On this page of StockholderLetter.com we present the latest annual shareholder letter from CARNIVAL PLC — ticker symbol CUK. Reading current and past CUK letters to shareholders can bring important insights into the investment thesis.
Annual Report
Year Ended November 30, 2023
The Carnival plc Annual Report comprises the Strategic Report, Carnival plc consolidated Group and
Company Financial Statements, the DLC Financial Statements and certain parts of the Proxy Statement,
including its Annexes (the    Proxy Statement   ).
The Directors consider that, within the Carnival Corporation and Carnival plc dual listed company (   DLC   )
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 (   DLC Financial Statements   ).
Accordingly, the DLC Financial Statements are included as part of the Carnival plc Annual Report.
Cautionary Note Concerning Factors That May Affect Future Results
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, as amended. 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,       aspiration,       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:





Pricing
Booking levels
Occupancy
Interest, tax and fuel expenses
Currency exchange rates
Goodwill, ship and trademark fair values
Liquidity and credit ratings
Investment grade leverage metrics
Estimates of ship depreciable lives and
residual values





Adjusted net income (loss)
Adjusted EBITDA
Adjusted earnings per share
Adjusted free cash flow
Net per diems
Net yields
Adjusted cruise costs per ALBD
Adjusted cruise costs excluding fuel per ALBD
Adjusted return on invested capital
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 in this
Strategic Report. This Strategic Report 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, and in the future may continue to be, amplified by our substantial debt balance incurred
during the pause of our guest cruise operations. There may be additional risks that we consider immaterial
or which are unknown.
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 forwardlooking statements to reflect any change in expectations or events, conditions or circumstances on which
any such statements are based. Forward-looking and other statements in this document may also address our
sustainability progress, plans, and goals (including climate change- and environmental-related matters). In
addition, historical, current, and forward-looking sustainability- and climate-related statements may be based
on standards and tools for measuring progress that are still developing, internal controls and processes
that continue to evolve, and assumptions and predictions that are subject to change in the future and may
not be generally shared.
Strategic Report
The Directors consider that within the DLC arrangement, the most appropriate presentation of Carnival
plc   s business strategy is by reference to the consolidated strategy of Carnival Corporation & plc. Accordingly,
this Strategic Report presents the required strategy and business review for Carnival Corporation & plc in
order to satisfy reporting requirements of the Companies Act 2006.
CARNIVAL PLC ANNUAL REPORT
PAGE NO.
Strategic Report
Executive Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2
A. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
I. Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
II. Purpose & Mission, Vision, Values and Priorities . . . . . . . . . . . . . . . . . . . . . . . . . . .
B. Global Cruise Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
4
I. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
II. Passenger Capacity by Ocean Going Vessels . . . . . . . . . .
III. Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C. Our Global Cruise Business . . . . . . . . . . . . . . . . . . . . . . .
I. Segment and Brand Information . . . . . . . . . . . . . . . . . . .
II. Ships Under Contract for Construction . . . . . . . . . . . . .
III. Descriptions of Cruise Brands . . . . . . . . . . . . . . . . . . .
IV. Trademarks and Other Intellectual Property . . . . . . . . . .
V. Passengers Carried and Principal Source Geographic Areas
VI. Cruise Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




































































































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D. Website Access to Carnival Corporation & plc SEC Reports . . . . . .
E. Industry and Market Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
G. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
H. Executive Officers and Corporate Governance . . . . . . . . . . . . . . .
I. Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
J. Repurchase Authorizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Business Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Internal Control and Risk Assessment . . . . . . . . . . . . . . . . . . . . . . .
4. Risk Management and/or Mitigation of Principal and Emerging Risks



















































































