ROYAL CARIBBEAN CRUISES LTD RCL Cash Flow

Royal caribbean cruises ltd (RCL)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Operating Activities
Net (Loss) Income
-1,437,035	280,474	890,365	479,955	256,806	320,453	810,391	466,295	218,653	288,039	752,842	369,526	214,726	261,086	693,257	229,905	99,140	206,799	228,787	184,967	45,230	109,768	490,248	137,673	26,457	7,018	365,701	24,747	76,226	-392,803	367,779	-3,653	46,964	36,562	398,958	93,491	78,410	31,900	350,179	46,127	87,447	-6,583	230,392	-35,086	-36,238
Adjustments:
Depreciation and amortization
324,330	321,762	320,295	311,600	292,285	280,168	259,923	253,376	240,230	240,358	240,150	234,937	235,749	233,203	229,328	221,620	210,764	209,330	210,742	206,468	200,468	193,382	192,448	192,880	193,735	190,622	188,541	186,184	189,364	188,536	182,051	180,514	179,392	179,933	177,191	172,050	173,252	163,878	162,232	160,031	157,575	146,412	144,021	137,925	139,856
Impairment and credit losses
1,100,000	0	0	0	0	0	0	10,308	23,343	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net deferred income tax expense
253	3,081	870	811	2,983	247	-2,033	611	-1,504	1,214	-568	474	610	1,007	1,253	-479	827	3,465	-16,000	3,054	-520	-42,180	-1,757	301	2,633	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss (gain) on derivative instruments not designated as hedges
-120,765	25,660	-24,942	-4,067	4,780	-19,751	-11,647	-37,560	7,810	4,868	21,848	21,176	13,812	-39,317	-2,374	-18,434	14,455	-9,555	-32,705	11,181	-28,083	-24,403	-35,075	8,951	1,890	-10,653	16,860	-16,971	-8,523	-	-	-	2,681	7,219	-13,102	633	24,170	1,341	3,181	-4,250	-3,098	-	-	-	-
Share-based compensation (income) expense
-7,428	24,674	9,282	14,652	27,322	-17,359	31,601	11,655	20,164	16,990	17,090	18,117	17,262	10,618	8,711	7,565	5,765	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity investment loss (income)
-10,392	60,587	103,654	33,045	33,694	42,524	95,169	44,311	28,752	35,888	85,120	23,359	11,880	33,518	46,540	27,266	21,026	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt issuance costs
7,795	7,837	3,687	10,101	10,366	10,322	15,373	6,175	10,108	8,381	11,527	12,779	13,256	13,370	13,578	13,482	12,365	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of commercial paper notes discount
6,615	-	-	-	7,916	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in fair value of contingent consideration
-51,019	7,700	0	10,700	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of property and equipment
-	-	-	-	-	-	-	-	-	-	0	0	30,902	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Decrease (increase) in trade and other receivables, net
-84,578	-26,784	22,420	-30,120	44,382	-7,568	33,303	-26,343	10,181	48,288	16,800	-33,873	828	5,064	24,106	-23,835	-10,094	-38,972	30,142	-36,177	-18,095	-30,262	-53,930	-52,235	36,332	-81,123	6,806	-18,827	-2,257	34,458	14,167	-35,582	-21,069	-32,810	8,741	-28,155	-35,648	-55,302	35,935	-37,996	-89,135	-14,396	64,871	18,112	-64,954
Increase in inventories
15,598	-5,107	-796	10,070	4,366	2,089	11,275	11,052	-567	-8,555	10,813	709	-5,391	-4,700	7,773	-1,120	-274	-9,574	-9,146	14,908	2,615	-12,354	-6,123	-1,673	-6,104	-9,220	18,220	-4,527	-152	2,068	-2,874	-690	3,141	-7,067	8,174	4,658	12,658	14,019	648	982	4,625	-1,244	6,227	9,271	-2,959
