Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income (loss) $ (40,295) $ 17,353
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 250,535 245,092
(Gain) loss on derivatives 506 (1,125)
Loss on extinguishment of debt 49,529 29,000
Provision for bad debts and inventory obsolescence 833 1,532
Gain on involuntary conversion of assets 5 (2,846)
Share-based compensation expense 20,281 21,948
Net foreign currency adjustments on euro-denominated debt 16,013 (6,603)
Changes in operating assets and liabilities:    
Accounts receivable, net (50,220) (4,052)
Inventories (6,135) (517)
Prepaid expenses and other assets (75,976) (83,414)
Accounts payable 10,700 29,987
Accrued expenses and other liabilities (162,488) (31,422)
Advance ticket sales 665,933 592,238
Net cash provided by operating activities 679,221 807,171
Cash flows from investing activities    
Additions to property and equipment, net (1,525,220) (258,851)
Other (7,022) 3,608
Net cash used in investing activities (1,532,242) (255,243)
Cash flows from financing activities    
Repayments of long-term debt (2,723,237) (425,339)
Proceeds from long-term debt 3,679,114 92,406
Net share settlement of restricted share units (23,805) (22,032)
Early redemption premium (38,379) (19,163)
Deferred financing fees (47,078) (20,401)
Net cash provided by (used in) financing activities 846,615 (394,529)
Net increase (decrease) in cash and cash equivalents (6,406) 157,399
Cash and cash equivalents at beginning of period 190,765 402,415
Cash and cash equivalents at end of period $ 184,359 $ 559,814