Business
Carnival Corporation 1Q 2023 Business Update
Carnival Corporation 1Q 2023 Business Update.
About this update from Carnival Plc
[{"type":"text","content":"\n \n \n Exhibit 99.1\n \n \n CARNIVAL CORPORATION & PLC\n \n \n PROVIDES FIRST QUARTER 2023 BUSINESS UPDATE\n \n MIAMI (March 27, 2023) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) provides first quarter 2023 business update.\n \n \n U.S. GAAP net loss of $693 million, or $(0.55) diluted EPS, and adjusted net loss of $690 million, or $(0.55) adjusted EPS, better than the December guidance range of $750 to $850 million net loss for the first quarter of 2023 (see “Non-GAAP Financial Measures” below).\n \n \n \n \n Adjusted EBITDA\n for the first quarter of 2023 was $382 million, better than the December guidance range of $250 million to $350 million, despite a $31 million unfavorable impact from fuel price and currency rates since December guidance.\n \n \n \n \n Revenue in the first quarter of 2023 was $4.4 billion, representing 95% of 2019 levels.\n \n \n \n \n The company experienced the highest booking volumes for any quarter in its history, breaking booking records for both the North America and Australia (“NAA”) and Europe segments.\n \n \n \n \n Total customer deposits reached a first quarter record of $5.7 billion (as of February 28, 2023), surpassing the previous first quarter record of $4.9 billion (as of February 28, 2019) by 16%.\n \n \n \n \n Cash from operations turned positive in the first quarter of 2023. The company expects continued growth in cash from operations to be the driver for paying down debt over time.\n \n \n \n \n First quarter 2023 ended with $8.1 billion\n of liquidity.\n \n \n Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein commented, “In the first quarter, we outperformed our guidance on all measures. We achieved record first quarter net per diems, exceeding the high end of our guidance, driven by improving ticket prices and sustained growth in onboard revenue, while delivering an additional seven points of occupancy on higher capacity compared to the prior quarter.” (See “Non-GAAP Financial Measures” below)\n Weinstein continued, “We are enjoying a phenomenal wave season, achieving our highest ever quarterly booking volumes and breaking records in both North America and Europe. Our strong performance has extended into March and we expect this favorable trend to continue based on the success of our efforts to drive demand.”\n Weinstein added, “W...