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Carnival Corp (CCL) SEC Filing 10-Q Quarterly Report for the period ending Tuesday, May 31, 2022

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CCL Quarterly Reports

Carnival Corp

CIK: 815097 Ticker: CCL

Exhibit 99.1


CARNIVAL CORPORATION & PLC
PROVIDES SECOND QUARTER 2022 BUSINESS UPDATE

MIAMI (June 24, 2022) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) provides second quarter 2022 business update.

U.S. GAAP net loss of $1.8 billion and adjusted net loss of $1.9 billion for the second quarter of 2022.
Cash from operations turned positive in the second quarter of 2022.
Second quarter 2022 ended with $7.5 billion of liquidity, including cash, short-term investments and borrowings available under the company’s revolving credit facility.
Revenue increased by nearly 50% in the second quarter of 2022 compared to first quarter 2022, reflecting continued sequential improvement. For the cruise segments, revenue per passenger cruise day (“PCD”) for the second quarter of 2022 decreased slightly compared to a strong 2019.
Occupancy in the second quarter of 2022 was 69%, an increase from 54% in the prior quarter.
Customer deposits increased $1.4 billion to $5.1 billion as of May 31, 2022 from $3.7 billion as of February 28, 2022.
As of June 24, 2022, 91% of the company’s capacity is in guest cruise operation.
Booking volumes for all future sailings during the second quarter of 2022 were nearly double the booking volumes during the first quarter of 2022; the company notes these were its best quarterly booking volumes since the beginning of the pandemic.

As previously announced, effective August 1st, Arnold Donald, President and CEO, is being appointed Vice Chair of the Boards of Directors. Josh Weinstein, currently Chief Operations Officer for the company, will assume the role of President and CEO of Carnival Corporation & plc. At that time, Weinstein will also assume the role of Chief Climate Officer and become a Director on the Boards of Directors. A 20-year veteran of Carnival Corporation & plc, Weinstein has a long history of success in critical senior-level roles in the company. In his most recent assignment for the past two years as Carnival Corporation & plc’s Chief Operations Officer, Weinstein oversaw several major operational functions including global maritime, global ports and destinations, global sourcing, global IT and global internal audit. During this time, he also oversaw Carnival UK, the operating company for P&O Cruises (UK) and Cunard, which he previously managed directly for three years as president. Prior to his role with Carnival UK, Weinstein was treasurer for the company for 10 years and an attorney in the corporate legal department for five years.

Carnival Corporation & plc President and CEO Arnold Donald noted, “With cash from operations turning positive and the company heading in the right direction, now is the time to transition leadership to the next generation. Josh Weinstein has the skill set ideally suited to take this company forward, including strong operating experience and in-depth industry knowledge cultivated over the past two decades. I am confident our positive momentum will continue under Josh’s leadership and I remain confident in the long-term future of our company.”

Carnival Corporation & plc’s next President and CEO Josh Weinstein noted, “I am honored to lead this company as we push forward with a relentless long-term focus on driving revenue and returns to improve our balance sheet, while ensuring each brand provides an authentic cruise experience that resonates with their unique guest base, delivering value for our shareholders and our other many stakeholders.”

Weinstein added, “It is truly humbling to support our exceptionally talented team—150,000 strong ship and shore—in this effort. They’ve accomplished so much during our restart, with incredible determination, perseverance and integrity. This gives me tremendous confidence and optimism about our future.”



The following information was filed by Carnival Corp (CCL) on Friday, June 24, 2022 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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Inside Carnival Corp's 10-Q Quarterly Report:

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)
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)
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 Trademarks (Details)
Fair Value Measurements, Derivative Instruments And Hedging Activities And Financial Risks - Valuation Of Goodwill (Details)
General
General (Details)
General (Policies)
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)
Shareholders' Equity
Shareholders' Equity (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Additional Information (Details)
Ticker: CCL
CIK: 815097
Form Type: 10-Q Quarterly Report
Accession Number: 0000815097-22-000054
Submitted to the SEC: Wed Jun 29 2022 12:24:09 PM EST
Accepted by the SEC: Wed Jun 29 2022
Period: Tuesday, May 31, 2022
Industry: Water Transportation

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