on Thursday that revenue rose by 5% in the first quarter from the same period a year ago. But its net loss nearly quadrupled to $1.2 billion in part because of early debt repayments. The pricey cleanse is worth it.. A year ago, it laid off 1,900 employees and slashed marketing as travel abruptly halted.
It issued $2 billion in debt with an average interest rate of a whopping 10%., and it is quickly putting darker days in the past. Paying down debt last quarter resulted in a nearly $700 million hit. But it freed up the company to issue new debt at a lower price now that things have turned around. With $487 million in free cash flow last quarter, that might not even be needed.
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