Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Carnival Corp. & plc, consolidated cash flow statement

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Depreciation and amortization	2,370)	2,275)	2,233)	2,241)	2,160)	2,017)
Impairments	21)	470)	834)	4,063)	26)	16)
Gains on fuel derivatives, net	—)	—)	—)	—)	—)	(59)
Loss on debt extinguishment	98)	1)	668)	459)	—)	—)
(Income) loss from equity-method investments	13)	38)	129)	20)	(15)	—)
Share-based compensation	53)	101)	121)	105)	46)	65)
Amortization of discounts and debt issue costs	161)	171)	172)	119)	22)	—)
Noncash lease expense	145)	148)	140)	172)	—)	—)
Gain on sales of ships	(88)	(7)	(11)	—)	—)	—)
Other	57)	63)	148)	(58)	34)	(6)
Receivables	(180)	(171)	(7)	125)	(114)	(58)
Inventories	(85)	(95)	(63)	77)	79)	(67)
Prepaid expenses and other assets	397)	(874)	(1,070)	(209)	(254)	74)
Accounts payable	77)	283)	206)	(165)	34)	(24)
Accrued liabilities and other	147)	341)	601)	(311)	80)	(100)
Customer deposits	1,169)	1,679)	1,291)	(2,703)	387)	539)
Changes in operating assets and liabilities	1,525)	1,163)	958)	(3,186)	212)	364)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	4,355)	4,423)	5,392)	3,935)	2,485)	2,397)
Net cash provided by (used in) operating activities	4,281)	(1,670)	(4,109)	(6,301)	5,475)	5,549)
Purchases of property and equipment	(3,284)	(4,940)	(3,607)	(3,620)	(5,429)	(3,749)
Proceeds from sales of ships and other property and equipment	340)	70)	351)	334)	26)	389)
Purchase of minority interest	—)	(1)	(90)	(81)	—)	—)
Purchase of short-term investments	—)	(315)	(2,873)	—)	—)	—)
Proceeds from maturity of short-term investments	—)	515)	2,673)	—)	—)	—)
Other, net	134)	(96)	3)	127)	126)	(142)
Net cash used in investing activities	(2,810)	(4,767)	(3,543)	(3,240)	(5,277)	(3,502)
Proceeds from (repayments of) short-term borrowings, net	(200)	(2,590)	(293)	2,852)	(605)	417)
Principal repayments of long-term debt	(7,660)	(2,075)	(5,956)	(1,621)	(1,651)	(1,556)
Debt issuance costs	(131)	(153)	(319)	—)	—)	—)
Debt extinguishment costs	(79)	(1)	(545)	—)	—)	—)
Proceeds from issuance of long-term debt	2,961)	7,209)	13,042)	15,020)	3,674)	2,542)
Dividends paid	—)	—)	—)	(689)	(1,387)	(1,355)
Purchases of common stock	—)	—)	—)	(12)	(603)	(1,468)
Proceeds from issuance of common stock	5)	1,180)	1,009)	3,249)	4)	3)
Proceeds from issuance of common stock under the Stock Swap Program	22)	95)	206)	—)	—)	—)
Purchase of treasury stock under the Stock Swap Program	(20)	(87)	(188)	—)	—)	—)
Other	13)	(1)	(7)	(149)	(87)	(43)
Net cash provided by (used in) financing activities	(5,089)	3,577)	6,949)	18,650)	(655)	(1,460)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	17)	(80)	(13)	53)	(9)	—)
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,601)	(2,940)	(716)	9,162)	(466)	587)
Cash, cash equivalents and restricted cash at beginning of year	6,037)	8,977)	9,692)	530)	996)	395)
Cash, cash equivalents and restricted cash at end of year	2,436)	6,037)	8,976)	9,692)	530)	982)

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).

Net Income (Loss): The company experienced a significant decline in net income starting in 2020, with losses recorded from 2020 through 2023. The loss peaked in 2020 and 2021, with a gradual improvement noted through 2022 and almost breaking even by 2023.
Depreciation and Amortization: Depreciation and amortization expenses showed a steady increase from 2018 to 2023, reflecting a possible increase in asset base or changes in accounting estimates.
Impairments: Impairments surged drastically in 2020, reaching over four billion US dollars, followed by a sharp decline in subsequent years, indicative of asset write-downs possibly related to adverse conditions during that period.
Non-Cash Adjustments Related to Financing and Investments: Loss on debt extinguishment began appearing in 2020 and increased in 2021, then declined later. Share-based compensation fluctuated, peaking in 2021. Amortization of discounts and debt issue costs increased until 2021 and then slightly declined. Noncash lease expenses emerged in 2020 and remained relatively stable. Gains on sales of ships recorded negative impacts more notably from 2021 onwards.
Changes in Operating Assets and Liabilities: There were considerable fluctuations in receivables, inventories, prepaid expenses, payables, accrued liabilities, and customer deposits over the years. Notably, customer deposits showed high volatility, with a steep decline in 2020 followed by recovery and growth through 2023. Overall changes in operating assets and liabilities were negative in 2020 but improved significantly in later years.
Operating Cash Flow: Net cash provided by operating activities was strong and stable in 2018 and 2019 but turned negative in 2020, with recovery only beginning in 2023, reflecting underlying challenges and gradual operational improvement.
Investing Activities: Purchases of property and equipment showed consistent outflows, with a peak in 2022 followed by a reduction in 2023. Proceeds from sales of property showed variability but generally contributed positively. Activity in short-term investments was notable between 2020 and 2022, with significant purchases and maturities affecting cash flows. Overall, investing cash flows remained negative throughout but improved in 2023.
Financing Activities: The financing section exhibited considerable volatility. There were large inflows from issuance of long-term debt, peaking in 2020 and 2021, followed by a decline. Principal repayments of long-term debt spiked in 2021 and 2023, indicating active debt management. Dividends and stock repurchases reduced in frequency and magnitude after 2020. Net cash from financing activities was strongly positive in 2020 and 2021 but turned negative by 2023, signaling tightened financing conditions or deleveraging efforts.
Cash and Cash Equivalents: Cash balances showed significant growth in 2020, coinciding with increased debt issuance and other financing sources, but declined steadily from 2021 through 2023, reflecting cash outflows exceeding inflows in operating, investing, and financing activities during those years.
Summary of Trends: The data reveal a sharp adverse financial impact beginning in 2020, likely linked to external factors causing large net losses and impairments. Operational cash flows deteriorated but began recovering by 2023. The company engaged in substantial debt issuance to support liquidity but started repaying significant amounts in recent years. Capital expenditures remained robust, though slightly reduced in the latest year. Cash reserves were amassed during the initial crisis period but declined subsequently, highlighting ongoing financial adjustments and recovery efforts.

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Carnival Corp. & plc (NYSE:CCL)

Cash Flow Statement