40
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51
52
VII. Cruise Pricing and Payment Terms . . . . . . . .
VIII. Seasonality . . . . . . . . . . . . . . . . . . . . . . .
IX. Onboard and Other Revenues . . . . . . . . . . . .
X. Port Destinations and Private Islands . . . . . . .
XI. Marketing Activities . . . . . . . . . . . . . . . . . .
XII. Sales Channels . . . . . . . . . . . . . . . . . . . . .
XIII. Supply Chain . . . . . . . . . . . . . . . . . . . . . .
XIV. Human Capital Management and Employees
XV. Ethics and Compliance . . . . . . . . . . . . . . . .
XVI. Information Technology and Data Privacy .
XVII. Insurance . . . . . . . . . . . . . . . . . . . . . . . .
XVIII. Taxation . . . . . . . . . . . . . . . . . . . . . . . .
XIX. Governmental Regulations . . . . . . . . . . . .
XX. Sustainability and Environmental Impact . . .
















































































4
CARNIVAL PLC ANNUAL REPORT
PAGE NO.
5. Going Concern Confirmation and Viability Statement . . . . . . . . . . . . . . . . . . . . . . . . . . .
6. Non-Financial and Sustainability Information Statement . . . . . . . . . . . . . . . . . . . . . . . . .
64
66
7. Section 172(1) Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
Carnival plc Financial Statements for the year ended November 30, 2023
Carnival plc Group Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73
Carnival plc Parent Company Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
PricewaterhouseCoopers LLP Independent Auditors    Report . . . . . . . . . . . . . . . . . . . . . . . .
127
DLC Financial Statements and Other Information
DLC Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
Common Stock and Ordinary Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock Performance Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
177
178
Corporate and Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
180
Proxy
Statement
Page No.
Other Information from the Proxy Statement
Carnival plc Directors    Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Carnival plc Directors    Remuneration Report     Part I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
49
Carnival plc Directors    Remuneration Report     Part II . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Carnival plc Corporate Governance Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B-1
C-1
The Carnival plc Annual Report has been submitted to the National Storage Mechanism in European
Single Electronic Format (   ESEF   ) and is available for inspection at
data.fca.org.uk/#/nsm/nationalstoragemechanism and will be included in the Annual Meeting materials
available to the Carnival plc shareholders. Only the Carnival plc Annual Report in ESEF is the official version
for the purposes of the ESEF Regulation. The Form 10-K is not set forth within this document but is
available for viewing at www.carnivalcorp.com or www.carnivalplc.com.
2023 Executive Overview
    Full year revenues hit an all-time high of $21.6 billion.
    For the first time since the resumption of guest cruise operations, net income was positive during the
third quarter, generating $1.07 billion.
    We entered 2024 with our best booked position on record, for both price and occupancy.
    Total customer deposits for each quarter throughout 2023 consistently surpassed the previous
quarterly records.
    We reduced our debt balance by $4.6 billion from its peak in the first quarter of 2023 and ended the
year with $5.4 billion of liquidity.
The strengthening demand environment across all our brands contributed to our revenue growth as we
drove improvements in ticket prices while closing the double-digit occupancy gap from the start of the year
and reaching historical occupancy levels for the second half of 2023.
We believe our advertising investments and other demand generation efforts during the past 18 months have
successfully elevated awareness and consideration for our brands, leading to record booking levels and
revenue results. In addition, these efforts enabled us to attract more new-to cruise and more new-to brand
guests compared to 2019. We are building momentum in closing the value gap to land-based alternatives,
capturing over 3.5 million new-to cruise guests in 2023 and remain well-positioned to take share from landbased alternatives.
We continue to take actions to further stimulate demand and maintain our momentum through 2024 and
beyond. We are focused on ongoing improvements across the commercial space as we further rollout
advancements to our yield management tools and lead generation techniques, continue to invest in sales and
sales support, and build on already strong relationships with our trade partners. This is complemented by
our strategy to pull forward the sale of onboard items through bundled product offerings and pre-cruise sales.
We are also not losing sight of our expense base, as we have worked to mitigate the impacts of a high
inflation environment by leveraging our scale through cost optimization initiatives. We have made investments
that we expect to increase our cost efficiencies in the future, including successfully installing SpaceX   s
Starlink, next generation internet across our fleet, which is expected to drive more than a 20% reduction in
cost per megabit in 2024. In addition, we expect it will increase our bandwidth pipeline, resulting in both
improved guest experience and higher onboard revenues. We also launched Maritime Asset Strategy
Transformation (   MAST   ), a centralized system developed to optimize equipment and machinery
management across our brands and our fleet.
During 2023, we continued to work aggressively to reduce our environmental footprint and fuel consumption.
Our deep commitment resulted in industry-leading fuel efficiency and a more than 10% reduction in
absolute GHG emissions compared to our peak year of 2011, despite capacity growth of 30% over the same
period. We also exceeded our shore power capability goal and our fleet now has twice as many ships ready
to plug into shore power as there are ports currently able to provide it.
As a result of our fleet optimization efforts, our fleet is now one year younger than prior to pausing our
guest cruise operations four years ago. During 2023 alone we benefited from the introduction of three
fantastic new ships including Carnival Celebration and Arvia, leveraging the scale of our popular and
exceptionally efficient series of excel-class ships, and Seabourn Pursuit, our second luxury expedition ship.
In addition, Carnival Cruise Line welcomed Carnival Venezia, which was transferred from Costa, becoming
the first ship as part of Carnival   s Fun Italian Style    platform. We will continue to optimize our brand
portfolio by transferring Costa Firenze to Carnival Cruise Line in 2024.
We also made meaningful progress in other strategic asset projects. We began construction on Celebration
Key in Grand Bahama, which will be the largest and closest exclusive destination in our portfolio. While not
expected to open until summer 2025, we have begun generating consumer awareness and excitement
around this fantastic upcoming destination. We also started the process for a significant upsize in guest
traffic at Half Moon Cay, our exclusive and beautiful pristine island destination in The Bahamas, with the
creation of a pier-side berth that can accommodate our largest vessels. In addition, we commenced work with
our Grand Bahama Shipyard partners on the construction of two floating docks, one of which will have
the largest lifting capacity in the world. Together, these strategic investments are expected to significantly
benefit us by helping to reduce travel time, further reducing our fuel consumption and preserving ship revenue
days.
1
Strategic Report
We consistently set records and achieved other significant milestones during this past year, including:
 • shareholder letter icon 2/23/2024 Letter Continued (Full PDF)
 • stockholder letter icon 2/28/2023 CUK Stockholder Letter
 • stockholder letter icon More "Hotels" Category Stockholder Letters
 • Benford's Law Stocks icon CUK Benford's Law Stock Score = 93


