$CCL
CARNIVAL CORP

2019 Q2 Form 10-Q Financial Statement

#000081509719000019 Filed on June 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $4.838B $4.357B $4.232B
YoY Change 11.04% 10.44% 11.63%
Cost Of Revenue $3.159B $2.681B $2.709B
YoY Change 17.83% 10.06% 11.25%
Gross Profit $1.679B $1.676B $1.523B
YoY Change 0.18% 11.07% 12.32%
Gross Profit Margin 34.7% 38.47% 35.99%
Selling, General & Admin $621.0M $605.0M $616.0M
YoY Change 2.64% 9.4% 12.2%
% of Gross Profit 36.99% 36.1% 40.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $543.0M $512.0M $488.0M
YoY Change 6.05% 12.04% 11.16%
% of Gross Profit 32.34% 30.55% 32.04%
Operating Expenses $621.0M $605.0M $616.0M
YoY Change 2.64% 9.4% 12.2%
Operating Profit $515.0M $559.0M $419.0M
YoY Change -7.87% 11.8% 13.86%
Interest Expense $54.00M $49.00M $48.00M
YoY Change 10.2% -2.0% -5.88%
% of Operating Profit 10.49% 8.77% 11.46%
Other Income/Expense, Net -$56.00M $5.000M -$28.00M
YoY Change -1220.0% -104.31% 100.0%
Pretax Income $459.0M $564.0M $390.0M
YoY Change -18.62% 46.88% 10.17%
Income Tax $8.000M $3.000M $0.00
% Of Pretax Income 1.74% 0.53% 0.0%
Net Earnings $451.0M $561.0M $391.0M
YoY Change -19.61% 48.02% 11.08%
Net Earnings / Revenue 9.32% 12.88% 9.24%
Basic Earnings Per Share $0.65 $0.79 $0.54
Diluted Earnings Per Share $0.65 $0.78 $0.54
COMMON SHARES
Basic Shares Outstanding 691.0M shares 714.0M shares 717.0M shares
Diluted Shares Outstanding 693.0M shares 715.0M shares 719.0M shares

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.202B $1.053B $453.0M
YoY Change 14.15% 76.38% 3.66%
Cash & Equivalents $1.202B $1.053B $453.0M
Short-Term Investments
Other Short-Term Assets $727.0M $481.0M $475.0M
YoY Change 51.14% -5.13% -3.46%
Inventory $501.0M $402.0M $394.0M
Prepaid Expenses
Receivables $615.0M $342.0M $345.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.835B $2.278B $1.667B
YoY Change 24.45% 28.41% 4.38%
LONG-TERM ASSETS
Property, Plant & Equipment $36.81B $35.23B $35.03B
YoY Change 4.51% 4.15% 8.35%
Goodwill $2.907B $2.950B $3.014B
YoY Change -1.46% -0.1% 3.54%
Intangibles $1.172B $1.183B $1.198B
YoY Change -0.93% -8.01% -6.33%
Long-Term Investments
YoY Change
Other Assets $785.0M $546.0M $535.0M
YoY Change 43.77% -11.22% -9.01%
Total Long-Term Assets $41.68B $39.91B $39.77B
YoY Change 4.44% 3.18% 7.19%
TOTAL ASSETS
Total Short-Term Assets $2.835B $2.278B $1.667B
Total Long-Term Assets $41.68B $39.91B $39.77B
Total Assets $44.51B $42.18B $41.44B
YoY Change 5.52% 4.28% 7.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $792.0M $745.0M $795.0M
YoY Change 6.31% 7.97% 18.83%
Accrued Expenses $1.675B $1.571B $1.653B
YoY Change 6.62% -13.06% -6.4%
Deferred Revenue $5.815B
YoY Change
Short-Term Debt $480.0M $837.0M $1.108B
YoY Change -42.65% 24.0% 555.62%
Long-Term Debt Due $1.614B $848.0M $1.006B
YoY Change 90.33% -23.47% -10.74%
Total Short-Term Liabilities $10.38B $9.308B $8.851B
YoY Change 11.48% 2.76% 18.57%
LONG-TERM LIABILITIES
Long-Term Debt $9.080B $8.172B $7.445B
YoY Change 11.11% 7.03% -4.5%
Other Long-Term Liabilities $948.0M $771.0M $764.0M
YoY Change 22.96% -2.9% -2.3%
Total Long-Term Liabilities $10.03B $8.943B $8.209B
YoY Change 12.13% 6.1% -4.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.38B $9.308B $8.851B
Total Long-Term Liabilities $10.03B $8.943B $8.209B
Total Liabilities $20.41B $18.25B $17.06B
YoY Change 11.8% 4.37% 6.34%
SHAREHOLDERS EQUITY
Retained Earnings $25.14B $23.56B $23.36B
YoY Change 6.68% 6.98% 6.48%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.104B $6.862B $6.565B
YoY Change 18.1% 15.41% 11.95%
Treasury Stock Shares
Shareholders Equity $24.11B $23.93B $24.38B
YoY Change
Total Liabilities & Shareholders Equity $44.51B $42.18B $41.44B
YoY Change 5.52% 4.28% 7.07%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $451.0M $561.0M $391.0M
YoY Change -19.61% 48.02% 11.08%
Depreciation, Depletion And Amortization $543.0M $512.0M $488.0M
YoY Change 6.05% 12.04% 11.16%
Cash From Operating Activities $2.054B $2.021B $1.064B
YoY Change 1.63% 5.43% 14.16%
INVESTING ACTIVITIES
Capital Expenditures -$892.0M -$1.627B $574.0M
YoY Change -45.18% 12.44% 39.32%
Acquisitions
YoY Change
Other Investing Activities $33.00M $115.0M -$6.000M
YoY Change -71.3% -984.62% -160.0%
Cash From Investing Activities -$859.0M -$1.512B -$588.0M
YoY Change -43.19% 3.56% 24.05%
FINANCING ACTIVITIES
Cash Dividend Paid $323.0M
YoY Change 27.17%
Common Stock Issuance & Retirement, Net $218.0M
YoY Change 215.94%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -638.0M 89.00M -$428.0M
YoY Change -816.85% -127.81% -30.41%
NET CHANGE
Cash From Operating Activities 2.054B 2.021B $1.064B
Cash From Investing Activities -859.0M -1.512B -$588.0M
Cash From Financing Activities -638.0M 89.00M -$428.0M
Net Change In Cash 557.0M 598.0M $60.00M
YoY Change -6.86% 336.5% -138.22%
FREE CASH FLOW
Cash From Operating Activities $2.054B $2.021B $1.064B
Capital Expenditures -$892.0M -$1.627B $574.0M
Free Cash Flow $2.946B $3.648B $490.0M
YoY Change -19.24% 8.44% -5.77%

