TIDMCCL 
 
June 18, 2020 
 
  CARNIVAL CORPORATION & PLC REPORTS SUMMARY SECOND QUARTER RESULTS AND OTHER 
                                    MATTERS 
 
Carnival Corporation & plc (the "company") is disclosing summary preliminary 
financial information for the quarter ended May 31, 2020, on Form 8-K with the 
U.S. Securities and Exchange Commission ("SEC"). 
 
  * Schedule A contains Carnival Corporation & plc's summary preliminary 
    financial information for the quarter ended May 31, 2020 
 
The Directors consider that within the Carnival Corporation and Carnival plc 
dual listed company arrangement, the most appropriate presentation of Carnival 
plc's results and financial position is by reference to the Carnival 
Corporation & plc U.S. GAAP consolidated financial statements. 
 
MEDIA CONTACT                   INVESTOR RELATIONS CONTACT 
Roger Frizzell                   Beth Roberts 
001 305 406 7862                      001 305 406 4832 
 
The Form 8-K is available for viewing on the SEC website at www.sec.gov under 
Carnival Corporation or Carnival plc or the Carnival Corporation & plc website 
at www.carnivalcorp.com or 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. 
 
SCHEDULE A 
 
SECOND QUARTER 2020 SUMMARY PRELIMINARY INFORMATION 
 
  * U.S. GAAP net loss of $(4.4) billion, or $(6.07) diluted EPS, for the 
    second quarter of 2020, which includes $2.0 billion of non-cash impairment 
    charges. 
  * Second quarter 2020 adjusted net loss of $(2.4) billion, or $(3.30) 
    adjusted EPS. 
  * Total revenues for the second quarter of 2020 were $0.7 billion, lower than 
    $4.8 billion in the prior year. 
  * The company's guest cruise operations have been in a pause for a majority 
    of the second quarter. In addition, the company is unable to definitively 
    predict when it will return to normal operations. As a result, the company 
    is currently unable to provide an earnings forecast. The pause in guest 
    operations is continuing to have material negative impacts on all aspects 
    of the company's business. The longer the pause in guest operations 
    continues the greater the impact on the company's liquidity and financial 
    position. The company expects a net loss on both a U.S. GAAP and adjusted 
    basis for the second half of 2020. 
  * Cash burn rate in the second quarter 2020 was generally in line with the 
    previously disclosed expectation. 
  * Second quarter 2020 ended with $7.6 billion of available liquidity, and the 
    company expects to further enhance future liquidity, including through 
    refinancing scheduled debt maturities. In addition, the company has $8.8 
    billion of committed export credit facilities that are available to fund 
    ship deliveries originally planned through 2023. 
  * Total customer deposits balance at May 31, 2020 was $2.9 billion, including 
    $475 million related to cruises during the second half of 2020. 
 
PREPARATION FOR THE RESUMPTION OF GUEST OPERATIONS 
 
The company expects to resume guest operations, after collaboration with both 
government and health authorities, in a phased manner, with specific ships and 
brands returning to service over time to provide its guests with enjoyable 
vacation experiences. The company anticipates that initial sailings will be 
from a select number of easily accessible homeports. The company expects future 
capacity to be moderated by the phased re-entry of its ships, the removal of 
capacity from its fleet and delays in new ship deliveries. 
 
In connection with its capacity optimization strategy, the company intends to 
accelerate the removal of ships in fiscal 2020 which were previously expected 
to be sold over the ensuing years. The company already has preliminary 
agreements for the disposal of 6 ships which are expected to leave the fleet in 
the next 90 days and is currently working toward additional agreements. 
 
Health and Safety Protocols 
 
In preparation for the resumption of its cruises, and consistent with its 
commitment to provide its guests with a safe and healthy environment, the 
company is proactively consulting and working in close cooperation with various 
medical policy experts and public health authorities to develop enhanced 
procedures and protocols for health and safety onboard its ships. The company 
appreciates the excellent working relationship with the health authorities of 
federal states and local port authorities in Germany, as well as the Italian 
Coast Guard, Italian Ministry of Transportation, Italian Ministry of Health and 
others around the world. A comprehensive restart protocol may include areas 
such as medical care, screening, testing, mitigation and sanitization 
addressing arrival and departure at cruise terminals, the boarding and 
disembarkation process, onboard experiences and shore excursions. 
 
