$CCL
CARNIVAL CORP

2015 Q3 Form 10-Q Financial Statement

#000081509715000025 Filed on October 02, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $4.883B $144.0M
YoY Change 3290.97% 2.13%
Cost Of Revenue $2.490B $2.760B
YoY Change -9.78% -5.38%
Gross Profit $2.393B -$2.616B
YoY Change -191.48% -5.76%
Gross Profit Margin 49.01% -1816.67%
Selling, General & Admin $484.0M $481.0M
YoY Change 0.62% 9.57%
% of Gross Profit 20.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $399.0M $414.0M
YoY Change -3.62% 1.97%
% of Gross Profit 16.67%
Operating Expenses $484.0M $481.0M
YoY Change 0.62% 9.57%
Operating Profit $1.510B $1.292B
YoY Change 16.87% 35.86%
Interest Expense $53.00M $69.00M
YoY Change -23.19% -9.21%
% of Operating Profit 3.51% 5.34%
Other Income/Expense, Net -$260.0M -$51.00M
YoY Change 409.8% 218.75%
Pretax Income $1.250B $1.241B
YoY Change 0.73% 32.73%
Income Tax $34.00M $0.00
% Of Pretax Income 2.72% 0.0%
Net Earnings $1.216B $1.241B
YoY Change -2.01% 32.87%
Net Earnings / Revenue 24.9% 861.81%
Basic Earnings Per Share $1.56 $1.60
Diluted Earnings Per Share $1.56 $1.60
COMMON SHARES
Basic Shares Outstanding 778.0M shares 776.0M shares
Diluted Shares Outstanding 781.0M shares 778.0M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $539.0M $436.0M
YoY Change 23.62% -55.56%
Cash & Equivalents $539.0M $436.0M
Short-Term Investments
Other Short-Term Assets $321.0M $330.0M
YoY Change -2.73% -11.05%
Inventory $305.0M $358.0M
Prepaid Expenses
Receivables $328.0M $355.0M
Other Receivables $124.0M $123.0M
Total Short-Term Assets $1.617B $1.602B
YoY Change 0.94% -39.18%
LONG-TERM ASSETS
Property, Plant & Equipment $32.23B $33.07B
YoY Change -2.54% 1.77%
Goodwill $3.052B $3.199B
YoY Change -4.6% 1.23%
Intangibles $1.247B $1.292B
YoY Change -3.48% 1.1%
Long-Term Investments
YoY Change
Other Assets $649.0M $831.0M
YoY Change -21.9% 0.97%
Total Long-Term Assets $37.18B $38.40B
YoY Change -3.16% 1.68%
TOTAL ASSETS
Total Short-Term Assets $1.617B $1.602B
Total Long-Term Assets $37.18B $38.40B
Total Assets $38.80B $40.00B
YoY Change -3.0% -0.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $578.0M $610.0M
YoY Change -5.25% 1.5%
Accrued Expenses $1.349B $1.191B
YoY Change 13.27% 28.2%
Deferred Revenue
YoY Change
Short-Term Debt $38.00M $146.0M
YoY Change -73.97% -25.51%
Long-Term Debt Due $1.218B $1.754B
YoY Change -30.56% -13.6%
Total Short-Term Liabilities $6.749B $7.056B
YoY Change -4.35% -5.77%
LONG-TERM LIABILITIES
Long-Term Debt $6.604B $6.967B
YoY Change -5.21% -10.59%
Other Long-Term Liabilities $1.091B $817.0M
YoY Change 33.54% -4.22%
Total Long-Term Liabilities $7.695B $7.784B
YoY Change -1.14% -9.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.749B $7.056B
Total Long-Term Liabilities $7.695B $7.784B
Total Liabilities $14.44B $14.84B
YoY Change -2.67% -8.01%
SHAREHOLDERS EQUITY
Retained Earnings $20.02B $19.54B
YoY Change 2.48% 3.32%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.162B $3.087B
YoY Change 2.43% 0.32%
Treasury Stock Shares
Shareholders Equity $24.35B $25.16B
YoY Change
Total Liabilities & Shareholders Equity $38.80B $40.00B
YoY Change -3.0% -0.98%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $1.216B $1.241B
YoY Change -2.01% 32.87%
Depreciation, Depletion And Amortization $399.0M $414.0M
YoY Change -3.62% 1.97%
Cash From Operating Activities $1.281B $1.120B
YoY Change 14.38% 39.48%
INVESTING ACTIVITIES
Capital Expenditures -$323.0M -$348.0M
YoY Change -7.18% -4.66%
Acquisitions
YoY Change
Other Investing Activities -$55.00M -$1.000M
YoY Change 5400.0% -98.55%
Cash From Investing Activities -$378.0M -$349.0M
YoY Change 8.31% -19.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -648.0M -669.0M
YoY Change -3.14% 492.04%
NET CHANGE
Cash From Operating Activities 1.281B 1.120B
Cash From Investing Activities -378.0M -349.0M
Cash From Financing Activities -648.0M -669.0M
Net Change In Cash 255.0M 102.0M
YoY Change 150.0% -60.16%
FREE CASH FLOW
Cash From Operating Activities $1.281B $1.120B
Capital Expenditures -$323.0M -$348.0M
Free Cash Flow $1.604B $1.468B
YoY Change 9.26% 25.68%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Litigation </font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the January 2012</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">ship</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">incident, litigation claims and investigations, including, but not limited to, those arising from personal injury, loss of or damage to personal property, business interruption losses or environmental damage to any affected coastal waters and the surrounding areas, have been and may be asserted or brought against various parties, including us.&#160;The ultimate outcome of these matters cannot be determined at this time. However, we do not expect these matters to have a significant impact on our results of operations because we have insurance coverage for these types of third-party claims.