Schedule of reconciliation between basic and diluted EPS |
A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2025 |
|
2024 |
Net income (loss) |
|
$ |
(40,295) |
|
$ |
17,353 |
Basic weighted-average shares outstanding |
|
|
441,147,186 |
|
|
426,803,519 |
Dilutive effect of share awards |
|
|
— |
|
|
4,215,687 |
Diluted weighted-average shares outstanding |
|
|
441,147,186 |
|
|
431,019,206 |
Basic EPS |
|
$ |
(0.09) |
|
$ |
0.04 |
Diluted EPS |
|
$ |
(0.09) |
|
$ |
0.04 |
|
Schedule of reconciliation of adjusted operating income (loss) to net income (loss) before income taxes |
The below table includes our calculation of adjusted operating income, our significant segment expenses therein, and a reconciliation of adjusted operating income to net income (loss) before income taxes (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2025 |
|
2024 |
Total revenue |
|
$ |
2,127,553 |
|
$ |
2,191,215 |
Cruise operating expense |
|
|
|
|
|
|
Commissions, transportation and other |
|
|
395,343 |
|
|
436,210 |
Onboard and other |
|
|
138,858 |
|
|
132,036 |
Adjusted payroll and related (1) |
|
|
329,127 |
|
|
338,948 |
Fuel |
|
|
175,014 |
|
|
197,734 |
Food |
|
|
75,588 |
|
|
84,708 |
Other |
|
|
184,631 |
|
|
192,454 |
Adjusted total cruise operating expense |
|
|
1,298,561 |
|
|
1,382,090 |
Other operating expense |
|
|
|
|
|
|
Adjusted marketing, general and administrative (2) |
|
|
375,919 |
|
|
345,135 |
Depreciation and amortization |
|
|
231,297 |
|
|
222,929 |
Adjusted total other operating expense |
|
|
607,216 |
|
|
568,064 |
Adjusted operating income |
|
$ |
221,776 |
|
$ |
241,061 |
|
|
|
|
|
|
|
Adjusted operating income |
|
$ |
221,776 |
|
$ |
241,061 |
Non-cash compensation (3) |
|
|
(20,834) |
|
|
(22,667) |
Interest expense, net |
|
|
(217,872) |
|
|
(218,177) |
Other income (expense), net |
|
|
(24,505) |
|
|
18,137 |
Net income (loss) before income taxes |
|
$ |
(41,435) |
|
$ |
18,354 |
(1) |
Excludes non-cash share-based compensation expenses related to equity awards for shipboard officers (see Note 9 – “Employee Benefits and Compensation Plans”) and non-cash deferred compensation expenses related to the crew pension plan as follows (in thousands): |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2025 |
|
2024 |
Service cost |
|
$ |
553 |
|
$ |
719 |
(2) |
Excludes non-cash share-based compensation expenses related to equity awards for corporate employees (see Note 9 – “Employee Benefits and Compensation Plans”). |
(3) |
Includes non-cash deferred compensation expenses related to the crew pension plan and non-cash share-based compensation expenses related to equity awards, which are included in payroll and related expense and marketing, general and administrative expense. |
|