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 the nine month
period ended September 30, 2019.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “I am pleased with our results for the third
quarter of 2019. Navios Acquisition recorded revenue of $59.0
million and Adjusted EBITDA of $23.9 million, reflecting increases
of about 42% and 142%, respectively, over the third quarter of
2018. We declared a quarterly distribution of $0.30 cents per share
for the third quarter of 2019, for a current yield of about
16%.”
Angeliki Frangou continued, “In a robust tanker rate market, we
have a good mix of fixed revenue and market exposure. We have cash
flow visibility from $430.0 million in long-term contracted
revenue. About 43% of available days in 2020 are fixed, almost half
of which with profit sharing. At the same time, we are positioned
to capture upside, as 61.7% of available days in 2020 are open or
on floating rates. All of our delivered tankers are on the water
generating revenue, as we have no tankers now being fit with
scrubbers.“
HIGHLIGHTS — RECENT DEVELOPMENTS
Quarterly dividend: $0.30 per share
On November 5, 2019, the Board of Directors declared a quarterly
cash dividend in respect of the third quarter of 2019 of $0.30 per
share of common stock, which will be paid on January 9, 2020, to
stockholders of record as of December 17, 2019. 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.
Equity Offering
On October 20, 2019, Navios Acquisition completed a registered
direct offering of 1,875,000 shares of its common stock at $8.00
per share, raising gross proceeds of $15.0 million. Total net
proceeds of the above transaction, net of agents’ costs of $0.7
million and estimated offering costs $0.3 million, amounted to
$14.0 million.
Term Loan B Refinancing and other debt developments
In October 2019, Navios Acquisition fully prepaid its Term Loan
B facility due in June 2020. The outstanding balance of the Term
Loan B as of June 30, 2019 was $196.8 million. Navios Acquisition
funded the repayment as follows:
- $153.0 million financing through sale-and-leaseback
transactions. The sale and leaseback transactions have (a) an
average amortization profile of approximately 17 years on an
age-adjusted basis, (b) annual interest of LIBOR plus a margin
ranging from 335 bps to 360 bps and (c) an average maturity of 7
years;
- $31.8 million facility from a commercial bank in order to
finance one VLCC. The facility bears an annual interest of LIBOR
plus 280 bps, and matures in one year; and
- $12.0 million from cash on balance sheet.
Following the completion of the repayment of the Term Loan B,
Navios Acquisition has no debt maturities until the third quarter
of 2020. In the fourth quarter 2019 Navios Acquisition repurchased
$7.0 million of Ship Mortgage Notes for a cost of $5.8 million.
Year to date, Navios Acquisition reduced its debt by 4% or $45.3
million, compared to the outstanding balance as of December 31,
2018.
Amendment of the Management Agreement and the
Administrative Services Agreement
In August 2019, Navios Acquisition extended the duration of its
existing management agreement (the “Management Agreement”) with
Navios Tankers Management Inc. (the “Manager”) until January 1,
2025. In addition management fees are fixed for two years
commencing from January 1, 2020 at: (a) $6,825 per day per MR2
product tanker and chemical tanker vessel; (b) $7,225 per day per
LR1 product tanker vessel; and (c) $9,650 per day per VLCC. The
agreement also provides for a technical and commercial management
fee of $50 per day per vessel and an annual increase of 3% after
January 1, 2022 for the remaining period unless agreed otherwise.
Drydocking expenses are reimbursed at cost for all vessels.
In August 2019, Navios Acquisition extended the duration of its
existing administrative services agreement (the “Administrative
Services Agreement”) with the Manager until January 1, 2025, which
provides for allocable general and administrative costs.
Fleet employment
On October 8, 2019, Navios Acquisition sold the Nave Electron, a
2002-built VLCC vessel of 305,178 dwt to an unaffiliated third
party for a sale price of $25.3 million.
On October 17, 2019 the Nave Synergy, a 2010-built VLCC was
chartered to a major charterer for 62 - 74 months at charterers'
option at a net base rate of $48,153 per day with profit sharing
arrangements. The Nave Buena Suerte a 2011-built VLCC will take
over the contract when released from existing commitment. The Nave
Photon, a 2008-built VLCC was chartered to a major charterer for 74
- 86 months at charterers' option with delivery between December
2019 and February 2020 at a net base rate of $48,153 per day with
profit sharing arrangements. The TBN III bareboat chartered-in VLCC
will take over the contract upon delivery in the third quarter
2021.
