Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”)
(NYSE: NM), a global seaborne shipping and logistics company, today
reported financial results for the first quarter ended March 31,
2022.
Angeliki Frangou, Chairwoman and Chief Executive
Officer, stated, “I am pleased with the results for the first
quarter of 2022. In the first quarter of 2022, Navios Holdings
reported revenue of $127.8 million and EBITDA of $73.8
million.”Angeliki Frangou, continued, “The dry bulk market is
healthy as evidenced by our charter rates for the first quarter of
2022, which are over 50% higher compared to the first quarter of
2021. There are, however, significant geopolitical headwinds,
including the war in Ukraine, China’s zero-Covid policy and rising
interest rates and inflation. So far, these events have impacted
trade positively by creating new trade routes with longer ton
miles. The situation remains fluid and we are closely monitoring
developments.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
$664.3 million bond repayments YTD
In January 2022, the Company repaid $614.3 million of its 7.375%
First Priority Ship Mortgage Notes (“Ship Mortgage Notes”).
Year-to-date, Navios Holdings has redeemed $50.0 million of its
11.25% Senior Secured Notes (“Senior Notes”). Following these
redemptions, $105.0 million of Senior Notes remains outstanding.
The Senior Notes mature in August 2022.
Sale and Leaseback Agreement
In March 2022, Navios Holdings entered into and drew a sale and
leaseback agreement for $12.0 million to finance a dry-bulk vessel.
$10.4 million of the net proceeds were used to prepay a portion of
the outstanding amount of the Company’s HCOB bank facility.
Fleet Statistics
Navios Holdings controls a fleet of 36 vessels
totaling 3.9 million dwt, of which 25 are owned (including five
bareboat-in vessels) and 11 are chartered-in under long-term
charters (collectively, the "Core Fleet"). The Core Fleet consists
of 12 Capesize, 19 Panamax, four Ultra-Handymax and one Handysize
vessels, with an average age of 9.4 years.
As of May 13, 2022, Navios Holdings has
currently chartered-out 77.1% of available days for the remaining
nine months of 2022. 44.3% of available days for the remaining nine
months of 2022 are chartered-out on fixed rate and 32.8% are
chartered-out on index.
The average contracted daily charter-in rate for
the long-term charter-in vessels for the remaining nine months of
2022 is $15,774 per day.
The above figures do not include the fleet of
Navios Logistics.
Exhibit II provides certain details of the Core
Fleet of Navios Holdings. It does not include the fleet of Navios
Logistics.
Navios Logistics
In April 2022, Vale S.A. (“Vale”) announced the
sale of its iron ore, manganese ore and logistics assets in the
Midwestern system to J&F Mineracao Ltda., an entity controlled
by J&F Investimentos S.A. The sale includes the full assumption
by the buyer of the take-or-pay logistics contracts, which remain
subject to the consent of the applicable counterparties. The Vale
port contract remains in full force and effect. Any change to
the terms and conditions of the Vale port contract is subject to
the prior approval of the Navios counterparty.
Non-GAAP Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings /(Loss) attributable to Navios
Holdings’ common stockholders per share are non-U.S. GAAP financial
measures and should not be used in isolation or as substitution for
Navios Holdings’ results calculated in accordance with U.S.
GAAP.
See Exhibit I under the heading, “Disclosure of
Non-GAAP Financial Measures,” for a discussion of EBITDA, Adjusted
EBITDA, Adjusted Net Income/(Loss) attributable to Navios Holdings’
common stockholders and Adjusted Basic Earnings/(Loss) attributable
to Navios Holdings’ common stockholders per share of Navios
Holdings (including Navios Logistics), and EBITDA of Navios
Logistics (on a stand-alone basis) and a reconciliation of such
measures to the most comparable measures calculated under U.S.
GAAP.
