TIDMCCL 
 
CARNIVAL CORPORATION & PLC PROVIDES FOURTH QUARTER 2021 BUSINESS UPDATE 
 
MIAMI, Dec. 20, 2021 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
provides fourth quarter 2021 business update. 
 
  * U.S. GAAP net loss of $2.6 billion and adjusted net loss of $2.0 billion 
    for the fourth quarter of 2021. 
  * Fourth quarter 2021 ended with $9.4 billion of liquidity. 
  * For the cruise segments, revenue per passenger cruise day ("PCD") for the 
    fourth quarter of 2021 increased approximately 4% compared to a strong 
    2019. The increase was driven in part by exceptionally strong onboard and 
    other revenue. 
  * As of November 30, 2021, 61% of the company's capacity was operating with 
    guests on board and it expects the full fleet to be back in operation in 
    the spring of 2022. 
  * Cumulative advanced bookings for the second half of 2022 and first half of 
    2023 are at the higher end of historical ranges and at higher prices, with 
    or without future cruise credits ("FCC"), normalized for bundled packages, 
    as compared to 2019 sailings. 
  * Customer deposits increased $360 million in the fourth quarter of 2021, 
    marking the third consecutive quarter the company has seen an increase in 
    customer deposits. 
  * Through its debt management efforts, the company has refinanced over $9 
    billion to date, reducing its future annual interest expense by 
    approximately $400 million per year and extending maturities, optimizing 
    its debt maturity profile. 
  * Carnival Corporation's CDP score for climate change improved to a B from a 
    C in recognition of enhanced disclosures, including the establishment of 
    its 2030 sustainability goals and 2050 aspirations. 
 
Carnival Corporation & plc President and Chief Executive Officer Arnold Donald 
noted, "Since resuming guest cruise operations, we have established effective 
protocols for COVID-19 and its variants and have returned 65,000 team members 
and 50 ships, all while delivering an exceptional guest experience to over 1.2 
million guests and counting. And we have done that while honoring our 
commitment to strive for excellence in compliance, environmental protection and 
the health, safety and well-being of everyone." 
 
Donald added, "Our cash from operations turned positive in the month of 
November, and we expect consistently positive cash flow beginning in the second 
quarter of 2022 as additional ships resume guest cruise operations. We enter 
the year with $9.4 billion of liquidity, essentially the same liquidity level 
as last year but with significantly improved cash flow generation ahead, as 
ship operating cash flow and customer deposits continue to build. During 2021, 
we believe we have clearly maximized our return to service and strengthened our 
financial position to withstand potential volatility on our path to 
profitability." 
 
Fourth Quarter 2021 Results and Statistical Information 
 
  * For the cruise segments, revenue per PCD for the fourth quarter of 2021 
    increased approximately 4% compared to a strong 2019. The increase was 
    driven in part by exceptionally strong onboard and other revenue. 
  * Occupancy in the fourth quarter of 2021 was 58%, which was better than the 
    54% in the third quarter of 2021. 
  * Available lower berth days ("ALBD") for the fourth quarter of 2021 were 
    10.2 million, which represents 47% of total fleet capacity. ALBDs are 
    expected to be 14.1 million for the first quarter of 2022, which represents 
    63% of total fleet capacity. 
 
Donald noted, "We achieved 4% higher revenue per passenger day in our fourth 
quarter compared to a strong fourth quarter of 2019, while at the same time 
ramping up occupancy and capacity. In fact, Carnival Cruise Line experienced 
another quarter of double-digit revenue growth per passenger day compared to 
2019, operating at nearly 60% of its capacity while also improving occupancy, 
and is now approaching 90% occupancy levels in the month of December, which is 
a testament to the fundamental strength in demand for our cruise product." 
 