As of November 7, 2019, Navios Acquisition’s fleet consisted of
a total of 41 vessels, of which 13 are VLCCs (including three
bareboat chartered-in VLCCs expected to be delivered in the third
and fourth quarters of 2020 and the third quarter of 2021), 26 are
product tankers, two are chemical tankers.
Currently, Navios Acquisition has contracted 42.7% of its
available days on a charter-out basis for 2020, which are expected
to generate revenues of approximately $112.1 million. The average
base contractual net daily charter-out rate for the 38.3% of
available days that are contracted on base rate and/or base rate
with profit sharing arrangements is expected to be $20,917.
FINANCIAL HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Acquisition has compiled
its consolidated statements of operations operations for the three
and nine months ended September 30, 2019 and 2018. The
quarterly information for 2019 and 2018 was derived from the
unaudited condensed consolidated financial statements for the
respective periods.
Following the completion of the merger, effective as of December
13, 2018, Navios Midstream Partners L.P. (“Navios Midstream”) is
included in the consolidated financial statements of Navios
Acquisition, as a wholly-owned subsidiary.
| (Expressed in
thousands of U.S. dollars) |
Three Month Period ended September 30, 2019
(unaudited) |
|
|
Three Month Period ended September 30, 2018
(unaudited) |
|
|
Nine Month Period ended September 30,
2019(unaudited) |
|
|
Nine Month Period ended September 30,
2018(unaudited) |
|
| Revenue |
$ |
58,965 |
|
|
$ |
41,589 |
|
|
$ |
194,669 |
|
|
$ |
129,218 |
|
| Net loss |
$ |
(56,396 |
) |
|
$ |
(23,408 |
) |
|
$ |
(72,085 |
) |
|
$ |
(69,942 |
) |
| Adjusted net loss |
$ |
(16,186 |
) (1) |
|
$ |
(23,133 |
)(3) |
|
$ |
(34,180 |
) (2) |
|
$ |
(62,830 |
)(4) |
| Net cash provided by / (used
in) operating activities |
$ |
19,513 |
|
|
$ |
7,139 |
|
|
$ |
21,058 |
|
|
$ |
(23,855 |
) |
| EBITDA |
$ |
16,413 |
|
|
$ |
9,627 |
|
|
$ |
82,560 |
|
|
$ |
29,114 |
|
| Adjusted EBITDA |
$ |
23,934 |
(1) |
|
$ |
9,902 |
(3) |
|
$ |
87,296 |
(2) |
|
$ |
35,910 |
(4) |
| Loss per share (basic) |
$ |
(4.18 |
) |
|
$ |
(2.34 |
) |
|
$ |
(5.38 |
) |
|
$ |
(6.87 |
) |
| Adjusted Loss per share (basic) |
$ |
(1.20 |
) (1) |
|
$ |
(2.25 |
)(3) |
|
$ |
(2.56 |
) (2) |
|
$ |
(6.15 |
) (4) |
|
(1) |
EBITDA 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. |
|
|
|
|
(2) |
EBITDA 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. |
|
|
|
|
(3) |
EBITDA, net loss and loss per share (basic) for the three month
period ended September 30, 2018 have been adjusted to exclude $0.3
million of non-cash stock based compensation. |
|
|
|
|
(4) |
EBITDA, net loss and loss per share (basic) for the nine month
period ended September 30, 2018 have been adjusted to exclude: (i)
$6.0 million of negative effect on equity/ (loss) in net earnings
of affiliated companies, relating to the sale of the Shinyo Kannika
by Navios Midstream; (ii) $0.8 million of non-cash stock based
compensation; and (iii) $0.03 million of gain from the sale of the
Nave Galactic. Net loss and loss per share (basic) for the nine
month period ended September 30, 2018 have been further adjusted to
exclude a $0.3 million write-off of deferred finance costs.EBITDA,
Adjusted EBITDA, Adjusted net loss and Adjusted loss per share
(basic) 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,
2019 and 2018
Revenue for the three month period ended September 30, 2019
increased by $17.4 million, or 41.8%, to $59.0 million,
as compared to $41.6 million for the same period of 2018. The
increase was mainly attributable to an: (i) increase in revenue by
$12.8 million due to the acquisition and resulting consolidation of
Navios Midstream; and (ii) increase in market rates during the
three month period ended September 30, 2019 as compared to the
same period of 2018. Available days of the fleet increased to
3,491 days for the three month period ended September 30,
2019, as compared to 3,178 days for the three month period
ended September 30, 2018, mainly as a result of the merger
with Navios Midstream effective as of December 13, 2018. The time
charter equivalent rate, or TCE Rate, increased to $15,349 for the
three month period ended September 30, 2019, from $12,394 for
the three month period ended September 30, 2018.
