REG-Carnival PLC: Carnival Corp & plc Third Quarter Results <Origin Href="QuoteRef">CCL.L</Origin> - Part 2
26/09/2017 14:20
- Part 2: For the preceding part double click ID:nPRrQ6E78a
Three Months Ended Nine Months Ended
August 31, August 31,
2017 2016 2017 2016
STATISTICAL INFORMATION
ALBDs (in thousands) (a) $ 21,120 20,572 $ 61,541 59,555
Occupancy percentage (b) 111.3 % 111.4 % 106.7 % 106.6 %
Passengers carried (in thousands) 3,441 3,265 9,116 8,606
Fuel consumption in metric tons (in 814 793 2,463 2,417
thousands)
Fuel consumption in metric tons per 38.5 38.6 40.0 40.6
thousand ALBDs
Fuel cost per metric ton consumed $ 378 $ 335 $ 371 $ 268
Currencies
U.S. dollar to euro $ 1.15 $ 1.12 $ 1.11 $ 1.11
U.S. dollar to sterling $ 1.29 $ 1.34 $ 1.27 $ 1.41
U.S. dollar to Australian dollar $ 0.78 $ 0.75 $ 0.76 $ 0.74
CASH FLOW INFORMATION (in millions)
Cash from operations $ 1,449 $ 1,429 $ 4,298 $ 4,110
Capital expenditures $ 437 $ 450 $ 2,296 $ 2,416
Dividends paid $ 290 $ 262 $ 797 $ 721
Notes to Statistical Information
(a) 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.
(b) 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
Consolidated gross and net revenue yields were computed by dividing the gross and net cruise revenues by ALBDs as follows (dollars in millions, except yields) (a):
Three Months Ended August 31, Nine Months Ended August 31,
2017 2017 2016 2017 2017 2016
Constant Constant
Dollar Dollar
Passenger ticket revenues $ 4,138 $ 4,117 $ 3,803 $ 9,814 $ 9,942 $ 9,217
Onboard and other revenues 1,223 1,218 1,146 3,237 3,262 3,047
Gross cruise revenues 5,361 5,335 4,949 13,051 13,204 12,264
Less cruise costs
Commissions, transportation and other (699) (695) (646) (1,781) (1,809) (1,723)
Onboard and other (184) (184) (171) (438) (442) (411)
(883) (879) (817) (2,219) (2,251) (2,134)
Net passenger ticket revenues 3,439 3,422 3,157 8,033 8,133 7,494
Net onboard and other revenues 1,039 1,034 975 2,799 2,820 2,636
Net cruise revenues $ 4,478 $ 4,456 $ 4,132 $ 10,832 $ 10,953 $ 10,130
ALBDs 21,120,155 21,120,155 20,572,112 61,540,974 61,540,974 59,555,384
Gross revenue yields $ 253.82 $ 252.63 $ 240.60 $ 212.07 $ 214.57 $ 205.94
% increase vs. 2016 5.5 % 5.0 % 3.0 % 4.2 %
Net revenue yields $ 211.99 $ 211.02 $ 200.87 $ 176.01 $ 177.99 $ 170.10
% increase vs. 2016 5.5 % 5.1 % 3.5 % 4.6 %
Net passenger ticket revenue $ 162.82 $ 162.05 $ 153.47 $ 130.52 $ 132.17 $ 125.84
yields
% increase vs. 2016 6.1 % 5.6 % 3.7 % 5.0 %
Net onboard and other revenue $ 49.17 $ 48.97 $ 47.39 $ 45.49 $ 45.83 $ 44.26
yields
% increase vs. 2016 3.8 % 3.3 % 2.8 % 3.5 %
Three Months Ended August 31, Nine Months Ended August 31,
2017 2017 2016 2017 2017 2016
Constant Constant
Currency Currency
Net passenger ticket revenues $ 3,439 $ 3,424 $ 3,157 $ 8,033 $ 8,140 $ 7,494
Net onboard and other revenues 1,039 1,033 975 2,799 2,811 2,636
Net cruise revenues $ 4,478 $ 4,457 $ 4,132 $ 10,832 $ 10,951 $ 10,130
ALBDs 21,120,155 21,120,155 20,572,112 61,540,974 61,540,974 59,555,384
Net revenue yields $ 211.99 $ 211.05 $ 200.87 $ 176.01 $ 177.95 $ 170.10
% increase vs. 2016 5.5 % 5.1 % 3.5 % 4.6 %
Net passenger ticket revenue $ 162.82 $ 162.13 $ 153.47 $ 130.52 $ 132.28 $ 125.84
yields
% increase vs. 2016 6.1 % 5.6 % 3.7 % 5.1 %
Net onboard and other revenue $ 49.17 $ 48.92 $ 47.39 $ 45.49 $ 45.67 $ 44.26
yields
% increase vs. 2016 3.8 % 3.2 % 2.8 % 3.2 %
(See Notes to Non-GAAP Financial Measures.)
