- $480.8 million Revenue for 2015; $111.7 million Revenue for Q4
- $133.4 million Adjusted EBITDA for 2015; $33.6 million Adjusted EBITDA for Q4
- $176.9 million of cash
- Positioned to weather a record market
- Strong balance sheet
- Strength through diversification
- Operating efficiencies and low cost structure
MONACO, Feb. 23, 2016 (GLOBE NEWSWIRE) -- Navios Maritime Holdings Inc. (“Navios Holdings” or “the Company”) (NYSE:NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, “We have experienced as difficult a market as ever existed in shipping, highlighted by the recent low of 290 which is 43% lower than the all-time low established only one year ago. The average BDI of 350 for 2016 is the lowest recorded since 1986. While this extended period of weakness is unprecedented, there are green shoots suggesting that this difficult market may begin to moderate because of accelerated scrapping and continued slippage of new buildings and the absence of new building orders. Thus, we anticipate negative net fleet growth in the dry bulk industry in the near term coupled by demand from continued global growth.”
Angeliki Frangou continued, “In light of the prolonged market weakness, we have adopted measures to reduce our cash requirements, without having to sell off assets and while honoring our obligations. We have resourcefully established cash flow needed in the medium term to sustain the company until charter rates improve.”
HIGHLIGHTS -- RECENT DEVELOPMENTS
Fleet Update
On January 12, 2016, Navios Holdings took delivery of the Navios Sphera, a 2016-Japanese built 84,872 dwt Kamsarmax vessel, and Navios Mars, a 2016-Japanese built 181,259 dwt Capesize vessel, for a total purchase price of $83.8 million, of which $39.9 million was financed through a new loan with DVB Bank, and the balance with available cash.
Following the delivery of Navios Sphera and Navios Mars, Navios Holdings controls a fleet of 63 vessels totaling 6.4 million dwt, of which 40 are owned and 23 are chartered-in under long-term charters (collectively, the "Core Fleet"). Navios Holdings currently operates 59 vessels (19 Capesize, 19 Panamax, 19 Ultra Handymax and two Handysize vessels) totaling 6.0 million dwt. The current average age of the operating fleet is 7.6 years. Additionally, Navios Holdings has four newbuilding charter-in vessels expected to be delivered at various dates through 2016 and 2017.
As of February 9, 2016, Navios Holdings has chartered-out 65.9% and 31.2% of available days for 2016 and 2017, respectively (including index-linked charters), which are expected to generate $91.6 million and $18.4 million in revenue, respectively. The average expected daily charter-out base rate for the Core Fleet is $10,159 and $18,088 for 2016 and 2017, respectively. The average contracted daily charter-in rate for the active long-term charter-in vessels for 2016 is $14,067.
The above figures do not include the fleet of Navios South American Logistics Inc. (“Navios Logistics”) and vessels servicing contracts of affreightment.
Exhibit II provides certain details of the Core Fleet of Navios Holdings. It does not include the fleet of Navios Logistics.
Earnings Highlights
As of December 31, 2015:
- Net Debt to Total Book Capitalization of 54.6%
- Cash of $176.9 million
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share are non-U.S. GAAP financial measures and should not be used in isolation or as substitution for Navios Holdings’ results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, “Disclosure of Non-GAAP Financial Measures,” for a discussion of EBITDA and Adjusted EBITDA of Navios Holdings (including Navios Logistics), and Navios Logistics (on a stand-alone basis), and a reconciliation of such measures to the most comparable measures calculated under U.S. GAAP.