The company's monthly average cash burn rate for the fourth quarter of 2021 was 
$510 million, which was better than expected. The monthly average cash burn 
rate includes revenues earned on voyages, ongoing ship operating and 
administrative expenses, restart spend, working capital changes (excluding 
changes in customer deposits), interest expense and capital expenditures (net 
of export credit facilities), and excludes scheduled debt maturities as well as 
other cash collateral to be provided. As the company continues its gradual 
return to service, it expects to continue incurring incremental restart related 
spend, including the cost of returning ships to guest cruise operations and 
returning crew members to its ships as well as the incremental costs of 
maintaining enhanced health and safety protocols. 
 
The gradual resumption of the company's guest cruise operations continues to 
have a material impact on all aspects of its business, including the company's 
liquidity, financial position and results of operations. The company expects a 
net loss for the first half of 2022 and a profit for the second half of 2022 on 
both a U.S. GAAP and adjusted basis for both periods. 
 
Resumption of Guest Cruise Operations 
 
Donald added, "With over 60% of our capacity now in operation and the remainder 
planned by spring, we are well positioned for our seasonally strong summer 
period." 
 
Since resuming its guest cruise operations in September 2020, the company has 
carried 1.2 million guests onboard its ships. As of November 30, 2021, eight of 
the company's nine brands have resumed guest cruise operations as part of its 
gradual return to service, with 61% of its capacity operating with guests on 
board. The company continues to expect to have its full fleet back in operation 
as follows: 
 
                         Planned Ships in Service 
                         at the End of Each Month 
 
                      Number of         % of Berth          Total Passenger 
                        Ships            Capacity              Capacity 
                                                          (Lower Berths) (a) 
 
2021: November            50               61%                  240,460 
 
                          57               67%                  251,230 
December 
 
2022: January             57               66%                  254,890 
 
                          60               68%                  254,890 
February 
 
           March          66               75%                  255,160 
 
           April          82               90%                  255,160 
 
           May            91               98%                  255,160 
 
           June           94               100%                 255,160 
 
(a) Total passenger capacity increases for newbuild deliveries through March 
2022. 
 
While the company will benefit from the disposal of 19 smaller, less efficient 
ships since the beginning of the pause in guest cruise operations, the company 
is forecasting net cruise costs (see Explanations of Non-GAAP Financial 
Measures) without fuel per ALBD in 2022 to be significantly higher than 2019. 
This is driven by a portion of our fleet being in pause status for part of the 
year, restart related expenses, the cost of maintaining enhanced health and 
safety protocols and inflation. We anticipate that most of these costs and 
expenses will end in 2022 and will not reoccur in fiscal 2023. In 2022, fuel 
consumption is forecasted to be 2.9 million metric tons. The blended spot price 
for fuel is currently $563 per metric ton. 
 
The company has worked closely with health and medical experts globally and 
nationally, as well as with authorities in destination countries, to put in 
place comprehensive health and safety protocols for protection against and 
mitigation of COVID-19 across the entire cruise experience for all of the 
company's nine brands. This includes cross-industry learnings and best 
practices based on the proven health and safety record of industry-wide 
sailings, and input from top scientists and public health, epidemiological and 
policy experts. Protocols have been and will continue to be updated based on 
evolving scientific and medical knowledge related to mitigation strategies. 
Details about enhanced protocols, including the latest information and 
requirements for each of the company's brands, is available on their websites. 
 
Update on Bookings 
 
Donald added, "Booking volumes continue to build for the remainder of 2022 and 
well into 2023 and we are achieving those early bookings with strong demand and 
pricing." 
 
Cumulative advanced bookings for the second half of 2022 and first half of 2023 
are at the higher end of historical ranges and at higher prices, with or 
without FCCs, normalized for bundled packages, as compared to 2019 sailings. 
Booking volumes for the same periods during fourth quarter of 2021 were higher 
than the third quarter of 2021. Over the last few weeks, we have experienced an 
initial impact on bookings related to near-term sailings as a result of the 
Omicron variant. (Due to the gradual resumption in guest cruise operations, the 
company's current booking trends will be compared to booking trends for 2019 
sailings.) 
 
Total customer deposits increased $360 million to $3.5 billion as of November 
30, 2021 from $3.1 billion as of August 31, 2021. For the third consecutive 
quarter, the company saw an increase in customer deposits. 
 
