Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| OPERATING ACTIVITIES: |
|
|
|
| Net income/(loss) |
$ 91,901
|
$ (188,605)
|
$ (184,452)
|
| Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
61,235
|
71,015
|
104,581
|
| Amortization and write-off of deferred financing costs |
8,870
|
7,863
|
8,242
|
| Amortization of deferred drydock and special survey costs |
11,084
|
10,255
|
11,714
|
| Allowance for credit losses |
1,831
|
541
|
999
|
| Stock-based compensation expenses |
589
|
1,268
|
2,885
|
| Gain on bond and debt extinguishment, net |
(951)
|
(7,047)
|
(47,430)
|
| Income tax expense |
4,817
|
2,052
|
1,475
|
| Equity in net (earnings)/losses of affiliate companies, net of dividends received |
(68,752)
|
2,709
|
13,722
|
| Loss on loss of control |
0
|
0
|
61,741
|
| Gain on sale of business/assets |
0
|
0
|
(9,802)
|
| Impairment of loan receivable from affiliate company |
(0)
|
6,050
|
(0)
|
| Impairment loss/ loss on sale of vessels, net |
47,827
|
88,367
|
156,106
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase)/decrease in accounts receivable |
(9,887)
|
(2,992)
|
5,425
|
| Decrease /(increase) in inventories |
1,801
|
(3,641)
|
12,606
|
| Decrease/(increase) in prepaid expenses and other assets |
2,155
|
(5,505)
|
(10,753)
|
| Decrease/(increase) in due from affiliate companies |
667
|
18,895
|
(1,029)
|
| Increase in accounts payable |
7,149
|
7,763
|
47,491
|
| (Decrease)/increase in accrued expenses and other liabilities |
(11,019)
|
18,469
|
(15,855)
|
| Decrease in operating lease liabilities, net |
(17,292)
|
(3,985)
|
(3,078)
|
| (Decrease)/increase in due to affiliate companies |
(1,138)
|
18,626
|
(32,081)
|
| (Decrease)/increase in deferred income and cash received in advance |
(200)
|
648
|
(2,323)
|
| Increase/(decrease) in other long-term liabilities and deferred income |
267
|
(173)
|
(966)
|
| Payments for drydock and special survey costs |
(21,334)
|
(17,362)
|
(23,106)
|
| Net cash provided by operating activities |
109,620
|
25,211
|
96,112
|
| INVESTING ACTIVITIES: |
|
|
|
| Proceeds from sale of business |
0
|
0
|
3,000
|
| Impact to cash from deconsolidation/sale of business |
0
|
0
|
(21,439)
|
| Loan from affiliate companies |
0
|
18,629
|
8,000
|
| Dividends received from affiliate companies |
243
|
5,838
|
4,379
|
| Deposits for vessels, port terminals and other fixed assets |
(19,498)
|
(5,153)
|
(4,504)
|
| Proceeds from lease receivable |
313
|
189
|
150
|
| Proceeds from sale of asset |
167,016
|
83,445
|
48,830
|
| Acquisition of investments in affiliate companies |
0
|
0
|
(8)
|
| Acquisition of/additions to vessels |
(24,950)
|
(96,969)
|
(74,294)
|
| Purchase of property, equipment and other fixed assets |
(4,350)
|
(3,288)
|
(5,166)
|
| Deposit for option to acquire vessels |
0
|
(2,099)
|
(15,415)
|
| Net cash provided by/(used in) investing activities |
118,774
|
592
|
(56,467)
|
| FINANCING ACTIVITIES: |
|
|
|
| Repurchase of preferred stock |
0
|
0
|
(10,228)
|
| Issuance of capital surplus |
0
|
0
|
(3)
|
| Repayment of loans payable to affiliate companies |
(130,743)
|
(50,000)
|
(13,420)
|
| Proceeds from loans payable to affiliate companies |
115,000
|
50,000
|
0
|
| Proceeds from long-term debt |
58,000
|
81,625
|
129,022
|
| Proceeds from issuance of senior notes, net of deferred financing costs |
0
|
487,504
|
0
|
| Repayment of long-term debt and payment of principal |
(94,959)
|
(164,638)
|
(146,887)
|
| Repayment/repurchase of senior notes |
(168,588)
|
(384,443)
|
(68,325)
|
| Debt issuance costs |
(3,874)
|
(1,138)
|
(1,851)
|
| Proceeds from sale of shares, net |
44,437
|
0
|
0
|
| Dividends paid to noncontrolling shareholders |
0
|
(12,256)
|
0
|
| Acquisition of noncontrolling interest |
(21,000)
|
0
|
0
|
| Net cash (used in)/provided by financing activities |
(201,727)
|
6,654
|
(111,692)
|
| Increase/(decrease) in cash and cash equivalents and restricted cash |
26,667
|
32,457
|
(72,047)
|
| Cash and cash equivalents and restricted cash, beginning of year |
111,184
|
78,727
|
150,774
|
| Cash and cash equivalents and restricted cash, end of year |
137,851
|
111,184
|
78,727
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest, net of capitalized interest |
141,494
|
110,454
|
135,693
|
| Cash paid for income taxes |
260
|
186
|
298
|
| Non-cash investing and financing activities |
|
|
|
| Acquisition of/additions to vessels |
0
|
(986)
|
0
|
| Sale of vessels |
5,766
|
4,378
|
0
|
| Proceeds from seller’s credit agreement for the construction of six liquid barges |
2,246
|
11,229
|
0
|
| Accrued interest income on loan receivable from affiliate company |
0
|
0
|
(2,948)
|
| Accrued interest expense payable to affiliate company |
0
|
0
|
1,173
|
| Issuance of senior secured notes in exchange of preferred stock |
0
|
0
|
8,626
|
| Loans payable to affiliate companies |
0
|
0
|
141,795
|
| Transfers from other long-term assets assets |
57,107
|
0
|
0
|
| Proceeds from the Navios Logistics’ 2020 Fleet |
15,000
|
0
|
0
|
| Deposits for vessels, port terminals and other fixed assets |
(190)
|
0
|
0
|
| Promissory note for the acquisition of the noncontrolling interest |
15,000
|
0
|
0
|
| Other long-term assets unpaid as of December 31, 2021 |
(386)
|
0
|
0
|
| Discontinued operations |
|
|
|
| Net cash provided by/(used in) operating activities of discontinued operations |
0
|
0
|
9,728
|
| Net cash used in investing activities of discontinued operations |
0
|
0
|
(54,808)
|
| Net cash provided by financing activities of discontinued operations |
$ 0
|
$ 0
|
$ 42,164
|