Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (2,269,909) $ (4,506,587) $ (4,012,514)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 810,053 758,604 739,619
Impairment loss     1,607,797
Deferred income taxes, net (1,237) 78 12,765
(Gain) loss on derivatives 8,618 (39,842) (8,501)
Loss on extinguishment of debt 188,799 1,399,816 10,480
Provision for bad debts and inventory obsolescence 13,609 19,284 31,756
Gain on involuntary conversion of assets (2,300) (9,486) (1,496)
Share-based compensation expense 113,563 124,077 111,297
Payment-in-kind interest premium     19,349
Net foreign currency adjustments (10,795) (9,865) 8,584
Changes in operating assets and liabilities:      
Accounts receivable, net 828,661 (1,159,998) 30,797
Inventories (33,609) (37,481) 10,555
Prepaid expenses and other assets (601,080) 24,004 (89,528)
Accounts payable (16,196) 152,026 (21,419)
Accrued expenses and other liabilities 252,896 295,451 (193,938)
Advance ticket sales 928,947 521,910 (811,846)
Net cash provided by (used in) operating activities 210,020 (2,468,009) (2,556,243)
Cash flows from investing activities      
Additions to property and equipment, net (1,783,857) (752,843) (946,545)
Purchases of short-term investments   (1,010,000)  
Proceeds from maturities of short-term investments 240,000 770,000  
Cash paid on settlement of derivatives (224,137) (23,496) (31,520)
Other, net 12,090 12,295 2,703
Net cash used in investing activities (1,755,904) (1,004,044) (975,362)
Cash flows from financing activities      
Repayments of long-term debt (1,770,172) (2,113,063) (892,481)
Proceeds from long-term debt 3,003,003 2,601,317 6,075,090
Common share issuance proceeds, net   2,665,843 1,541,708
Proceeds from employee related plans 5,267 3,141 5,557
Net share settlement of restricted share units (20,987) (16,687) (15,407)
Early redemption premium (172,012) (1,354,882) (1,376)
Deferred financing fees (58,875) (107,451) (133,880)
Net cash provided by financing activities 986,224 1,678,218 6,579,211
Net increase (decrease) in cash and cash equivalents (559,660) (1,793,835) 3,047,606
Cash and cash equivalents at beginning of period 1,506,647 3,300,482 252,876
Cash and cash equivalents at end of period $ 946,987 $ 1,506,647 $ 3,300,482