Cash Flow Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018	May 31, 2018	Feb 28, 2018
Net income (loss)	(214)	(48)	1,074)	(407)	(693)	(1,598)	(769)	(1,835)	(1,891)	(2,620)	(2,836)	(2,072)	(1,973)	(2,222)	(2,859)	(4,374)	(781)	423)	1,780)	451)	336)	493)	1,708)	560)	391)
Depreciation and amortization	613)	596)	595)	597)	582)	568)	581)	572)	554)	552)	562)	567)	552)	543)	551)	577)	570)	553)	548)	543)	516)	507)	510)	512)	488)
Impairments	—)	2)	19)	—)	—)	462)	—)	—)	8)	293)	475)	49)	17)	138)	910)	1,953)	1,062)	—)	24)	2)	—)	—)	16)	—)	—)
Gains on fuel derivatives, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2)	(4)	(41)	(16)
(Gain) loss on debt extinguishment	33)	(1)	68)	31)	—)	1)	—)	—)	—)	296)	376)	(2)	(2)	239)	220)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
(Income) loss from equity-method investments	3)	(3)	(11)	16)	11)	38)	4)	(15)	11)	94)	21)	6)	8)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Share-based compensation	11)	10)	12)	22)	9)	22)	25)	28)	26)	26)	29)	26)	40)	53)	14)	18)	20)	8)	11)	7)	20)	16)	17)	14)	18)
Amortization of discounts and debt issue costs	36)	35)	41)	41)	44)	40)	44)	41)	46)	41)	48)	41)	42)	41)	45)	27)	6)	—)	—)	—)	—)	—)	—)	—)	—)
Noncash lease expense	34)	36)	37)	37)	35)	45)	35)	34)	34)	34)	35)	35)	36)	34)	39)	57)	42)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on sales of ships	—)	(34)	(54)	—)	—)	(1)	(6)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	15)	19)	47)	(17)	8)	27)	26)	5)	5)	51)	15)	26)	45)	8)	30)	45)	(121)	13)	19)	(4)	13)	16)	(25)	(19)	22)
Receivables	(106)	(81)	(44)	66)	(121)	(37)	(14)	(98)	(22)	30)	(68)	25)	6)	100)	227)	(223)	21)	(13)	(51)	—)	(50)	3)	(26)	(5)	(30)
Inventories	(7)	(42)	(37)	13)	(19)	(8)	(8)	(42)	(37)	(44)	(19)	1)	(1)	6)	13)	73)	(15)	57)	17)	(2)	7)	(48)	(3)	(17)	1)
Prepaid expenses and other assets	634)	323)	879)	(748)	(57)	(158)	(321)	(351)	(44)	151)	(525)	(433)	(263)	(218)	(162)	291)	(120)	(34)	82)	(148)	(154)	(2)	17)	(39)	98)
Accounts payable	(11)	46)	54)	12)	(35)	107)	37)	163)	(24)	191)	134)	9)	(128)	(68)	(1,149)	904)	148)	59)	(93)	3)	65)	70)	(80)	(33)	19)
Accrued liabilities and other	108)	(8)	86)	41)	28)	79)	250)	77)	(65)	143)	222)	69)	167)	(142)	(172)	(117)	120)	17)	15)	43)	5)	66)	83)	(51)	(198)
Customer deposits	619)	72)	(932)	1,433)	596)	296)	(228)	1,424)	187)	394)	652)	294)	(49)	(164)	(552)	(1,951)	(36)	(22)	(1,107)	1,158)	358)	(10)	(864)	1,142)	271)
Changes in operating assets and liabilities	1,237)	310)	6)	817)	392)	279)	(284)	1,173)	(5)	865)	396)	(35)	(268)	(486)	(1,795)	(1,023)	118)	64)	(1,137)	1,054)	231)	79)	(873)	997)	161)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	1,982)	970)	760)	1,544)	1,081)	1,481)	425)	1,838)	679)	2,252)	1,957)	713)	470)	570)	14)	1,654)	1,697)	638)	(535)	1,602)	780)	620)	(359)	1,463)	673)
Net cash provided by (used in) operating activities	1,768)	922)	1,834)	1,137)	388)	(117)	(344)	3)	(1,212)	(368)	(879)	(1,359)	(1,503)	(1,652)	(2,845)	(2,720)	916)	1,061)	1,245)	2,053)	1,116)	1,113)	1,349)	2,023)	1,064)
Purchases of property and equipment	(2,138)	(675)	(837)	(697)	(1,075)	(1,181)	(538)	(491)	(2,730)	(487)	(963)	(383)	(1,774)	(1,721)	(231)	(342)	(1,326)	(1,981)	(427)	(892)	(2,129)	(965)	(583)	(1,627)	(574)
Proceeds from sales of ships	—)	80)	5)	232)	23)	15)	—)	37)	18)	—)	27)	315)	9)	63)	35)	10)	226)	11)	9)	6)	—)	107)	180)	102)	—)
Purchase of minority interest	—)	—)	—)	—)	—)	—)	(1)	—)	—)	—)	—)	(90)	—)	—)	—)	—)	(81)	—)	—)	—)	—)	—)	—)	—)	—)
Purchase of short-term investments	—)	—)	—)	—)	—)	—)	—)	—)	(315)	(201)	(1)	(831)	(1,840)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from maturity of short-term investments	—)	—)	—)	—)	—)	—)	151)	364)	—)	647)	1,559)	467)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	(25)	107)	19)	—)	8)	(134)	28)	15)	(5)	33)	(2)	(44)	16)	(130)	—)	237)	20)	10)	19)	27)	70)	(38)	(111)	24)	(17)
