StoneMor Inc. (NYSE: STON) (“StoneMor” or the
“Company”), a leading owner and operator of cemeteries and
funeral homes, today reported operating and financial results for
the third quarter ended September 30, 2021. Investors are
encouraged to read the Company’s quarterly report on Form 10-Q when
it is filed with the Securities and Exchange Commission (the
“SEC”), which will contain additional details, and will be posted
at www.stonemor.com.
THIRD QUARTER FINANCIAL
PERFORMANCE
- Revenues for the third quarter were $82.3 million compared to
$72.7 million in in the third quarter in the prior year. Nine-month
revenues were $243.6 million compared to $204.4 million in the
prior year period.
- Cemetery segment operating income for the third quarter was
$14.0 million compared to $11.5 million in the third quarter in the
prior year, representing an increase of $2.6 million. Nine-month
cemetery segment operating income was $40.4 million compared to
$24.1 million in the prior year period, representing an increase of
$16.2 million.
- Funeral home segment operating income for the third quarter was
$1.0 million compared to $1.1 million in the third quarter in the
prior year, representing a decrease of $0.1 million. Nine-month
funeral home segment operating income was $3.8 million compared to
$3.5 million in the prior year period, representing an increase of
$0.3 million.
- Corporate overhead expense increased to $10.0 million in the
third quarter compared to $9.8 million in the third quarter in the
prior year. Nine-month corporate overhead expense increased to
$29.1 million compared to $27.0 million in the prior year
period.
- Third quarter operating income was $4.3 million compared to
$2.6 million in the third quarter in the prior year.
- Third quarter net loss from continuing operations was $4.7
million compared to $8.1 million in the third quarter in the prior
year.
- Third quarter adjusted EBITDA was $38.5 million compared to
$24.3 million in the third quarter in the prior year.
Joe Redling, StoneMor’s President and Chief
Executive Officer said, “The third quarter continued to build on
the positive performance trends of the past year and half, with
top-line revenue growth of 13.2% and 19.2% for the three and nine
months ended September 30, 2021, respectively, when compared with
the same periods in 2020. Year-to-date, we have driven a $52.2
million improvement in our adjusted EBITDA year-over-year. We
continue to deliver strong, sustainable cemetery sales production
results, with a 9% growth in pre-need cemetery sales production for
the third quarter.”
LIQUIDITY UPDATE
As of September 30, 2021, the Company had
$115.9 million of cash, including $16.4 million of restricted cash,
and $391.4 million of total debt.
“We have made great progress towards our
previously announced guidance targets for organic growth in our
trusts and unlevered free cash flow,” said Jeff DiGiovanni,
StoneMor’s Senior Vice President and Chief Financial Officer. “For
the nine-months ended September 30, 2021, we generated nearly $70
million in trust growth and more than $36 million in unlevered free
cash flow, against $50 million and $40 million annual targets,
respectively. This is a testament to the success of our
transformation plan and the hard-work of every member of the
StoneMor team.”
Redling added, “We are focused on the next phase
of our transformation strategy – a commitment to strategic growth.
We have $100 million in cash on our balance sheet and access to
additional capital, if necessary. That capital, coupled with the
operational transformation completed to date, places StoneMor in
the right position to execute on this strategy as we move
forward.”
CONFERENCE CALL INFORMATION
StoneMor will conduct a conference call to discuss
this news release today, November 11, 2021 at 4:30 p.m. Eastern
Time. The conference call can be accessed by calling (877)
256-3243. No reservation number is necessary; however, due to the
on-going pandemic, it is advised that interested parties access the
call-in number 5 to 10 minutes prior to the scheduled start time to
avoid delays. StoneMor will also host a live webcast of this
conference call. Investors may access the live webcast via the
Investors page of the StoneMor website www.stonemor.com under
Events & Presentations.
About StoneMor Inc.
