Carnival Corporation | ![]() | Carnival plc |
(Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | |
Republic of Panama | England and Wales | |
(State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | |
001-9610 | 001-15136 | |
(Commission File Number) | (Commission File Number) | |
59-1562976 | 98-0357772 | |
(IRS Employer Identification No.) | (IRS Employer Identification No.) | |
3655 N.W. 87th Avenue Miami, Florida 33178-2428 | Carnival House, 100 Harbour Parade, Southampton SO15 1ST, United Kingdom | |
(Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | |
(305) 599-2600 | 011 44 23 8065 5000 | |
(Registrant’s telephone number, including area code) | (Registrant’s telephone number, including area code) | |
None | None | |
(Former name or former address, if changed since last report.) | (Former name, former address, if changed since last report.) |
CARNIVAL CORPORATION | CARNIVAL PLC | |||
By: | /s/ David Bernstein | By: | /s/ David Bernstein | |
Name: | David Bernstein | Name: | David Bernstein | |
Title: | Chief Financial Officer and Chief Accounting Officer | Title: | Chief Financial Officer and Chief Accounting Officer | |
Date: | March 28, 2017 | Date: | March 28, 2017 |
Exhibit No. | Description |
99.1 | Press release, dated March 28, 2017 (furnished pursuant to Item 2.02) |
• | Gross revenue yields (revenue per available lower berth day or “ALBD”) increased 0.1 percent. In constant currency, net revenue yields increased 3.8 percent for 1Q 2017, better than December guidance of up 1.5 to 2.5 percent. |
• | Gross cruise costs including fuel per ALBD increased 2.9 percent. In constant currency, net cruise costs excluding fuel per ALBD increased 3.2 percent, compared to December guidance of up 1.5 to 2.5 percent, due to the timing of certain expenses. |
• | Changes in fuel prices (including realized fuel derivatives) and currency exchange rates decreased earnings by $0.13 per share. |
Full Year 2017 | Second Quarter 2017 | |||||||
Year over year change: | Current Dollars | Constant Currency | Current Dollars | Constant Currency | ||||
Net revenue yields | Approx 1.5% | Approx 3.0% | 0.5 to 1.5% | 2.5 to 3.5% | ||||
Net cruise costs excl. fuel / ALBD | Approx flat | Approx 1.0% | (0.5) to 0.5% | 1.5 to 2.5% |
Full Year 2017 | Second Quarter 2017 | ||
Fuel price per metric ton | $362 | $359 | |
Fuel consumption (metric tons in thousands) | 3,310 | 840 | |
Currency: Euro | $1.07 to €1 | $1.08 to €1 | |
Sterling | $1.25 to £1 | $1.25 to £1 | |
Australian dollar | $0.76 to A$1 | $0.76 to A$1 |
Three Months Ended February 28/29, | ||||||||||||
2017 | 2016 | |||||||||||
Net income (in millions) | $ | 352 | $ | 142 | ||||||||
Adjusted net income (in millions) (a) | $ | 279 | $ | 301 | ||||||||
Earnings per share-diluted | $ | 0.48 | $ | 0.18 | ||||||||
Adjusted earnings per share-diluted (a) | $ | 0.38 | $ | 0.39 |
MEDIA CONTACT | INVESTOR RELATIONS CONTACT | |
Roger Frizzell | Beth Roberts | |
+1 (305) 406 7862 | +1 (305) 406 4832 |
• Net revenue yields | • Net cruise costs, excluding fuel per available lower berth day |
• Booking levels | • Estimates of ship depreciable lives and residual values |
• Pricing and occupancy | • Goodwill, ship and trademark fair values |
• Interest, tax and fuel expenses | • Liquidity |
• Currency exchange rates | • Adjusted earnings per share |
• | Incidents, such as ship incidents, security incidents, the spread of contagious diseases and threats thereof, adverse weather conditions or other natural disasters and the related adverse publicity affecting our reputation and the health, safety, security and satisfaction of guests and crew |
• | Economic conditions and adverse world events affecting the safety and security of travel, such as civil unrest, armed conflicts and terrorist attacks |
• | Changes in and compliance with laws and regulations relating to environment, health, safety, security, tax and anti-corruption under which we operate |
• | Disruptions and other damages to our information technology and other networks and operations, and breaches in data security |
• | Ability to recruit, develop and retain qualified personnel |
• | Increases in fuel prices |
• | Fluctuations in foreign currency exchange rates |
