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, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income $ 427,137 $ 342,601 $ 102,886
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 450,335 304,877 245,111
Loss (gain) on derivatives 26,525 7,274 (861)
Deferred income taxes, net 1,269 6,187 2,844
Gain on contingent consideration (43,400)    
Write-off of financing fees 4,070 15,628 36,357
Provision for bad debts and inventory 5,029    
Share-based compensation expense 42,209 14,617 23,075
Changes in operating assets and liabilities excluding the impact of the Acquisition of Prestige:      
Accounts receivable, net (14,803) (7,256) (3,198)
Inventories (4,408) (261) (4,034)
Prepaid expenses and other assets (10,325) (6,373) (15,667)
Accounts payable (50,730) 315 7,662
Accrued expenses and other liabilities (8,343) (18,061) 25,925
Advance ticket sales 218,260 (23,947) 55,181
Payment of original issue discount (1,647)    
Net cash provided by operating activities 1,041,178 635,601 475,281
Cash flows from investing activities      
Acquisition of Prestige, net of cash received   (826,686)  
Additions to property and equipment, net (1,121,984) (964,640) (877,282)
Settlement of derivatives (83,519) (5,334) (17,569)
Investment in intangible asset (750)    
Net cash used in investing activities (1,206,253) (1,796,660) (894,851)
Cash flows from financing activities      
Repayments of long-term debt (1,569,313) (1,688,720) (2,393,613)
Repayments to Affiliate (37,042) (37,043) (116,694)
Proceeds from long-term debt 1,855,809 3,107,721 2,522,311
Proceeds from the issuance of ordinary shares, net     473,914
Proceeds from the exercise of share options 69,127 5,857 2,020
Proceeds from employee share purchase plan 858    
Purchases of treasury shares (107,256) (82,000)  
NCLC partnership tax distributions   (218)  
Deferred financing fees and other (15,995) (116,181) (57,401)
Net cash provided by financing activities 196,188 1,189,416 430,537
Net increase in cash and cash equivalents 31,113 28,357 10,967
Cash and cash equivalents at beginning of year 84,824 56,467 45,500
Cash and cash equivalents at end of year $ 115,937 $ 84,824 $ 56,467