Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE: NNA), an owner and operator of tanker vessels, reported its
financial results today for the third quarter and nine months ended
September 30, 2020.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “I am pleased with our results for the third
quarter of 2020. During the third quarter, Navios Acquisition
reported revenue of $78.8 million and Adjusted EBITDA of $37.1
million. Navios Acquisition also declared a reduced quarterly
dividend of $0.05 per share of common stock, representing an annual
distribution of $0.20 per share.”
Angeliki Frangou continued, “We reduced our debt by $81.3
million (7%) while we also continued to expand our fleet with no
capex. In October, we took delivery of the first bareboat
charter-in VLCC and expect three more bareboat chartered-in VLCCs
to be delivered over time. Three of these vessels have also been
chartered out.”
HIGHLIGHTS — RECENT DEVELOPMENTS
Quarterly dividend: $0.05 per share
The Board of Directors declared a quarterly cash dividend in
respect of the third quarter of 2020 of $0.05 per share of common
stock which will be paid on February 10, 2021 to stockholders of
record as of January 12, 2021. The declaration and payment of
any further dividends remain subject to the discretion of the Board
of Directors and will depend on, among other things, Navios
Acquisition’s cash requirements as measured by market opportunities
and restrictions under its credit agreements and other debt
obligations and such other factors as the Board of Directors may
deem advisable.
Debt developements
During the third quarter of 2020 and up to December 1, 2020,
Navios Acquisition repurchased $55.4 million of its ship mortgage
notes for a cash consideration of $39.4 million.
As of September 30, 2020, the Company reduced its outstanding
debt by $81.3 million, or 7%, excluding the debt associated with
the seven containers that are accounted for as held for sale and
proforma for the bond repurchases up to December 1, 2020.
In October 2020, Navios Acquisition extended the maturity date
to February 2021 of its existing loan with a commercial bank,
having an outstanding amount of $17.6 million.
In October 2020, Navios Acquisition extended the maturity date
to October 2024 of its existing loan with a commercial bank, having
an outstanding amount of $28.4 million. The remaining balance of
the facility is repayable in 16 quarterly installments of $0.8
million each with a final balloon payment of $14.9 million
repayable on the last repayment date.
In November 2020, Navios Acquisition arranged financing with a
commercial bank of up to $95.8 million in order to refinance one
VLCC, two chemical tankers and seven containerships, subject to the
refinancing of its ship mortgage notes and to definitive
documentation. The facility is repayable through a period of two to
four years, in consecutive quarterly installments of up to $1.5
million each, with a balloon payment of up to $62.7 million in
total. The facility bears interest at LIBOR plus 400 bps per
annum.
Continuous Offering Program
On November 29, 2019, Navios Acquisition entered into a
Continuous Offering Program Sales Agreement, pursuant to which
Navios Acquisition may issue and sell from time to time through the
sales agent shares of common stock having an aggregate offering
price of up to $25.0 million. As of December 1, 2020, since the
commencement of the program, Navios Acquisition has issued 956,110
shares of common stock and received net proceeds of $5.3
million.
Fleet employment
As of December 1, 2020, Navios Acquisition’s core fleet
consisted of a total of 47 vessels, of which 14 are very large
crude carriers (“VLCCs”) (including one bareboat chartered-in VLCC
that has been delivered on October 28, 2020 and three bareboat
chartered-in VLCCs expected to be delivered in each of the first
and the third quarters of 2021 and the second quarter of 2022), 31
are product tankers and two are chemical tankers. Navios
Acquisition also owns seven containerships that are accounted for
as held for sale.
Currently, Navios Acquisition has contracted 55.7% of its
available days of its core fleet on a charter-out basis for 2021.
The average base contractual net daily charter-out rate for the
51.7% of available days that are contracted on base rate and on
base rate with profit sharing arrangements is expected to be
$20,237.
FINANCIAL HIGHLIGHTS For the
following results and the selected financial data presented herein,
Navios Acquisition has compiled its consolidated statements of
operations for the three and nine months ended September 30,
2020 and 2019. The quarterly information for 2020 and 2019 was
derived from the unaudited condensed consolidated financial
statements for the respective periods.
