Carnival Corporation Ltd. · NYSE:CCL
Carnival — Carnival Corporation & — Q1 2024 Earnings Presentation
32 slides from Carnival's earnings presentation, March 2024
Slide 1: The page numbering is dependent on the placeholder text boxes on the page layout
The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them
Slide 2: Disclaimers, Forward Looking Statements and Responsibility
Disclaimers, Forward Looking Statements and Responsibility This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, Adjusted EBITDA, Adjusted Net Income (loss), and certain ratios and metri
Slide 3: Record Breaking Start to the Year
Record Breaking Start to the Year 1Q 2024 Record Revenues Record Bookings Record Customer Deposits 3
Slide 4: Outperformed First Quarter Guidance On Every Measure…
Outperformed First Quarter Guidance On Every Measure… 1Q 2024 Guidance Actual Net yields vs 2023 Approx. 16.5% 17.2% Adj cruise costs exc. fuel per ALBD vs 2023 Approx. 9.5% 7.3% Adj EBITDA Approx. $800M $871M Adj net income/(loss) Approx. ($280M) ($180M) Adj earnings per share - diluted Approx. ($0
Slide 5: …Taking Up Full Year 2024 Guidance
…Taking Up Full Year 2024 Guidance Francis Scott Key Bridge in Baltimore: Given the timing of yesterday’s event in Baltimore and the temporary change in homeport, our guidance does not include the current estimated impact of up to $10 million on both Adj. EBITDA and Adj. Net Income for the full year
Slide 6: Record Net Yields and Net Per Diems
Record Net Yields and Net Per Diems Net Per Diems Occupancy Net Yields +17% +5% +11 pts. 1Q'23 1Q'24 1Q'23 1Q'24 1Q'23 1Q'24 Third consecutive quarter of record net yields and fifth consecutive quarter of record net per diems Net Per Diems and Net Yields in Constant Currency to 2023; Reconciliation
Slide 7: All-Time High Booking Volumes at Considerably Higher Prices
All-Time High Booking Volumes at Considerably Higher Prices 1Q 2024 as a % of 1Q 2023 North America(a) Europe(b) 115% 115% 110% 110% 105% 105% 100% 100% 95% 95% Booking Volumes Booking Prices Booking Volumes Booking Prices We topped last year’s records with Europe brands a meaningful driver of our i
Slide 8: Creating More Consideration and Demand in All Source Markets Across Our Well-Balanced Portfolio
Creating More Consideration and Demand in All Source Markets Across Our Well-Balanced Portfolio 8
Slide 9: Demand Generation Efforts Capturing New Guests
Demand Generation Efforts Capturing New Guests New Guests Brand Repeaters New to Cruise New to Brand +9% +20% 1Q'23 1Q'24 1Q'23 1Q'24 Brand Repeaters Growth in new guests sailed is over twice the rate as brand repeaters More new guests sailed than ever before and our base of repeat guests exceeded s
Slide 10: Executing on Our Yield Management Strategy…
Executing on Our Yield Management Strategy… Yield Management Strategy Our Actual Results • Base load bookings • Booked position at significantly higher prices • Extend the booking curve • Longest booking curve on record • Support higher overall pricing • Record net yields Pricing Time to Departure …
Slide 11: Pre-Cruise Onboard Revenue Growth Continues to Accelerate
Pre-Cruise Onboard Revenue Growth Continues to Accelerate Pre-Cruise Sales Growth for 1Q % of Guests with Pre-Cruise Sales Pre-Cruise Onboard Revenue per PCD(a) % of Onboard Revenue Sold Pre-Cruise(a) +14% +13% +13% +8% +7% +6% '1 9 - '2 3 C AG R '2 3 VS. '2 4 '1 9 - '2 3 CAG R '2 3 VS. '2 4 '1 9 -
Slide 12: Three Fantastic New Ships… Carnival Jubilee
Three Fantastic New Ships… Carnival Jubilee 12
Slide 13: Sun Princess
Sun Princess 13
Slide 14: Queen Anne
Queen Anne The Fourth Queen Coming 2Q 2024 14
Slide 15: Continuing to Invest in the Existing Fleet
Continuing to Invest in the Existing Fleet AIDA Evolution • Largest modernization program in brand’s history • Designed to deliver meaningful revenue uplift 15
Slide 16: First Newbuild Orders in Five Years
First Newbuild Orders in Five Years AIDAnova (2018) Costa Smeralda (2019) Iona (2020) Mardi Gras (2020) Carnival Celebration (2022) AIDAcosma (2021) Costa Toscana (2021) Arvia (2022) Carnival Jubilee (2024) CCL Newbuild (2027) Further leveraging our highly successful Excel platform across 10th and 1
Slide 17: Strategically Managing Capacity Growth
Strategically Managing Capacity Growth • Our strong demand alongside lower capacity growth supports further yield improvements • Significantly reduced newbuild capital commitment provides headroom for deleveraging Ship Deliveries by Fiscal Year 5 4 3 3 3 3 2 1 to 2 1 1 0 2018 2019 2020 2021 2022 202