Decrease (increase) in prepaid expenses and other assets
-24,476	26,088	-93,200	39,120	12,323	-4,701	-76,155	62,901	89,725	-10,648	-47,142	4,848	32,083	-20,313	-45,931	284	54,441	-28,387	-28,073	-9,050	67,772	-24,830	-32,203	5,234	30,565	-5,706	-25,192	33,565	19,990	-37,796	-19,085	27,883	30,612	-55,486	-11,202	45,726	38,014	-22,502	-4,481	32,639	5,298	-6,348	-10,764	19,697	500
Increase in accounts payable
851,342	24,270	7,417	34,751	8,843	56,304	-23,409	-51,625	110,467	-40,656	7,802	13,261	56,373	46,877	-58,486	-27,342	68,515	-2,363	-37,583	5,327	9,341	-6,983	7,560	-27,905	-13,323	-24,458	79,680	-23,222	-13,043	-10,234	34,488	26,611	-14,263	-17,743	-18,121	7,569	85,050	-32,401	-6,728	45,059	-21,437	-5,491	4,245	19,974	-2,304
Increase in accrued interest
44,648	-54,471	49,248	-44,818	45,581	-26,962	32,029	-29,213	42,919	-45,445	41,262	-39,720	45,206	-48,946	47,697	-33,474	42,564	-44,956	29,209	-23,776	28,774	-17,258	22,326	-27,017	-32,002	-17,560	45,478	-28,731	-2,528	-13,481	35,072	-15,083	-22,294	-14,183	46,283	-14,404	-46,249	6,200	49,659	-9,159	-33,341	1,962	64,633	-27,621	-20,306
Increase (decrease) in accrued expenses and other liabilities
110,440	15,464	46,970	102,744	-68,688	58,793	55,398	37,882	-109,136	21,345	60,059	10,155	-57,344	2,789	-392	73,192	-54,871	22,301	51,032	14,207	-53,681	13,419	2,870	38,151	7,579	-36,210	36,009	39,440	-45,953	21,372	40,193	-6,567	-21,938	-9,062	56,311	28,456	-50,387	12,114	73,427	2,350	-15,922	-15,365	55,076	5,157	-28,610
(Decrease) increase in customer deposits
-959,555	18,804	-499,100	179,700	580,735	36,760	-391,190	262,542	477,878	17,850	-306,691	229,811	333,735	-8,645	-270,262	289,223	178,316	-158,360	-340,241	197,329	208,423	-89,326	-284,482	200,326	188,367	-94,160	-141,092	216,578	55,751	22,740	-143,880	147,513	77,360	-77,607	-208,981	225,546	80,524	-21,977	-162,430	164,254	156,128	18,198	-117,952	164,935	-33,143
Dividends received from unconsolidated affiliates
1,991	1,892	67,713	38,137	42,435	1,404	82,755	121,024	37,918	2,410	49,865	29,405	27,997	4,572	47,492	23,087	791	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
26,398	-30,575	1,653	-28,378	28,585	-17,810	7,339	-8,269	11,017	20,680	-9,422	-228	6,930	25,941	-47,978	19,602	6,726	19,485	10,750	-3,223	-12,601	3,759	-4,690	-11,011	-5,023	-9,922	4,513	-9,775	9,502	23,359	5,597	-24,621	14,641	15,223	-25,799	8,523	-4,013	-4,954	6,051	-7,698	-164	-17,443	-840	-10,746	-27,240
Net cash provided by operating activities
198,710	609,298	911,541	1,117,073	1,078,454	732,155	815,398	1,007,464	924,122	419,965	795,321	862,754	796,526	515,738	730,040	793,016	477,896	338,430	567,591	613,918	426,427	284,195	578,635	565,143	315,786	181,964	557,316	431,531	241,257	209,478	588,737	368,304	215,215	183,021	505,976	481,323	285,419	227,112	425,005	597,978	412,924	181,102	320,921	228,950	113,908
Investing Activities
Purchases of property and equipment
1,252,554	682,768	475,754	1,396,025	470,116	1,150,901	296,247	492,648	1,720,232	176,803	115,794	148,758	122,783	180,532	266,636	1,797,355	249,840	252,703	209,021	846,972	304,644	1,252,380	216,546	164,681	177,791	229,731	137,973	217,697	178,376	862,190	106,558	145,516	177,235	143,524	778,537	185,261	66,304	1,261,363	78,285	681,144	166,397	1,324,459	829,501	104,250	219,339
