CARNIVAL
CORPORATION & PLC PROVIDES FOURTH QUARTER 2021 BUSINESS
UPDATE
MIAMI, Dec. 20, 2021
-- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
provides fourth quarter 2021 business update.
- U.S. GAAP net loss of $2.6
billion and adjusted net loss of $2.0 billion for the fourth quarter of
2021.
- Fourth quarter 2021 ended with $9.4
billion of liquidity.
- For the cruise segments, revenue per passenger cruise day
("PCD") for the fourth quarter of 2021 increased approximately 4%
compared to a strong 2019. The increase was driven in part by
exceptionally strong onboard and other revenue.
- As of November 30, 2021, 61%
of the company's capacity was operating with guests on board and it
expects the full fleet to be back in operation in the spring of
2022.
- Cumulative advanced bookings for the second half of 2022 and
first half of 2023 are at the higher end of historical ranges and
at higher prices, with or without future cruise credits ("FCC"),
normalized for bundled packages, as compared to 2019
sailings.
- Customer deposits increased $360 million in the fourth
quarter of 2021, marking the third consecutive quarter the company
has seen an increase in customer deposits.
- Through its debt management efforts, the company has
refinanced over $9 billion to date,
reducing its future annual interest expense by approximately
$400 million per year and extending
maturities, optimizing its debt maturity profile.
- Carnival Corporation's CDP score for climate change improved
to a B from a C in recognition of enhanced disclosures, including
the establishment of its 2030 sustainability goals and 2050
aspirations.
Carnival Corporation & plc President and Chief Executive
Officer Arnold Donald noted, "Since
resuming guest cruise operations, we have established effective
protocols for COVID-19 and its variants and have returned 65,000
team members and 50 ships, all while delivering an exceptional
guest experience to over 1.2 million guests and counting. And we
have done that while honoring our commitment to strive for
excellence in compliance, environmental protection and the health,
safety and well-being of everyone."
Donald added, "Our cash from operations turned positive in the
month of November, and we expect consistently positive cash flow
beginning in the second quarter of 2022 as additional ships resume
guest cruise operations. We enter the year with $9.4 billion of liquidity, essentially the same
liquidity level as last year but with significantly improved cash
flow generation ahead, as ship operating cash flow and customer
deposits continue to build. During 2021, we believe we have clearly
maximized our return to service and strengthened our financial
position to withstand potential volatility on our path to
profitability."
Fourth Quarter 2021 Results and
Statistical Information
- For the cruise segments, revenue per PCD for the fourth quarter
of 2021 increased approximately 4% compared to a strong 2019. The
increase was driven in part by exceptionally strong onboard and
other revenue.
- Occupancy in the fourth quarter of 2021 was 58%, which was
better than the 54% in the third quarter of 2021.
- Available lower berth days ("ALBD") for the fourth quarter of
2021 were 10.2 million, which represents 47% of total fleet
capacity. ALBDs are expected to be 14.1 million for the first
quarter of 2022, which represents 63% of total fleet capacity.
Donald noted, "We achieved 4% higher revenue per passenger day
in our fourth quarter compared to a strong fourth quarter of 2019,
while at the same time ramping up occupancy and capacity. In fact,
Carnival Cruise Line experienced another quarter of double-digit
revenue growth per passenger day compared to 2019, operating at
nearly 60% of its capacity while also improving occupancy, and is
now approaching 90% occupancy levels in the month of December,
which is a testament to the fundamental strength in demand for our
cruise product."
The company's monthly average cash burn rate for the fourth
quarter of 2021 was $510 million,
which was better than expected. The monthly average cash burn rate
includes revenues earned on voyages, ongoing ship operating and
administrative expenses, restart spend, working capital changes
(excluding changes in customer deposits), interest expense and
capital expenditures (net of export credit facilities), and
excludes scheduled debt maturities as well as other cash collateral
to be provided. As the company continues its gradual return to
service, it expects to continue incurring incremental restart
related spend, including the cost of returning ships to guest
cruise operations and returning crew members to its ships as well
as the incremental costs of maintaining enhanced health and safety
protocols.
