| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 9.95 | | | | | $ | 1,016,289,228.95 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 0.15948 | | | | | $ | 16,289,226.76 | | |
Proceeds to us, before expenses
|
| | | $ | 9.79052 | | | | | $ | 1,000,000,002.19 | | |
| | |
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•
Pricing
•
Booking levels
•
Occupancy
•
Interest, tax and fuel expenses
•
Currency exchange rates
•
Estimates of ship depreciable lives and residual values
|
| |
•
Goodwill, ship and trademark fair values
•
Liquidity and credit ratings
•
Adjusted earnings per share
•
Return to guest cruise operations
•
Impact of the COVID-19 coronavirus global pandemic on our financial condition and results of operations
|
|
(in millions)
|
| |
3Q 2022
|
| |
4Q 2022
|
| |
2023
|
| |
2024(1)
|
| |
2025
|
| |
2026
|
| |
Thereafter
|
| |||||||||||||||||||||
Principal payments on outstanding debt
|
| | | $ | 397.3 | | | | | $ | 943.1 | | | | | $ | 2,836.6 | | | | | $ | 4,704.7 | | | | | $ | 4,414.8 | | | | | $ | 4,512.1 | | | | | $ | 18,116.4 | | |
| | |
Year Ended November 30,
|
| |
Six Months Ended
May 31, |
| ||||||||||||||||||||||||
(in millions)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Results of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Passenger ticket
|
| | | $ | 14,104 | | | | | $ | 3,684 | | | | | $ | 1,000 | | | | | $ | 23 | | | | | $ | 2,158 | | |
Onboard and other(1)(2)
|
| | | | 6,721 | | | | | | 1,910 | | | | | | 908 | | | | | | 52 | | | | | | 1,866 | | |
| | | | | 20,825 | | | | | | 5,595 | | | | | | 1,908 | | | | | | 75 | | | | | | 4,024 | | |
Operating Costs and Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commissions, transportation and other
|
| | | | 2,720 | | | | | | 1,139 | | | | | | 269 | | | | | | 37 | | | | | | 576 | | |
Onboard and other(1)
|
| | | | 2,101 | | | | | | 605 | | | | | | 272 | | | | | | 22 | | | | | | 523 | | |
Payroll and related
|
| | | | 2,249 | | | | | | 1,780 | | | | | | 1,309 | | | | | | 460 | | | | | | 1,038 | | |
Fuel
|
| | | | 1,562 | | | | | | 823 | | | | | | 680 | | | | | | 216 | | | | | | 910 | | |
Food
|
| | | | 1,083 | | | | | | 413 | | | | | | 187 | | | | | | 28 | | | | | | 327 | | |
Ship and other impairments
|
| | | | 26 | | | | | | 1,967 | | | | | | 591 | | | | | | 49 | | | | | | 8 | | |
Other operating(2)
|
| | | | 3,167 | | | | | | 1,518 | | | | | | 1,346 | | | | | | 404 | | | | | | 1,331 | | |
| | | | | 12,909 | | | | | | 8,245 | | | | | | 4,655 | | | | | | 1,216 | | | | | | 4,713 | | |
Selling and administrative
|
| | | | 2,480 | | | | | | 1,878 | | | | | | 1,885 | | | | | | 879 | | | | | | 1,149 | | |
Depreciation and amortization
|
| | | | 2,160 | | | | | | 2,241 | | | | | | 2,233 | | | | | | 1,119 | | | | | | 1,126 | | |
Goodwill impairments
|
| | | | — | | | | | | 2,096 | | | | | | 226 | | | | | | — | | | | | | — | | |
| | | | | 17,549 | | | | | | 14,460 | | | | | | 8,997 | | | | | | 3,214 | | | | | | 6,988 | | |
Operating Income (Loss)
|
| | | | 3,276 | | | | | | (8,865) | | | | | | (7,089) | | | | | | (3,139) | | | | | | (2,964) | | |
Nonoperating Income (Expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 23 | | | | | | 18 | | | | | | 12 | | | | | | 7 | | | | | | 9 | | |
Interest expense, net of capitalized interest
|
| | | | (206) | | | | | | (895) | | | | | | (1,601) | | | | | | (835) | | | | | | (738) | | |
Gains (losses) on debt extinguishment, net
|