Earnings
Highlights
First Quarter
2022 and 2021
Results (in
thousands of
U.S. dollars,
except per share
data and unless
otherwise stated):
The first quarter 2022 and 2021 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
|
Three Month Period EndedMarch 31,
2022 |
|
|
|
|
Three Month Period EndedMarch 31,
2021 |
|
|
|
(unaudited) |
|
(unaudited) |
Revenue |
$ |
127,790 |
|
|
|
$ |
116,951 |
|
Net (Loss)/Income attributable to Navios Holdings’ common
stockholders |
$ |
(5,000 |
) |
|
|
$ |
163 |
|
Adjusted Net Income/(Loss) attributable to Navios Holdings’ common
stockholders |
$ |
19,000 |
(1) |
|
|
$ |
(5,234 |
)(2) |
Net cash provided by/(used in)
operating activities |
$ |
16,361 |
|
|
|
$ |
(27,402 |
) |
EBITDA |
$ |
73,781 |
|
|
|
$ |
54,592 |
|
Adjusted EBITDA |
$ |
73,781 |
|
|
|
$ |
49,195 |
(2) |
Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(0.28 |
) |
|
|
$ |
(0.08 |
) |
Adjusted Basic Earnings/(Loss)
attributable to Navios Holdings’ common stockholders per share |
$ |
0.62 |
(1) |
|
|
$ |
(0.50 |
)(2) |
(1) Adjusted Net Income and Adjusted
Basic Earnings per share attributable to Navios Holdings’ common
stockholders for the three month period ended March 31, 2022
exclude the impact of the $24.0 million upfront fee paid in the
form of a convertible debenture in respect of NSM Loan I and NSM
Loan II drawn down in January 2022.(2) Adjusted Net Loss, Adjusted
EBITDA and Adjusted Basic Loss per share attributable to Navios
Holdings’ common stockholders for the three month period ended
March 31, 2021 exclude (i) $25.9 million in equity income in
affiliate companies due to the merger of Navios Containers with
Navios Partners effected on March 31, 2021; and (ii) $20.5 million
in impairment losses relating to the sale of three drybulk
vessels.
Revenue from the Dry Bulk Vessel Operations for
the three month period ended March 31, 2022 increased by $4.9
million, or 7.7%, to $68.6 million, as compared to $63.7 million
for the same period during 2021. The increase in dry bulk revenue
was mainly attributable to the increase in the time charter and
freight market during three month period ended March 31, 2022. The
TCE per day increased by 51.1% to $21,767 per day in the three
month period ended March 31, 2022, as compared to $14,404 per day
in the same period of 2021. This overall increase was partially
mitigated by 1,050 fewer available days as compared to 2021, mainly
due to (i) a decrease in available days of owned and bareboat-in
vessels by 578 days following the sale of seven of the Company’s
vessels in 2021; and (ii) a decrease in charter-in vessels’
available days by 472 days due to the redelivery to owners of five
charter-in vessels in 2021 and the acquisition of one charter-in
vessel in 2021, which was then sold to a related party.
Revenue from the Logistics Business was $59.2
million for the three month period ended March 31, 2022, as
compared to $53.2 million for the same period in 2021. The increase
was mainly attributable to (i) a $4.5 million increase in revenue
from the port terminal business, mainly due to higher volumes
transshipped in the grain port terminal; (ii) a $2.0 million
increase in revenue from the cabotage business, mainly due to
higher CoA/Voyage revenues; and (iii) a $0.8 million increase in
revenue from the barge business, mainly due to higher liquid cargo
moved. The overall increase was partially mitigated by a $1.3
million decrease in sales of products due to the decrease in the
Paraguayan liquid port’s volume of products sold.