Cash received on settlement of derivative financial instruments
1,132	1,179	238	401	5,803	2,521	4,813	4,708	64,487	6,220	22,138	21,054	13,812	-	-	-	13,101	19,707	40,369	73,339	45,182	53,290	32,904	-13,860	-4,236	8,887	-17,392	17,096	8,747	29,944	-14,412	3,381	-8,027	-	-	-	-	89,804	-5,600	7,867	-746	-4,866	-56,661	-22,645	-26,658
Cash paid on settlement of derivative financial instruments
96,575	-17,835	30,913	55,080	678	47,183	15,993	34,898	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments in and loans to unconsolidated affiliates
2,000	18,680	3,843	3,046	0	-	-	-	-	-	-	-	-	-	-	-	-	1,913	0	0	54,250	118,847	863	34,625	34,260	10,200	24,669	16,270	19,487	-	-	-	-	0	40,978	13,150	56,532	-	-	-	-	0	0	29,474	152,209
Cash received on loans to unconsolidated affiliates
5,160	5,173	8,188	7,685	11,824	74,737	11,894	23,654	13,953	30,670	8,146	18,476	5,011	15,743	7,547	7,819	7,104	1,543	2,413	112,017	8,280	0	10,029	54,528	11,610	0	11,379	0	11,993	0	11,699	0	11,813	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of property and equipment
5,256	-	-	-	0	-	-	-	-	0	0	0	230,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	345,000	-	-	-	-	0	0	0	290,928
Other, net
1,596	11,801	855	2,892	-2,719	-2,258	-9,231	9,867	3,353	-14,728	169	6,704	2,440	1,676	25,838	11,760	7,111	486	6,160	8,702	3,780	1,046	-1,312	-2,445	1,165	-2,684	-366	323	-1,104	-12,134	-482	5,829	1,048	1,938	-3,396	-1,369	4,413	-2,653	3,791	5,190	3,076	16,883	-5,783	-551	6,434
Net cash used in investing activities
-1,341,177	-689,062	-502,939	-1,448,957	-450,448	-1,130,546	-1,217,631	-495,836	-1,645,145	-135,581	-85,679	-115,932	123,600	-207,333	-305,109	-1,975,704	-236,746	-273,266	-253,137	-816,996	-399,576	-1,425,563	-18,972	-128,473	-197,370	-246,134	-133,505	-251,386	-193,513	-880,000	-70,154	-154,726	-158,443	-149,327	-821,197	-171,792	217,751	-1,348,514	-76,476	-694,201	-168,727	-1,336,476	-767,057	-110,528	-60,396
Financing Activities
Debt proceeds
7,052,189	445,000	331,000	2,432,754	316,810	1,964,445	2,696,973	1,384,585	2,544,737	2,184,966	1,446,000	1,230,000	1,006,000	1,300,000	737,999	3,781,561	1,519,000	1,437,000	586,500	1,626,201	749,800	2,236,408	71,350	286,200	1,560,000	930,000	0	1,399,464	120,000	1,643,474	570,000	200,000	145,000	170,000	705,926	216,941	485,501	1,339,193	0	946,036	135,033	1,324,695	916,650	75,000	813
Debt issuance costs
62,346	7,857	7,037	31,779	3,675	27,184	6,240	7,191	41,344	25,603	11,412	4,192	10,383	4,448	13,387	47,840	22,566	10,874	15,975	24,678	16,493	23,333	16,014	10,986	22,641	5,902	31,166	5,038	15,516	27,649	26,460	5,470	16,260	3,762	52,026	17,095	11,498	33,544	20,309	20,866	16,063	25,338	20,363	15,351	105
Repayments of debt
921,867	635,905	415,446	1,862,219	1,146,674	1,129,909	2,803,658	1,635,722	1,394,222	2,236,889	1,908,308	1,849,488	1,840,402	1,547,308	1,079,357	2,356,635	1,382,270	1,231,316	895,005	1,405,121	587,111	765,791	624,031	696,250	1,638,146	790,516	395,717	1,564,111	106,137	953,371	1,032,334	443,775	131,810	392,632	409,613	432,532	944,269	222,166	209,171	790,332	378,596	144,111	476,708	326,146	1,502