Fourth Quarter 2015 and 2014 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The fourth quarter 2015 and 2014 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
| Three Month Period | Three Month Period | |||||||||
| Ended | Ended | |||||||||
| December 31, | December 31, | |||||||||
| 2015 | 2014 | |||||||||
| (unaudited) | (unaudited) | |||||||||
| Revenue | $ | 111,746 | $ | 148,825 | ||||||
| EBITDA | $ | 16,055 | $ | 52,023 | ||||||
| Adjusted EBITDA (*) | $ | 33,602 | $ | 37,762 | ||||||
| Net Loss | $ | (60,560 | ) | $ | (4,981 | ) | ||||
| Adjusted Net Loss (*) | $ | (27,850 | ) | $ | (19,242 | ) | ||||
| Basic Loss per Share | $ | (0.61 | ) | $ | (0.09 | ) | ||||
| Adjusted Basic Loss per Share (*) | $ | (0.30 | ) | $ | (0.22 | ) | ||||
(*) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the three months ended December 31, 2015 exclude $17.5 million non-cash guarantee loss relating to Navios Maritime Partners L.P. ("Navios Partners"). Adjusted Net Loss and Adjusted Basic Loss per Share also exclude $15.2 million of accelerated amortization of intangibles.
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Net Loss per Share for the three months ended December 31, 2014 exclude $14.3 million portion of gain from sale of Navios Maritime Acquisition Corporation's ("Navios Acquisition") assets.
Revenue from drybulk vessel operations for the three months ended December 31, 2015 was $59.3 million as compared to $74.7 million for the same period during 2014. The decrease in drybulk revenue was mainly attributable to a decrease in the time charter equivalent (“TCE”) rate per day by 27.0% to $8,091 per day in the fourth quarter of 2015, as compared to $11,085 per day in the same period of 2014. This decrease was partially mitigated by a net increase in available days of our fleet by 856 days.
Revenue from the logistics business was $52.4 million for the three months ended December 31, 2015, as compared to $74.1 million for the same period of 2014. This decrease was mainly attributable to the decrease in sales of products in the liquid terminal.
Adjusted EBITDA of Navios Holdings for the three months ended December 31, 2015 decreased by $4.2 million to $33.6 million as compared to $37.8 million for the same period of 2014. The $4.2 million decrease in Adjusted EBITDA was primarily due to a $37.1 million decrease in revenue. This decrease was mitigated by (i) a $19.4 million decrease in time charter, voyage and logistics business expenses; (ii) a $3.5 million decrease in general and administrative expenses (excluding share-based compensation expenses); (iii) a $3.9 million increase in equity in net earnings from affiliated companies; (iv) a $4.8 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (v) a $1.1 million decrease in other expense, net; and (vi) a $0.2 million decrease in net income attributable to the noncontrolling interest.
EBITDA of Navios Logistics was $15.9 million for the three month period ended December 31, 2015 as compared to $15.3 million for the same period in 2014.
Adjusted Net Loss of Navios Holdings for the three months ended December 31, 2015 was $27.9 million as compared to $19.2 million for the same period of 2014. The $8.7 million increase in Adjusted Net Loss was mainly due to (i) a $4.2 million decrease in Adjusted EBITDA; (ii) a $3.8 million increase in interest expense and finance cost, net; (iii) a $2.8 million increase in depreciation and amortization; and (iv) a $0.5 million increase in amortization for deferred drydock and special survey costs. This increase in Adjusted Net Loss was partially mitigated by (i) a decrease in share-based compensation expense of $1.3 million; and (ii) an increase in income tax benefit of $1.3 million.
Year Ended December 31, 2015 and 2014 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The information for the year ended December 31, 2015 and 2014 presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
| Year | Year | |||||||||
| Ended | Ended | |||||||||
| December 31, | December 31, | |||||||||
| 2015 | 2014 | |||||||||
| (unaudited) | (unaudited) | |||||||||
| Revenue | $ | 480,820 | $ | 569,016 | ||||||
| EBITDA | $ | 112,756 | $ | 176,698 | ||||||
| Adjusted EBITDA (*) | $ | 133,390 | $ | 191,402 | ||||||
| Net Loss | $ | (134,112 | ) | $ | (56,203 | ) | ||||
| Adjusted Net Loss (*) | $ | (104,253 | ) | $ | (41,499 | ) | ||||
| Basic Loss per Share | $ | (1.42 | ) | $ | (0.65 | ) | ||||
| Adjusted Basic Loss per Share (*) | $ | (1.14 | ) | $ | (0.51 | ) | ||||
(*) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the year ended December 31, 2015 exclude (i) $18.8 million non-cash guarantee loss relating to Navios Partners; and (ii) $1.8 million non-cash loss on available-for-sale securities. Adjusted Net Loss and Adjusted Basic Loss per Share also exclude $9.3 million of accelerated amortization of intangibles.
