10-KPeriod: FY2023

CARNIVAL CORP Annual Report, Year Ended Nov 30, 2023

Filed January 26, 2024For Securities:CCL

Summary

Carnival Corporation & plc (CCL) reported a strong recovery in its fiscal year 2023, achieving record revenues of $21.6 billion. The company successfully resumed all guest cruise operations and posted its first positive net income quarter in Q3 2023. CCL ended the year with a robust booked position for both pricing and occupancy, indicating significant demand. The company has also made progress in strengthening its balance sheet, reducing its debt by $4.6 billion from its peak in Q1 2023 and ending the year with $5.4 billion in liquidity. Key operational achievements include an occupancy rate of 100% for the full year, up from 75% in 2022, and a fleet that is now one year younger on average than before the pandemic pause. CCL is strategically investing in new ships and port destinations, such as Celebration Key in Grand Bahama. The company's focus remains on driving revenue growth, optimizing its expense base, and deleveraging its balance sheet to return to strong profitability and improve shareholder value.

Financial Highlights

50 data points
Beta

Revenue

$21.59B

33.7% Gross Margin

Net Income

-$74.00M

-0.3% Net Margin

EPS (Diluted)

$-0.06

Total Assets

$49.12B

Cash & Equivalents

$2.44B

Free Cash Flow

$997.00M

Financial Statements
Beta
Revenue$21.59B
Cost of Revenue$14.32B
Gross Profit$7.28B
SG&A Expenses$2.95B
Operating Expenses$19.64B
Operating Income$1.96B
Interest Expense$2.07B
Net Income-$74.00M
EPS (Basic)$-0.06
EPS (Diluted)$-0.06
Shares Outstanding (Basic)1.26B
Shares Outstanding (Diluted)1.26B

Key Highlights

  • 1Record revenues of $21.6 billion for fiscal year 2023, a significant increase from $12.2 billion in 2022.
  • 2Achieved 100% occupancy for fiscal year 2023, a substantial improvement from 75% in 2022.
  • 3Generated positive net income in the third quarter of 2023, marking a key milestone in the post-pandemic recovery.
  • 4Reduced debt by $4.6 billion from its peak in Q1 2023, ending the year with $5.4 billion in liquidity.
  • 5Ended 2023 with the best booked position on record for both price and occupancy.
  • 6Continued fleet modernization with new ship deliveries and an average fleet age younger than pre-pandemic.

Frequently Asked Questions

Carnival Corporation reported record revenues of $21.6 billion for fiscal year 2023, a significant increase from $12.2 billion in 2022. The company also achieved a 100% occupancy rate and reported its first positive net income quarter in Q3 2023, indicating a strong recovery.

The company has actively managed its debt, reducing it by $4.6 billion from its peak in Q1 2023. Carnival ended the fiscal year with $5.4 billion in liquidity, demonstrating improved financial health and flexibility.

Carnival Corporation entered 2024 with its best booked position on record for both price and occupancy, suggesting strong demand and pricing power. The company anticipates continued revenue growth and is focused on further debt reduction and operational efficiencies.

Carnival's strategic priorities include driving revenue growth through enhanced demand generation and yield management, optimizing its cost base, strengthening its balance sheet by reducing debt, and continuing to invest in fleet modernization and new ship deliveries. They are also focused on sustainability initiatives.