| (Expressed in
thousands of U.S. dollars) |
|
|
Three MonthPeriod
endedSeptember
30, 2020(unaudited) |
|
|
Three MonthPeriod
endedSeptember
30, 2019(unaudited) |
|
|
|
Nine MonthPeriodendedSeptember
30, 2020(unaudited) |
|
|
Nine
MonthPeriodendedSeptember
30,2019(unaudited) |
|
| Revenue |
|
|
$ |
78,807 |
|
|
$ |
58,965 |
|
|
|
$ |
288,888 |
|
|
$ |
194,669 |
|
| Net income/(loss) |
|
|
$ |
3,236 |
|
|
$ |
(56,396 |
) |
|
|
$ |
35,122 |
|
|
$ |
(72,085 |
) |
| Adjusted net (loss)/
income |
|
|
$ |
(3,650 |
) (1) |
|
$ |
(16,186 |
) |
(2) |
|
$ |
43,593 |
(3) |
|
$ |
(34,180 |
) (4) |
| Net cash provided by operating
activities |
|
|
$ |
35,262 |
|
|
$ |
19,513 |
|
|
|
$ |
85,985 |
|
|
$ |
21,058 |
|
| EBITDA |
|
|
$ |
43,936 |
|
|
$ |
16,413 |
|
|
|
$ |
158,754 |
|
|
$ |
82,560 |
|
| Adjusted EBITDA |
|
|
$ |
37,050 |
(1) |
|
$ |
23,934 |
|
(2) |
|
$ |
166,014 |
(3) |
|
$ |
87,296 |
(4) |
| Earnings/ (loss) per share
(basic) |
|
|
$ |
0.20 |
|
|
$ |
(4.18 |
) |
|
|
$ |
2.20 |
|
|
$ |
(5.38 |
) |
| Earnings/ (loss) per share
(diluted) |
|
|
$ |
0.20 |
|
|
$ |
(4.18 |
) |
|
|
$ |
2.18 |
|
|
$ |
(5.38 |
) |
| Adjusted (loss)/ earnings per
share (basic) |
|
|
$ |
(0.23 |
) (1) |
|
$ |
(1.20 |
) |
(2) |
|
$ |
2.73 |
(3) |
|
$ |
(2.56 |
) (4) |
| Adjusted (loss)/ earnings per
share (diluted) |
|
|
$ |
(0.23 |
) (1) |
|
$ |
(1.20 |
) |
(2) |
|
$ |
2.72 |
(3) |
|
$ |
(2.56 |
) (4) |
|
(1) |
EBITDA, net earnings and earnings per share basic and diluted for
the three month period ended September 30, 2020 have been adjusted
to exclude $7.0 million gain from bond repurchase and $0.1 million
of non-cash stock based compensation. |
|
(2) |
EBITDA, net loss and loss per share basic for the three month
period ended September 30, 2019 has been adjusted to exclude $7.3
million impairment loss relating to the sale of one VLCC and $0.2
million of non-cash stock based compensation. Net loss and loss per
share basic for the three month period ended September 30, 2019
have been further adjusted to exclude $32.7 million accelerated
amortization of intangible assets in connection with early
termination of certain contracts. |
|
(3) |
EBITDA, net earnings and earnings per share basic and diluted for
the nine month period ended September 30, 2020 have been adjusted
to exclude $13.9 million impairment loss relating to the
other-than-temporary impairment recognized in the Navios
Acquisition's receivable from Navios Europe II, $7.0 million gain
from bond repurchase and $0.4 million of non-cash stock based
compensation. Net loss and loss per share basic and diluted for the
nine month period ended September 30, 2020 have been further
adjusted to exclude $1.2 million write off of deferred finance
costs. |
|
(4) |
EBITDA, net loss and loss per share for the nine month period ended
September 30, 2019 has been adjusted to exclude $7.3 million
impairment loss relating to the sale of one VLCC, $3.2 million gain
on sale of vessels and $0.7 million of non-cash stock based
compensation. Net loss and loss per share basic for the nine month
period ended September 30, 2019 have been further adjusted to
exclude $32.7 million accelerated amortization of intangible assets
in connection with early termination of certain contracts and $0.5
million write off of deferred finance costs.EBITDA, Adjusted
EBITDA, Adjusted net income and Adjusted earnings per share
(basic and diluted) are non-GAAP financial measures and should not
be used in isolation or substitution for Navios Acquisition’s
results (see Exhibit II for reconciliation of EBITDA and Adjusted
EBITDA). |
Three month periods
ended September
30,
2020 and
2019
Revenue for the three month period ended September 30, 2020
increased by $19.8 million, or 33.6%, to $78.8 million,
as compared to $59.0 million for the same period of 2019. The
increase was mainly attributable to an: (i) increase in revenue by
$6.0 million due to the acquisition of five product tankers from
Navios Europe I in December 2019 and by $5.2 million due to the
acquisition of seven containers from Navios Europe II in June 2020;
and (ii) increase in market rates during the three month period
ended September 30, 2020 as compared to the same period of
2019; partially mitigated by the sale of three VLCCs in 2019.
