Royal Caribbean Cruises Ltd., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to Royal Caribbean Cruises Ltd.	(5,260,499)	(5,797,462)	1,878,887)	1,811,042)	1,625,133)
Net income attributable to noncontrolling interest	—)	22,332)	28,713)	4,750)	—)
Net noncash charges	1,901,072)	3,374,745)	1,364,078)	1,229,102)	911,190)
Changes in operating assets and liabilities	1,481,612)	(1,331,268)	444,688)	434,245)	338,243)
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)
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)	—)
Free cash flow to equity (FCFE)	(2,688,360)	2,558,738)	734,104)	2,129,217)	290,717)

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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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Royal Caribbean Cruises Ltd. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Royal Caribbean Cruises Ltd. FCFE increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Royal Caribbean Cruises Ltd., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	255,059,197
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	(2,688,360)
FCFE per share	-10.54
Current share price (P)	38.71
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Airbnb Inc.	26.93
Booking Holdings Inc.	14.46
Carnival Corp. & plc	—
Chipotle Mexican Grill Inc.	70.88
McDonald’s Corp.	19.05
Starbucks Corp.	20.53
P/FCFE, Sector
Consumer Services	54.20
P/FCFE, Industry
Consumer Discretionary	84.35

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Royal Caribbean Cruises Ltd., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	255,002,771	237,535,138	209,000,016	209,186,598	213,749,009
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	(2,688,360)	2,558,738)	734,104)	2,129,217)	290,717)
FCFE per share³	-10.54	10.77	3.51	10.18	1.36
Share price^1, 4	73.67	93.27	89.55	120.93	130.55
Valuation Ratio
P/FCFE⁵	—	8.66	25.49	11.88	95.99
Benchmarks
P/FCFE, Competitors⁶
Airbnb Inc.	54.32	99.90	—	—	—
Booking Holdings Inc.	69.03	37.59	15.41	—	—
Carnival Corp. & plc	—	3.30	22.56	12.65	—
Chipotle Mexican Grill Inc.	51.88	149.65	59.04	—	—
McDonald’s Corp.	30.21	22.96	17.47	—	—
Starbucks Corp.	45.80	20.79	20.35	5.44	—
P/FCFE, Sector
Consumer Services	51.59	24.57	18.91	—	—
P/FCFE, Industry
Consumer Discretionary	86.53	30.52	28.87	—	—

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -2,688,360,000 ÷ 255,002,771 = -10.54

⁴ Closing price as at the filing date of Royal Caribbean Cruises Ltd. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 73.67 ÷ -10.54 = —

⁶ Click competitor name to see calculations.

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Royal Caribbean Cruises Ltd. (NYSE:RCL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical