ROYAL CARIBBEAN CRUISES LTD RCL Cash Flow

Royal caribbean cruises ltd (RCL)

CashFlow / TTM

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
213	1,907	1,947	1,867	1,853	1,815	1,783	1,725	1,629	1,625	1,598	1,538	1,398	1,283	1,229	764	719	665	568	830	782	764	661	536	423	473	73	75	47	18	447	478	575	607	602	553	506	515	477	357	276	152	0	0	0
Adjustments:
Depreciation and amortization
1,277	1,245	1,204	1,143	1,085	1,033	993	974	955	951	944	933	919	894	871	852	837	827	811	792	779	772	769	765	759	754	752	746	740	730	721	717	708	702	686	671	659	643	626	608	585	568	0	0	0
Impairment and credit losses
1,100	0	0	0	10	33	33	33	23	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net deferred income tax expense
5	7	4	2	1	-2	-1	-0	-0	1	1	3	2	2	5	-12	-8	-10	-55	-41	-44	-41	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss (gain) on derivative instruments not designated as hedges
-124	1	-43	-30	-64	-61	-36	-3	55	61	17	-6	-46	-45	-15	-46	-16	-59	-74	-76	-78	-48	-34	17	-8	-19	0	0	0	-	-	-	-2	18	13	29	24	-2	0	0	0	-	-	-	-
Share-based compensation (income) expense
41	75	33	56	53	46	80	65	72	69	63	54	44	32	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity investment loss (income)
186	230	212	204	215	210	204	194	173	156	153	115	119	128	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt issuance costs
29	31	34	46	42	41	40	36	42	45	50	52	53	52	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of commercial paper notes discount
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in fair value of contingent consideration
-32	18	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of property and equipment
-	-	-	-	-	-	-	-	-	-	30	30	30	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Decrease (increase) in trade and other receivables, net
-119	9	29	39	43	9	65	48	41	32	-11	-3	6	-4	-48	-42	-55	-63	-54	-138	-154	-100	-150	-90	-56	-95	20	27	10	-8	-75	-80	-73	-87	-110	-83	-93	-146	-105	-76	-20	3	0	0	0
Increase in inventories
19	8	15	27	28	23	13	12	2	-2	1	-1	-3	1	-3	-20	-4	-1	-3	-0	-17	-26	-23	1	-1	4	15	-5	-1	1	-7	3	8	18	39	31	28	20	5	10	18	11	0	0	0
Decrease (increase) in prepaid expenses and other assets
-52	-15	-46	-29	-5	71	65	94	36	-20	-30	-29	-33	-11	-19	-1	-11	2	5	1	15	-21	-2	4	33	22	-9	-3	-9	1	-16	-8	9	17	50	56	43	10	27	20	7	3	0	0	0
Increase in accounts payable
917	75	107	76	-9	91	-5	25	90	36	124	58	17	29	-19	1	33	-25	-29	15	-17	-40	-58	13	18	18	33	-12	37	36	29	-23	-42	56	42	53	90	-15	11	22	-2	16	0	0	0
Increase in accrued interest
-5	-4	23	5	21	18	0	9	-0	1	-2	4	10	7	11	-6	3	-10	16	10	6	-53	-54	-31	-32	-3	0	-9	3	-15	-16	-5	-4	-28	-8	-4	0	13	9	24	5	18	0	0	0
Increase (decrease) in accrued expenses and other liabilities
275	96	139	148	83	42	5	10	-17	34	15	-44	18	20	40	91	32	33	24	-23	0	62	12	45	46	-6	50	55	9	33	2	18	53	25	46	63	37	71	44	26	28	16	0	0	0
(Decrease) increase in customer deposits
-1,260	280	298	406	488	385	367	451	418	274	248	284	344	188	38	-31	-122	-92	-23	31	34	14	10	153	169	37	153	151	82	103	3	-61	16	19	75	121	60	135	176	220	221	32	0	0	0
Dividends received from unconsolidated affiliates
109	150	149	164	247	243	244	211	119	109	111	109	103	75	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-30	-28	-15	-10	9	-7	30	14	22	17	23	-15	4	4	-2	56	33	14	-1	-16	-24	-16	-30	-21	-20	-5	27	28	13	18	10	-20	12	-6	-26	5	-10	-6	-19	-26	-29	-56	0	0	0
Net cash provided by operating activities
2,836	3,716	3,839	3,743	3,633	3,479	3,166	3,146	3,002	2,874	2,970	2,905	2,835	2,516	2,339	2,176	1,997	1,946	1,892	1,903	1,854	1,743	1,641	1,620	1,486	1,412	1,439	1,471	1,407	1,381	1,355	1,272	1,385	1,455	1,499	1,418	1,535	1,663	1,617	1,512	1,143	844	0	0	0
Investing Activities
Purchases of property and equipment
3,807	3,024	3,492	3,313	2,409	3,660	2,685	2,505	2,161	564	567	718	2,367	2,494	2,566	2,508	1,558	1,613	2,613	2,620	1,938	1,811	788	710	763	763	1,396	1,364	1,292	1,291	572	1,244	1,284	1,173	2,291	1,591	2,087	2,187	2,250	3,001	2,424	2,477	0	0	0
Cash received on settlement of derivative financial instruments
