Royal Caribbean Cruises (RCL) FY2014 results: revenue $8.1 billion, up 1.4% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $8.1 billion for fiscal 2014, the year ended 31 December 2014, up 1.4% on the year before. Net income was $764 million, up 61.3%, and diluted earnings per share $3.43. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2015.
Revenue
$8.1 billion
+1.4% on the year
FY2008FY2014
Operating margin
11.7%
10.0% a year earlier
FY2008FY2014
Net income
$764 million
+61.3% on the year
FY2008FY2014
Diluted EPS
$3.43
+60.3% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
8,074
7,960
7,688
+1.4%
Cost of revenue
5,306
5,305
5,157
+0.0%
Gross profit
2,768
2,655
2,531
+4.3%
Gross margin
34.3%
33.3%
32.9%
Selling, general and administrative
1,049
1,045
1,012
+0.4%
Operating income
942
798
403
+18.0%
Operating margin
11.7%
10.0%
5.2%
Interest expense
258
332
356
-22.3%
Income tax
n/a
n/a
55.5
Net income
764
474
18.3
+61.3%
Net margin
9.5%
6.0%
0.2%
Diluted EPS
$3.43
$2.14
$0.08
+60.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,744
1,412
1,382
+23.5%
Capital expenditure
1,811
764
1,291
+137.2%
Free cash flow
-67.6
648
90.2
Free cash flow margin
-0.8%
8.1%
1.2%
Cash from investing
-1,770
-825
-1,263
Cash from financing
17.5
-577
-180
Depreciation and amortisation
772
755
730
+2.3%
Share-based compensation
26.1
21.2
24.2
+23.3%
Buybacks
236
0.0
0.0
Dividends paid
199
144
118
+38.5%
Dividend per share
n/a
n/a
$0.12
Diluted shares, weighted
223m
221m
219m
+1.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
8,284
8,808
8,309
-5.9%
Debt
8,444
8,075
8,490
+4.6%
Other liabilities
3,985
3,190
3,029
+24.9%
Total liabilities and equity
20,713
20,073
19,828
+3.2%
Fixed assets
18,194
17,518
17,451
+3.9%
Goodwill
287
439
433
-34.7%
Intangible assets
0.0
n/a
n/a
Cash and equivalents
189
205
195
-7.5%
Receivables
261
260
281
+0.6%
Inventory
123
151
146
-18.4%
Other assets
1,658
1,500
1,321
+10.5%
Total assets
20,713
20,073
19,828
+3.2%
10-K for the year ended 31 December 2014, filed 23 February 2015: the filing.