XML 15 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES:    
Net loss $ (16,046) $ (24,055)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 26,732 29,272
Vessel impairment losses 7,345 37,860
Non cash accrued interest income and amortization of deferred revenue (6,303) (6,208)
Non cash accrued interest income from receivable from affiliates (141) (132)
Amortization and write-off of deferred financing cost and discount 4,633 3,631
Amortization of deferred dry dock and special survey costs 3,100 3,169
Equity in net earnings of affiliated companies (185) (2,654)
Equity compensation expense 1,013 1,235
Changes in operating assets and liabilities:    
Net decrease in accounts receivable 4,011 3,071
Net increase in prepaid expenses and other current assets (5,784) (1,455)
Net decrease in accounts payable (762) (1)
Increase/ (decrease) in accrued expenses 613 (1,855)
Net increase in deferred revenue 329 795
Decrease/ (increase) in amounts due from related parties 1,237 (10,399)
Payments for dry dock and special survey costs (5,366) (1,020)
Net cash provided by operating activities 14,426 31,254
INVESTING ACTIVITIES:    
Net cash proceeds from sale of vessels 5,978 0
Deposit for option to acquire vessel (126) (14)
Acquisition of/ additions to vessels (5,832) (36,271)
Investment in affiliates 0 (14,460)
Repayments of notes receivable 2,344 2,344
Loans receivable from affiliates (4,000) 0
Net cash used in investing activities (1,636) (48,401)
FINANCING ACTIVITIES:    
Cash distributions paid (6,822) (3,420)
Net proceeds from issuance of general partner units 8 714
Proceeds from issuance of common units, net of offering costs 0 33,532
Proceeds from long-term debt 70,765 14,300
Repayment of long-term debt and financial liabilities (96,733) (16,723)
Deferred financing fees (1,744) (210)
Acquisition of treasury stock (4,499) 0
Net cash (used in)/ provided by financing activities (39,025) 28,193
(Decrease) /increase in cash, cash equivalents and restricted cash (26,235) 11,046
Cash, cash equivalents and restricted cash, beginning of period 61,455 29,933
Cash, cash equivalents and restricted cash, end of period 35,220 40,979
Supplemental disclosures of cash flow information    
Cash interest paid 18,724 16,850
Non cash financing activities    
Equity compensation expense 1,013 1,235
Accrued deferred financing costs 206 47
Non cash investing activities    
Accrued interest on loan receivable from affiliates 183 155
Accrued offering costs 0 159
Receivable from related parties (proceeds from issuance of general partner units) $ 0 $ 64