1. What is Total Revenue at the end of the current fiscal year? (2 points) 2. What is Total Revenue at the end of the year prior to the current fiscal year? (2 points) 3. What is the Net Income (Loss) attributable to common stockholders* at the end of the current fiscal year? (2 points) 4. What is Net Income (Loss) attributable to common stockholders* at the end of the year prior to the current fiscal year? (2 points) 5. What is the Profit Margin Ratio for the current fiscal year? (3 points) 6. What is the Gross Profit Ratio for the current fiscal years? (3 points) 7. If Carnival's current passenger ticket revenue increases by 10% with an increase in operating costs of $2,000,000, what would be their new Gross Margin Ratio? (6 points) 8. What is the difference between a 10-K and a 10-Q? (1 point extra credit) CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data) Years Ended November 30, 2019 2018 2017 Revenues Cruise Passenger ticket Onboard and other Tour and other s S 14,104 $ 6,331 390 20,825 13,930 4,679 272 18,881 12,944 4,330 236 17,510 Operating costs and Expenses Cruise Commissions, transportation and other Onboard and other Payroll and related Fuel Food Other ship operating Tour and other 2,720 2,101 2,249 1.562 1,083 2,925 268 12,909 2,480 2,160 2,590 638 2,190 1,619 1,066 2,807 180 11,089 2,450 2,017 2,359 587 2,107 1,244 1,031 3,010 163 10,501 2,265 1,846 89 14,701 2,809 Selling and administrative Depreciation and amortization Goodwill and trademark impairment Operating Income 17.549 3,276 15,556 3,325 17,349 3,276 1,220 3,325 2,809 Operating Income Nonoperating Income (Expense) Interest income Interest expense, net of capitalized interest Gains on fuel derivatives, net Other income (expense), net 23 (206) (32) (215) 3,060 (71) 2,990 14 (194) 59 3 (118) 3,207 (54) 3,152 9 (198) 35 11 (143) 2,666 (60) 2,606 S S S Income Before Income Taxes Income Tax Expense, Net Net Income ... Earnings Per Share Basic Diluted 4.34 S 4.45 S 3.61 S 4.32 S $ 3.59 The accompanying notes are an integral part of these consolidated financial statements. CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) Years Ended November 30, 2019 2018 2017 Net Income S 2,990 $ 3,152 $ 2,606 Items Included in Other Comprehensive Income (Loss) Change in foreign currency translation adjustment (86) (199) 590 Other (31) 32 82 Other Comprehensive Income (Loss) (117) (167) 672 Total Comprehensive Income .... 2,873 S 2.986 S 3,278 The accompanying notes are an integral part of these consolidated financial statements. CARNIVAL CORPORATION & PLC CONSOLIDATED BALANCE SHEETS (in millions, except par values) 1 November 30, 2019 2018 ASSETS Current Assets Cash and cash equivalents Trade and other receivables, net Inventories Prepaid expenses and other Total current assets Property and Equipment, Net Goodwill Other Intangibles Other Assets 518 $ 444 427 671 2,059 38,131 2,912 1,174 783 45,058 S 982 358 450 436 2,225 35,336 2,925 1,176 738 42,401 $ S LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings Current portion of long-term debt Accounts payable Accrued liabilities and other Customer deposits Total current liabilities Long-Term Debt Other Long-Term Liabilities 231 1,596 756 1.809 4,735 9,127 9,675 890 848 1,578 730 1,654 4,395 9,204 7,897 856 HER s 848 1,578 730 231 $ 1,596 756 1,809 4,735 9,127 9,675 890 1,654 4,395 9,204 7,897 856 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings. Current portion of long-term debt Accounts payable Accrued liabilities and other Customer deposits ... I Total current liabilities Long-Term Debt Other Long-Term Liabilities Commitments and Contingencies Shareholders' Equity Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 657 shares at 2019 and 656 shares at 2018 issued Ordinary shares of Carnival plc, $1.66 par value; 217 shares at 2019 and 2018 issued Additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) (AOCI") Treasury stock, 130 shares at 2019 and 129 shares at 2018 of Carnival Corporation and 60 shares at 2019 and 48 shares at 2018 of Camival plc, at cost Total shareholders' equity 7 7 358 8,807 26,653 (2,066) 358 8.756 25,066 (1,949) (8,394) 25,365 45,058 (7,795) 24,443 42,401 S S The accompanying notes are an integral part of these consolidated financial statements. CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Years Ended November 30, 2019 2018 2017 $ 2,990 $ 3,152 S 2,606 I OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and amortization Impairments Gains on fuel derivatives, net Share-based compensation Other, net 1,846 2,160 26 392 46 43 2,017 16 (59) 65 (6) 5,186 (35) 63 51 4,923 5,265 (114) 79 (254) 34 80 387 5,475 (58) (67) 74 (24) (100) 539 5.549 6 (49) (13) 21 73 361 5.322 Changes in operating assets and liabilities Receivables Inventories Prepaid expenses and other Accounts payable Accrued and other liabilities Customer deposits Net cash provided by (used in) operating activities INVESTING ACTIVITIES Purchases of property and equipment Proceeds from sales of ships Payments of fuel derivative settlements Other, net ... Net cash provided by (used in) investing activities FINANCING ACTIVITIES Preds from frenayments of short-term horrowings net (2,944) (5,429) 26 (6) 132 (5,277) (3,749) 389 (39) (114) (3,514) (203) 25 (3,122) (605) 417 129 (2,944) (5,429) 26 (6) 132 (5,277) (3,749) 389 (39) (114) (3,514) (203) 25 (3,122 INVESTING ACTIVITIES Purchases of property and equipment Proceeds from sales of ships Payments of fuel derivative settlements Other, net... Net cash provided by (used in) investing activities FINANCING ACTIVITIES Proceeds from (repayments of short-term borrowings, net Principal repayments of long-term debt Proceeds from issuance of long-term debt Dividends paid Purchases of treasury stock Other, net Net cash provided by (used in) financing activities Effect of exchange rate changes on cash, cash equivalents and restricted cash Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of year Cash, cash equivalents and restricted cash at end of year (605) (1,651) 3,674 (1,387) (603) (82) (655 (9) (465) 996 530 S 417 (1,556) 2,542 (1,355) (1,468) (39 (1,460) (1) 574 422 996 S (29) (1,227) 467 (1,087) (552) (24) (2,452) 11 (241) 662 422 The accompanying notes are an integral part of these consolidated financial statements