Net cash used in investing activities	(2,163)	(488)	(813)	(465)	(1,044)	(1,300)	(360)	(75)	(3,032)	(8)	620)	(566)	(3,589)	(1,788)	(196)	(95)	(1,161)	(1,960)	(399)	(859)	(2,059)	(896)	(514)	(1,501)	(591)
Proceeds from (repayments of) short-term borrowings, net	—)	—)	—)	(200)	—)	(2,476)	—)	(66)	(48)	(310)	—)	17)	—)	(289)	(192)	2,554)	779)	(5)	(243)	(276)	(81)	235)	(216)	(213)	611)
Principal repayments of long-term debt	(1,390)	(832)	(4,534)	(1,615)	(679)	(1,002)	(389)	(181)	(503)	(2,449)	(2,142)	(697)	(668)	(725)	(513)	(251)	(132)	(1,179)	(134)	(243)	(95)	(285)	(90)	(218)	(963)
Debt issuance costs	(77)	(15)	(116)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Debt extinguishment costs	(31)	(12)	(67)	—)	—)	(1)	—)	—)	—)	(259)	(286)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from issuance of long-term debt	1,735)	—)	1,945)	186)	830)	3,875)	—)	987)	2,347)	5,142)	2,920)	—)	4,980)	3,552)	4,794)	5,851)	823)	1,952)	—)	283)	1,439)	924)	—)	1,149)	469)
Dividends paid	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(345)	(344)	(346)	(347)	(346)	(348)	(352)	(357)	(323)	(323)
Purchases of common stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(12)	(131)	(156)	(42)	(274)	(263)	(692)	(295)	(218)
Proceeds from issuance of common stock	—)	—)	—)	5)	—)	—)	1,150)	15)	15)	6)	7)	(1)	997)	2,471)	220)	556)	2)	—)	2)	2)	—)	—)	—)	—)	—)
Proceeds from issuance of common stock under the Stock Swap Program	—)	—)	—)	22)	—)	6)	—)	62)	27)	101)	105)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchase of treasury stock under the Stock Swap Program	—)	—)	—)	(20)	—)	(5)	—)	(59)	(23)	(93)	(95)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	—)	(1)	95)	(41)	(40)	(37)	(7)	(23)	(87)	(88)	(133)	(12)	(93)	(58)	(35)	(29)	(27)	(34)	(8)	(16)	(29)	(12)	(13)	(11)	(4)
Net cash provided by (used in) financing activities	237)	(860)	(2,677)	(1,663)	111)	360)	754)	735)	1,728)	2,050)	376)	(693)	5,216)	4,951)	4,274)	8,336)	1,089)	257)	(886)	(638)	612)	247)	(1,368)	89)	(428)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4)	(9)	20)	7)	(1)	(13)	(32)	(27)	(8)	(26)	(6)	6)	14)	(11)	62)	7)	(6)	3)	(6)	(5)	—)	(8)	6)	(11)	13)
Net increase (decrease) in cash, cash equivalents and restricted cash	(162)	(435)	(1,636)	(984)	(546)	(1,070)	18)	636)	(2,524)	1,648)	111)	(2,612)	138)	1,500)	1,295)	5,528)	838)	(639)	(46)	551)	(331)	456)	(527)	600)	58)

Net Income (Loss): The net income exhibits a cyclical pattern with strong positive results before early 2020. Beginning in February 2020, there is a sharp decline into significant losses that persist through much of 2021 and 2022, reflecting a challenging period. Recovery signs appear late 2023 and early 2024 with values moving towards positive territory.
Depreciation and Amortization: This expense remains relatively stable and gradually increases over the entire period, indicating consistent asset base usage and amortization practices.
Impairments: Impairments spike notably in late 2019 and early 2020, reaching very high levels during the initial pandemic impact period. This indicates notable write-downs or asset devaluations during the crisis, followed by sporadic impairments in the subsequent quarters.
Gains on Fuel Derivatives: Available data shows some volatility and mostly losses or minimal gains in the earlier years, with no data post-2018.
(Gain) Loss on Debt Extinguishment: There are intermittent gains and losses associated with debt extinguishment, with peaks in 2020 and 2021, likely reflecting refinancing or debt restructuring activities in response to financial stress.
(Income) Loss from Equity-Method Investments: Income or loss from equity investments fluctuates with small positive and negative values, indicating marginal impacts on overall income.
Share-based Compensation: This expense remains relatively stable with slight increases in some 2020 and 2021 quarters, followed by minor fluctuations thereafter.
