Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 103,155 $ 61,910
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 134,546 121,593
(Gain) loss on derivatives (10) 406
Deferred income taxes, net 809 1,186
Provision for bad debts and inventory 1,266 323
Share-based compensation expense 28,102 18,203
Changes in operating assets and liabilities:    
Accounts receivable, net 1,618 14,943
Inventories 1,363 (5,184)
Prepaid expenses and other assets (45,709) (9,473)
Accounts payable 13,163 27,423
Accrued expenses and other liabilities (3,180) (19,321)
Advance ticket sales 375,638 222,935
Net cash provided by operating activities 610,761 434,944
Cash flows from investing activities    
Additions to property and equipment, net (143,874) (117,777)
Promissory note receipts 249  
Net cash used in investing activities (143,625) (117,777)
Cash flows from financing activities    
Repayments of long-term debt (252,826) (465,237)
Proceeds from long-term debt 290,878 236,000
Proceeds from employee related plans 5,961 9,466
Net share settlement of restricted share units (12,171) (4,550)
Purchases of treasury shares (263,505)  
Deferred financing fees (109,915) (1,404)
Net cash used in financing activities (341,578) (225,725)
Net increase in cash and cash equivalents 125,558 91,442
Cash and cash equivalents at beginning of period 176,190 128,347
Cash and cash equivalents at end of period $ 301,748 $ 219,789