Analysis of Revenues
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- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
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Revenues as Reported
Royal Caribbean Cruises Ltd., income statement, revenues
US$ in thousands
| 12 months ended: | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | |||||||||||
| Asia/Pacific | |||||||||||
| Europe | |||||||||||
| Other regions | |||||||||||
| Revenues by itinerary | |||||||||||
| Other revenues | |||||||||||
| Revenues |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Overall Revenue Trend
- The total revenues exhibited a generally increasing trend from 2017 through 2019, peaking in 2019 at approximately 10.95 billion US dollars. Following this peak, there was a significant decline in 2020 and 2021, with revenues dropping to 2.21 billion in 2020 and further to 1.53 billion in 2021, reflecting a substantial contraction in revenue generation over the last two years analyzed.
- Regional Revenue Patterns
- North America consistently contributed the largest portion of revenue throughout the period. Revenues from this region increased from about 5.06 billion in 2017 to 6.39 billion in 2019, but then sharply declined in 2020 and 2021 to approximately 1.34 billion and 1.04 billion respectively.
- Asia/Pacific revenues showed a slight decrease from 1.59 billion in 2017 to 1.46 billion in 2018, a modest rebound to 1.53 billion in 2019, followed by a steep fall to 412 million in 2020 and further down to 128 million in 2021, indicating substantial disruption or market contraction.
- Europe's revenue demonstrated growth from 1.51 billion in 2017 to 1.91 billion in 2018 and slightly increased to 1.94 billion in 2019. However, 2020 witnessed a drastic drop to 18.6 million, followed by a partial recovery in 2021 to 180 million, remaining far below pre-2020 levels.
- Other regions’ revenues increased from 286 million in 2017 to 568 million in 2019, then declined sharply to 242 million in 2020 and further to 78 million in 2021.
- Revenues by Itinerary
- Revenues categorized by itinerary mirrored the overall revenue trend, rising steadily from 8.45 billion in 2017 to 10.43 billion in 2019. This segment then experienced a substantial contraction to approximately 2.01 billion in 2020 and 1.43 billion in 2021.
- Other Revenues
- Other revenues increased progressively from 331 million in 2017 to 518 million in 2019 but then fell sharply to 194 million in 2020 and further to 106 million in 2021.
- Summary of Observations
- All revenue categories and geographical regions demonstrated growth from 2017 through 2019, followed by a significant decline in 2020 and 2021. The abrupt downturn in revenues aligns across all regions and segments, suggesting the impact of external factors that globally affected the business. Recovery in 2021 appears limited across all areas, with revenues remaining substantially below peak levels from 2019.