Available days of the fleet increased to 4,520 days for the
three month period ended September 30, 2020, as compared to
3,491 days for the three month period ended September 30,
2019, due to the reasons mentioned above. The time charter
equivalent rate, or TCE Rate, increased to $16,870 for the three
month period ended September 30, 2020, from $15,349 for the
three month period ended September 30, 2019.
Time charter and voyage expenses for the three month period
ended September 30, 2020 decreased by $2.8 million, or 51.9%,
to $2.6 million, as compared to $5.4 million for the same period of
2019. The decrease was mainly attributable to a $3.1 million
decrease in bunkers consumption and voyage expenses related to the
spot voyages incurred in the period; partially mitigated by a $0.3
million increase in brokers’ commission.
Net income was $3.2 million for the three month period
ended September 30, 2020 as compared to $56.4 million net
loss for the same period of 2019. Net income was affected by the
items described in the table above. Adjusted net loss for the three
month period ended September 30, 2020 was $3.7 million as
compared to $16.2 million adjusted net loss for the same period of
2019. The increase in adjusted net loss was mainly attributable to
a : (a) $13.2 million increase in adjusted EBITDA; (b) $2.4 million
decrease in interest expense and finance cost (excluding write off
of deferred finance costs); and (c) $0.5 million decrease in
depreciation and amortization; partially mitigated by a : (i) $2.4
million decrease in interest income; and (ii) $1.2 million increase
in direct vessel expenses (in relation to amortization of dry dock
and special survey cost).
Adjusted EBITDA affected by the items described in the table
above, for the three month period ended September 30, 2020
increased by $13.2 million to $37.1 million, as compared
to $23.9 million for the same period of 2019. The increase in
Adjusted EBITDA was mainly due to a: (a) $19.8 million increase in
revenue; and (b) $2.8 million decrease in time charter and
voyage expenses; partially mitigated by a: (i) $7.2 million
increase in operating expenses mainly due to the acquisition of the
five product tankers from Navios Europe I in December 2019 and to
the seven containers from Navios Europe II in June 2020 and to the
amendment of the fees under the management agreement, partially
mitigated by the sale of three VLCCs in 2019; (ii) $1.1 million
increase in general and administrative expenses (excluding
stock-based compensation); (iii) $0.9 million decrease in equity in
net earnings of affiliated companies; and (iv) $0.2 million
increase in other expense.
Nine month periods
ended September 30,
2020 and 2019
Revenue for the nine month period ended September 30, 2020
increased by $94.2 million, or 48.4%, to $288.9 million,
as compared to $194.7 million for the same period of 2019. The
increase was mainly attributable to an: (i) increase in revenue by
$22.9 million due to the acquisition of five product tankers from
Navios Europe I in December 2019 and by $5.2 million due to the
acquisition of seven containers from Navios Europe II in June 2020;
and (ii) increase in market rates during the nine month period
ended September 30, 2020 as compared to the same period of
2019; partially mitigated by the sale of three VLCCs in 2019.
Available days of the fleet increased to 12,134 days for the
nine month period ended September 30, 2020, as compared to
10,678 days for the nine month period ended September 30,
2019, due to the reasons mentioned above. The TCE Rate increased to
$22,812 for the nine month period ended September 30, 2020,
from $16,888 for the nine month period ended September 30,
2019.
Time charter and voyage expenses for the nine month period ended
September 30, 2020 decreased by $2.2 million, or 15.4%, to
$12.1 million, as compared to $14.3 million for the same period of
2019. The decrease was mainly attributable to a $4.6 million
decrease in bunkers consumption and voyage expenses related to the
spot voyages incurred in the period; partially mitigated by a: (i)
$1.6 million increase in port expenses; and (ii) $0.8 million
increase in brokers’ commission.
Net income was $35.1 million for the nine month period
ended September 30, 2020 as compared to $72.1 million net
loss for the same period of 2019. Net income was affected by the
items described in the table above. Adjusted net income for the
nine month period ended September 30, 2020 was $43.6 million
as compared to $34.2 million adjusted net loss for the same period
of 2019. The increase in adjusted net income was mainly
attributable to a: (a) $78.7 million increase in adjusted EBITDA;
(b) $6.0 million decrease in interest expense and finance cost
(excluding write off of deferred finance costs); and (c) $2.4
million decrease in depreciation and amortization; partially
mitigated by a: (i) $6.8 million decrease in interest income; and
(ii) $2.7 million increase in direct vessel expenses (in relation
to amortization of dry dock and special survey cost).
