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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income $ 759,872 $ 633,085 $ 427,137
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 521,484 445,635 450,335
(Gain) loss on derivatives (103) 79 26,525
Deferred income taxes, net 9,153 (2,448) 1,269
Gain on contingent consideration     (43,400)
Write-off of financing fees 6,705 18,930 4,070
Provision for bad debts and inventory 2,431 3,866 5,029
Share-based compensation expense 87,039 66,414 42,209
Changes in operating assets and liabilities:      
Accounts receivable, net 15,050 (20,983) (14,803)
Inventories (17,129) (9,184) (4,408)
Prepaid expenses and other assets (22,714) (18,534) (10,325)
Accounts payable 14,047 (5,755) (52,723)
Accrued expenses and other liabilities 55,894 (6,410) (5,350)
Advance ticket sales 154,012 134,971 218,260
Payment of original issue discount     (1,647)
Net cash provided by operating activities 1,585,741 1,239,666 1,042,178
Cash flows from investing activities      
Additions to property and equipment, net (1,372,214) (1,092,091) (1,121,984)
Net proceeds from sale of Hawaii land-based operations 499    
Promissory note 165    
Cash received on settlement of derivatives 2,346 131 2,832
Cash paid on settlement of derivatives (35,694) (36,954) (86,351)
Investment in trademark     (750)
Net cash used in investing activities (1,404,898) (1,128,914) (1,206,253)
Cash flows from financing activities      
Repayments of long-term debt (1,916,885) (3,744,029) (1,569,313)
Repayments to Affiliate   (18,522) (37,042)
Proceeds from long-term debt 1,816,390 3,753,928 1,855,809
Proceeds from employee related plans 30,032 9,169 69,985
Net share settlement of restricted share units (6,342)    
Purchases of treasury shares   (49,999) (107,256)
Deferred financing fees and other (56,195) (48,889) (16,995)
Net cash provided by (used in) financing activities (133,000) (98,342) 195,188
Net increase in cash and cash equivalents 47,843 12,410 31,113
Cash and cash equivalents at beginning of year 128,347 115,937 84,824
Cash and cash equivalents at end of year $ 176,190 $ 128,347 $ 115,937