Navios Maritime Holdings Inc. - 6-K filing on 2019-09-12

Segment Information

6 Months Ended

Jun. 30, 2019

NOTE 11: SEGMENT INFORMATION

The Company currently has three reportable segments from which it derives its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business is a reportable segment as a result of the consolidation of Navios Containers since November 30, 2018 (date of obtaining control). The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region.

The Company measures segment performance based on net income/ (loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company’s reportable segments is as follows:

	Dry Bulk Vessel Operations for the Three Month Period Ended June 30, 2019			Logistics Business for the Three Month Period Ended June 30, 2019			Containers Business for the Three Month Period Ended June 30, 2019			Total for the Three Month Period Ended June 30, 2019
Revenue	$	52,900		$	60,611		$	33,678		$	147,189
Administrative fee revenue from affiliates		6,318			—			—			6,318
Interest expense and finance cost, net		(20,898)			(9,265)			(4,113)			(34,276)
Depreciation and amortization		(13,445	)		(7,310	)		(8,514	)		(29,269	)
Equity in net losses of affiliated companies		(16,779	)		—			—			(16,779	)
Net (loss)/ income attributable to Navios Holdings common stockholders		(42,509	)		6,189			(111	)		(36,431	)
Total assets		1,779,519			672,390			486,272			2,938,181
Goodwill		56,240			104,096			—			160,336
Capital expenditures		(6,805)			(487)			(51,951)			(59,243)
Investment in affiliates		72,512			—			—			72,512
Cash and cash equivalents		26,693			68,796			15,156			110,645
Restricted cash		9,732			—			1,699			11,431
Long-term debt, net (including current and non-current portion)	$	999,347		$	523,784		$	267,674		$	1,790,805

	Drybulk Vessel Operations for the Three Month Period Ended June 30, 2018		Logistics Business for the Three Month Period Ended June 30, 2018		Total for the Three Month Period Ended June 30, 2018
Revenue	$	71,988	$	60,063	$	132,051
Administrative fee revenue from affiliates		7,126		—		7,126
Interest expense and finance cost, net		(23,256)		(9,997)		(33,253)
Depreciation and amortization		(17,385)		(7,152)		(24,537)
Equity in net losses of affiliated companies		(3,025)		—		(3,025)
Net loss attributable to Navios Holdings common stockholders		(27,842)		2,550		(25,292)
Total assets		1,898,715		674,413		2,573,128
Goodwill		56,240		104,096		160,336
Capital expenditures		(4,432)		(2,277)		(6,709)
Investment in affiliates		174,263		—		174,263
Cash and cash equivalents		48,051		70,403		118,454
Restricted cash		2,978		—		2,978
Long-term debt, net (including current and non-current portion)	$	1,137,924	$	528,696	$	1,666,620

	Dry Bulk Vessel Operations for the Six Month Period Ended June 30, 2019		Logistics Business for the Six Month Period Ended June 30, 2019		Containers Business for the Six Month Period Ended June 30, 2019		Total for the Six Month Period Ended June 30, 2019
Revenue	$	105,582	$	116,377	$	65,510	$	287,469
Administrative fee revenue from affiliates		12,782		—		—		12,782
Interest expense and finance cost, net		(41,904)		(19,103)		(7,666)		(68,673)
Depreciation and amortization		(27,324)		(14,656)		(17,074)		(59,054)
Equity in net losses of affiliated companies		(12,502)		—		—		(12,502)
Net (loss)/ income attributable to Navios Holdings common stockholders		(51,189)		9,574		(120)		(41,735)
Total assets		1,779,519		672,390		486,272		2,938,181
Goodwill		56,240		104,096		—		160,336
Capital expenditures		(13,970)		(1,222)		(53,707)		(68,899)
Investment in affiliates		72,512		—		—		72,512
Cash and cash equivalents		26,693		68,796		15,156		110,645
Restricted cash		9,732		—		1,699		11,431
Long-term debt, net (including current and non-current portion)	$	999,347	$	523,784	$	267,674	$	1,790,805

	Drybulk Vessel Operations for the Six Month Period Ended June 30, 2018		Logistics Business for the Six Month Period Ended June 30, 2018		Total for the Six Month Period Ended June 30, 2018
Revenue	$	136,602	$	112,331	$	248,933
Administrative fee revenue from affiliates		14,131		—		14,131
Interest expense and finance cost, net		(45,821)		(19,242)		(65,063)
Depreciation and amortization		(36,223)		(14,380)		(50,603)
Equity in net losses of affiliated companies		(9,489)		—		(9,489)
Net loss attributable to Navios Holdings common stockholders		(68,030)		1,881		(66,149)
Total assets		1,898,715		674,413		2,573,128
Goodwill		56,240		104,096		160,336
Capital expenditures		(21,145)		(6,046)		(27,191)
Investment in affiliates		174,263		—		174,263
Cash and cash equivalents		48,051		70,403		118,454
Restricted cash		2,978		—		2,978
Long-term debt, net (including current and noncurrent portion)	$	1,137,924	$	528,696	$	1,666,620

As of June 30, 2019, Navios Containers’ negative working capital position amounted to $36,335.