The gradual resumption of the company's guest cruise operations
continues to have a material impact on all aspects of its business,
including the company's liquidity, financial position and results
of operations. The company expects a net loss for the first half of
2022 and a profit for the second half of 2022 on both a U.S. GAAP
and adjusted basis for both periods.
Resumption of Guest Cruise
Operations
Donald added, "With over 60% of our capacity now in operation
and the remainder planned by spring, we are well positioned for our
seasonally strong summer period."
Since resuming its guest cruise operations in September 2020, the company has carried 1.2
million guests onboard its ships. As of November 30, 2021, eight of the company's nine
brands have resumed guest cruise operations as part of its gradual
return to service, with 61% of its capacity operating with guests
on board. The company continues to expect to have its full fleet
back in operation as follows:
|
|
Planned Ships in
Service
at the End of Each Month |
|
|
|
|
Number of Ships |
|
% of Berth Capacity |
|
Total Passenger Capacity
(Lower Berths) (a) |
2021: November |
|
50 |
|
61% |
|
240,460 |
December |
|
57 |
|
67% |
|
251,230 |
2022: January |
|
57 |
|
66% |
|
254,890 |
February |
|
60 |
|
68% |
|
254,890 |
March |
|
66 |
|
75% |
|
255,160 |
April |
|
82 |
|
90% |
|
255,160 |
May |
|
91 |
|
98% |
|
255,160 |
June |
|
94 |
|
100% |
|
255,160 |
|
|
|
|
|
|
|
(a) Total passenger capacity increases
for newbuild deliveries through March 2022. |
While the company will benefit from the disposal of 19 smaller,
less efficient ships since the beginning of the pause in guest
cruise operations, the company is forecasting net cruise costs (see
Explanations of Non-GAAP Financial Measures) without fuel per ALBD
in 2022 to be significantly higher than 2019. This is driven by a
portion of our fleet being in pause status for part of the year,
restart related expenses, the cost of maintaining enhanced health
and safety protocols and inflation. We anticipate that most of
these costs and expenses will end in 2022 and will not reoccur in
fiscal 2023. In 2022, fuel consumption is forecasted to be 2.9
million metric tons. The blended spot price for fuel is currently
$563 per metric ton.
The company has worked closely with health and medical experts
globally and nationally, as well as with authorities in destination
countries, to put in place comprehensive health and safety
protocols for protection against and mitigation of COVID-19 across
the entire cruise experience for all of the company's nine brands.
This includes cross-industry learnings and best practices based on
the proven health and safety record of industry-wide sailings, and
input from top scientists and public health, epidemiological and
policy experts. Protocols have been and will continue to be updated
based on evolving scientific and medical knowledge related to
mitigation strategies. Details about enhanced protocols, including
the latest information and requirements for each of the company's
brands, is available on their websites.
Update on Bookings
Donald added, "Booking volumes continue to build for the
remainder of 2022 and well into 2023 and we are achieving those
early bookings with strong demand and pricing."
Cumulative advanced bookings for the second half of 2022 and
first half of 2023 are at the higher end of historical ranges and
at higher prices, with or without FCCs, normalized for bundled
packages, as compared to 2019 sailings. Booking volumes for the
same periods during fourth quarter of 2021 were higher
than the third quarter of 2021. Over the last few weeks, we have
experienced an initial impact on bookings related to near-term
sailings as a result of the Omicron variant. (Due to the gradual
resumption in guest cruise operations, the company's current
booking trends will be compared to booking trends for 2019
sailings.)
Total customer deposits increased $360 million to
$3.5 billion as of
November 30, 2021 from $3.1 billion as of August 31, 2021. For the third consecutive
quarter, the company saw an increase in customer deposits.
