Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income (loss) $ (4,506,587) $ (4,012,514) $ 930,228
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 758,604 739,619 647,102
Impairment loss   1,607,797  
Deferred income taxes, net 78 12,765 (26,134)
Gain on derivatives (39,842) (8,501)  
Loss on extinguishment of debt 1,399,816 10,480 13,397
Provision for bad debts and inventory obsolescence 19,284 31,756 3,884
Gain on involuntary conversion of assets (9,486) (1,496) (4,152)
Share-based compensation expense 124,077 111,297 95,055
Net foreign currency adjustments (9,865) 8,584 (1,934)
Changes in operating assets and liabilities:      
Accounts receivable, net (1,159,998) 30,797 (14,104)
Inventories (37,481) 10,555 (6,155)
Prepaid expenses and other assets 24,004 (89,528) (74,295)
Accounts payable 152,026 (21,419) (58,635)
Accrued expenses and other liabilities 295,451 (193,938) (29,028)
Advance ticket sales 521,910 (811,846) 347,376
Net cash provided by (used in) operating activities (2,468,009) (2,556,243) 1,822,605
Cash flows from investing activities      
Additions to property and equipment, net (752,843) (946,545) (1,637,170)
Purchases of short-term investments (1,010,000)    
Proceeds from maturities of short-term investments 770,000    
Cash paid on settlement of derivatives (23,496) (31,520) (47,085)
Other 12,295 2,703 4,063
Net cash used in investing activities (1,004,044) (975,362) (1,680,192)
Cash flows from financing activities      
Repayments of long-term debt (2,113,063) (892,481) (3,806,732)
Proceeds from long-term debt 2,601,317 6,075,090 4,122,297
Common share issuance proceeds, net 2,665,843 1,541,708  
Proceeds from employee related plans 3,141 5,557 31,937
Net share settlement of restricted share units (16,687) (15,407) (20,939)
Purchases of treasury shares     (349,860)
Early redemption premium (1,354,882) (1,376) (6,829)
Deferred financing fees (107,451) (133,880) (23,262)
Net cash provided by (used in) financing activities 1,678,218 6,579,211 (53,388)
Net increase (decrease) in cash and cash equivalents (1,793,835) 3,047,606 89,025
Cash and cash equivalents at beginning of period 3,300,482 252,876 163,851
Cash and cash equivalents at end of period $ 1,506,647 $ 3,300,482 $ 252,876