71 unchanged sentences
Although our ships can be redeployed, cruise sales and/or pricing may be impacted by the introduction of new ships into the marketplace, reductions in cruise capacity, overall market growth and deployment decisions of ourselves and our competitors.
−Removed: As of June 30, 2023, a total of 46 new ships with approximately 91,677 berths were on order for delivery through 2028 in the cruise industry, including 10 ships currently scheduled to be delivered to our Global and Partner Brands.
−Removed: net growth in capacity from these new ships and future orders, without an increase in the cruise industry’s demand and/or share of the vacation market, could depress cruise prices and impede our ability to achieve yield improvement.
+Added: As of September 30, 2023, a total of 56 new ships with approximately 129,408 berths were on order for delivery through 2028 in the cruise industry, including 10 ships currently scheduled to be delivered to our Global and Partner Brands.
+Added: The further net growth in capacity from these new ships and future orders, without an increase in the cruise industry’s demand and/or share of the vacation market, could depress cruise prices and impede our ability to achieve yield improvement.
In addition, to the extent that we or our competitors deploy ships to a particular itinerary/region and the resulting capacity in that region exceeds the demand, it may negatively affect our pricing and profitability.
101 unchanged sentences
We have a substantial amount of debt and significant debt service obligations.
−Removed: As of June 30, 2023, we had total debt of $20.4 billion.
+Added: As of September 30, 2023, we had total debt of $20.0 billion.
Our substantial debt has required us to dedicate a large portion of our cash flow from operations to service debt and fund repayments on our debt, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate expenses.
20 unchanged sentences
Additionally, there is no guarantee that financing will be available in the future or that such financing will be available with similar terms or terms that are commercially acceptable to us.
−Removed: As of June 30, 2023, we have commitments for approximately $8.3 billion of debt to finance the purchase of 7 ships on order by our Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands, all of which are guaranteed by the export credit agencies in the countries in which the ships are being built.
+Added: As of September 30, 2023, we have commitments for approximately $8.2 billion of debt to finance the purchase of 7 ships on order by our Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands, all of which are guaranteed by the export credit agencies in the countries in which the ships are being built.
The ultimate size of each facility will depend on the final contract price (including change orders and owner’s supply) as well as fluctuations in the EUR/USD exchange rate.
33 unchanged sentences
If note holders elect to convert, the notes will be converted into our shares of common stock, cash, or a combination of common stock and cash, at our
−Removed: Prior to August 15, 2023, and May 15, 2025, our convertible notes issued in October 2020, and August 2022, respectively, will be convertible at the option of holders during certain periods only upon satisfaction of certain conditions.
−Removed: Beyond those dates, the convertible notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding their maturity date.
+Added: After August 15, 2023, and May 15, 2025, our convertible notes issued in October 2020, and August 2022, respectively, will be convertible at the option of holders until the close of business on the second scheduled trading day immediately preceding their maturity date.
Conversions of our convertible notes into shares of our common stock or a combination of common stock and cash, will result in dilution to our shareholders.
Additionally, if we raise additional funds through equity or convertible debt issuances, our shareholders could experience dilution of their ownership interest, and these equity or convertible debt securities could have rights, preferences, and privileges that are superior to that of holders of our common stock.
−Removed: We did not declare quarterly dividends on our common stock in the quarter ended June 30, 2023 and do not expect to pay dividends on our common stock for the foreseeable future.
+Added: We did not declare quarterly dividends on our common stock in the quarter ended September 30, 2023 and do not expect to pay dividends on our common stock for the foreseeable future.
We have not declared a dividend since the first quarter of 2020.
25 unchanged sentences
Labor, health and safety, financial responsibility and other maritime regulations and measures could affect operations and increase operating costs.
−Removed: We are subject to various international, national, state and local laws, regulations and treaties that govern, among other things, discharge from our ships, safety standards applicable to our ships, treatment of disabled persons, health and sanitary
−Removed: standards applicable to our guests, security standards on board our ships and at the ship/port interface areas, and financial responsibilities to our guests.
+Added: We are subject to various international, national, state and local laws, regulations and treaties that govern, among other things, discharge from our ships, safety standards applicable to our ships, treatment of disabled persons, health and sanitary standards applicable to our guests, security standards on board our ships and at the ship/port interface areas, and financial
+Added: responsibilities to our guests.
These issues are, and we believe will continue to be, an area of focus by the relevant authorities throughout the world.
36 unchanged sentences
Conducting business globally results in increased costs and other risks.
