Core Insights - Carnival Corporation & plc, the world's largest cruise company, was awarded three ESG Shipping Awards for its sustainability efforts, including the Gold Climate Change Leader Award for its Liquefied Natural Gas (LNG) program [1][2][4] Group 1: Awards and Recognition - Carnival Corporation received the Gold Climate Change Leader Award for its LNG program, which is currently operational on 10 ships and aims to reduce greenhouse gas emissions [2][4] - AIDA Cruises was recognized with the Gold Technology Leader Award for its innovative lithium-ion battery energy storage system on AIDAprima, which has a capacity of 10-megawatt hours [5] - The Bronze Environment Leader Award was given to Carnival Corporation for its food waste reduction initiatives, achieving over 40% reduction in food waste per person compared to its 2019 baseline [6] Group 2: Sustainability Initiatives - The LNG program is expected to represent approximately 25% of Carnival's total fleet capacity by 2028, with the company currently producing over 10% less total GHG emissions than in 2011 [4] - The food waste management technologies, including biodigesters and dehydrators, are part of Carnival's strategy to minimize food waste and support its goal of a 50% reduction by 2030 [6] - Carnival Corporation's long-term sustainability vision focuses on six areas: climate action, circular economy, sustainable tourism, good health and well-being, diversity, equity and inclusion, and biodiversity and conservation [7]

Carnival Corporation & plc (NYSE:CCL) Q1 2024 Earnings Conference Call March 27, 2024 10:00 AM ET Company Participants Beth Roberts - Senior Vice President, Investor Relations Josh Weinstein - President, Chief Executive Officer and Chief Climate Officer David Bernstein - Chief Financial Officer and Chief Accounting Officer Conference Call Participants Robin Farley - UBS David Katz - Jefferies Brandt Montour - Barclays James Hardiman - Citi Steven Wieczynski - Stifel Jaime Katz - Morningstar Matthew Boss - J ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-9610 Commission file number: 001-15136 Carnival Corporation Carnival plc (Exact name of registrant as specified in its chart ...

| --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|--------------|--------|------------------------------------|----------|---------------| | (in millions, except per diems and yields data) | | Three \n2024 | Months | Ended \n2024 \nConstant Currency | February | 29/28, \n2023 | | Total revenues | $ | 5,406 | | | $ | 4,432 | | Less: Cruise and tour operating expenses | | (3,705) | | | | (3,311) | | Depreciation and amortization | | (613) | | ...

Portions of the 2024 joint definitive Proxy Statement are incorporated by reference into Part III of this report. 2 CARNIVAL CORPORATION & PLC FORM 10-K FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2023 TABLE OF CONTENTS PART I Item 1. Business 5 A. Overview 5 I. Summary 5 II. Purpose & Mission, Vision, Values and Priorities 5 B. Global Cruise Industry 6 I. Overview 6 II. Passenger Capacity by Ocean Going Vessels 7 III. Competition 7 C. Our Global Cruise Business 8 I. Segment and Brand Information 8 II. Ships Und ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) For the quarterly period ended August 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-9610 Commission file number: 001-15136 Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the ...

