Carnival Cruises 2014 Annual Report Download - page 60

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Consolidated gross and net cruise costs and net cruise costs excluding fuel per ALBD were computed by dividing
the gross and net cruise costs and net cruise costs excluding fuel by ALBDs as follows (dollars in millions,
except costs per ALBD):
Years Ended November 30,
2014
2014
Constant
Dollar 2013
2013
Constant
Dollar 2012
Cruise operating expenses ................$ 10,243 $ 10,184 $ 10,481 $ 10,434 $ 10,166
Cruise selling and administrative expenses . . . 2,046 2,035 1,871 1,864 1,713
Gross cruise costs ...................... 12,289 12,219 12,352 12,298 11,879
Less cruise costs included above
Commissions, transportation and other .... (2,299) (2,277) (2,303) (2,285) (2,292)
Onboard and other .................... (519) (516) (539) (538) (558)
Losses on ship sales and ship impairments,
net ............................... (2) (5) (178) (167) (49)
Restructuring expenses ................. (18) (18) - - -
Net cruise costs ........................ 9,451 9,403 9,332 9,308 8,980
Less fuel .............................. (2,033) (2,033) (2,208) (2,208) (2,381)
Net cruise costs excluding fuel ............$ 7,418 $ 7,370 $ 7,124 $ 7,100 $ 6,599
ALBDs ............................... 75,999,952 75,999,952 74,032,939 74,032,939 71,975,652
Gross cruise costs per ALBD .............$ 161.69 $ 160.77 $ 166.83 $ 166.12 $ 165.04
% (decrease) increase vs. prior year ......... (3.1)% (3.6)% 1.1% 0.6%
Net cruise costs per ALBD ...............$ 124.35 $ 123.70 $ 126.05 $ 125.74 $ 124.77
% (decrease) increase vs. prior year ......... (1.3)% (1.9)% 1.0% 0.8%
Net cruise costs excluding fuel per ALBD . . $ 97.60 $ 96.95 $ 96.23 $ 95.91 $ 91.69
% increase vs. prior year ................. 1.4% 0.8% 4.9% 4.6%
Non-GAAP diluted earnings per share was computed as follows (in millions, except per share data):
Years Ended November 30,
2014 2013 2012
Net income – diluted
U.S. GAAP net income ....................................... $1,236 $1,078 $1,298
Losses on ship sales and ship impairments, net ..................... 2(a) 163(b) 49(c)
Goodwill, trademark and other impairment charges ................. - 27(d) 173(e)
Restructuring expenses ....................................... 18 - -
Unrealized losses (gains) on fuel derivatives, net ................... 268 (36) (6)
Non-GAAP net income ...................................... $1,524 $1,232 $1,514
Weighted-average shares outstanding – diluted ..................... 778 777 779
Earnings per share – diluted
U.S. GAAP earnings per share ................................. $ 1.59 $ 1.39 $ 1.67
Losses on ship sales and ship impairments, net ...................... -(a) 0.21 (b) 0.06 (c)
Goodwill, trademark and other impairment charges .................. - 0.03 (d) 0.22 (e)
Restructuring expenses ........................................ 0.02 - -
Unrealized losses (gains) on fuel derivatives, net .................... 0.35 (0.05) (0.01)
Non-GAAP earnings per share ................................. $ 1.96 $ 1.58 $ 1.94
(See next page for footnotes.)
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