Refinancing 
 
Carnival Corporation & plc Chief Financial Officer David Bernstein noted, "We 
ended the fiscal year with $9.4 billion of liquidity and have addressed our 
short-term maturities, improving our future liquidity position. Through our 
debt management efforts, we have refinanced over $9 billion to date, reducing 
our future annual interest expense by approximately $400 million per year and 
extending maturities, optimizing our debt maturity profile. During 2022, we 
will continue to be focused on pursuing refinancing opportunities to reduce 
interest rates and extend maturities. We believe we have the potential to 
generate higher EBITDA in 2023 compared to 2019 given our additional capacity 
and improved cost structure. Therefore, in 2023, our focus will shift to 
deleveraging driven by cash from operations." 
 
During the fourth quarter of 2021 the company refinanced $2.6 billion, bringing 
the total amount refinanced to over $9 billion to date. 
 
  * Borrowed $2.3 billion under a new term loan facility and repaid $2.0 
    billion, effectively extending maturities to 2028 and reducing interest 
    expense by $135 million annually. 
  * Issued $2.0 billion aggregate principal amount of senior unsecured notes 
    due 2029, intended to refinance 2022 maturities. 
  * Extended existing loan maturities totaling approximately $650 million 
    originally due in 2022 and 2023, to various dates in 2023 through 2026. 
 
As of November 30, 2021, the company's outstanding debt maturities are as 
follows: 
 
(in billions)                                          2022     2023     2024 
 
Principal payments on outstanding debt (a)            $  1.9   $  2.8   $  1.9 
 
(a)  Excluding the revolving credit facility. As of November 30, 2021, 
borrowings under the revolving 
credit facility were $2.8 billion, which mature in 2024. 
 
Sustainability Update 
 
Donald noted, "We are operating the only five large cruise ships in the world 
currently powered by LNG and we will shortly take delivery of our sixth. Upon 
returning to full cruise operations, our LNG efforts combined with other 
innovative efforts to drive energy efficiency are forecasted to deliver a 10% 
reduction in unit fuel consumption on an annualized basis compared to 2019, a 
significant achievement on our path to decarbonization." 
 
Donald added, "We have announced our net zero aspirations by 2050. We are 
focused on making a real impact on the environment by decreasing our unit fuel 
consumption today, even reducing the potential need for carbon offsets." 
 
The company is focused on advancing its six critical sustainability focus areas 
- climate action; circular economy; sustainable tourism; good health and 
well-being; diversity, equity and inclusion; and biodiversity and conservation. 
Among these priorities, the company is committed to continuing its reduction of 
carbon emissions and has aspirations to achieve net carbon-neutral ship 
operations by 2050, well ahead of current International Maritime Organization's 
("IMO") target, while minimizing the use of carbon offsets. To achieve this 
aspiration, the company is partnering with key organizations to help identify 
and scale new technologies not yet ready for the cruise industry. The company 
believes its scale will support its effort to lead the industry in climate 
action. The company's carbon emissions reduction efforts include improvements 
in energy efficiency, integrating alternative fuels and investing in new 
technologies such as batteries and fuel cells. 
 
The company's specific efforts include: 
 
  * Measuring and evaluating its emissions performance to ensure ongoing 
    improvement 
      + Despite experiencing capacity growth of approximately 25% from 2011 to 
        2019, absolute carbon emissions peaked in 2011 through improvements in 
        energy efficiency 
      + Achieved its 2020 carbon intensity reduction goal of 25% on a per unit 
        basis 
      + Committed to delivering a 40% reduction in carbon intensity on a per 
        unit basis by 2030, relative to its 2008 baseline 
 