−Removed: We operate our business globally, which exposes us to a number of risks, including increased exposure to a wider range of regional and local economic conditions, volatile local political conditions, potential changes in duties and taxes, including changing and/or uncertain interpretations of existing tax laws and regulations, required compliance with additional laws and policies affecting cruising, vacation or maritime businesses or governing the operations of foreign-based companies, currency
−Removed: fluctuations, interest rate movements, difficulties in operating under local business environments, port quality and availability in certain regions, U.S.
+Added: We operate our business globally, which exposes us to a number of risks, including increased exposure to a wider range of regional and local economic conditions, volatile local political conditions, potential changes in duties and taxes, including changing and/or uncertain interpretations of existing tax laws and regulations, required compliance with additional laws and policies affecting cruising, vacation or maritime businesses or governing the operations of foreign-based companies, currency fluctuations, interest rate movements, difficulties in operating under local business environments, port quality and availability in
+Added: certain regions, U.S.
and global anti-bribery laws and regulations, imposition of trade barriers and restrictions on repatriation of earnings.
2 unchanged sentences
The execution of our planned growth strategies is dependent on meeting the governmental and regulatory measures and policies in each of these markets.
−Removed: Our ability to realize our future growth strategy is highly dependent on our ability to satisfy country-specific policies and requirements in order to return to service, as well as meet the needs of region-specific consumer preferences as services come back online.
+Added: Our ability to realize our future growth strategy is highly dependent on our ability to satisfy country-specific policies and requirements, as well as meet the needs of region-specific consumer preferences.
These factors may cause us to reevaluate some of our international business strategies.
21 unchanged sentences
As a result, an increase in market interest rates would increase our interest expense and our debt service obligations.
−Removed: As of June 30, 2023, we had approximately $2.9 billion of indebtedness that bears interest at variable rates, which is net of our interest rate swap agreements.
+Added: As of September 30, 2023, we had approximately $3.1 billion of indebtedness that bears interest at variable rates, which is net of our interest rate swap agreements.
This amount represented approximately 15.3% of our total indebtedness.
−Removed: As of June 30, 2023, a hypothetical 1% increase in prevailing interest rates would increase our forecasted 2023 interest expense by approximately $13.3 million.
+Added: As of September 30, 2023, a hypothetical 1% increase in prevailing interest rates would increase our forecasted 2023 interest expense by approximately $4.5 million.
Additionally, the value of our earnings in foreign currencies is adversely impacted by a strong U.S.
1 unchanged sentence
We evaluate goodwill for impairment on an annual basis, or more frequently when circumstances indicate that the carrying value of a reporting unit may not be recoverable.
−Removed: A challenging operating environment, conditions affecting consumer demand or spending, the deterioration of general macroeconomic conditions, expected ship deliveries, or other factors could
−Removed: result in a change to the future cash flows we expect to derive from our operations.
−Removed: Reductions of cash flows used in the valuation analyses may result in the recording of impairments, which could adversely affect our financial condition and operating results.
+Added: A challenging operating environment, conditions affecting consumer demand or spending, the deterioration of general macroeconomic conditions, expected ship deliveries, or other factors could result in a change to the future cash flows we expect to derive from our operations.
+Added: Reductions of cash flows used in the
+Added: valuation analyses may result in the recording of impairments, which could adversely affect our financial condition and operating results.
The loss of key personnel, our inability to recruit or retain qualified personnel, or disruptions among our shipboard personnel could adversely affect our results of operations.
3 unchanged sentences
A prolonged shortage of qualified personnel and/or increased turnover may inhibit our ability to operate our business in an optimal manner, and may result in increased costs if we need to hire temporary personnel, and/or increased wages and/or benefits in order to attract and retain employees, all of which may negatively impact our results of operations.
−Removed: As of June 30, 2023, approximately 87% of our shipboard employees were covered by collective bargaining agreements.
+Added: As of September 30, 2023, approximately 87% of our shipboard employees were covered by collective bargaining agreements.
A dispute under our collective bargaining agreements could result in a work stoppage of those employees covered by the agreements.
20 unchanged sentences
In the regular course of business, we collect employee, customer, and other third-party data, including personally identifiable information and individual payment data, for various business purposes.
−Removed: Although we have policies and procedures
−Removed: in place to safeguard such sensitive information, this information has been and could be subject to cyber security attacks and the aforementioned risks.
+Added: Although we have policies and procedures in place to safeguard such sensitive information, this information has been and could be subject to cyber security attacks and the
+Added: aforementioned risks.
In addition, we are subject to federal, state, and international laws relating to the collection, use, retention, security and transfer of personally identifiable information and individual payment data.
16 unchanged sentences
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.