Update on Bookings 
 
The company's brands have announced various incentives and flexibility for 
certain booking payments on select sailings to support guest confidence in 
making new bookings. These incentives vary by brand and sailing and include 
onboard credits and reduced or refundable deposits. In addition, the company is 
providing flexibility to guests with bookings on sailings cancelled due to the 
pause by allowing guests to receive enhanced future cruise credits ("FCC") or 
elect to receive refunds in cash. Enhanced FCCs increase the value of the 
guest's original booking or provide incremental onboard credits. As of May 31, 
2020, approximately half of guests affected have requested cash refunds. 
Despite substantially reduced marketing and selling spend, the company is 
seeing growing demand from new bookings for 2021. For the six weeks ending May 
31, 2020, approximately two-thirds of 2021 bookings were new bookings. The 
remaining 2021 booking volumes resulted from guests applying their FCCs to 
specific future cruises. 
 
As of May 31, 2020, the current portion of customer deposits was $2.6 billion 
with $121 million relating to third quarter sailings and $353 million relating 
to fourth quarter sailings. The company expects any decline in the customer 
deposits balance in the second half of 2020, all of which is expected to occur 
in the third quarter, to be significantly less than the decline in the second 
quarter of 2020. 
 
As of May 31, 2020, cumulative advanced bookings for the full year of 2021 
capacity currently available for sale are within historical ranges at prices 
that are down in the low to mid-single digits range including the negative 
yield impact of FCCs and onboard credits applied, on a comparable basis. For 
the full year of 2021, booking volumes for the six weeks ending May 31, 2020, 
were running meaningfully behind the prior year. However, the company saw an 
improvement in booking volumes for the six weeks ending May 31, 2020 compared 
to the prior six weeks. 
 
COVID-19 RESPONSE 
 
In the face of the impact of the COVID-19 global pandemic, the company paused 
its guest cruise operations in mid-March. In response to this unprecedented 
situation, the company acted to ensure the health and safety of guests and 
shipboard team members, optimize the pause in guest operations and maximize its 
liquidity position. 
 
Ensuring the Health and Safety of Guests and Team Members 
 
During this period the company has taken and will continue to take the 
following actions: 
 
  * Returned over 260,000 guests to their homes, coordinating with a large 
    number of countries around the globe. The company chartered aircraft, 
    utilized commercial flights and even used its ships to sail home guests who 
    could not fly 
  * Working around the clock with various local governmental authorities to 
    repatriate shipboard team members as quickly as possible. 49 cruise ships 
    have traveled more than 400,000 nautical miles and the company has 
    chartered hundreds of planes to repatriate approximately 60,000 of its 
    shipboard team members to more than 130 countries around the globe. The 
    company expects substantially all of the approximately 21,000 remaining 
    shipboard team members to be able to return home by the end of June. The 
    safe manning team members will remain on the company's ships 
  * For those shipboard team members experiencing extended stays onboard, the 
    company is focusing on their physical and mental health. The company is 
    providing most shipboard team members with single occupancy cabin 
    accommodations, many with a window or balcony. Shipboard team members have 
    access to fresh air and other areas of the ship, movies and internet, and 
    available counseling 
 
Optimizing the Pause in Guest Operations 
 
The company estimates that its ongoing ship operating and administrative 
expenses will be approximately $250 million per month once all ships are in 
paused status. The company continues to seek ways to further reduce this 
monthly requirement. 
 