Time charter and voyage expenses for the three month period
ended September 30, 2019 decreased by $4.2 million, or 43.8%,
to $5.4 million, as compared to $9.6 million for the same period of
2018. The decrease was mainly attributable to $7.4 million of
backstop commitment incurred in the three month period ended
September 30, 2018; partially mitigated by a: (i) $3.0 million
increase in bunkers consumption and voyage expenses due to spot
voyages incurred in the three month period ended September 30,
2019; and (ii) $0.2 million increase in brokers’ commission.
Net loss for the three month period ended September 30,
2019 was $56.4 million as compared to $23.4 million loss for the
same period of 2018. Net loss was affected by the items described
in the table above. Adjusted net loss for the three month period
ended September 30, 2019 was $16.2 million as compared to $23.1
million for the same period of 2018. The decrease in adjusted net
loss was mainly attributable to a: (a) $14.0 million increase in
adjusted EBITDA; and (b) $0.3 million increase in interest income,
partially mitigated by a: (i) $3.6 million increase in interest
expense and finance cost; (ii) $3.4 million increase in
depreciation and amortization, due to the acquisition of Navios
Midstream in December 2018; and (iii) $0.4 million increase in
direct vessel expenses.
Adjusted EBITDA affected by the items described in the table
above, for the three month period ended September 30, 2019
increased by approximately $14.0 million to
$23.9 million, as compared to $9.9 million for the same period
of 2018. The increase in Adjusted EBITDA was mainly due to a: (a)
$17.4 million increase in revenue; (b) $4.2 million decrease
in time charter and voyage expenses; and (c) $0.2 million decrease
in other expense; partially mitigated by a: (i) $3.5 million
increase in management fees due to the acquisition of Navios
Midstream in December 2018 and to the amendment of the fees under
the Management Agreement in May 2018; (ii) $3.6 million decrease in
equity/ (loss) in net earnings of affiliated companies; and (iii)
$0.6 million increase in general and administrative expenses
(excluding stock-based compensation) mainly due to the acquisition
of Navios Midstream.
Nine month periods ended September 30,
2019 and 2018
Revenue for the nine month period ended September 30, 2019
increased by $65.5 million, or 50.7%, to $194.7 million,
as compared to $129.2 million for the same period of 2018. The
increase was mainly attributable to an: (i) increase in revenue by
$46.0 million due to the acquisition and resulting consolidation of
Navios Midstream; and (ii) increase in market rates during the nine
month period ended September 30, 2019 as compared to the same
period of 2018. Available days of the fleet increased from
9,439 days for the nine month period ended September 30,
2018, to 10,678 days for the nine month period ended
September 30, 2019. The TCE Rate increased from $13,287 for
the nine month period ended September 30, 2018, to $16,888 for
the nine month period ended September 30, 2019.
Time charter and voyage expenses for the nine month period ended
September 30, 2019 decreased by $7.4 million to
$14.3 million as compared to $21.7 million for the nine
month period ended September 30, 2018. The decrease was
attributable to $17.9 million of backstop commitment to Navios
Midstream incurred in the nine month period ended September 30,
2018; partially mitigated by a (ii) $9.2 million increase in
bunkers consumption and voyage expenses due to spot voyages
incurred in the nine month period ended September 30, 2019;
and (ii) a $1.3 million increase in broker commission
costs.