Net Loss attributable to Navios Holdings’ common
stockholders was $5.0 million for the three month period ended
March 31, 2022, as compared to $0.2 million Net Income attributable
to Navios Holdings’ common stockholders for the same period in
2021. Net Loss attributable to Navios Holdings’ common stockholders
was affected by the issuance of the convertible debenture described
in footnote 1 to the table above. Excluding these items, Adjusted
Net Income attributable to Navios Holdings’ common stockholders for
the three month period ended March 31, 2022 was $19.0 million, as
compared to $5.2 million Adjusted Net Loss attributable to Navios
Holdings’ common stockholders for the same period in 2021. This
increase in Adjusted Net Income was mainly due to (i) a $24.6
million increase in Adjusted EBITDA as discussed in the paragraph
below; (ii) a $1.9 million decrease in depreciation and
amortization; and (iii) a $0.1 million decrease in stock-based
compensation expense. This overall increase of approximately $26.6
million was partially mitigated by (i) a $1.4 million increase in
interest expense and finance cost, net; (ii) a $0.8 million
decrease in income tax benefit; and (iii) a $0.2 million increase
in amortization of deferred drydock, special survey and other
capitalized items.
Net Loss of Navios Logistics, on a standalone
basis, was $0.4 million for the three month period ended March 31,
2022 as compared to $3.2 million net income for the same period in
2021.
Adjusted EBITDA of Navios Holdings for the three
month period ended March 31, 2022 increased by $24.6 million to
$73.8 million, as compared to $49.2 million for the same period in
2021. The increase in Adjusted EBITDA was primarily due to (i) a
$10.8 million increase in revenue; (ii) a $8.8 million decrease in
time charter, voyage and logistics business expenses; (iii) a $7.9
million increase in equity in net earnings from affiliate
companies; (iv) a $1.3 million increase in net loss attributable to
noncontrolling interest; and (v) a $0.1 million decrease in general
and administrative expenses (excluding stock-based compensation
expenses). This overall increase of approximately $29.0 million was
partially mitigated by (i) a $2.3 million increase in direct vessel
expenses (excluding the amortization of deferred drydock, special
survey costs and other capitalized items); (ii) a $2.0 million
increase in other expense, net and (iii) a $0.1 million loss on
bond extinguishment, net recorded in the three month period ended
March 31, 2022.
EBITDA of Navios Logistics, on a standalone
basis, was $23.9 million for the three month period ended March 31,
2022, as compared to $23.3 million for the same period in 2021.
Fleet Summary Data:
The following table reflects certain key
indicators indicative of the performance of Navios Holdings’ dry
bulk operations (excluding the Navios Logistics’ fleet) and its
fleet performance for the three month period ended March 31, 2022
and 2021, respectively.
|
|
Three Month |
|
Three Month |
|
|
Period Ended |
|
Period Ended |
|
|
March 31, |
|
March 31, |
|
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
(Unaudited) |
Available Days (1) |
|
|
3,152 |
|
|
|
4,202 |
|
Operating Days (2) |
|
|
3,128 |
|
|
|
4,181 |
|
Fleet Utilization (3) |
|
|
99.2 |
% |
|
|
99.5 |
% |
Equivalent Vessels (4) |
|
|
35 |
|
|
|
47 |
|
TCE (5) |
|
$ |
21,767 |
|
|
$ |
14,404 |
|
(1 |
) |
Available days are the total number of days a vessel is controlled
by a company less the aggregate number of days that the vessel is
off-hire due to major repairs or repairs under guarantee, vessel
upgrades, drydocking or special surveys and ballast days relating
to voyages. The shipping industry uses available days to measure
the number of days in a period during which vessels should be
capable of generating revenues. |
(2 |
) |
Operating days are the number of available days in a period less
the aggregate number of days that the vessels are off-hire due to
any reason, including unforeseen circumstances. |
(3 |
) |
Fleet utilization is the percentage of time that Navios Holdings’
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 |
) |
Equivalent Vessels are defined as the available days of the fleet
divided by the number of the calendar days in the period. |
(5 |
) |
TCE rates are 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 is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels on various types of contracts
for the number of available days of the fleet. |
Conference Call:
As previously announced, Navios Holdings will
host a conference call today, May 19, 2022, at 8:30 am ET, at which
time Navios Holdings’ senior management will provide highlights and
commentary on earnings results for the first quarter ended March
31, 2022.
