Carnival Cruises 2011 Annual Report Download - page 38

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Cautionary Note Concerning Factors That May Affect Future Results
Some of the statements, estimates or projections contained in this 2011 Annual Report are “forward-looking
statements” that involve risks, uncertainties and assumptions with respect to us, including some statements
concerning future results, outlooks, plans, goals 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. We have tried, whenever possible, to identify these
statements by using words like “will,” “may,” “could,” “should,” “would,” “believe,” “depends,” “expect,”
“anticipate,” “forecast,” “future,” “intend,” “plan,” “estimate,” “target” and similar expressions of future intent or
the negative of such terms.
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 2011
Annual Report. Forward-looking statements include those statements that may impact, among other things, the
forecasting of our non-GAAP earnings per share (“EPS”); net revenue yields; booking levels; pricing;
occupancy; operating, financing and tax costs, including fuel expenses; costs per available lower berth day
(“ALBDs”); estimates of ship depreciable lives and residual values; liquidity; goodwill and trademark fair values
and outlook. These factors include, but are not limited to, the following:
– general economic and business conditions;
– increases in fuel prices;
– accidents, the spread of contagious diseases and threats thereof, adverse weather conditions or natural
disasters and other incidents affecting the health, safety, security and satisfaction of guests and crew;
– the international political climate, armed conflicts, terrorist and pirate attacks, vessel seizures, and threats
thereof, and other world events affecting the safety and security of travel;
– negative publicity concerning the cruise business in general or us in particular, including any adverse
environmental impacts of cruising;
– litigation, enforcement actions, fines or penalties, including those relating to Costa Concordia’s incident;
– economic, market and political factors that are beyond our control, which could increase our operating,
financing and other costs;
– changes in and compliance with laws and regulations relating to the protection of persons with disabilities,
employment, environment, health, safety, security, tax and other regulations under which we operate;
– our ability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on
terms that are favorable or consistent with our expectations;
– increases to our repairs and maintenance expenses and refurbishment costs as our fleet ages;
– lack of continuing availability of attractive, convenient and safe port destinations;
– continuing financial viability of our travel agent distribution system, air service providers and other key
vendors in our supply chain and reductions in the availability of, and increases in the pricing for, the
services and products provided by these vendors;
– disruptions and other damages to our information technology and other networks and operations, and
breaches in data security;
– competition from and overcapacity in the cruise ship or land-based vacation industry;
– loss of key personnel or our ability to recruit or retain qualified personnel;
– union disputes and other employee relation issues;
– disruptions in the global financial markets or other events may negatively affect the ability of our
counterparties and others to perform their obligations to us;
– the continued strength of our cruise brands and our ability to implement our brand strategies;
– our international operations are subject to additional risks not generally applicable to our U.S. operations;
– geographic regions in which we try to expand our business may be slow to develop and ultimately not
develop how we expect;
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