ccl-20240831

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-9610

Commission file number: 001-15136

Carnival Corporation

Carnival plc

(Exact name of registrant as
specified in its charter)

Republic of Panama

England and Wales

(State or other jurisdiction of
incorporation or organization)

59-1562976

98-0357772

(I.R.S. Employer Identification No.)

3655 N.W. 87th Avenue

Carnival House, 100 Harbour Parade

Miami,

Florida

33178-2428

Southampton

SO15 1ST

United Kingdom

(Address of principal
executive offices)
(Zip Code)


(305)	599-2600	011	44 23 8065 5000
(Registrant’s telephone number, including area code)		(Registrant’s telephone number, including area code)

None		None
(Former name, former address and former fiscal year, if changed since last report)		(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	CCL	New York Stock Exchange, Inc.
Ordinary Shares each represented by American Depositary Shares ($1.66 par value), Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust	CUK	New York Stock Exchange, Inc.
1.000% Senior Notes due 2029	CUK29	New York Stock Exchange LLC

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filers

☑

Accelerated filers

☐

Non-accelerated filers

☐

Smaller reporting companies

☐

Emerging growth companies

☐

If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑


At September 23, 2024, Carnival Corporation had outstanding 1,154,164,826 shares of Common Stock, $0.01 par value.						At September 23, 2024, Carnival plc had outstanding 187,682,334 Ordinary Shares $1.66 par value, one Special Voting Share, GBP 1.00 par value and 1,154,164,826 Trust Shares of beneficial interest in the P&O Princess Special Voting Trust.

Table of Content

CARNIVAL CORPORATION & PLC

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 5.

Item 6.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(UNAUDITED)

(in millions, except per share data)


	Three Months Ended August 31,				Nine Months Ended August 31,
	2024		2023		2024		2023
Revenues
Passenger ticket	$	5,239	$	4,546	$	12,609	$	10,557
Onboard and other	2,657		2,308		6,474		5,640
	7,896		6,854		19,083		16,197
Operating Expenses
Commissions, transportation and other	958		823		2,510		2,097
Onboard and other	866		752		2,043		1,785
Payroll and related	575		585		1,812		1,768
Fuel	515		468		1,546		1,492
Food	393		364		1,099		1,000

Other operating	995		928		2,796		2,546
Cruise and tour operating expenses	4,303		3,921		11,805		10,688
Selling and administrative	763		713		2,366		2,162
Depreciation and amortization	651		596		1,898		1,774

	5,718		5,230		16,070		14,624
Operating Income	2,178		1,624		3,013		1,572
Nonoperating Income (Expense)
Interest income	19		59		77		183
Interest expense, net of capitalized interest	(431)		(518)		(1,352)		(1,600)
Debt extinguishment and modification costs	(13)		(81)		(78)		(112)
Other income (expense), net	(10)		(19)		(35)		(67)
	(435)		(559)		(1,388)		(1,595)
Income (Loss) Before Income Taxes	1,743		1,065		1,626		(23)
Income Tax Benefit (Expense), Net	(8)		9		(

SEC Form 10-Q filed by Carnival Plc