Common-Size Income Statement
Quarterly Data
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Royal Caribbean Cruises Ltd. pages available for free this week:
- 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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Royal Caribbean Cruises Ltd., common-size consolidated income statement (quarterly data)
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).
- Revenue Composition
- Passenger ticket revenues consistently represented the majority of total revenues, fluctuating around 70% from 2017 through early 2020. A notable decline occurred during the pandemic period starting in March 2020, with the percentage dropping to as low as approximately 44.75% in September 2021, before partially recovering to near 65% by June 2022. Conversely, onboard and other revenues increased in proportion during the same pandemic interval, reaching nearly 49% in December 2020, which suggests a shift in revenue mix possibly driven by changes in customer behavior or operational adjustments. After this peak, the onboard revenue share slightly decreased but remained elevated relative to pre-pandemic levels.
- Expense Trends
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Overall cruise operating expenses as a percentage of revenues showed a consistent pattern near 50-58% before the pandemic, with some seasonal variation. However, during 2020, these expenses escalated dramatically, exceeding 700% at the peak and then remaining elevated through 2021 before declining towards normal levels by mid-2022. This inflation reflects severe operating disruptions during the pandemic, likely caused by fixed costs and impaired operations with drastically reduced revenues.
Specific expense categories such as payroll, fuel, food, and other operating expenses followed a similar pattern, remaining stable before 2020 with typical quarterly fluctuations, then surging to extreme negative percentages during the pandemic, indicative of negative revenue bases or unusual accounting impacts during suspended operations. Payroll expenses, for example, peaked in severity at nearly -330% as a percentage of revenues, suggesting substantial headcount costs relative to collapsed revenue. - Profitability Indicators
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Gross profit margins were relatively stable around 40-50% before 2020, with seasonal variations that align with operational cycles. Starting in early 2020, gross profit turned sharply negative, reaching below -700% at the worst, reflecting severe financial distress during the pandemic period. Although still negative through much of 2021, margins began recovering by mid-2022, eventually returning to positive territory by June 2022.
Operating income followed a similar trajectory, with positive margins generally between 10-29% pre-pandemic, followed by massive losses exceeding -2,900% in 2020. Recovery trends were observed starting late 2021 and accelerating into 2022, although operating income remained negative as of mid-2022. - Other Income and Expense
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Interest income remained a small positive portion of revenues throughout the period, marginally rising during the pandemic, possibly due to increased cash holdings or investment income.
Interest expense was consistently a negative factor near 3-4% of revenues before the pandemic but surged profoundly during 2020, corresponding with increased debt levels or capitalization of interest during operational shutdowns. By mid-2022, interest expenses declined though still elevated compared to pre-pandemic periods.
Impairment and credit losses appeared notably only starting in late 2019, coinciding with the onset of financial challenges, reaching extreme negative values in 2020 reflecting asset impairments or write-offs. These costs substantially diminished in magnitude by 2022. - Net Income Performance
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Net income margins mirrored operating income patterns, maintaining positive results prior to 2020 with peaks near 29%. The onset of the pandemic triggered escalated losses beyond -4,000% of revenues at the lowest point, highlighting the depth of operational and financial challenges.
Although losses persisted through 2021, a clear trend of gradual improvement emerged, with losses narrowing significantly into 2022 and moving closer to breakeven by mid-year.
The net income attributable specifically to the company followed this overall net income trend closely, reflecting consistent ownership effects across the periods.