Refinancing
Carnival Corporation & plc Chief Financial Officer
David Bernstein noted, "We ended the
fiscal year with $9.4 billion of
liquidity and have addressed our short-term maturities, improving
our future liquidity position. Through our debt management efforts,
we have refinanced over $9 billion to
date, reducing our future annual interest expense by approximately
$400 million per year and extending
maturities, optimizing our debt maturity profile. During 2022, we
will continue to be focused on pursuing refinancing opportunities
to reduce interest rates and extend maturities. We believe we have
the potential to generate higher EBITDA in 2023 compared to 2019
given our additional capacity and improved cost structure.
Therefore, in 2023, our focus will shift to deleveraging driven by
cash from operations."
During the fourth quarter of 2021 the company refinanced
$2.6 billion, bringing the total
amount refinanced to over $9 billion
to date.
- Borrowed $2.3 billion under a new
term loan facility and repaid $2.0
billion, effectively extending maturities to 2028 and
reducing interest expense by $135
million annually.
- Issued $2.0 billion aggregate
principal amount of senior unsecured notes due 2029, intended to
refinance 2022 maturities.
- Extended existing loan maturities totaling approximately
$650 million originally due in 2022
and 2023, to various dates in 2023 through 2026.
As of November 30, 2021, the
company's outstanding debt maturities are as follows:
(in billions) |
|
2022 |
|
2023 |
|
2024 |
Principal payments on outstanding debt (a) |
|
$ |
1.9 |
|
|
$ |
2.8 |
|
|
$ |
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excluding the revolving
credit facility. As of November 30, 2021, borrowings under the
revolving
credit facility were $2.8 billion, which mature in 2024. |
Sustainability Update
Donald noted, "We are operating the only five large cruise ships
in the world currently powered by LNG and we will shortly take
delivery of our sixth. Upon returning to full cruise operations,
our LNG efforts combined with other innovative efforts to drive
energy efficiency are forecasted to deliver a 10% reduction in unit
fuel consumption on an annualized basis compared to 2019, a
significant achievement on our path to decarbonization."
Donald added, "We have announced our net zero aspirations by
2050. We are focused on making a real impact on the environment by
decreasing our unit fuel consumption today, even reducing the
potential need for carbon offsets."
The company is focused on advancing its six critical
sustainability focus areas – climate action; circular economy;
sustainable tourism; good health and well-being; diversity, equity
and inclusion; and biodiversity and conservation. Among these
priorities, the company is committed to continuing its reduction of
carbon emissions and has aspirations to achieve net carbon-neutral
ship operations by 2050, well ahead of current International
Maritime Organization's ("IMO") target, while minimizing the use of
carbon offsets. To achieve this aspiration, the company is
partnering with key organizations to help identify and scale new
technologies not yet ready for the cruise industry. The company
believes its scale will support its effort to lead the industry in
climate action. The company's carbon emissions reduction efforts
include improvements in energy efficiency, integrating alternative
fuels and investing in new technologies such as batteries and fuel
cells.
