Carnival Corp. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Carnival Corp. filed its Q1 2024 10-Q, detailing financial performance and corporate structure.</b>

AI Summary

CARNIVAL CORP (CCL) filed a Quarterly Report (10-Q) with the SEC on March 27, 2024. Carnival Corporation filed its 10-Q report for the period ending February 29, 2024. The filing covers the first quarter of fiscal year 2024. Carnival Corp. is incorporated in Panama and Carnival PLC is incorporated in the UK. The company's fiscal year ends on November 30. The filing includes data for the periods ending February 29, 2024, November 30, 2023, and February 28, 2023.

Why It Matters

For investors and stakeholders tracking CARNIVAL CORP, this filing contains several important signals. This 10-Q filing provides crucial insights into Carnival's financial health and operational performance for the first quarter of 2024, allowing investors to assess trends and make informed decisions. Understanding the dual corporate structure (Carnival Corp. and Carnival PLC) and their respective filings is essential for a comprehensive analysis of the company's overall financial position and regulatory compliance.

Risk Assessment

Risk Level: medium — CARNIVAL CORP shows moderate risk based on this filing. The company operates in the highly cyclical and competitive cruise industry, which is susceptible to economic downturns, geopolitical events, and health crises, as evidenced by past disruptions.

Analyst Insight

Monitor upcoming earnings reports and investor calls for management's outlook on revenue growth, cost management, and fleet optimization strategies.

Key Numbers

• 2024-02-29 — Period End Date (Conformed Period of Report)
• 2024-03-27 — Filing Date (Filed As of Date)
• 1130 — Fiscal Year End (Carnival Corp. and Carnival PLC)
• 0000815097 — Central Index Key (Carnival Corp.)
• 0001125259 — Central Index Key (Carnival PLC)

Key Players & Entities

• CARNIVAL CORP (company) — Filer
• CARNIVAL PLC (company) — Filer
• 2024-02-29 (date) — Conformed Period of Report
• 2024-03-27 (date) — Filed As of Date
• 3655 NW 87TH AVE (address) — Business Address for Carnival Corp.
• 100 HARBOUR PARADE (address) — Business Address for Carnival PLC
• WATER TRANSPORTATION [4400] (industry) — Standard Industrial Classification
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Carnival Corporation operates within the global cruise line industry, a sector characterized by significant capital investment in large vessels and susceptibility to global economic conditions and travel trends.

Regulatory Implications

The company is subject to various maritime regulations, safety standards, and environmental laws enforced by international bodies and national authorities, impacting its operations and compliance requirements.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue trends, cost of sales, and operating expenses.
2. Review any disclosures regarding debt, equity, and cash flow to assess the company's financial stability.
3. Examine management's discussion and analysis (MD&A) for forward-looking statements and strategic priorities.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-27: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial information compared to the previous fiscal year's filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) CCL New York Stock Exchange
• $1.66 — resented by American Depositary Shares ($1.66 par value) , Special Voting Share, GBP

Filing Documents

• ccl-20240229.htm (10-Q) — 922KB
• exhibit311q12024.htm (EX-31.1) — 7KB
• exhibit312q12024.htm (EX-31.2) — 7KB
• exhibit313q12024.htm (EX-31.3) — 7KB
• exhibit314q12024.htm (EX-31.4) — 7KB
• exhibit321q12024.htm (EX-32.1) — 3KB
• exhibit322q12024.htm (EX-32.2) — 3KB
• exhibit323q22024.htm (EX-32.3) — 3KB
• exhibit324q12024.htm (EX-32.4) — 3KB
• ccl-20240229_g1.jpg (GRAPHIC) — 8KB
• pdfofform10q.pdf (10-Q) — 373KB
• 0000815097-24-000035.txt (&nbsp;) — 6184KB
• ccl-20240229.xsd (EX-101.SCH) — 44KB
• ccl-20240229_cal.xml (EX-101.CAL) — 71KB
• ccl-20240229_def.xml (EX-101.DEF) — 228KB
• ccl-20240229_lab.xml (EX-101.LAB) — 532KB
• ccl-20240229_pre.xml (EX-101.PRE) — 356KB
• ccl-20240229_htm.xml (XML) — 817KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31

SIGNATURES

SIGNATURES 33 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) (in millions, except per share data) Three Months Ended February 29/28, 2024 2023 Revenues Passenger ticket $ 3,617 $ 2,870 Onboard and other 1,790 1,563 5,406 4,432 Operating Expenses Commissions, transportation and other 819 655 Onboard and other 550 484 Payroll and related 623 582 Fuel 505 535 Food 346 311 Other operating 862 743 Cruise and tour operating expenses 3,705 3,311 Selling and administrative 813 712 Depreciation and amortization 613 582 5,131 4,604 Operating Income (Loss) 276 ( 172 ) Nonoperating Income (Expense) Interest income 33 56 Interest expense, net of capitalized interest ( 471 ) ( 539 ) Debt extinguishment and modification costs ( 33 ) — Other income (expense), net ( 18 ) ( 30 ) ( 489 ) ( 514 ) Income (Loss) Before Income Taxes ( 214 ) ( 686 ) Income Tax Benefit (Expense), Net — ( 7 ) Net Income (Loss) $ ( 214 ) $ ( 693 ) Earnings Per Share Basic $ ( 0.17 ) $ ( 0.55 ) Diluted $ ( 0.17 ) $ ( 0.55 ) The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (in millions) Three Months Ended February 29/28, 2024 2023 Net Income (Loss) $ ( 214 ) $ ( 693 ) Items Included in Other Comprehensive Income (Loss) Change in foreign currency translation adjustment — ( 3 ) Other 1 14 Other Comprehensive Income (Loss) 1 11 Total Comprehensive Income (Loss) $ ( 213 ) $ ( 682 ) The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents CARNIVAL CORPORATION & PLC CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in millions, except par values) February 29, 2024 November 30, 2023 ASSETS Current Assets Cash and cash equivalents $ 2,242 $ 2,415 Trade and other receivables, net 644 556 Inventories 531 52

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – General The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as "Carnival Corporation & plc," "our," "us" and "we." Basis of Presentation The Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders' Equity for the three months ended February 29/28, 2024 and 2023, and the Consolidated Balance Sheet at February 29, 2024 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted as permitted by such Securities and Exchange Commission rules and regulations. The preparation of our interim consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2023