StoneMor Inc., headquartered in Bensalem,
Pennsylvania, is an owner and operator of cemeteries and funeral
homes in the United States, with 300 cemeteries and 69 funeral
homes in 24 states and Puerto Rico. StoneMor’s cemetery products
and services, which are sold on both a pre-need (before death) and
at-need (at death) basis, include: burial lots, lawn and mausoleum
crypts, burial vaults, caskets, memorials, and all services which
provide for the installation of this merchandise. For additional
information about StoneMor Inc. please visit StoneMor’s website,
and the investors section, at http://www.stonemor.com.
CONTACT Investor Relations
StoneMor Inc. (215) 826-4438
Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this press
release, including, but not limited to, information regarding
continued implementation of the Company’s transformation, are
forward-looking statements. Generally, the words “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “project,”
“expect,” “predict” and similar expressions identify these
forward-looking statements. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Forward-looking statements are based on
management’s current expectations and estimates. These statements
are neither promises nor guarantees and are made subject to certain
risks and uncertainties that could cause actual results to differ
materially from the results stated or implied in this press
release. StoneMor’s major risks are related to uncertainties
associated with current business and economic disruptions resulting
from the ongoing coronavirus pandemic, including the effect of
government regulations issued in connection therewith, its ability
to identify, and negotiate acceptable agreements with, sellers of
additional properties, uncertainties associated with the cash flow
from pre-need and at-need sales, trusts and financings, which may
impact StoneMor’s ability to meet its financial projections and
service its debt, as well as with StoneMor’s ability to maintain an
effective system of internal control over financial reporting and
disclosure controls and procedures.
When considering forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements set forth in StoneMor’s Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q and the other reports that StoneMor
files with the Securities and Exchange Commission, from time to
time. Except as required under applicable law, StoneMor assumes no
obligation to update or revise any forward-looking statements made
herein or any other forward-looking statements made by it, whether
as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial
measures, including adjusted EBITDA, Field EBITDA and unlevered
free cash flow, which are intended as supplemental measures of the
Company’s performance that are not required by or presented in
accordance with GAAP. All business results presented in this
release are not prepared in accordance with Article 11 of
Regulation S-X.
Management uses these non-GAAP measures internally
to evaluate and manage the Company’s operations and to better
understand its business because they facilitate a comparative
assessment of the Company’s operating performance relative to its
performance based on results calculated under GAAP. These non-GAAP
measures also isolate the effects of some items that vary from
period to period without any correlation to core operating
performance and eliminate certain charges that management believes
do not reflect the Company’s operations and underlying operational
performance. The Compensation, Nominating and Governance Committee
of the Company’s board of directors also uses certain of these
measures to evaluate management’s performance and set its
compensation. The Company believes that these non-GAAP measures
also provide useful information to investors regarding certain
financial and business trends relating to the Company’s financial
condition and operating results and facilitate an evaluation of the
financial performance of the Company and its operations on a
consistent basis. Providing this information therefore allows
investors to make independent assessments of the Company’s
financial performance, results of operation and trends while
viewing the information through the eyes of management.
These non-GAAP measures are subject to
limitations. The non-GAAP measures presented in this release may
not be comparable to similarly titled measures used by other
companies because other companies may not calculate one or more in
the same manner. Additionally, the non-GAAP performance measures
exclude significant expenses and income that are required by GAAP
to be recorded in the Company’s financial statements; do not
reflect changes in, or cash requirements for, working capital
needs; and do not reflect interest expense, or the requirements
necessary to service interest or principal payments on debt.
Further, our historical adjusted results are not intended to
project our adjusted results of operations or financial position
for any future period. To compensate for these limitations,
management presents and considers these non-GAAP measures in
conjunction with the Company’s GAAP results; no non-GAAP measure
should be considered in isolation from or as an alternative to net
income, earnings per share or any other measure determined in
accordance with GAAP. Readers should review the reconciliations
included below, and should not rely on any single financial measure
to evaluate the Company’s business.