  * Innovating to drive energy efficiency 
      + Invested over $350 million in energy efficiency improvements since 2016 
      + Energy efficiency improvements, fleet optimization and itinerary 
        management are expected to drive a 10% improvement in fuel consumption 
        per ALBD in the company's first full year of guest cruise operations 
        compared to 2019 
      + Led the industry in the development of LNG ships 
      + The company's five LNG ships are the only contemporary or premium LNG 
        cruise ships currently operating in the world, and it has six more LNG 
        ships on order. Together, these 11 ships will represent 20% of its 
        future capacity 
      + Developed the first port with shore power capability for cruise ships, 
        which has expanded to 21 ports and growing 
      + Over 45% of the company's fleet is equipped to connect to shore power 
        while in port with a goal of reaching at least 60% of the fleet by 2030 
      + Pioneered the use of Advanced Air Quality Systems on board its ships to 
        aid in the reduction of sulfur emissions 
 
  * Partnering with key organizations and stakeholders on research and 
    development to support carbon emissions reduction efforts 
      + First cruise company to join the Getting to Zero Coalition 
      + Partnering to evaluate and pilot maritime scale battery technology and 
        methanol powered fuel cells on its ships 
      + Working with Classification Societies and other stake holders to assess 
        hydrogen, methanol, eLNG and biofuels as future low carbon fuel options 
        for cruise ships 
      + Planning to conduct assessments with fuel suppliers to evaluate the 
        feasibility of introducing bio-LNG fuel products into its supply chain 
 
For more detailed information on the company's 2030 sustainability goals and 
2050 aspirations, see the company report issued on 
www.carnivalsustainability.com. 
 
Other Recent Highlights 
 
  * Carnival Corporation's CDP score for climate change improved to a B from a 
    C in recognition of enhanced disclosures, including the establishment of 
    its 2030 sustainability goals and 2050 aspirations. CDP is the leading 
    global independent platform that evaluates climate change disclosure. 
  * Carnival Corporation named by Forbes as one of the World's Best Employers 
    and as one of the World's Top Female-Friendly Companies of 2021. 
  * Carnival Corporation named by Inc. as one of America's Best-Led Companies 
    of 2021. 
  * Rotterdam, Holland America Line's newest ship, departed on its maiden 
    voyage from Amsterdam. 
  * Costa Cruises took delivery of its newest ship, Costa Toscana, the 
    company's fifth ship powered by LNG. 
  * Carnival Cruise Line announced that its third Excel-class ship, Carnival 
    Jubilee, will be delivered in 2023 and based in Galveston, Texas. 
  * AIDA Cruises and Antenne Deutschland launched a new radio station, 
    AIDAradio. 
  * Carnival Cruise Line introduced Funderstruck, a new marketing campaign 
    highlighting the heightened joy and fun experienced together on a Carnival 
    cruise. 
 
Conference Call 
 
The company has scheduled a conference call with analysts at 10:00 a.m. EST (3: 
00 p.m. GMT) today to discuss its business update. This call can be listened to 
live, and additional information can be obtained, via Carnival Corporation & 
plc's website at www.carnivalcorp.com and www.carnivalplc.com. 
 
Carnival Corporation & plc is one of the world's largest leisure travel 
companies with a portfolio of nine of the world's leading cruise lines. With 
operations in North America, Australia, Europe and Asia, its portfolio features 
- Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises 
(Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK) and 
Cunard. 
 
Additional information can be found on www.carnivalcorp.com, 
www.carnivalsustainability.com, www.carnival.com, www.princess.com, 
www.hollandamerica.com, www.pocruises.com.au, www.seabourn.com, 
www.costacruise.com, www.aida.de, www.pocruises.com and www.cunard.com. 
 
Cautionary Note Concerning Factors That May Affect Future Results 
 
Some of the statements, estimates or projections contained in this document are 
"forward-looking statements" that involve risks, uncertainties and assumptions 
with respect to us, including some statements concerning future results, 
operations, outlooks, plans, goals, reputation, cash flows, liquidity and other 
events which have not yet occurred. These statements are intended to qualify 
for the safe harbors from liability provided by Section 27A of the Securities 
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. 
All statements other than statements of historical facts are statements that 
could be deemed forward-looking. These statements are based on current 
expectations, estimates, forecasts and projections about our business and the 
industry in which we operate and the beliefs and assumptions of our management. 
We have tried, whenever possible, to identify these statements by using words 
like "will," "may," "could," "should," "would," "believe," "depends," "expect," 
"goal," "anticipate," "forecast," "project," "future," "intend," "plan," 
"estimate," "target," "indicate," "outlook," and similar expressions of future 
intent or the negative of such terms. 
 