</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The UK Maritime &amp; Coastguard Agency and the U.S. Department of Justice are investigating allegations that </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Caribbean Princess</font><font style="font-family:inherit;font-size:10pt;"> breached international pollution laws. We are cooperating with the investigations, including conducting our own internal investigation into the matter. Given the early stage of discussion with the government, the ultimate outcome of this matter cannot be determined at this time. However, we do not expect it to have a significant impact on our results of operations.</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Additionally, in the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. Management believes the ultimate outcome of these claims and lawsuits will not have a material adverse impact on our consolidated financial statements. </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingent Obligations &#8211; Lease Out and Lease Back Type (&#8220;LILO&#8221;) Transactions</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">August&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, Carnival Corporation had estimated contingent obligations totaling </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$379 million</font><font style="font-family:inherit;font-size:10pt;">, excluding termination payments as discussed below, to participants in LILO transactions for </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> of its ships. At the inception of these leases, the aggregate of the net present value of these obligations was paid by Carnival Corporation to a group of major financial institutions, who agreed to act as payment undertakers and directly pay these obligations. As a result, these contingent obligations are considered extinguished and neither the funds nor the contingent obligations have been included in our Consolidated Balance Sheets.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants, we estimate that it would, as of </font><font style="font-family:inherit;font-size:10pt;">August&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, be responsible for a termination payment of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$22 million</font><font style="font-family:inherit;font-size:10pt;">. In 2017, Carnival Corporation has the right to exercise options that would terminate these LILO transactions at no cost to it.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If the credit rating of one of the financial institutions who is directly paying the contingent obligations falls below AA-, or below A- for the other financial institution, then Carnival Corporation will be required to replace the applicable financial institution with another financial institution whose credit rating is at least AA or meets other specified credit requirements. In such circumstances, it would incur additional costs, although we estimate that they would not be significant to our consolidated financial statements. The financial institution payment undertaker subject to the AA- credit rating threshold has a credit rating of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">AA</font><font style="font-family:inherit;font-size:10pt;">, and the financial institution subject to the A- credit rating threshold has a credit rating of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">A+</font><font style="font-family:inherit;font-size:10pt;">. &#160;If Carnival Corporation's credit rating, which is </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">BBB+</font><font style="font-family:inherit;font-size:10pt;">, falls below BBB, it will be required to provide a standby letter of credit for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$31 million</font><font style="font-family:inherit;font-size:10pt;">, or, alternatively, provide mortgages for this aggregate amount on these </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> ships.</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingent Obligations &#8211; Indemnifications</font></div><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Some of the debt contracts that we enter into include indemnification provisions that obligate us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes and changes in laws that increase lender capital costs and other similar costs. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any material payments under such indemnification clauses in the past and, under current circumstances, we do not believe a request for material future indemnification payments is probable.</font></div></div>

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