Norwegian Cruise Line Holdings Ltd(NYSE:NCLH) 
Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in the North America, Europe, the Asia-Pacific, and internationally. The company operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. It offers itineraries ranging ...
Website: http://www.ncl.com
Founded: 1966
Full Time Employees: 36,000
CEO: Frank J. Del Rio
Sector: Consumer Cyclical
Industry: Travel Services
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At a glance:
- Post-Pandemic Demand Recovery Supporting Higher Occupancy: Norwegian Cruise Line Holdings continues to benefit from the broader cruise demand recovery, with improving load factors and healthier onboard spending trends relative to the trough years.
- Yield and Pricing Remain Key Drivers of Revenue Growth: Net yield (ticket plus onboard revenue per capacity day) is a central performance metric, with itinerary mix, onboard revenue, and pricing power influencing top-line momentum.
- Leverage and Refinancing Risk Are Central Investor Focus Areas: The company carries elevated debt from the pandemic period, making interest expense, debt maturities, and access to capital markets important determinants of equity risk and valuation.
- Fuel, Labor, and Supply Costs Influence Margin Volatility: Operating margins are sensitive to commodity (fuel) prices, wage inflation, and food/logistics costs, with hedging, efficiency initiatives, and scale benefits partially offsetting variability.
- Liquidity, Fleet Investment, and Cash Flow Conversion in Focus: Investors monitor liquidity and free cash flow conversion as the company balances debt reduction with ongoing fleet-related capital spending and maintenance requirements.
Bull Thesis:
- Robust Demand and Booking Trends: Norwegian Cruise Line Holdings continues to experience strong demand for cruises, with booking volumes and pricing exceeding pre-pandemic levels. This 'revenge travel' phenomenon, coupled with effective marketing, is driving higher occupancy rates and revenue per passenger day across its brands.
- Fleet Modernization and Capacity Growth: NCLH is actively modernizing its fleet with new, more efficient ships (e.g., Prima class) that command higher prices and offer enhanced guest experiences. This strategic capacity expansion is expected to drive future revenue growth and improve operational efficiencies, contributing to higher yields.
- Strong Onboard Revenue Generation: Guests are demonstrating a willingness to spend more on premium experiences, excursions, and amenities onboard. NCLH's focus on enhancing onboard offerings and personalized services is leading to increased ancillary revenue, further boosting overall profitability per guest.
- Path to Deleveraging and Improved Financial Health: As cash flow generation improves significantly with higher occupancy and pricing, NCLH is positioned to begin reducing its substantial debt load accumulated during the pandemic. This deleveraging process, combined with disciplined capital allocation, should strengthen its balance sheet over time and reduce interest expense.
Bear Thesis:
- Elevated Debt Load and Interest Expense: NCLH carries a significant amount of debt from the pandemic period. High interest rates make servicing this debt more expensive, impacting net income and free cash flow available for other investments or shareholder returns. Rapid deleveraging may be challenging in the current interest rate environment.
- Macroeconomic Sensitivity and Discretionary Spending Risk: Cruises are a discretionary luxury item, making NCLH highly susceptible to macroeconomic downturns, inflation, and consumer confidence. A potential recession or sustained high inflation could reduce consumer willingness or ability to spend on cruises, impacting bookings and pricing power.
- Geopolitical and Environmental Risks: Geopolitical conflicts (e.g., Red Sea disruptions) can force itinerary changes, increase fuel costs due to longer routes, and deter bookings. Additionally, increasing environmental regulations and the need for sustainable operations could lead to significant capital expenditures and compliance costs.
- Fuel Price Volatility: Fuel is a major operating expense for cruise lines. Volatility in global oil prices can directly and significantly impact NCLH's profitability. While hedging strategies are employed, they do not eliminate all risk, and sustained high fuel prices can erode margins.
Main Competitors:
- Carnival Corporation & plc ($CCL) (Carnival Cruise Line, Princess Cruises, Holland America Line, AIDA Cruises, Costa Cruises, Cunard, Seabourn, P&O Cruises), The largest cruise company globally by fleet size and passenger capacity. Competes with Norwegian across all segments (contemporary, premium, luxury) through its diverse portfolio of brands, offering a wide range of price points, itineraries, and experiences. Leverages significant economies of scale and broad brand recognition.
- Royal Caribbean Group ($RCL) (Royal Caribbean International, Celebrity Cruises, Silversea, TUI Cruises (joint venture), Hapag-Lloyd Cruises (joint venture)), The second largest cruise company, known for innovative ship designs, large-scale entertainment, and family-friendly offerings (Royal Caribbean International), as well as premium (Celebrity) and ultra-luxury (Silversea) segments. Competes on ship innovation, destination experiences, and diverse brand appeal, often targeting similar demographics as Norwegian's brands.
- MSC Cruises (MSC Cruises, Explora Journeys), A rapidly growing global cruise line, particularly strong in Europe and expanding significantly in North America. Competes with Norwegian's contemporary offerings on modern ships, value proposition, and a distinct European flair. Its luxury brand, Explora Journeys, also competes with Norwegian's premium and luxury segments (Oceania, Regent Seven Seas).
- Virgin Voyages (Virgin Voyages), A newer entrant targeting an 'adult-only' market with a focus on modern design, unique experiences, and inclusive pricing. Competes directly with Norwegian Cruise Line's contemporary offerings by appealing to a younger, trend-conscious demographic looking for a distinct, often more 'boutique' cruise experience without children.
Moat:
The cruise industry is characterized by high barriers to entry due to immense capital expenditure for shipbuilding, extensive regulatory requirements, and the need for global logistical infrastructure. This creates a significant moat for established players like Norwegian Cruise Line Holdings Ltd. Competition is primarily an oligopoly dominated by the 'Big Three' (Carnival, Royal Caribbean, Norwegian), with other significant players like MSC Cruises and newer entrants like Virgin Voyages challenging for market share. Companies compete fiercely on price, itineraries, ship innovation, onboard amenities, entertainment, dining, and overall brand experience, constantly striving to differentiate their offerings and capture specific demographic segments.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
passenger ticket | 1,542,321,000 | 1,510,039,000 | 2,049,959,000 | 1,708,985,000 | 1,418,684,000 | 1,408,734,000 | 1,944,921,000 | 1,602,076,000 | 1,459,814,000 | 1,333,057,000 | 1,733,594,000 | 1,478,474,000 | 1,208,841,000 | 1,011,544,000 | 1,105,908,000 | 793,892,000 | 342,455,000 | 304,875,000 | 86,127,000 | 1,584,000 | 166,000 | 7,817,000 | 4,667,000 | 13,835,000 | 840,791,000 | 990,937,000 | 1,373,779,000 | 1,179,404,000 | 973,273,000 | 958,443,000 | 1,334,460,000 | 1,077,046,000 | 889,866,000 | 833,299,000 | 1,192,023,000 | 938,014,000 | 786,694,000 | 758,549,000 | 1,071,815,000 | 818,478,000 | 740,112,000 | 722,542,000 | 948,059,000 | 787,991,000 | 670,483,000 | 556,881,000 | 659,117,000 | 538,059,000 | 458,490,000 | 415,399,000 | 583,923,000 | 457,619,000 | 358,928,000 | |
onboard and other | 788,900,000 | 734,361,000 | 888,183,000 | 808,512,000 | 708,869,000 | 700,632,000 | 861,657,000 | 770,416,000 | 731,401,000 | 653,399,000 | 802,443,000 | 727,018,000 | 613,098,000 | 507,585,000 | 509,602,000 | 393,289,000 | 179,485,000 | 182,562,000 | 66,954,000 | 2,784,000 | 2,934,000 | 1,762,000 | 1,851,000 | 3,094,000 | 406,091,000 | 489,681,000 | 540,072,000 | 484,873,000 | 430,357,000 | 422,750,000 | 523,896,000 | 445,128,000 | 403,537,000 | 416,254,000 | 459,715,000 | 406,089,000 | 364,087,000 | 366,588,000 | 412,921,000 | 368,357,000 | 337,520,000 | 313,981,000 | 336,851,000 | 297,442,000 | 267,699,000 | 232,028,000 | 247,900,000 | 227,868,000 | 205,538,000 | 184,946,000 | 213,962,000 | 186,814,000 | 168,703,000 | |
total revenue | 2,331,221,000 | 2,244,400,000 | 2,938,142,000 | 2,517,497,000 | 2,127,553,000 | 2,109,366,000 | 2,806,578,000 | 2,372,492,000 | 2,191,215,000 | 1,986,456,000 | 2,536,037,000 | 2,205,492,000 | 1,821,939,000 | 1,519,129,000 | 1,615,510,000 | 1,187,181,000 | 521,940,000 | 487,437,000 | 153,081,000 | 4,368,000 | 3,100,000 | 9,579,000 | 6,518,000 | 16,929,000 | 1,246,882,000 | 1,480,618,000 | 1,913,851,000 | 1,664,277,000 | 1,403,630,000 | 1,381,193,000 | 1,858,356,000 | 1,522,174,000 | 1,293,403,000 | 1,249,553,000 | 1,651,738,000 | 1,344,103,000 | 1,150,781,000 | 1,125,137,000 | 1,484,736,000 | 1,186,835,000 | 1,077,632,000 | 1,036,523,000 | 1,284,910,000 | 1,085,433,000 | 938,182,000 | 788,909,000 | 907,017,000 | 765,927,000 | 664,028,000 | 600,345,000 | 797,885,000 | 644,433,000 | 527,631,000 | |
yoy | 9.57% | 6.40% | 4.69% | 6.11% | -2.91% | 6.19% | 10.67% | 7.57% | 20.27% | 30.76% | 56.98% | 85.78% | 249.07% | 211.66% | 955.33% | 27079.05% | 16736.77% | 4988.60% | 2248.59% | -74.20% | -99.75% | -99.35% | -99.66% | -98.98% | -11.17% | 7.20% | 2.99% | 9.34% | 8.52% | 10.53% | 12.51% | 13.25% | 12.39% | 11.06% | 11.25% | 13.25% | 6.79% | 8.55% | 15.55% | 9.34% | 14.86% | 31.39% | 41.66% | 41.71% | 41.29% | 31.41% | 13.68% | 18.85% | 25.85% | |||||
qoq | 3.87% | -23.61% | 16.71% | 18.33% | 0.86% | -24.84% | 18.30% | 8.27% | 10.31% | -21.67% | 14.99% | 21.05% | 19.93% | -5.97% | 36.08% | 127.46% | 7.08% | 218.42% | 3404.60% | 40.90% | -67.64% | 46.96% | -61.50% | -98.64% | -15.79% | -22.64% | 15.00% | 18.57% | 1.62% | -25.68% | 22.09% | 17.69% | 3.51% | -24.35% | 22.89% | 16.80% | 2.28% | -24.22% | 25.10% | 10.13% | 3.97% | -19.33% | 18.38% | 15.70% | 18.92% | -13.02% | 18.42% | 15.35% | 10.61% | -24.76% | 23.81% | 22.14% | ||
cruise operating expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
commissions, transportation and other | 397,605,000 | 376,845,000 | 521,981,000 | 487,835,000 | 395,343,000 | 415,580,000 | 564,614,000 | 501,039,000 | 436,210,000 | 420,714,000 | 546,026,000 | 506,855,000 | 409,684,000 | 337,683,000 | 352,798,000 | 256,190,000 | 87,958,000 | 95,589,000 | 32,338,000 | 6,564,000 | 9,033,000 | 9,703,000 | 4,038,000 | 34,601,000 | 332,368,000 | 263,038,000 | 330,893,000 | 297,691,000 | 229,264,000 | 229,384,000 | 301,349,000 | 249,875,000 | 218,340,000 | 210,778,000 | 266,173,000 | 223,315,000 | 194,140,000 | 195,067,000 | 249,519,000 | 193,536,000 | 175,437,000 | 175,447,000 | 225,586,000 | 192,438,000 | 171,827,000 | 129,006,000 | 143,194,000 | 114,712,000 | 116,810,000 | 108,166,000 | 140,086,000 | 112,985,000 | 94,579,000 | |
payroll and related | 380,216,000 | 367,023,000 | 355,396,000 | 346,133,000 | 334,504,000 | 332,429,000 | 337,430,000 | 330,578,000 | 344,281,000 | 325,882,000 | 323,862,000 | 308,220,000 | 304,155,000 | 297,942,000 | 287,390,000 | 262,580,000 | 240,727,000 | 214,214,000 | 154,440,000 | 86,647,000 | 82,138,000 | 79,839,000 | 65,571,000 | 128,744,000 | 247,147,000 | 235,832,000 | 235,833,000 | 229,385,000 | 223,107,000 | 224,738,000 | 227,707,000 | 219,337,000 | 209,824,000 | 210,130,000 | 206,142,000 | 194,724,000 | 192,636,000 | 191,401,000 | 193,122,000 | 184,476,000 | 177,143,000 | 175,857,000 | 170,694,000 | 161,930,000 | 157,629,000 | 131,261,000 | 115,968,000 | 106,352,000 | 99,066,000 | 92,887,000 | 90,695,000 | 82,809,000 | 74,039,000 | |
fuel | 168,926,000 | 167,583,000 | 175,913,000 | 157,377,000 | 175,014,000 | 160,418,000 | 164,934,000 | 174,964,000 | 197,734,000 | 186,830,000 | 170,893,000 | 164,242,000 | 194,868,000 | 183,143,000 | 186,984,000 | 181,189,000 | 135,509,000 | 125,921,000 | 79,238,000 | 54,090,000 | 42,603,000 | 42,472,000 | 48,224,000 | 48,992,000 | 125,024,000 | 111,875,000 | 98,943,000 | 100,531,000 | 98,253,000 | 104,399,000 | 99,643,000 | 95,212,000 | 93,431,000 | 94,252,000 | 91,231,000 | 86,663,000 | 88,886,000 | 86,645,000 | 86,250,000 | 80,607,000 | 81,672,000 | 90,866,000 | 88,829,000 | 91,581,000 | 87,374,000 | 89,478,000 | 79,881,000 | 77,832,000 | 79,040,000 | 78,324,000 | 77,035,000 | 75,582,000 | 72,498,000 | |
food | 80,682,000 | 76,683,000 | 81,866,000 | 81,323,000 | 75,588,000 | 73,142,000 | 78,096,000 | 77,046,000 | 84,708,000 | 86,735,000 | 87,839,000 | 87,770,000 | 95,966,000 | 86,324,000 | 76,810,000 | 61,157,000 | 39,516,000 | 35,685,000 | 16,672,000 | 4,334,000 | 6,308,000 | 5,730,000 | 3,426,000 | 6,997,000 | 49,216,000 | 56,297,000 | 56,913,000 | 54,347,000 | 55,045,000 | 55,246,000 | 56,038,000 | 54,091,000 | 50,656,000 | 50,956,000 | 53,883,000 | 47,340,000 | 46,178,000 | 48,397,000 | 50,902,000 | 49,769,000 | 51,003,000 | 47,672,000 | 46,419,000 | 43,699,000 | 41,851,000 | 43,004,000 | 44,819,000 | 42,734,000 | 37,683,000 | 35,553,000 | 37,596,000 | 33,674,000 | 29,962,000 | |
other | 198,584,000 | 195,205,000 | 197,701,000 | 196,495,000 | 184,631,000 | 179,953,000 | 182,112,000 | 199,421,000 | 192,454,000 | 172,019,000 | 165,432,000 | 154,643,000 | 156,048,000 | 211,880,000 | 208,176,000 | 216,045,000 | 199,153,000 | 214,094,000 | 137,762,000 | 96,816,000 | 59,514,000 | 66,459,000 | 64,170,000 | 79,130,000 | 165,532,000 | 135,154,000 | 145,211,000 | 169,407,000 | 141,569,000 | 136,067,000 | 126,460,000 | 151,471,000 | 125,152,000 | 118,284,000 | 122,260,000 | 116,833,000 | 129,547,000 | 105,130,000 | 114,280,000 | 121,722,000 | 115,261,000 | 105,805,000 | 102,023,000 | 98,746,000 | 106,374,000 | 74,651,000 | 58,047,000 | 73,699,000 | 65,387,000 | 60,764,000 | 48,946,000 | 66,713,000 | 49,240,000 | |
total cruise operating expense | 1,377,881,000 | 1,323,519,000 | 1,554,859,000 | 1,456,847,000 | 1,303,938,000 | 1,307,579,000 | 1,538,939,000 | 1,454,755,000 | 1,387,423,000 | 1,321,813,000 | 1,482,746,000 | 1,383,610,000 | 1,280,418,000 | 1,219,459,000 | 1,238,898,000 | 1,073,316,000 | 735,413,000 | 717,699,000 | 439,756,000 | 249,727,000 | 200,855,000 | 206,992,000 | 190,157,000 | 301,652,000 | 994,260,000 | 887,422,000 | 990,764,000 | 958,424,000 | 826,651,000 | 817,258,000 | 928,944,000 | 862,783,000 | 768,091,000 | 753,439,000 | 838,165,000 | 752,242,000 | 719,798,000 | 695,110,000 | 784,734,000 | 705,900,000 | 664,481,000 | 657,748,000 | 717,722,000 | 656,279,000 | 623,700,000 | 518,620,000 | 511,298,000 | 470,796,000 | 445,910,000 | 417,789,000 | 456,102,000 | 421,079,000 | 362,689,000 | |
other operating expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
marketing, general and administrative | 459,681,000 | 381,374,000 | 383,002,000 | 393,054,000 | 391,376,000 | 360,566,000 | 358,001,000 | 353,771,000 | 362,469,000 | 328,258,000 | 325,365,000 | 352,222,000 | 336,013,000 | 378,527,000 | 375,291,000 | 329,080,000 | 296,207,000 | 273,632,000 | 229,142,000 | 185,483,000 | 203,195,000 | 186,564,000 | 156,656,000 | 131,436,000 | 270,689,000 | 229,859,000 | 255,148,000 | 240,901,000 | 248,942,000 | 208,943,000 | 235,436,000 | 226,535,000 | 227,015,000 | 185,841,000 | 202,221,000 | 193,649,000 | 192,044,000 | 161,462,000 | 174,813,000 | 149,307,000 | 180,574,000 | 143,120,000 | 150,558,000 | 107,164,000 | 154,157,000 | 139,585,000 | 97,111,000 | 83,084,000 | 83,389,000 | 64,232,000 | 77,606,000 | 74,111,000 | 85,206,000 | |
depreciation and amortization | 260,716,000 | 352,866,000 | 250,832,000 | 243,760,000 | 231,297,000 | 226,480,000 | 218,428,000 | 222,405,000 | 222,929,000 | 212,055,000 | 204,608,000 | 197,115,000 | 194,790,000 | 202,112,000 | 186,551,000 | 181,587,000 | 179,076,000 | 182,978,000 | 173,289,000 | 174,262,000 | 170,316,000 | 162,903,000 | 177,488,000 | 179,252,000 | 198,197,000 | 163,961,000 | 156,215,000 | 156,271,000 | 169,741,000 | 145,412,000 | 143,700,000 | 140,704,000 | 131,244,000 | 133,079,000 | 134,532,000 | 123,141,000 | 119,205,000 | 115,015,000 | 111,575,000 | 104,610,000 | 101,295,000 | 117,733,000 | 109,798,000 | 104,607,000 | 99,976,000 | 84,262,000 | 63,786,000 | 63,459,000 | 61,640,000 | 56,894,000 | 56,097,000 | 53,854,000 | 48,748,000 | |
total other operating expense | 720,397,000 | 734,240,000 | 633,834,000 | 636,814,000 | 622,673,000 | 587,046,000 | 576,429,000 | 576,176,000 | 585,398,000 | 540,313,000 | 529,973,000 | 549,337,000 | 530,803,000 | 580,639,000 | 561,842,000 | 510,667,000 | 475,283,000 | 456,610,000 | 402,431,000 | 359,745,000 | 373,511,000 | 349,467,000 | 334,144,000 | 310,688,000 | 2,076,683,000 | 393,820,000 | 411,363,000 | 397,172,000 | 418,683,000 | 354,355,000 | 379,136,000 | 367,239,000 | 358,259,000 | 318,920,000 | 336,753,000 | 316,790,000 | 311,249,000 | 276,477,000 | 286,388,000 | 253,917,000 | 281,869,000 | 260,853,000 | 260,356,000 | 211,771,000 | 254,133,000 | 223,847,000 | 160,897,000 | 146,543,000 | 145,029,000 | 121,126,000 | 133,703,000 | 127,965,000 | 133,954,000 | |
operating income | 232,943,000 | 186,641,000 | 749,449,000 | 423,836,000 | 200,942,000 | 214,741,000 | 691,210,000 | 341,561,000 | 218,394,000 | 124,330,000 | 523,318,000 | 272,545,000 | 10,718,000 | -280,969,000 | -185,230,000 | -396,802,000 | -688,756,000 | -686,872,000 | -689,106,000 | -605,104,000 | -571,266,000 | -546,880,000 | -517,783,000 | -595,411,000 | -1,824,061,000 | 199,376,000 | 511,724,000 | 308,681,000 | 158,296,000 | 209,580,000 | 550,276,000 | 292,152,000 | 167,053,000 | 177,194,000 | 476,820,000 | 275,071,000 | 119,734,000 | 153,550,000 | 413,614,000 | 227,018,000 | 131,282,000 | 117,922,000 | 306,832,000 | 217,383,000 | 60,349,000 | 46,442,000 | 234,822,000 | 148,588,000 | 73,089,000 | 61,430,000 | 208,080,000 | 95,389,000 | 30,988,000 | |
yoy | 15.93% | -13.09% | 8.43% | 24.09% | -7.99% | 72.72% | 32.08% | 25.32% | 1937.64% | -144.25% | -382.52% | -168.69% | -101.56% | -59.09% | -73.12% | -34.42% | 20.57% | 25.60% | 33.09% | 1.63% | -68.68% | -374.30% | -201.18% | -292.89% | -1252.31% | -4.87% | -7.01% | 5.66% | -5.24% | 18.28% | 15.41% | 6.21% | 39.52% | 15.40% | 15.28% | 21.17% | -8.80% | 30.21% | 34.80% | 4.43% | 117.54% | 153.91% | 30.67% | 46.30% | -17.43% | -24.40% | 12.85% | 55.77% | 135.86% | |||||
qoq | 24.81% | -75.10% | 76.83% | 110.92% | -6.43% | -68.93% | 102.37% | 56.40% | 75.66% | -76.24% | 92.01% | 2442.87% | -103.81% | 51.69% | -53.32% | -42.39% | 0.27% | -0.32% | 13.88% | 5.92% | 4.46% | 5.62% | -13.04% | -67.36% | -1014.88% | -61.04% | 65.78% | 95.00% | -24.47% | -61.91% | 88.35% | 74.89% | -5.72% | -62.84% | 73.34% | 129.74% | -22.02% | -62.88% | 82.19% | 72.92% | 11.33% | -61.57% | 41.15% | 260.21% | 29.94% | -80.22% | 58.04% | 103.30% | 18.98% | -70.48% | 118.14% | 207.83% | ||
operating margin % | 9.99% | 8.32% | 25.51% | 16.84% | 9.44% | 10.18% | 24.63% | 14.40% | 9.97% | 6.26% | 20.64% | 12.36% | 0.59% | -18.50% | -11.47% | -33.42% | -131.96% | -140.92% | -450.16% | -13853.11% | -18427.94% | -5709.16% | -7943.89% | -3517.11% | -146.29% | 13.47% | 26.74% | 18.55% | 11.28% | 15.17% | 29.61% | 19.19% | 12.92% | 14.18% | 28.87% | 20.47% | 10.40% | 13.65% | 27.86% | 19.13% | 12.18% | 11.38% | 23.88% | 20.03% | 6.43% | 5.89% | 25.89% | 19.40% | 11.01% | 10.23% | 26.08% | 14.80% | 5.87% | |
non-operating income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
interest expense | -165,987,000 | -170,036,000 | -328,816,000 | -236,782,000 | -217,872,000 | -175,358,000 | -175,216,000 | -178,472,000 | -218,177,000 | -197,381,000 | -181,201,000 | -177,692,000 | -171,257,000 | -177,120,000 | -152,330,000 | -144,377,000 | -327,685,000 | -950,020,000 | -161,205,000 | -137,259,000 | -824,441,000 | -159,205,000 | -139,664,000 | -114,537,000 | -68,907,000 | -73,207,000 | -60,188,000 | -65,969,000 | -73,503,000 | -68,178,000 | -69,540,000 | -72,988,000 | -59,698,000 | -84,309,000 | -66,339,000 | -64,196,000 | -52,960,000 | -88,023,000 | -60,662,000 | -68,420,000 | -59,754,000 | -68,690,000 | -49,784,000 | -52,446,000 | -50,989,000 | -56,438,000 | -32,284,000 | -31,860,000 | -31,172,000 | -24,633,000 | -26,627,000 | -103,686,000 | -127,656,000 | |
other income | 40,703,000 | -10,714,000 | 13,003,000 | -156,425,000 | -24,505,000 | 68,337,000 | -34,146,000 | 1,896,000 | 18,137,000 | -35,266,000 | 12,060,000 | -8,043,000 | -8,955,000 | -24,006,000 | 31,461,000 | 30,991,000 | 38,120,000 | 66,489,000 | 4,720,000 | 25,501,000 | 27,243,000 | -1,324,000 | -23,680,000 | -14,418,000 | 5,823,000 | -7,278,000 | 10,251,000 | 3,616,000 | -434,000 | 9,299,000 | 98,000 | 12,922,000 | -1,666,000 | 1,285,000 | -3,262,000 | -5,609,000 | -2,815,000 | 4,979,000 | -5,333,000 | -10,753,000 | 2,805,000 | -11,079,000 | -1,733,000 | -3,717,000 | -30,139,000 | -14,158,000 | 3,242,000 | -325,000 | 388,000 | 235,000 | -626,000 | 429,000 | -832,000 | |
total non-operating income | -125,284,000 | -180,750,000 | -315,813,000 | -393,207,000 | -242,377,000 | -107,021,000 | -209,362,000 | -176,576,000 | -200,040,000 | -232,647,000 | -169,141,000 | -185,735,000 | -180,212,000 | -201,126,000 | -120,869,000 | -113,386,000 | -289,565,000 | -883,531,000 | -156,485,000 | -111,758,000 | -797,198,000 | -160,529,000 | -163,344,000 | -128,955,000 | -63,084,000 | -80,485,000 | -49,937,000 | -62,353,000 | -73,937,000 | -60,066,000 | -61,364,000 | -83,024,000 | -69,601,000 | -69,805,000 | -55,775,000 | -83,044,000 | -65,995,000 | -79,173,000 | -56,949,000 | -79,769,000 | -51,517,000 | -56,163,000 | -81,128,000 | -70,596,000 | -29,042,000 | -32,185,000 | -30,784,000 | -24,398,000 | -27,253,000 | -103,257,000 | -128,488,000 | |||
net income before income taxes | 107,659,000 | 5,891,000 | 433,636,000 | 30,629,000 | -41,435,000 | 107,720,000 | 481,848,000 | 164,985,000 | 18,354,000 | -108,317,000 | 354,177,000 | 86,810,000 | -707,409,000 | -681,127,000 | -724,366,000 | -1,887,145,000 | 118,891,000 | 461,787,000 | 246,328,000 | 84,359,000 | 150,701,000 | 480,834,000 | 232,086,000 | 105,689,000 | 94,170,000 | 407,219,000 | 205,266,000 | 63,959,000 | 70,506,000 | 347,619,000 | 147,845,000 | 74,333,000 | 38,153,000 | 255,315,000 | 161,220,000 | -20,779,000 | -24,154,000 | 205,780,000 | 116,403,000 | 42,305,000 | 37,032,000 | 180,827,000 | -7,868,000 | |||||||||||
income tax benefit | -2,993,000 | -637,000 | 1,140,000 | 146,816,000 | -6,916,000 | -1,549,000 | -1,001,000 | 1,832,000 | -8,309,000 | -694,000 | 10,173,000 | -385,000 | 10,705,000 | 867,000 | -2,318,000 | -294,000 | -927,000 | -1,728,000 | -31,524,000 | 3,761,000 | 9,123,000 | 6,173,000 | 2,406,000 | -11,203,000 | -6,138,000 | 33,798,000 | 159,000 | -3,528,000 | -2,726,000 | -677,000 | -1,494,000 | -2,502,000 | -3,124,000 | 9,387,000 | ||||||||||||||||||||
net income | 104,666,000 | 14,254,000 | 419,295,000 | 29,992,000 | -40,295,000 | 254,536,000 | 474,932,000 | 163,436,000 | 17,353,000 | -106,485,000 | 345,868,000 | 86,116,000 | -159,321,000 | -482,480,000 | -295,394,000 | -509,321,000 | -982,714,000 | -1,572,721,000 | -845,885,000 | -717,789,000 | -1,370,192,000 | -738,933,000 | -677,366,000 | -715,243,000 | -1,880,972,000 | 121,297,000 | 450,584,000 | 240,190,000 | 118,157,000 | 154,634,000 | 470,378,000 | 226,676,000 | 103,155,000 | 98,797,000 | 400,692,000 | 198,473,000 | 61,910,000 | 72,232,000 | 342,378,000 | 145,246,000 | 73,229,000 | 38,312,000 | 251,787,000 | 158,494,000 | -21,456,000 | -25,648,000 | 203,278,000 | 113,279,000 | 51,692,000 | 36,407,000 | 172,894,000 | -8,915,000 | -97,500,000 | |
yoy | -359.75% | -94.40% | -11.71% | -81.65% | -332.21% | -339.03% | 37.32% | 89.79% | -110.89% | -77.93% | -217.09% | -116.91% | -83.79% | -69.32% | -65.08% | -29.04% | -28.28% | 112.84% | 24.88% | 0.36% | -27.16% | -709.19% | -250.33% | -397.78% | -1691.93% | -21.56% | -4.21% | 5.96% | 14.54% | 56.52% | 17.39% | 14.21% | 66.62% | 36.78% | 17.03% | 36.65% | -15.46% | 88.54% | 35.98% | -8.36% | -441.30% | -249.38% | 23.86% | 39.91% | -141.51% | -170.45% | 17.57% | -1370.66% | -153.02% | |||||
qoq | 634.29% | -96.60% | 1298.02% | -174.43% | -115.83% | -46.41% | 190.59% | 841.83% | -116.30% | -130.79% | 301.63% | -154.05% | -66.98% | 63.33% | -42.00% | -48.17% | -37.52% | 85.93% | 17.85% | -47.61% | 85.43% | 9.09% | -5.30% | -61.97% | -1650.72% | -73.08% | 87.59% | 103.28% | -23.59% | -67.13% | 107.51% | 119.74% | 4.41% | -75.34% | 101.89% | 220.58% | -14.29% | -78.90% | 135.72% | 98.34% | 91.14% | -84.78% | 58.86% | -838.69% | -16.34% | -112.62% | 79.45% | 119.14% | 41.98% | -78.94% | -2039.36% | -90.86% | ||
net income margin % | 4.49% | 0.64% | 14.27% | 1.19% | -1.89% | 12.07% | 16.92% | 6.89% | 0.79% | -5.36% | 13.64% | 3.90% | -8.74% | -31.76% | -18.28% | -42.90% | -188.28% | -322.65% | -552.57% | -16432.90% | -44199.74% | -7714.09% | -10392.24% | -4224.96% | -150.85% | 8.19% | 23.54% | 14.43% | 8.42% | 11.20% | 25.31% | 14.89% | 7.98% | 7.91% | 24.26% | 14.77% | 5.38% | 6.42% | 23.06% | 12.24% | 6.80% | 3.70% | 19.60% | 14.60% | -2.29% | -3.25% | 22.41% | 14.79% | 7.78% | 6.06% | 21.67% | -1.38% | -18.48% | |
weighted-average shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
basic | 456,654,579,000 | 448,542,442,000 | 450,996,955,000 | 446,586,784,000 | 441,147,186,000 | 435,278,605,000 | 439,697,135,000 | 434,807,434,000 | 426,803,519,000 | 424,424,962,000 | 425,398,415,000 | 424,178,775,000 | 422,655,215,000 | 419,773,195,000 | 420,798,538,000 | 419,107,330,000 | 417,734,591,000 | 365,449,967,000 | 370,016,479,000 | 369,933,159,000 | 329,377,207,000 | 254,728,932,000 | 271,435,350,000 | 239,342,745,000 | 213,630,798,000 | 214,929,977,000 | 214,207,716,000 | 215,426,441,000 | 217,241,473,000 | 223,001,739,000 | 221,511,630,000 | 223,308,350,000 | 227,343,577,000 | 228,040,825,000 | 228,267,307,000 | 227,931,135,000 | 227,468,526,000 | 227,121,875,000 | 227,096,142,000 | 226,972,076,000 | 227,239,533,000 | 226,591,437,000 | 227,384,616,000 | 225,698,078,000 | 224,301,117,000 | 206,524,968,000 | 203,220,218,000 | 204,965,718,000 | 205,163,256,000 | 202,993,839,000 | 204,425,308,000 | 203,997,492,000 | 198,350,433,000 | |
diluted | 466,145,101,000 | 477,742,311,000 | 495,727,378,000 | 448,033,138,000 | 441,147,186,000 | 515,030,548,000 | 514,878,919,000 | 513,589,734,000 | 431,019,206,000 | 427,400,849,000 | 511,585,445,000 | 461,075,240,000 | 422,655,215,000 | 419,773,195,000 | 420,798,538,000 | 419,107,330,000 | 417,734,591,000 | 365,449,967,000 | 370,016,479,000 | 369,933,159,000 | 329,377,207,000 | 254,728,932,000 | 271,435,350,000 | 239,342,745,000 | 213,630,798,000 | 216,475,076,000 | 215,499,462,000 | 216,810,766,000 | 218,873,272,000 | 224,419,205,000 | 222,752,738,000 | 224,390,879,000 | 229,187,628,000 | 229,418,326,000 | 229,816,956,000 | 229,090,085,000 | 228,555,952,000 | 227,850,286,000 | 227,598,607,000 | 227,884,704,000 | 228,112,035,000 | 230,040,132,000 | 230,274,756,000 | 230,228,144,000 | 224,301,117,000 | 212,017,784,000 | 208,507,181,000 | 210,472,991,000 | 211,013,814,000 | 209,239,484,000 | 210,703,244,000 | 203,997,492,000 | 198,350,433,000 | |
earnings per share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
basic | 0.23 | 0.02 | 0.93 | 0.07 | -0.09 | 0.58 | 1.08 | 0.38 | 0.04 | -0.25 | 0.81 | 0.2 | -2.2 | -2.5 | -2.99 | -8.8 | 0.58 | 2.1 | 1.11 | 0.54 | 0.71 | 2.12 | 1.02 | 0.45 | 0.43 | 1.76 | 0.87 | 0.27 | 0.32 | 1.51 | 0.64 | 0.32 | 0.17 | 1.11 | 0.7 | -0.1 | -0.14 | 0.99 | 0.54 | 0.25 | 0.18 | 0.84 | -0.04 | -0.49 | ||||||||||
diluted | 0.23 | 0.05 | 0.86 | 0.07 | -0.09 | 0.52 | 0.95 | 0.35 | 0.04 | -0.23 | 0.71 | 0.2 | -2.2 | -2.5 | -2.99 | -8.8 | 0.57 | 2.09 | 1.11 | 0.54 | 0.7 | 2.11 | 1.01 | 0.45 | 0.43 | 1.74 | 0.87 | 0.27 | 0.32 | 1.5 | 0.64 | 0.32 | 0.17 | 1.09 | 0.69 | -0.1 | -0.13 | 0.97 | 0.54 | 0.24 | 0.17 | 0.82 | -0.04 | -0.49 | ||||||||||
income tax expense | -3,459,500 | -14,341,000 | -4,393,000 | 3,933,000 | -10,456,000 | -5,410,000 | -2,534,000 | 4,627,000 | -6,527,000 | -6,793,000 | -2,049,000 | -2,236,000 | -5,241,000 | -2,599,000 | -1,104,000 | -625,000 | -7,933,000 | -1,047,000 | ||||||||||||||||||||||||||||||||||||
net loss before income taxes | -169,494,000 | -482,095,000 | -306,099,000 | -510,188,000 | -978,321,000 | -732,729,250 | -845,591,000 | -716,862,000 | -1,368,464,000 | |||||||||||||||||||||||||||||||||||||||||||||
loss per share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
basic | -0.38 | -1.15 | -0.7 | -1.22 | -2.35 | -2.058 | -2.29 | -1.94 | -4.16 | |||||||||||||||||||||||||||||||||||||||||||||
diluted | -0.38 | -1.15 | -0.7 | -1.22 | -2.35 | -2.058 | -2.29 | -1.94 | -4.16 | |||||||||||||||||||||||||||||||||||||||||||||
impairment loss | 1,607,797,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
total non-operating expense | -47,718,000 | -69,442,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to non-controlling interest | -39,000 | 2,200,000 | 1,663,000 | 425,000 | 315,000 | 2,036,000 | -74,000 | -1,105,000 | ||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to norwegian cruise line holdings ltd. | 38,312,000 | 251,787,000 | 158,494,000 | -21,456,000 | -25,609,000 | 201,078,000 | 111,616,000 | 51,267,000 | 36,092,000 | 170,858,000 | -8,841,000 | -96,395,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 | 2012-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 185,047,000 | 209,893,000 | 166,801,000 | 184,015,000 | 184,359,000 | 190,765,000 | 332,521,000 | 594,098,000 | 559,814,000 | 402,415,000 | 681,558,000 | 899,135,000 | 700,600,000 | 946,987,000 | 1,186,714,000 | 1,903,238,000 | 2,136,840,000 | 1,506,647,000 | 1,934,816,000 | 2,750,140,000 | 3,508,033,000 | 3,300,482,000 | 2,356,211,000 | 2,259,949,000 | 1,360,261,000 | 252,876,000 | 407,258,000 | 419,925,000 | 304,708,000 | 163,851,000 | 286,461,000 | 205,007,000 | 301,748,000 | 176,190,000 | 522,904,000 | 219,315,000 | 219,789,000 | 128,347,000 | 155,431,000 | 145,964,000 | 154,867,000 | 115,937,000 | 230,180,000 | 172,958,000 | 121,422,000 | 84,824,000 | 55,869,000 | 63,483,000 | 64,760,000 | 56,467,000 | 56,960,000 | 82,840,000 | 81,201,000 | 45,500,000 |
accounts receivable | 277,100,000 | 291,659,000 | 252,626,000 | 265,782,000 | 270,520,000 | 221,412,000 | 200,841,000 | 209,343,000 | 282,313,000 | 280,271,000 | 239,416,000 | 219,116,000 | 259,289,000 | 326,272,000 | 393,118,000 | 598,256,000 | 544,961,000 | 1,167,473,000 | 990,384,000 | 422,598,000 | 18,581,000 | 20,578,000 | 78,496,000 | 74,213,000 | 96,277,000 | 75,109,000 | 67,698,000 | 75,134,000 | 57,054,000 | 55,249,000 | 46,562,000 | 44,212,000 | 41,159,000 | 43,961,000 | 56,764,000 | 50,359,000 | 47,949,000 | 63,215,000 | 55,838,000 | 60,366,000 | 45,613,000 | 44,996,000 | 41,995,000 | 36,801,000 | 30,958,000 | 32,432,000 | 25,936,000 | 27,145,000 | 18,000,000 | 18,260,000 | 17,717,000 | 16,370,000 | 13,387,000 | 15,062,000 |
inventories | 162,718,000 | 138,181,000 | 155,513,000 | 160,564,000 | 155,712,000 | 149,718,000 | 145,056,000 | 149,931,000 | 157,879,000 | 157,646,000 | 166,063,000 | 153,850,000 | 145,948,000 | 148,717,000 | 155,880,000 | 154,397,000 | 141,956,000 | 118,205,000 | 108,177,000 | 92,041,000 | 84,691,000 | 82,381,000 | 81,259,000 | 82,263,000 | 85,516,000 | 95,427,000 | 94,254,000 | 90,956,000 | 90,101,000 | 90,202,000 | 95,950,000 | 93,136,000 | 80,427,000 | 82,121,000 | 78,915,000 | 77,089,000 | 71,439,000 | 66,255,000 | 65,983,000 | 67,697,000 | 62,383,000 | 58,173,000 | 54,946,000 | 59,801,000 | 56,635,000 | 56,555,000 | 51,263,000 | 52,566,000 | 48,106,000 | 43,715,000 | 45,901,000 | 45,429,000 | 42,291,000 | 39,681,000 |
prepaid expenses and other assets | 682,959,000 | 498,808,000 | 466,413,000 | 562,272,000 | 534,905,000 | 448,209,000 | 500,815,000 | 628,970,000 | 590,148,000 | 472,816,000 | 524,259,000 | 576,478,000 | 538,833,000 | 450,893,000 | 421,672,000 | 475,856,000 | 390,753,000 | 269,243,000 | 247,824,000 | 200,671,000 | 168,018,000 | 154,103,000 | 136,533,000 | 334,243,000 | 154,281,000 | 306,733,000 | 273,506,000 | 317,549,000 | 316,532,000 | 241,011,000 | 298,435,000 | 329,135,000 | 337,441,000 | 216,065,000 | 206,251,000 | 167,153,000 | 149,174,000 | 153,276,000 | 159,447,000 | 166,003,000 | 130,053,000 | 121,305,000 | 114,075,000 | 130,357,000 | 115,611,000 | 109,924,000 | 57,568,000 | 67,030,000 | 56,359,000 | 64,482,000 | 66,473,000 | 56,380,000 | 69,888,000 | 64,686,000 |
total current assets | 1,307,824,000 | 1,138,541,000 | 1,041,353,000 | 1,172,633,000 | 1,145,496,000 | 1,010,104,000 | 1,179,233,000 | 1,582,342,000 | 1,590,154,000 | 1,313,148,000 | 1,611,296,000 | 1,848,579,000 | 1,644,670,000 | 1,872,869,000 | 2,157,384,000 | 3,131,747,000 | 3,214,510,000 | 3,301,568,000 | 3,281,201,000 | 3,465,450,000 | 3,779,323,000 | 3,557,544,000 | 2,652,499,000 | 2,750,668,000 | 1,696,335,000 | 730,145,000 | 842,716,000 | 903,564,000 | 768,395,000 | 550,313,000 | 727,408,000 | 671,490,000 | 760,775,000 | 518,337,000 | 864,834,000 | 513,916,000 | 488,351,000 | 411,093,000 | 436,699,000 | 440,030,000 | 392,916,000 | 340,411,000 | 441,196,000 | 399,917,000 | 324,626,000 | 283,735,000 | 190,636,000 | 210,224,000 | 187,225,000 | 182,924,000 | 187,051,000 | 201,019,000 | 206,767,000 | 164,929,000 |
property and equipment | 20,189,081,000 | 19,068,807,000 | 18,940,034,000 | 18,247,526,000 | 18,112,831,000 | 16,810,650,000 | 16,743,936,000 | 16,632,973,000 | 16,463,522,000 | 16,433,292,000 | 15,974,272,000 | 15,054,710,000 | 14,508,426,000 | 14,516,366,000 | 14,511,649,000 | 13,641,345,000 | 13,532,399,000 | 13,528,806,000 | 13,480,120,000 | 13,431,884,000 | 13,401,337,000 | 13,411,226,000 | 13,453,433,000 | 13,488,514,000 | 13,567,576,000 | 13,135,337,000 | 12,288,897,000 | 12,252,055,000 | 12,181,007,000 | 12,119,253,000 | 12,029,140,000 | 12,085,701,000 | 11,085,572,000 | 11,040,488,000 | 10,916,824,000 | 10,974,087,000 | 10,149,166,000 | 10,117,689,000 | 10,054,220,000 | 10,068,499,000 | 9,489,153,000 | 9,458,805,000 | 8,723,844,000 | 8,674,815,000 | 8,628,870,000 | 8,623,773,000 | 6,319,933,000 | 6,305,328,000 | 6,327,263,000 | 5,647,670,000 | 5,622,574,000 | 5,601,690,000 | 4,997,543,000 | 4,960,142,000 |
goodwill | 135,764,000 | 135,764,000 | 135,764,000 | 135,764,000 | 135,764,000 | 135,764,000 | 135,764,000 | 135,764,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 98,134,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | 1,388,931,000 | ||||||||||
trade names | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | 500,525,000 | |||||||||||||||||||||||||||||||
other long-term assets | 1,661,659,000 | 1,697,764,000 | 1,595,693,000 | 1,539,369,000 | 1,459,727,000 | 1,512,768,000 | 1,226,545,000 | 1,262,229,000 | 1,172,853,000 | 1,147,891,000 | 1,067,597,000 | 1,146,264,000 | 1,598,936,000 | 1,569,800,000 | 1,683,237,000 | 1,741,449,000 | 1,909,924,000 | 1,300,804,000 | 1,370,047,000 | 1,030,586,000 | 1,194,474,000 | 831,888,000 | 697,446,000 | 690,218,000 | 599,939,000 | 612,661,000 | 600,827,000 | 603,902,000 | 605,235,000 | 329,948,000 | 353,118,000 | 365,999,000 | 432,182,000 | 329,588,000 | 277,003,000 | 251,717,000 | 232,278,000 | 238,673,000 | 245,965,000 | 242,764,000 | 317,214,000 | 259,085,000 | 375,669,000 | 265,330,000 | 273,543,000 | 281,641,000 | 252,150,000 | 187,921,000 | 193,081,000 | 209,054,000 | 184,594,000 | 174,594,000 | 176,090,000 | 202,026,000 |
total assets | 23,794,853,000 | 22,541,401,000 | 22,213,369,000 | 21,595,817,000 | 21,354,343,000 | 19,969,811,000 | 19,786,003,000 | 20,113,833,000 | 19,825,188,000 | 19,492,990,000 | 19,251,824,000 | 18,648,212,000 | 18,350,691,000 | 18,557,694,000 | 18,950,929,000 | 19,113,200,000 | 19,255,492,000 | 18,729,837,000 | 18,730,027,000 | 18,526,579,000 | 18,973,793,000 | 18,399,317,000 | 17,402,037,000 | 17,528,059,000 | 16,462,509,000 | 16,684,599,000 | 15,938,896,000 | 15,965,977,000 | 15,761,093,000 | 15,205,970,000 | 15,316,122,000 | 15,329,646,000 | 14,484,985,000 | 14,094,869,000 | 14,265,117,000 | 13,946,176,000 | 13,076,251,000 | 12,973,911,000 | 12,943,340,000 | 12,957,749,000 | 12,405,739,000 | 12,264,757,000 | 11,747,165,000 | 11,687,387,000 | 11,592,737,000 | 11,573,077,000 | 7,374,049,000 | 7,314,803,000 | 7,318,899,000 | 6,650,978,000 | 6,605,549,000 | 6,588,633,000 | 5,991,730,000 | 5,938,427,000 |
liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
current portion of long-term debt | 1,175,479,000 | 875,899,000 | 876,198,000 | 1,130,228,000 | 1,121,941,000 | 1,323,769,000 | 1,653,460,000 | 1,525,488,000 | 1,744,221,000 | 1,744,778,000 | 1,240,088,000 | 1,125,754,000 | 1,210,248,000 | 991,128,000 | 1,012,722,000 | 1,005,198,000 | 1,009,741,000 | 876,890,000 | 543,739,000 | 361,233,000 | 37,033,000 | 124,885,000 | 472,359,000 | 337,338,000 | 173,797,000 | 746,358,000 | 605,106,000 | 605,141,000 | 608,307,000 | 681,218,000 | 679,908,000 | 679,767,000 | 772,187,000 | 619,373,000 | 605,827,000 | 600,500,000 | 531,778,000 | 560,193,000 | 566,911,000 | 581,804,000 | 629,953,000 | 629,840,000 | 587,504,000 | 585,875,000 | 579,670,000 | 576,947,000 | 381,565,000 | 372,911,000 | 363,697,000 | 286,575,000 | 282,564,000 | 272,644,000 | 221,747,000 | 221,233,000 |
accounts payable | 184,672,000 | 169,655,000 | 193,396,000 | 169,367,000 | 161,778,000 | 171,106,000 | 172,937,000 | 182,451,000 | 204,971,000 | 174,338,000 | 158,414,000 | 148,328,000 | 203,233,000 | 228,742,000 | 141,305,000 | 100,336,000 | 91,786,000 | 233,172,000 | 94,951,000 | 110,628,000 | 92,711,000 | 83,136,000 | 116,464,000 | 484,927,000 | 364,216,000 | 100,777,000 | 72,151,000 | 75,776,000 | 66,665,000 | 159,564,000 | 59,423,000 | 54,676,000 | 65,573,000 | 53,433,000 | 45,059,000 | 47,242,000 | 71,123,000 | 38,002,000 | 51,494,000 | 46,511,000 | 54,250,000 | 51,369,000 | 44,262,000 | 55,061,000 | 84,769,000 | 101,983,000 | 99,884,000 | 102,755,000 | 79,590,000 | 86,788,000 | 98,559,000 | 97,100,000 | 67,699,000 | 79,126,000 |
accrued expenses and other liabilities | 1,138,335,000 | 1,206,430,000 | 1,132,356,000 | 1,254,568,000 | 1,048,513,000 | 1,180,026,000 | 1,067,532,000 | 1,146,858,000 | 1,019,620,000 | 1,058,919,000 | 1,038,578,000 | 1,198,386,000 | 1,109,029,000 | 1,318,460,000 | 1,217,103,000 | 1,596,725,000 | 1,097,828,000 | 1,059,034,000 | 860,864,000 | 631,880,000 | 560,186,000 | 596,056,000 | 629,811,000 | 648,216,000 | 762,253,000 | 782,275,000 | 860,698,000 | 734,363,000 | 731,221,000 | 716,499,000 | 664,106,000 | 620,021,000 | 535,278,000 | 513,717,000 | 550,774,000 | 462,516,000 | 531,375,000 | 541,753,000 | 520,079,000 | 573,812,000 | 606,161,000 | 640,568,000 | 656,859,000 | 581,216,000 | 614,629,000 | 552,514,000 | 280,590,000 | 256,569,000 | 244,884,000 | 253,752,000 | 225,266,000 | 221,673,000 | 255,734,000 | 231,040,000 |
advance ticket sales | 3,718,873,000 | 3,200,593,000 | 3,146,869,000 | 3,833,775,000 | 3,762,256,000 | 3,105,964,000 | 3,144,586,000 | 3,779,119,000 | 3,629,707,000 | 3,060,666,000 | 2,965,280,000 | 3,345,767,000 | 3,177,026,000 | 2,516,521,000 | 2,291,624,000 | 2,331,203,000 | 1,977,325,000 | 1,561,336,000 | 1,440,294,000 | 1,076,826,000 | 1,120,124,000 | 1,109,826,000 | 1,115,632,000 | 1,113,374,000 | 1,659,527,000 | 1,954,980,000 | 1,861,636,000 | 2,167,271,000 | 2,023,227,000 | 1,593,219,000 | 1,648,742,000 | 1,951,701,000 | 1,720,505,000 | 1,303,498,000 | 1,327,002,000 | 1,543,869,000 | 1,372,483,000 | 1,172,870,000 | 1,210,505,000 | 1,390,137,000 | 1,178,749,000 | 1,023,973,000 | 1,103,734,000 | 1,213,199,000 | 1,056,625,000 | 817,207,000 | 504,057,000 | 610,639,000 | 531,936,000 | 411,829,000 | 434,541,000 | 542,602,000 | 464,080,000 | 353,793,000 |
total current liabilities | 6,217,359,000 | 5,452,577,000 | 5,348,819,000 | 6,387,938,000 | 6,094,488,000 | 5,780,865,000 | 6,038,515,000 | 6,633,916,000 | 6,598,519,000 | 6,038,701,000 | 5,402,360,000 | 5,818,235,000 | 5,699,536,000 | 5,054,851,000 | 4,662,754,000 | 5,033,462,000 | 4,176,680,000 | 3,730,432,000 | 2,939,848,000 | 2,180,567,000 | 1,810,054,000 | 1,913,903,000 | 2,334,266,000 | 2,583,855,000 | 2,959,793,000 | 3,584,390,000 | 3,399,591,000 | 3,582,551,000 | 3,429,420,000 | 3,150,500,000 | 3,052,179,000 | 3,306,165,000 | 3,093,543,000 | 2,490,021,000 | 2,528,662,000 | 2,654,127,000 | 2,506,759,000 | 2,312,818,000 | 2,348,989,000 | 2,592,264,000 | 2,490,089,000 | 2,366,519,000 | 2,431,282,000 | 2,474,088,000 | 2,373,774,000 | 2,086,599,000 | 1,303,024,000 | 1,379,900,000 | 1,256,890,000 | 1,075,488,000 | 1,077,745,000 | 1,171,083,000 | 1,046,142,000 | 945,089,000 |
long-term debt | 13,979,393,000 | 13,730,277,000 | 13,645,263,000 | 12,633,183,000 | 12,871,840,000 | 11,776,721,000 | 11,751,743,000 | 11,913,073,000 | 12,005,296,000 | 12,314,147,000 | 12,634,609,000 | 11,994,555,000 | 11,920,504,000 | 12,630,402,000 | 12,893,407,000 | 12,239,362,000 | 12,563,518,000 | 11,569,700,000 | 11,864,794,000 | 11,924,634,000 | 12,181,702,000 | 11,681,234,000 | 10,465,095,000 | 10,011,872,000 | 8,432,425,000 | 6,055,335,000 | 5,672,626,000 | 5,743,927,000 | 5,934,185,000 | 5,810,873,000 | 5,875,252,000 | 6,149,221,000 | 5,580,290,000 | 5,688,392,000 | 6,002,877,000 | 6,083,226,000 | 5,644,175,000 | 5,838,494,000 | 5,815,248,000 | 5,971,143,000 | 5,670,144,000 | 5,767,697,000 | 5,096,237,000 | 5,178,044,000 | 5,379,082,000 | 5,607,157,000 | 3,082,346,000 | 3,129,337,000 | 3,290,493,000 | 2,841,214,000 | 2,830,477,000 | 2,918,566,000 | 2,416,580,000 | 2,764,120,000 |
other long-term liabilities | 1,166,655,000 | 1,148,659,000 | 1,026,204,000 | 1,005,126,000 | 971,481,000 | 986,786,000 | 860,415,000 | 873,711,000 | 859,282,000 | 839,335,000 | 776,167,000 | 820,201,000 | 830,199,000 | 803,850,000 | 994,985,000 | 938,561,000 | 1,007,692,000 | 997,055,000 | 1,042,146,000 | 702,126,000 | 604,776,000 | 450,075,000 | 514,910,000 | 595,307,000 | 695,637,000 | 529,295,000 | 593,255,000 | 489,156,000 | 492,186,000 | 281,596,000 | 190,601,000 | 187,467,000 | 172,079,000 | 166,690,000 | 195,974,000 | 217,074,000 | 300,035,000 | 284,873,000 | 242,376,000 | 275,981,000 | 317,895,000 | 349,661,000 | 300,752,000 | 294,800,000 | 341,897,000 | 341,964,000 | 67,717,000 | 53,905,000 | 46,282,000 | 47,882,000 | 48,971,000 | 41,415,000 | 35,835,000 | 63,070,000 |
total liabilities | 21,363,407,000 | 20,331,513,000 | 20,020,286,000 | 20,026,247,000 | 19,937,809,000 | 18,544,372,000 | 18,650,673,000 | 19,420,700,000 | 19,463,097,000 | 19,192,183,000 | 18,813,136,000 | 18,632,991,000 | 18,450,239,000 | 18,489,103,000 | 18,551,146,000 | 18,211,385,000 | 17,747,890,000 | 16,297,187,000 | 15,846,788,000 | 14,807,327,000 | 14,596,532,000 | 14,045,212,000 | 13,314,271,000 | 13,191,034,000 | 12,087,855,000 | 10,169,020,000 | 9,665,472,000 | 9,815,634,000 | 9,855,791,000 | 9,242,969,000 | 9,118,032,000 | 9,642,853,000 | 8,845,912,000 | 8,345,103,000 | 8,727,513,000 | 8,954,427,000 | 8,450,969,000 | 8,436,185,000 | 8,406,613,000 | 8,839,388,000 | 8,478,128,000 | 8,483,877,000 | 7,828,271,000 | 7,946,932,000 | 8,113,345,000 | 8,054,264,000 | 4,490,065,000 | 4,600,022,000 | 4,648,934,000 | 4,019,712,000 | 4,030,661,000 | 4,204,340,000 | 3,590,142,000 | 3,919,643,000 |
commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ordinary shares, 0.001 par value... | 459,000 | 455,000 | 455,000 | 447,000 | 443,000 | 440,000 | 440,000 | 440,000 | 429,000 | 425,000 | 425,000 | 425,000 | 424,000 | 421,000 | 421,000 | 419,000 | 419,000 | 417,000 | 370,000 | 370,000 | 370,000 | 316,000 | 300,000 | 281,000 | 239,000 | 237,000 | ||||||||||||||||||||||||||||
additional paid-in capital | 8,220,727,000 | 8,227,432,000 | 8,203,639,000 | 8,008,295,000 | 7,918,391,000 | 7,921,918,000 | 7,898,982,000 | 7,878,363,000 | 7,708,869,000 | 7,708,957,000 | 7,687,860,000 | 7,661,646,000 | 7,631,028,000 | 7,611,564,000 | 7,587,699,000 | 7,567,129,000 | 7,537,111,000 | 7,513,725,000 | 6,371,545,000 | 6,329,585,000 | 6,328,120,000 | 4,889,355,000 | 5,155,986,000 | 4,851,781,000 | 4,257,571,000 | 4,235,690,000 | 4,208,975,000 | 4,176,825,000 | 4,145,530,000 | 4,129,639,000 | 4,100,291,000 | 4,064,138,000 | 4,020,584,000 | 3,998,694,000 | 3,973,350,000 | 3,937,211,000 | 3,911,085,000 | 3,890,119,000 | 3,870,040,000 | 3,849,537,000 | 3,832,929,000 | 3,814,536,000 | 3,797,584,000 | 3,771,531,000 | 3,766,137,000 | 3,702,344,000 | 2,826,395,000 | 2,822,208,000 | 2,812,641,000 | 2,822,864,000 | 2,819,153,000 | 2,805,277,000 | 2,806,635,000 | 2,335,563,000 |
accumulated other comprehensive income | -327,772,000 | -451,365,000 | -430,123,000 | -438,989,000 | -472,125,000 | -507,039,000 | -519,676,000 | -466,322,000 | -464,423,000 | -508,438,000 | -455,945,000 | -507,330,000 | -505,364,000 | -477,079,000 | -604,502,000 | -377,292,000 | -250,808,000 | -285,086,000 | -264,991,000 | -232,903,000 | -291,218,000 | -240,117,000 | -372,004,000 | -495,887,000 | -579,249,000 | -295,490,000 | -389,633,000 | -179,769,000 | -153,400,000 | -161,647,000 | 56,118,000 | 51,352,000 | 73,862,000 | 26,966,000 | -61,055,000 | -170,079,000 | -311,946,000 | -314,473,000 | -223,161,000 | -278,646,000 | -307,542,000 | -412,650,000 | -319,203,000 | -227,227,000 | -324,402,000 | -242,642,000 | -58,479,000 | -23,011,000 | -31,662,000 | -16,690,000 | -33,098,000 | -47,407,000 | -38,544,000 | -17,619,000 |
accumulated deficit | -5,461,968,000 | -5,566,634,000 | -5,580,888,000 | -6,000,183,000 | -6,030,175,000 | -5,989,880,000 | -6,244,416,000 | -6,719,348,000 | -6,882,784,000 | -6,900,137,000 | -6,793,652,000 | -7,139,520,000 | -7,225,636,000 | -7,066,315,000 | -6,583,835,000 | -6,288,441,000 | -5,779,120,000 | |||||||||||||||||||||||||||||||||||||
total shareholders’ equity | 2,431,446,000 | 2,209,888,000 | 2,193,083,000 | 1,569,570,000 | 1,416,534,000 | 1,425,439,000 | 1,135,330,000 | 693,133,000 | 362,091,000 | 300,807,000 | 438,688,000 | 15,221,000 | -99,548,000 | 68,591,000 | 399,783,000 | 901,815,000 | 1,507,602,000 | 2,432,650,000 | 2,883,239,000 | 3,719,252,000 | 4,377,261,000 | 4,354,105,000 | 4,087,766,000 | 4,337,025,000 | 4,374,654,000 | 6,515,579,000 | 6,273,424,000 | 6,150,343,000 | 5,905,302,000 | 5,963,001,000 | 6,198,090,000 | 5,686,793,000 | 5,639,073,000 | 5,749,766,000 | 5,537,604,000 | 4,991,749,000 | 4,625,282,000 | 4,537,726,000 | 4,536,727,000 | 4,118,361,000 | 3,927,611,000 | 3,780,880,000 | 3,918,894,000 | 3,740,455,000 | 3,479,392,000 | 3,518,813,000 | 2,883,984,000 | 2,714,781,000 | 2,669,965,000 | 2,631,266,000 | 2,574,888,000 | 2,384,293,000 | 2,401,588,000 | 2,018,784,000 |
total liabilities and shareholders’ equity | 23,794,853,000 | 22,541,401,000 | 22,213,369,000 | 21,595,817,000 | 21,354,343,000 | 19,969,811,000 | 19,786,003,000 | 20,113,833,000 | 19,825,188,000 | 19,492,990,000 | 19,251,824,000 | 18,648,212,000 | 18,350,691,000 | 18,557,694,000 | 18,950,929,000 | 19,113,200,000 | 19,255,492,000 | 18,729,837,000 | 18,730,027,000 | 18,526,579,000 | 18,973,793,000 | 18,399,317,000 | 17,402,037,000 | 17,528,059,000 | 16,462,509,000 | 16,684,599,000 | 15,938,896,000 | 15,965,977,000 | 15,761,093,000 | 15,205,970,000 | 15,316,122,000 | 15,329,646,000 | 14,484,985,000 | 14,094,869,000 | 14,265,117,000 | 13,946,176,000 | 13,076,251,000 | 12,973,911,000 | 12,943,340,000 | 12,957,749,000 | 12,405,739,000 | 12,264,757,000 | 11,747,165,000 | 11,687,387,000 | 11,592,737,000 | 11,573,077,000 | 7,374,049,000 | 7,314,803,000 | 7,318,899,000 | 6,650,978,000 | 6,605,549,000 | 6,588,633,000 | 5,991,730,000 | 5,938,427,000 |
short-term investments | 240,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
retained earnings | -4,796,406,000 | -3,223,685,000 | -2,377,800,000 | -1,660,011,000 | -295,449,000 | 557,410,000 | 1,234,776,000 | 1,950,019,000 | 3,829,068,000 | 3,707,771,000 | 3,257,187,000 | 3,016,997,000 | 2,898,840,000 | 2,744,206,000 | 2,273,828,000 | 2,047,152,000 | 1,963,128,000 | 1,864,331,000 | 1,463,639,000 | 1,265,166,000 | 1,201,103,000 | 1,128,871,000 | 786,493,000 | 641,247,000 | 568,018,000 | 529,706,000 | 277,919,000 | 119,425,000 | 140,881,000 | 166,490,000 | -34,588,000 | -146,204,000 | -197,471,000 | -233,563,000 | -404,421,000 | -395,580,000 | -299,185,000 | |||||||||||||||||
treasury shares | -1,253,926,000 | -1,253,926,000 | -1,253,926,000 | -1,253,926,000 | -1,253,926,000 | -1,104,137,000 | -1,104,062,000 | -904,066,000 | -702,760,000 | -702,760,000 | -502,760,000 | -239,255,000 | -239,255,000 | -239,255,000 | -239,255,000 | -239,255,000 | -239,255,000 | -239,255,000 | -239,255,000 | -189,256,000 | -89,425,000 | -82,000,000 | -82,000,000 | -82,000,000 | -82,000,000 | -79,155,000 | ||||||||||||||||||||||||||||
tradenames | 500,525,000 | 500,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | 817,525,000 | ||||||||||||||||||||||||||||||||||
ordinary shares, .001 par value... | 237,000 | 237,000 | 237,000 | 235,000 | 235,000 | 235,000 | 235,000 | 233,000 | 233,000 | 233,000 | 232,000 | 232,000 | 232,000 | 232,000 | 232,000 | 232,000 | 232,000 | 232,000 | 232,000 | 206,000 | 205,000 | 205,000 | 205,000 | 205,000 | 204,000 | 204,000 | ||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
due to affiliate | 20,976,000 | 20,769,000 | 38,923,000 | 38,737,000 | 38,081,000 | 37,948,000 | 36,928,000 | 37,026,000 | 36,783,000 | 36,544,000 | 36,815,000 | 37,064,000 | 36,882,000 | 59,897,000 | ||||||||||||||||||||||||||||||||||||||||
intangible assets | 958,394,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
goodwill and intangible assets | 2,365,698,000 | 2,383,928,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ordinary shares .001 par value... | 230,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
total shareholders’ equity controlling interest | 3,518,813,000 | 2,852,612,000 | 2,685,659,000 | 2,634,980,000 | 2,608,908,000 | 2,552,697,000 | 2,353,653,000 | 2,372,715,000 | ||||||||||||||||||||||||||||||||||||||||||||||
non-controlling interest | 31,372,000 | 29,122,000 | 34,985,000 | 22,358,000 | 22,191,000 | 30,640,000 | 28,873,000 | |||||||||||||||||||||||||||||||||||||||||||||||
goodwill and tradenames | 611,330,000 | 611,330,000 | 611,330,000 | 611,330,000 | 611,330,000 | 611,330,000 | 611,330,000 | 611,330,000 | ||||||||||||||||||||||||||||||||||||||||||||||
ordinary shares, .0012 par value; 40,000,000 shares authorized; 21,000,000 shares issued and outstanding | 25,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2013-06-30 | 2013-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
net income | 104,666,000 | 14,254,000 | 419,295,000 | 29,992,000 | -40,295,000 | 254,536,000 | 474,932,000 | 163,436,000 | 17,353,000 | -106,485,000 | 345,868,000 | -738,933,000 | -677,366,000 | -715,243,000 | -1,880,972,000 | 121,297,000 | 450,584,000 | 240,190,000 | 118,157,000 | 154,634,000 | 470,378,000 | 226,676,000 | 103,155,000 | 98,797,000 | 400,692,000 | 198,473,000 | 61,910,000 | 72,232,000 | 342,378,000 | 145,246,000 | 73,229,000 | 38,312,000 | 251,787,000 | 158,494,000 | -21,456,000 | -25,648,000 | 203,278,000 | 113,279,000 | 51,692,000 | 36,407,000 | 172,894,000 | -8,915,000 | -97,500,000 | ||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation and amortization expense | 281,388,000 | 374,348,000 | 272,788,000 | 264,437,000 | 250,535,000 | 246,635,000 | 238,850,000 | 242,935,000 | 245,092,000 | 233,278,000 | 224,670,000 | 214,612,000 | 210,676,000 | 216,630,000 | 202,103,000 | 195,856,000 | 195,464,000 | 197,632,000 | 188,527,000 | 188,637,000 | 183,808,000 | 174,411,000 | 185,833,000 | 184,180,000 | 195,195,000 | 164,605,000 | 156,026,000 | 156,757,000 | 169,714,000 | 140,296,000 | 134,546,000 | 135,527,000 | 137,339,000 | 127,025,000 | 121,593,000 | 118,269,000 | 115,098,000 | 107,582,000 | 104,686,000 | 122,474,000 | 113,144,000 | 110,184,000 | 104,533,000 | 91,571,000 | 72,078,000 | 71,520,000 | 69,708,000 | 64,968,000 | 64,197,000 | 60,466,000 | 55,480,000 | ||
loss on extinguishment of debt | 0 | 154,147,000 | 68,409,000 | 49,529,000 | 0 | 175,000 | 0 | 29,000,000 | 3,900,000 | 0 | 367,000 | 2,434,000 | 366,000 | 0 | 0 | 188,433,000 | 798,277,000 | 0 | -20,355,000 | 621,894,000 | 0 | 5,466,000 | 9,409,000 | 0 | 1,085,000 | 2,903,000 | 0 | 0 | |||||||||||||||||||||||||
share-based compensation expense | 23,365,000 | 23,795,000 | 18,418,000 | 25,899,000 | 20,281,000 | 26,211,000 | 20,638,000 | 22,984,000 | 21,948,000 | 22,686,000 | 23,563,000 | 44,536,000 | 28,155,000 | 24,640,000 | 26,083,000 | 30,048,000 | 32,792,000 | 35,103,000 | 39,922,000 | 22,451,000 | 26,601,000 | 30,288,000 | 25,862,000 | 22,389,000 | 32,758,000 | 12,985,000 | 25,420,000 | 29,651,000 | 26,999,000 | 27,186,000 | 28,962,000 | 31,733,000 | 28,102,000 | 23,375,000 | 21,444,000 | 24,017,000 | 18,203,000 | 18,125,000 | 16,840,000 | 16,204,000 | 15,245,000 | 14,352,000 | 13,691,000 | 2,161,000 | 12,005,000 | 5,066,000 | 4,472,000 | 3,244,000 | 1,835,000 | 1,792,000 | 1,927,000 | 603,000 | 18,753,000 |
net foreign currency adjustments on euro-denominated debt | -37,638,000 | 2,140,000 | -4,662,000 | 121,909,000 | 16,013,000 | 15,398,000 | -1,984,000 | -6,603,000 | -3,849,000 | 801,000 | 1,021,000 | ||||||||||||||||||||||||||||||||||||||||||
other | 1,813,000 | 5,289,000 | 711,000 | -2,179,000 | -7,022,000 | 1,511,000 | 3,209,000 | 2,347,000 | 3,608,000 | 1,483,000 | 9,311,000 | 4,047,000 | 1,320,000 | 1,099,000 | 5,754,000 | 297,000 | 4,940,000 | 1,271,000 | 8,199,000 | 99,000 | 2,726,000 | -344,000 | 528,000 | 1,651,000 | 868,000 | -3,945,000 | 3,672,000 | ||||||||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable | 13,690,000 | -41,719,000 | 14,708,000 | 3,466,000 | -50,220,000 | -23,037,000 | 5,670,000 | 70,723,000 | -4,052,000 | -40,415,000 | -26,645,000 | 41,318,000 | 65,391,000 | 62,969,000 | 199,427,000 | -52,588,000 | 618,853,000 | -180,108,000 | -571,770,000 | -405,472,000 | -2,648,000 | 42,900,000 | -9,995,000 | 21,001,000 | -23,109,000 | -1,363,000 | 2,380,000 | -12,942,000 | -2,179,000 | -10,237,000 | -3,562,000 | -3,705,000 | 1,618,000 | 14,479,000 | -11,730,000 | -2,642,000 | 14,943,000 | -9,697,000 | 5,049,000 | -15,293,000 | -1,042,000 | -5,240,000 | -5,194,000 | -5,843,000 | 1,474,000 | 420,000 | 1,209,000 | -9,145,000 | 260,000 | -543,000 | -1,347,000 | -2,983,000 | 1,675,000 |
inventories | -27,654,000 | 17,346,000 | 4,997,000 | -5,184,000 | -6,135,000 | -5,210,000 | 4,831,000 | 7,846,000 | -517,000 | 7,078,000 | -12,305,000 | -8,627,000 | 2,812,000 | 4,779,000 | -1,640,000 | -12,607,000 | -24,141,000 | -10,805,000 | -16,720,000 | -7,605,000 | -2,351,000 | -2,202,000 | 761,000 | 2,738,000 | 9,258,000 | -1,474,000 | -3,339,000 | -846,000 | -496,000 | 5,185,000 | -2,815,000 | -12,785,000 | 1,363,000 | -3,206,000 | -3,109,000 | -5,630,000 | -5,184,000 | -51,000 | 541,000 | -5,314,000 | -4,360,000 | -6,017,000 | 4,855,000 | -3,166,000 | -80,000 | 7,287,000 | 1,303,000 | -4,460,000 | -4,391,000 | 2,186,000 | -472,000 | -3,138,000 | -2,610,000 |
prepaid expenses and other assets | -87,953,000 | 4,436,000 | 102,801,000 | -13,465,000 | -75,976,000 | 62,122,000 | 150,531,000 | -40,873,000 | -83,414,000 | -27,199,000 | 116,345,000 | 448,312,000 | -127,192,000 | -45,519,000 | -12,831,000 | 89,880,000 | -632,610,000 | 89,880,000 | 176,766,000 | 164,171,000 | -406,813,000 | -169,443,000 | 194,981,000 | -260,834,000 | 145,768,000 | -76,081,000 | 41,162,000 | 12,538,000 | -51,914,000 | 5,149,000 | 40,312,000 | -29,271,000 | -45,709,000 | -7,940,000 | 6,945,000 | -12,246,000 | -9,473,000 | -2,337,000 | 9,706,000 | -20,513,000 | -5,390,000 | -10,816,000 | 15,963,000 | -9,428,000 | -6,044,000 | -2,097,000 | 4,667,000 | -2,467,000 | -6,476,000 | -14,109,000 | -2,519,000 | 473,000 | 488,000 |
accounts payable | 33,595,000 | -51,108,000 | 37,169,000 | 1,715,000 | 10,700,000 | -11,820,000 | -6,172,000 | -32,203,000 | 29,987,000 | 9,995,000 | 11,374,000 | -46,419,000 | -25,926,000 | 81,606,000 | 29,386,000 | 9,579,000 | -136,767,000 | 137,012,000 | -11,191,000 | 19,579,000 | 6,626,000 | -32,955,000 | -357,983,000 | 111,304,000 | 258,215,000 | 27,890,000 | -4,835,000 | 8,224,000 | -89,914,000 | 103,384,000 | -642,000 | -9,518,000 | 13,163,000 | 10,091,000 | -6,173,000 | -17,294,000 | 27,423,000 | -8,306,000 | 13,416,000 | -13,615,000 | 2,750,000 | 7,107,000 | -10,799,000 | -29,583,000 | -17,455,000 | -12,781,000 | -2,871,000 | 23,165,000 | -7,198,000 | -11,771,000 | 1,459,000 | 29,401,000 | -11,427,000 |
accrued expenses and other liabilities | -31,185,000 | 57,256,000 | -86,663,000 | 176,561,000 | -162,488,000 | 90,502,000 | -81,593,000 | 87,861,000 | -31,422,000 | 56,986,000 | -64,179,000 | 93,572,000 | -168,581,000 | 135,949,000 | -20,278,000 | 162,812,000 | -25,587,000 | 153,281,000 | 95,481,000 | 11,348,000 | 35,341,000 | -13,812,000 | 22,421,000 | -78,995,000 | -123,552,000 | -1,524,000 | 46,966,000 | -30,189,000 | -44,281,000 | -22,001,000 | 81,992,000 | 58,142,000 | -3,180,000 | -12,531,000 | 96,807,000 | -9,061,000 | -19,321,000 | 2,739,000 | 16,649,000 | -33,370,000 | 7,572,000 | -14,339,000 | 6,945,000 | 48,544,000 | -49,493,000 | -51,590,000 | 12,624,000 | 17,473,000 | 3,432,000 | 31,405,000 | 9,429,000 | -6,602,000 | -8,307,000 |
advance ticket sales | 537,364,000 | 52,425,000 | -694,258,000 | 42,202,000 | 665,933,000 | -55,179,000 | -651,501,000 | 150,122,000 | 592,238,000 | 84,258,000 | -406,801,000 | 157,960,000 | 668,261,000 | 215,500,000 | -41,742,000 | 337,312,000 | 417,877,000 | 52,315,000 | 277,986,000 | 115,975,000 | 75,634,000 | 22,714,000 | 9,684,000 | -555,700,000 | -288,544,000 | 84,438,000 | -295,641,000 | 119,227,000 | 439,352,000 | -53,665,000 | -296,064,000 | 236,694,000 | 375,638,000 | -33,119,000 | -213,789,000 | 177,985,000 | 222,935,000 | -45,476,000 | -178,178,000 | 210,004,000 | 148,621,000 | -90,431,000 | -103,911,000 | 157,046,000 | 255,556,000 | -109,549,000 | -109,311,000 | 76,593,000 | 118,320,000 | -24,549,000 | -108,138,000 | 78,522,000 | 109,346,000 |
net cash from operating activities | 811,451,000 | 459,110,000 | 236,564,000 | 714,851,000 | 679,221,000 | 399,256,000 | 172,503,000 | 670,893,000 | 807,171,000 | 259,000,000 | 210,099,000 | 1,033,282,000 | 503,333,000 | 236,600,000 | 82,245,000 | 262,186,000 | -371,011,000 | -315,658,000 | -670,296,000 | -630,044,000 | -852,011,000 | -637,617,000 | -590,246,000 | -1,275,679,000 | -52,701,000 | 341,851,000 | 420,980,000 | 524,397,000 | 535,377,000 | 355,070,000 | 466,300,000 | 643,040,000 | 610,761,000 | 226,103,000 | 439,907,000 | 484,787,000 | 434,944,000 | 150,907,000 | 340,721,000 | 417,942,000 | 330,096,000 | 67,702,000 | 281,333,000 | 392,921,000 | 299,222,000 | -65,123,000 | 181,616,000 | 290,974,000 | 228,134,000 | 76,938,000 | 145,563,000 | 170,685,000 | 82,095,000 |
capital expenditures | -1,436,667,000 | -437,647,000 | -963,098,000 | -333,641,000 | -1,525,220,000 | -243,436,000 | -368,011,000 | -340,654,000 | -258,851,000 | -647,664,000 | -1,128,508,000 | -736,514,000 | -237,676,000 | -155,415,000 | -1,302,139,000 | -161,019,000 | -165,284,000 | -213,313,000 | -230,049,000 | -173,131,000 | -136,350,000 | -73,403,000 | -147,665,000 | -115,322,000 | -610,155,000 | -1,021,185,000 | -202,097,000 | -199,329,000 | -214,559,000 | -205,118,000 | -110,244,000 | -1,107,560,000 | -143,874,000 | -242,700,000 | -64,249,000 | -947,488,000 | -117,777,000 | -176,155,000 | -151,037,000 | -632,872,000 | -132,027,000 | -791,176,000 | -144,304,000 | -127,941,000 | -58,563,000 | 0 | -77,271,000 | -41,256,000 | -746,310,000 | -59,086,000 | -76,745,000 | -673,868,000 | -85,152,000 |
free cash flows | -625,216,000 | 21,463,000 | -726,534,000 | 381,210,000 | -845,999,000 | 155,820,000 | -195,508,000 | 330,239,000 | 548,320,000 | -388,664,000 | -918,409,000 | 296,768,000 | 265,657,000 | 81,185,000 | -1,219,894,000 | 101,167,000 | -536,295,000 | -528,971,000 | -900,345,000 | -803,175,000 | -988,361,000 | -711,020,000 | -737,911,000 | -1,391,001,000 | -662,856,000 | -679,334,000 | 218,883,000 | 325,068,000 | 320,818,000 | 149,952,000 | 356,056,000 | -464,520,000 | 466,887,000 | -16,597,000 | 375,658,000 | -462,701,000 | 317,167,000 | -25,248,000 | 189,684,000 | -214,930,000 | 198,069,000 | -723,474,000 | 137,029,000 | 264,980,000 | 240,659,000 | -65,123,000 | 104,345,000 | 249,718,000 | -518,176,000 | 17,852,000 | 68,818,000 | -503,183,000 | -3,057,000 |
cash flows from investing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
additions to property and equipment | -1,436,667,000 | -437,647,000 | -963,098,000 | -333,641,000 | -1,525,220,000 | -243,436,000 | -368,011,000 | -340,654,000 | -258,851,000 | -647,664,000 | -1,128,508,000 | -736,514,000 | -237,676,000 | -155,415,000 | -1,302,139,000 | -161,019,000 | -165,284,000 | -213,313,000 | -230,049,000 | -173,131,000 | -136,350,000 | -73,403,000 | -147,665,000 | -115,322,000 | -610,155,000 | -1,021,185,000 | -202,097,000 | -199,329,000 | -214,559,000 | -205,118,000 | -110,244,000 | -1,107,560,000 | -143,874,000 | -242,700,000 | -64,249,000 | -947,488,000 | -117,777,000 | -176,155,000 | -151,037,000 | -632,872,000 | -132,027,000 | -791,176,000 | -144,304,000 | -127,941,000 | -58,563,000 | -77,271,000 | -41,256,000 | -746,310,000 | |||||
net cash from investing activities | -1,439,823,000 | -433,145,000 | -963,484,000 | -335,820,000 | -1,532,242,000 | -243,714,000 | -364,802,000 | -365,629,000 | -255,243,000 | -690,513,000 | -1,214,428,000 | -755,846,000 | -236,356,000 | -164,418,000 | -1,510,420,000 | -160,722,000 | 79,656,000 | -461,073,000 | -227,756,000 | -176,949,000 | -138,266,000 | -73,747,000 | -150,051,000 | -113,671,000 | -637,893,000 | -1,035,267,000 | -216,820,000 | -206,187,000 | -221,918,000 | -206,581,000 | -109,990,000 | -1,042,512,000 | -143,625,000 | -240,129,000 | -64,249,000 | -982,743,000 | -117,777,000 | -178,678,000 | -151,208,000 | -665,834,000 | -133,194,000 | -874,695,000 | -145,054,000 | -127,941,000 | -58,563,000 | -1,013,823,000 | -77,271,000 | -41,256,000 | -746,310,000 | -59,086,000 | -76,745,000 | -673,868,000 | -85,152,000 |
cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
repayments of long-term debt | -608,410,000 | -449,161,000 | -3,857,398,000 | -1,143,059,000 | -2,723,237,000 | -900,440,000 | -490,496,000 | -352,770,000 | -425,339,000 | -1,128,553,000 | -128,904,000 | -679,365,000 | -1,821,412,000 | -304,733,000 | -196,551,000 | -333,444,000 | -935,444,000 | -1,223,857,000 | -9,527,000 | -9,283,000 | -870,396,000 | -3,681,000 | -680,937,000 | -26,333,000 | -181,530,000 | -924,378,000 | -73,739,000 | -463,026,000 | -2,345,589,000 | -482,745,000 | -326,602,000 | -654,071,000 | -252,826,000 | -910,265,000 | -85,291,000 | -456,092,000 | -465,237,000 | -1,056,408,000 | -301,194,000 | -2,078,179,000 | -308,248,000 | -660,636,000 | -117,274,000 | -314,179,000 | -477,224,000 | -922,772,000 | -225,711,000 | -282,112,000 | -258,125,000 | -163,792,000 | -148,301,000 | -988,511,000 | -1,093,009,000 |
proceeds from long-term debt | 1,260,848,000 | 511,970,000 | 4,772,829,000 | 773,876,000 | 3,679,114,000 | 609,698,000 | 427,167,000 | 169,328,000 | 92,406,000 | 1,333,758,000 | 950,996,000 | 707,565,000 | 1,330,622,000 | 0 | 929,828,000 | 0 | 2,073,175,000 | 1,256,276,000 | 121,931,000 | 61,438,000 | 1,161,672,000 | 850,000,000 | 1,262,435,000 | 1,954,785,000 | 2,007,870,000 | 1,470,297,000 | 0 | 260,000,000 | 2,392,000,000 | 413,513,000 | 46,000,000 | 1,154,474,000 | 290,878,000 | 599,330,000 | 0 | 981,060,000 | 236,000,000 | 1,066,573,000 | 123,239,000 | 2,360,116,000 | 204,000,000 | 1,480,058,000 | 35,691,000 | 116,027,000 | 224,033,000 | 2,088,434,000 | 186,742,000 | 130,094,000 | 784,451,000 | 163,001,000 | 70,057,000 | 1,544,728,000 | 744,525,000 |
net share settlement of restricted share units | -30,055,000 | -2,000 | -19,000 | 0 | -23,805,000 | -3,275,000 | -19,000 | -7,000 | -22,032,000 | -1,589,000 | -48,000 | -13,917,000 | -11,306,000 | -775,000 | -8,221,000 | -30,000 | -11,961,000 | -15,000 | -14,000 | -615,000 | -16,043,000 | -73,000 | -16,000 | -343,000 | -14,975,000 | -4,000 | -105,000 | -1,980,000 | -18,850,000 | -15,000 | -425,000 | -1,244,000 | -12,171,000 | 0 | -155,000 | -1,637,000 | -4,550,000 | ||||||||||||||||
early redemption premium | 0 | -132,018,000 | -67,729,000 | -38,379,000 | 0 | -3,000 | 0 | -19,163,000 | 0 | 0 | 0 | -172,012,000 | -743,718,000 | 0 | 0 | -611,164,000 | 0 | -6,712,000 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
deferred financing fees and other | -18,857,000 | -23,722,000 | -1,473,000 | -29,596,000 | -1,404,000 | -11,432,000 | -5,127,000 | -25,457,000 | -6,873,000 | -10,920,000 | -2,412,000 | -3,000 | -2,660,000 | -45,650,000 | -197,000 | -680,000 | |||||||||||||||||||||||||||||||||||||
net cash from financing activities | 603,526,000 | 17,127,000 | 709,706,000 | -379,375,000 | 846,615,000 | -297,298,000 | -69,278,000 | -270,980,000 | -394,529,000 | 152,370,000 | 786,752,000 | -78,901,000 | -513,364,000 | -311,909,000 | 711,651,000 | -335,066,000 | 921,548,000 | 348,562,000 | 82,728,000 | 49,100,000 | 1,197,828,000 | 1,652,368,000 | 835,893,000 | 2,288,478,000 | 1,802,472,000 | 539,034,000 | -216,827,000 | -202,993,000 | -172,602,000 | -271,099,000 | -274,856,000 | 302,731,000 | -341,578,000 | -332,688,000 | -72,069,000 | 497,482,000 | -225,725,000 | 687,000 | -180,046,000 | 238,989,000 | -157,972,000 | 692,750,000 | -79,057,000 | -213,444,000 | -204,061,000 | 1,107,901,000 | -111,959,000 | -250,995,000 | 526,469,000 | -18,345,000 | -94,698,000 | 504,822,000 | 38,758,000 |
net decrease in cash and cash equivalents | -24,846,000 | -141,756,000 | -279,143,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of period | 209,893,000 | 0 | 0 | 0 | 190,765,000 | 0 | 0 | 0 | 402,415,000 | 0 | 0 | 0 | 946,987,000 | 0 | 0 | 0 | 1,506,647,000 | 0 | 0 | 0 | 3,300,482,000 | 0 | 0 | 0 | 252,876,000 | 0 | 0 | 0 | 163,851,000 | 0 | 0 | 176,190,000 | 0 | 0 | 128,347,000 | 0 | 0 | 115,937,000 | 0 | 0 | 84,824,000 | 0 | 0 | 56,467,000 | 0 | 0 | 45,500,000 | ||||||
cash and cash equivalents at end of period | 185,047,000 | 43,092,000 | -17,214,000 | -344,000 | 184,359,000 | -141,756,000 | -261,577,000 | 34,284,000 | 559,814,000 | -279,143,000 | -217,577,000 | 198,535,000 | 700,600,000 | -239,727,000 | -716,524,000 | -233,602,000 | 2,136,840,000 | -428,169,000 | -815,324,000 | -757,893,000 | 3,508,033,000 | 944,271,000 | 96,262,000 | 899,688,000 | 1,360,261,000 | -154,382,000 | -12,667,000 | 115,217,000 | 304,708,000 | 81,454,000 | -96,741,000 | 301,748,000 | 303,589,000 | -474,000 | 219,789,000 | 9,467,000 | -8,903,000 | 154,867,000 | 57,222,000 | 51,536,000 | 121,422,000 | -7,614,000 | -1,277,000 | 64,760,000 | -25,880,000 | 1,639,000 | 81,201,000 | ||||||
deferred income taxes | -1,000 | 67,000 | 6,000 | 6,000 | 30,617,000 | -3,394,000 | -8,338,000 | -6,120,000 | -403,000 | 4,062,000 | 2,301,000 | -32,094,000 | -2,490,000 | 1,818,000 | 1,371,000 | 809,000 | -6,882,000 | 10,870,000 | 3,979,000 | 1,186,000 | -3,155,000 | 319,000 | 230,000 | 158,000 | 411,000 | 434,000 | 364,000 | 60,000 | 9,425,000 | -6,024,000 | 1,759,000 | 1,027,000 | -8,182,000 | 8,058,000 | 925,000 | 2,043,000 | |||||||||||||||||
loss on derivatives | 506,000 | -267,000 | 417,000 | -4,000 | -1,125,000 | -85,000 | 5,019,000 | 4,404,000 | -1,026,000 | -3,847,000 | -18,687,000 | 3,901,000 | -5,325,000 | 13,619,000 | 4,000 | 14,000 | -10,000 | -32,000 | -446,000 | -31,000 | 406,000 | -928,000 | -1,859,000 | ||||||||||||||||||||||||||||||
provision for bad debts and inventory obsolescence | 1,245,000 | -58,000 | 1,319,000 | 833,000 | 2,691,000 | 470,000 | 1,666,000 | 1,532,000 | 1,199,000 | 8,171,000 | 2,938,000 | 1,206,000 | 1,294,000 | 6,907,000 | 2,882,000 | 4,329,000 | 15,463,000 | 5,934,000 | 1,987,000 | 8,372,000 | 1,032,000 | ||||||||||||||||||||||||||||||||
gain on involuntary conversion of assets | 0 | -2,032,000 | 0 | 5,000 | -166,000 | -143,000 | -1,616,000 | -2,846,000 | -2,269,000 | 0 | -420,000 | 0 | -1,780,000 | -5,889,000 | -1,399,000 | -418,000 | -156,000 | 63,000 | -1,352,000 | 10,000 | |||||||||||||||||||||||||||||||||
cash paid on settlement of derivatives | -787,000 | -44,332,000 | -95,231,000 | -10,102,000 | -9,031,000 | -5,906,000 | -3,917,000 | -4,642,000 | 0 | -2,914,000 | 0 | -28,606,000 | -46,529,000 | ||||||||||||||||||||||||||||||||||||||||
acquisition, net of cash acquired | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
common share issuance proceeds | -316,000 | 81,276,000 | 1,107,447,000 | 0 | -16,000 | 1,558,412,000 | 822,614,000 | 277,159,000 | |||||||||||||||||||||||||||||||||||||||||||||
proceeds from employee-related plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
deferred financing fees | -45,364,000 | -154,964,000 | -6,459,000 | -47,078,000 | -3,281,000 | -5,927,000 | -87,531,000 | -20,401,000 | -51,246,000 | -37,981,000 | -93,184,000 | -13,886,000 | -6,401,000 | -16,115,000 | -1,592,000 | -34,767,000 | -47,571,000 | -31,714,000 | -2,424,000 | -25,742,000 | -16,492,000 | -22,829,000 | -81,566,000 | -12,993,000 | -13,903,000 | -29,000 | -1,419,000 | -7,911,000 | -1,445,000 | -4,339,000 | -109,915,000 | ||||||||||||||||||||||
net increase in cash and cash equivalents | -344,000 | -6,406,000 | 34,284,000 | 157,399,000 | 198,535,000 | -246,387,000 | -233,602,000 | 630,193,000 | -428,169,000 | -815,324,000 | -757,893,000 | 207,551,000 | 944,271,000 | 96,262,000 | 899,688,000 | 1,107,385,000 | -154,382,000 | -12,667,000 | 115,217,000 | 140,857,000 | -122,610,000 | 81,454,000 | -96,741,000 | 125,558,000 | -346,714,000 | 303,589,000 | -474,000 | 91,442,000 | -27,084,000 | 9,467,000 | -8,903,000 | 38,930,000 | -114,243,000 | 57,222,000 | 51,536,000 | 36,598,000 | 28,955,000 | -7,614,000 | -1,277,000 | 8,293,000 | -493,000 | -25,880,000 | 1,639,000 | 35,701,000 | |||||||||
gain on derivatives | -86,000 | -19,779,000 | -1,552,000 | 29,027,000 | 7,145,000 | 191,000 | 13,000 | -75,000 | -666,000 | 75,000 | -382,000 | 112,000 | |||||||||||||||||||||||||||||||||||||||||
net foreign currency adjustments | -7,937,000 | -4,126,000 | -2,627,000 | -3,471,000 | 1,374,000 | -5,141,000 | 4,838,000 | 3,586,000 | 1,546,000 | -1,386,000 | 2,392,000 | -3,610,000 | 1,180,000 | -1,896,000 | -1,043,000 | -610,000 | |||||||||||||||||||||||||||||||||||||
proceeds from maturities of short-term investments | 0 | 0 | 0 | 240,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from employee related plans | 0 | 2,689,000 | 0 | 2,618,000 | 0 | 2,710,000 | 0 | 2,557,000 | 0 | 2,052,000 | 0 | 1,089,000 | 0 | 1,457,000 | 0 | 4,100,000 | 13,734,000 | 6,835,000 | 3,624,000 | 7,744,000 | 2,177,000 | 7,616,000 | 13,065,000 | 5,961,000 | 1,969,000 | 14,850,000 | 3,747,000 | 9,466,000 | |||||||||||||||||||||||||
(gain) loss on derivatives | -11,948,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
benefit from bad debts and inventory obsolescence | |||||||||||||||||||||||||||||||||||||||||||||||||||||
purchases of short-term investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
net loss | -159,321,000 | -482,480,000 | -295,394,000 | -509,321,000 | -982,714,000 | -845,885,000 | -717,789,000 | -1,370,192,000 | |||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment loss | 0 | 0 | 0 | 1,607,797,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
payment-in-kind interest premium | |||||||||||||||||||||||||||||||||||||||||||||||||||||
purchases of treasury shares | 0 | -149,789,000 | -75,000 | -199,996,000 | -263,505,000 | 0 | 0 | 0 | -49,999,000 | -99,831,000 | 0 | -2,845,000 | |||||||||||||||||||||||||||||||||||||||||
effect of exchange rates on cash and cash equivalents | 666,000 | 560,000 | -4,493,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash received on settlement of derivatives | 0 | 0 | 0 | 289,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
issuance of loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
provision for bad debts and inventory | 35,000 | 1,022,000 | 2,150,000 | 1,223,000 | 931,000 | 1,266,000 | 839,000 | 1,057,000 | 212,000 | 323,000 | |||||||||||||||||||||||||||||||||||||||||||
issuance of promissory note | -10,646,000 | -7,907,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from promissory note | 259,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation and amortization | 146,818,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
net proceeds from sale of hawaii land-based operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
promissory note receipts | 256,000 | 254,000 | 252,000 | 249,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
repayments to affiliate | 0 | 0 | -18,521,000 | 1,000 | -18,522,000 | 0 | -18,523,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents at beginning of year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents at end of year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
settlement of derivatives | 0 | 0 | -2,523,000 | -171,000 | -32,962,000 | -1,167,000 | |||||||||||||||||||||||||||||||||||||||||||||||
repurchase of shares | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on contingent consideration | |||||||||||||||||||||||||||||||||||||||||||||||||||||
write-off of financing fees | |||||||||||||||||||||||||||||||||||||||||||||||||||||
payment of original issue discount | |||||||||||||||||||||||||||||||||||||||||||||||||||||
promissory note | |||||||||||||||||||||||||||||||||||||||||||||||||||||
investment in trademark | |||||||||||||||||||||||||||||||||||||||||||||||||||||
supplemental disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||||
write-off of deferred financing fees | 110,000 | 0 | 0 | 195,000 | 0 | 0 | 22,315,000 | 14,042,000 | |||||||||||||||||||||||||||||||||||||||||||||
benefit from bad debts and inventory | 2,099,000 | 652,000 | 540,000 | 575,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
changes in operating assets and liabilities excluding the impact of the acquisition of prestige: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of prestige, net of cash received | |||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from the exercise of share options | 1,954,000 | 1,777,000 | 963,000 | 2,044,000 | 2,600,000 | 11,504,000 | 3,233,000 | 51,790,000 | 2,776,000 | 923,000 | 1,818,000 | 340,000 | |||||||||||||||||||||||||||||||||||||||||
proceeds from employee share purchase plan | 0 | 1,259,000 | 68,000 | 1,104,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
nclc partnership tax distributions | 3,635,000 | -738,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
investment in intangible asset | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from the issuance of ordinary shares | 897,000 | 0 | 0 | 473,017,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
contingent consideration | 0 | -34,300,000 | -9,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
premium on debt issuance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of prestige | |||||||||||||||||||||||||||||||||||||||||||||||||||||
additions to property and equipment and other | -59,086,000 | -76,745,000 | -673,868,000 | -85,152,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from the exercise of stock options | |||||||||||||||||||||||||||||||||||||||||||||||||||||
other, primarily deferred financing fees | -32,875,000 | -6,124,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
repayment to affiliate | -79,651,000 |