Cash Flow Statement

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

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Depreciation and amortization	2,370)	2,275)	2,233)	2,241)	2,160)	2,017)
Impairments	21)	470)	834)	4,063)	26)	16)
Gains on fuel derivatives, net	—)	—)	—)	—)	—)	(59)
Loss on debt extinguishment	98)	1)	668)	459)	—)	—)
(Income) loss from equity-method investments	13)	38)	129)	20)	(15)	—)
Share-based compensation	53)	101)	121)	105)	46)	65)
Amortization of discounts and debt issue costs	161)	171)	172)	119)	22)	—)
Noncash lease expense	145)	148)	140)	172)	—)	—)
Gain on sales of ships	(88)	(7)	(11)	—)	—)	—)
Other	57)	63)	148)	(58)	34)	(6)
Receivables	(180)	(171)	(7)	125)	(114)	(58)
Inventories	(85)	(95)	(63)	77)	79)	(67)
Prepaid expenses and other assets	397)	(874)	(1,070)	(209)	(254)	74)
Accounts payable	77)	283)	206)	(165)	34)	(24)
Accrued liabilities and other	147)	341)	601)	(311)	80)	(100)
Customer deposits	1,169)	1,679)	1,291)	(2,703)	387)	539)
Changes in operating assets and liabilities	1,525)	1,163)	958)	(3,186)	212)	364)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	4,355)	4,423)	5,392)	3,935)	2,485)	2,397)
Net cash provided by (used in) operating activities	4,281)	(1,670)	(4,109)	(6,301)	5,475)	5,549)
Purchases of property and equipment	(3,284)	(4,940)	(3,607)	(3,620)	(5,429)	(3,749)
Proceeds from sales of ships and other property and equipment	340)	70)	351)	334)	26)	389)
Purchase of minority interest	—)	(1)	(90)	(81)	—)	—)
Purchase of short-term investments	—)	(315)	(2,873)	—)	—)	—)
Proceeds from maturity of short-term investments	—)	515)	2,673)	—)	—)	—)
Other, net	134)	(96)	3)	127)	126)	(142)
Net cash used in investing activities	(2,810)	(4,767)	(3,543)	(3,240)	(5,277)	(3,502)
Proceeds from (repayments of) short-term borrowings, net	(200)	(2,590)	(293)	2,852)	(605)	417)
Principal repayments of long-term debt	(7,660)	(2,075)	(5,956)	(1,621)	(1,651)	(1,556)
Debt issuance costs	(131)	(153)	(319)	—)	—)	—)
Debt extinguishment costs	(79)	(1)	(545)	—)	—)	—)
Proceeds from issuance of long-term debt	2,961)	7,209)	13,042)	15,020)	3,674)	2,542)
Dividends paid	—)	—)	—)	(689)	(1,387)	(1,355)
Purchases of common stock	—)	—)	—)	(12)	(603)	(1,468)
Proceeds from issuance of common stock	5)	1,180)	1,009)	3,249)	4)	3)
Proceeds from issuance of common stock under the Stock Swap Program	22)	95)	206)	—)	—)	—)
Purchase of treasury stock under the Stock Swap Program	(20)	(87)	(188)	—)	—)	—)
Other	13)	(1)	(7)	(149)	(87)	(43)
Net cash provided by (used in) financing activities	(5,089)	3,577)	6,949)	18,650)	(655)	(1,460)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	17)	(80)	(13)	53)	(9)	—)
Net increase (decrease) in cash, cash equivalents and restricted cash	(3,601)	(2,940)	(716)	9,162)	(466)	587)
Cash, cash equivalents and restricted cash at beginning of year	6,037)	8,977)	9,692)	530)	996)	395)
Cash, cash equivalents and restricted cash at end of year	2,436)	6,037)	8,976)	9,692)	530)	982)

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

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Cash flow statement item	Description	The company
Net cash provided by (used in) operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Carnival Corp. & plc net cash provided by (used in) operating activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Carnival Corp. & plc net cash used in investing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Carnival Corp. & plc net cash provided by (used in) financing activities decreased from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc (NYSE:CCL)

Cash Flow Statement