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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net income $ 260,383 $ 218,475
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 248,618 212,268
Loss on derivatives 375 2,866
Deferred income taxes, net 5,165 388
Write-off of deferred financing fees   11,427
Provision for bad debts and inventory 535 1,115
Share-based compensation expense 42,220 31,449
Changes in operating assets and liabilities:    
Accounts receivable, net 12,301 (16,335)
Inventories (10,814) (9,674)
Prepaid expenses and other assets (21,719) (25,903)
Accounts payable 10,129 (10,865)
Accrued expenses and other liabilities (28,382) (25,798)
Advance ticket sales 400,920 358,625
Net cash provided by operating activities 919,731 748,038
Cash flows from investing activities    
Additions to property and equipment, net (1,065,265) (764,899)
Settlement of derivatives (35,255) (34,129)
Net cash used in investing activities (1,100,520) (799,028)
Cash flows from financing activities    
Repayments of long-term debt (921,329) (2,386,427)
Repayments to Affiliate   (18,522)
Proceeds from long-term debt 1,217,060 2,564,116
Proceeds from employee related plans 13,213 4,179
Net share settlement of restricted share units (6,187)  
Purchases of treasury shares   (49,999)
Deferred financing fees and other (31,000) (32,330)
Net cash provided by financing activities 271,757 81,017
Net increase in cash and cash equivalents 90,968 30,027
Cash and cash equivalents at beginning of period 128,347 115,937
Cash and cash equivalents at end of period $ 219,315 $ 145,964