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Net Loss per Share for the year ended December 31, 2014 exclude (i) $17.4 million portion of loss on Navios Logistics' bond extinguishment; (ii) $11.5 million non-cash loss on available-for-sale securities; and (iii) $14.3 million portion of gain from sale of Navios Acquisition's assets.
Revenue from drybulk vessel operations for the year ended December 31, 2015 was $229.8 million as compared to $300.2 million for the same period during 2014. The decrease in drybulk revenue was mainly attributable to a decrease in the TCE rate per day by 33.7% to $7,846 per day for the year ended December 31, 2015, as compared to $11,830 per day in the same period of 2014. This decrease was partially mitigated by a net increase in available days of our fleet by 2,322 days.
Revenue from the logistics business was $251.0 million for the year ended December 31, 2015 as compared to $268.8 million for the same period of 2014. This decrease was mainly attributable to a decrease in sales of products in the liquid terminal, partially mitigated by (i) an increase in products transported and rates charged in the dry port terminal; and (ii) an increase in the cabotage fleet's operating days.
Adjusted EBITDA of Navios Holdings for the year ended December 31, 2015 decreased by $58.0 million to $133.4 million as compared to $191.4 million for the same period of 2014. The $58.0 million decrease in Adjusted EBITDA was primarily due to (i) a $88.2 million decrease in revenue; (ii) a $11.4 million increase in other expense, net; and (iii) a $4.0 million increase in net income attributable to the noncontrolling interest. This overall decrease of $103.6 million was partially mitigated by (i) a $15.4 million decrease in time charter, voyage and logistics business expenses; (ii) a $2.9 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (iii) a $9.3 million decrease in general and administrative expenses (excluding share-based compensation expenses); and (iv) a $18.0 million increase in equity in net earnings from affiliated companies.
Adjusted EBITDA of Navios Logistics was $80.4 million for the year ended December 31, 2015 as compared to $68.8 million (adjusted for the $27.3 million loss on bond extinguishment) for the same period in 2014.
Adjusted Net Loss of Navios Holdings for the year ended December 31, 2015 was $104.3 million as compared to $41.5 million for the same period of 2014. The $62.8 million increase in Adjusted Net Loss was mainly due to (i) a decrease in Adjusted EBITDA of $58.0 million; (ii) an increase in interest expense and finance cost, net of $2.7 million; (iii) an increase in depreciation and amortization of $6.5 million; and (iv) an increase of $1.0 million in amortization for deferred drydock and special survey costs. This increase in Adjusted Net Loss was partially mitigated by (i) a decrease of $2.1 million in share-based compensation expense; and (ii) an increase in income tax benefit of $3.3 million.
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the Navios Holdings' dry bulk operations (excluding the Navios Logistics fleet) and its fleet performance for the three month period and year ended December 31, 2015 and 2014, respectively.
