$24.1 B

RCL Mkt cap, 16-Aug-2018

$4.4 B

Royal Caribbean Revenue Q2, 2018
Royal Caribbean Net income (Q2, 2018)684.9 M
Royal Caribbean EBIT (Q2, 2018)731 M
Royal Caribbean Cash, 30-Jun-2018109 M
Royal Caribbean EV32.5 B

Royal Caribbean Income Statement

Annual

USDFY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

6.8 b7.5 b7.7 b8 b8.3 b8.3 b8.5 b8.8 b

Revenue growth, %

12%2%4%4%2%3%

Cost of goods sold

3.9 b

Gross profit

4.9 b

Gross profit Margin, %

56%

Depreciation and amortization

951.2 m

EBIT

798.1 m793.9 m874.9 m1.5 b1.7 b

EBIT margin, %

10%10%11%17%20%

Interest expense

371.2 m382.4 m355.8 m

Interest income

13.9 m10.3 m12 m20.9 m30.1 m

Net Income

473.7 m665.8 m665.8 m1.3 b1.6 b

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

2.3 b1.9 b2 b2.4 b1.8 b2.1 b2.5 b1.9 b2.1 b2.6 b2 b2.2 b2 b4.4 b

Depreciation and amortization

240.2 m493.6 m

EBIT

444.2 m97.5 m195.6 m529.5 m105.7 m261.3 m258 m163.1 m282.3 m735 m279.5 m419.7 m274.1 m731 m

EBIT margin, %

19%5%10%22%6%13%10%9%13%29%14%19%14%17%

Interest income

3.3 m3.3 m2.6 m2.1 m3.7 m2.8 m1.7 m2.7 m5.7 m6.5 m6.3 m5.8 m7.7 m20.8 m

Net Income

365.7 m26.5 m137.7 m490.2 m45.2 m185 m228.8 m99.1 m229.9 m693.3 m214.7 m369.5 m218.7 m684.9 m

Royal Caribbean Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016FY, 2017

Cash

284.6 m419.9 m262.2 m194.9 m204.7 m189.2 m121.6 m132.6 m120.1 m

Accounts Receivable

318.6 m

Inventories

151.2 m123.5 m123.5 m114.1 m111.4 m

Current Assets

956.4 m801.1 m837 m748.3 m843 m

PP&E

17.5 b18.2 b18.8 b20.2 b19.7 b

Goodwill

439.2 m420.5 m286.8 m288.4 m288.5 m

Total Assets

20.1 b20.7 b20.9 b22.3 b22.3 b

Accounts Payable

372.2 m331.5 m331.5 m305.3 m360.1 m

Short-term debt

1.6 b799.6 m899.7 m1.3 b1.2 b

Current Liabilities

4.3 b3.8 b4.3 b4.4 b4.8 b

Long-term debt

6.5 b7.6 b7.8 b8.1 b6.4 b

Total Debt

8.1 b8.4 b8.7 b9.4 b7.5 b

Common Stock

2.3 m2.3 m2.3 m2.3 m2.4 m

Preferred Stock

Additional Paid-in Capital

3.2 b3.3 b3.3 b3.3 b3.4 b

Retained Earnings

6.1 b6.6 b6.9 b7.9 b9 b

Total Equity

8.8 b8.3 b8.1 b9.1 b10.7 b

Debt to Equity Ratio

0.9 x1 x1.1 x1 x

Debt to Assets Ratio

0.4 x0.4 x0.4 x0.4 x

Financial Leverage

2.3 x2.5 x2.6 x2.4 x2.1 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

209.6 m216.5 m185.3 m183.2 m229.7 m159.4 m147.4 m117.4 m175.2 m178.4 m109.3 m130.5 m111.2 m109 m

Accounts Receivable

387.9 m355.7 m

Inventories

160.2 m145.2 m143.4 m136.2 m125.1 m140.2 m131.1 m121.4 m112.4 m118.8 m108.4 m109.1 m110.8 m121.9 m

Current Assets

1 b1 b978.3 m860.2 m951.2 m913.4 m900.8 m892.3 m857.9 m803.1 m756.7 m767.6 m1 b1.1 b

PP&E

17.5 b17.5 b17.5 b17.2 b18.2 b18.9 b18.8 b18.8 b20.2 b20.2 b19.9 b19.8 b21.2 b21.4 b

Goodwill

436.6 m439.3 m438.4 m426.5 m405.4 m409.8 m286.7 m286.9 m288.4 m288.5 m288.5 m288.5 m288.5 m288.4 m

Total Assets

20.1 b20.1 b20 b19.6 b20.9 b21.4 b21 b21 b22.5 b22.5 b22 b22 b24 b24.1 b

Accounts Payable

396.5 m359.5 m331.5 m340.7 m336.9 m344 m305.7 m371.9 m319.6 m259 m363 m376.5 m454.6 m418.6 m

Short-term debt

1.9 b535.8 m494.6 m772.2 m1.1 b1.2 b905.1 m895.5 m895.4 m1.3 b1.7 b1.5 b1.1 b1.2 b