Forward-looking statements include those statements that relate to our outlook 
and financial position including, but not limited to, statements regarding: 
 
  * Pricing                    * Goodwill, ship and trademark fair values 
 
  * Booking levels             * Liquidity and credit ratings 
 
  * Occupancy                  * Adjusted earnings per share 
 
  * Interest, tax and fuel     * Return to guest cruise operations 
    expenses 
 
  * Currency exchange rates    * Impact of the COVID-19 coronavirus global 
                                 pandemic on our financial condition and 
  * Estimates of ship            results of operations 
    depreciable lives and 
    residual values 
 
Because forward-looking statements involve risks and uncertainties, there are 
many factors that could cause our actual results, performance or achievements 
to differ materially from those expressed or implied by our forward looking 
statements. This note contains important cautionary statements of the known 
factors that we consider could materially affect the accuracy of our 
forward-looking statements and adversely affect our business, results of 
operations and financial position. Additionally, many of these risks and 
uncertainties are currently amplified by and will continue to be amplified by, 
or in the future may be amplified by, COVID-19. It is not possible to predict 
or identify all such risks. There may be additional risks that we consider 
immaterial or which are unknown. These factors include, but are not limited to, 
the following: 
 
  * COVID-19 has had, and is expected to continue to have, a significant impact 
    on our financial condition and operations. The current, and uncertain 
    future, impact of COVID-19, including its effect on the ability or desire 
    of people to travel (including on cruises), is expected to continue to 
    impact our results, operations, outlooks, plans, goals, reputation, 
    litigation, cash flows, liquidity, and stock price. 
  * World events impacting the ability or desire of people to travel have and 
    may continue to lead to a decline in demand for cruises. 
  * Incidents concerning our ships, guests or the cruise vacation industry have 
    in the past and may, in the future, impact the satisfaction of our guests 
    and crew and lead to reputational damage. 
  * Changes in and non-compliance with laws and regulations under which we 
    operate, such as those relating to health, environment, safety and 
    security, data privacy and protection, anti-corruption, economic sanctions, 
    trade protection and tax have in the past and may, in the future, lead to 
    litigation, enforcement actions, fines, penalties and reputational damage. 
  * Factors associated with climate change, including evolving and increasing 
    regulations, increasing global concern about climate change and the shift 
    in climate conscious consumerism and stakeholder scrutiny, and increases to 
    the frequency and/or severity of adverse weather conditions could adversely 
    affect our business. 
  * Inability to meet or achieve our sustainability related goals, aspirations, 
    initiatives, and our public statements and disclosures regarding them, may 
    expose us to risks that may adversely impact our business. 
  * Breaches in data security and lapses in data privacy as well as disruptions 
    and other damages to our principal offices, information technology 
    operations and system networks and failure to keep pace with developments 
    in technology may adversely impact our business operations, the 
    satisfaction of our guests and crew and may lead to reputational damage. 
  * The loss of key employees, our inability to recruit or retain qualified 
    shoreside and shipboard employees and increased labor costs could have an 
    adverse effect on our business and results of operations. 
  * Increases in fuel prices, changes in the types of fuel consumed and 
    availability of fuel supply may adversely impact our scheduled itineraries 
    and costs. 
  * We rely on supply chain vendors who are integral to the operations of our 
    businesses. These vendors and service providers are also affected by 
    COVID-19 and may be unable to deliver on their commitments which could 
    impact our business. 
  * Fluctuations in foreign currency exchange rates may adversely impact our 
    financial results. 
  * Overcapacity and competition in the cruise and land-based vacation industry 
    may lead to a decline in our cruise sales, pricing and destination options. 
 