CUK Shareholder/Stockholder Letter Transcript:

Annual Report
Year Ended November 30, 2023
The Carnival plc Annual Report comprises the Strategic Report, Carnival plc consolidated Group and
Company Financial Statements, the DLC Financial Statements and certain parts of the Proxy Statement,
including its Annexes (the    Proxy Statement   ).
The Directors consider that, within the Carnival Corporation and Carnival plc dual listed company (   DLC   )
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 (   DLC Financial Statements   ).
Accordingly, the DLC Financial Statements are included as part of the Carnival plc Annual Report.

Cautionary Note Concerning Factors That May Affect Future Results
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, as amended. 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,       aspiration,       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:





Pricing
Booking levels
Occupancy
Interest, tax and fuel expenses
Currency exchange rates
Goodwill, ship and trademark fair values
Liquidity and credit ratings
Investment grade leverage metrics
Estimates of ship depreciable lives and
residual values





Adjusted net income (loss)
Adjusted EBITDA
Adjusted earnings per share
Adjusted free cash flow
Net per diems
Net yields
Adjusted cruise costs per ALBD
Adjusted cruise costs excluding fuel per ALBD
Adjusted return on invested capital
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 in this
Strategic Report. This Strategic Report 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, and in the future may continue to be, amplified by our substantial debt balance incurred
during the pause of our guest cruise operations. There may be additional risks that we consider immaterial
or which are unknown.
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 forwardlooking statements to reflect any change in expectations or events, conditions or circumstances on which
any such statements are based. Forward-looking and other statements in this document may also address our
sustainability progress, plans, and goals (including climate change- and environmental-related matters). In
addition, historical, current, and forward-looking sustainability- and climate-related statements may be based
on standards and tools for measuring progress that are still developing, internal controls and processes
that continue to evolve, and assumptions and predictions that are subject to change in the future and may
not be generally shared.

