Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 118,157 $ 103,155
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 169,714 134,546
(Gain) loss on derivatives 4 (10)
Deferred income taxes, net (32,094) 809
Loss on extinguishment of debt 2,903  
Provision for bad debts and inventory 1,022 1,266
Share-based compensation expense 26,999 28,102
Net foreign currency adjustments (1,896)  
Changes in operating assets and liabilities:    
Accounts receivable, net (2,179) 1,618
Inventories (496) 1,363
Prepaid expenses and other assets (51,914) (45,709)
Accounts payable (89,914) 13,163
Accrued expenses and other liabilities (44,281) (3,180)
Advance ticket sales 439,352 375,638
Net cash provided by operating activities 535,377 610,761
Cash flows from investing activities    
Additions to property and equipment, net (214,559) (143,874)
Proceeds from promissory note 259 249
Issuance of promissory note (7,907)  
Cash received on settlement of derivatives 289  
Net cash used in investing activities (221,918) (143,625)
Cash flows from financing activities    
Repayments of long-term debt (2,345,589) (252,826)
Proceeds from long-term debt 2,392,000 290,878
Proceeds from employee related plans 7,744 5,961
Net share settlement of restricted share units (18,850) (12,171)
Purchases of treasury shares (199,996) (263,505)
Deferred financing fees (7,911) (109,915)
Net cash used in financing activities (172,602) (341,578)
Net increase in cash and cash equivalents 140,857 125,558
Cash and cash equivalents at beginning of period 163,851 176,190
Cash and cash equivalents at end of period $ 304,708 $ 301,748