Amortization of Discounts and Debt Issue Costs: Regular amortization expenses persist throughout the period, reflecting ongoing financing costs linked to debt issuance.
Noncash Lease Expense: Noncash lease expense holds steady with minimal fluctuations, indicative of consistent lease obligations.
Gain on Sales of Ships: Gains vary, with notable negative adjustments in late 2022 and early 2023, suggesting possible losses on asset disposals or write-downs of disposed vessels during these periods.
Other Operating Items: Other items show irregular movements, including sharp negative swings during certain periods of distress, reflecting miscellaneous operational impacts.
Receivables: Receivables fluctuate considerably, with some quarters reflecting increased collections and others reflecting significant increases in receivables balances, possibly indicative of shifting credit terms or collection difficulties during crisis periods.
Inventories: Inventory levels show volatility without a clear trend, possibly reflecting variations in supply management and provisioning across periods.
Prepaid Expenses and Other Assets: This category experiences marked volatility, especially sharp decreases from 2020 onward and some recovery in late 2023, suggesting fluctuating prepaid asset management or significant write-offs.
Accounts Payable: Accounts payable oscillate significantly, with substantial increases during 2020 and 2021, which may indicate extended payment terms or delayed payments during financial stress.
Accrued Liabilities and Other: Accrued liabilities fluctuate widely, with occasional large positive adjustments, potentially indicating settlement or deferral of liabilities.
Customer Deposits: Customer deposits are highly volatile with large swings especially negative in 2020, reflecting significant disruptions in customer bookings or cancellations during the pandemic, followed by recovery and growth in deposits in 2022 and 2023.
Changes in Operating Assets and Liabilities: There are large fluctuations consistent with working capital management challenges and recovery phases, including sharp negative changes corresponding with pandemic impacts and later positive adjustments nearing recovery periods.
Adjustments to Reconcile Net Income to Net Cash from Operations: This figure fluctuates widely, reflecting large non-cash adjustments in impairment, depreciation, and other accruals, especially during crisis quarters and recovery phases.
Net Cash Provided by Operating Activities: Operating cash flow shows relatively stable positive inflows before 2020, a sudden collapse into negative territory during pandemic quarters, and a slow gradual recovery beginning in 2022 leading into 2024.
Purchases of Property and Equipment: Capital expenditures show a downward trend from pre-pandemic levels, with notable reductions during 2020 and 2021, followed by increased spending in 2022 and 2024, indicating cautious capital deployment followed by reinvestment.
Proceeds from Sales of Ships: Sporadic sales of ships with varying proceeds, including a notable increase in 2021, possibly indicating fleet optimization or asset divestitures.
Purchase of Minority Interest: Occasional minority interest purchases occurred in late 2019 and 2021, with minimal activity otherwise.
Purchase and Proceeds from Short-term Investments: Significant short-term investment activity occurs starting in 2020, including large purchases followed by proceeds, indicating treasury management adjustments during periods of financial uncertainty.
Other Investing Activities: Other investing activities are volatile without clear trends, involving both inflows and outflows potentially linked to miscellaneous investing transactions.
Net Cash Used in Investing Activities: Investing cash flow is generally negative, with large outflows in capital expenditures and asset purchases, particularly intensified during pandemic years, before some moderation in recent quarters.
Proceeds from (Repayments of) Short-term Borrowings: Short-term borrowing net activity is volatile with substantial inflows in 2020 followed by repayments in later periods, reflecting liquidity management and borrowing needs during and post-crisis.
Principal Repayments of Long-term Debt: Consistent principal repayments occur throughout the period, with spikes in repayment activity in late 2021 and 2023, demonstrating ongoing debt servicing.
Debt Issuance and Extinguishment Costs: Some debt issuance and extinguishment costs appear during 2021 and 2023, related to refinancing or restructuring efforts.
Proceeds from Issuance of Long-term Debt: Long-term debt issuance increases substantially during 2020 and 2021, likely to raise liquidity during pandemic disruptions, followed by moderate issuance in later periods.
Dividends Paid: Dividend payments are regular and stable up to early 2020, with absence of payments thereafter, consistent with conservation of cash during financial uncertainty.
Purchases and Proceeds from Issuance of Common Stock: Purchases of common stock were frequent until 2020, then largely ceased. Issuances of common stock notably increase during 2020 and 2021, indicating equity raises to bolster capital resources.
Other Financing Activities: Other financing activities fluctuate with mostly minor amounts and no clear trend.
Net Cash Provided by (Used in) Financing Activities: Financing activities alternate between inflows and outflows, with significant positive inflows in 2020 and 2021 due to debt and equity issuances, offsetting operational and investing outflows. Later periods reveal repayments and reduced financing inflows consistent with stabilization efforts.
Effect of Exchange Rate Changes: Currency effects on cash balances are minor and generally fluctuate around zero, without materially impacting cash flows.
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash: Cash balances reflect substantial increases in 2020, driven by financing inflows, followed by declines and moderate fluctuations in subsequent years, coinciding with operational challenges and recovery phases.

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Carnival Corp. & plc (NYSE:CCL)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data