| | | | — | | | | | | (459) | | | | | | (670) | | | | | | 4 | | | | | | — | | |
Other income (expense), net
|
| | | | (32) | | | | | | (52) | | | | | | (173) | | | | | | (75) | | | | | | (26) | | |
| | | | | (215) | | | | | | (1,388) | | | | | | (2,433) | | | | | | (900) | | | | | | (755) | | |
Income (Loss) Before Income Taxes
|
| | | | 3,060 | | | | | | (10,253) | | | | | | (9,522) | | | | | | (4,039) | | | | | | (3,719) | | |
Income Tax Benefit (Expense), Net
|
| | | | (71) | | | | | | 17 | | | | | | 21 | | | | | | (6) | | | | | | (6) | | |
Net Income (Loss)
|
| | | $ | 2,990 | | | | | $ | (10,236) | | | | | $ | (9,501) | | | | | $ | (4,045) | | | | | $ | (3,726) | | |
| | |
Year Ended November 30,
|
| |
Six Months Ended
May 31, |
| ||||||||||||||||||||||||
(in millions, except costs per ALBD)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Other Financial Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted net income (loss)(3)
|
| | | $ | 3,041 | | | | | $ | (5,793) | | | | | $ | (7,931) | | | | | $ | (3,990) | | | | | $ | (3,752) | | |
Adjusted EBITDA(3)
|
| | | $ | 5,455 | | | | | $ | (2,692) | | | | | $ | (4,129) | | | | | $ | (2,037) | | | | | $ | (1,891) | | |
Adjusted cruise costs per ALBD(4)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 156.42 | | |
Adjusted cruise costs excluding fuel per ALBD(4)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 126.09 | | |
| | |
As of November 30,
|
| |
As of May 31,
2022 |
| ||||||||||||||||||
(in millions)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |||||||||||||||
Balance Sheet Data:
|
| |
Actual
|
| |
Actual
|
| |
Actual
|
| |
Actual
|
| ||||||||||||
Cash and cash equivalents
|
| | | $ | 518 | | | | | $ | 9,513 | | | | | $ | 8,939 | | | | | $ | 7,054 | | |
Short-term investments
|
| | | | — | | | | | | — | | | | | | 200 | | | | | | 151 | | |
Total current assets
|
| | | | 2,059 | | | | | | 10,563 | | | | | | 10,133 | | | | | | 8,554 | | |
Total non-current assets
|
| | | | 42,999 | | | | | | 43,030 | | | | | | 43,211 | | | | | | 44,434 | | |
Total assets
|
| | | $ | 45,058 | | | | | $ | 53,593 | | | | | $ | 53,344 | | | | | $ | 52,988 | | |
Total current liabilities
|
| | | $ | 9,127 | | | | | $ | 8,686 | | | | | $ | 10,408 | | | | | $ | 13,380 | | |
Total long-term liabilities
|
| | | | 10,566 | | | | | | 24,352 | | | | | | 30,791 | | | | | | 31,348 | | |
Total Liabilities
|
| | | $ | 19,693 | | | | | $ | 33,038 | | | | | $ | 41,199 | | | | | $ | 44,728 | | |
| | |
Year Ended November 30,
|
| |
Six Months Ended
May 31, |
| ||||||||||||||||||||||||
(in millions)
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |
2022
|
| |||||||||||||||
Net Income (Loss)
|
| | | $ | 2,990 | | | | | $ | (10,236) | | | | | $ | (9,501) | | | | | $ | (4,045) | | | | | $ | (3,726) | | |
(Gains) losses on ship sales and
impairments |
| | | | (6) | | | | | | 3,934 | | | | | | 802 | | | | | | 39 | | | | | | 1 | | |
(Gains) losses on debt extinguishment, net
|
| | | | — | | | | | | 459 | | | | | | 670 | | | | | | (4) | | | | | | — | | |
Restructuring expenses
|
| | | | 10 | | | | | | 47 | | | | | | 13 | | | | | | 3 | | | | | | 1 | | |
Other
|
| | | | 47 | | | | | | 3 | | | | | | 86 | | | | | | 17 | | | | | | (29) | | |
Adjusted net income (loss)
|
| | | $ | 3,041 | | | | | $ | (5,793) | | | | | $ | (7,931) | | | | | $ | (3,990) | | | | | $ | (3,752) | | |
Interest expense, net of capitalized interest
|