Proceeds from issuance of commercial paper notes
6,396,787	6,433,123	6,471,881	8,295,702	5,039,834	2,564,295	2,165,991	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of commercial paper notes
7,494,025	5,928,823	6,603,500	8,369,580	4,711,208	2,794,450	1,171,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of treasury stock
-	-	-	-	-	0	205,563	94,438	275,038	99,999	124,999	0	0	1	49,908	50,011	200,040	200,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
163,563	163,131	146,346	146,380	146,817	146,029	126,820	126,805	127,840	128,293	103,123	103,097	102,942	102,930	0	80,667	162,890	82,494	0	65,973	131,745	67,095	0	55,593	76,264	89,470	61	26,363	27,735	52,414	0	21,787	43,506	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of common stock options
384	290	1,187	24	241	58	144	199	3,863	26	114	285	2,100	476	270	167	1,345	4,350	1,835	452	4,615	4,994	10,947	8,308	46,630	16,499	6,708	3,579	3,339	11,443	1,935	211	1,557	516	1,024	664	17,259	14,356	425	2,777	8,600	-	-	-	-
Cash received on settlement of derivative financial instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	22,835	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-17,347	1,423	2,249	262	-16,192	1,093	1,970	-18,524	1,697	-294	1,511	1,393	1,233	1,070	870	650	659	742	622	569	587	604	481	860	81	377	398	365	377	371	454	350	424	375	9,708	366	339	439	400	347	401	276	3,106	1,288	-567
Net cash provided by (used in) financing activities
4,790,212	44,538	-366,012	318,784	-667,681	432,319	551,797	-497,896	711,853	-306,086	-700,217	-725,099	-944,394	-353,141	-403,513	1,247,225	-246,762	-82,592	-322,023	131,450	19,653	1,149,713	-557,267	-467,461	-107,505	60,988	-419,838	-192,104	-25,672	621,854	-486,405	-270,471	-44,595	-225,503	233,312	-231,656	-452,668	1,098,278	-228,655	137,962	-250,625	1,155,801	422,975	-265,209	-1,361
Effect of exchange rate changes on cash
-672	2,234	-861	-96	20	-897	-3,741	-15,979	303	1,864	48	-555	974	-1,089	-32,675	7,788	1,407	-8,426	-4,372	1,283	-6,040	-2,285	-4,477	-455	910	-1,698	420	1,245	-1,039	2,286	-3,150	-8,431	3,170	2,535	-18,091	3,327	-173	1,123	3,236	-1,023	-87	-1,671	-734	661	855
Net increase (decrease) in cash and cash equivalents
3,647,073	-32,992	41,729	-13,196	-39,655	33,031	145,823	-2,247	-8,867	-19,838	9,473	21,168	-23,294	-45,825	-11,257	72,325	-4,205	-25,854	-11,941	-70,345	40,464	6,060	-2,081	-31,246	11,821	-4,880	4,393	-10,714	21,033	-46,382	29,028	-65,324	15,347	-189,274	-100,000	81,202	50,329	-22,001	123,110	40,716	-6,515	-1,244	-23,895	-146,126	53,006
Supplemental Disclosure
Cash paid during the year for:
Interest, net of amount capitalized
31,481	66,815	37,536	104,858	37,103	98,235	40,170	97,108	16,953	101,826	22,782	100,711	24,296	116,440	23,804	97,861	18,670	96,950	31,572	86,425	33,664	68,622	34,841	79,265	94,205	86,707	33,481	111,059	88,229	98,367	48,339	93,276	101,065	91,267	46,187	100,663	122,775	86,793	51,396	85,351	73,937	82,585	34,017	100,972	70,884
Non-cash Investing Activities
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities
29,022	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	46,375	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-