Adjusted EBITDA affected by the items described in the table
above, for the nine month period ended September 30, 2020
increased by $78.7 million to $166.0 million, as compared
to $87.3 million for the same period of 2019. The increase in
Adjusted EBITDA was mainly due to a: (a) $94.2 million increase in
revenue; (b) $2.2 million decrease in time charter and voyage
expenses; and (c) $0.4 million decrease in general and
administrative expenses (excluding stock-based compensation);
partially mitigated by a: (i) $12.4 million increase in operating
expenses mainly due to the acquisition of the five product tankers
from Navios Europe I in December 2019 and due to the acquisition of
seven containers from Navios Europe II in June 2020 and to the
amendment of the fees under the management agreement, partially
mitigated by the sale of three VLCCs in 2019; (ii) $2.7 million
decrease in equity in net earnings of affiliated companies; (iii)
$1.3 million decrease in other income; (iv) $1.2 million increase
in other expense; and (v) $0.6 million increase in direct vessel
expenses (other than amortization of dry dock and special survey
cost).
Fleet employment profile The
following table reflects certain key indicators of the performance
of Navios Acquisition’s fleet for the three and nine month periods
ended September 30, 2020 and 2019.
| |
|
Three month period endedSeptember 30, |
|
|
Nine month period endedSeptember 30, |
|
| |
|
2020(unaudited) |
|
|
2019(unaudited) |
|
|
2020(unaudited) |
|
|
2019(unaudited) |
|
|
FLEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available days(1) |
|
|
4,520 |
|
|
|
3,491 |
|
|
|
12,134 |
|
|
|
10,678 |
|
|
Operating days(2) |
|
|
4,477 |
|
|
|
3,472 |
|
|
|
12,036 |
|
|
|
10,642 |
|
|
Fleet utilization(3) |
|
|
99.1 |
% |
|
|
99.4 |
% |
|
|
99.2 |
% |
|
|
99.7 |
% |
|
Vessels operating at period end |
|
|
50 |
|
|
|
39 |
|
|
|
50 |
|
|
|
39 |
|
|
AVERAGE DAILY RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent rate per day(4) |
|
$ |
16,870 |
|
|
$ |
15,349 |
|
|
$ |
22,812 |
|
|
$ |
16,888 |
|
Navios Acquisition believes that the important measures for
analyzing trends in its results of income consist of the
following:
|
(1 |
) |
Available days: Available days for the fleet are
total calendar days the vessels were in Navios Acquisition’s
possession for the relevant period after subtracting off-hire days
associated with major repairs, drydocking or special surveys. The
shipping industry uses available days to measure the number of days
in a relevant period during which vessels should be capable of
generating revenues. |
|
(2 |
) |
Operating days:
Operating days are the number of available days in the relevant
period less the aggregate number of days that the vessels are
off-hire due to any reason, including unforeseen
circumstances. |
|
(3 |
) |
Fleet
utilization: Fleet utilization is the percentage of time
that Navios Acquisition’s vessels were available for generating
revenue, and is determined by dividing the number of operating days
during a relevant period by the number of available days during
that period. |
|
(4 |
) |
TCE
Rate: Time charter equivalent rate per day is defined
as voyage and time charter revenues less voyage expenses during a
period divided by the number of available days during the period.
The TCE Rate per day is a standard shipping industry performance
measure used primarily to present the actual daily earnings
generated by vessels of various types of charter contracts for the
number of available days of the fleet. |
Conference Call, Webcast and
Presentation Details:
As previously announced, Navios Acquisition will
host a conference call on Tuesday, December 1, 2020 at 8:30 am ET,
at which time Navios Acquisitions' senior management will provide
highlights and commentary on earnings results for the third quarter
and nine months ended September 30, 2020.
US Dial In: +1.877.480.3873International Dial
In: +1.404.665.9927Conference ID: 709 4007
The conference call replay will be available
shortly after the live call and remain available for one week at
the following numbers:
US Replay Dial In: +1.800.585.8367International
Replay Dial In: +1.404.537.3406Conference ID: 709 4007
The call will be simultaneously Webcast. The
Webcast will be available on the Navios Acquisition website,
www.navios-acquisition.com, under the "Investors" section. The
Webcast will be archived and available at the same Web address for
two weeks following the call.
A supplemental slide presentation will be
available by 8:00 am ET on the day of the call.
About Navios Acquisition
Navios Acquisition (NYSE: NNA) is an owner and operator of
tanker vessels focusing on the transportation of petroleum products
(clean and dirty) and bulk liquid chemicals.
For more information about Navios Acquisition, please visit our
website: www.navios-acquisition.com.
