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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:      
Net income $ 367,308 $ 433,645 $ 579,247
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of intangible assets 228,472 217,823 201,820
Amortization of unfavorable lease terms (12,718) (19,922) (74,963)
Non-cash amortization of deferred revenue and straight line (7,006) 54,396 51,048
Amortization of operating lease assets/liabilities (2,973) 8,918 3,912
Amortization and write-off of deferred finance costs and discount 7,841 7,188 5,349
Amortization of deferred dry dock and special survey costs 63,605 43,321 28,917
Gain on sale of vessels, net (25,760) (50,248) (149,352)
Stock-based compensation 0 4 154
Changes in operating assets and liabilities:      
Decrease/ (increase) in accounts receivable 8,838 32,793 (46,559)
Decrease/ (increase) in prepaid expenses and other current assets 8,992 7,609 (20,952)
Decrease/ (increase) in amounts due from related parties (including current and non-current portion) 3,627 1,156 (6,158)
(Decrease)/ increase in accounts payable (7,728) (1,629) 3,401
Increase/ (decrease) in accrued expenses 1,199 7,559 (1,719)
Decrease in amounts due to related parties (32,006) (72,725) (13,429)
Increase/ (decrease) in deferred revenue 929 (8,284) 11,492
Payments for dry dock and special survey costs (119,142) (101,287) (65,868)
Net cash provided by operating activities 483,478 560,317 506,340
INVESTING ACTIVITIES:      
Net cash proceeds from sale of vessels 190,293 259,004 284,476
Acquisition of/ additions to vessels (747,023) (182,898) (433,777)
Deposits for acquisition/ option to acquire vessel (260,108) (282,121) (176,802)
Cash acquired from acquisitions 0 0 9,862
Other investments 34,712 (47,000) 0
Net cash used in investing activities (782,126) (253,015) (316,241)
FINANCING ACTIVITIES:      
Cash distributions paid (6,132) (6,160) (6,163)
Proceeds from long-term debt and financial liabilities 966,141 609,723 479,735
Repayment of long-term debt and financial liabilities (574,991) (822,743) (651,875)
Payments of deferred finance costs (10,756) (14,045) (6,144)
Acquisition of treasury units (25,000) 0 0
Net cash provided by/ (used in) financing activities 349,262 (233,225) (184,447)
Increase in cash, cash equivalents and restricted cash 50,614 74,077 5,652
Cash, cash equivalents and restricted cash, beginning of period 249,175 175,098 169,446
Cash, cash equivalents and restricted cash, end of period 299,789 249,175 175,098
Supplemental disclosures of cash flow information      
Cash interest paid 139,261 144,388 80,626
Non cash financing activities      
Stock-based compensation 0 4 154
Financial and finance lease liabilities 27,463 202,373 756,673
Non cash investing activities      
Deposits for acquisition/ option to acquire vessel 245,665 20,188 (6,860)
Acquisition of vessels $ (318,926) $ (249,875) $ (782,334)