Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
| OPERATING ACTIVITIES: |
|
|
|
| Net income/(loss) |
$ 85,269
|
$ 91,901
|
$ (188,605)
|
| Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
49,848
|
61,235
|
71,015
|
| Amortization and write-off of deferred financing costs |
10,784
|
8,870
|
7,863
|
| Amortization of deferred drydock and special survey costs |
9,693
|
11,084
|
10,255
|
| Allowance for credit losses |
785
|
1,831
|
541
|
| Stock-based compensation expenses |
171
|
589
|
1,268
|
| (Loss)/gain on bond and debt extinguishment, net |
221
|
(951)
|
(7,047)
|
| Income tax (benefit)/ expense |
(270)
|
4,817
|
2,052
|
| Equity in net losses/(earnings) of affiliate companies, net of dividends received |
26,502
|
(68,752)
|
2,709
|
| Impairment loss/ loss on sale of vessels, net |
3,195
|
47,827
|
88,367
|
| Impairment of loan receivable from affiliate company |
0
|
0
|
6,050
|
| Non operating other finance cost (convertible debenture) |
85,730
|
0
|
0
|
| Gain on sale of shipping business |
(169,631)
|
0
|
0
|
| Changes in operating assets and liabilities: |
|
|
|
| Increase in accounts receivable |
(689)
|
(9,887)
|
(2,992)
|
| (Increase)/decrease in inventories |
(2,113)
|
1,801
|
(3,641)
|
| Decrease/(increase) in prepaid expenses and other assets |
7,288
|
2,155
|
(5,505)
|
| Decrease in due from affiliate companies |
936
|
667
|
18,895
|
| (Decrease)/increase in accounts payable |
(2,178)
|
7,149
|
7,763
|
| (Decrease)/increase in accrued expenses and other liabilities |
(21,696)
|
(11,019)
|
18,469
|
| Decrease in operating lease liabilities, net |
(5,573)
|
(17,292)
|
(3,985)
|
| Increase/(decrease) in due to affiliate companies |
33,343
|
(1,138)
|
18,626
|
| (Decrease)/increase in deferred income and cash received in advance |
(2,558)
|
(200)
|
648
|
| Increase/(decrease) in other long-term liabilities and deferred income |
0
|
267
|
(173)
|
| Payments for drydock and special survey costs |
(11,451)
|
(21,334)
|
(17,362)
|
| Convertible debenture movement |
33,103
|
0
|
0
|
| Net cash provided by operating activities |
130,709
|
109,620
|
25,211
|
| INVESTING ACTIVITIES: |
|
|
|
| Proceeds from the Transaction |
370,638
|
0
|
0
|
| Cash disposed of due to the Transaction |
(9,862)
|
0
|
0
|
| Loan from affiliate companies |
0
|
0
|
18,629
|
| Dividends received from affiliate companies |
0
|
243
|
5,838
|
| Deposits for vessels, port terminals and other fixed assets |
(2,598)
|
(19,498)
|
(5,153)
|
| Proceeds from lease receivable |
0
|
313
|
189
|
| Proceeds from sale of asset |
2,186
|
167,016
|
83,445
|
| Acquisition of/additions to vessels |
(21,357)
|
(24,950)
|
(96,969)
|
| Purchase of property, equipment and other fixed assets |
(6,892)
|
(4,350)
|
(3,288)
|
| Deposit for option to acquire vessels |
0
|
0
|
(2,099)
|
| Net cash provided by investing activities |
332,115
|
118,774
|
592
|
| FINANCING ACTIVITIES: |
|
|
|
| Tender offer - redemption of preferred stock |
(9,993)
|
0
|
0
|
| Repayment of loans payable to affiliate companies |
(375,264)
|
(130,743)
|
(50,000)
|
| Proceeds from loans payable to affiliate companies |
262,632
|
115,000
|
50,000
|
| Proceeds from long-term loans, net of deferred financing costs |
296,725
|
58,000
|
81,625
|
| Proceeds from issuance of senior notes, net of deferred financing costs |
0
|
0
|
487,504
|
| Repayment of long-term debt and payment of principal |
(78,584)
|
(94,959)
|
(164,638)
|
| Repayment/repurchase of senior notes |
(610,466)
|
(168,588)
|
(384,443)
|
| Debt issuance costs |
(1,645)
|
(3,874)
|
(1,138)
|
| Repayment of finance lease liability |
(229)
|
0
|
0
|
| Proceeds from sale of shares, net |
0
|
44,437
|
0
|
| Dividends paid to noncontrolling shareholders |
0
|
0
|
(12,256)
|
| Acquisition of noncontrolling interest |
(5,000)
|
(21,000)
|
0
|
| Net cash (used in)/provided by financing activities |
(521,824)
|
(201,727)
|
6,654
|
| (Decrease) /increase in cash and cash equivalents and restricted cash |
(59,000)
|
26,667
|
32,457
|
| Cash and cash equivalents and restricted cash, beginning of year |
137,851
|
111,184
|
78,727
|
| Cash and cash equivalents and restricted cash, end of year |
78,851
|
137,851
|
111,184
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
| Cash paid for interest, net of capitalized interest |
101,731
|
141,494
|
110,454
|
| Cash paid for income taxes |
61
|
260
|
186
|
| Non-cash investing and financing activities |
|
|
|
| Acquisition of/additions to vessels |
0
|
0
|
(986)
|
| Sale of vessels |
0
|
5,766
|
4,378
|
| Proceeds from seller’s credit agreement for the construction of six liquid barges |
0
|
2,246
|
11,229
|
| Transfers from other long-term assets assets |
0
|
57,107
|
0
|
| Proceeds from the Navios Logistics’ 2020 Fleet |
0
|
15,000
|
0
|
| Deposits for vessels, port terminals and other fixed assets |
0
|
(190)
|
0
|
| Promissory note for the acquisition of the noncontrolling interest |
0
|
15,000
|
0
|
| Other long-term assets unpaid as of December 31, 2021 |
0
|
(386)
|
0
|
| Discontinued operations |
|
|
|
| Net cash provided by/(used in) operating activities of discontinued operations |
101,021
|
109,297
|
(33,990)
|
| Net cash provided by investing activities of discontinued operations |
$ 339,419
|
$ 142,065
|
$ 3,008
|