Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Royal Caribbean Cruises Ltd., liquidity ratios (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).
The liquidity ratios of the company demonstrate notable fluctuations over the analyzed periods. Initially, from March 2017 through December 2019, the current ratio remains low, oscillating between 0.14 and 0.20, reflecting constrained short-term liquidity. The quick and cash ratios follow a similar pattern, maintaining low levels and indicating a limited buffer of liquid assets relative to current liabilities during this timeframe.
A significant change occurs beginning March 2020, where all three liquidity ratios exhibit a sharp increase. The current ratio rises from 0.15 in December 2019 to 0.51 in March 2020, peaking at 0.99 in June 2020 before experiencing some volatility but generally staying elevated until the end of the year. The quick and cash ratios mirror this trend, increasing dramatically to respective peaks of 0.92 and 0.88 in June 2020. This surge suggests an enhancement in the company's short-term liquidity position, potentially due to increased cash reserves or a reduction in current liabilities.
Following the peak period in mid-2020, the liquidity ratios start to decline steadily. From March 2021 onwards, the current ratio declines from a high of 1.7 to 0.30 by June 2022. The quick and cash ratios similarly decrease, reaching their lowest observed values in the latest periods analyzed. Despite the decrease, the current ratio generally remains above the pre-2020 levels until late 2021, while quick and cash ratios show more pronounced drops.
Overall, the liquidity profile indicates a period of constrained liquidity before 2020, a marked improvement during the first year of the global crisis, and a subsequent tapering off to levels that, while reduced, still in some instances remain above the initial low baseline. This pattern may reflect strategic financial management decisions in response to external conditions influencing working capital and cash management practices.
Current Ratio
Royal Caribbean Cruises Ltd., current ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Current assets | 3,560,888) | 3,176,939) | 3,600,271) | 4,167,381) | 5,009,230) | 5,649,969) | 4,311,747) | 3,531,795) | 4,684,440) | 4,594,201) | 1,162,628) | 1,203,957) | 1,282,967) | 1,333,122) | 1,242,044) | 1,359,000) | 1,099,896) | 1,034,526) | 843,028) | 798,152) | 767,641) | 756,689) | |||||||
| Current liabilities | 11,719,382) | 8,007,164) | 7,285,683) | 5,242,920) | 4,679,715) | 3,314,830) | 4,537,121) | 4,625,465) | 4,736,908) | 8,982,370) | 7,952,896) | 7,113,534) | 7,586,140) | 8,105,943) | 7,112,165) | 7,072,942) | 5,502,350) | 5,195,154) | 4,790,264) | 5,057,112) | 5,285,953) | 5,271,742) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 0.30 | 0.40 | 0.49 | 0.79 | 1.07 | 1.70 | 0.95 | 0.76 | 0.99 | 0.51 | 0.15 | 0.17 | 0.17 | 0.16 | 0.17 | 0.19 | 0.20 | 0.20 | 0.18 | 0.16 | 0.15 | 0.14 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | 1.58 | 1.61 | 1.95 | 1.86 | 1.48 | 1.66 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Booking Holdings Inc. | 1.45 | 1.72 | 2.10 | 2.48 | 2.05 | 2.18 | 3.56 | 3.17 | 2.93 | 2.24 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.26 | 1.32 | 1.58 | 1.78 | 1.73 | 1.75 | 1.73 | 1.51 | 1.59 | 1.62 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| DoorDash, Inc. | 2.39 | 2.51 | 2.59 | 3.52 | 4.14 | 4.59 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| McDonald’s Corp. | 1.41 | 1.10 | 1.78 | 1.33 | 1.45 | 1.19 | 1.01 | 1.07 | 0.91 | 1.90 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Starbucks Corp. | 0.83 | 0.81 | 1.20 | 1.02 | 1.07 | 1.06 | 1.06 | 0.95 | 0.70 | 0.68 | 0.92 | 1.31 | 0.94 | 1.41 | — | — | — | — | — | — | — | — | |||||||
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).