A reconciliation of each non-GAAP measure to the
most directly comparable GAAP measure is set forth below (in
thousands):
EBITDA AND ADJUSTED EBITDA
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss from continuing operations |
|
$ |
(4,747 |
) |
|
$ |
(8,150 |
) |
|
$ |
(46,205 |
) |
|
$ |
(31,720 |
) |
Income tax benefit |
|
|
(240 |
) |
|
|
(1,129 |
) |
|
|
(11,652 |
) |
|
|
(3,333 |
) |
Interest expense |
|
|
9,256 |
|
|
|
11,870 |
|
|
|
29,706 |
|
|
|
34,952 |
|
Depreciation and amortization |
|
|
1,989 |
|
|
|
2,244 |
|
|
|
6,118 |
|
|
|
6,851 |
|
Non-cash stock compensation |
|
|
512 |
|
|
|
353 |
|
|
|
1,525 |
|
|
|
1,080 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
40,128 |
|
|
|
— |
|
Loss on sale of business and other impairments |
|
|
70 |
|
|
|
— |
|
|
|
2,290 |
|
|
|
— |
|
Other losses, net |
|
|
605 |
|
|
|
— |
|
|
|
536 |
|
|
|
— |
|
Cost of lots sold |
|
|
1,495 |
|
|
|
1,503 |
|
|
|
5,146 |
|
|
|
4,346 |
|
EBITDA |
|
|
8,940 |
|
|
|
6,691 |
|
|
|
27,592 |
|
|
|
12,176 |
|
Change in deferred revenues |
|
|
31,866 |
|
|
|
19,575 |
|
|
|
77,518 |
|
|
|
39,238 |
|
Change in deferred selling and obtaining costs |
|
|
(2,257 |
) |
|
|
(2,006 |
) |
|
|
(6,486 |
) |
|
|
(4,974 |
) |
Adjusted
EBITDA |
|
$ |
38,549 |
|
|
$ |
24,260 |
|
|
$ |
98,624 |
|
|
$ |
46,440 |
|
FIELD EBITDA
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
EBITDA |
|
$ |
8,940 |
|
$ |
6,691 |
|
$ |
27,592 |
|
$ |
12,176 |
|
Corporate overhead |
|
|
9,983 |
|
|
9,762 |
|
|
29,058 |
|
|
27,019 |
|
Less: non-cash stock compensation |
|
|
512 |
|
|
353 |
|
|
1,525 |
|
|
1,080 |
|
Field
EBITDA |
|
$ |
18,411 |
|
$ |
16,100 |
|
$ |
55,125 |
|
$ |
38,115 |
|
UNLEVERED CASH PROVIDED BY OPERATING
ACTIVITIES AND UNLEVERED FREE CASH FLOW
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net cash provided by operating activities |
|
$ |
11,994 |
|
|
$ |
2,584 |
|
|
$ |
10,427 |
|
|
$ |
3,785 |
|
Cash
interest payments |
|
|
118 |
|
|
|
6,686 |
|
|
|
31,259 |
|
|
|
20,361 |
|
Unlevered
cash provided by operating activities |
|
|
12,112 |
|
|
|
9,270 |
|
|
|
41,686 |
|
|
|
24,146 |
|
Less: cash
paid for capital expenditures |
|
|
2,314 |
|
|
|
993 |
|
|
|
5,675 |
|
|
|
4,784 |
|
Unlevered
free cash flow |
|
$ |
9,798 |
|
|
$ |
8,277 |
|
|
$ |
36,011 |
|
|
$ |
19,362 |
|
STONEMOR INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (in thousands, except share and per
share data)
|
|
September 30, |
|
|
December
31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents, excluding restricted cash |
|
$ |
99,509 |
|
|
$ |
39,244 |
|
Restricted cash |
|
|
16,415 |
|
|
|
20,846 |
|
Accounts receivable, net of allowance |
|
|
60,066 |
|
|
|
57,869 |
|
Prepaid expenses |
|
|
9,387 |
|
|
|
5,290 |
|
Assets held for sale |
|
|
— |
|
|
|
28,575 |
|
Other current assets |
|
|
14,963 |
|
|
|
16,884 |
|
Total current assets |
|
|
200,340 |
|
|
|
168,708 |
|
|
|
|
|
|
|
|
Long-term
accounts receivable, net of allowance |
|