A supplemental slide presentation will be
available on the Navios Holdings website at www.navios.com under
the “Investors” section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Thursday, May 19, 2022 at 8:30 am ETCall Title:
Navios Holdings Q1 2022 Financial Results Conference Call US Dial
In: +1.866.518.6930International Dial In: +1.203.518.9822Conference
ID: NMQ122
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: 1.800.839.3742International Replay Dial In:
+1.402.220.2979Conference ID: NMQ122
This call will be simultaneously Webcast. The
Webcast will be available on the Navios Holdings website,
www.navios.com, under the “Investors” section. The Webcast will be
archived and available at the same Web address for two weeks
following the call.
About Navios
Maritime Holdings
Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a
global seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings,
please visit our website: www.navios.com.
About Navios
South American
Logistics Inc.
Navios South American Logistics Inc. is one of
the largest logistics companies in the Hidrovia region of South
America, focusing on the Hidrovia region river system, the main
navigable river system in the region, and on cabotage trades along
the eastern coast of South America. Navios Logistics serves the
storage and marine transportation needs of its petroleum,
agricultural and mining customers through its port terminals, river
barge and coastal cabotage operations. For more information about
Navios Logistics, please visit its website:
www.navios-logistics.com.
About Navios
Maritime Partners
L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is an
international owner and operator of dry cargo and tanker vessels.
For more information, please visit its website:
www.navios-mlp.com.
Forward
Looking Statements
– Safe
Harbor
This press release contains and our earnings
call will contain 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, including with respect to the expected redemption or
repayment of the Senior Notes prior to or at maturity, expected
cash flow generation, expected effects of the Navios
Partners/Navios Acquisition merger, future contracted revenues,
potential capital gains, our ability to take advantage of
dislocation in the market and any market recovery, Navios Holdings’
growth strategy and measures to implement such strategy, including
expected vessel acquisitions and entering into further time
charters, and Navios Holdings’ ability to meet its ESG goals. 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 time charters. These forward-looking statements are
based on the information available to, and the expectations and
assumptions deemed reasonable by Navios Holdings at the time these
statements were made. Although Navios Holdings 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 known and
unknown risks and are based upon a number of assumptions and
estimates, which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the
control of Navios Holdings. 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 to risks relating 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;
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, wars, 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; uncertainty relating to global trade, including prices of
seaborne commodities and continuing issues related to seaborne
volume and ton miles; our continued ability to enter into long-term
time charters; our ability to maximize the use of our vessels;
expected demand in the dry cargo shipping sector in general and the
demand for our Panamax, Capesize, Ultra Handymax and Handysize
vessels in particular; the aging of our fleet and resultant
increases in operations costs; the loss of any customer or charter
or vessel; the financial condition of our customers; changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors; 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,
general domestic and international political conditions;
competitive factors in the market in which Navios Holdings
operates; the value of our publicly traded subsidiaries; risks
associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings’ filings with
the Securities and Exchange Commission, including its Forms 20-F
and Forms 6-K. Navios Holdings 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 Holdings’ expectations with respect thereto or any change
in events, conditions or circumstances on which any statement is
based. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.
