Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 61,910 $ 73,229
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 121,593 104,686
Loss (gain) on derivatives 406 (11,948)
Deferred income taxes, net 1,186 158
Provision for bad debts and inventory 323 575
Share-based compensation expense 18,203 15,245
Changes in operating assets and liabilities:    
Accounts receivable, net 14,943 (1,042)
Inventories (5,184) (4,360)
Prepaid expenses and other assets (9,473) (5,390)
Accounts payable 27,423 2,750
Accrued expenses and other liabilities (19,321) 7,572
Advance ticket sales 222,935 148,621
Net cash provided by operating activities 434,944 330,096
Cash flows from investing activities    
Additions to property and equipment, net (117,777) (132,027)
Settlement of derivatives   (1,167)
Net cash used in investing activities (117,777) (133,194)
Cash flows from financing activities    
Repayments of long-term debt (465,237) (308,248)
Proceeds from long-term debt 236,000 204,000
Proceeds from employee related plans 9,466 3,148
Net share settlement of restricted share units (4,550)  
Purchases of treasury shares   (49,999)
Deferred financing fees and other (1,404) (6,873)
Net cash used in financing activities (225,725) (157,972)
Net increase in cash and cash equivalents 91,442 38,930
Cash and cash equivalents at beginning of period 128,347 115,937
Cash and cash equivalents at end of period $ 219,789 $ 154,867