Forward Looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and expectations, including with respect
to Navios Acquisition’s future dividends, expected cash flow
generation and Navios Acquisition’s growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further employment contracts. Words such as “may,”
“expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,”
“estimates,” and variations of such words and similar expressions
are intended to identify forward-looking statements. Such
statements include comments regarding expected revenue and
employment contracts. These forward-looking statements are based on
the information available to, and the expectations and assumptions
deemed reasonable by, Navios Acquisition at the time these
statements were made. Although Navios Acquisition believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve risks and are
based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the control of Navios Acquisition. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited risks
related to: global and regional economic and political conditions
including the impact of the COVID-19 pandemic and efforts
throughout the world to contain its spread, including effects on
global economic activity, demand for seaborne transportation of the
products we ship, the ability and willingness of charterers to
fulfill their obligations to us and prevailing charter rates,
shipyards performing scrubber installations, drydocking and
repairs, changing vessel crews and availability of financing;
potential disruption of shipping routes due to accidents, diseases,
pandemics, political events, piracy or acts by terrorists,
including the impact of the COVID-19 pandemic and the
ongoing efforts throughout the world to contain it; the
creditworthiness of our charterers and the ability of our contract
counterparties to fulfill their obligations to us; tanker industry
trends, including charter rates and vessel values and factors
affecting vessel supply and demand; the aging of our vessels and
resultant increases in operation and dry docking costs; the loss of
any customer or charter or vessel; our ability to repay outstanding
indebtedness, to obtain additional financing and to obtain
replacement charters for our vessels, in each case, at commercially
acceptable rates or at all; increases in costs and expenses,
including but not limited to crew wages, insurance, provisions,
port expenses, lube oil, bunkers, repairs, maintenance and general
and administrative expenses; the expected cost of, and our ability
to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business;
potential liability from litigation and our vessel operations,
including discharge of pollutants; general domestic and
international political conditions; competitive factors in the
market in which Navios Acquisition operates; operations outside the
United States; and other factors listed from time to time in Navios
Acquisition’s filings with the SEC, including its annual and
interim reports filed on Form 20-F and Form 6-K. Navios Acquisition
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Navios Acquisition’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based. Navios
Acquisition makes no prediction or statement about the performance
of its common stock.
Public & Investor Relations Contact:Navios
Maritime Acquisition
Corporation+1.212.906.8644info@navios-acquisition.com
EXHIBIT I
NAVIOS MARITIME ACQUISITION
CORPORATIONSELECTED BALANCE
SHEET DATA(Expressed in thousands of U.S.
dollars- except share data)
| |
|
|
September 30,2020 |
|
|
December 31,2019 |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents,
including restricted cash |
|
|
$ |
60,253 |
|
|
$ |
44,051 |
|
| Vessels, net |
|
|
|
1,302,682 |
|
|
|
1,348,251 |
|
| Assets held for sale |
|
|
|
82,577 |
|
|
|
— |
|
| Other assets (including current
and non-current) |
|
|
$ |
102,742 |
|
|
$ |
162,074 |
|
| Goodwill |
|
|
|
1,579 |
|
|
|
1,579 |
|
| Total
assets |
|
|
$ |
1,549,833 |
|
|
$ |
1,555,955 |
|
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
| Liabilities associated with
assets held for sale |
|
|
$ |
37,419 |
|
|
$ |
— |
|
| Other current liabilities |
|
|
|
46,330 |
|
|
|
68,986 |
|
| Long-term debt, including current
portion, net of deferred finance costs and premium |
|
|
|
1,128,183 |
|
|
|
1,173,117 |
|
| Total
liabilities |
|
|
$ |
1,211,932 |
|
|
$ |
1,242,103 |
|
| Total stockholders’
equity |
|
|
$ |
337,901 |
|
|
$ |
313,852 |
|
| Total liabilities and
stockholders’ equity |
|
|
$ |
1,549,833 |
|
|
$ |
1,555,955 |
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS
OF INCOME(Expressed in thousands of U.S.