Current Liabilities

4.8 b3.4 b3.5 b3.7 b4.3 b4.8 b4.4 b4.4 b4.4 b4.5 b5.3 b5.3 b5.2 b5.5 b

Long-term debt

6 b7.5 b7.1 b6.2 b7.5 b7.6 b7.6 b7.8 b9.2 b8.4 b6.8 b6.5 b7.7 b7.3 b

Total Debt

7.9 b8 b7.6 b7 b8.6 b8.8 b8.5 b8.7 b10 b9.7 b8.6 b8 b8.8 b8.5 b

Common Stock

2.3 m2.3 m2.3 m2.3 m2.3 m2.3 m2.3 m2.3 m2.3 m2.3 m2.4 m2.4 m2.4 m2.4 m

Preferred Stock

Additional Paid-in Capital

3.1 b3.2 b3.2 b3.2 b3.3 b3.3 b3.3 b3.3 b3.3 b3.3 b3.3 b3.4 b3.4 b3.4 b

Retained Earnings

6.1 b6 b6.1 b6.5 b6.6 b6.7 b6.8 b7 b7.1 b7.7 b8 b8.2 b9.1 b9.4 b

Total Equity

8.8 b8.3 b8.3 b7.9 b8.1 b8.8 b9.3 b9.7 b10.6 b10.8 b

Financial Leverage

2.3 x2.6 x2.5 x2.7 x2.8 x2.6 x2.4 x2.3 x2.3 x2.2 x

Royal Caribbean Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

473.7 m764.1 m665.8 m1.3 b

Depreciation and Amortization

754.7 m772.4 m827 m894.9 m

Inventories

(4.3 m)

Accounts Payable

19 m(40.7 m)(40.7 m)29.6 m

Cash From Operating Activities

1.4 b1.7 b1.9 b2.5 b

Purchases of PP&E

(763.8 m)(1.8 b)(1.6 b)(2.5 b)

Cash From Investing Activities

(824.5 m)(1.8 b)(1.7 b)(2.7 b)

Long-term Borrowings

(2.9 b)(3.7 b)(4.1 b)(6.4 b)

Dividends Paid

(143.6 m)(199 m)(280.2 m)(346.5 m)

Cash From Financing Activities

(576.6 m)17.5 m(253.5 m)243.8 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

466.7 m26.5 m164.1 m654.4 m45.2 m230.2 m459 m99.1 m329 m1 b214.7 m584.3 m218.7 m684.9 m

Depreciation and Amortization

564.1 m193.7 m386.6 m579.1 m200.5 m406.9 m617.7 m210.8 m432.4 m661.7 m235.7 m470.7 m240.2 m493.6 m

Inventories

(6.4 m)

Accounts Payable

43.4 m7.6 m45.7 m(33.7 m)9.3 m14.7 m68.5 m41.2 m56.4 m69.6 m110.5 m58.8 m

Cash From Operating Activities

1.2 b315.8 m880.9 m1.5 b426.4 m1 b1.6 b477.9 m1.3 b2 b796.5 m1.7 b924.1 m1.9 b

Purchases of PP&E

(534 m)(177.8 m)(342.5 m)(559 m)(304.6 m)(1.2 b)(1.4 b)(249.8 m)(2 b)(2.3 b)(122.8 m)(271.5 m)(1.7 b)(2.2 b)

Cash From Investing Activities

(578.4 m)(197.4 m)(325.8 m)(344.8 m)(399.6 m)(1.2 b)(1.5 b)(236.7 m)(2.2 b)(2.5 b)123.6 m7.7 m(1.6 b)(2.1 b)

Long-term Borrowings

(2.1 b)(1.6 b)(2.3 b)(3 b)(587.1 m)(2 b)(2.9 b)(1.4 b)(3.7 b)(4.8 b)(1.8 b)(3.7 b)(1.4 b)(3 b)

Dividends Paid

(54.2 m)(76.3 m)(131.9 m)(131.9 m)(131.7 m)(197.7 m)(197.7 m)(162.9 m)(243.6 m)(243.6 m)(102.9 m)(206 m)(127.8 m)(254.6 m)

Cash From Financing Activities

(637.6 m)(107.5 m)(575 m)(1.1 b)151.1 m(170.9 m)(246.8 m)1 b597 m(944.4 m)(1.7 b)711.9 m214 m

Royal Caribbean Ratios

USDY, 2018

EV/EBIT

44.5 x

EV/CFO

16.8 x

Financial Leverage

2.2 x
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Royal Caribbean Operating Metrics

FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Available Passenger Cruise Days

5.15 m8.78 m9.04 m9.47 m5.40 m9.19 m9.54 m9.77 m5.75 m9.28 m9.15 m

Berths

105.75 k110.90 k123.27 k

Brands

3 3 3

Destinations

480 490 535

Ocean Cruise Ships Fleet

43 44 49

Passenger Cruise Days

36.71 m9.21 m9.47 m10.18 m38.52 m9.66 m9.98 m10.73 m40.25 m9.96 m9.95 m

Passengers

5.15 m1.34 m1.31 m1.40 m5.40 m1.40 m1.40 m1.56 m5.75 m1.43 m1.43 m
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