01—Abstract
Summary
Summary of the 10-K filed January 26, 2024. Cited figures are marked; the original filing is the authoritative source.
Carnival Corporation & plc (CCL) reported a strong recovery in its fiscal year 2023, achieving record revenues of $21.6 billiona.
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 billionb 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%c 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.
02—Key points
Key Highlights
- Record revenues of $21.6 billion for fiscal year 2023, a significant increase from $12.2 billion in 2022.
- Achieved 100% occupancy for fiscal year 2023, a substantial improvement from 75% in 2022.
- Generated positive net income in the third quarter of 2023, marking a key milestone in the post-pandemic recovery.
- Reduced debt by $4.6 billion from its peak in Q1 2023, ending the year with $5.4 billion in liquidity.
- Ended 2023 with the best booked position on record for both price and occupancy.
- Continued fleet modernization with new ship deliveries and an average fleet age younger than pre-pandemic.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2023, Carnival Corp lost $0.00.
- Revenue$21.59B100.0%
- Cost of revenue−$14.32B66.3%
- Gross profit$7.28B33.7%
- Operating costs−$5.32B24.6%
- Operating income$1.96B9.1%
- Interest, other & tax−$2.03B9.4%
- Net income−$74.0M0.3%
Where FY2023 revenue went
$21.59B- Cost of revenue: $14.32B, 66% of revenue
- SG&A: $2.95B, 14% of revenue
- Operating income: $1.96B, 9.1% of revenue
- Other operating costs: $2.37B, 11% of revenue
Kept 9.1% as operating income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2023filed January 26, 2024Financial Statements
FY2023 against FY2022
| Line item | FY2023FY2022 | Change |
|---|---|---|
| Revenue | $21.59B$12.17B | +77.5% |
| Cost of Revenue | $14.32B$11.76B | +21.8% |
| Gross Profit | $7.28B$411.00M | +1670.3% |
| SG&A Expenses | $2.95B$2.52B | +17.3% |
| Operating Expenses | $19.64B$16.55B | +18.7% |
| Operating Income | $1.96B-$4.38B | +144.7% |
| Interest Expense | $2.07B$1.61B | +28.4% |
| Net Income | -$74.00M-$6.09B | +98.8% |
| EPS (Basic) | $-0.06$-5.16 | +98.8% |
| EPS (Diluted) | $-0.06$-5.16 | +98.8% |
| Shares Outstanding (Basic) | 1.26B1.18B | +6.9% |
| Shares Outstanding (Diluted) | 1.26B1.18B | +6.9% |
05—Questions
Frequently Asked Questions
What were Carnival Corporation's key financial results for fiscal year 2023?
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.
How has Carnival Corporation managed its debt and liquidity?
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.
What is Carnival Corporation's outlook for 2024?
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.
What are Carnival Corporation's strategic priorities moving forward?
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.
06—Continue