Royal Caribbean Cruises (RCL) FY2020 results: revenue $2.2 billion, down 79.8% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $2.2 billion for fiscal 2020, the year ended 31 December 2020, down 79.8% on the year before. Net income was -$5.8 billion, and diluted earnings per share $-27.05. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$2.2 billion
-79.8% on the year
FY2013FY2020
Operating margin
-208.3%
19.0% a year earlier
FY2013FY2020
Net income
-$5.8 billion
FY2013FY2020
Diluted EPS
-$27.05
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,209
10,951
9,494
-79.8%
Cost of revenue
2,765
6,063
5,262
-54.4%
Gross profit
-556
4,888
4,232
Gross margin
-25.2%
44.6%
44.6%
Selling, general and administrative
1,200
1,559
1,303
-23.1%
Operating income
-4,602
2,083
1,895
Operating margin
-208.3%
19.0%
20.0%
Interest expense
844
409
334
+106.7%
Net income
-5,797
1,879
1,811
Net margin
-262.5%
17.2%
19.1%
Diluted EPS
-$27.05
$8.95
$8.56
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-3,732
3,716
3,479
Capital expenditure
1,965
3,025
3,660
-35.0%
Free cash flow
-5,697
692
-181
Free cash flow margin
-257.9%
6.3%
-1.9%
Cash from investing
-2,179
-3,091
-4,489
Cash from financing
9,350
-670
1,198
Depreciation and amortisation
1,279
1,246
1,034
+2.7%
Share-based compensation
39.8
75.9
46.1
-47.6%
Buybacks
0.0
99.6
575
Dividends paid
326
603
527
-45.8%
Dividend per share
$0.78
$2.96
$2.60
-73.6%
Diluted shares, weighted
214m
210m
212m
+2.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
8,761
12,164
11,105
-28.0%
Non-controlling interest
0.3
n/a
n/a
Redeemable equity
0.0
570
542
Debt
19,329
11,035
10,778
+75.2%
Operating lease liabilities
564
602
n/a
-6.3%
Finance lease liabilities
162
197
n/a
-17.9%
Other liabilities
3,650
5,753
5,273
-36.6%
Total liabilities and equity
32,465
30,320
27,698
+7.1%
Fixed assets
25,247
25,467
23,466
-0.9%
Goodwill
809
1,386
1,378
-41.6%
Intangible assets
445
489
502
-8.9%
Cash and equivalents
3,684
244
288
+1,411.7%
Receivables
284
306
325
-7.1%
Inventory
119
162
154
-26.8%
Other assets
1,877
2,268
1,586
-17.2%
Total assets
32,465
30,320
27,698
+7.1%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.