Common-Size Income Statement
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Carnival Corp. & plc, common-size consolidated income statement
Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).
- Revenue Composition Trends
- Passenger ticket revenue as a percentage of total revenues shows a declining trend from 73.78% in 2018 to a low of 52.41% in 2021, followed by a recovery to 65.15% in 2023. Conversely, onboard and other revenues gradually increased from 26.22% in 2018 to 47.59% in 2021, then decreased to 34.85% in 2023. This indicates a shift in the revenue mix during the period, with onboard services gaining relative importance initially before partially retracting.
- Operating Expenses Patterns
- Operating expenses as a percentage of revenues show significant volatility, particularly in 2020 and 2021. Commissions, transportation and other costs fluctuated slightly but remained relatively stable around -13% to -20%. Onboard and other related expenses increased notably from -3.38% in 2018 to a peak of -14.26% in 2021, later improving to -11% by 2023. Payroll and related expenses exhibited extreme variations, with a drastic increase to -68.61% in 2021, likely reflecting operational disruptions, before normalizing to -10.99% in 2023. Fuel and food costs also peaked around 2020-2021, then returned closer to pre-2019 levels by 2023.
- Impairments and Other Operating Costs
- Ship and other impairments spiked substantially in 2020 and 2021, reaching as high as -35.16% and -30.97% respectively, indicating significant asset write-downs in those years; these costs sharply declined afterward with minimal impairments reported by 2022 and none by 2023. Other operating expenses followed a similar pattern, dramatically increasing in 2020 and 2021 and receding by 2023.
- Cruise and Tour Operating Expenses and Profitability
- Cruise and tour operating expenses showed an extraordinary increase in negative magnitude during 2020 and 2021, with expenses soaring to -147.36% and -243.97% respectively, reflecting severe operational challenges. These costs reduced to -66.3% in 2023 but remained elevated compared to pre-pandemic levels. Gross profit margin experienced a collapse into negative territory in 2020 and 2021 (-47.36% and -143.97%), followed by recovery to positive figures by 2022 and 2023 (3.38% and 33.7%). Similar trends are observed in operating income, which fell sharply to -371.54% in 2021 from positive margins in 2018-2019 before partially rebounding to 9.06% by 2023.
- Administrative and Depreciation Expenses
- Selling and administrative expenses increased significantly as a percentage of revenues during the crisis years, leaping to -98.69% in 2021 from near -12% in earlier years, before improving to moderate levels by 2023. Depreciation and amortization mirrored this trajectory, rising to -117.03% in 2021, then receding to -10.98% in 2023.
- Nonoperating Items and Net Income
- Net interest expense escalated sharply in 2020 and 2021, with interest expense net of capitalized interest jumping to -83.91% in 2021 from around -1% previously, before reducing to -9.57% in 2023. Debt extinguishment and modification costs appeared prominently in 2020 and 2021, largely absent otherwise. Nonoperating income and expenses showed significant losses in 2020 and 2021, contributing to an overall negative impact on earnings. Net income followed a similar path, with healthy positive returns in 2018 and 2019, a steep decline to large losses in 2020 and 2021 (around -183% and -498%), followed by reduced losses close to breakeven in 2023 (-0.34%).
- Summary of Impact
- The data evidences a severe disruption occurring primarily in the years 2020 and 2021, reflected in drastic increases in impairments, operating expenses, and extraordinary costs, severely affecting profitability. The recovery phase beginning in 2022 shows improvements in revenue composition, expense control, and profit margins, although some measures have not yet returned to pre-crisis levels. The volatility in expense ratios, impairments, and income highlights the significant operational and financial challenges encountered during the timeframe analyzed.