Contact:
Navios Maritime Holdings
Inc.+1-345-232-3067+1.212.906.8643investors@navios.com
EXHIBIT I
NAVIOS MARITIME HOLDINGS
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars
— except share and per share data)
|
|
|
Three MonthPeriod Ended
March 31, 2022 |
|
Three MonthPeriod Ended
March 31, 2021 |
|
|
|
(unaudited) |
|
(unaudited) |
Revenue |
|
|
$ |
127,790 |
|
|
$ |
116,951 |
|
Time charter, voyage and logistics business expenses |
|
|
|
(29,492 |
) |
|
|
(38,327 |
) |
Direct vessel expenses (1) |
|
|
|
(28,462 |
) |
|
|
(25,915 |
) |
General and administrative expenses (2) |
|
|
|
(6,565 |
) |
|
|
(6,819 |
) |
Depreciation and amortization |
|
|
|
(14,378 |
) |
|
|
(16,266 |
) |
Interest expense and finance cost, net |
|
|
|
(37,565 |
) |
|
|
(36,200 |
) |
Impairment loss/ loss on sale of vessels, net |
|
|
|
— |
|
|
|
(20,455 |
) |
Loss on bond extinguishment, net |
|
|
|
(115 |
) |
|
|
— |
|
Other expense, net |
|
|
|
(2,187 |
) |
|
|
(224 |
) |
Non-operating other finance cost |
|
|
|
(24,000 |
) |
|
|
— |
|
Loss before equity in net losses of affiliate
companies |
|
|
$ |
(14,974 |
) |
|
$ |
(27,255 |
) |
Equity in net earnings of affiliate companies |
|
|
|
9,798 |
|
|
|
27,740 |
|
(Loss)/Income before taxes |
|
|
$ |
(5,176 |
) |
|
$ |
485 |
|
Income tax benefit |
|
|
|
48 |
|
|
|
829 |
|
Net (loss)/income |
|
|
$ |
(5,128 |
) |
|
$ |
1,314 |
|
Less: Net loss/(income) attributable to the noncontrolling
interest |
|
|
|
128 |
|
|
|
(1,151 |
) |
Net (loss)/income attributable to Navios Holdings common
stockholders |
|
|
$ |
(5,000 |
) |
|
$ |
163 |
|
Loss attributable to Navios Holdings common stockholders,
basic and diluted |
|
|
$ |
(6,277 |
) |
|
$ |
(1,114 |
) |
Basic and diluted loss per share attributable to Navios
Holdings common stockholders |
|
|
$ |
(0.28 |
) |
|
$ |
(0.08 |
) |
Weighted average number of shares, basic and
diluted |
|
|
|
22,631,476 |
|
|
|
13,113,385 |
|
(1) Includes expenses of Navios
Logistics of $16.9 million and $13.6 million for the three month
period ended March 31, 2022 and 2021, respectively.(2) Includes
expenses of Navios Logistics of $3.5 million and $3.3 million for
the three month period ended March 31, 2022 and 2021,
respectively.
NAVIOS MARITIME HOLDINGS
INC.Other Financial Data
|
March
31,
2022 |
|
December 31, 2021 |
ASSETS |
|
(unaudited) |
|
|
(unaudited) |
Cash and cash equivalents, including restricted cash |
$ |
49,805 |
|
$ |
137,851 |
Vessels, port terminals and other fixed assets, net |
|
940,304 |
|
|
950,002 |
Goodwill and other intangibles |
|
251,931 |
|
|
253,317 |
Operating lease assets |
|
161,398 |
|
|
173,426 |
Other current and non-current assets |
|
300,888 |
|
|
294,182 |
Total assets |
$ |
1,704,326 |
|
$ |
1,808,778 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Long-term debt, including current portion |
$ |
697,184 |
|
$ |
284,553 |
Senior and ship mortgage notes, net |
|
623,258 |
|
|
1,101,931 |
Operating lease liabilities, current portion |
|
52,972 |
|
|
54,747 |
Operating lease liabilities, net of current portion |
|
131,004 |
|
|
144,239 |
Other current and non-current liabilities |
|
138,346 |
|
|
156,664 |
Total stockholders’ equity |
|
61,562 |
|
|
66,644 |
Total liabilities and stockholders’ equity |
$ |
1,704,326 |
|
$ |
1,808,778 |
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) per share are “non-U.S. GAAP
financial measures” and should not be used in isolation or
considered substitutes for net income/(loss), cash flow from
operating activities and other operations or cash flow statement
data prepared in accordance with generally accepted accounting
principles in the United States.
