Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income (loss) $ (4,012,514) $ 930,228 $ 954,843
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 739,619 647,102 566,972
Impairment loss 1,607,797    
Deferred income taxes, net 12,765 (26,134) 1,508
Gain on derivatives (8,501)    
Loss on extinguishment of debt 10,480 13,397 6,346
Provision for bad debts and inventory obsolescence 31,756 3,884 5,570
Gain on involuntary conversion of assets (1,496) (4,152)  
Share-based compensation expense 111,297 95,055 115,983
Payment-in-kind interest premium 19,349    
Net foreign currency adjustments 8,584 (1,934) (5,537)
Changes in operating assets and liabilities:      
Accounts receivable, net 30,797 (14,104) (15,886)
Inventories 10,555 (6,155) (9,052)
Prepaid expenses and other assets (89,528) (74,295) (29,519)
Accounts payable (21,419) (58,635) 106,387
Accrued expenses and other liabilities (193,938) (29,028) 114,953
Advance ticket sales (811,846) 347,376 262,603
Net cash provided by (used in) operating activities (2,556,243) 1,822,605 2,075,171
Cash flows from investing activities      
Additions to property and equipment, net (946,545) (1,637,170) (1,566,796)
Cash received on settlement of derivatives   289 64,796
Cash paid on settlement of derivatives (31,520) (47,085) (1,719)
Other 2,703 3,774 1,011
Net cash used in investing activities (975,362) (1,680,192) (1,502,708)
Cash flows from financing activities      
Repayments of long-term debt (892,481) (3,806,732) (1,716,244)
Proceeds from long-term debt 6,075,090 4,122,297 1,904,865
Common share issuance proceeds, net 1,541,708    
Proceeds from employee related plans 5,557 31,937 28,819
Net share settlement of restricted share units (15,407) (20,939) (13,855)
Purchases of treasury shares   (349,860) (664,811)
Early redemption premium (1,376) (6,829) (5,154)
Deferred financing fees (133,880) (23,262) (118,422)
Net cash provided by (used in) financing activities 6,579,211 (53,388) (584,802)
Net increase (decrease) in cash and cash equivalents 3,047,606 89,025 (12,339)
Cash and cash equivalents at beginning of period 252,876 163,851 176,190
Cash and cash equivalents at end of period $ 3,300,482 $ 252,876 $ 163,851