Royal Caribbean Cruise Lines 2014 Annual Report Download - page 51

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50 Royal Caribbean Cruises Ltd.
PART II
Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands,
except APCD and costs per APCD):
Ona
Constant
Currency
Year Ended December 31,  Basis  
Total cruise operating expenses        
Marketing, selling and administrative expenses    
Gross Cruise Costs    
Less:
Commissions, transportation and other    
Onboard and other    
Net Cruise Costs including divested businesses    
Less:
Net Cruise Costs related to divested businesses prior to sales transaction    
Other initiative costs included within cruise operating expenses and
marketing, selling and administrative expenses   — —
Loss on sale of ship included within other operating expenses   — —
Net Cruise Costs    
Less:
Fuel    
Net Cruise Costs Excluding Fuel        
APCD    
Gross Cruise Costs per APCD        
Net Cruise Costs per APCD        
Net Cruise Cost Excluding Fuel per APCD        
Net Debt-to-Capital was calculated as follows
(in thousands):
As of December 31,  
Long-term debt, net
of current portion    
Current portion of
long-term debt  
Total debt  
Less: Cash and cash
equivalents  
Net Debt    
Total shareholders’ equity    
Total debt  
Total debt and
shareholders’ equity    
Debt-to-Capital  
Net Debt    
Net Debt and
shareholders’ equity    
Net Debt-to-Capital  
OUTLOOK
On January 29, 2015, we announced the following
initial first quarter and full year 2015 guidance:
Full Year 2015 As Reported
Constant
Currency
Net Yields ()to to
Net Cruise Costs per
APCD ()to() ()to()
Net Cruise Costs per
APCD, excluding Fuel ()to() orbetter
Capacity Increase 
Depreciation and
Amortization
to
million
Interest Expense, net
to
million
Fuel Consumption
(metric tons) 
Fuel Expenses million
Percent Hedged
(fwd consumption) 
Impact of 10% change
in fuel prices million
Adjusted Earnings per
Share—Diluted to