Carnival Corp. Files 2023 Annual Report on Form 10-K

Ticker: CCL · Form: 10-K · Filed: 2024-01-26T00:00:00.000Z

Sentiment: neutral

Topics: Carnival Corp, 10-K, Annual Report, Cruise Industry, Financials

TL;DR

<b>Carnival Corp. filed its 2023 10-K, detailing its financial performance and operations for the fiscal year ending November 30, 2023.</b>

AI Summary

CARNIVAL CORP (CCL) filed a Annual Report (10-K) with the SEC on January 26, 2024. Carnival Corporation & plc filed its annual report for the fiscal year ended November 30, 2023. The filing covers the period from December 1, 2022, to November 30, 2023. The company's principal executive offices are located in Miami, Florida. Carnival PLC's offices are located in Southampton, UK. The report is filed under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking CARNIVAL CORP, this filing contains several important signals. This 10-K provides a comprehensive overview of Carnival's financial health, operational performance, and strategic positioning for investors and stakeholders. The filing is crucial for understanding the company's financial results, including revenues, expenses, and balance sheet items, as well as potential risks and forward-looking statements.

Risk Assessment

Risk Level: medium — CARNIVAL CORP shows moderate risk based on this filing. The company operates in the highly cyclical and competitive cruise line industry, which is subject to global economic conditions, geopolitical events, and consumer discretionary spending.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Carnival's performance and future outlook.

Key Numbers

Key Players & Entities

Forward-Looking Statements

FAQ

When did CARNIVAL CORP file this 10-K?

CARNIVAL CORP filed this Annual Report (10-K) with the SEC on January 26, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by CARNIVAL CORP (CCL).

Where can I read the original 10-K filing from CARNIVAL CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CARNIVAL CORP.

What are the key takeaways from CARNIVAL CORP's 10-K?

CARNIVAL CORP filed this 10-K on January 26, 2024. Key takeaways: Carnival Corporation & plc filed its annual report for the fiscal year ended November 30, 2023.. The filing covers the period from December 1, 2022, to November 30, 2023.. The company's principal executive offices are located in Miami, Florida..

Is CARNIVAL CORP a risky investment based on this filing?

Based on this 10-K, CARNIVAL CORP presents a moderate-risk profile. The company operates in the highly cyclical and competitive cruise line industry, which is subject to global economic conditions, geopolitical events, and consumer discretionary spending.

What should investors do after reading CARNIVAL CORP's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess Carnival's performance and future outlook. The overall sentiment from this filing is neutral.

How does CARNIVAL CORP compare to its industry peers?

Carnival operates within the global cruise industry, a sector heavily influenced by travel trends, consumer confidence, and global economic conditions.

Are there regulatory concerns for CARNIVAL CORP?

The filing adheres to SEC regulations for annual reports, requiring comprehensive disclosure of financial and operational information.

Industry Context

Carnival operates within the global cruise industry, a sector heavily influenced by travel trends, consumer confidence, and global economic conditions.

Regulatory Implications

The filing adheres to SEC regulations for annual reports, requiring comprehensive disclosure of financial and operational information.

What Investors Should Do

  1. Analyze the company's revenue streams and cost structure for the fiscal year 2023.
  2. Evaluate the balance sheet for changes in assets, liabilities, and equity compared to the previous year.
  3. Review the identified risk factors and management's discussion on mitigating these risks.

Key Dates

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending November 30, 2023, providing updated financial and operational data compared to previous filings.

Filing Stats: 4,503 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-01-26 10:09:35

Key Financial Figures

Filing Documents

Business

Item 1. Business 5 A. Overview 5 I. Summary 5 I I . Purpose & Mission , Vision, Values and Priorities 5 B. Global Cruise Industry 6 I. Overview 6 II. Passenger Capacity by Ocean Going Vessels 7 II I . C ompetition 7 C. Our Global Cruise Business 8 I. Segment and Brand Information 8 I I. Ships Under Contract for Construction 8 I II . De scriptions of Cruise Brands 9 I V . Trademarks and Other Intelle ctual Property 11 V. Passengers Carried and Principal Source Geographic Areas 11 VI. Cruise Programs 11 VII. Cruise Pricing and Payment Terms 11 VIII. Seasonality 12 IX. Onboard and Other Revenues 12 X . Port Destinations and Exclusive Islands 13 X I . Marketing Activities 13 XI I . Sales Channels 13 XII I . S uppl y Chain 14 X I V . Human Capital Management and Employees 14 X V . Ethics and Compliance 15 XV I . Information Technology and Data Privacy 16 XVII. Insurance 16 XV III . Taxation 17 X IX . Governmental Regulations 19 X X . Sustainability 24 D. Website Access to Carnival Corporation & plc SEC Reports 37 E. Industry and Market Data 37

Risk Factors

Item 1A. Risk Factors 38

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Properties

Item 2. Properties 43

Legal Proceedings

Item 3. Legal Proceedings 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 1 PART II

Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44

Reserved

Item 6. Reserved 47

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 60

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 62

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 101

Controls and Procedures

Item 9A. Controls and Procedures 101

Other Information

Item 9B. Other Information 101

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 101 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 102

Executive Compensation

Item 11. Executive Compensation 103

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 103

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 104

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 104 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 104

Form 10-K Summary

Item 16. Form 10-K Summary 114 2 Cautionary Note Concerning Factors That May Affect Future Results Some of the statements, estimates or projections contained in this document are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms. Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding: Pricing Adjusted net income (loss) Booking levels Adjusted EBITDA Occupancy Adjusted earnings per share Interest, tax and fuel expenses Adjusted free cash flow Currency exchange rates Net per diems Goodwill, ship and trademark fair values Net yields Liquidity and credit ratings Adjusted cruise costs per ALBD Investment grade leverage metrics Adjusted cruise costs excluding fuel per ALBD Estimates of ship depreciable lives and residual values Adjusted return on invested capital Because forw

Business

Item 1. Business . A. Overview I. Summary Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival Corporation and Carnival plc operate a dual listed company ("DLC"), whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation's Articles of Incorporation and By-Laws and Carnival plc's Articles of Association. The two companies operate as if they are a single economic enterprise with a single executive management team and identical Boards of Directors, but each has retained its separate legal identity. Carnival Corporation and Carnival plc are both public companies with separate stock exchange listings and their own shareholders. Together with their consolidated subsidiaries, Carnival Corporation and Carnival plc are referred to collectively in this Form 10-K as "Carnival Corporation & plc," "company," "our," "us" and "we." We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises and Seabourn. II. Purpose & Mission, Vision, Values and Priorities Purpose & Mission To deliver unforgettable happiness to our guests by providing extraordinary cruise vacations, while honoring the integrity of every ocean we sail, place we visit and life we touch. Vision As the global leader in the cruise industry, we will lead the way in innovative and sustainable cruising to deliver memorable vacations and build borderless connections. Culture Essentials (our Core Values) Speak Up - Our voice is our strength. Every one of us, regardless of level or role, speaks up when we have questions, comments, concerns, or new ideas. If we see something wrong or that doesn't seem right, we say somethin

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