Booking volumes have been tremendous and we are gaining momentum with favorable pricing trends, which reflects improved commercial execution and returns on our advertising investments. Weinstein noted, "Our momentous wave period, typically a first quarter event, started in record breaking fashion at the end of the fourth quarter, set a record in the first quarter, actually accelerated in the second quarter and has continued into the third quarter. Booking volumes for the second quarter exceeded the first quarter's booking volumes, which was the previous record high. The company saw continued acceleration of demand, with total bookings made during the quarter reaching a new all-time high for all future sailings. Total customer deposits reached an all-time high of $7.2 billion (as of May 31, 2023), surpassing the previous record of $6.0 billion (as of May 31, 2019) by over $1 billion, driven by strong demand, bundled package offerings and pre-cruise sales, and a 26% increase compared to the prior quarter. Costs were higher as compared to 2019 as a result of higher dry-dock related expenses, higher advertising investments to drive revenue for 2023 and beyond, incentive compensation increases reflecting expected improvements in the company's current and long-term performance, as well as partially mitigating the impacts of a high inflation environment. In constant currency, adjusted cruise costs excluding fuel per ALBD (see "Non-GAAP Financial Measures" below) increased 13.5% compared to the second quarter of 2019 and were above the high end of March guidance primarily due to the timing of expenses between the quarters. While gross margin yields were down compared to 2019, the company achieved a significant milestone of net yields in constant currency surpassing 2019 levels, above March guidance by 3.2% in constant currency (see "Non-GAAP Financial Measures" below).Ĭruise costs per available lower berth day ("ALBD") increased 8.3% as compared to the second quarter of 2019. Operating income for the second quarter of 2023 was $120 million, turning positive for the first time since the resumption of guest cruise operations and marking a significant milestone.Īdjusted EBITDA for the second quarter of 2023 was $681 million, at the high end of the March guidance range of $600 million to $700 million. Second Quarter 2023 Results and Statistical Information We are focused on the durable revenue growth and margin improvement that will deliver on our SEA Change Program and propel us on the path to delevering and investment grade leverage metrics." Weinstein noted, "With bookings and customer deposits hitting all-time highs, we are clearly gaining momentum on an upward trajectory.
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The company is introducing its SEA Change Program, a set of key performance targets designed to achieve important strategic goals over a three-year period ending in 2026.Ĭarnival Corporation & plc's Chief Executive Officer Josh Weinstein commented, "We reached a meaningful inflection point for revenue this quarter, with net yields surpassing 2019's strong levels, and we achieved positive operating income, cash from operations and adjusted free cash flow." Second quarter 2023 ended with $7.3 billion of liquidity following the prepayment of over $1 billion in near term variable rate debt.
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The company expects continued growth in adjusted free cash flow to be the driver for paying down debt over time (see "Non-GAAP Financial Measures" below). Total customer deposits reached an all-time high of $7.2 billion (as of May 31, 2023), surpassing the previous record of $6.0 billion (as of May 31, 2019) by over $1 billion, a 26% increase compared to the prior quarter.Ĭash from operations and adjusted free cash flow were positive in the second quarter of 2023.
Record second quarter revenue of $4.9 billion. GAAP net loss of $407 million, or $(0.32) diluted EPS, and adjusted net loss of $395 million, or $(0.31) adjusted EPS, above the better end of the March guidance range of $425 to $525 million net loss for the second quarter of 2023 (see "Non-GAAP Financial Measures" below).Īdjusted EBITDA for the second quarter of 2023 was $681 million, at the high end of the March guidance range of $600 million to $700 million (see "Non-GAAP Financial Measures" below). MIAMI, J/PRNewswire/ - Carnival Corporation & plc (NYSE/LSE: CCL NYSE: CUK) reports second quarter 2023 earnings and sets sights on 2026 SEA Change Program.
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