| Three Month | Three Month | Year | Year | ||||||||||||||||||
| Period Ended | Period Ended | Ended | Ended | ||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
| Available Days (1) | 6,316 | 5,460 | 23,787 | 21,465 | |||||||||||||||||
| Operating Days (2) | 6,272 | 5,456 | 23,453 | 21,422 | |||||||||||||||||
| Fleet Utilization (3) | 99.3 | % | 99.9 | % | 98.6 | % | 99.8 | % | |||||||||||||
| Equivalent Vessels (4) | 69 | 59 | 65 | 59 | |||||||||||||||||
| TCE (5) | $ | 8,091 | $ | 11,085 | $ | 7,846 | $ | 11,830 | |||||||||||||
| (1 | ) | Available days for the fleet are total calendar days the vessels were in Navios Holdings' 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 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 is the percentage of time that Navios Holdings' 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. | ||||||||
| (4 | ) | Equivalent Vessels is defined as the total available days during a relevant period divided by the number of days of this period. | ||||||||
| (5 | ) | TCE is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period. | ||||||||
Conference Call:
As previously announced, Navios Holdings will host a conference call today, February 23, 2016, at 8:30 am ET, at which time Navios Holdings' senior management will provide highlights and commentary on earnings results for the fourth quarter and year ended December 31, 2015.
A supplemental slide presentation will be available on the Navios Holdings website at www.navios.com under the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Tuesday, February 23, 2016, at 8:30 am ET
Call Title: Navios Holdings Inc. Q4 2015 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 2746 1274
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: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 2746 1274
This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, www.navios.com, under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website: www.navios.com.
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia region river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics serves the storage and marine transportation needs of its petroleum, agricultural and mining customers through its port terminals, river barge and coastal cabotage operations. For more information about Navios Logistics please visit its website: www.navios-logistics.com.
About Navios Maritime Partners L.P.
Navios Partners (NYSE:NMM) is a publicly traded master limited partnership which owns and operates container and dry cargo vessels. For more information, please visit its website at www.navios-mlp.com.
About Navios Maritime Acquisition Corporation
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 its website: www.navios-acquisition.com.
About Navios Maritime Midstream Partners L.P.
Navios Maritime Midstream Partners L.P. is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit its website at www.navios-midstream.com.
Forward Looking Statements - Safe Harbor
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, including Navios Holdings’ share repurchases, 2016 cash flow generation, future contracted revenues, future distributions and its ability to pay a dividend going forward, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, our ability to take advantage of dislocation in the market, and Navios Holdings' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. 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 time charters. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Holdings at the time these statements were made. Although Navios Holdings 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 known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. 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 uncertainty relating to global trade, including prices of seaborne commodities and continuing issues related to seaborne volume and ton miles, our continued ability to enter into long-term time charters, our ability to maximize the use of our vessels, expected demand in the dry cargo shipping sector in general and the demand for our Panamax, Capesize and UltraHandymax vessels in particular, fluctuations in charter rates for dry cargo carriers vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, the financial condition of our customers, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, 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, general domestic and international political conditions, competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings' filings with the Securities and Exchange Commission, including its Form 20-F’s and Form 6-K’s. Navios Holdings 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 Holdings' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Holdings makes no prediction or statement about the performance of its common stock.
| EXHIBIT I | ||||||||||||||||||||||||
| NAVIOS MARITIME HOLDINGS INC. | ||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
| (Expressed in thousands of U.S. dollars — except share and per share data) | ||||||||||||||||||||||||
| Three Month Period Ended December 31, 2015 | Three Month Period Ended December 31, 2014 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