Interest Rate Risks 41 Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have not required collateral or other security to support normal credit sales. We have not experienced significant credit losses, including counterparty nonperformance on ou ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported a net loss of $693 million, a significant improvement from the prior year, driven by substantial revenue growth as cruise operations resumed | Metric | Three Months Ended Feb 28, 2023 (in millions) | Three Months Ended Feb 28, 2022 (in millions) | | :--- | :--- | :--- | | **Total Revenues** | **$4,432** | **$1,623** | | Passenger ticket | $2,870 | $873 | | Onboard and other | $1,563 | $750 | | **Operating Loss** | **($172)** | **($1,491)** | | **Net Loss** | **($693)** | **($1,891)** | | **Diluted EPS** | **($0.55)** | **($1.66)** | | Metric | Feb 28, 2023 (in millions) | Nov 30, 2022 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $5,455 | $4,029 | | Total Assets | $51,985 | $51,703 | | Customer deposits | $5,495 | $4,874 | | Long-Term Debt | $32,672 | $31,953 | | Total Shareholders' Equity | $6,170 | $7,065 | | Metric | Three Months Ended Feb 28, 2023 (in millions) | Three Months Ended Feb 28, 2022 (in millions) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $388 | ($1,212) | | Net cash used in investing activities | ($1,044) | ($3,032) | | Net cash provided by financing activities | $111 | $1,728 | [Note 1: General](index=9&type=section&id=NOTE%201%20%E2%80%93%20General) The company has largely completed its return to guest cruise operations and maintains **$8.1 billion** in liquidity, deemed sufficient for the next twelve months despite market challenges - As of February 28, 2023, the company's return to guest cruise operations was essentially complete[25](index=25&type=chunk) - The company had **$8.1 billion** of liquidity at February 28, 2023, including cash and available borrowings under its revolving credit facility[26](index=26&type=chunk) - Management's liquidity forecast assumes continued revenue and occupancy growth, with occupancy expected to return to historical levels in the summer of 2023[23](index=23&type=chunk)[28](index=28&type=chunk) [Note 3: Debt](index=12&type=section&id=NOTE%203%20%E2%80%93%20Debt) Total debt increased slightly to **$36.0 billion**, with a new **$2.1 billion** revolving facility established and all debt covenants in compliance, including waivers through May 2024 Debt Composition | Category | Feb 28, 2023 (in millions) | Nov 30, 2022 (in millions) | | :--- | :--- | :--- | | Total Debt | $35,963 | $35,615 | | Less: unamortized costs | ($828) | ($1,069) | | **Total Debt, net** | **$35,135** | **$34,546** | - In February 2023, the company entered into a new **$2.1 billion** multi-currency revolving facility, which will become available in August 2024 to replace the existing facility[46](index=46&type=chunk) - The company obtained waivers for its Interest Coverage Covenant through the May 31, 2024 testing date and was in compliance with all applicable covenants at February 28, 2023[54](index=54&type=chunk)[55](index=55&type=chunk) Debt Maturity Schedule (as of Feb 28, 2023) | Year | Principal Payments (in millions) | | :--- | :--- | | Remainder of 2023 | $1,779 | | 2024 | $2,734 | | 2025 | $4,488 | | 2026 | $4,611 | | 2027 | $5,742 | | Thereafter | $16,611 | | **Total** | **$35,963** | [Note 4: Contingencies and Commitments](index=15&type=section&id=NOTE%204%20%E2%80%93%20Contingencies%20and%20Commitments) The company faces ongoing legal proceedings, including a **$110 million** judgment under appeal and a **$21 million** award in its favor, alongside **$4.3 billion** in capital commitments for new ships - In the Havana Docks Corporation lawsuit, a court entered a judgment against Carnival for **$110 million** plus fees; Carnival has filed a notice of appeal[60](index=60&type=chunk) - In litigation with former vendor DeCurtis LLC, a jury found in Carnival's favor, awarding **$21 million** in damages for breach of contract and patent infringement[61](index=61&type=chunk) - The company has future capital commitments for new ships totaling **$4.26 billion**, with payments scheduled through 2025[71](index=71&type=chunk) [Note 6: Segment Information](index=22&type=section&id=NOTE%206%20%E2%80%93%20Segment%20Information) The NAA segment achieved operating income of **$86 million**, while the Europe segment significantly narrowed its operating loss, both driven by the continued resumption of operations Segment Performance (Three Months Ended Feb 28) | Segment (in millions) | Revenues 2023 | Operating Income (Loss) 2023 | Revenues 2022 | Operating Income (Loss) 2022 | | :--- | :--- | :--- | :--- | :--- | | NAA | $3,078 | $86 | $1,126 | ($840) | | Europe | $1,294 | ($166) | $457 | ($598) | | Cruise Support | $51 | ($69) | $33 | ($34) | | Tour and Other | $9 | ($21) | $8 | ($20) | - The company has renamed its former EA (Europe & Asia) segment to Europe, noting that China has not reopened to international cruise travel and operations in Asia have been significantly reduced[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Improved financial results are attributed to the ongoing resumption of guest cruise operations, with occupancy reaching **91%** and liquidity at **$8.1 billion**, despite challenges from debt, inflation, and higher costs Key Operating Statistics (Q1 2023 vs Q1 2022) | Metric | Three Months Ended Feb 28, 2023 | Three Months Ended Feb 28, 2022 | | :--- | :--- | :--- | | Occupancy percentage | 91% | 54% | | ALBDs (in millions) | 22.1 | 13.3 | | Passengers carried (in millions) | 2.7 | 1.0 | | Fuel cost per metric ton | $730 | $648 | - As of February 28, 2023, **96%** of the company's capacity was serving guests, compared to **71%** as of February 28, 2022[124](index=124&type=chunk) - The company's liquidity stood at **$8.1 billion** as of February 28, 2023, comprising cash, cash equivalents, and available borrowings under its Revolving Facility[131](index=131&type=chunk) - The company operates with a substantial working capital deficit (**$3.9 billion** at quarter-end), primarily because passenger ticket receipts are collected in advance of sailings[132](index=132&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from interest rates, fuel prices, and foreign currency through its debt portfolio and derivatives, with **59%** of debt fixed in USD Debt Composition by Rate Type (as of Feb 28, 2023) | Rate Type | Percentage of Total Debt | | :--- | :--- | | Fixed rate (USD) | 59% | | EUR fixed rate | 16% | | Floating rate (USD) | 9% | | EUR floating rate | 15% | | GBP floating rate | 1% | [Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of February 28, 2023, with no material changes to internal control over financial reporting - The President, CEO, and CFO concluded that the company's disclosure controls and procedures were effective as of February 28, 2023[142](index=142&type=chunk) - No changes occurred during the quarter that have materially affected or are reasonably likely to materially affect the company's internal control over financial reporting[143](index=143&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) This section details legal proceedings, including an environmental matter involving an inadvertent food waste discharge by the Coral Princess, with a **$1.9 million** undertaking provided - The company disclosed an inadvertent discharge of approximately **six cubic meters** of comminuted food waste by the Coral Princess in the Great Barrier Reef Marine Park in June 2022[147](index=147&type=chunk) - A letter of undertaking for approximately **$1.9 million**, representing the estimated maximum penalty, has been provided for the Coral Princess incident[147](index=147&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the comprehensive risk factors outlined in the company's Annual Report on Form 10-K, which could materially impact business and financial results - The report states that the risk factors discussed in the company's Form 10-K should be carefully considered as they could materially impact the business[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No sales or repurchases occurred under the company's Stock Swap Program during the three months ended February 28, 2023 - There were no sales of Carnival Corporation common stock or repurchases of Carnival plc ordinary shares under the Stock Swap Program during the three months ended February 28, 2023[151](index=151&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the new Facilities Agreement for the revolving credit facility and standard CEO/CFO certifications - A key exhibit filed is the Facilities Agreement, dated February 28, 2023, for the new multi-currency revolving facility for Carnival Holdings (Bermuda) II Limited[153](index=153&type=chunk) Signatures

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ________________ Commission file number: 001-9610 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-9610 Commission file number: 001-15136 | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------ ...