|
76,051 |
|
|
|
75,301 |
|
Cemetery
property |
|
|
296,250 |
|
|
|
299,526 |
|
Property and
equipment, net of accumulated depreciation |
|
|
80,055 |
|
|
|
83,496 |
|
Merchandise
trusts, restricted, at fair value |
|
|
548,541 |
|
|
|
501,453 |
|
Perpetual
care trusts, restricted, at fair value |
|
|
335,076 |
|
|
|
312,228 |
|
Deferred
selling and obtaining costs |
|
|
122,488 |
|
|
|
116,900 |
|
Deferred tax
assets |
|
|
— |
|
|
|
9 |
|
Intangible
assets, net |
|
|
54,291 |
|
|
|
55,094 |
|
Other
assets |
|
|
23,819 |
|
|
|
22,248 |
|
Total
assets |
|
$ |
1,736,911 |
|
|
$ |
1,634,963 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
45,311 |
|
|
$ |
51,718 |
|
Liabilities held for sale |
|
|
— |
|
|
|
23,406 |
|
Accrued interest |
|
|
13,222 |
|
|
|
95 |
|
Current portion, long-term debt |
|
|
1,769 |
|
|
|
317 |
|
Total current liabilities |
|
|
60,302 |
|
|
|
75,536 |
|
|
|
|
|
|
|
|
Long-term
debt, net of deferred financing costs |
|
|
389,672 |
|
|
|
320,715 |
|
Deferred
revenues |
|
|
1,027,565 |
|
|
|
949,164 |
|
Deferred tax
liabilities |
|
|
17,823 |
|
|
|
29,652 |
|
Perpetual
care trust corpus |
|
|
335,076 |
|
|
|
312,228 |
|
Other
long-term liabilities |
|
|
42,219 |
|
|
|
40,081 |
|
Total
liabilities |
|
|
1,872,657 |
|
|
|
1,727,376 |
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, par value $0.01 per share, 200,000,000 shares
authorized, 118,011,766 |
|
|
|
|
|
|
|
|
and 117,871,141 shares issued and outstanding, respectively |
|
|
1,180 |
|
|
|
1,178 |
|
Paid-in capital in excess of par value |
|
|
(83,709 |
) |
|
|
(85,232 |
) |
Accumulated deficit |
|
|
(53,217 |
) |
|
|
(8,359 |
) |
Total stockholders’ equity |
|
|
(135,746 |
) |
|
|
(92,413 |
) |
Total
liabilities and stockholders’ equity |
|
$ |
1,736,911 |
|
|
$ |
1,634,963 |
|
STONEMOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) (in thousands, except per
share data)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Cemetery: |
|
|
|
|
|
|
|
|
|
|
|
|
Interments |
|
$ |
21,954 |
|
|
$ |
20,316 |
|
|
$ |
65,379 |
|
|
$ |
51,542 |
|
Merchandise |
|
|
16,935 |
|
|
|
15,949 |
|
|
|
51,004 |
|
|
|
44,918 |
|
Services |
|
|
17,240 |
|
|
|
16,078 |
|
|
|
52,219 |
|
|
|
47,656 |
|
Investment and other |
|
|
14,685 |
|
|
|
9,677 |
|
|
|
41,320 |
|
|
|
29,564 |
|
Funeral home: |
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
6,120 |
|
|
|
5,793 |
|
|
|
17,542 |
|
|
|
16,004 |
|
Services |
|
|
5,361 |
|
|
|
4,900 |
|
|
|
16,125 |
|
|
|
14,732 |
|
Total revenues |
|
|
82,295 |
|
|
|
72,713 |
|
|
|
243,589 |
|
|
|
204,416 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
11,023 |
|
|
|
9,624 |
|
|
|
34,642 |
|
|
|
28,307 |
|
Cemetery expense |
|
|
19,286 |
|
|
|
16,198 |
|
|
|
55,537 |
|
|
|
50,375 |
|
Selling expense |
|
|
14,451 |
|
|
|
13,119 |
|
|
|
43,434 |
|
|
|
37,376 |
|
General and administrative expense |
|
|
10,534 |
|
|
|
10,027 |
|
|
|
31,377 |
|
|
|
28,672 |
|
Corporate overhead |
|
|
9,983 |
|