| Revenue | $ | 111,746 | $ | 148,825 | $ | 480,820 | $ | 569,016 | ||||||||||||||||
| Administrative fee revenue from affiliates | 4,231 | 3,788 | 16,177 | 14,300 | ||||||||||||||||||||
| Time charter, voyage and logistics business expenses | (56,706 | ) | (76,106 | ) | (247,882 | ) | (263,304 | ) | ||||||||||||||||
| Direct vessel expenses (1) | (27,852 | ) | (32,111 | ) | (128,168 | ) | (130,064 | ) | ||||||||||||||||
| General and administrative expenses incurred on behalf of affiliates | (4,231 | ) | (3,788 | ) | (16,177 | ) | (14,300 | ) | ||||||||||||||||
| General and administrative expenses (2) | (12,401 | ) | (17,208 | ) | (34,183 | ) | (45,590 | ) | ||||||||||||||||
| Depreciation and amortization | (44,270 | ) | (26,390 | ) | (120,310 | ) | (104,690 | ) | ||||||||||||||||
| Interest expense and finance cost, net | (27,371 | ) | (23,638 | ) | (110,781 | ) | (108,145 | ) | ||||||||||||||||
| Loss on bond extinguishment | - | - | - | (27,281 | ) | |||||||||||||||||||
| Other (expense)/income, net | (18,257 | ) | (1,866 | ) | (30,201 | ) | (9,673 | ) | ||||||||||||||||
| Loss before equity in net earnings of affiliated companies | (75,111 | ) | (28,494 | ) | (190,705 | ) | (119,731 | ) | ||||||||||||||||
| Equity in net earnings of affiliated companies | 12,776 | 23,160 | 61,484 | 57,751 | ||||||||||||||||||||
| Loss before taxes | $ | (62,335 | ) | $ | (5,334 | ) | $ | (129,221 | ) | $ | (61,980 | ) | ||||||||||||
| Income tax benefit /(expense) | 2,266 | 1,017 | 3,154 | (84 | ) | |||||||||||||||||||
| Net loss | (60,069 | ) | (4,317 | ) | (126,067 | ) | (62,064 | ) | ||||||||||||||||
| Less: Net (income)/loss attributable to the noncontrolling interest | (491 | ) | (664 | ) | (8,045 | ) | 5,861 | |||||||||||||||||
| Net loss attributable to Navios Holdings common stockholders | $ | (60,560 | ) | $ | (4,981 | ) | $ | (134,112 | ) | $ | (56,203 | ) | ||||||||||||
| Loss attributable to Navios Holdings common stockholders, basic and diluted | $ | (64,542 | ) | $ | (9,043 | ) | $ | (150,314 | ) | $ | (66,976 | ) | ||||||||||||
| Basic and diluted net loss per share attributable to Navios Holdings common stockholders | $ | (0.61 | ) | $ | (0.09 | ) | $ | (1.42 | ) | $ | (0.65 | ) | ||||||||||||
| Weighted average number of shares, basic and diluted | 106,651,687 | 104,646,164 | 105,896,235 | 103,476,614 | ||||||||||||||||||||
(1) Includes expenses of Navios Logistics of $19.7 million and $19.6 million for the three months ended December 31, 2015 and 2014 and $82.0 million and $78.0 million for the year ended December 31, 2015 and 2014, respectively.
(2) Includes expenses of Navios Logistics of $3.4 million and $4.2 million for the three months ended December 31, 2015 and 2014 and $14.0 million and $14.8 million for the year ended December 31, 2015 and 2014, respectively.
| NAVIOS MARITIME HOLDINGS INC. | ||||||||||||||||||||||||||||
| Other Financial Data | ||||||||||||||||||||||||||||
| December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Cash and cash equivalents, including restricted cash | $ | 176,892 | $ | 250,120 | ||||||||||||||||||||||||
| Other current assets | 126,067 | 167,011 | ||||||||||||||||||||||||||
| Deposits for vessel acquisitions | 73,949 | 45,365 | ||||||||||||||||||||||||||
| Vessels, port terminal and other fixed assets, net | 1,823,961 | 1,911,143 | ||||||||||||||||||||||||||
| Other noncurrent assets | 447,151 | 404,230 | ||||||||||||||||||||||||||
| Goodwill and other intangibles | 310,793 | 349,828 | ||||||||||||||||||||||||||
| Total assets | $ | 2,958,813 | $ | 3,127,697 | ||||||||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||
| Current liabilities, including current portion of long-term debt, net | 226,856 | 198,334 | ||||||||||||||||||||||||||
| Senior and ship mortgage notes, net | 1,350,941 | 1,347,316 | ||||||||||||||||||||||||||
| Long-term debt, net | 213,423 | 242,291 | ||||||||||||||||||||||||||
| Other noncurrent liabilities | 57,041 | 73,246 | ||||||||||||||||||||||||||
| Total stockholders’ equity | 1,110,552 | 1,266,510 | ||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 2,958,813 | $ | 3,127,697 | ||||||||||||||||||||||||
| Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 43,478 | $ | 56,323 | |||||||||||||||||||||
| Net cash used in investing activities | $ | (36,499 | ) | $ | (244,888 | ) | |||||||||||||||||||
| Net cash (used in)/ provided by financing activities | $ | (91,123 | ) | $ | 248,290 | ||||||||||||||||||||
Disclosure of Non-GAAP Financial Measures
EBITDA represents net income/(loss) attributable to Navios Holdings' common stockholders before interest and finance costs, before depreciation and amortization, before income taxes and before stock-based compensation, if any, unless otherwise stated. Adjusted EBITDA represents EBITDA, excluding certain items as described under “Earnings Highlights”. EBITDA and Adjusted EBITDA are "non-GAAP financial measures" and should not be considered substitutes for net income/(loss), cash flow from operating activities and other operations or cash flow statement data prepared in accordance with generally accepted accounting principles in the United States. Navios Holdings believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed.