The company's specific efforts include:
- Measuring and evaluating its emissions performance to ensure
ongoing improvement
- Despite experiencing capacity growth of approximately 25% from
2011 to 2019, absolute carbon emissions peaked in 2011 through
improvements in energy efficiency
- Achieved its 2020 carbon intensity reduction goal of 25% on a
per unit basis
- Committed to delivering a 40% reduction in carbon intensity on
a per unit basis by 2030, relative to its 2008 baseline
- Innovating to drive energy efficiency
- Invested over $350 million in
energy efficiency improvements since 2016
- Energy efficiency improvements, fleet optimization and
itinerary management are expected to drive a 10% improvement in
fuel consumption per ALBD in the company's first full year of guest
cruise operations compared to 2019
- Led the industry in the development of LNG ships
- The company's five LNG ships are the only contemporary or
premium LNG cruise ships currently operating in the world, and it
has six more LNG ships on order. Together, these 11 ships will
represent 20% of its future capacity
- Developed the first port with shore power capability for cruise
ships, which has expanded to 21 ports and growing
- Over 45% of the company's fleet is equipped to connect to shore
power while in port with a goal of reaching at least 60% of the
fleet by 2030
- Pioneered the use of Advanced Air Quality Systems on board its
ships to aid in the reduction of sulfur emissions
- Partnering with key organizations and stakeholders on
research and development to support carbon emissions reduction
efforts
- First cruise company to join the Getting to Zero Coalition
- Partnering to evaluate and pilot maritime scale battery
technology and methanol powered fuel cells on its ships
- Working with Classification Societies and other stake holders
to assess hydrogen, methanol, eLNG and biofuels as future low
carbon fuel options for cruise ships
- Planning to conduct assessments with fuel suppliers to evaluate
the feasibility of introducing bio-LNG fuel products into its
supply chain
For more detailed information on the company's 2030
sustainability goals and 2050 aspirations, see the company report
issued on www.carnivalsustainability.com.
Other Recent Highlights
- Carnival Corporation's CDP score for climate change improved to
a B from a C in recognition of enhanced disclosures, including the
establishment of its 2030 sustainability goals and 2050
aspirations. CDP is the leading global independent platform that
evaluates climate change disclosure.
- Carnival Corporation named by Forbes as one of the World's Best
Employers and as one of the World's Top Female-Friendly Companies
of 2021.
- Carnival Corporation named by Inc. as one of America's Best-Led
Companies of 2021.
- Rotterdam, Holland
America Line's newest ship, departed on its maiden voyage from
Amsterdam.
- Costa Cruises took delivery of its newest ship, Costa
Toscana, the company's fifth ship powered by LNG.
- Carnival Cruise Line announced that its third Excel-class ship,
Carnival Jubilee, will be delivered in 2023 and based in
Galveston, Texas.
- AIDA Cruises and Antenne Deutschland launched a new radio
station, AIDAradio.
- Carnival Cruise Line introduced Funderstruck, a new marketing
campaign highlighting the heightened joy and fun experienced
together on a Carnival cruise.
Conference Call
The company has scheduled a conference call with analysts at
10:00 a.m. EST (3:00 p.m. GMT) today to discuss its business
update. This call can be listened to live, and additional
information can be obtained, via Carnival Corporation & plc's
website at www.carnivalcorp.com and
www.carnivalplc.com.
Carnival Corporation & plc is one of the world's
largest leisure travel companies with a portfolio of nine of the
world's leading cruise lines. With operations in North
America, Australia, Europe and Asia, its portfolio features – Carnival Cruise
Line, Princess Cruises, Holland America Line, P&O
Cruises (Australia),
Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK)
and Cunard.
Additional information can be found on www.carnivalcorp.com,
www.carnivalsustainability.com, www.carnival.com, www.princess.com,
www.hollandamerica.com, www.pocruises.com.au, www.seabourn.com,
www.costacruise.com, www.aida.de, www.pocruises.com and
www.cunard.com.
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,"
"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:
|
- Goodwill, ship and trademark fair values
|
|
- Liquidity and credit ratings
|
|
- Adjusted earnings per share
|
- Interest, tax and fuel expenses
|
- Return to guest cruise operations
|
|
- Impact of the COVID-19 coronavirus global pandemic on our
financial condition and results of operations
|
- Estimates of ship depreciable lives and residual values
|
Because forward-looking statements involve risks and
uncertainties, there are many factors that could cause our actual
results, performance or achievements to differ materially from
those expressed or implied by our forward looking statements. This
note contains important cautionary statements of the known factors
that we consider could materially affect the accuracy of our
forward-looking statements and adversely affect our business,
results of operations and financial position. Additionally, many of
these risks and uncertainties are currently amplified by and will
continue to be amplified by, or in the future may be amplified by,
COVID-19. It is not possible to predict or identify all such risks.