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us-gaap Number Of Reportable Segments
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4 segment
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
559000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
978000000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
515000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
902000000 USD
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
436000000 USD
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
727000000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
738000000 USD
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
785000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-357000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-56000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-194000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-114000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-368000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-73000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-207000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-127000000 USD
CY2018Q2 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-11000000 USD
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-17000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-13000000 USD
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
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CY2018Q4 us-gaap Other Liabilities Noncurrent
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856000000 USD
CY2019Q2 us-gaap Other Liabilities Noncurrent
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948000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-4000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-10000000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
10000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000000 USD
CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000000 USD
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
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34000000 USD
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
6000000 USD
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PaymentsForProceedsFromOtherInvestingActivities
-30000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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316000000 USD
us-gaap Payments Of Dividends
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646000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
694000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2201000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3021000000 USD
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1618000000 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
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1722000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
398000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
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CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2019Q2 us-gaap Property Plant And Equipment Net
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CY2018Q4 us-gaap Receivables Net Current
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358000000 USD
CY2019Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
405000000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
1181000000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
338000000 USD
CY2018Q4 us-gaap Restricted Cash
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14000000 USD
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25066000000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25138000000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4357000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8589000000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4838000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9511000000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
605000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1221000000 USD
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
621000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1250000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
32000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
27000000 USD
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
848000000 USD
CY2019Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
480000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
24216000000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
24382000000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
23933000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
24443000000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
24241000000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
24108000000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
7795000000 USD
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
8104000000 USD
CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
284000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
482000000 USD
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
32000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
280000000 USD
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
715000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
717000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
693000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
694000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
714000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
715000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
691000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
692000000 shares
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> Litigation </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 2, 2019, </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> lawsuits were filed against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. The complaint filed by Havana Docks Corporation alleges it holds an interest in the Havana Cruise Port Terminal and the complaint filed by Javier Garcia-Bengochea alleges that he holds an interest in the Port of Santiago, Cuba, both of which were expropriated by the Cuban Government. The complaints further allege that Carnival Cruise Line &#8220;trafficked&#8221; in those properties by embarking and disembarking passengers at these facilities. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys&#8217; fees and costs. We believe we have meritorious defenses to the claims and we intend to vigorously defend against them. We do not believe that it is likely that the outcome of these matters will be material, but litigation is inherently unpredictable and there can be no assurances that the final outcome of the case might not be material to our operating results or financial condition.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Additionally, i</font><font style="font-family:inherit;font-size:10pt;">n the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits, or any settlement of 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, lawsuits and settlements, as applicable, each and in the aggregate, will not have a material impact on our consolidated financial statements.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> Contingent Obligations &#8211; Indemnifications </font></div><div style="line-height:120%;padding-top:12px;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 changes in laws which increase our lender&#8217;s costs. 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.</font></div></div>

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