EBITDA represents net income/(loss) attributable
to Navios Holdings’ common stockholders before interest and finance
costs, before depreciation and amortization, before income taxes
and before stock-based compensation. Adjusted EBITDA represents
EBITDA, excluding certain additional items as described under
“Earnings Highlights”. We use EBITDA and Adjusted EBITDA as
liquidity measures and reconcile EBITDA and Adjusted EBITDA to net
cash provided by operating activities, the most comparable U.S.
GAAP liquidity measure. EBITDA is calculated as follows: net cash
provided by 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) deferred financing costs
and gains/(losses) on bond and debt extinguishment, net; (v)
allowance for credit losses; (vi) earnings/(losses) in affiliate
companies, net of dividends received; (vii) payments for drydock,
special survey costs and other capitalized items; (viii)
noncontrolling interest; (ix) gain/ (loss) on sale of assets; (x)
unrealized (loss)/gain on derivatives; (xi) loss on sale and
reclassification to earnings of available-for-sale securities; and
(xii) impairment losses. Navios Holdings believes that EBITDA and
Adjusted EBITDA are a basis upon which liquidity can be assessed
and represents useful information to investors regarding Navios
Holdings’ ability to service and/or incur indebtedness, pay capital
expenditures and meet working capital requirements. Navios Holdings
also believes that EBITDA and Adjusted EBITDA are used (i) by
prospective and current lessors as well as 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.
While EBITDA and Adjusted EBITDA are frequently
used as measures of operating results and the ability to meet debt
service requirements, the definitions of EBITDA and Adjusted EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as
an analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Holdings’
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; (ii) EBITDA and Adjusted
EBITDA do not reflect the amounts necessary to service interest or
principal payments on our debt and other financing arrangements;
and (iii) 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, among others, EBITDA and Adjusted EBITDA should
not be considered as an indicator of Navios Holdings’
performance.
Navios Logistics EBITDA is used to measure its
operating performance.
We present Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders because we
believe it assists investors and analysts in comparing our
operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Our presentation of Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
adjusts net income/(loss) attributable to Navios Holdings’ common
stockholders for the items described above under “Earnings
Highlights”. The definition of Adjusted Net Income/(Loss) used here
may not be comparable to that used by other companies due to
differences in methods of calculation.
Adjusted Basic Earnings/(Loss) attributable to
Navios Holdings’ common stockholders per share is defined as
Adjusted Net Income/(Loss) attributable to Navios Holdings’ common
stockholders divided by the weighted average number of shares for
each of the periods presented.
The following tables provide a reconciliation of
EBITDA and Adjusted EBITDA of Navios Holdings (including Navios
Logistics) and EBITDA of Navios Logistics on a stand-alone
basis:
Navios Holdings Reconciliation of
EBITDA and Adjusted EBITDA to Cash from Operations
|
March 31, |
|
March 31, |
Three Month Period
Ended |
2022 |
|
2021 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by/(used in) operating activities |
$ |
16,361 |
|
|
$ |
(27,402 |
) |
Net (decrease)/increase in
operating assets |
|
(2,516 |
) |
|
|
9,326 |
|
Net decrease in operating
liabilities |
|
10,926 |
|
|
|
26,847 |
|
Interest expense and finance
cost, net |
|
37,565 |
|
|
|
36,200 |
|
Deferred financing costs |
|
(2,406 |
) |
|
|
(2,447 |
) |
Allowance for credit
losses |
|
(146 |
) |
|
|
(246 |
) |