Strategic Report
The Directors consider that within the DLC arrangement, the most appropriate presentation of Carnival
plc   s business strategy is by reference to the consolidated strategy of Carnival Corporation & plc. Accordingly,
this Strategic Report presents the required strategy and business review for Carnival Corporation & plc in
order to satisfy reporting requirements of the Companies Act 2006.
CARNIVAL PLC ANNUAL REPORT
PAGE NO.
Strategic Report
Executive Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2
A. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
I. Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
II. Purpose & Mission, Vision, Values and Priorities . . . . . . . . . . . . . . . . . . . . . . . . . . .
B. Global Cruise Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
4
I. Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
II. Passenger Capacity by Ocean Going Vessels . . . . . . . . . .
III. Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C. Our Global Cruise Business . . . . . . . . . . . . . . . . . . . . . . .
I. Segment and Brand Information . . . . . . . . . . . . . . . . . . .
II. Ships Under Contract for Construction . . . . . . . . . . . . .
III. Descriptions of Cruise Brands . . . . . . . . . . . . . . . . . . .
IV. Trademarks and Other Intellectual Property . . . . . . . . . .
V. Passengers Carried and Principal Source Geographic Areas
VI. Cruise Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




































































































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D. Website Access to Carnival Corporation & plc SEC Reports . . . . . .
E. Industry and Market Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
G. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
H. Executive Officers and Corporate Governance . . . . . . . . . . . . . . .
I. Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
J. Repurchase Authorizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Business Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Internal Control and Risk Assessment . . . . . . . . . . . . . . . . . . . . . . .
4. Risk Management and/or Mitigation of Principal and Emerging Risks



















































































40
41
41
41
42
42
43
43
51
52
VII. Cruise Pricing and Payment Terms . . . . . . . .
VIII. Seasonality . . . . . . . . . . . . . . . . . . . . . . .
IX. Onboard and Other Revenues . . . . . . . . . . . .
X. Port Destinations and Private Islands . . . . . . .
XI. Marketing Activities . . . . . . . . . . . . . . . . . .
XII. Sales Channels . . . . . . . . . . . . . . . . . . . . .
XIII. Supply Chain . . . . . . . . . . . . . . . . . . . . . .
XIV. Human Capital Management and Employees
XV. Ethics and Compliance . . . . . . . . . . . . . . . .
XVI. Information Technology and Data Privacy .
XVII. Insurance . . . . . . . . . . . . . . . . . . . . . . . .
XVIII. Taxation . . . . . . . . . . . . . . . . . . . . . . . .
XIX. Governmental Regulations . . . . . . . . . . . .
XX. Sustainability and Environmental Impact . . .
















































































4

CARNIVAL PLC ANNUAL REPORT
PAGE NO.
5. Going Concern Confirmation and Viability Statement . . . . . . . . . . . . . . . . . . . . . . . . . . .
6. Non-Financial and Sustainability Information Statement . . . . . . . . . . . . . . . . . . . . . . . . .
64
66
7. Section 172(1) Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
67
Carnival plc Financial Statements for the year ended November 30, 2023
Carnival plc Group Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73
Carnival plc Parent Company Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
113
PricewaterhouseCoopers LLP Independent Auditors    Report . . . . . . . . . . . . . . . . . . . . . . . .
127
DLC Financial Statements and Other Information
DLC Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
136
Common Stock and Ordinary Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock Performance Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
177
178
Corporate and Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
180
Proxy
Statement
Page No.
Other Information from the Proxy Statement
Carnival plc Directors    Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Carnival plc Directors    Remuneration Report     Part I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A-1
49
Carnival plc Directors    Remuneration Report     Part II . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Carnival plc Corporate Governance Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B-1
C-1
The Carnival plc Annual Report has been submitted to the National Storage Mechanism in European
Single Electronic Format (   ESEF   ) and is available for inspection at
data.fca.org.uk/#/nsm/nationalstoragemechanism and will be included in the Annual Meeting materials
available to the Carnival plc shareholders. Only the Carnival plc Annual Report in ESEF is the official version
for the purposes of the ESEF Regulation. The Form 10-K is not set forth within this document but is
available for viewing at www.carnivalcorp.com or www.carnivalplc.com.

