Name: Carnival Corp. & plc (NYSE:CCL) | Cash Flow Statement
Creator: Stock Analysis on Net

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.

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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).

The financial trajectory from 2018 to 2023 is characterized by a period of stability, followed by a severe operational crisis and a subsequent recovery. The company transitioned from consistent profitability and positive cash flow in 2018 and 2019 to deep net losses and negative operating cash flows between 2020 and 2022. By 2023, a significant recovery is evident, with net losses narrowing to near-break-even levels and operating cash flow returning to positive territory.

Operating Cash Flow Dynamics: Net cash provided by operating activities experienced a drastic reversal, falling from approximately US$ 5.5 billion in 2018 to a deficit of US$ 6.3 billion in 2020. This decline was primarily driven by substantial net losses and a sharp decrease in customer deposits in 2020, totaling US$ 2.7 billion, which indicates a significant refund event. Recovery began in 2021, supported by a rebound in customer deposits and a steady reduction in net losses, culminating in a return to positive operating cash flow of US$ 4.28 billion in 2023.
Investing Activities and Capital Expenditure: Investing activities remained consistently negative throughout the period, reflecting ongoing capital commitment. Purchases of property and equipment ranged from a low of US$ 3.28 billion in 2023 to a peak of US$ 5.43 billion in 2019. While the company maintained significant capital expenditures even during the peak of the crisis, it partially offset these outflows through the sale of ships, with notable proceeds of US$ 340 million in 2023.
Financing Strategy and Debt Management: A fundamental shift in financing strategy is observed to maintain liquidity during the operational downturn. From 2020 to 2022, the company relied heavily on the issuance of long-term debt, with peak proceeds of US$ 15.02 billion in 2020 and US$ 13.04 billion in 2021. This era of aggressive borrowing allowed the company to offset operating losses and maintain a cash buffer. By 2023, the strategy pivoted toward deleveraging, evidenced by a net cash outflow from financing activities of US$ 5.09 billion, driven largely by US$ 7.66 billion in principal repayments of long-term debt.

The overall cash position reflects these alternating phases. Cash, cash equivalents, and restricted cash surged to a peak of US$ 9.69 billion at the end of 2020 due to massive financing inflows. However, this balance steadily declined as the company funded operating deficits and began aggressively repaying debt, ending the 2023 period at US$ 2.44 billion.

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