01—Abstract
Summary
Summary of the 10-K/A filed March 31, 2020. Cited figures are marked; the original filing is the authoritative source.
Carnival Corporation's (CCL) 2020 10-K filing, specifically Item 5 focusing on Market Information, reveals key details for investors regarding its stock performance, dividend policy, and share repurchase programs.
The company's common stock trades on the NYSE under "CCL", with Carnival plc ADSs also trading under "CUK". While dividend payments are at the Board's discretion and depend on various financial factors, the company has a history of repurchasing shares. Performance graphs for both Carnival Corporation common stock and Carnival plc ADSs show a period of growth from late 2014 through 2017, followed by a decline in 2018 and a partial recovery in 2019.
Investors should note that past performance is not indicative of future results. The company also highlights its ongoing share repurchase program, authorized in 2004 and modified in 2018, with a remaining authorization of $1.0 billiona as of the filing date. During the three months ended November 30, 2019, Carnival plc repurchased approximately 3.2 million ordinary shares.
02—Key points
Key Highlights
- Carnival Corporation (CCL) and Carnival plc (CUK) common stock/ADSs are traded on the NYSE.
- Dividend payments are discretionary and depend on earnings, liquidity, and market conditions.
- Past stock performance shows growth from 2014-2017, with fluctuations thereafter.
- A share repurchase program, authorized at $1.0 billion, remains active without an expiration date.
- Carnival plc repurchased 3.2 million ordinary shares in the three months ending November 30, 2019.
- No shares of Carnival Corporation common stock were repurchased during the same period.
- Carnival plc share repurchases require annual shareholder approval, with the current approval valid until July 15, 2020, or the 2020 AGM.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2019, Carnival Corp kept $0.14.
- Revenue$20.82B100.0%
- Cost of revenue−$12.91B62.0%
- Gross profit$7.92B38.0%
- Operating costs−$4.64B22.3%
- Operating income$3.28B15.7%
- Interest, other & tax−$286.0M1.4%
- Net income$2.99B14.4%
Where FY2019 revenue went
$20.82B- Cost of revenue: $12.91B, 62% of revenue
- Net income: $2.99B, 14% of revenue
- SG&A: $2.48B, 12% of revenue
- Other operating costs: $2.16B, 10% of revenue
- Interest, other & tax: $286.0M, 1.4% of revenue
Kept 14% as net incomeInterest, other & tax $286.0M · 1.4%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2019filed March 31, 2020Financial Statements
FY2019 against FY2018
| Line item | FY2019FY2018 | Change |
|---|---|---|
| Revenue | $20.82B$18.88B | +10.3% |
| Cost of Revenue | $12.91B$11.09B | +16.4% |
| Gross Profit | $7.92B$7.79B | +1.6% |
| SG&A Expenses | $2.48B$2.45B | +1.2% |
| Operating Expenses | $17.55B$15.56B | +12.8% |
| Operating Income | $3.28B$3.33B | −1.5% |
| Interest Expense | $206.00M$194.00M | +6.2% |
| Net Income | $2.99B$3.15B | −5.1% |
| EPS (Basic) | $4.34$4.45 | −2.5% |
| EPS (Diluted) | $4.32$4.44 | −2.7% |
| Shares Outstanding (Basic) | 690.00M709.00M | −2.7% |
| Shares Outstanding (Diluted) | 692.00M710.00M | −2.5% |
05—Questions
Frequently Asked Questions
Where is Carnival Corporation's stock traded?
Carnival Corporation's common stock, along with paired trust shares, is traded on the New York Stock Exchange (NYSE) under the ticker symbol "CCL". Carnival plc's American Depositary Shares (ADSs) also trade on the NYSE under the ticker symbol "CUK".
What is Carnival's policy on dividends?
The payment and amount of any future dividends are at the discretion of the Boards of Directors. Dividends are based on factors including earnings, liquidity, financial condition, booking trends, capital requirements, and credit ratings. The company cannot guarantee future dividend payments or their amounts and timing.
Has Carnival been repurchasing its shares?
Yes, Carnival has an ongoing share repurchase program. During the three months ended November 30, 2019, Carnival plc repurchased approximately 3.2 million ordinary shares. No Carnival Corporation common stock was repurchased during that specific three-month period.
What was the stock performance of Carnival over the past few years?
According to the performance graphs provided, an investment of $100 in Carnival Corporation common stock at the end of November 2014 grew to $117 by the end of November 2019, after reinvesting dividends. Similarly, $100 invested in Carnival plc ADSs grew to $112 over the same period. This shows a general upward trend from 2014 to 2017, followed by some decline and partial recovery in the subsequent years, though it underperformed the S&P 500 index over the entire period.
06—Continue