$CCL
CARNIVAL CORP

2016 Q3 Form 10-Q Financial Statement

#000081509716000045 Filed on September 30, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $5.097B $4.883B
YoY Change 4.38% 3290.97%
Cost Of Revenue $2.563B $2.490B
YoY Change 2.93% -9.78%
Gross Profit $2.534B $2.393B
YoY Change 5.89% -191.48%
Gross Profit Margin 49.72% 49.01%
Selling, General & Admin $529.0M $484.0M
YoY Change 9.3% 0.62%
% of Gross Profit 20.88% 20.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $442.0M $399.0M
YoY Change 10.78% -3.62%
% of Gross Profit 17.44% 16.67%
Operating Expenses $529.0M $484.0M
YoY Change 9.3% 0.62%
Operating Profit $1.562B $1.510B
YoY Change 3.44% 16.87%
Interest Expense $61.00M $53.00M
YoY Change 15.09% -23.19%
% of Operating Profit 3.91% 3.51%
Other Income/Expense, Net -$97.00M -$260.0M
YoY Change -62.69% 409.8%
Pretax Income $1.465B $1.250B
YoY Change 17.2% 0.73%
Income Tax $41.00M $34.00M
% Of Pretax Income 2.8% 2.72%
Net Earnings $1.424B $1.216B
YoY Change 17.11% -2.01%
Net Earnings / Revenue 27.94% 24.9%
Basic Earnings Per Share $1.93 $1.56
Diluted Earnings Per Share $1.93 $1.56
COMMON SHARES
Basic Shares Outstanding 737.0M shares 778.0M shares
Diluted Shares Outstanding 739.0M shares 781.0M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $462.0M $539.0M
YoY Change -14.29% 23.62%
Cash & Equivalents $462.0M $539.0M
Short-Term Investments
Other Short-Term Assets $355.0M $321.0M
YoY Change 10.59% -2.73%
Inventory $314.0M $305.0M
Prepaid Expenses
Receivables $321.0M $328.0M
Other Receivables $102.0M $124.0M
Total Short-Term Assets $1.554B $1.617B
YoY Change -3.9% 0.94%
LONG-TERM ASSETS
Property, Plant & Equipment $32.86B $32.23B
YoY Change 1.96% -2.54%
Goodwill $2.964B $3.052B
YoY Change -2.88% -4.6%
Intangibles $1.290B $1.247B
YoY Change 3.45% -3.48%
Long-Term Investments
YoY Change
Other Assets $660.0M $649.0M
YoY Change 1.69% -21.9%
Total Long-Term Assets $37.78B $37.18B
YoY Change 1.61% -3.16%
TOTAL ASSETS
Total Short-Term Assets $1.554B $1.617B
Total Long-Term Assets $37.78B $37.18B
Total Assets $39.33B $38.80B
YoY Change 1.38% -3.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $704.0M $578.0M
YoY Change 21.8% -5.25%
Accrued Expenses $1.738B $1.349B
YoY Change 28.84% 13.27%
Deferred Revenue
YoY Change
Short-Term Debt $334.0M $38.00M
YoY Change 778.95% -73.97%
Long-Term Debt Due $739.0M $1.218B
YoY Change -39.33% -30.56%
Total Short-Term Liabilities $7.100B $6.749B
YoY Change 5.2% -4.35%
LONG-TERM LIABILITIES
Long-Term Debt $8.320B $6.604B
YoY Change 25.98% -5.21%
Other Long-Term Liabilities $1.012B $1.091B
YoY Change -7.24% 33.54%
Total Long-Term Liabilities $9.332B $7.695B
YoY Change 21.27% -1.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.100B $6.749B
Total Long-Term Liabilities $9.332B $7.695B
Total Liabilities $16.43B $14.44B
YoY Change 13.76% -2.67%
SHAREHOLDERS EQUITY
Retained Earnings $21.49B $20.02B
YoY Change 7.32% 2.48%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.559B $3.162B
YoY Change 75.81% 2.43%
Treasury Stock Shares
Shareholders Equity $22.90B $24.35B
YoY Change
Total Liabilities & Shareholders Equity $39.33B $38.80B
YoY Change 1.38% -3.0%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $1.424B $1.216B
YoY Change 17.11% -2.01%
Depreciation, Depletion And Amortization $442.0M $399.0M
YoY Change 10.78% -3.62%
Cash From Operating Activities $1.429B $1.281B
YoY Change 11.55% 14.38%
INVESTING ACTIVITIES
Capital Expenditures -$450.0M -$323.0M
YoY Change 39.32% -7.18%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$55.00M
YoY Change -101.82% 5400.0%
Cash From Investing Activities -$449.0M -$378.0M
YoY Change 18.78% 8.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.045B -648.0M
YoY Change 61.27% -3.14%
NET CHANGE
Cash From Operating Activities 1.429B 1.281B
Cash From Investing Activities -449.0M -378.0M
Cash From Financing Activities -1.045B -648.0M
Net Change In Cash -65.00M 255.0M
YoY Change -125.49% 150.0%
FREE CASH FLOW
Cash From Operating Activities $1.429B $1.281B
Capital Expenditures -$450.0M -$323.0M
Free Cash Flow $1.879B $1.604B
YoY Change 17.14% 9.26%

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:12px;text-align:left;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. The ultimate outcome of this matter cannot be determined at this time; however, we do not expect it to have a material impact on our results of operations.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. We believe the ultimate outcome of these claims and lawsuits will not have a material 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, 2016</font><font style="font-family:inherit;font-size:10pt;">, we had estimated contingent obligations totaling </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$364 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 our ships. At the inception of these leases, we paid the aggregate of the net present value of these obligations 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 we were to default on our contingent obligations and assuming performance by all other participants, we estimate that we would, as of </font><font style="font-family:inherit;font-size:10pt;">August&#160;31, 2016</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;">$13 million</font><font style="font-family:inherit;font-size:10pt;">. In January 2016, we elected to exercise our options to terminate, at no cost, the LILO transactions as of January 1, 2017 for one ship and as of January 1, 2018 for the second ship.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In advance of the termination dates, 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 we 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, we 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;">. If our 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, we 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;">$27 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:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or other changes in laws which increase our lender's 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 similar indemnification clauses in the past and we do not believe a request for material future indemnification payments is probable.</font></div></div>

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