dollars- except share and per share data)
| |
For the ThreeMonthsEndedSeptember 30, 2020(unaudited) |
|
|
For the ThreeMonthsEndedSeptember 30, 2019(unaudited) |
|
|
For the
NineMonthsEndedSeptember 30, 2020(unaudited) |
|
|
For the
NineMonthsEndedSeptember 30, 2019(unaudited) |
|
| Revenue |
$ |
78,807 |
|
|
$ |
58,965 |
|
|
$ |
288,888 |
|
|
$ |
194,669 |
|
| Time charter and voyage
expenses |
|
(2,559 |
) |
|
|
(5,377 |
) |
|
|
(12,091 |
) |
|
|
(14,340 |
) |
| Direct vessel expenses |
|
(3,766 |
) |
|
|
(2,439 |
) |
|
|
(10,371 |
) |
|
|
(7,117 |
) |
| Vessel operating expenses
(management fees entirely through related party transactions) |
|
(33,969 |
) |
|
|
(26,837 |
) |
|
|
(93,642 |
) |
|
|
(81,224 |
) |
| General and administrative
expenses |
|
(4,719 |
) |
|
|
(3,732 |
) |
|
|
(14,966 |
) |
|
|
(15,677 |
) |
| Depreciation and
amortization |
|
(16,682 |
) |
|
|
(17,216 |
) |
|
|
(49,931 |
) |
|
|
(52,257 |
) |
| (Loss)/ gain on sale of
vessels/ Impairment loss |
|
— |
|
|
|
(39,976 |
) |
|
|
— |
|
|
|
(36,731 |
) |
| Gain on debt repurchase |
|
7,010 |
|
|
|
— |
|
|
|
7,010 |
|
|
|
— |
|
| Interest income |
|
25 |
|
|
|
2,384 |
|
|
|
32 |
|
|
|
6,840 |
|
| Interest expense and finance
cost |
|
(20,441 |
) |
|
|
(22,849 |
) |
|
|
(63,964 |
) |
|
|
(69,474 |
) |
| Impairment of receivable in
affiliated company / Equity in net earnings of affiliated
companies |
|
— |
|
|
|
936 |
|
|
|
(13,900 |
) |
|
|
2,670 |
|
| Other income |
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
1,343 |
|
| Other expense |
|
(470 |
) |
|
|
(265 |
) |
|
|
(1,943 |
) |
|
|
(787 |
) |
| Net income/
(loss) |
$ |
3,236 |
|
|
$ |
(56,396 |
) |
|
$ |
35,122 |
|
|
$ |
(72,085 |
) |
| Net income/ (loss) per share,
basic |
$ |
0.20 |
|
|
$ |
(4.18 |
) |
|
$ |
2.20 |
|
|
$ |
(5.38 |
) |
| Weighted average number of
shares, basic |
|
16,104,011 |
|
|
|
13,510,361 |
|
|
|
15,903,447 |
|
|
|
13,446,836 |
|
| Net income/ (loss) per share,
diluted |
$ |
0.20 |
|
|
$ |
(4.18 |
) |
|
$ |
2.18 |
|
|
$ |
(5.38 |
) |
| Weighted average number of
shares, diluted |
|
16,257,957 |
|
|
|
13,510,361 |
|
|
|
16,058,579 |
|
|
|
13,446,836 |
|
EXHIBIT II
Reconciliation of
EBITDA and Adjusted EBITDA
to Net Cash from Operating Activities
| |
Three MonthPeriodEndedSeptember 30,2020(unaudited) |
|
|
|
Three MonthPeriodEndedSeptember 30,2019(unaudited) |
|
Nine
MonthPeriodEndedSeptember 30,2020(unaudited) |
|
|
Nine
MonthPeriodEndedSeptember 30,2019(unaudited) |
|
|
Expressed in thousands of U.S. dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by operating
activities |
$ |
35,262 |
|
|
$ |
19,513 |
|
|
$ |
85,985 |
|
|
$ |
21,058 |
|
| Net (increase)/ decrease in
operating assets |
|
(20,341 |
) |
|
|
(5,311 |
) |
|
|
(21,710 |
) |
|
|
132 |
|
| Net (decrease)/ increase in
operating liabilities |
|
(7,376 |
) |
|
|
(15,735 |
) |
|
|
11,342 |
|
|
|
(2,633 |
) |
| Net interest cost |
|
20,416 |
|
|
|
20,465 |
|
|
|
63,932 |
|
|
|
62,634 |
|
| Amortization and write-off of
deferred finance costs and bond premium |
|
(1,359 |
) |
|
|
(1,053 |
) |
|
|
(4,404 |
) |
|
|
(3,346 |
) |
| Impairment of receivable in
Navios Europe II / Equity in net earnings of affiliated
companies |
|
— |
|
|
|
936 |
|
|
|
(13,900 |
) |
|
|
2,670 |
|
| Payments for dry dock and special
survey costs |
|
10,448 |
|
|
|
5,119 |
|
|
|
30,869 |
|
|
|
6,781 |
|
| Gain on sale of vessels |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,245 |
|
| Impairment loss |
|
— |
|
|
|
(7,287 |
) |
|
|
— |
|
|
|
(7,287 |
) |
| Gain on debt repurchase |
|
7,010 |
|
|
|
— |
|
|
|
7,010 |
|
|
|
— |
|
| Stock-based compensation |
|
(124 |
) |
|
|
(234 |
) |
|
|
(370 |
) |
|
|
(694 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
$ |
43,936 |
|
|
$ |
16,413 |
|
|
$ |
158,754 |
|
|
$ |
82,560 |
|
| Gain on sale of vessels |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,245 |
) |
| Impairment of receivable in
Navios Europe II |
|
— |
|
|
|
7,287 |
|
|
|