Net loss for the nine month period ended September 30, 2019
was $72.1 million as compared to $69.9 million loss for the same
period of 2018. Net loss was affected by the items described in the
table above. Adjusted net loss for the nine month period ended
September 30, 2019 was $34.2 million as compared to $62.8 million
for the same period of 2018. The decrease in adjusted net loss was
mainly due to a: (a) $51.4 million increase in adjusted EBITDA; and
(b) $1.0 million increase in interest income, partially mitigated
by: (i) an $11.4 million increase in interest expense and finance
cost; (ii) a $10.5 million increase in depreciation and
amortization, due to the acquisition of Navios Midstream in
December 2018; and (iii) a $1.9 million increase in direct vessel
expenses.
Adjusted EBITDA affected by the items described in the table
above, for the nine month period ended September 30, 2019
increased by $51.4 million to $87.3 million, as compared
to $35.9 million for the same period of 2018. The increase in
Adjusted EBITDA was mainly due to a: (a) $65.5 million increase in
revenue; (b) $7.4 million decrease in time charter and voyage
expenses; (c) $1.2 million decrease in other expense; and (d) $1.3
million increase in other income; partially mitigated by: (i) an
$11.6 million increase in management fees due to the acquisition of
Navios Midstream in December 2018 and to the amendment of the fees
under the Management Agreement in May 2018; (ii) a $7.8 million
decrease in equity/ (loss) in net earnings of affiliated companies
(excluding the $6.0 million of negative effect on equity/ (loss) in
net earnings of affiliated companies, relating to the sale of the
Shinyo Kannika by Navios Midstream); and (iii) a $4.6 million
increase in general and administrative expenses (excluding
stock-based compensation) mainly due to the acquisition of Navios
Midstream.
Fleet Employment
Profile The following table
reflects certain key indicators of the performance of Navios
Acquisition and its core fleet for the three and the nine month
periods ended September 30, 2019 and 2018.
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three month period ended
September 30, |
|
|
Nine month period ended
September 30, |
|
| |
2019
(unaudited) |
|
|
2018
(unaudited) |
|
|
2019
(unaudited) |
|
|
2018
(unaudited) |
|
| FLEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available days(1) |
|
3,491 |
|
|
|
3,178 |
|
|
|
10,678 |
|
|
|
9,439 |
|
| Operating days(2) |
|
3,472 |
|
|
|
3,153 |
|
|
|
10,642 |
|
|
|
9,386 |
|
| Fleet utilization(3) |
|
99.4 |
% |
|
|
99.2 |
% |
|
|
99.7 |
% |
|
|
99.4 |
% |
| Vessels operating at period
end |
|
39 |
|
|
|
35 |
|
|
|
39 |
|
|
|
35 |
|
| AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Time charter equivalent rate per
day(4) |
$ |
15,349 |
|
|
$ |
12,394 |
|
|
$ |
16,888 |
|
|
$ |
13,287 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios Acquisition believes that the important measures for
analyzing trends in its results of operations 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. The shipping industry uses operating days
to measure the aggregate number of days in a relevant period during
which vessels actually generate revenues. |
|
(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. The shipping industry uses fleet
utilization to measure a company’s efficiency in finding suitable
employment for its vessels and minimizing the amount of days that
its vessels are off hire for reasons other than scheduled repairs,
dry dockings or special surveys. |
|
(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 today, Thursday, November
7, 2019 at 8:30 am ET, at which time Navios Acquisition's senior
management will provide highlights and commentary on earnings
results for the third quarter and nine months ended September 30,
2019.