• | Misallocation of capital among our ship, joint venture and other strategic investments |
• | Future operating cash flow may not be sufficient to fund future obligations and we may be unable to obtain financing |
• | Overcapacity in the cruise ship and land-based vacation industry |
• | Deterioration of our cruise brands' strengths and our inability to implement our strategies |
• | Continuing financial viability of our travel agent distribution system, air service providers and other key vendors in our supply chain and reductions in the availability of, and increases in the prices for, the services and products provided by these vendors |
• | Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or consistent with our expectations and increases to our repairs and maintenance expenses and refurbishment costs as our fleet ages |
• | Failure to keep pace with developments in technology |
• | Geographic regions in which we try to expand our business may be slow to develop and ultimately not develop how we expect and our international operations are subject to additional risks not generally applicable to our U.S. operations |
• | Competition from the cruise ship and land-based vacation industry |
• | Economic, market and political factors that are beyond our control |
• | Litigation, enforcement actions, fines or penalties |
• | Lack of continuing availability of attractive, convenient and safe port destinations on terms that are favorable or consistent with our expectations |
• | Union disputes and other employee relationship issues |
• | Decisions to self-insure against various risks or the inability to obtain insurance for certain risks at reasonable rates |
• | Reliance on third-party providers of various services integral to the operations of our business |
• | Business activities that involve our co-investment with third parties |
• | Disruptions in the global financial markets or other events that may negatively affect the ability of our counterparties and others to perform their obligations to us |
• | Our shareholders may be subject to the uncertainties of a foreign legal system since Carnival Corporation and Carnival plc are not U.S. corporations |
• | Small group of shareholders may be able to effectively control the outcome of shareholder voting |
• | Provisions in Carnival Corporation’s and Carnival plc’s constitutional documents may prevent or discourage takeovers and business combinations that our shareholders might consider to be in their best interests |
• | The DLC arrangement involves risks not associated with the more common ways of combining the operations of two companies |
Three Months Ended February 28/29, | |||||||
2017 | 2016 | ||||||
Revenues | |||||||
Cruise | |||||||
Passenger tickets | $ | 2,804 | $ | 2,718 | |||
Onboard and other | 978 | 923 | |||||
Tour and other | 9 | 10 | |||||
3,791 | 3,651 | ||||||
Operating Costs and Expenses | |||||||
Cruise | |||||||
Commissions, transportation and other | 569 | 582 | |||||
Onboard and other | 125 | 117 | |||||
Payroll and related | 519 | 492 | |||||
Fuel | 297 | 187 | |||||
Food | 251 | 247 | |||||
Other ship operating | 661 | 604 | |||||
Tour and other | 13 | 14 | |||||
2,435 | 2,243 | ||||||
Selling and administrative | 549 | 551 | |||||
Depreciation and amortization | 439 | 423 | |||||
3,423 | 3,217 | ||||||
Operating Income | 368 | 434 | |||||
Nonoperating Income (Expense) | |||||||
Interest income | 2 | 2 | |||||
Interest expense, net of capitalized interest | (51 | ) | (52 | ) | |||
Gains (losses) on fuel derivatives, net (a) | 27 | (236 | ) | ||||
Other income (expense), net | 8 | (5 | ) | ||||
(14 | ) | (291 | ) | ||||
Income Before Income Taxes | 354 | 143 | |||||
Income Tax Expense, Net | (2 | ) | (1 | ) | |||
Net Income | $ | 352 | $ | 142 | |||
Earnings Per Share | |||||||
Basic | $ | 0.48 | $ | 0.18 | |||
Diluted | $ | 0.48 | $ | 0.18 | |||
Dividends Declared Per Share | $ | 0.35 | $ | 0.30 | |||
Weighted-Average Shares Outstanding - Basic | 725 | 766 | |||||
Weighted-Average Shares Outstanding - Diluted | 728 | 769 |
(a) | During the three months ended February 28/29, 2017 and 2016, our gains (losses) on fuel derivatives, net include net unrealized gains (losses) of $72 million and $(145) million and realized (losses) of $(45) million and $(91) million, respectively. |
