Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Royal Caribbean Cruises Ltd., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss)	(5,260,499)	(5,775,130)	1,907,600)	1,815,792)	1,625,133)
Depreciation and amortization	1,292,878)	1,279,254)	1,245,942)	1,033,697)	951,194)
Impairment and credit losses	82,001)	1,566,380)	—)	33,651)	—)
Net deferred income tax expense (benefit)	(42,979)	(8,791)	7,745)	(2,679)	1,730)
(Gain) loss on derivative instruments not designated as hedges	(1,492)	49,316)	(1,431)	61,148)	(61,704)
Share-based compensation expense	63,638)	39,779)	75,930)	46,061)	69,459)
Equity investment (income) loss	135,469)	213,286)	(230,980)	(210,756)	(156,247)
Amortization of debt issuance costs	125,116)	89,442)	31,991)	41,978)	45,943)
Amortization of debt discounts and premiums	123,439)	66,776)	31,616)	11,004)	—)
Loss on extinguishment of debt	138,759)	41,109)	6,326)	—)	—)
Currency translation adjustment losses	—)	69,044)	—)	—)	—)
Change in fair value of contingent consideration	—)	(45,126)	18,400)	—)	—)
Gain on sale of property and equipment	—)	—)	—)	—)	(30,902)
Gain on sale of unconsolidated affiliate	—)	—)	—)	(13,680)	—)
Recognition of deferred gain	—)	—)	—)	(21,794)	—)
(Increase) decrease in trade and other receivables, net	(181,707)	121,055)	(9,898)	(9,573)	(32,043)
(Increase) decrease in inventories	(34,527)	27,077)	(8,533)	(23,849)	2,424)
(Increase) decrease in prepaid expenses and other assets	(152,071)	295,876)	15,669)	(71,770)	20,859)
Increase (decrease) in accounts payable	188,518)	(133,815)	75,281)	91,737)	36,780)
Increase (decrease) in accrued interest	(694)	182,578)	(4,460)	18,773)	1,303)
Increase (decrease) in accrued expenses and other liabilities	235,446)	(180,479)	96,490)	42,937)	34,215)
Increase (decrease) in customer deposits	1,426,647)	(1,643,560)	280,139)	385,990)	274,705)
Changes in operating assets and liabilities	1,481,612)	(1,331,268)	444,688)	434,245)	338,243)
Dividends received from unconsolidated affiliates	—)	2,215)	150,177)	243,101)	109,677)
Other, net	(15,757)	12,061)	28,362)	7,371)	(17,960)
Adjustments	3,382,684)	2,043,477)	1,808,766)	1,663,347)	1,249,433)
Net cash provided by (used in) operating activities	(1,877,815)	(3,731,653)	3,716,366)	3,479,139)	2,874,566)
Purchases of property and equipment	(2,229,704)	(1,965,131)	(3,024,663)	(3,660,028)	(564,138)
Cash received on settlement of derivative financial instruments	44,492)	15,874)	7,621)	76,529)	63,224)
Cash paid on settlement of derivative financial instruments	(74,249)	(161,335)	(68,836)	(98,074)	—)
Investments in and loans to unconsolidated affiliates	(70,228)	(100,609)	(25,569)	(27,172)	(10,396)
Cash received on loans to unconsolidated affiliates	31,334)	21,086)	32,870)	124,238)	62,303)
Proceeds from the sale of property and equipment and other assets	176,039)	27,796)	—)	—)	230,000)
Proceeds from the sale of unconsolidated affiliate	—)	—)	—)	13,215)	—)
Acquisition of Silversea Cruises, net of cash acquired	—)	—)	—)	(916,135)	—)
Other, net	(22,423)	(16,247)	(12,829)	(1,731)	5,415)
Net cash used in investing activities	(2,144,739)	(2,178,566)	(3,091,406)	(4,489,158)	(213,592)
Debt proceeds	4,467,789)	13,547,189)	3,525,564)	8,590,740)	5,866,966)
Debt issuance costs	(201,698)	(374,715)	(50,348)	(81,959)	(51,590)
Repayments of debt	(2,296,990)	(3,845,133)	(4,060,244)	(6,963,511)	(7,835,087)
Premium on repayment of debt	(135,372)	—)	—)	—)	—)
Proceeds from issuance of commercial paper notes	—)	6,765,816)	26,240,540)	4,730,286)	—)
Repayments of commercial paper notes	(414,570)	(7,837,635)	(25,613,111)	(3,965,450)	—)
Purchase of treasury stock	—)	—)	(99,582)	(575,039)	(224,998)
Dividends paid	—)	(326,421)	(602,674)	(527,494)	(437,455)
Proceeds from common stock issuances	1,621,860)	1,431,375)	—)	—)	—)
Other, net	(442)	(10,688)	(10,516)	(9,500)	6,368)
Net cash provided by (used in) financing activities	3,040,577)	9,349,788)	(670,371)	1,198,073)	(2,675,796)
Effect of exchange rate changes on cash	(727)	1,167)	1,297)	(20,314)	2,331)
Net increase (decrease) in cash and cash equivalents	(982,704)	3,440,736)	(44,114)	167,740)	(12,491)
Cash and cash equivalents at beginning of year	3,684,474)	243,738)	287,852)	120,112)	132,603)
Cash and cash equivalents at end of year	2,701,770)	3,684,474)	243,738)	287,852)	120,112)

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).

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Cash flow statement item	Description	The company
Net cash provided by (used in) operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Royal Caribbean Cruises Ltd. net cash provided by (used in) operating activities decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Royal Caribbean Cruises Ltd. net cash used in investing activities increased from 2019 to 2020 and from 2020 to 2021.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Royal Caribbean Cruises Ltd. net cash provided by (used in) financing activities increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Royal Caribbean Cruises Ltd. (NYSE:RCL)

Cash Flow Statement