| 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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Net income (loss) |
|
$ |
29,992 |
|
$ |
163,436 |
|
$ |
(10,303) |
|
$ |
180,789 |
Effect of dilutive securities - exchangeable notes |
|
|
— |
|
|
16,017 |
|
|
— |
|
|
9,225 |
Net income and assumed conversion of exchangeable notes - Diluted EPS |
|
$ |
29,992 |
|
$ |
179,453 |
|
$ |
(10,303) |
|
$ |
190,014 |
Basic weighted-average shares outstanding |
|
|
446,586,784 |
|
|
434,807,434 |
|
|
443,882,011 |
|
|
430,805,477 |
Dilutive effect of share awards |
|
|
1,446,354 |
|
|
2,054,804 |
|
|
— |
|
|
3,135,246 |
Dilutive effect of exchangeable notes |
|
|
— |
|
|
76,727,496 |
|
|
— |
|
|
34,137,750 |
Diluted weighted-average shares outstanding |
|
|
448,033,138 |
|
|
513,589,734 |
|
|
443,882,011 |
|
|
468,078,473 |
Basic EPS |
|
$ |
0.07 |
|
$ |
0.38 |
|
$ |
(0.02) |
|
$ |
0.42 |
Diluted EPS |
|
$ |
0.07 |
|
$ |
0.35 |
|
$ |
(0.02) |
|
$ |
0.41 |
|
| 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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Total revenue |
|
$ |
2,517,497 |
|
$ |
2,372,492 |
|
$ |
4,645,050 |
|
$ |
4,563,707 |
Cruise operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
Commissions, transportation and other |
|
|
487,835 |
|
|
501,039 |
|
|
883,178 |
|
|
937,249 |
Onboard and other |
|
|
187,684 |
|
|
171,707 |
|
|
326,542 |
|
|
303,743 |
Adjusted payroll and related (1) |
|
|
340,173 |
|
|
324,783 |
|
|
669,300 |
|
|
663,731 |
Fuel |
|
|
157,377 |
|
|
174,964 |
|
|
332,391 |
|
|
372,698 |
Food |
|
|
81,323 |
|
|
77,046 |
|
|
156,911 |
|
|
161,754 |
Other |
|
|
196,495 |
|
|
199,421 |
|
|
381,126 |
|
|
391,875 |
Adjusted total cruise operating expense |
|
|
1,450,887 |
|
|
1,448,960 |
|
|
2,749,448 |
|
|
2,831,050 |
Other operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted marketing, general and administrative (2) |
|
|
372,563 |
|
|
335,864 |
|
|
748,482 |
|
|
680,999 |
Depreciation and amortization |
|
|
243,760 |
|
|
222,405 |
|
|
475,057 |
|
|
445,334 |
Adjusted total other operating expense |
|
|
616,323 |
|
|
558,269 |
|
|
1,223,539 |
|
|
1,126,333 |
Adjusted operating income |
|
$ |
450,287 |
|
$ |
365,263 |
|
$ |
672,063 |
|
$ |
606,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating income |
|
$ |
450,287 |
|
$ |
365,263 |
|
$ |
672,063 |
|
$ |
606,324 |
Non-cash compensation (3) |
|
|
(26,451) |
|
|
(23,702) |
|
|
(47,285) |
|
|
(46,369) |
Interest expense, net |
|
|
(236,782) |
|
|
(178,472) |
|
|
(454,654) |
|
|
(396,649) |
Other income (expense), net |
|
|
(156,425) |
|
|
1,896 |
|
|
(180,930) |
|
|
20,033 |
Net income (loss) before income taxes |
|
$ |
30,629 |
|
$ |
164,985 |
|
$ |
(10,806) |
|
$ |
183,339 |
| (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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Service cost |
|
$ |
552 |
|
$ |
718 |
|
$ |
1,105 |
|
$ |
1,437 |
| (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. |
|