EBITDA and Adjusted EBITDA are presented to provide additional information with respect to the ability of Navios Holdings to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and the ability to meet debt service requirements, the definitions of EBITDA and Adjusted EBITDA used here may not be comparable to those used by other companies due to differences in methods of calculation.
Navios Logistics EBITDA and Adjusted EBITDA are used to measure the company's operating performance.
The following tables provide a reconciliation of EBITDA and Adjusted EBITDA of Navios Holdings (including Navios Logistics) and EBITDA and Adjusted EBITDA of Navios Logistics on a stand-alone basis:
| Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations | |||||||||||||
| December 31, | December 31, | ||||||||||||
| Three Months Ended | 2015 | 2014 | |||||||||||
| (in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||||||||
| Net cash provided by operating activities | $ | 21,100 | $ | 22,548 | |||||||||
| Net decrease in operating assets | (14,371 | ) | (9,605 | ) | |||||||||
| Net increase in operating liabilities | (30,146 | ) | (750 | ) | |||||||||
| Net interest cost | 27,371 | 23,638 | |||||||||||
| Deferred finance charges | (1,234 | ) | (1,382 | ) | |||||||||
| Provision for losses on accounts receivable | 45 | 74 | |||||||||||
| Equity in affiliates, net of dividends received | 8,724 | 14,888 | |||||||||||
| Payments for drydock and special survey | 5,057 | 3,276 | |||||||||||
| Noncontrolling interest | (491 | ) | (664 | ) | |||||||||
| EBITDA | 16,055 | 52,023 | |||||||||||
| Navios Partners’ guarantee loss | 17,547 | - | |||||||||||
| Other items from affiliates | - | (14,261 | ) | ||||||||||
| Adjusted EBITDA | $ | 33,602 | $ | 37,762 | |||||||||
| Navios Logistics EBITDA Reconciliation to Net Income | |||||||||||||
| December 31, | December 31, | ||||||||||||
| Three Months Ended | 2015 | 2014 | |||||||||||
| (in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||||||||
| Net income | $ | 1,358 | $ | 1,836 | |||||||||
| Depreciation and amortization | 8,425 | 6,385 | |||||||||||
| Amortization of deferred drydock and special survey costs | 2,161 | 1,592 | |||||||||||
| Interest expense and finance cost, net | 6,444 | 6,547 | |||||||||||
| Income tax expense/ (benefit) | (2,446 | ) | (1,105 | ) | |||||||||
| EBITDA | $ | 15,942 | $ | 15,255 | |||||||||
| Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations | ||||||||||||
| December 31, | December 31, | |||||||||||
| Year Ended | 2015 | 2014 | ||||||||||
| (in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||||||||
| Net cash provided by operating activities | $ | 43,478 | $ | 56,323 | ||||||||
| Net (decrease)/increase in operating assets | (43,042 | ) | 16,901 | |||||||||
| Net increase in operating liabilities | (39,288 | ) | (22,489 | ) | ||||||||
