Quarterly report [Sections 13 or 15(d)]

Summary of Significant Accounting Policies (Tables)

v3.25.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
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.