February 28, 2017 | November 30, 2016 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 437 | $ | 603 | ||||
Trade and other receivables, net | 307 | 298 | ||||||
Inventories | 361 | 322 | ||||||
Prepaid expenses and other | 492 | 466 | ||||||
Total current assets | 1,597 | 1,689 | ||||||
Property and Equipment, Net | 32,328 | 32,429 | ||||||
Goodwill | 2,911 | 2,910 | ||||||
Other Intangibles | 1,279 | 1,275 | ||||||
Other Assets | 588 | 578 | (a) | |||||
$ | 38,703 | $ | 38,881 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term borrowings | $ | 169 | $ | 457 | ||||
Current portion of long-term debt | 1,127 | 640 | ||||||
Accounts payable | 669 | 713 | ||||||
Accrued liabilities and other | 1,766 | 1,740 | ||||||
Customer deposits | 3,734 | 3,522 | ||||||
Total current liabilities | 7,465 | 7,072 | ||||||
Long-Term Debt | 7,796 | 8,302 | (a) | |||||
Other Long-Term Liabilities | 782 | 910 | ||||||
Shareholders’ Equity | ||||||||
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 655 shares at 2017 and 654 shares at 2016 issued | 7 | 7 | ||||||
Ordinary shares of Carnival plc, $1.66 par value; 217 shares at 2017 and 2016 issued | 358 | 358 | ||||||
Additional paid-in capital | 8,660 | 8,632 | ||||||
Retained earnings | 21,939 | 21,843 | ||||||
Accumulated other comprehensive loss | (2,440 | ) | (2,454 | ) | ||||
Treasury stock, 118 shares at 2017 and 2016 of Carnival Corporation and 28 shares at 2017 and 27 shares at 2016 of Carnival plc, at cost | (5,864 | ) | (5,789 | ) | ||||
Total shareholders’ equity | 22,660 | 22,597 | ||||||
$ | 38,703 | $ | 38,881 |
Three Months Ended February 28/29, | |||||||
2017 | 2016 | ||||||
STATISTICAL INFORMATION | |||||||
ALBDs (in thousands) (a) | 20,024 | 19,290 | |||||
Occupancy percentage (b) | 104.6 | % | 104.0 | % | |||
Passengers carried (in thousands) | 2,769 | 2,559 | |||||
Fuel consumption in metric tons (in thousands) | 818 | 816 | |||||
Fuel consumption in metric tons per thousand ALBDs | 40.9 | 42.3 | |||||
Fuel cost per metric ton consumed | $ | 362 | $ | 229 | |||
Currencies | |||||||
U.S. dollar to euro | $ | 1.06 | $ | 1.10 | |||
U.S. dollar to sterling | $ | 1.24 | $ | 1.45 | |||
U.S. dollar to Australian dollar | $ | 0.75 | $ | 0.71 | |||
CASH FLOW INFORMATION (in millions) | |||||||
Cash from operations | $ | 932 | $ | 798 | |||
Capital expenditures | $ | 412 | $ | 330 | |||
Dividends paid | $ | 254 | $ | 232 |
(a) | 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. |
(b) | 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. |
Three Months Ended February 28/29, | |||||||||||
2017 | 2017 Constant Dollar | 2016 | |||||||||
Passenger ticket revenues | $ | 2,804 | $ | 2,881 | $ | 2,718 | |||||
Onboard and other revenues | 978 | 993 | 923 | ||||||||
Gross cruise revenues | 3,782 | 3,874 | 3,641 | ||||||||
Less cruise costs | |||||||||||
Commissions, transportation and other | (569 | ) | (587 | ) | (582 | ) | |||||
Onboard and other | (125 | ) | (127 | ) | (117 | ) | |||||
(694 | ) | (714 | ) | (699 | ) | ||||||
Net passenger ticket revenues | 2,235 | 2,294 | 2,136 | ||||||||
Net onboard and other revenues | 853 | 866 | 806 | ||||||||
Net cruise revenues | $ | 3,088 | $ | 3,160 | $ | 2,942 | |||||
ALBDs | 20,024,045 | 20,024,045 | 19,289,910 | ||||||||
Gross revenue yields | $ | 188.87 | $ | 193.44 | $ | 188.77 | |||||
% increase vs. 2016 | 0.1 | % | 2.5 | % | |||||||
Net revenue yields | $ | 154.22 | $ | 157.75 | $ | 152.50 | |||||
% increase vs. 2016 | 1.1 | % | 3.4 | % | |||||||
Net passenger ticket revenue yields | $ | 111.60 | $ | 114.53 | $ | 110.71 | |||||
% increase vs. 2016 | 0.8 | % | 3.4 | % | |||||||
Net onboard and other revenue yields | $ | 42.62 | $ | 43.22 | $ | 41.78 | |||||
% increase vs. 2016 | 2.0 | % | 3.4 | % |
Three Months Ended February 28/29, | |||||||||||
2017 | 2017 Constant Currency | 2016 | |||||||||
Net passenger ticket revenues | $ | 2,235 | $ | 2,308 | $ | 2,136 | |||||
Net onboard and other revenues | 853 | 861 | 806 | ||||||||
Net cruise revenues | $ | 3,088 | $ | 3,169 | $ | 2,942 | |||||
ALBDs | 20,024,045 | 20,024,045 | 19,289,910 | ||||||||
Net revenue yields | $ | 154.22 | $ | 158.25 | $ | 152.50 | |||||
% increase vs. 2016 | 1.1 | % | 3.8 | % | |||||||
Net passenger ticket revenue yields | $ | 111.60 | $ | 115.26 | $ | 110.71 | |||||