| | | | 206 | | | | | | 895 | | | | | | 1,601 | | | | | | 835 | | | | | | 738 | | |
Interest income
|
| | | | (23) | | | | | | (18) | | | | | | (12) | | | | | | (7) | | | | | | (9) | | |
Income tax expense, net
|
| | | | 71 | | | | | | (17) | | | | | | (21) | | | | | | 6 | | | | | | 6 | | |
Depreciation and amortization
|
| | | | 2,160 | | | | | | 2,241 | | | | | | 2,233 | | | | | | 1,119 | | | | | | 1,126 | | |
Adjusted EBITDA
|
| | | $ | 5,455 | | | | | $ | (2,692) | | | | | $ | (4,129) | | | | | $ | (2,037) | | | | | $ | (1,891) | | |
(in millions, except costs per ALBD)
|
| |
Six Months Ended
May 31, 2019 |
| |
Six Months Ended
May 31, 2022 |
| ||||||
Operating costs and expenses
|
| | | $ | 6,301 | | | | | $ | 4,713 | | |
Selling and administrative expenses
|
| | | | 1,250 | | | | | | 1,149 | | |
Tour and other expenses
|
| | | $ | (103) | | | | | $ | (69) | | |
Cruise costs
|
| | | $ | 7,448 | | | | | $ | 5,793 | | |
Less | | | | | | | | | | | | | |
Commission, transportation and other
|
| | | | (1,322) | | | | | | (576) | | |
Onboard and other
|
| | | | (952) | | | | | | (523) | | |
Gains (losses) on ship sales and impairments
|
| | | | 14 | | | | | | (1) | | |
Restructuring expenses
|
| | | | — | | | | | | (1) | | |
Other
|
| | | | (20) | | | | | | — | | |
Adjusted cruise costs
|
| | | $ | 5,168 | | | | | $ | 4,691 | | |
Less fuel
|
| | | | (804) | | | | | | (910) | | |
Adjusted cruise costs excluding fuel
|
| | | $ | 4,364 | | | | | $ | 3,781 | | |
ALBDs (in thousands)
|
| | | | 42,944 | | | | | | 29,989 | | |
Cruise costs per ALBD
|
| | | $ | 173.44 | | | | | $ | 193.17 | | |
Adjusted cruise costs per ALBD
|
| | | $ | 120.34 | | | | | $ | 156.42 | | |
Adjusted cruise costs excluding fuel per ALBD
|
| | | $ | 101.63 | | | | | $ | 126.09 | | |
| | |
As of May 31, 2022
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
(all share and dollar amounts, except par value, in millions)
|
| | | | | | | | | | | | |
Cash and cash equivalents(a)
|
| | | $ | 7,054 | | | | | $ | 8,054 | | |
Short-term investments
|
| | | | 151 | | | | | | 151 | | |
Short-term borrowings: | | | | | | | | | | | | | |
Revolving Facility(b)
|
| | | | 2,675 | | | | | | 2,675 | | |
Current portion of long-term debt(c)(d)
|
| | | | 3,225 | | | | | | 3,225 | | |
Total short-term debt
|
| | | $ | 5,900 | | | | | $ | 5,900 | | |
Long-term borrowings: | | | | | | | | | | | | | |
Unsecured:
|
| | | | | | | | | | | | |
Export Credit Facilities
|
| | | $ | 9,561 | | | | | $ | 9,561 | | |
Loans
|
| | | | 1,278 | | | | | | 1,278 | | |
2026 Unsecured Notes
|
| | | | 1,986 | | | | | | 1,986 | | |
2027 Unsecured Notes
|
| | | | 3,500 | | | | | | 3,500 | | |
2029 Unsecured Notes
|
| | | | 2,000 | | | | | | 2,000 | | |
2030 Unsecured Notes
|
| | | | 1,000 | | | | | | 1,000 | | |
Other Unsecured Notes
|
| | | | 969 | | | | | | 969 | | |
Unsecured long-term debt
|
| | | $ | 20,294 | | | | | $ | 20,294 | | |
Secured:
|
| | | | | | | | | | | | |
2027 First Lien Notes(e)
|
| | | | 192 | | | | | | 192 | | |
2028 First Lien Notes(e)
|
| | | | 2,406 | | | | | | 2,406 | | |
Secured Term Loan Facilities(f)
|
| | | | 4,915 | | | | | | 4,915 | | |
Long-term portion of EIB Facility
|
| | | | 88 | | | | | | 88 | | |
Second Lien Notes(g)
|
| | | | 2,131 | | | | | | 2,131 | | |
Secured long-term debt
|
| | | $ | 9,731 | | | | | $ | 9,731 | | |
Total long-term borrowings (excluding unamortized debt issuance costs and discounts)
|