Reduced Operating Expenses 
 
The company has taken significant actions to reduce operating expenses during 
the pause in guest operations: 
 
While maintaining safety, environmental protection and compliance, the company 
significantly reduced ship operating expenses, including crew payroll, food, 
fuel, insurance and port charges by transitioning ships into paused status, 
either at anchor or in port and staffed at a safe manning level 
 
  * Currently 62 of the company's ships are in their final expected pause 
    location. The company expects substantially all of its ships to reach their 
    full pause status during the third quarter 
  * Significantly reduced marketing and selling expenses 
  * Implemented a combination of layoffs, furloughs, reduced work weeks and 
    salary and benefit reductions across the company, including senior 
    management 
  * Instituted a hiring freeze across the organization, significantly reduced 
    consultant and contractor roles 
 
Reduced Capital Expenditures 
 
The company has reduced capital expenditures and estimates $300 million of 
non-newbuild capital expenditures during the second half of 2020, which largely 
consists of previously committed expenditures. 
 
The company previously had four ships scheduled to be delivered between May and 
October of 2020. The company believes COVID-19 has impacted shipyard operations 
and will result in delivery delays of the ships this year and is working with 
the shipyards on revised timing. The company has committed future financing, 
comprised of ship export credit facilities, associated with these newbuilds. 
 
Maximizing Liquidity 
 
The company has taken and continues to take actions to improve its liquidity 
including: 
 
  * Completed offerings of $6.6 billion through the issuance of first-priority 
    senior secured notes, senior convertible notes and Carnival Corporation 
    common stock 
  * Fully drew down its $3.0 billion multi-currency revolving credit facility 
  * Qualified for a government commercial paper program providing over $700 
    million of liquidity 
  * Early settled outstanding derivatives, receiving proceeds of $220 million 
  * Extended a $166 million euro-denominated bank loan, originally maturing in 
    2020, to March 2021 
  * Certain export credit agencies have offered 12-month debt amortization and 
    a financial covenant holiday ("Debt Holiday"). The Debt Holiday amendments 
    that have been finalized to date will defer $300 million of principal 
    repayments otherwise due through May 2021 with repayments made over the 
    following four years. The company has also obtained financial covenant 
    waivers for these loans for an initial term through March 2021 and waivers 
    of the interest coverage financial covenant for certain of its bank loans 
    through November 2021. The company is working to arrange additional 
    financial covenant waivers and additional debt holiday agreements deferring 
    principal repayments of approximately $300 million through March 2021 
  * Suspended the payment of dividends on, and the repurchase of, Carnival 
    Corporation common stock and Carnival plc ordinary shares 
  * The company is also working on potential sales of non-ship assets 
 
As of May 31, 2020, the company has a total of $7.6 billion of available 
liquidity. In addition, the company has $8.8 billion of committed export credit 
facilities that are available to fund ship deliveries originally planned 
through 2023. 
 
Cash Burn Rate 
 
During the pause in guest operations, the monthly average cash burn rate for 
the second half of 2020 is estimated to be approximately $650 million. This 
rate includes ongoing ship operating and administrative expenses, committed 
capital expenditures (net of committed export credit facilities), interest 
expense and excludes changes in customer deposits and scheduled debt 
maturities. In addition to the refinancings discussed above and the in-process 
Debt Holiday arrangements, the company also expects to refinance approximately 
$2.4 billion of debt maturities coming due over the next twelve months, half of 
which matures in the second half of 2020. 
 
Cautionary Note Concerning Factors That May Affect Future Results 
 
Carnival Corporation and Carnival plc and their respective subsidiaries are 
referred to collectively in this document as "Carnival Corporation & plc," 
"our," "us" and "we." 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. 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: 
 
  * Net revenue yields           * Estimates of ship depreciable lives and 
                                   residual values 
 
  * Booking levels               * Goodwill, ship and trademark fair values 
 
  * Pricing and occupancy        * Liquidity 
 
  * Interest, tax and fuel       * Adjusted earnings per share 
    expenses 
 
  * Currency exchange rates      * Impact of the COVID-19 coronavirus global 
                                   pandemic on our financial condition and 
  * Net cruise costs,              results of operations 
    excluding fuel per 
    available lower berth day 
 