Slide 18: Celebration Key – Our Game Changing Asset
Celebration Key – Our Game Changing Asset TM Stepping up our advertising efforts (Click on each photo below!) NFL Field Takeover Shaq TV Spot Pier Extension • Planned to welcome 18 Carnival Cruise Line ships departing from 10 ports in July 2025 • Unmatched guest experience set to deliver ticket reve
Slide 19: Brand Marketing Campaigns Launched Across All Major European Brands
Brand Marketing Campaigns Launched Across All Major European Brands Click on each photo below! “Experience Yourself Differently” “Holiday Like Never Before” “Wonder Can Leave You Speechless” 19
Slide 20: Accelerating Our Path Back to Investment Grade Through Durable Revenue Growth, Responsible Capital Investment, and Favorable Refinancing
Accelerating Our Path Back to Investment Grade Through Durable Revenue Growth, Responsible Capital Investment, and Favorable Refinancing
Slide 21: Made Cumulative Debt Payments of ~$8B Incl. ~$6B of Prepayments
Made Cumulative Debt Payments of ~$8B Incl. ~$6B of Prepayments Scheduled Maturities and Prepayments In Billions $8.3 $2.5 $6.1 $1.0 Other Loans $2.1 $1.0 Debt Holiday $0.9 Senior Notes 5.8% - 7.6% $2.2 $5.8 $4.0 $0.4 $2.1 Second Lien 9.9% - 10.5% $1.8 $0.8 First Lien 7.6% 2023 2024 YTD Cumulative C
Slide 22: Manageable Near-Term Debt Maturity Profile
Manageable Near-Term Debt Maturity Profile Maturity Schedule(a) Total Principal Repayments (In Billions) $3.3 $0.1 $1.9 $1.7 $1.5(b) $0.4 $0.2 $0.4 $1.3 $1.3 $0.9 2024 2025 2026 Export Credits Convertible Maturity Notes Other Forward starting revolver maturity extended to 2027 and upsized capacity (
Slide 23: Turning Our Attention to Delivering an Even Stronger 2025, Building on a Strong 2024
Turning Our Attention to Delivering an Even Stronger 2025, Building on a Strong 2024 2024+ > halfway to achieving our 2026 SEA Change Program targets 2024+ Increasing margins, Adjusted EBITDA per ALBD, and Vast majority of the year on Improved fleet providing Adjusted ROIC the books at considerably
Slide 24: Appendix
The page numbering is dependent on the placeholder text boxes on the page layout in the master view, so please DO NOT remove them Appendix
Slide 25: Continued Strength in Demand More Than Offsets Red Sea Rerouting Impact
Continued Strength in Demand More Than Offsets Red Sea Rerouting Impact In Constant Currency to 2023 Net Yields vs. 2023 1Q 2024 2Q 2024 FY 2024 Dec Guidance 16.5% N/A 8.5% Red Sea(1) --- (0.5%) --- Revenue Increase 0.7% N/A >1% Mar Guidance (1Q Actual) 17.2% 10.5% 9.5% Adj Cruise Costs exc. Fuel pe
Slide 26: Guidance
Guidance CARNIVAL eee CORPORATION&PLC. 20204 FullYeor2021 Sensitivities (impacto juried nat income (lo) nmin) 293021 Remainder of 2024 x on Careat Constant Current Contant 12% change in nt yietde z ms BS far ovegeachange Dells Currency Detar ____Curreney 12% change in austed cruise corte excluding f
Slide 27: Capacity by Market – 2024
Capacity by Market – 2024 As of 2024 Dec Guid 1Q 2Q 3Q 4Q Full Year Caribbean 46% 33% 26% 30% 33% Northern Europe 10% 15% 24% 17% 17% Mediterranean 4% 13% 20% 18% 14% Australia/New Zealand 11% 7% 3% 7% 7% Alaska 0% 4% 16% 5% 6% Other Programs 29% 27% 10% 23% 22% Total 100% 100% 100% 100% 100% 27
Slide 28: Our Sustainability Strategy
Our Sustainability Strategy Sustainable From Ship to Shore Climate Action Circular Economy Good Health & Well-Being Improving ship energy efficiency, and Minimizing the waste generated by our Expanding well-being programs to testing and investing in new low and operations and activities, and support
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial measures and they are provided along with their most comparative U.S. GAAP financial measure: The presentation of our non-GAAP financial information is not intended to be considered in isolation from, as a substitute for, or superior to the finan
Slide 30: Non-GAAP Financial Measures (cont’d)
Non-GAAP Financial Measures (cont’d) Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD enable us and investors to separate the impact of predictable capacity or ALBD changes from price and other changes that affect our business. We believe these non- GAAP measures prov
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures 31
Slide 32: Reconciliation of Net Yields and Net Per Diems
Reconciliation of Net Yields and Net Per Diems 32
Carnival Corporation & — Q1 2024 Earnings Presentation on 6ix