Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 800,209 $ 661,075
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 420,154 385,957
Gain on derivatives   (71)
Deferred income taxes, net 3,998 16,035
Loss on extinguishment of debt 6,346  
Provision for bad debts and inventory 3,420 1,592
Share-based compensation expense 88,797 63,664
Net foreign currency adjustments (4,494)  
Changes in operating assets and liabilities:    
Accounts receivable, net (5,649) 571
Inventories (14,237) (13,923)
Prepaid expenses and other assets (34,668) (14,774)
Accounts payable 3,003 3,956
Accrued expenses and other liabilities 136,954 68,425
Advance ticket sales 316,268 187,131
Net cash provided by operating activities 1,720,101 1,359,638
Cash flows from investing activities    
Additions to property and equipment, net (1,361,678) (1,129,514)
Promissory note receipts 755  
Settlement of derivatives 64,796 (35,255)
Net cash used in investing activities (1,296,127) (1,164,769)
Cash flows from financing activities    
Repayments of long-term debt (1,233,499) (1,006,620)
Proceeds from long-term debt 1,491,352 1,217,060
Proceeds from employee related plans 26,642 28,063
Net share settlement of restricted share units (13,840) (6,342)
Repurchase of shares (463,505)  
Early redemption premium (5,154)  
Deferred financing fees (115,699) (32,473)
Net cash (used in) provided by financing activities (313,703) 199,688
Net increase in cash and cash equivalents 110,271 394,557
Cash and cash equivalents at beginning of period 176,190 128,347
Cash and cash equivalents at end of period $ 286,461 $ 522,904