There may be additional risks that we consider immaterial or which
are unknown. These factors include, but are not limited to, the
following:
- COVID-19 has had, and is expected to continue to have, a
significant impact on our financial condition and operations. The
current, and uncertain future, impact of COVID-19, including its
effect on the ability or desire of people to travel (including on
cruises), is expected to continue to impact our results,
operations, outlooks, plans, goals, reputation, litigation, cash
flows, liquidity, and stock price.
- World events impacting the ability or desire of people to
travel have and may continue to lead to a decline in demand for
cruises.
- Incidents concerning our ships, guests or the cruise
vacation industry have in the past and may, in the future, impact
the satisfaction of our guests and crew and lead to reputational
damage.
- Changes in and non-compliance with laws and regulations
under which we operate, such as those relating to health,
environment, safety and security, data privacy and protection,
anti-corruption, economic sanctions, trade protection and tax have
in the past and may, in the future, lead to litigation, enforcement
actions, fines, penalties and reputational damage.
- Factors associated with climate change, including evolving
and increasing regulations, increasing global concern about climate
change and the shift in climate conscious consumerism and
stakeholder scrutiny, and increases to the frequency and/or
severity of adverse weather conditions could adversely affect our
business.
- Inability to meet or achieve our sustainability related
goals, aspirations, initiatives, and our public statements and
disclosures regarding them, may expose us to risks that may
adversely impact our business.
- Breaches in data security and lapses in data privacy as well
as disruptions and other damages to our principal offices,
information technology operations and system networks and failure
to keep pace with developments in technology may adversely impact
our business operations, the satisfaction of our guests and crew
and may lead to reputational damage.
- The loss of key employees, our inability to recruit or
retain qualified shoreside and shipboard employees and increased
labor costs could have an adverse effect on our business and
results of operations.
- Increases in fuel prices, changes in the types of fuel
consumed and availability of fuel supply may adversely impact our
scheduled itineraries and costs.
- We rely on supply chain vendors who are integral to the
operations of our businesses. These vendors and service providers
are also affected by COVID-19 and may be unable to deliver on their
commitments which could impact our business.
- Fluctuations in foreign currency exchange rates may
adversely impact our financial results.
- Overcapacity and competition in the cruise and land-based
vacation industry may lead to a decline in our cruise sales,
pricing and destination options.
- Inability to implement our shipbuilding programs and ship
repairs, maintenance and refurbishments may adversely impact our
business operations and the satisfaction of our guests.
The ordering of the risk factors set forth above is not intended
to reflect our indication of priority or likelihood.
Forward-looking statements should not be relied upon as a
prediction of actual results. Subject to any continuing obligations
under applicable law or any relevant stock exchange rules, we
expressly disclaim any obligation to disseminate, after the date of
this document, any updates or revisions to any such forward-looking
statements to reflect any change in expectations or events,
conditions or circumstances on which any such statements are
based.
Forward-looking and other statements in this document may also
address our sustainability progress, plans, and goals (including
climate change- and environmental-related matters), and the
inclusion of such statements is not an indication that these
contents are necessarily material to investors or required to be
disclosed in the Company's filings with the Securities and Exchange
Commission. In addition, historical, current, and forward-looking
sustainability-related statements may be based on standards for
measuring progress that are still developing, internal controls and
processes that continue to evolve, and assumptions that are subject
to change in the future.