1 Q2 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,560,888 ÷ 11,719,382 = 0.30
2 Click competitor name to see calculations.
- Current Assets
- Current assets showed a general increasing trend from March 2017 to December 2019, rising from approximately 757 million USD to about 1.16 billion USD. A significant spike is observed in the first half of 2020, with values exceeding 4.5 billion USD, which is markedly higher than previous periods. This elevated level persists through 2021 but with some fluctuations, peaking near 5.65 billion USD in Q1 2021 before declining towards mid-2022, ending around 3.56 billion USD.
- Current Liabilities
- Current liabilities fluctuated with an upward tendency from 2017 through 2019, starting near 5.27 billion USD and reaching close to 7.95 billion USD by the end of 2019. In early 2020, liabilities saw a spike, rising sharply to approximately 8.98 billion USD by March 2020, followed by a pronounced decline to about 4.74 billion USD in the middle of 2020. However, liabilities again increased substantially from 2021 onwards, reaching over 11.7 billion USD by mid-2022. This pattern indicates volatility, with significant increases coinciding with critical periods.
- Current Ratio
- The current ratio, indicating short-term liquidity, remained consistently low from 2017 through 2019, fluctuating between 0.14 and 0.20, suggesting limited ability to cover current liabilities with current assets. In 2020, a notable improvement occurred, with the ratio rising sharply to nearly 1.0 by mid-year, reflecting the substantial increase in current assets relative to liabilities. The ratio peaked at 1.7 in Q1 2021, indicating stronger liquidity during this period. Subsequently, it declined to below 0.5 by mid-2022, showing a deterioration in liquidity again after the temporary improvement.
- Summary
- The data reveals that the company experienced significant fluctuations in liquidity and working capital management over the period analyzed. The years before 2020 were characterized by low current ratios and relatively stable current assets and liabilities. The sharp increase in both assets and liabilities in 2020 likely reflects reactive measures to exceptional circumstances, improving liquidity temporarily. However, the subsequent reduction in the current ratio in 2022 suggests a return to tighter liquidity conditions or increased liabilities not matched by assets. This pattern could indicate periods of financial stress requiring close monitoring of short-term financial stability.
Quick Ratio
Royal Caribbean Cruises Ltd., quick ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,102,205) | 1,968,504) | 2,701,770) | 3,289,326) | 4,250,369) | 5,091,463) | 3,684,474) | 3,016,788) | 4,146,691) | 3,890,811) | 243,738) | 276,730) | 235,001) | 248,197) | 287,852) | 254,821) | 108,998) | 111,245) | 120,112) | 139,950) | 130,477) | 109,309) | |||||||
| Trade and other receivables, net of allowances | 565,014) | 506,160) | 408,067) | 397,232) | 345,055) | 226,740) | 284,149) | 165,225) | 205,921) | 220,876) | 305,821) | 348,991) | 340,921) | 374,982) | 324,507) | 385,297) | 355,729) | 387,862) | 318,641) | 285,332) | 263,992) | 292,975) | |||||||
| Total quick assets | 2,667,219) | 2,474,664) | 3,109,837) | 3,686,558) | 4,595,424) | 5,318,203) | 3,968,623) | 3,182,013) | 4,352,612) | 4,111,687) | 549,559) | 625,721) | 575,922) | 623,179) | 612,359) | 640,118) | 464,727) | 499,107) | 438,753) | 425,282) | 394,469) | 402,284) | |||||||
| Current liabilities | 11,719,382) | 8,007,164) | 7,285,683) | 5,242,920) | 4,679,715) | 3,314,830) | 4,537,121) | 4,625,465) | 4,736,908) | 8,982,370) | 7,952,896) | 7,113,534) | 7,586,140) | 8,105,943) | 7,112,165) | 7,072,942) | 5,502,350) | 5,195,154) | 4,790,264) | 5,057,112) | 5,285,953) | 5,271,742) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 0.23 | 0.31 | 0.43 | 0.70 | 0.98 | 1.60 | 0.87 | 0.69 | 0.92 | 0.46 | 0.07 | 0.09 | 0.08 | 0.08 | 0.09 | 0.09 | 0.08 | 0.10 | 0.09 | 0.08 | 0.07 | 0.08 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | 1.55 | 1.59 | 1.91 | 1.83 | 1.46 | 1.62 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Booking Holdings Inc. | 1.37 | 1.63 | 2.00 | 2.28 | 1.86 | 1.97 | 3.24 | 3.04 | 2.81 | 1.70 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.02 | 1.13 | 1.35 | 1.29 | 1.28 | 1.35 | 1.28 | 1.34 | 1.35 | 1.42 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| DoorDash, Inc. | 2.14 | 2.23 | 2.33 | 3.32 | 3.93 | 4.35 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| McDonald’s Corp. | 1.07 | 0.95 | 1.64 | 1.20 | 1.23 | 1.04 | 0.90 | 0.97 | 0.84 | 1.77 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Starbucks Corp. | 0.55 | 0.57 | 0.93 | 0.75 | 0.75 | 0.78 | 0.75 | 0.63 | 0.43 | 0.46 | 0.59 | 0.95 | 0.54 | 1.05 | — | — | — | — | — | — | — | — | |||||||
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).
