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This statistic highlights Royal Caribbean Cruises’ Revenue by Segment, split between Passenger Ticket revenues, Onboard and other segments.
The following table shows Royal Caribbean Cruises’ Revenue by Segment:
|Segment||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
|Passenger ticket revenues||3.2||22.8||280.2||61%|
|Onboard and other revenues||-36.9||28.1||176.8||39%|
(All the figures in the above table are in millions, except the percentages.)
The above table shows that there has been a significant rise in the overall revenue from $-33.7 million in Q3 2020 to $457 million in Q3 2021 roughly by 1456% on a YoY basis and an increase from $50.9 million in Q2 2021 to $457 million in Q3 2021 roughly by 798% on a QoQ basis.
Passenger Ticket Revenue
Passenger revenue refers to the revenue recognized from the sale of passenger tickets and the sale of air transportation to and from the company’s ship.
Revenue has increased significantly from $3.2 million in Q3 2020 to $280.2 million in Q3 2021 roughly by 8,656% on a YoY basis. On a QoQ basis, this revenue shot up by 1128% compared to $22.8 million in Q2 2021. This increase shows the return of the cruise business after a year-long restriction in its operations and favorable movement in the exchange rate.
Onboard and Other Revenues
This category of revenue consists of revenue from the sale of goods and services on board not included in passenger’s ticket price, cancellation fees, sale of vacation protection insurance, pre and post-cruise tours and also includes revenue received from concessionaires that pay a percentage of their revenue to provide selected goods and services onboard the ship. Revenue received from bareboat charter, procurement, and management-related service performed for the third party.
The revenue increased from -$36.9 million in Q3 2020 to $176.8 million in Q3 2021 roughly by 579% on a YoY basis. On a QoQ basis, Revenue also increased from $28.1 million in Q2 2021 to $176.8 million in Q3 2021 roughly by 529%. This increase also was caused due as the company started its global operations after continued suspension of cruise operation in the third quarter of 2020.
Impact of Covid-19
The company has been adversely impacted by Covid-19. The pandemic resulted in a travel ban, leading to the suspension of the company’s Global Brand fleet. This suspension and decrease in demand due to uncertainty resulted in the decline of the cash inflows due to which the company had to cut down its capital expenditure plans. The company also facing liquidity problems as they continue to incur significant costs associated with refunds, overhead costs associated with a layup of the fleet, and Covid-19 related sanitation procedures.
About the Company
Royal Caribbean Group is an American global cruise company founded in 1997 headquartered in Miami, Florida. The company is the second-largest cruise line operator after Carnival Corporation. It operates 58 ships with an additional 15 in order.
It owns and operates three cruise lines-
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