Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 633,085 $ 427,137 $ 342,601
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 445,635 450,335 304,877
Loss on derivatives 79 26,525 7,274
Deferred income taxes, net (2,448) 1,269 6,187
Gain on contingent consideration   (43,400)  
Write-off of financing fees 18,930 4,070 15,628
Provision for bad debts and inventory 3,866 5,029  
Share-based compensation expense 66,414 42,209 14,617
Changes in operating assets and liabilities excluding the impact of the Acquisition of Prestige:      
Accounts receivable, net (20,983) (14,803) (7,256)
Inventories (9,184) (4,408) (261)
Prepaid expenses and other assets (18,534) (10,325) (6,373)
Accounts payable (5,755) (52,723) 960
Accrued expenses and other liabilities (6,410) (5,350) (18,706)
Advance ticket sales 134,971 218,260 (23,947)
Payment of original issue discount   (1,647)  
Net cash provided by operating activities 1,239,666 1,042,178 635,601
Cash flows from investing activities      
Acquisition of Prestige, net of cash received     (826,686)
Additions to property and equipment, net (1,092,091) (1,121,984) (964,640)
Settlement of derivatives (36,823) (83,519) (5,334)
Investment in trademark   (750)  
Net cash used in investing activities (1,128,914) (1,206,253) (1,796,660)
Cash flows from financing activities      
Repayments of long-term debt (3,744,029) (1,569,313) (1,688,720)
Repayments to Affiliate (18,522) (37,042) (37,043)
Proceeds from long-term debt 3,753,928 1,855,809 3,107,721
Proceeds from the exercise of share options 6,738 69,127 5,857
Proceeds from employee share purchase plan 2,431 858  
Purchases of treasury shares (49,999) (107,256) (82,000)
NCLC partnership tax distributions     (218)
Deferred financing fees and other (48,889) (16,995) (116,181)
Net cash provided by (used in) financing activities (98,342) 195,188 1,189,416
Net increase in cash and cash equivalents 12,410 31,113 28,357
Cash and cash equivalents at beginning of year 115,937 84,824 56,467
Cash and cash equivalents at end of year $ 128,347 $ 115,937 $ 84,824