|
|
9,762 |
|
|
|
29,058 |
|
|
|
27,019 |
|
Depreciation and amortization |
|
|
1,989 |
|
|
|
2,244 |
|
|
|
6,118 |
|
|
|
6,851 |
|
Funeral home expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Merchandise |
|
|
1,668 |
|
|
|
1,539 |
|
|
|
4,807 |
|
|
|
4,239 |
|
Services |
|
|
4,874 |
|
|
|
4,775 |
|
|
|
14,012 |
|
|
|
13,594 |
|
Other |
|
|
3,543 |
|
|
|
2,834 |
|
|
|
9,801 |
|
|
|
8,084 |
|
Total costs and expenses |
|
|
77,351 |
|
|
|
70,122 |
|
|
|
228,786 |
|
|
|
204,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale
of business and other impairments |
|
|
(70 |
) |
|
|
— |
|
|
|
(2,290 |
) |
|
|
— |
|
Other
losses, net |
|
|
(605 |
) |
|
|
— |
|
|
|
(536 |
) |
|
|
— |
|
Operating
income (loss) |
|
|
4,269 |
|
|
|
2,591 |
|
|
|
11,977 |
|
|
|
(101 |
) |
Interest
expense |
|
|
(9,256 |
) |
|
|
(11,870 |
) |
|
|
(29,706 |
) |
|
|
(34,952 |
) |
Loss on debt
extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(40,128 |
) |
|
|
— |
|
Loss from
continuing operations before income taxes |
|
|
(4,987 |
) |
|
|
(9,279 |
) |
|
|
(57,857 |
) |
|
|
(35,053 |
) |
Income tax
benefit |
|
|
240 |
|
|
|
1,129 |
|
|
|
11,652 |
|
|
|
3,333 |
|
Net loss
from continuing operations |
|
|
(4,747 |
) |
|
|
(8,150 |
) |
|
|
(46,205 |
) |
|
|
(31,720 |
) |
Discontinued
operations (Note 2): |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from operations of discontinued businesses |
|
|
(102 |
) |
|
|
293 |
|
|
|
1,347 |
|
|
|
28,952 |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net (loss) income from discontinued operations |
|
|
(102 |
) |
|
|
293 |
|
|
|
1,347 |
|
|
|
28,952 |
|
Net
loss |
|
$ |
(4,849 |
) |
|
$ |
(7,857 |
) |
|
$ |
(44,858 |
) |
|
$ |
(2,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
from continuing operations per common share (basic) |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.31 |
) |
Net (loss)
income from discontinued operations per common share (basic) |
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.28 |
|
Net loss per
common share (basic) |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
from continuing operations per common share (diluted) |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.31 |
) |
Net (loss)
income from discontinued operations per common share (diluted) |
|
|
(0.00 |
) |
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.28 |
|
Net loss per
common share (diluted) |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.03 |
) |
Weighted
average number of common shares outstanding - basic |
|
|
118,003 |
|
|
|
117,819 |
|
|
|
117,956 |
|
|
|
103,341 |
|
Weighted
average number of common shares outstanding - diluted |
|
|
118,003 |
|
|
|
117,819 |
|
|
|
117,956 |
|
|
|
103,341 |
|
STONEMOR INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED) (in thousands)
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
|
2020 |
|
Cash
Flows From Operating Activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(44,858 |