|
CARNIVAL
CORPORATION & PLC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)
(in millions, except per share data) |
|
|
|
Three Months
Ended
November 30, |
|
Twelve Months
Ended
November 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenues |
|
|
|
|
|
|
|
Passenger ticket |
$ |
674 |
|
|
$ |
4 |
|
|
$ |
1,000 |
|
|
$ |
3,684 |
|
Onboard and other |
613 |
|
|
30 |
|
|
908 |
|
|
1,910 |
|
|
1,287 |
|
|
34 |
|
|
1,908 |
|
|
5,595 |
|
Operating Costs and Expenses |
|
|
|
|
|
|
|
Commissions, transportation and other |
153 |
|
|
41 |
|
|
269 |
|
|
1,139 |
|
Onboard and other |
178 |
|
|
12 |
|
|
272 |
|
|
605 |
|
Payroll and related |
475 |
|
|
217 |
|
|
1,309 |
|
|
1,780 |
|
Fuel |
282 |
|
|
104 |
|
|
680 |
|
|
823 |
|
Food |
107 |
|
|
9 |
|
|
187 |
|
|
413 |
|
Ship and other impairments |
67 |
|
|
138 |
|
|
591 |
|
|
1,967 |
|
Other operating |
560 |
|
|
169 |
|
|
1,346 |
|
|
1,518 |
|
|
1,823 |
|
|
688 |
|
|
4,655 |
|
|
8,245 |
|
Selling and administrative |
580 |
|
|
444 |
|
|
1,885 |
|
|
1,878 |
|
Depreciation and amortization |
552 |
|
|
543 |
|
|
2,233 |
|
|
2,241 |
|
Goodwill impairments |
226 |
|
|
— |
|
|
226 |
|
|
2,096 |
|
|
3,180 |
|
|
1,676 |
|
|
8,997 |
|
|
14,460 |
|
Operating Income (Loss) |
(1,893) |
|
|
(1,642) |
|
|
(7,089) |
|
|
(8,865) |
|
Nonoperating Income (Expense) |
|
|
|
|
|
|
|
Interest income |
2 |
|
|
3 |
|
|
12 |
|
|
18 |
|
Interest expense, net of capitalized interest |
(348) |
|
|
(348) |
|
|
(1,601) |
|
|
(895) |
|
Gains (losses) on debt extinguishment, net |
(298) |
|
|
(239) |
|
|
(670) |
|
|
(459) |
|
Other income (expense), net |
(87) |
|
|
(12) |
|
|
(173) |
|
|
(52) |
|
|
(731) |
|
|
(595) |
|
|
(2,433) |
|
|
(1,388) |
|
Income (Loss) Before Income Taxes |
(2,624) |
|
|
(2,237) |
|
|
(9,522) |
|
|
(10,253) |
|
Income Tax Benefit (Expense), Net |
4 |
|
|
15 |
|
|
21 |
|
|
17 |
|
Net Income (Loss) |
$ |
(2,620) |
|
|
$ |
(2,222) |
|
|
$ |
(9,501) |
|
|
$ |
(10,236) |
|
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
|
|
Basic |
$ |
(2.31) |
|
|
$ |
(2.41) |
|
|
$ |
(8.46) |
|
|
$ |
(13.20) |
|
Diluted |
$ |
(2.31) |
|
|
$ |
(2.41) |
|
|
$ |
(8.46) |
|
|
$ |
(13.20) |
|
Weighted-Average Shares Outstanding -
Basic |
1,135 |
|
|
922 |
|
|
1,123 |
|
|
775 |
|
Weighted-Average Shares Outstanding -
Diluted |
1,135 |
|
|
922 |
|
|
1,123 |
|
|
775 |
|
CARNIVAL CORPORATION
& PLC
OTHER INFORMATION |
|
|
November
30, |
BALANCE SHEET INFORMATION (in
millions) |
2021 |
|
2020 |
Cash, cash equivalents and short-term
investments |
$ |
9,139 |
|
|
$ |
9,513 |
|
Debt (current and long-term) |
$ |
33,226 |
|
|
$ |
26,957 |
|
Customer deposits (current and long-term) |
$ |
3,508 |
|
|
$ |
2,241 |
|
|
Three Months
Ended
November 30, |
|
Twelve Months
Ended
November 30, |
STATISTICAL INFORMATION |
2021 |
|
2020 |
|
2021 |
|
2020 |
PCDs (in thousands) (b) |
5,960 |
|
(a) |
|
8,179 |
|
(a) |
ALBDs (in thousands) (c) |
10,198 |
|
(a) |
|
14,603 |
|
(a) |
Occupancy percentage (d) |
58.4% |
|
(a) |
|
56.0% |
|
(a) |
Passengers carried (in thousands) |
851 |
|
(a) |
|
1,223 |
|
(a) |
Fuel consumption in metric tons (in
thousands) |
484 |
|
277 |
|
1,336 |
|
1,915 |
Fuel cost per metric ton consumed |
$ |
590 |
|
$ |
377 |
|
$ |
515 |
|
$ |
430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to
