Cash Flow Statement
Quarterly Data
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.
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Royal Caribbean Cruises Ltd. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Royal Caribbean Cruises Ltd., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
- Net Income (Loss)
- The net income demonstrated strong positive results through 2017 to 2019, peaking notably in Q3 2019 at over US$ 890 million. However, starting Q1 2020, there is a dramatic shift into significant net losses, exceeding US$ 1.4 billion negative in Q2 2020 and remaining substantially negative throughout 2020 into mid-2022. This indicates severe financial distress coinciding with the pandemic period.
- Depreciation and Amortization
- This expense remained relatively stable with a gradual increase over the period, from approximately US$ 235 million in early 2017 to about US$ 351 million by mid-2022, suggesting ongoing investments in capital assets and their continuous consumption.
- Impairment and Credit Losses
- Data on impairment and credit losses start appearing in 2018 with moderate values, escalating sharply in 2020 with very high losses exceeding US$ 1.1 billion in Q1 2020, reflecting asset write-downs or credit losses during the crisis period. Subsequent quarters show reduced but still notable losses or recoveries.
- Net Deferred Income Tax Expense (Benefit)
- The company experienced small but fluctuating tax benefits and expenses through 2017-2019. Notably, from 2020 onward, consistent large deferred tax benefits appear, reaching nearly US$ 23 million benefit in Q3 2021, possibly linked to net losses and restructuring.
- Derivative Instruments and Hedging
- The company had recurring gains and losses on derivative instruments not designated as hedges, with significant volatility particularly in 2020, including a large gain over US$ 120 million in Q1 2020 followed by substantial losses in subsequent quarters, indicating active management of financial risks with mixed outcomes.
- Share-Based Compensation
- Share-based compensation expense fluctuated moderately, with spikes such as in Q3 2018 and Q4 2019. A negative expense (income) occurred in Q4 2018 and in some other quarters, suggesting potential reversals or adjustments in compensation plans.
- Equity Investment Income/Loss
- Equity investment results were mixed but generally negative or volatile throughout the period. Notable positive income in later periods such as Q3 2020 through Q1 2021 suggests some recovery or gain from equity holdings during those quarters.
- Operating Cash Flows
- Net cash provided by operating activities was strong and consistent through 2017 and 2018, generally exceeding US$ 700 million per quarter. However, starting Q2 2020, cash from operations turned sharply negative reflecting the operational impact of the pandemic, before partially recovering to positive territory by mid-2022.
- Investing Activities
- Investing activities show significant outflows especially from Q2 2018 onward, driven by large purchases of property and equipment and acquisitions such as Silversea Cruises in 2018. Periodic proceeds from sales of assets and affiliates occasionally offset these outflows. The net investing cash flows were predominantly negative throughout.
- Financing Activities
- Financing cash flows are highly variable. Early periods show large debt proceeds and repayments, with peak borrowings in 2020 reflecting large financings exceeding US$ 7 billion to support liquidity amidst losses. Commercial paper issuance and repayments exhibit significant oscillations, indicating active short-term financing management. Also, equity issuance occurs notably in 2020 and 2021, contributing to cash inflows. Dividends were consistently paid through 2019 but appear to cease in 2020 and beyond.
- Working Capital Changes
- Changes in operating assets and liabilities fluctuate widely, with large increases and decreases in accounts payable, customer deposits, and accrued expenses. Customer deposits experience steep declines and recoveries, reflecting volatile booking activity likely driven by the pandemic’s impact on travel demand. Trade receivables, inventories, and prepaid expenses also show irregular movements aligned with operational disruptions.
- Effect on Cash and Cash Equivalents
- The cash balance shows periods of solid increases pre-2020, contrasted by volatile large swings post-2019. The notable increase in Q1 2020 reflects financing inflows, while subsequent quarters display steep draws on cash indicating challenging liquidity conditions. By mid-2022, cash levels show partial recovery but remain volatile.
- Overall Analysis
- The financial trends illustrate a robust business performance before 2020 with strong profitability and cash flow. The pandemic period beginning early 2020 resulted in steep losses, impairments, and liquidity stress managed through heavy borrowing and capital raising. Investing activities persisted with high capital expenditures and acquisition investments. Operational recovery efforts are reflected in cash flow improvements and some recovery in equity investments and net income by mid-2022, though profitability remains weak. Financial risk management through derivatives and capital structure changes are evident, showing active responses to challenging market conditions.