  * Inability to implement our shipbuilding programs and ship repairs, 
    maintenance and refurbishments may adversely impact our business operations 
    and the satisfaction of our guests. 
 
The ordering of the risk factors set forth above is not intended to reflect our 
indication of priority or likelihood. 
 
Forward-looking statements should not be relied upon as a prediction of actual 
results. Subject to any continuing obligations under applicable law or any 
relevant stock exchange rules, we expressly disclaim any obligation to 
disseminate, after the date of this document, any updates or revisions to any 
such forward-looking statements to reflect any change in expectations or 
events, conditions or circumstances on which any such statements are based. 
 
Forward-looking and other statements in this document may also address our 
sustainability progress, plans, and goals (including climate change- and 
environmental-related matters), and the inclusion of such statements is not an 
indication that these contents are necessarily material to investors or 
required to be disclosed in the Company's filings with the Securities and 
Exchange Commission. In addition, historical, current, and forward-looking 
sustainability-related statements may be based on standards for measuring 
progress that are still developing, internal controls and processes that 
continue to evolve, and assumptions that are subject to change in the future. 
 
                                              CARNIVAL CORPORATION & PLC 
                                       CONSOLIDATED STATEMENTS OF INCOME (LOSS) 
                                                      (UNAUDITED) 
                                         (in millions, except per share data) 
 
                                      Three Months Ended      Twelve Months Ended 
                                         November 30,            November 30, 
 
                                       2021        2020        2021        2020 
 
Revenues 
 
Passenger ticket                    $     674   $       4   $   1,000   $    3,684 
 
Onboard and other                         613          30         908        1,910 
 
                                        1,287          34       1,908        5,595 
 
Operating Costs and Expenses 
 
Commissions, transportation and           153          41         269        1,139 
other 
 
Onboard and other                         178          12         272          605 
 
Payroll and related                       475         217       1,309        1,780 
 
Fuel                                      282         104         680          823 
 
Food                                      107           9         187          413 
 
Ship and other impairments                 67         138         591        1,967 
 
Other operating                           560         169       1,346        1,518 
 
                                        1,823         688       4,655        8,245 
 
Selling and administrative                580         444       1,885        1,878 
 
Depreciation and amortization             552         543       2,233        2,241 
 
Goodwill impairments                      226           -         226        2,096 
 
                                        3,180       1,676       8,997       14,460 
 
Operating Income (Loss)               (1,893)     (1,642)     (7,089)      (8,865) 
 
Nonoperating Income (Expense) 
 
Interest income                             2           3          12           18 
 
Interest expense, net of                (348)       (348)     (1,601)        (895) 
capitalized interest 
 
Gains (losses) on debt                  (298)       (239)       (670)        (459) 
extinguishment, net 
 
Other income (expense), net              (87)        (12)       (173)         (52) 
 
                                        (731)       (595)     (2,433)      (1,388) 
 
Income (Loss) Before Income Taxes     (2,624)     (2,237)     (9,522)     (10,253) 
 
Income Tax Benefit (Expense), Net           4          15          21           17 
 
Net Income (Loss)                   $ (2,620)   $ (2,222)   $ (9,501)   $ (10,236) 
 
Earnings Per Share 
 
Basic                               $  (2.31)   $  (2.41)   $  (8.46)   $  (13.20) 
 
Diluted                             $  (2.31)   $  (2.41)   $  (8.46)   $  (13.20) 
 
Weighted-Average Shares Outstanding     1,135         922       1,123          775 
- Basic 
 
Weighted-Average Shares Outstanding     1,135         922       1,123          775 
- Diluted 
 
 
 
                      CARNIVAL CORPORATION & PLC 
                          OTHER INFORMATION 
 
                                                      November 30, 
 
BALANCE SHEET INFORMATION (in millions)             2021       2020 
 
Cash, cash equivalents and short-term investments $  9,139   $  9,513 
 
Debt (current and long-term)                      $ 33,226   $ 26,957 
 
Customer deposits (current and long-term)         $  3,508   $  2,241 
 
 
 