Equity in affiliate companies,
net of dividends received |
|
9,697 |
|
|
|
27,677 |
|
Payments for drydock and
special survey costs |
|
4,287 |
|
|
|
6,243 |
|
Noncontrolling interest |
|
128 |
|
|
|
(1,151 |
) |
Loss on bond extinguishment,
net |
|
(115 |
) |
|
|
— |
|
Impairment loss/ loss on sale
of vessels, net |
|
— |
|
|
|
(20,455 |
) |
EBITDA |
$ |
73,781 |
|
|
$ |
54,592 |
|
Impairment loss/ loss on sale
of vessels, net |
|
— |
|
|
|
20,455 |
|
Equity in net earnings of
affiliate companies due to Navios Partners' Merger |
|
— |
|
|
|
(25,852 |
) |
Adjusted
EBITDA |
$ |
73,781 |
|
|
$ |
49,195 |
|
Three Month
Period Ended |
March 31, 2022 |
|
March 31,2021 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by/(used in) operating activities |
$ |
16,361 |
|
|
$ |
(27,402 |
) |
Net cash (used in)/provided by
investing activities |
$ |
(3,299 |
) |
|
$ |
20,590 |
|
Net cash used in financing
activities |
$ |
(101,108 |
) |
|
$ |
(44,289 |
) |
Adjusted EBITDA breakdown
|
March 31, |
|
March 31, |
Three Month Period
Ended |
2022 |
|
2021 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Core shipping operations |
$ |
39,979 |
|
$ |
25,164 |
Navios Logistics (including
noncontrolling interest) |
|
24,004 |
|
|
22,143 |
Equity in net earnings of
affiliate companies |
|
9,798 |
|
|
1,888 |
Adjusted
EBITDA |
$ |
73,781 |
|
$ |
49,195 |
Navios Logistics EBITDA Reconciliation to Net
(Loss)/Income
|
March 31, |
|
March 31, |
Three Month Period
Ended |
2022 |
|
2021 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net (loss)/income |
$ |
(355 |
) |
|
$ |
3,181 |
|
Depreciation and
amortization |
|
7,946 |
|
|
|
7,469 |
|
Amortization of deferred
drydock and special survey costs |
|
1,009 |
|
|
|
908 |
|
Interest expense and finance
cost, net |
|
15,343 |
|
|
|
12,590 |
|
Income tax benefit |
|
(67 |
) |
|
|
(854 |
) |
EBITDA |
$ |
23,876 |
|
|
$ |
23,294 |
|
EXHIBIT II
Owned Vessels
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight(in metric tons) |
Navios Ulysses |
|
Ultra Handymax |
|
2007 |
|
55,728 |
Navios Celestial |
|
Ultra Handymax |
|
2009 |
|
58,063 |
Navios Vega |
|
Ultra Handymax |
|
2009 |
|
58,792 |
Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
Rainbow N |
|
Panamax |
|
2011 |
|
79,642 |
Jupiter N |
|
Panamax |
|
2011 |
|
93,062 |
Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
Navios Canary |
|
Capesize |
|
2015 |
|
180,528 |
Navios Corali |
|
Capesize |
|
2015 |
|
181,249 |
Long-term Bareboat-in Fleet in
Operation
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption(1) |
Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
|
Yes |
Navios Uranus |
|
Panamax |
|
2019 |
|
81,516 |
|
Yes |
Navios Felicity I |
|
Panamax |
|
2020 |
|
81,946 |
|
Yes |
Navios Galaxy II |
|
Panamax |
|
2020 |
|
81,789 |
|
Yes |
Navios Magellan II |
|
Panamax |
|
2020 |
|
82,037 |
|
Yes |
(1 |
) |
Generally, Navios Holdings may
exercise its purchase option after three to five years of
service. |
Long-term Charter-in Fleet in Operation
Vessel Name |
|
Vessel Type |
|
YearBuilt |
|
Deadweight (in metric tons) |
|
PurchaseOption
(1) |
Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
Yes |
Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
|
Yes |
Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
Yes |
Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
Yes |
Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
Yes |
Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
No (3) |
Navios Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
|
No (3) |
Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
Yes |
Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
(1 |
) |
Generally, Navios Holdings may
exercise its purchase option after three to five years of
service. |
(2 |
) |
Navios Holdings holds the initial
50% purchase option on the vessel. |
(3 |
) |
Navios Holdings has the right of
first refusal and profit share on sale of vessel. |
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