CARNIVAL CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES (CONTINUED)
Consolidated gross and net cruise costs and net cruise costs excluding fuel per ALBD were computed by dividing the gross and net cruise costs and net cruise costs excluding fuel by ALBDs as follows (dollars in millions, except costs per ALBD) (a):
Three Months Ended August 31, Nine Months Ended August 31,
2017 2017 2016 2017 2017 2016
Constant Constant
Dollar Dollar
Cruise operating expenses $ 2,927 $ 2,908 $ 2,479 $ 7,752 $ 7,837 $ 6,939
Cruise selling and administrative expenses 543 542 527 1,637 1,658 1,606
Gross cruise costs 3,470 3,450 3,006 9,389 9,495 8,545
Less cruise costs included above
Commissions, transportation and other (699) (695) (646) (1,781) (1,809)
Onboard and other (184) (184) (171) (438) (442) (411)
(Losses) gains on ship sales and impairments (c) (304) (294) — (300) (290) 2
Restructuring expenses (c) (3) (3) — (3) (3) (2)
Other (c) — — (18) — — (39)
Net cruise costs 2,280 2,274 2,171 6,867 6,951 6,372
Less fuel (307) (307) (265) (914) (914) (648)
Net cruise costs excluding fuel $ 1,973 $ 1,967 $ 1,906 $ 5,953 $ 6,037 $ 5,724
ALBDs 21,120,155 21,120,155 20,572,112 61,540,974 61,540,974 59,555,384
Gross cruise costs per ALBD $ 164.32 $ 163.32 $ 146.18 $ 152.56 $ 154.29 $ 143.50
% increase vs. 2016 12.4 % 11.7 % 6.3 % 7.5 %
Net cruise costs excluding fuel per $ 93.39 $ 93.08 $ 92.63 $ 96.72 $ 98.09 $ 96.10
ALBD
% increase vs. 2016 0.8 % 0.5 % 0.6 % 2.1 %
Three Months Ended August 31, Nine Months Ended August 31,
2017 2017 2016 2017 2017 2016
Constant Constant
Currency Currency
Net cruise costs excluding fuel $ 1,973 $ 1,960 $ 1,906 $ 5,953 $ 6,011 $ 5,724
ALBDs 21,120,155 21,120,155 20,572,112 61,540,974 61,540,974 59,555,384
Net cruise costs excluding fuel $ 93.39 $ 92.78 $ 92.63 $ 96.72 $ 97.67 $ 96.10
per ALBD
% increase vs. 2016 0.8 % 0.2 % 0.6 % 1.6 %
(See Notes to Non-GAAP Financial Measures.)
CARNIVAL CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES (CONTINUED)
Adjusted fully diluted earnings per share was computed as follows (in millions, except per share data) (a):
Three Months Ended Nine Months Ended
August 31, August 31,
2017 2016 2017 2016
Net income
U.S. GAAP net income $ 1,329 $ 1,424 $ 2,060 $ 2,171
Unrealized (gains) losses on fuel derivatives, net (b) (65) (25) (134) (121)
Losses (Gains) on ship sales and impairments (c) 392 — 389 (2)
Restructuring expenses (c) 3 — 3 2
Other (c) — 18 — 39
Adjusted net income $ 1,659 $ 1,417 $ 2,318 $ 2,089
Weighted-average shares outstanding 726 739 727 754
Earnings per share
U.S. GAAP earnings per share $ 1.83 $ 1.93 $ 2.84 $ 2.88
Unrealized (gains) losses on fuel derivatives, net (b) (0.09) (0.03) (0.18) (0.16)
Losses (Gains) on ship sales and impairments (c) 0.55 — 0.53 —
Restructuring expenses (c) — — — —
Other (c) — 0.02 — 0.05
Adjusted earnings per share $ 2.29 $ 1.92 $ 3.19 $ 2.77
Notes to Non-GAAP Financial Measures
(a) Non-GAAP Financial Measures
We use net cruise revenues per ALBD ("net revenue yields"), net cruise costs
excluding fuel per ALBD, adjusted net income and adjusted earnings per share
as non-GAAP financial measures of our cruise segments' and the company's
financial performance. These non-GAAP financial measures are provided along
with U.S. GAAP gross cruise revenues per ALBD ("gross revenue yields"), gross
cruise costs per ALBD and U.S. GAAP net income and U.S. GAAP earnings per
share.
We believe that gains and losses on ship sales, impairment charges and
restructuring and certain other expenses are not part of our core operating
business and, therefore, are not an indication of our future earnings
performance. As such, we exclude these items from non-GAAP measures. Net
revenue yields and net cruise costs excluding fuel per ALBD enable us to
separate the impact of predictable capacity or ALBD changes from price and
other changes that affect our business. We believe these non-GAAP measures
provide useful information to investors and expanded insight to measure our
revenue and cost performance as a supplement to our U.S. GAAP consolidated
financial statements.
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.
Net revenue yields are commonly used in the cruise industry to measure a
company's cruise segment revenue performance and for
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