13,900 |
|
|
|
7,287 |
|
| Gain on debt repurchase |
|
(7,010 |
) |
|
|
— |
|
|
|
(7,010 |
) |
|
|
— |
|
| Stock-based compensation |
|
124 |
|
|
|
234 |
|
|
|
370 |
|
|
|
694 |
|
| Adjusted
EBITDA |
$ |
37,050 |
|
|
$ |
23,934 |
|
|
$ |
166,014 |
|
|
$ |
87,296 |
|
| |
Three MonthPeriodEndedSeptember 30,2020(unaudited) |
|
|
Three MonthPeriodEndedSeptember 30,2019(unaudited) |
|
|
Nine
MonthPeriodEndedSeptember 30,2020(unaudited) |
|
|
Nine
MonthPeriodEndedSeptember 30,2019(unaudited) |
|
|
Net cash provided by operating activities |
$ |
35,262 |
|
|
$ |
19,513 |
|
|
$ |
85,985 |
|
|
$ |
21,058 |
|
| Net cash (used in)/ provided by
investing activities |
$ |
(1,785 |
) |
|
$ |
5,605 |
|
|
$ |
(46,408 |
) |
|
$ |
31,343 |
|
| Net cash (used in)/ provided by
financing activities |
$ |
(41,706 |
) |
|
$ |
35,792 |
|
|
$ |
(23,375 |
) |
|
$ |
3,862 |
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted net income/ (loss) and
Adjusted income/ (loss) per share (basic and diluted) are non-U.S.
GAAP financial measures and should not be used in isolation or as
substitution for Navios Acquisition’s results calculated in
accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”).
EBITDA represents net income/ (loss) before interest and
finance costs, before depreciation and amortization and before
income taxes. Adjusted EBITDA in this document represents
EBITDA excluding certain items as described under “Financial
Highlights”. Adjusted net income/ (loss) and Adjusted income/
(loss) per share (basic and diluted) represent Net income/
(loss) and income/ (loss) per share (basic and diluted),
excluding certain items as described under “Financial Highlights”.
We use Adjusted EBITDA as liquidity measure and reconcile EBITDA
and Adjusted EBITDA to net cash provided by/ (used in) operating
activities, the most comparable U.S. GAAP liquidity measure. EBITDA
is calculated as follows: net cash provided by/(used in) operating
activities adding back, when applicable and as the case may be, the
effect of: (i) net increase/(decrease) in operating assets; (ii)
net (increase)/decrease in operating liabilities; (iii) net
interest cost; (iv) amortization of deferred finance costs and
other related expenses; (v) equity/ (loss) in net earnings of
affiliates, net of dividends received; (vi) payments for dry dock
and special survey costs; (vii) impairment charges; (viii) gain on
sale of assets; (ix) gain/ (loss) on debt repayment; (x) stock-
based compensation and (xi) transaction costs. Navios Acquisition
believes that EBITDA and Adjusted EBITDA are each the basis upon
which liquidity can be assessed and present useful information to
investors regarding Navios Acquisition’s ability to service and/or
incur indebtedness, pay capital expenditures, meet working capital
requirements and pay dividends. Navios Acquisition also believes
that EBITDA and Adjusted EBITDA are used: (i) by potential
lenders to evaluate potential transactions; (ii) to evaluate and
price potential acquisition candidates; and (iii) by securities
analysts, investors and other interested parties in the evaluation
of companies in our industry. EBITDA and Adjusted EBITDA have
limitations as an analytical tool, and should not be considered in
isolation or as a substitute for the analysis of Navios
Acquisition’s results as reported under U.S. GAAP. Some of these
limitations are: (i) EBITDA and Adjusted EBITDA do not reflect
changes in, or cash requirements for, working capital needs; and
(ii) although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future. EBITDA and Adjusted EBITDA do not reflect any cash
requirements for such capital expenditures. Because of these
limitations, EBITDA and Adjusted EBITDA should not be considered as
a principal indicator of Navios Acquisition’s performance.
Furthermore, our calculation of EBITDA and Adjusted EBITDA may not
be comparable to that reported by other companies due to
differences in methods of calculation.
