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, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net Income (Loss) $ 166,178 $ (2,269,909) $ (4,506,587)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 883,236 810,053 758,604
(Gain) loss on derivatives 13,760 8,618 (39,842)
Loss on extinguishment of debt 6,701 188,799 1,399,816
Provision for bad debts and inventory obsolescence 6,190 13,609 19,284
Gain on involuntary conversion of assets (6,852) (2,300) (9,486)
Share-based compensation expense 118,940 113,563 124,077
Net foreign currency adjustments 8,188 (10,795) (9,865)
Changes in operating assets and liabilities:      
Accounts receivable, net 39,649 828,661 (1,159,998)
Inventories (11,042) (33,609) (37,481)
Prepaid expenses and other assets 410,266 (602,258) 26,690
Accounts payable (50,976) (16,196) 152,026
Accrued expenses and other liabilities (82,202) 252,837 292,843
Advance ticket sales 503,678 928,947 521,910
Net cash provided by (used in) operating activities 2,005,714 210,020 (2,468,009)
Cash flows from investing activities      
Additions to property and equipment, net (2,750,362) (1,783,857) (752,843)
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 (162,942) (224,137) (23,496)
Other, net 16,161 12,090 12,295
Net cash used in investing activities (2,897,143) (1,755,904) (1,004,044)
Cash flows from financing activities      
Repayments of long-term debt (3,758,234) (1,770,172) (2,113,063)
Proceeds from long-term debt 4,322,941 3,003,003 2,601,317
Common share issuance proceeds, net     2,665,843
Proceeds from employee related plans 5,307 5,267 3,141
Net share settlement of restricted share units (26,860) (20,987) (16,687)
Early redemption premium   (172,012) (1,354,882)
Deferred financing fees (196,297) (58,875) (107,451)
Net cash provided by financing activities 346,857 986,224 1,678,218
Net decrease in cash and cash equivalents (544,572) (559,660) (1,793,835)
Cash and cash equivalents at beginning of period 946,987 1,506,647 3,300,482
Cash and cash equivalents at end of period $ 402,415 $ 946,987 $ 1,506,647