% increase vs. 2016 | 0.8 | % | 4.1 | % | |||||||
Net onboard and other revenue yields | $ | 42.62 | $ | 42.99 | $ | 41.78 | |||||
% increase vs. 2016 | 2.0 | % | 2.9 | % |
Three Months Ended February 28/29, | |||||||||||
2017 | 2017 Constant Dollar | 2016 | |||||||||
Cruise operating expenses | $ | 2,422 | $ | 2,478 | $ | 2,229 | |||||
Cruise selling and administrative expenses | 546 | 558 | 549 | ||||||||
Gross cruise costs | 2,968 | 3,036 | 2,778 | ||||||||
Less cruise costs included above | |||||||||||
Commissions, transportation and other | (569 | ) | (587 | ) | (582 | ) | |||||
Onboard and other | (125 | ) | (127 | ) | (117 | ) | |||||
Gain on ship sale (c) | — | — | 2 | ||||||||
Restructuring expenses (c) | — | — | — | ||||||||
Other (c) | 1 | 1 | (16 | ) | |||||||
Net cruise costs | 2,275 | 2,323 | 2,065 | ||||||||
Less fuel | (297 | ) | (297 | ) | (187 | ) | |||||
Net cruise costs excluding fuel | $ | 1,978 | $ | 2,026 | $ | 1,878 | |||||
ALBDs | 20,024,045 | 20,024,045 | 19,289,910 | ||||||||
Gross cruise costs per ALBD | $ | 148.24 | $ | 151.60 | $ | 144.02 | |||||
% increase vs. 2016 | 2.9 | % | 5.3 | % | |||||||
Net cruise costs excluding fuel per ALBD | $ | 98.81 | $ | 101.13 | $ | 97.35 | |||||
% increase vs. 2016 | 1.5 | % | 3.9 | % |
Three Months Ended February 28/29, | |||||||||||
2017 | 2017 Constant Currency | 2016 | |||||||||
Net cruise costs excluding fuel | $ | 1,978 | $ | 2,012 | $ | 1,878 | |||||
ALBDs | 20,024,045 | 20,024,045 | 19,289,910 | ||||||||
Net cruise costs excluding fuel per ALBD | $ | 98.81 | $ | 100.47 | $ | 97.35 | |||||
% increase vs. 2016 | 1.5 | % | 3.2 | % |
Three Months Ended February 28/29, | |||||||
2017 | 2016 | ||||||
Net income | |||||||
U.S. GAAP net income | $ | 352 | $ | 142 | |||
Unrealized (gains) losses on fuel derivatives, net (b) | (72 | ) | 145 | ||||
Gain on ship sale (c) | — | (2 | ) | ||||
Restructuring expenses (c) | — | — | |||||
Other (c) | (1 | ) | 16 | ||||
Adjusted net income | $ | 279 | $ | 301 | |||
Weighted-average shares outstanding | 728 | 769 | |||||
Earnings per share | |||||||
U.S. GAAP earnings per share | $ | 0.48 | $ | 0.18 | |||
Unrealized (gains) losses on fuel derivatives, net (b) | (0.10 | ) | 0.19 | ||||
Gain on ship sale (c) | — | — | |||||
Restructuring expenses (c) | — | — | |||||
Other (c) | — | 0.02 | |||||
Adjusted earnings per share | $ | 0.38 | $ | 0.39 | |||
(a) | Non-GAAP Financial Measures |
• | The translation of our EAA segment operations to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies. |
• | Our North American segment operations have a U.S. dollar functional currency but also have revenue and expense transactions in currencies other than the U.S. dollar. If the U.S. dollar strengthens against these other currencies, it reduces the U.S. dollar revenues and expenses. If the U.S. dollar weakens against these other currencies, it increases the U.S. dollar revenues and expenses. |
• | Our EAA segment operations have euro, sterling and Australian dollar functional currencies but also have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses. |
(b) | Under U.S. GAAP, the realized and unrealized gains and losses on fuel derivatives not qualifying as fuel hedges are recognized currently in earnings. We believe that unrealized gains and losses on fuel derivatives are not an indication of our earnings performance since they relate to future periods and may not ultimately be realized in our future earnings. Therefore, we believe it is more meaningful for the unrealized gains and losses on fuel derivatives to be excluded from our net income and earnings per share and, accordingly, we present adjusted net income and adjusted earnings per share excluding these unrealized gains and losses. |
(c) | We believe that gains and losses on ship sales and ship impairments and restructuring and other expenses 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 gains and losses on ship sales and ship impairments and restructuring and other non-core gains and charges to be excluded from our net income and earnings per share and, accordingly, we present adjusted net income and adjusted earnings per share excluding these items. |
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