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Royal Caribbean Cruises Ltd. (NYSE:RCL)

This company has been moved to the archive! The financial data has not been updated since July 29, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Royal Caribbean Cruises Ltd., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 6.19 5.98 8.38 10.07 12.62 14.82 11.35 9.48 12.45 11.63 0.80 0.93 0.79 0.86 1.04 0.94 0.45 0.46 0.54 0.63 0.59 0.50
Trade and other receivables, net of allowances 1.66 1.54 1.26 1.22 1.02 0.66 0.88 0.52 0.62 0.66 1.01 1.17 1.14 1.31 1.17 1.42 1.48 1.62 1.43 1.29 1.20 1.33
Inventories 0.67 0.54 0.47 0.44 0.39 0.35 0.37 0.45 0.46 0.53 0.53 0.56 0.56 0.55 0.55 0.56 0.51 0.46 0.50 0.54 0.50 0.49
Prepaid expenses and other assets 1.45 1.05 0.89 0.82 0.67 0.48 0.48 0.62 0.54 0.91 1.42 1.34 1.68 1.71 1.65 1.70 1.74 1.46 0.87 0.91 1.20 1.12
Derivative financial instruments 0.51 0.54 0.17 0.22 0.17 0.14 0.22 0.03 0.00 0.00 0.07 0.04 0.13 0.21 0.07 0.39 0.39 0.31 0.45 0.24 0.00 0.00
Current assets 10.49% 9.64% 11.16% 12.76% 14.87% 16.45% 13.28% 11.10% 14.06% 13.74% 3.83% 4.04% 4.30% 4.64% 4.48% 5.02% 4.57% 4.32% 3.78% 3.61% 3.49% 3.44%
Property and equipment, net 81.18 81.79 80.31 78.68 76.79 75.10 77.77 79.68 77.01 77.31 83.99 83.84 83.38 82.32 84.72 83.41 89.08 88.47 88.51 89.09 89.89 90.21
Operating lease right-of-use assets 1.68 1.63 1.68 1.72 1.66 1.69 1.85 1.84 1.83 1.85 2.27 2.34 2.42 2.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 2.38 2.46 2.51 2.48 2.40 2.36 2.49 2.54 2.43 2.42 4.57 4.60 4.61 4.80 4.98 5.07 1.20 1.20 1.29 1.31 1.31 1.31
Other assets, net of allowances 4.26 4.48 4.34 4.37 4.28 4.41 4.61 4.84 4.67 4.68 5.34 5.18 5.29 5.54 5.82 6.50 5.15 6.01 6.41 5.99 5.31 5.05
Non-current assets 89.51% 90.36% 88.84% 87.24% 85.13% 83.55% 86.72% 88.90% 85.94% 86.26% 96.17% 95.96% 95.70% 95.36% 95.52% 94.98% 95.43% 95.68% 96.22% 96.39% 96.51% 96.56%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset structure exhibits a profound shift in liquidity and capital allocation between 2017 and 2022, characterized by a transition from a lean operating model to a high-cash position during a period of global crisis, followed by a gradual normalization process.

Liquidity and Current Asset Trends
Cash and cash equivalents maintained a minimal presence, remaining below 1.1% of total assets from March 2017 through December 2019. A sharp escalation began in March 2020, with the cash ratio jumping to 11.63% and peaking at 14.82% in March 2021. This surge drove the total current assets ratio from a historical range of 3% to 5% up to a peak of 16.45% in early 2021. By June 2022, the cash ratio declined to 6.19%, suggesting a systematic utilization of liquidity reserves.
Fixed Asset Dominance and Volatility
Property and equipment, net, constitute the vast majority of the asset base, reflecting the capital-intensive nature of the industry. This item represented approximately 88% to 90% of total assets through 2017. A downward trend in its relative weight is observed starting in late 2018, reaching a trough of 75.10% in March 2021. This decline is largely a mathematical result of the significant increase in cash assets rather than a divestment of physical assets. A recovery trend is evident by mid-2022, with the ratio returning to 81.18%.
Intangible Assets and Accounting Adjustments
Goodwill showed stability at approximately 1.3% until September 2018, where it spiked to 5.07%. This elevated level persisted until March 2020, when the ratio dropped to 2.42% and remained relatively flat through June 2022, suggesting a potential impairment or a significant increase in other asset classes. Additionally, operating lease right-of-use assets appeared in the first quarter of 2019 at 2.71%, likely reflecting the adoption of new accounting standards. These assets remained stable between 1.6% and 1.8% for the remainder of the period.
Non-Current Asset Composition
Non-current assets historically dominated the balance sheet, accounting for over 96% of total assets until 2019. During the liquidity surge of 2020 and 2021, the relative weight of non-current assets dropped to a low of 83.55% in March 2021. As the proportion of current assets normalized, non-current assets trended upward again, reaching 89.51% by June 2022.

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