Royal Caribbean Cruise Lines 2001 Annual Report Download - page 42

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Consolidated Statements of Cash Flows
40 Royal Caribbean Cruises Ltd.
Year Ended December 31,
(in thousands) 2001 2000 1999
OPERATING ACTIVITIES
Net income $ 254,457 $ 445,363 $ 383,853
Adjustments:
Depreciation and amortization 301,174 231,048 197,909
Accretion of original issue discount 36,061 ––
Changes in operating assets and liabilities:
(Increase) in trade and other receivables, net (18,587) (150) (16,927)
(Increase) decrease in inventories (3,378) (3,717) 5,436
Decrease (increase) in prepaid expenses and other assets 3,305 1,865 (6,006)
(Decrease) increase in accounts payable (14,073) 55,102 (12,792)
Increase (decrease) in accrued expenses and other liabilities 75,645 (8,204) (34,373)
Increase (decrease) in customer deposits 2,674 (21,622) 62,107
Other, net (3,589) 3,631 4,151
Net cash provided by operating activities 633,689 703,316 583,358
INVESTING ACTIVITIES
Purchases of property and equipment (1,737,471) (1,285,649) (972,481)
Investment in convertible preferred stock –(305,044) –
Net proceeds from vessel transfer to joint venture –47,680 –
Other, net (46,501) (21,417) (14,963)
Net cash used in investing activities (1,783,972) (1,564,430) (987,444)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt, net 1,834,341 1,195,000 –
Repayments of long-term debt (45,553) (128,086) (127,919)
Dividends (99,955) (94,418) (81,568)
Proceeds from issuance of common stock –– 487,399
Other, net 10,818 2,958 16,723
Net cash provided by financing activities 1,699,651 975,454 294,635
Net Increase (Decrease) in Cash and Cash Equivalents 549,368 114,340 (109,451)
Cash and Cash Equivalents at Beginning of Year 177,810 63,470 172,921
Cash and Cash Equivalents at End of Year $ 727,178 $ 177,810 $ 63,470
SUPPLEMENTAL DISCLOSURES
Cash paid during the year for:
Interest, net of amount capitalized $ 203,038 $ 146,434 $ 133,925
Noncash investing and financing activities:
Acquisition of vessel through debt $ 326,738 $–$–
The accompanying notes are an integral part of these financial statements.