Operating (Loss) Income $ (4,601,557) $ 2,082,701 $ 1,894,801 $ 1,744,056 $ 1,477,205
Net (Loss) Income (3)
$ (5,775,130) $ 1,907,600 $ 1,815,792 $ 1,625,133 $ 1,283,388
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd. $ (5,797,462) $ 1,878,887 $ 1,811,042 $ 1,625,133 $ 1,283,388
Adjusted Net (Loss) Income attributable to Royal Caribbean Ltd. (4)
$ (3,924,579) $ 2,002,847 $ 1,873,363 $ 1,625,133 $ 1,314,689
Per Share Data—Basic: (2)
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd. $ (27.05) $ 8.97 $ 8.60 $ 7.57 $ 5.96
Adjusted Net (Loss) Income attributable to Royal Caribbean Cruises Ltd. $ (18.31) $ 9.56 $ 8.90 $ 7.57 $ 6.10
Weighted-average shares 214,335 209,405 210,570 214,617 215,393
Per Share Data—Diluted: (2)
Net (Loss) Income attributable to Royal Caribbean Cruises Ltd. $ (27.05) $ 8.95 $ 8.56 $ 7.53 $ 5.93
Adjusted Net (loss) Income attributable to Royal Caribbean Cruises Ltd. $ (18.31) $ 9.54 $ 8.86 $ 7.53 $ 6.08
Weighted-average shares and potentially dilutive shares 214,335 209,930 211,554 215,694 216,316
Dividends declared per common share $ 0.78 $ 2.96 $ 2.16 $ 1.71 $ 1.35
Balance Sheet Data:
Total assets (5) (6)
$ 32,465,187 $ 30,320,284 $ 27,698,270 $ 22,360,926 $ 22,310,324
Total debt, including commercial paper and capital leases $ 19,329,043 $ 11,034,876 $ 10,777,699 $ 7,539,451 $ 9,387,436
Common stock $ 2,652 $ 2,365 $ 2,358 $ 2,352 $ 2,346
Total shareholders' equity $ 8,760,669 $ 12,163,846 $ 11,105,461 $ 10,702,303 $ 9,121,412
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(1) On July 31, 2018, we acquired a 66.7% equity stake in Silversea Cruise Holding Ltd ("Silversea Cruises"). Refer to Note 1 . General , Note 3. Business Combinations and Note 11 . Redeemable Noncontrolling Interest to our consolidated financial statements under Item 8. Financial Statements and Supplementary Data for information on the Silversea Cruises acquisition.
(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 .
(4) For 2020, 2019 and 2018, refer to Financial Presentation and Results of Operations under Item 7. 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.
(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.
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(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. As of December 31, 2019, we reported Operating lease right-of-use assets of $687.6 million in our consolidated balance sheet. The comparative information presented has not been recast and continues to be reported under the accounting standards in effect for those periods. For further information on leases, refer to Note 10 . Leases, to our consolidated financial statements under Item 8. Financial Statements and Supplementary Data for further information.
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