2	7	8	13	17	76	80	97	113	63	0	0	0	-	-	-	146	178	212	204	117	68	23	-26	4	17	38	41	27	10	0	0	0	-	-	-	-	91	-3	-54	-84	-110	0	0	0
Cash paid on settlement of derivative financial instruments
164	68	133	118	98	98	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments in and loans to unconsolidated affiliates
27	25	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	56	173	173	208	188	79	103	85	70	0	0	0	-	-	-	-	110	0	0	0	-	-	-	-	181	0	0	0
Cash received on loans to unconsolidated affiliates
26	32	102	106	122	124	80	76	71	62	47	46	36	38	24	18	123	124	122	130	72	76	76	77	22	23	23	23	23	23	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of property and equipment
0	-	-	-	0	-	-	-	-	230	230	230	230	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	345	0	0	0	-	-	-	-	290	0	0	0
Other, net
17	12	-1	-11	-4	1	-10	-1	-4	-5	10	36	41	46	45	25	22	19	19	12	1	-1	-5	-4	-1	-3	-13	-13	-7	-5	8	5	-1	1	-3	4	10	9	28	19	13	16	0	0	0
Net cash used in investing activities
-3,982	-3,091	-3,532	-4,247	-3,294	-4,489	-3,494	-2,362	-1,982	-213	-285	-504	-2,364	-2,724	-2,790	-2,738	-1,580	-1,742	-2,895	-2,661	-1,972	-1,770	-590	-705	-828	-824	-1,458	-1,395	-1,298	-1,263	-532	-1,283	-1,300	-924	-2,123	-1,379	-1,901	-2,287	-2,275	-2,966	-2,382	-2,274	0	0	0
Financing Activities
Debt proceeds
10,260	3,525	5,045	7,410	6,362	8,590	8,811	7,560	7,405	5,866	4,982	4,273	6,825	7,338	7,475	7,324	5,168	4,399	5,198	4,683	3,343	4,153	2,847	2,776	3,889	2,449	3,162	3,732	2,533	2,558	1,085	1,220	1,237	1,578	2,747	2,041	2,770	2,420	2,405	3,322	2,451	2,317	0	0	0
Debt issuance costs
109	50	69	68	44	81	80	85	82	51	30	32	76	88	94	97	74	68	80	80	66	72	55	70	64	57	79	74	75	75	51	77	89	84	114	82	86	90	82	82	77	61	0	0	0
Repayments of debt
3,835	4,060	4,554	6,942	6,715	6,963	8,070	7,175	7,388	7,835	7,145	6,316	6,823	6,365	6,049	5,865	4,913	4,118	3,653	3,382	2,673	3,724	3,748	3,520	4,388	2,856	3,019	3,655	2,535	2,561	2,000	1,377	1,366	2,179	2,008	1,808	2,165	1,600	1,522	1,789	1,325	948	0	0	0
Proceeds from issuance of commercial paper notes
27,597	26,240	22,371	18,065	9,770	4,730	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of commercial paper notes
28,395	25,613	22,478	17,046	8,676	3,965	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of treasury stock
-	-	-	-	-	575	675	594	500	224	125	49	99	299	499	450	400	200	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
619	602	585	566	546	527	509	486	462	437	412	308	286	346	326	326	311	280	264	264	254	198	221	221	192	143	106	106	101	117	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of common stock options
1	1	1	0	0	4	4	4	4	2	2	3	3	2	6	7	7	11	11	21	28	70	82	78	73	30	25	20	16	15	4	3	3	19	33	32	34	26	0	0	0	-	-	-	-
Cash received on settlement of derivative financial instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22	22	22	22	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-13	-12	-12	-12	-31	-13	-15	-15	4	3	5	4	3	3	2	2	2	2	2	2	2	2	1	1	1	1	1	1	1	1	1	10	10	10	10	1	1	1	1	4	5	4	0	0	0
Net cash provided by (used in) financing activities
4,787	-670	-282	635	-181	1,198	459	-792	-1,019	-2,675	-2,722	-2,426	-453	243	514	595	-519	-253	978	743	144	17	-1,071	-933	-658	-576	-15	-82	-160	-179	-1,026	-307	-268	-676	647	185	554	756	814	1,466	1,062	1,312	0	0	0
Effect of exchange rate changes on cash
0	1	-1	-4	-20	-20	-17	-13	1	2	-0	-33	-25	-24	-31	-3	-10	-17	-11	-11	-13	-6	-5	-0	0	-1	2	-0	-10	-6	-5	-20	-9	-12	-13	7	3	3	0	-3	-1	-0	0	0	0
Net increase (decrease) in cash and cash equivalents
3,642	-44	21	126	136	167	114	-21	1	-12	-38	-59	-8	11	31	30	-112	-67	-35	-25	13	-15	-26	-19	0	9	-31	-7	-61	-67	-210	-339	-192	-157	9	232	192	135	156	9	-177	-118	0	0	0
Supplemental Disclosure
Cash paid during the year for:
Interest, net of amount capitalized
240	246	277	280	272	252	256	238	242	249	264	265	262	256	237	245	233	248	220	223	216	276	295	293	325	319	331	345	328	341	333	331	339	360	356	361	346	297	293	275	291	288	0	0	0
Non-cash Investing Activities
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-