US Dial In: +1.877.480.3873International Dial
In: +1.404.665.9927Conference ID: 899 5496
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: 899 5496
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 to 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; risks associated with 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,
2019(unaudited) |
|
December 31,
2018(unaudited) |
|
ASSETS |
|
|
|
|
|
| Cash and cash equivalents,
including restricted cash |
$ |
102,872 |
|
$ |
46,609 |
| Vessels, net |
|
1,297,920 |
|
|
1,383,605 |
| Other assets (including current
and non-current) |
$ |
171,548 |
|
$ |
160,525 |
| Intangible assets other than
goodwill |
|
— |
|
|
36,645 |
| Total
assets |
$ |
1,572,340 |
|
$ |
1,627,384 |
| LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
| Other current liabilities |
$ |
50,788 |
|
$ |
41,195 |
| Long-term debt, including current
portion, net of deferred finance costs and premium |
|
1,225,316 |
|
|
1,205,837 |
| Total
liabilities |
$ |
1,276,104 |
|
$ |
1,247,032 |
| Total stockholders’
equity |
|
296,236 |
|
|
380,352 |
| Total liabilities and
stockholders’ equity |
$ |
1,572,340 |
|
$ |
1,627,384 |
| |
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Expressed in thousands of U.S. dollars- except
share and per share data)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months Ended
September 30, 2019 (unaudited) |
|
|
For the Three Months Ended
September 30, 2018 (unaudited) |
|
|
For the Nine Months Ended September 30, 2019
(unaudited) |
|
|
For the Nine Months Ended September 30, 2018
(unaudited) |
|
| Revenue |
$ |
58,965 |
|
|
$ |
41,589 |
|
|
$ |
194,669 |
|
|
$ |
129,218 |
|
| Time charter and voyage
expenses |
|
(5,377 |
) |
|
|
(9,560 |
) |
|
|
(14,340 |
) |
|
|
(21,749 |
) |
| Direct vessel expenses |
|
(2,439 |
) |
|
|
(2,011 |
) |
|
|
(7,117 |
) |
|
|
(5,251 |
) |
| Management fees (entirely through
related party transactions) |
|
(26,837 |
) |
|
|
(23,340 |
) |
|
|
(81,224 |
) |
|
|
(69,652 |
) |
| General and administrative
expenses |
|
(3,732 |
) |
|
|
(3,157 |
) |
|
|
(15,677 |
) |
|
|
(11,212 |
) |
| Depreciation and
amortization |
|
(17,216 |
) |
|
|
(13,777 |
) |
|
|
(52,257 |
) |
|
|
(41,763 |
) |
| (Loss)/ gain on sale of vessels/
Impairment loss |
|
(39,976 |
) |
|
|
— |
|
|
|
(36,731 |
) |
|
|
25 |
|
| Interest income |
|
2,384 |
|
|
|
2,061 |
|
|
|
6,840 |
|
|
|
5,875 |
|
| Interest expense and finance
cost |
|
(22,849 |
) |
|
|
(19,308 |
) |
|
|
(69,474 |
) |
|
|
(57,917 |
) |
| Equity in net earnings of
affiliated companies |
|
936 |
|
|
|
4,522 |
|
|
|
2,670 |
|
|
|
4,463 |
|
| Other income |
|
10 |
|
|
|
2 |
|
|
|
1,343 |
|
|
|
13 |
|
| Other expense |
|
(265 |
) |
|
|
(429 |
) |
|
|
(787 |
) |
|
|
(1,992 |
) |
| Net loss |
$ |
(56,396 |
) |
|
$ |
(23,408 |
) |
|
$ |
(72,085 |
) |
|
$ |
(69,942 |
) |
| Net loss per share, basic and
diluted |
$ |
(4.18 |
) |
|
$ |
(2.34 |
) |
|
$ |
(5.38 |
) |
|
$ |
(6.87 |
) |
| Weighted average number of
shares, basic and diluted |
|
13,510,361 |
|
|
|
9,522,463 |
|
|
|
13,446,836 |
|
|
|
9,678,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION
CORPORATIONOther Financial
Information(Expressed in thousands of U.S. dollars)
| |
Nine Month Period Ended
September 30, 2019 (unaudited) |
|
|
Nine Month Period Ended
September 30, 2018 (unaudited) |
|
| Net cash
provided by/ (used in) operating activities |
$ |
21,058 |
|
$ |
(23,855 |
) |
| Net cash provided by investing activities |
|
31,343 |
|
|
52,977 |
|
| Net cash provided by/ (used in) financing activities |
|
3,862 |
|
|
(67,267 |
) |
| Net increase/ (decrease)
in cash, cash equivalents and restricted cash |
$ |
56,263 |
|
$ |
(38,145 |
) |
| |
|
|
|
|
|
|
EXHIBIT II
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash
from Operating Activities