1 Q2 2022 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 2,667,219 ÷ 11,719,382 = 0.23
2 Click competitor name to see calculations.
The financial data over the examined quarters reveals several important trends regarding liquidity and short-term financial stability.
- Total Quick Assets
-
Total quick assets showed moderate fluctuations from early 2017 through 2019, generally ranging between approximately 390,000 thousand USD and 630,000 thousand USD. A significant and abrupt increase is observed starting in the first quarter of 2020, reaching peaks exceeding 4,300,000 thousand USD in mid-2020, which is a multiple of prior levels. Following this surge, quick assets began to decrease gradually throughout the latter part of 2020 and into 2022, though remaining well above pre-2020 levels.
- Current Liabilities
-
Current liabilities remained relatively high and somewhat volatile over the earlier periods, fluctuating mostly between 4,700,000 thousand USD and 8,000,000 thousand USD. A marked drop is noticeable in 2020, declining from nearly 9,000,000 thousand USD in early 2020 to below 5,000,000 thousand USD by mid-2020. However, liabilities increased again in the subsequent quarters, eventually surpassing 11,700,000 thousand USD by mid-2022, indicating a substantial rise in short-term obligations during that period.
- Quick Ratio
-
The quick ratio maintained a low level between 0.07 and 0.10 from 2017 through 2019, reflecting limited immediate liquidity relative to current liabilities. In the first quarter of 2020, a dramatic improvement is observed, with the ratio increasing from around 0.07 to 0.46, peaking near 1.60 by early 2021. This indicates a short-term liquidity position strengthening considerably during this time. However, following this peak, the quick ratio declined steadily and returned to lower levels by mid-2022 (around 0.23), signaling a reduction in the company's ability to cover current liabilities with liquid assets.
Overall, the data indicate that there was a major liquidity enhancement in early 2020, likely reflecting a significant strategic adjustment or external financial influence that caused a dramatic increase in quick assets and a simultaneous reduction in current liabilities. This improvement in liquidity is further demonstrated by the spike in the quick ratio. However, this elevated liquidity position proved unsustainable as quick assets decreased and liabilities increased subsequently, resulting in a rapid decline in the quick ratio through to mid-2022. The fluctuations highlight periods of volatility in liquidity management and short-term financial risk, with potential implications for cash flow support and operational stability during these years.