| Net interest cost | 110,781 | 108,145 | ||||||||||
| Deferred finance charges | (4,524 | ) | (4,061 | ) | ||||||||
| Expenses related to Navios Logistics bond extinguishment | - | (4,786 | ) | |||||||||
| Provision for losses on accounts receivable | (59 | ) | (792 | ) | ||||||||
| Equity in affiliates, net of dividends received | 30,398 | 22,179 | ||||||||||
| Payments for drydock and special survey | 24,840 | 10,970 | ||||||||||
| Noncontrolling interest | (8,045 | ) | 5,861 | |||||||||
| Loss on available-for-sale securities | (1,783 | ) | (11,553 | ) | ||||||||
| EBITDA | 112,756 | 176,698 | ||||||||||
| Navios Partners’ guarantee loss | 18,851 | - | ||||||||||
| Loss on available-for-sale securities | 1,783 | 11,553 | ||||||||||
| Other items from affiliates | - | (14,261 | ) | |||||||||
| Portion of loss on Navios Logistics bond extinguishment | - | 17,412 | ||||||||||
| Adjusted EBITDA | $ | 133,390 | $ | 191,402 | ||||||||
| Navios Logistics EBITDA and Adjusted EBITDA Reconciliation to Net Income/ (Loss) | ||||||||||||||
| December 31, | December 31, | |||||||||||||
| Year Ended | 2015 | 2014 | ||||||||||||
| (in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||||||||||
| Net income/(loss) | $ | 22,238 | $ | (16,704 | ) | |||||||||
| Depreciation and amortization | 27,969 | 25,086 | ||||||||||||
| Amortization of deferred drydock and special survey costs | 7,280 | 5,838 | ||||||||||||
| Interest expense and finance cost, net | 26,513 | 27,546 | ||||||||||||
| Income tax benefit | (3,551 | ) | (276 | ) | ||||||||||
| EBITDA | 80,449 | 41,490 | ||||||||||||
| Loss on bond extinguishment | - | 27,281 | ||||||||||||
| Adjusted EBITDA | $ | 80,449 | $ | 68,771 | ||||||||||
| EXHIBIT II | ||||||
| Owned Vessels | ||||||
| Vessel Name | Vessel Type | Year Built | Deadweight (in metric tons) | |||
| Navios Serenity | Handysize | 2011 | 34,690 | |||
| Navios Ionian | Ultra Handymax | 2000 | 52,067 | |||
| Navios Horizon | Ultra Handymax | 2001 | 50,346 | |||
| Navios Herakles | Ultra Handymax | 2001 | 52,061 | |||
| Navios Achilles | Ultra Handymax | 2001 | 52,063 | |||
| Navios Vector | Ultra Handymax | 2002 | 50,296 | |||
| Navios Meridian | Ultra Handymax | 2002 | 50,316 | |||
| Navios Mercator | Ultra Handymax | 2002 | 53,553 | |||
| Navios Arc | Ultra Handymax | 2003 | 53,514 | |||
| Navios Hios | Ultra Handymax | 2003 | 55,180 | |||
| Navios Kypros | Ultra Handymax | 2003 | 55,222 | |||
| Navios Astra | Ultra Handymax | 2006 | 53,468 | |||
| Navios Ulysses | Ultra Handymax | 2007 | 55,728 | |||
| Navios Celestial | Ultra Handymax | 2009 | 58,063 | |||
| Navios Vega | Ultra Handymax | 2009 | 58,792 | |||
| Navios Magellan | Panamax | 2000 | 74,333 | |||
| Navios Star | Panamax | 2002 | 76,662 | |||
| Navios Northern Star | Panamax | 2005 | 75,395 | |||
| Navios Amitie | Panamax | 2005 | 75,395 | |||