                                         Three Months Ended    Twelve Months 
                                            November 30,           Ended 
                                                                November 30, 
 
STATISTICAL INFORMATION                   2021        2020    2021        2020 
 
PCDs (in thousands) (b)                    5,960        (a)    8,179        (a) 
 
ALBDs (in thousands) (c)                  10,198        (a)   14,603        (a) 
 
Occupancy percentage (d)                   58.4%        (a)    56.0%        (a) 
 
Passengers carried (in thousands)            851        (a)    1,223        (a) 
 
Fuel consumption in metric tons (in          484        277    1,336      1,915 
thousands) 
 
Fuel cost per metric ton consumed          $ 590      $ 377    $ 515      $ 430 
 
 
Notes to Statistical Information 
 
(a) As a result of the pause in guest cruise operations in 2020, data for these 
    metrics was not meaningful and was not included 
    in the table. 
 
(b) PCD represents the number of cruise passengers on a voyage multiplied by 
    the number of revenue-producing ship operating 
    days for that voyage. 
 
(c) ALBD is a standard measure of passenger capacity for the period that we use 
    to approximate rate and capacity variances, 
    based on consistently applied formulas that we use to perform analyses to 
    determine the main non-capacity driven factors 
    that cause our cruise revenues and expenses to vary. ALBDs assume that each 
    cabin we offer for sale accommodates two 
    passengers and is computed by multiplying passenger capacity by 
    revenue-producing ship operating days in the period. 
 
(d) In accordance with cruise industry practice, occupancy is calculated using 
    a denominator of ALBDs, which assumes two 
    passengers per cabin even though some cabins can accommodate three or more 
    passengers. Percentages in excess of 
    100% indicate that on average more than two passengers occupied some 
    cabins. 
 
 
 
                                                CARNIVAL CORPORATION & PLC 
                                                NON-GAAP FINANCIAL MEASURES 
 
                                        Three Months Ended      Twelve Months Ended 
                                           November 30,            November 30, 
 
(in millions)                            2021        2020        2021        2020 
 
Net income (loss) 
 
     U.S. GAAP net income (loss)      $ (2,620)   $ (2,222)   $ (9,501)   $ (10,236) 
 
     (Gains) losses on ship sales and       292         115         802        3,934 
impairments 
 
(Gains) losses on debt                      298         239         670          459 
extinguishment, net 
 
     Restructuring expenses                   7           5          13           47 
 
     Other                                   69           -          86            3 
 
     Adjusted net income (loss)       $ (1,955)   $ (1,862)   $ (7,931)   $  (5,793) 
 
Explanations of Non-GAAP Financial Measures 
 
Non-GAAP Financial Measures 
 
Net cruise cost reflects total cruise operating costs and expenses less: 
commissions, transportation and other; onboard and other; depreciation and 
amortization; and goodwill impairments. 
 
We use adjusted net income (loss) as a non-GAAP financial measure of our cruise 
segments' and the company's financial performance. This non-GAAP financial 
measure is provided along with U.S. GAAP net income (loss). 
 
We believe that gains and losses on ship sales, impairment charges, gains and 
losses on debt extinguishments, restructuring costs and other gains and losses 
are not part of our core operating business and are not an indication of our 
future earnings performance. Therefore, we believe it is more meaningful for 
these items to be excluded from our net income (loss), and accordingly, we 
present adjusted net income (loss) excluding these items. 
 
The presentation of our non-GAAP financial information is not intended to be 
considered in isolation from, as a substitute for, or superior to the financial 
information prepared in accordance with U.S. GAAP. It is possible that our 
non-GAAP financial measures may not be exactly comparable to the like-kind 
information presented by other companies, which is a potential risk associated 
with using these measures to compare us to other companies. 
 
CONTACT: MEDIA CONTACT: Roger Frizzell, +1 305 406 7862; INVESTOR RELATIONS 
CONTACT: Beth Roberts, +1 305 406 4832 
 
 
 
END 
 
 

(END) Dow Jones Newswires

December 20, 2021 09:15 ET (14:15 GMT)

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