Cash Ratio
Royal Caribbean Cruises Ltd., cash ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,102,205) | 1,968,504) | 2,701,770) | 3,289,326) | 4,250,369) | 5,091,463) | 3,684,474) | 3,016,788) | 4,146,691) | 3,890,811) | 243,738) | 276,730) | 235,001) | 248,197) | 287,852) | 254,821) | 108,998) | 111,245) | 120,112) | 139,950) | 130,477) | 109,309) | |||||||
| Total cash assets | 2,102,205) | 1,968,504) | 2,701,770) | 3,289,326) | 4,250,369) | 5,091,463) | 3,684,474) | 3,016,788) | 4,146,691) | 3,890,811) | 243,738) | 276,730) | 235,001) | 248,197) | 287,852) | 254,821) | 108,998) | 111,245) | 120,112) | 139,950) | 130,477) | 109,309) | |||||||
| Current liabilities | 11,719,382) | 8,007,164) | 7,285,683) | 5,242,920) | 4,679,715) | 3,314,830) | 4,537,121) | 4,625,465) | 4,736,908) | 8,982,370) | 7,952,896) | 7,113,534) | 7,586,140) | 8,105,943) | 7,112,165) | 7,072,942) | 5,502,350) | 5,195,154) | 4,790,264) | 5,057,112) | 5,285,953) | 5,271,742) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.18 | 0.25 | 0.37 | 0.63 | 0.91 | 1.54 | 0.81 | 0.65 | 0.88 | 0.43 | 0.03 | 0.04 | 0.03 | 0.03 | 0.04 | 0.04 | 0.02 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | 0.88 | 0.95 | 1.31 | 1.21 | 0.78 | 1.00 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Booking Holdings Inc. | 1.15 | 1.41 | 1.78 | 2.01 | 1.67 | 1.88 | 3.08 | 2.82 | 2.66 | 1.54 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 0.92 | 1.03 | 1.23 | 1.20 | 1.19 | 1.27 | 1.16 | 1.25 | 1.25 | 1.32 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| DoorDash, Inc. | 1.97 | 2.04 | 2.13 | 3.11 | 3.73 | 4.09 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| McDonald’s Corp. | 0.54 | 0.55 | 1.17 | 0.85 | 0.77 | 0.66 | 0.56 | 0.59 | 0.45 | 1.35 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Starbucks Corp. | 0.44 | 0.45 | 0.81 | 0.63 | 0.62 | 0.67 | 0.63 | 0.52 | 0.32 | 0.36 | 0.45 | 0.82 | 0.40 | 0.92 | — | — | — | — | — | — | — | — | |||||||
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).
1 Q2 2022 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 2,102,205 ÷ 11,719,382 = 0.18
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets displayed a relatively stable pattern from March 2017 through December 2019, fluctuating mostly between approximately 100 million and 290 million US dollars. Notably, there was a sharp and substantial increase starting in March 2020, with cash assets rising dramatically to over 3.8 billion US dollars and peaking at more than 5 billion by March 2021. This represents a significant liquidity build-up, likely a response to external pressures or strategic financial management during the period. However, post-March 2021, cash holdings declined steadily but remained well above historical levels, ending at around 2.1 billion US dollars by June 2022.
- Current Liabilities
- Current liabilities showed a gradual increase from March 2017 to December 2018, moving from approximately 5.2 billion to over 7 billion US dollars. This was followed by further increases reaching nearly 8 billion by December 2019. Starting in March 2020, current liabilities continued to fluctuate but with noticeable volatility. They initially decreased sharply to about 4.5 billion by December 2020, which may reflect efforts to reduce short-term obligations or impacts from operational changes during the period. Subsequently, liabilities rose again, peaking dramatically at over 11.7 billion by June 2022, indicating an increase in short-term financial obligations over the latest quarters, possibly tied to operational funding or restructuring activities.
- Cash Ratio
- The cash ratio, a measure of liquidity calculated as cash assets divided by current liabilities, remained quite low and stable at around 0.02 to 0.04 from March 2017 through December 2019. Beginning in March 2020, there was a dramatic increase in this ratio, peaking at 1.54 in March 2021, reflecting the earlier noted surge in cash relative to current liabilities. This elevated liquidity position suggests a significant buffer against short-term obligations during this period. However, following this peak, the cash ratio declined each quarter, ending at 0.18 by June 2022. Despite the decline, the ratio stayed above pre-2020 levels, suggesting more cautious liquidity management compared to the years before 2020.
- Overall Analysis
- The data indicates a period of relative financial stability and consistent operating rhythm from 2017 through 2019, followed by a pronounced change starting in early 2020. The substantial increase in cash assets and cash ratio concurrent with a temporary reduction in current liabilities suggests a deliberate strategy to bolster liquidity, likely in response to heightened uncertainty or disruptions. The subsequent rise in liabilities and reduction in cash ratio after the liquidity peak may reflect re-engagement with operational activities, increased borrowing, or other financial adjustments. Throughout all periods, the liquidity metrics show a pattern of adaptive financial management, responding to evolving operational and external conditions.