Stock Analysis on Net
AI Tokens
Stock Analysis on Net

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: Liabilities and Stockholders’ Equity
Quarterly Data

Royal Caribbean Cruises Ltd., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Current portion of long-term debt 16.10 7.77 6.95 2.93 2.88 0.64 2.96 2.73 2.12 10.20 3.91 3.16 3.17 5.73 5.95 5.64 4.90 4.77 5.33 6.86 7.00 7.85
Commercial paper 0.00 0.00 0.00 0.00 0.00 0.00 1.26 1.21 1.11 1.03 4.73 3.09 3.51 3.87 2.80 3.69 0.00 0.00 0.00 0.00 0.00 0.00
Current portion of operating lease liabilities 0.21 0.23 0.21 0.22 0.25 0.28 0.32 0.32 0.31 0.30 0.32 0.31 0.31 0.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts payable 2.24 2.03 1.69 1.41 1.14 0.99 1.09 1.32 1.99 4.23 1.86 1.81 1.78 1.73 1.76 1.59 1.74 1.90 1.62 1.74 1.71 1.65
Accrued interest 0.89 0.80 0.78 0.76 0.80 0.69 0.78 0.74 0.37 0.34 0.23 0.42 0.25 0.42 0.27 0.35 0.25 0.38 0.21 0.42 0.23 0.42
Accrued expenses and other liabilities 2.54 2.35 2.75 2.02 1.64 1.56 1.90 2.13 2.43 3.06 3.56 3.29 3.18 2.87 3.25 3.17 3.12 2.84 4.05 3.39 2.98 2.88
Derivative financial instruments 0.26 0.31 0.39 0.24 0.16 0.16 0.17 0.36 0.48 0.61 0.31 0.34 0.13 0.31 0.28 0.17 0.18 0.17 0.21 0.40 0.58 0.70
Customer deposits 12.28 10.83 9.80 8.47 7.02 5.33 5.50 5.72 5.42 7.10 11.31 11.43 13.12 12.99 11.37 11.48 12.67 11.62 10.06 10.07 11.50 10.45
Current liabilities 34.53% 24.31% 22.59% 16.05% 13.89% 9.65% 13.98% 14.53% 14.22% 26.86% 26.23% 23.85% 25.45% 28.22% 25.68% 26.11% 22.87% 21.67% 21.48% 22.88% 24.00% 23.94%
Long-term debt, excluding current portion 52.28 60.54 58.43 60.87 59.60 60.31 55.31 55.40 53.30 36.70 27.75 29.57 29.93 26.21 30.17 28.22 30.52 31.98 28.48 27.50 29.42 31.07
Long-term operating lease liabilities 1.65 1.59 1.66 1.68 1.58 1.59 1.74 1.72 1.71 1.75 1.98 2.08 2.16 2.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other long-term liabilities 1.53 1.45 1.57 1.60 1.53 1.74 1.99 2.18 2.10 2.38 2.04 2.45 1.88 1.95 2.11 1.84 1.83 1.94 2.03 2.40 2.62 2.89
Long-term liabilities 55.46% 63.58% 61.65% 64.15% 62.71% 63.64% 59.04% 59.30% 57.11% 40.82% 31.77% 34.10% 33.98% 30.62% 32.27% 30.06% 32.34% 33.91% 30.52% 29.90% 32.03% 33.97%
Total liabilities 89.99% 87.89% 84.23% 80.20% 76.60% 73.30% 73.02% 73.83% 71.33% 67.68% 58.00% 57.95% 59.42% 58.85% 57.95% 56.17% 55.22% 55.58% 52.00% 52.78% 56.03% 57.91%
Redeemable noncontrolling interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.76 1.73 1.88 1.89 1.87 1.91 1.96 1.98 0.00 0.00 0.00 0.00 0.00 0.00
Preferred stock, $0.01 par value; none outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Paid-in capital 21.37 22.06 23.43 23.10 22.34 21.87 18.48 13.60 11.11 10.38 11.52 11.62 11.59 11.95 12.35 12.64 14.12 14.14 15.20 15.28 15.24 15.16
Retained earnings (accumulated deficit) -3.65 -2.18 0.94 5.08 9.15 12.90 17.13 21.77 24.85 29.65 38.01 38.27 35.87 36.10 37.05 37.26 39.20 37.92 40.47 40.10 37.40 36.21
Accumulated other comprehensive loss -1.62 -1.50 -2.20 -2.07 -1.97 -2.06 -2.28 -2.73 -2.86 -3.28 -2.63 -3.17 -2.19 -2.02 -2.27 -0.85 -1.10 -0.76 -1.50 -2.38 -3.46 -4.05
Treasury stock, common shares at cost -6.09 -6.28 -6.40 -6.32 -6.13 -6.01 -6.36 -6.48 -6.20 -6.17 -6.79 -6.57 -6.57 -6.80 -7.05 -7.21 -7.44 -6.90 -6.18 -5.78 -5.24 -5.24
Shareholders’ equity 10.01% 12.11% 15.77% 19.80% 23.40% 26.70% 26.98% 26.17% 26.91% 30.59% 40.12% 40.16% 38.71% 39.24% 40.09% 41.85% 44.78% 44.42% 48.00% 47.22% 43.97% 42.09%
Total liabilities and shareholders’ equity 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 capital structure exhibits a profound shift from a balanced distribution between liabilities and equity to a state of high leverage. Between early 2017 and late 2019, total liabilities remained relatively stable, fluctuating between 52% and 59%. However, starting in March 2020, a significant upward trend is observed, with total liabilities escalating to 89.99% by June 2022, indicating a substantial increase in the company's reliance on external financing.

Debt Obligations and Leverage
Long-term debt, excluding the current portion, served as the primary driver of liability growth. This component rose from approximately 27-31% of the total balance sheet prior to 2020 to peak at over 60% during 2021. While there is a slight reduction to 52.28% by June 2022, the overall leverage remains historically high. Furthermore, the current portion of long-term debt shows a critical spike toward the end of the period, rising from 0.64% in March 2021 to 16.10% in June 2022, signaling an increase in immediate repayment pressures.
Equity Deterioration and Capital Infusion
Shareholders' equity experienced a consistent and sharp decline, falling from a high of 48% in December 2017 to 10.01% by June 2022. This erosion is most evident in retained earnings, which transitioned from a strong positive position of approximately 36-40% before 2020 to an accumulated deficit of -3.65% by June 2022. To mitigate this loss of equity, there was a notable increase in paid-in capital, which rose from roughly 15% in 2017 to 21.37% in June 2022, suggesting the issuance of new shares to maintain solvency.
Operational Liability Trends
Customer deposits, a vital indicator of future revenue and operational demand, showed significant volatility. These deposits remained steady around 10-13% until early 2020, dropped to a low of 5.33% in March 2021, and subsequently recovered to 12.28% by June 2022. This recovery suggests a return of consumer booking activity. Conversely, current liabilities, which were stable around 22-28% through 2019, surged to 34.53% by June 2022, driven largely by the aforementioned increase in short-term debt obligations.

In summary, the financial position evolved from a stable, equity-supported structure to one characterized by heavy debt loading and diminished equity reserves. The transition to a negative retained earnings balance and the sharp increase in current debt obligations highlight a period of significant financial stress, partially offset by capital raises and a recovering trend in customer deposits.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?