Statistical Information
(a) |
As a result of the pause in guest cruise
operations in 2020, data for these metrics was not meaningful and
was not included
in the table. |
|
|
(b) |
PCD represents the number of cruise passengers on
a voyage multiplied by the number of revenue-producing ship
operating
days for that voyage. |
|
|
(c) |
ALBD is a standard measure of passenger capacity
for the period that we use to approximate rate and capacity
variances,
based on consistently applied formulas that we use to perform
analyses to determine the main non-capacity driven factors
that cause our cruise revenues and expenses to vary. ALBDs assume
that each cabin we offer for sale accommodates two
passengers and is computed by multiplying passenger capacity by
revenue-producing ship operating days in the period. |
|
|
(d) |
In accordance with cruise industry practice,
occupancy is calculated using a denominator of ALBDs, which assumes
two
passengers per cabin even though some cabins can accommodate three
or more passengers. Percentages in excess of
100% indicate that on average more than two passengers occupied
some cabins. |
|
CARNIVAL
CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES |
|
|
|
Three Months
Ended
November 30, |
|
Twelve Months
Ended
November 30, |
(in millions) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
|
|
|
|
U.S. GAAP net income
(loss) |
$ |
(2,620) |
|
|
$ |
(2,222) |
|
|
$ |
(9,501) |
|
|
$ |
(10,236) |
|
(Gains) losses on ship
sales and impairments |
292 |
|
|
115 |
|
|
802 |
|
|
3,934 |
|
(Gains) losses on debt extinguishment, net |
298 |
|
|
239 |
|
|
670 |
|
|
459 |
|
Restructuring
expenses |
7 |
|
|
5 |
|
|
13 |
|
|
47 |
|
Other |
69 |
|
|
— |
|
|
86 |
|
|
3 |
|
Adjusted net income
(loss) |
$ |
(1,955) |
|
|
$ |
(1,862) |
|
|
$ |
(7,931) |
|
|
$ |
(5,793) |
|
Explanations of Non-GAAP Financial
Measures
Non-GAAP Financial Measures
Net cruise cost reflects total cruise operating costs and
expenses less: commissions, transportation and other; onboard and
other; depreciation and amortization; and goodwill impairments.
We use adjusted net income (loss) as a non-GAAP financial
measure of our cruise segments' and the company's financial
performance. This non-GAAP financial measure is provided along with
U.S. GAAP net income (loss).
We believe that gains and losses on ship sales, impairment
charges, gains and losses on debt extinguishments, restructuring
costs and other gains and losses are not part of our core operating
business and are not an indication of our future earnings
performance. Therefore, we believe it is more meaningful for these
items to be excluded from our net income (loss), and accordingly,
we present adjusted net income (loss) excluding these items.
The presentation of our non-GAAP financial information is not
intended to be considered in isolation from, as a substitute for,
or superior to the financial information prepared in accordance
with U.S. GAAP. It is possible that our non-GAAP financial measures
may not be exactly comparable to the like-kind information
presented by other companies, which is a potential risk associated
with using these measures to compare us to other companies.
CONTACT: MEDIA CONTACT: Roger
Frizzell, +1 305 406 7862; INVESTOR RELATIONS
CONTACT: Beth Roberts, +1 305 406 4832