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, the COVID-19 outbreak. 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, which impacts our ability to 
    obtain acceptable financing to fund resulting reductions in cash from 
    operations. The current, and uncertain future, impact of the COVID-19 
    outbreak, 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, growth, reputation, litigation, cash 
    flows, liquidity, and stock price 
  * As a result of the COVID-19 outbreak, we have paused our guest cruise 
    operations, and if we are unable to re-commence normal operations in the 
    near-term, and further extend covenant waivers for certain agreements for 
    which waivers do not currently cover periods after March 2021 (if needed), 
    we may be out of compliance with a maintenance covenant in certain of our 
    debt facilities 
  * World events impacting the ability or desire of people to travel may lead 
    to a decline in demand for cruises 
  * Incidents concerning our ships, guests or the cruise vacation industry as 
    well as adverse weather conditions and other natural disasters may 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 may lead to litigation, enforcement actions, 
    fines, penalties, and reputational damage 
  * 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 lead to reputational damage 
  * Ability to recruit, develop and retain qualified shipboard personnel who 
    live away from home for extended periods of time may adversely impact our 
    business operations, guest services and satisfaction 
  * Increases in fuel prices, changes in the types of fuel consumed and 
    availability of fuel supply may adversely impact our scheduled itineraries 
    and costs 
  * 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 
  * Geographic regions in which we try to expand our business may be slow to 
    develop or ultimately not develop how we expect 
  * 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. 
 
The financial information for the quarter ended May 31, 2020 is based on the 
company's internal management accounts and reporting as of and for the 2020 
second quarter, as compared to the company's reviewed results for, or financial 
metrics derived from, the company's 2019 second quarter. The company has not 
yet completed its financial statement review procedures for the 2020 second 
quarter and the foregoing preliminary financial and other data for the 2020 
second quarter has been prepared by, and is the responsibility of, management 
based on currently available information. The preliminary results of operations 
are subject to revision as it prepares its financial statements and disclosure 
for the 2020 second quarter, and such revisions may be significant. In 
connection with its quarterly closing and review process for the fiscal quarter 
with its independent auditors, the company may identify items that would 
require it to make adjustments to the preliminary results of operations set 
forth above. As a result, the final results and other disclosures for the 2020 
second quarter may differ materially from this preliminary data. This 
preliminary financial data should not be viewed as a substitute for all 
financial statements prepared in accordance with U.S. GAAP. 
 
                          CARNIVAL CORPORATION & PLC 
 
                          NON-GAAP FINANCIAL MEASURES 
 
                                        Three Months Ended     Six Months Ended 
                                             May 31,               May 31, 
 
(in millions, except per share data)      2020       2019       2020       2019 
 
Net income (loss) 
 
     U.S. GAAP net income (loss)       $ (4,374)   $  451    $ (5,155)   $  787 
 
     (Gains) losses on ship sales and     1,953       (16)      2,882       (14) 
impairments 
 
     Restructuring expenses                  39         -          39         - 
 
     Other                                    -        22           3        22 
 
     Adjusted net income (loss)        $ (2,382)   $  457    $ (2,231)   $  795 
 
Weighted-average shares outstanding         721       693         702       694 
 
Earnings per share 
 
     U.S. GAAP diluted earnings per    $  (6.07)   $ 0.65    $  (7.34)   $ 1.13 
share 
 
     (Gains) losses on ship sales and      2.71     (0.02)       4.10     (0.02) 
impairments 
 
     Restructuring expenses                0.05         -        0.06         - 
 
     Other                                    -      0.03           -      0.03 
 
     Adjusted earnings per share       $  (3.30)   $ 0.66    $  (3.18)   $ 1.15 
 
 
Explanations of Non-GAAP Financial Measures 
 
Non-GAAP Financial Measures 
 
We use 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 net income (loss) and U.S. GAAP diluted earnings per share. 
 
We believe that gains and losses on ship sales, impairment charges, 
restructuring costs and other gains and expenses 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 earnings per share and, accordingly, we 
present adjusted net income and adjusted earnings per share excluding these 
items. 
 
The presentation of our non-GAAP financial information is not intended to be 
considered in isolation from, as 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. 
 
 
 
END 
 

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