2018 Year-In-Review

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Leadership & Performance

Vision

We empower and enable our employees to deliver the best vacation experience while generating superior returns for our shareholders, enhancing the well being of our communities.

Leadership

A message from Richard Fain, Chairman & CEO
and Jason Liberty, Executive Vice President & CFO

While 2018 was another record year, 2019 is shaping up to be even better. I can’t recall ever starting a new year with such an exciting blueprint. Our brands are strong; our new ships are awesome; our existing ship upgrades are powerful; our tech is exciting; our people are psyched; and our other new products are opening new horizons.”

Richard Fain

We continue to show Positive Momentum toward our 20/20 Goals.

  • Further Improve ROIC
  • Achieve Double Digit Adjusted EPS by 2020
  • Deliver Best in Class Guest Experience
  • Increase Employee Engagement
  • Reduce Our Impact on the Environment

Performance

Our formula for success remains unchanged.

Modest Yield Growth

+

Strong Cost Control

+

Moderate Capacity Growth

=

Strong EPS & ROIC Growth

Consistent Financial Objectives

  • Grow our Business
  • Maintain Investment Grade Metrics
  • Improve Shareholder Returns
    (Earnings & Dividend Growth, Share Repurchases)

We remain dedicated to finding efficiencies, identifying synergies and reducing costs, while at the same time, focusing on strategic investments in areas that will boost revenue.

Key Financial Statistics for 2018

$8.86

Adjusted EPS

$575M

in Shares
Repurchased

17%

Year-over-Year
Increase to Our
Quarterly Common
Stock Dividend

Baa2/BBB-

Investment
Grade Rating

Adjusted EPS of $8.86 for 2018 marks the sixth consecutive year of double-digit growth in earnings per share with a 17.5% year-over-year increase.

The Company remains focused on improving returns for our shareholders. In 2018, we bought back $575 million shares of common stock and we have $700 million remaining under our $1.0 billion share repurchase program that was announced in May 2018. We also announced a 17% increase to our quarterly common stock dividend, our sixth consecutive year with a dividend increase.

Financial Highlights

Dollars in millions, except per share data 2014 2015 2016 2017 2018
Total Revenues $8,074 $8,299 $8,496 $8,778 $9,494
Adjusted Net Income 1 $756 $1,065 $1,315 $1,625 $1,811
Adjusted Earnings Per Share (diluted) 1 $3.39 $4.83 $6.08 $7.53 $8.86
Total Shareholders’ Equity $8,284 $8,063 $9,121 $10,702 $11,105
1 For a reconciliation to U.S. GAAP please click here.
Total Revenues $ millions
14 $8,074
15 $8,299
16 $8,496
17 $8,778
18 $9,494
Adjusted Net Income $ millions
14 $756
15 $1,065
16 $1,315
17 $1,625
18 $1,811
Guests in thousands
14 5,150
15 5,402
16 5,755
17 5,768
18 6,084