) |
|
$ |
(2,768 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
Cost of lots sold |
|
|
5,146 |
|
|
|
4,346 |
|
Depreciation and amortization |
|
|
6,158 |
|
|
|
7,078 |
|
Provision for bad debt |
|
|
5,074 |
|
|
|
4,529 |
|
Non-cash compensation expense |
|
|
1,525 |
|
|
|
1,080 |
|
Loss on debt extinguishment |
|
|
40,128 |
|
|
|
— |
|
Non-cash interest expense |
|
|
3,740 |
|
|
|
16,159 |
|
Loss (gain) on sale of businesses |
|
|
1,525 |
|
|
|
(31,120 |
) |
Other losses, net |
|
|
536 |
|
|
|
2,169 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
Payment of paid-in-kind interest |
|
|
(18,440 |
) |
|
|
— |
|
Accounts receivable, net of allowance |
|
|
(16,205 |
) |
|
|
(16,180 |
) |
Merchandise trust fund |
|
|
(37,542 |
) |
|
|
(12,284 |
) |
Other assets |
|
|
(4,846 |
) |
|
|
3,799 |
|
Deferred selling and obtaining costs |
|
|
(6,486 |
) |
|
|
(4,974 |
) |
Deferred revenues |
|
|
77,518 |
|
|
|
39,238 |
|
Deferred taxes, net |
|
|
(11,821 |
) |
|
|
(3,490 |
) |
Payables and other liabilities |
|
|
9,275 |
|
|
|
(3,797 |
) |
Net cash provided by operating activities |
|
|
10,427 |
|
|
|
3,785 |
|
Cash
Flows From Investing Activities: |
|
|
|
|
|
|
Cash paid for capital expenditures |
|
|
(5,675 |
) |
|
|
(4,784 |
) |
Proceeds from divestitures |
|
|
6,462 |
|
|
|
48,336 |
|
Net cash provided by investing activities |
|
|
787 |
|
|
|
43,552 |
|
Cash
Flows From Financing Activities: |
|
|
|
|
|
|
Proceeds from issuance of Series A Preferred Stock |
|
|
— |
|
|
|
8,800 |
|
Proceeds from issuance of Common Stock |
|
|
— |
|
|
|
8,200 |
|
Proceeds from borrowings |
|
|
406,235 |
|
|
|
3,672 |
|
Repayments of debt |
|
|
(331,197 |
) |
|
|
(54,782 |
) |
Principal payment on finance leases |
|
|
(1,097 |
) |
|
|
(1,061 |
) |
Early redemption premium |
|
|
(18,478 |
) |
|
|
— |
|
Cost of financing activities |
|
|
(10,843 |
) |
|
|
(4,294 |
) |
Shares repurchased related to share-based compensation |
|
|
— |
|
|
|
(35 |
) |
Net cash provided by (used in) financing activities |
|
|
44,620 |
|
|
|
(39,500 |
) |
Net
increase in cash, cash equivalents and restricted
cash |
|
|
55,834 |
|
|
|
7,837 |
|
Cash, cash equivalents and restricted cash—Beginning of
period |
|
|
60,090 |
|
|
|
56,767 |
|
Cash, cash equivalents and restricted cash—End of
period |
|
$ |
115,924 |
|
|
$ |
64,604 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
31,259 |
|
|
$ |
20,361 |
|
Cash paid during the period for income taxes |
|
|
2,727 |
|
|
|
1,077 |
|
Cash
paid for amounts included in the measurement of lease
liabilities: |
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
1,446 |
|
|
$ |
2,372 |
|
Operating cash flows from finance leases |
|
|
253 |
|
|
|
328 |
|
Financing cash flows from finance leases |
|
|
1,097 |
|
|
|
1,061 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
Accrued paid-in-kind interest on 2024 Notes |
|
$ |
— |
|
|
$ |
10,572 |
|
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