| | | $ | 30,025 | | | | | $ | 30,025 | | |
Total borrowings (excluding unamortized debt issuance costs and discounts)
|
| | | $ | 35,925 | | | | | $ | 35,925 | | |
Common Stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 1,125 shares issued at May 31, 2022, actual; 1,227 shares issued, as adjusted(h)
|
| | | | 11 | | | | | | 12 | | |
Ordinary shares of Carnival plc, $1.66 par value; 217 shares issued
|
| | | | 361 | | | | | | 361 | | |
Additional paid-in capital
|
| | | | 15,457 | | | | | | 16,456 | | |
Retained earnings
|
| | | | 2,649 | | | | | | 2,649 | | |
Accumulated other comprehensive loss
|
| | | | (1,742) | | | | | | (1,742) | | |
Treasury stock, 130 shares of Carnival Corporation and 71 shares of Carnival
plc, at cost |
| | | | (8,476) | | | | | | (8,476) | | |
Total shareholders’ equity
|
| | | $ | 8,260 | | | | | $ | 9,260 | | |
Total capitalization
|
| | | $ | 44,185 | | | | | $ | 45,185 | | |
| | |
Without
option exercise |
| |
With full
option exercise |
| ||||||
Per Share
|
| | | $ | 0.15948 | | | | | $ | 0.15948 | | |
Total
|
| | | $ | 16,289,226.76 | | | | | $ | 18,732,610.75 | | |
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| | | | | 30 | | | |
| | | | | 33 | | | |
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EXHIBIT 107
Calculation of Filing Fee Table
Form 424(b)(5)
(Form Type)
Carnival Corporation (Exact Name of Registrant as Specified in its Charter) |
Carnival plc (Exact Name of Registrant as Specified in its Charter) |
Table 1: Newly Registered Securities
Security Type | Security Class Title | Fee Calculation Rule | Amount Registered | Proposed
Maximum Offering Price Per Unit |
Maximum
Aggregate Offering Price |
Fee Rate | Amount
of Registration Fee(1) |
Equity | Carnival Corporation: Common Stock, par value $0.01 per share | Rule 457(r) | 117,460,564 shares | $9.95 | $1,168,732,611.80 | $92.70 per $1,000,000 | $108,341.51 |
Equity | Carnival plc: Special Voting Share, nominal value GBP 1.00(2) |
1 share | —(4) | —(4) | —(4) | —(4) | |
Equity | Trust Shares of beneficial interest in P&O Princess Special Voting Trust(3) | 117,460,564 shares | —(4) | —(4) | —(4) | —(4) | |
Total Offering Amounts | $1,168,732,611.80 | $108,341.51 | |||||
Total Fee Offsets | — | ||||||
Net Fee Due | $108,341.51 |
(1) | The proposed maximum aggregate offering price has been calculated based on 117,460,564 shares multiplied by $9.95 per share, the public offering price. |
(2) | Represents one special voting share of Carnival plc issued to the P&O Princess Special Voting Trust in connection with the dual listed company transaction completed by Carnival plc and Carnival Corporation on April 17, 2003. |
(3) | Represents trust shares of beneficial interest in the P&O Princess Special Voting Trust, and such trust shares represent a beneficial interest in the special voting share of Carnival plc. As a result of the dual listed company transaction, one trust share is paired with each share of Carnival Corporation common stock and is not transferable separately from the share of Carnival Corporation common stock. Upon each issuance of shares of Carnival Corporation common stock hereunder, recipients will receive both shares of Carnival Corporation common stock and an equivalent number of paired trust shares. |
(4) | No additional fee is payable in respect of these securities because no additional consideration is payable in respect of these securities. |