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Carnival Corp (CCL) SEC Filing 10-Q Quarterly Report for the period ending Monday, May 31, 2021

Carnival Corp

CIK: 815097 Ticker: CCL

Exhibit 99.1


CARNIVAL CORPORATION & PLC
PROVIDES SECOND QUARTER 2021 BUSINESS UPDATE

MIAMI (June 24, 2021) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) provides second quarter 2021 business update.

U.S. GAAP net loss of $(2.1) billion and adjusted net loss of $(2.0) billion for the second quarter of 2021.
Second quarter 2021 ended with $9.3 billion of cash and short-term investments, which the company believes is sufficient liquidity to return to full cruise operations.
Customer deposits increased in the second quarter of 2021 compared to the previous quarter.
Cash burn rate in the first half of 2021 was better than forecasted primarily due to the timing of proceeds from ship sales and working capital changes.
42 ships from eight of the company's nine brands either have resumed or are announced to resume guest cruise operations by November 30, 2021, which is over 50% of the company's capacity, with more announcements expected in the coming weeks.
Booking volumes for all future cruises during the second quarter of 2021 were 45% higher than booking volumes during the first quarter of 2021.
Cumulative advanced bookings for full year 2022 are ahead of a very strong 2019, despite minimal advertising or marketing.
Building on a legacy of ESG performance, the company announced its 2030 sustainability goals and 2050 sustainability aspirations, focusing strategically and holistically on enhancing its sustainable business model while reinforcing its commitment to and investment in sustainability solutions.
The company repriced its first-priority senior secured term loan facility, reducing its future annual interest expense by over $120 million per year and has approval in principle from the relevant export credit agencies to defer approximately $1.0 billion of principal payments, increasing its near term liquidity. The company expects these transactions to close during the third quarter of 2021 and continues to focus on pursuing additional refinancing opportunities to reduce interest rates and extend maturities.

Resumption of Guest Operations

Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted, “We are working aggressively on our path to return our full fleet to operations by next spring. So far, we have announced that 42 ships, representing over half of our capacity, have been scheduled to return to serving guests by this fiscal year end. We are currently evaluating various deployment options with a focus on maximizing cash flow, while delivering a great guest experience and serving the best interests of public health.” More return to service announcements will be coming in the weeks ahead. Donald added. “We can’t wait to welcome all our valued guests and crew members back on board!”

The company is uniquely positioned for its phased resumption in cruise travel given its multiple brands which are being restarted independently and tailored to the environment of their respective source market. Eight of the company’s nine brands either have resumed or have announced they plan to resume guest cruise operations by the company's fiscal year end, November 30, 2021. 27 ships, or approximately 35% of capacity, have resumed or are announced to resume by the end of the third quarter of 2021 and an additional 15 ships, or nearly 20% of capacity, are announced to resume by the end of the fourth quarter of 2021. Together these 42 ships represent over 50% of capacity. More announcements are expected in the coming weeks which will include additional ship restarts for fiscal year 2021. Consistent with the company's planned phased resumption of guest cruise operations, it expects to have its full fleet back in operation in the spring of 2022. For more detailed information on the resumption of guest cruise operations by brand as well as the specific ships and timing of their restart, see the company press release issued yesterday, June 23, 2021.

The company has been working with a number of world-leading public health, epidemiological and policy experts to support its ongoing efforts to implement enhanced health and safety protocols to help protect against and mitigate the impact of COVID-19 during cruise vacations. Initial cruises are taking place with guidance from the company's roster of medical and scientific experts and enhanced health protocols developed in conjunction with government and health authorities. Consequently, the company's brands have a comprehensive set of health and hygiene protocols that facilitate a safe and healthy return to cruise vacations. These enhanced protocols are modeled after shoreside health and mitigation guidelines as provided by each brand's respective country, and approved by all relevant regulatory authorities. Protocols will be updated based on evolving scientific


The following information was filed by Carnival Corp (CCL) on Thursday, June 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Income (Loss) (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited) (Parenthetical)
Contingencies And Commitments
Contingencies And Commitments (Tables)
Contingencies And Commitments - Narrative (Details)
Contingencies And Commitments - Schedule Of New Ship Growth Capital Commitments (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Annual Maturities Of Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Shares Excluded From Diluted Earnings Per Share Computations (Details)
Earnings Per Share - Basic And Diluted Earnings Per Share Computations (Details)
Earnings Per Share - Narrative (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities (Tables)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Derivatives Qualifying And Designated As Hedging Instruments Recognized In Other Comprehensive Income (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Estimated Carrying And Fair Values Of Financial Instrument Assets And Liabilities Not Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Estimated Fair Value And Basis Of Valuation Of Financial Instrument Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Estimated Fair Values Of Derivative Financial Instruments And Location On Consolidated Balance Sheets (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Foreign Currency Exchange Rate Risks (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Impairment Of Ships (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Offsetting Derivative Instruments (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Reconciliation Of Changes In Carrying Amounts Of Goodwill (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Reconciliation Of Changes In Carrying Amounts Of Trademarks (Details)
General
General (Details)
General (Policies)
Other Assets
Other Assets (Details)
Property And Equipment
Property And Equipment (Details)
Revenue And Expense Recognition
Revenue And Expense Recognition (Details)
Segment Information
Segment Information (Tables)
Segment Information - Geographic Area Revenue (Details)
Segment Information - Segment Reporting (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: CCL
CIK: 815097
Form Type: 10-Q Quarterly Report
Accession Number: 0000815097-21-000074
Submitted to the SEC: Mon Jun 28 2021 8:21:36 AM EST
Accepted by the SEC: Mon Jun 28 2021
Period: Monday, May 31, 2021
Industry: Water Transportation

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