Analysis of Operating Leases
An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.
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Royal Caribbean Cruises Ltd. pages available for free this week:
- Balance Sheet: Assets
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Adjustments to Financial Statements for Operating Leases
Royal Caribbean Cruises Ltd., adjustments to financial statements
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1, 2 Equal to total present value of future operating lease payments.
Royal Caribbean Cruises Ltd., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios for Operating Leases (Summary)
Royal Caribbean Cruises Ltd., adjusted financial ratios
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Royal Caribbean Cruises Ltd. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Adjusted debt to equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | Royal Caribbean Cruises Ltd. adjusted debt to equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Royal Caribbean Cruises Ltd. adjusted ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |
Royal Caribbean Cruises Ltd., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
2021 Calculations
1 Total asset turnover = Revenues ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Royal Caribbean Cruises Ltd. adjusted total asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Adjusted Debt to Equity
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
2021 Calculations
1 Debt to equity = Total debt ÷ Shareholders’ equity
= ÷ =
2 Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ equity
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted debt-to-equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | Royal Caribbean Cruises Ltd. adjusted debt-to-equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021. |
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
2021 Calculations
1 ROA = 100 × Net income (loss) attributable to Royal Caribbean Cruises Ltd. ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Net income (loss) attributable to Royal Caribbean Cruises Ltd. ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Royal Caribbean Cruises Ltd. adjusted ROA deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |