For the year ending 2025-12-31, NCLH had $19,128K increase in cash & cash equivalents over the period. -$1,169,860K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 423,246 | 910,257 | 166,178 | -2,269,909 |
| Depreciation and amortization expense | 1,162,108 | 973,512 | 883,236 | 810,053 |
| Deferred income taxes, net | 2,314 | -155,114 | - | -1,237 |
| Gain on derivatives | -389 | 979 | -13,760 | -8,618 |
| Loss on extinguishment of debt | -272,085 | -29,175 | -6,701 | -188,799 |
| Provision for bad debts and inventory obsolescence | 3,339 | 6,359 | 6,190 | 13,609 |
| Gain on involuntary conversion of assets | 2,027 | 4,771 | 6,852 | 2,300 |
| Share-based compensation expense | 88,393 | 91,781 | 118,940 | 113,563 |
| Net foreign currency adjustments on euro-denominated debt | -135,400 | 25,837 | -8,188 | 10,795 |
| Accounts receivable, net | 73,765 | -49,304 | -39,649 | -828,661 |
| Inventories | -11,024 | -6,950 | 11,042 | 33,609 |
| Prepaid expenses and other assets | -17,796 | -88,366 | -410,266 | 601,080 |
| Accounts payable | -1,524 | -20,208 | -50,976 | -16,196 |
| Accrued expenses and other liabilities | -15,334 | 65,348 | -82,202 | 252,896 |
| Advance ticket sales | 66,302 | 35,680 | 503,678 | 928,947 |
| Net cash provided by operating activities | 2,089,746 | 2,049,823 | 2,005,714 | 210,020 |
| Additions to property and equipment, net | 3,259,606 | 1,210,952 | 2,750,362 | 1,783,857 |
| Proceeds from maturities of short-term investments | - | - | - | 240,000 |
| Cash paid on settlement of derivatives | 1,884 | 1,789 | 162,942 | 224,137 |
| Acquisition, net of cash acquired | - | 27,322 | - | - |
| Other | 3,201 | -10,675 | -16,161 | -12,090 |
| Net cash used in investing activities | -3,264,691 | -1,229,388 | -2,897,143 | -1,755,904 |
| Repayments of long-term debt | 8,172,855 | 2,169,045 | 3,758,234 | 1,770,172 |
| Proceeds from long-term debt | 9,737,789 | 1,298,599 | 4,322,941 | 3,003,003 |
| Proceeds from employee related plans | - | - | 5,307 | 5,267 |
| Common share issuance proceeds, net | 144,956 | - | - | - |
| Net share settlement of restricted share units | 23,826 | 25,333 | 26,860 | 20,987 |
| Early redemption premium | 238,126 | 19,166 | - | 172,012 |
| Deferred financing fees | 253,865 | 117,140 | 196,297 | 58,875 |
| Net cash provided by (used in) financing activities | 1,194,073 | -1,032,085 | 346,857 | 986,224 |
| Net increase (decrease) in cash and cash equivalents | 19,128 | -211,650 | -544,572 | -559,660 |
| Cash and cash equivalents at beginning of period | 190,765 | 402,415 | 946,987 | 1,506,647 |
| Cash and cash equivalents at end of period | 209,893 | 190,765 | 402,415 | 946,987 |
Norwegian Cruise Line Holdings Ltd. (NCLH)
Norwegian Cruise Line Holdings Ltd. (NCLH)