2023 Executive Overview
    Full year revenues hit an all-time high of $21.6 billion.
    For the first time since the resumption of guest cruise operations, net income was positive during the
third quarter, generating $1.07 billion.
    We entered 2024 with our best booked position on record, for both price and occupancy.
    Total customer deposits for each quarter throughout 2023 consistently surpassed the previous
quarterly records.
    We reduced our debt balance by $4.6 billion from its peak in the first quarter of 2023 and ended the
year with $5.4 billion of liquidity.
The strengthening demand environment across all our brands contributed to our revenue growth as we
drove improvements in ticket prices while closing the double-digit occupancy gap from the start of the year
and reaching historical occupancy levels for the second half of 2023.
We believe our advertising investments and other demand generation efforts during the past 18 months have
successfully elevated awareness and consideration for our brands, leading to record booking levels and
revenue results. In addition, these efforts enabled us to attract more new-to cruise and more new-to brand
guests compared to 2019. We are building momentum in closing the value gap to land-based alternatives,
capturing over 3.5 million new-to cruise guests in 2023 and remain well-positioned to take share from landbased alternatives.
We continue to take actions to further stimulate demand and maintain our momentum through 2024 and
beyond. We are focused on ongoing improvements across the commercial space as we further rollout
advancements to our yield management tools and lead generation techniques, continue to invest in sales and
sales support, and build on already strong relationships with our trade partners. This is complemented by
our strategy to pull forward the sale of onboard items through bundled product offerings and pre-cruise sales.
We are also not losing sight of our expense base, as we have worked to mitigate the impacts of a high
inflation environment by leveraging our scale through cost optimization initiatives. We have made investments
that we expect to increase our cost efficiencies in the future, including successfully installing SpaceX   s
Starlink, next generation internet across our fleet, which is expected to drive more than a 20% reduction in
cost per megabit in 2024. In addition, we expect it will increase our bandwidth pipeline, resulting in both
improved guest experience and higher onboard revenues. We also launched Maritime Asset Strategy
Transformation (   MAST   ), a centralized system developed to optimize equipment and machinery
management across our brands and our fleet.
During 2023, we continued to work aggressively to reduce our environmental footprint and fuel consumption.
Our deep commitment resulted in industry-leading fuel efficiency and a more than 10% reduction in
absolute GHG emissions compared to our peak year of 2011, despite capacity growth of 30% over the same
period. We also exceeded our shore power capability goal and our fleet now has twice as many ships ready
to plug into shore power as there are ports currently able to provide it.
As a result of our fleet optimization efforts, our fleet is now one year younger than prior to pausing our
guest cruise operations four years ago. During 2023 alone we benefited from the introduction of three
fantastic new ships including Carnival Celebration and Arvia, leveraging the scale of our popular and
exceptionally efficient series of excel-class ships, and Seabourn Pursuit, our second luxury expedition ship.
In addition, Carnival Cruise Line welcomed Carnival Venezia, which was transferred from Costa, becoming
the first ship as part of Carnival   s Fun Italian Style    platform. We will continue to optimize our brand
portfolio by transferring Costa Firenze to Carnival Cruise Line in 2024.
We also made meaningful progress in other strategic asset projects. We began construction on Celebration
Key in Grand Bahama, which will be the largest and closest exclusive destination in our portfolio. While not
expected to open until summer 2025, we have begun generating consumer awareness and excitement
around this fantastic upcoming destination. We also started the process for a significant upsize in guest
traffic at Half Moon Cay, our exclusive and beautiful pristine island destination in The Bahamas, with the
creation of a pier-side berth that can accommodate our largest vessels. In addition, we commenced work with
our Grand Bahama Shipyard partners on the construction of two floating docks, one of which will have
the largest lifting capacity in the world. Together, these strategic investments are expected to significantly
benefit us by helping to reduce travel time, further reducing our fuel consumption and preserving ship revenue
days.
1
Strategic Report
We consistently set records and achieved other significant milestones during this past year, including:



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