Carnival plc(CUK) - 2025 Q1 - Quarterly Results

Financial Performance - Record first quarter revenues of $5.8 billion, up over $400 million compared to the prior year[6] - Record first quarter operating income of $543 million, nearly double the prior year[6] - Adjusted net income guidance for 2025 expected to be up over 30 percent compared to 2024, better than December guidance by $185 million[6] - Revenues for the three months ended February 28, 2025, were $5,810 million, an increase from $5,406 million in the same period of 2024, representing a growth of 7.5%[32] - Adjusted net income for the three months ended February 28, 2025, was $174 million, compared to a loss of $180 million in the same period of 2024[40] - Adjusted EBITDA for the three months ended February 28, 2025, was $1,205 million, up from $871 million in the same period of 2024, indicating a significant improvement in operational performance[40] - Adjusted EBITDA of approximately $6.7 billion expected for full year 2025, up nearly 10 percent compared to 2024[14] - Adjusted gross margin for the same period was $4,359 million, compared to $4,033 million in 2024, indicating a year-over-year increase of 8.1%[43] Customer Activity - Total customer deposits reached a first quarter record of $7.3 billion, reflecting continued growth in ticket prices and pre-cruise onboard sales[7] - Cumulative advanced booked position for the remainder of the year remains strong, with pricing at historical highs for each quarter[10] - Booking volumes for 2026 sailings and beyond reached an all-time high at higher prices in constant currency[9] - Passenger cruise days (PCDs) increased to 24.3 million in the three months ended February 28, 2025, compared to 23.5 million in the same period of 2024, reflecting a rise in passenger activity[37] - The occupancy percentage for the three months ended February 28, 2025, was 103%, slightly up from 102% in the same period of 2024, indicating strong demand for cruise services[37] - Customer deposits increased to $6,853 million as of February 28, 2025, up from $6,425 million as of November 30, 2024, suggesting growing consumer interest and bookings[34] Cost and Margin Analysis - Gross margin yields per ALBD increased by 25% to $58.99 from $47.34 in the previous year[43] - Net yields per ALBD rose by 5.5% to $184.95, up from $175.36 in 2024[43] - Cruise costs per ALBD decreased slightly by 0.3% to $194.99 from $195.60 in 2024[45] - Adjusted cruise costs per ALBD were $133.50, down 1.9% from $136.03 in the previous year[45] - Adjusted cruise costs excluding fuel per ALBD were $113.76, a decrease of 0.3% compared to $114.09 in 2024[45] Debt and Financial Position - The company successfully refinanced $5.5 billion of debt, delivering $145 million in annualized interest savings[12] - Total current liabilities as of February 28, 2025, were $11,578 million, a slight decrease from $11,617 million as of November 30, 2024[34] - The company reported a net loss of $78 million for the three months ended February 28, 2025, an improvement from a net loss of $214 million in the same period of 2024[32] - The current portion of long-term debt as of February 28, 2025, was $1,531 million, compared to $1,538 million as of November 30, 2024, indicating a stable debt position[34] Future Projections - Adjusted return on invested capital (ROIC) expected to reach approximately 12 percent, achieving 2026 SEA Change targets one year in advance[14] - Newbuild capital expenditures for the remainder of 2025 are projected at $1.0 billion[20] - Future forecasts for non-GAAP measures are not provided due to the unpredictability of foreign exchange rates and fuel prices[54] - The company utilizes non-GAAP financial measures to provide insights into performance, including adjusted EBITDA and adjusted earnings per share[46]