| Navios Taurus | Panamax | 2005 | 76,596 | |||
| Navios Asteriks | Panamax | 2005 | 76,801 | |||
| Navios Galileo | Panamax | 2006 | 76,596 | |||
| N Amalthia | Panamax | 2006 | 75,318 | |||
| N Bonanza | Panamax | 2006 | 76,596 | |||
| Navios Avior | Panamax | 2012 | 81,355 | |||
| Navios Centaurus | Panamax | 2012 | 81,472 | |||
| Navios Sphera | Panamax | 2016 | 84,872 | |||
| Navios Stellar | Capesize | 2009 | 169,001 | |||
| Navios Bonavis | Capesize | 2009 | 180,022 | |||
| Navios Happiness | Capesize | 2009 | 180,022 | |||
| Navios Phoenix | Capesize | 2009 | 180,242 | |||
| Navios Lumen | Capesize | 2009 | 180,661 | |||
| Navios Antares | Capesize | 2010 | 169,059 | |||
| Navios Etoile | Capesize | 2010 | 179,234 | |||
| Navios Bonheur | Capesize | 2010 | 179,259 | |||
| Navios Altamira | Capesize | 2011 | 179,165 | |||
| Navios Azimuth | Capesize | 2011 | 179,169 | |||
| Navios Ray | Capesize | 2012 | 179,515 | |||
| Navios Gem | Capesize | 2014 | 181,336 | |||
| Navios Mars | Capesize | 2016 | 181,259 | |||
| Long term Chartered-in Fleet in Operation | ||||||||
| Vessel Name | Vessel Type | Year Built | Deadweight (in metric tons) | Purchase Option(1) | ||||
| Navios Lyra | Handysize | 2012 | 34,718 | Yes (2) | ||||
| Navios Apollon | Ultra Handymax | 2000 | 52,073 | No | ||||
| Navios Primavera | Ultra Handymax | 2007 | 53,464 | Yes | ||||
| Navios Oriana | Ultra Handymax | 2012 | 61,442 | Yes | ||||
| Navios Mercury | Ultra Handymax | 2013 | 61,393 | Yes | ||||
| Navios Venus | Ultra Handymax | 2015 | 61,339 | Yes | ||||
| Navios Libra II | Panamax | 1995 | 70,136 | No | ||||
| Navios Aldebaran | Panamax | 2008 | 76,500 | Yes | ||||
| Navios Marco Polo | Panamax | 2011 | 80,647 | Yes | ||||
| Navios Southern Star | Panamax | 2013 | 82,224 | Yes | ||||
| Sea Victory | Panamax | 2014 | 77,095 | Yes | ||||
| Navios Sky | Panamax | 2015 | 82,056 | Yes | ||||
| Navios Amber | Panamax | 2015 | 80,994 | Yes | ||||
| Beaufiks | Capesize | 2004 | 180,310 | Yes | ||||
| King Ore | Capesize | 2010 | 176,800 | No | ||||
| Navios Koyo | Capesize | 2011 | 181,415 | Yes | ||||
| Navios Obeliks | Capesize | 2012 | 181,415 | Yes | ||||
| Dream Canary | Capesize | 2015 | 180,528 | Yes | ||||
| Dream Coral | Capesize | 2015 | 181,249 | Yes | ||||
| Long-term Chartered-in Fleet to be Delivered | ||||||||
| Vessel | Delivery | Deadweight | Purchase | |||||
| Vessels | Type | Date | (in metric tons) | Option | ||||
| Navios Felix | Capesize | Q2 2016 | 180,000 | Yes | ||||
| Navios TBN | Panamax | Q4 2016 | 81,000 | Yes | ||||
| Navios TBN | Panamax | Q1 2017 | 81,000 | Yes | ||||
| Navios Coral | Panamax | Q2 2016 | 84,000 | Yes | ||||
| (1 | ) | Generally, Navios Holdings may exercise its purchase option after three to five years of service. | |
| (2 | ) | Navios Holdings holds the initial 50% purchase option on the vessel. | |