EXHIBIT
III
|
Vessels |
Type |
Year Built/Delivery |
DWT |
|
|
Date |
|
|
|
|
|
|
|
|
| Owned
Vessels of Navios Acquisition |
|
|
|
|
|
| Nave Polaris |
Chemical Tanker |
2011 |
|
25,145 |
|
| Nave Cosmos |
Chemical Tanker |
2010 |
|
25,130 |
|
| Star N |
MR1 Product Tanker |
2009 |
|
37,836 |
|
| Hector N |
MR1 Product Tanker |
2008 |
|
38,402 |
|
| Nave
Alderamin |
MR2 Product Tanker |
2013 |
|
49,998 |
|
| Nave
Bellatrix |
MR2 Product Tanker |
2013 |
|
49,999 |
|
| Nave Capella |
MR2 Product Tanker |
2013 |
|
49,995 |
|
| Nave Orion |
MR2 Product Tanker |
2013 |
|
49,999 |
|
| Nave Titan |
MR2 Product Tanker |
2013 |
|
49,999 |
|
| Nave Aquila |
MR2 Product Tanker |
2012 |
|
49,991 |
|
| Nave Atria |
MR2 Product Tanker |
2012 |
|
49,992 |
|
| Nave Estella |
LR1 Product Tanker |
2012 |
|
75,000 |
|
| Nave
Andromeda |
LR1 Product Tanker |
2011 |
|
75,000 |
|
| Nave Neutrino |
VLCC |
2003 |
|
298,287 |
|
| Nave Celeste |
VLCC |
2003 |
|
298,717 |
|
| Nave Photon |
VLCC |
2008 |
|
297,395 |
|
| Nave
Spherical |
VLCC |
2009 |
|
297,188 |
|
| Nave Galactic |
VLCC |
2009 |
|
297,168 |
|
| Nave Quasar |
VLCC |
2010 |
|
297,376 |
|
| Nave Synergy |
VLCC |
2010 |
299,973 |
|
| Nave
Constellation |
VLCC |
2010 |
|
298,000 |
|
| Nave Universe |
VLCC |
2011 |
|
297,066 |
|
| Nave Buena
Suerte |
VLCC |
2011 |
|
297,491 |
|
|
Baghdad* |
VLCC |
2020 |
|
313,433 |
|
| Vessels to
be delivered* |
|
|
|
|
|
| TBN II |
VLCC |
Expected Q1 2021 |
|
310,000 |
|
| TBN III |
VLCC |
Expected Q3 2021 |
|
310,000 |
|
| TBN IV |
VLCC |
Expected Q2 2022 |
|
310,000 |
|
| Owned
Vessels of Navios Maritime
Midstream Partners |
|
|
|
|
|
| Perseus
N^ |
MR1 Product Tanker |
2009 |
|
36,264 |
|
| Nave Velocity |
MR2 Product Tanker |
2015 |
|
49,999 |
|
| Nave
Sextans^ |
MR2 Product Tanker |
2015 |
|
49,999 |
|
| Nave Pyxis |
MR2 Product Tanker |
2014 |
|
49,998 |
|
| Nave
Luminosity |
MR2 Product Tanker |
2014 |
|
49,999 |
|
| Nave Jupiter |
MR2 Product Tanker |
2014 |
|
49,999 |
|
| Bougainville |
MR2 Product Tanker |
2013 |
|
50,626 |
|
| Nave Orbit |
MR2 Product Tanker |
2009 |
|
50,470 |
|
| Nave Equator |
MR2 Product Tanker |
2009 |
|
50,542 |
|
| Nave Equinox |
MR2 Product Tanker |
2007 |
|
50,922 |
|
| Nave Pulsar |
MR2 Product Tanker |
2007 |
|
50,922 |
|
| Nave Dorado |
MR2 Product Tanker |
2005 |
|
47,999 |
|
| Nave Atropos |
LR1 Product Tanker |
2013 |
|
74,695 |
|
| Nave Rigel |
LR1 Product Tanker |
2013 |
|
74,673 |
|
| Nave
Cassiopeia^ |
LR1 Product Tanker |
2012 |
|
74,711 |
|
| Nave
Cetus^ |
LR1 Product Tanker |
2012 |
|
74,581 |
|
| Nave Ariadne |
LR1 Product Tanker |
2007 |
|
74,671 |
|
| Nave Cielo |
LR1 Product Tanker |
2007 |
|
74,671 |
|
| Lumen N |
LR1 Product Tanker |
2008 |
|
63,599 |
|
| Aurora N |
LR1 Product Tanker |
2008 |
|
63,495 |
|
- Owned Vessels held for sale
|
|
|
|
|
|
| Acrux N |
Container |
2010 |
|
23,338 |
|
| Allegro N |
Container |
2014 |
|
46,999 |
|
| Fleur N |
Container |
2012 |
|
41,130 |
|
| Ete N |
Container |
2012 |
|
41,139 |
|
| Spectrum N |
Container |
2009 |
|
34,333 |
|
| Solstice N |
Container |
2007 |
|
44,023 |
|
| Vita N |
Container |
2010 |
|
23,359 |
|
| *
Bareboat chartered-in vessels with purchase
option. |
| ^
Under process of completion of documentation. |
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