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Month Period Ended September 30, 2019
(unaudited) |
|
|
Three Month Period Ended September 30, 2018
(unaudited) |
|
|
Nine Month Period Ended September 30, 2019
(unaudited) |
|
|
Nine Month Period Ended September 30, 2018
(unaudited) |
|
| Expressed in thousands of
U.S. dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by/ (used in)
operating activities |
$ |
19,513 |
|
|
$ |
7,139 |
|
|
$ |
21,058 |
|
|
$ |
(23,855 |
) |
| Net (decrease)/ increase in
operating assets |
|
(5,311 |
) |
|
|
571 |
|
|
|
132 |
|
|
|
2,450 |
|
| Net (increase)/ decrease in
operating liabilities |
|
(15,735 |
) |
|
|
(23,202 |
) |
|
|
(2,633 |
) |
|
|
(18,250 |
) |
| Net interest cost |
|
20,465 |
|
|
|
17,247 |
|
|
|
62,634 |
|
|
|
52,042 |
|
| Amortization
and write-off of deferred finance costs and bond
premium |
|
(1,053 |
) |
|
|
(879 |
) |
|
|
(3,346 |
) |
|
|
(2,860 |
) |
| Equity in net earnings of
affiliates, net of dividends received |
|
936 |
|
|
|
4,522 |
|
|
|
2,670 |
|
|
|
4,463 |
|
| Payments for dry dock and special
survey costs |
|
5,119 |
|
|
|
4,504 |
|
|
|
6,781 |
|
|
|
15,915 |
|
| Gain on sale of vessel |
|
— |
|
|
|
— |
|
|
|
3,245 |
|
|
|
25 |
|
| Impairment loss |
|
(7,287 |
) |
|
|
— |
|
|
|
(7,287 |
) |
|
|
— |
|
| Stock-based compensation |
|
(234 |
) |
|
|
(275 |
) |
|
|
(694 |
) |
|
|
(816 |
) |
| EBITDA |
$ |
16,413 |
|
|
$ |
9,627 |
|
|
$ |
82,560 |
|
|
$ |
29,114 |
|
| Net negative effect on equity/
(loss) in net earnings of affiliated companies due to sale of the
Shinyo Kannika by Navios Midstream to an unaffiliated third
party |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,005 |
|
| Gain on sale of vessel |
|
— |
|
|
|
— |
|
|
|
(3,245 |
) |
|
|
(25 |
) |
| Impairment loss |
|
7,287 |
|
|
|
— |
|
|
|
7,287 |
|
|
|
— |
|
| Stock-based compensation |
|
234 |
|
|
|
275 |
|
|
|
694 |
|
|
|
816 |
|
| Adjusted
EBITDA |
$ |
23,934 |
|
|
$ |
9,902 |
|
|
$ |
87,296 |
|
|
$ |
35,910 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Month Period Ended September 30, 2019
(unaudited) |
|
|
Three Month Period Ended September 30, 2018
(unaudited) |
|
|
Nine Month Period Ended September 30, 2019
(unaudited) |
|
|
Nine Month Period Ended September 30, 2018
(unaudited) |
|
|
Net cash provided by/ (used in) operating activities |
$ |
19,513 |
|
|
$ |
7,139 |
|
|
$ |
21,058 |
|
|
$ |
(23,855 |
) |
| Net cash provided by investing
activities |
$ |
5,605 |
|
|
$ |
1,575 |
|
|
$ |
31,343 |
|
|
$ |
52,977 |
|
| Net cash provided by/ (used in)
financing activities |
$ |
35,792 |
|
|
$ |
(12,464 |
) |
|
$ |
3,862 |
|
|
$ |
(67,267 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted net (loss)/ income and
Adjusted (loss)/ income per share (basic) 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 (loss)/income 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 (loss)/ income and Adjusted (loss)/
income per share (basic) represent Net (loss)/ income and (loss)/
income per share (basic), 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 |
|
|
|
| Nave Polaris |
Chemical Tanker |
2011 |
25,145 |
| Nave Cosmos |
Chemical Tanker |
2010 |
25,130 |
| 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 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 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 Estella |
LR1 Product Tanker |
2012 |
75,000 |
| Nave Andromeda |
LR1 Product Tanker |
2011 |
75,000 |
| Nave Ariadne |
LR1 Product Tanker |
2007 |
74,671 |
| Nave Cielo |
LR1 Product Tanker |
2007 |
74,671 |
| 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 |
| Vessels to be
delivered* |
|
|
|
| TBN I |
VLCC |
Expected Q3 2020 |
310,000 |
| TBN II |
VLCC |
Expected Q4 2020 |
310,000 |
| TBN III |
VLCC |
Expected Q3 2021 |
310,000 |
*Bareboat chartered-in vessels with purchase option
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