Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income $ 408,992 $ 655,721
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 787,760 726,877
Gain on derivatives (1,989) (712)
Loss on extinguishment of debt 272,085 29,175
Provision for bad debts and inventory obsolescence 2,094 3,668
Gain on involuntary conversion of assets (2,027) (4,605)
Share-based compensation expense 64,598 65,570
Net foreign currency adjustments on euro-denominated debt 133,260 6,811
Changes in operating assets and liabilities:    
Accounts receivable, net (32,046) 72,341
Inventories (6,322) 12,160
Prepaid expenses and other assets 13,360 26,244
Accounts payable 49,584 (8,388)
Accrued expenses and other liabilities (72,590) (25,154)
Advance ticket sales 13,877 90,859
Net cash provided by operating activities 1,630,636 1,650,567
Cash flows from investing activities    
Additions to property and equipment, net (2,821,959) (967,516)
Cash paid on settlement of derivatives (1,097)  
Acquisition, net of cash acquired   (27,322)
Other (8,490) 9,164
Net cash used in investing activities (2,831,546) (985,674)
Cash flows from financing activities    
Repayments of long-term debt (7,723,694) (1,268,605)
Proceeds from long-term debt 9,225,819 688,901
Common share issuance proceeds, net 145,272  
Net share settlement of restricted share units (23,824) (22,058)
Early redemption premium (238,126) (19,166)
Deferred financing fees (208,501) (113,859)
Net cash provided by (used in) financing activities 1,176,946 (734,787)
Net decrease in cash and cash equivalents (23,964) (69,894)
Cash and cash equivalents at beginning of period 190,765 402,415
Cash and cash equivalents at end of period $ 166,801 $ 332,521