Capital Product Partners L.P. (the “Partnership”, “CPLP” or “we” /
“us”) (NASDAQ: CPLP), an international owner of ocean-going
vessels, today released its financial results for the second
quarter ended June 30, 2023.
Highlights
|
Three-month periods ended June 30, |
|
2023 |
2022 |
Increase/(Decrease) |
Revenues |
$88.5 million |
$74.0 million |
20% |
Expenses (excl. impairment of vessel) |
$50.6 million |
$40.9 million |
24% |
Net Income before impairment of vessel |
$15.4 million |
$20.4 million |
(25%) |
Less: Impairment of vessel |
$8.0 million |
- |
- |
Net Income |
$7.4 million |
$20.4 million |
(64%) |
Net Income per common unit |
$0.36 |
$1.00 |
(64%) |
Average number of vessels1 |
22.1 |
21.0 |
5% |
-
Operating Surplus2 and Operating Surplus after the quarterly
allocation to the capital reserve for the second quarter of 2023
were $38.2 million and $3.2 million, respectively.
- Announced common
unit distribution of $0.15 for the second quarter of 2023.
- Took delivery of
the M/V Buenaventura Express with long term employment in
place.
- Agreed to sell the
179,221 DWT dry cargo vessel M/V Cape Agamemnon.
-
Repurchased during the second quarter of 2023 156,560 common units
at an average cost of $13.30 per unit.
1 Average number of vessels is measured by
aggregating the number of days each vessel was part of our fleet
during the period and dividing such aggregate number by the number
of calendar days in the period.
2 Operating surplus is a non-GAAP financial
measure used by certain investors to measure the financial
performance of the Partnership and other master limited
partnerships. Please refer to Appendix A at the end of the press
release for a reconciliation of this non-GAAP measure with net
income.
Overview of Second Quarter 2023
Results
Net income for the quarter ended June 30, 2023,
was $7.4 million or $15.4 million before the impairment from the
agreed sale of the M/V Cape Agamemnon, compared with net income of
$20.4 million for the second quarter of 2022. Taking into account
the interest attributable to the general partner and the allocation
of net income to unvested units, net income per common unit for the
quarter ended June 30, 2023, was $0.36 or $0.75 before the
impairment from the agreed sale of the M/V Cape Agamemnon, compared
to net income per common unit of $1.00 for the second quarter of
2022. The decrease in net income was primarily attributable to
increased interest expense and finance cost, resulting from the
increase in the Partnership’s total average indebtedness and the
increase in the weighted average interest rate compared to the
second quarter of 2022, the increase in operating expenses as a
result of the net increase in the average size of our fleet and
costs incurred during scheduled maintenance of certain of our
vessels.
Total revenue for the quarter ended June 30,
2023, was $88.5 million, compared to $74.0 million during the
second quarter of 2022. The increase in revenue was primarily
attributable to the revenue contributed by the newbuilding vessels
acquired by the Partnership, namely the M/V Manzanillo Express,
which was delivered to the Partnership in the fourth quarter of
2022, the M/V Itajai Express and the LNG Carrier (“LNG/C”) Asterix
I, which were delivered to the Partnership in the first quarter of
2023, and the M/V Buenaventura Express, which was delivered in the
second quarter of 2023, as well as the increase in the daily rate
earned by two of the Partnership’s LNG/C vessels effective since
September 1, 2022, partly offset by the sale of two 8,266
twenty-foot equivalent (“TEU”) container vessels in July 2022.
Total expenses for the quarter ended June 30,
2023, were $58.6 million, compared to $40.9 million in the second
quarter of 2022. Total vessel operating expenses during the second
quarter of 2023 amounted to $23.5 million, compared to $16.4
million during the second quarter of 2022. The increase in vessel
operating expenses was mainly due to the net increase in the
average number of vessels in our fleet and costs incurred during
scheduled maintenance underwent by certain of our vessels. Total
expenses for the second quarter of 2023 also include a non-cash
impairment charge of $8.0 million that we recognized on the date we
agreed to sell the M/V Cape Agamemnon and vessel depreciation and
amortization of $20.9 million, compared to $17.7 million in the
second quarter of 2022. The increase in depreciation and
amortization during the second quarter of 2023 was mainly
attributable to the net increase in the average size of our fleet,
partly offset by lower amortization of deferred dry-docking costs.
General and administrative expenses for the second quarter of 2023
amounted to $2.3 million, in line with the second quarter of
2022.
Total other expense, net for the quarter ended
June 30, 2023, was $22.6 million compared to $12.6 million for the
second quarter of 2022. Total other expense, net includes interest
expense and finance costs of $25.5 million for the second quarter
of 2023, compared to $11.7 million for the second quarter of 2022.
The increase in interest expense and finance costs was mainly
attributable to the increase in the Partnership’s average
indebtedness and the increase in the weighted average interest rate
compared to the second quarter of 2022. Total other expense, net
also includes an unrealized gain of $2.6 million resulting
from the change in the fair value of the cross-currency swap
agreement not designated as an accounting hedge and the decrease in
the U.S. Dollar equivalent of our euro-denominated bonds issued in
October 2021.
Capitalization of the
Partnership
As of June 30, 2023, total cash amounted to
$104.7 million. Total cash includes restricted cash of $11.7
million, which represents the minimum liquidity requirement under
our financing arrangements.
As of June 30, 2023, total partners’ capital
amounted to $649.4 million, an increase of $11.0 million compared
to $638.4 million as of December 31, 2022. The increase reflects
net income for the six months ended June 30, 2023, other
comprehensive income of $1.7 million relating to the net effect of
the cross-currency swap agreement we designated as an accounting
hedge and the amortization associated with the equity incentive
plan of $1.9 million, partly offset by distributions declared and
paid during the period in a total amount of $6.2 million and the
cost of repurchasing our common units under our Unit Repurchase
Program for an aggregate amount of $3.8 million.
As of June 30, 2023, the Partnership’s total
debt was $1,631.7 million before financing fees, reflecting an
increase of $332.5 million compared to $1,299.2 million as of
December 31, 2022. The increase is attributable to a $5.0
million increase in the U.S. Dollar equivalent of our
euro-denominated bonds as of June 30, 2023, the drawdowns of:
a) $100.0 million under a new credit facility to partly finance the
acquisition of the M/V Buenaventura Express in June 2023, b) $184.0
million under a sale and leaseback transaction to partly
finance the acquisition of the LNG/C Asterix I in February
2023 and c) $108.0 million under a new financing arrangement
to partly finance the acquisition of the M/V Itajai Express
in January 2023, partly offset by the scheduled principal
payments for the period of $41.1 million and the early repayment in
full of the facility we entered into with CMB Financial Leasing
Co., Ltd in February, 2021, of a total amount of $23.4 million.
Operating Surplus
Operating surplus for the quarter ended June 30,
2023, amounted to $38.2 million, compared to $36.3 million for the
previous quarter ended March 31, 2023, and $43.9 million for the
quarter ended June 30, 2022. We allocated $35.0 million to the
capital reserve, an increase of $1.6 million compared to the
previous quarter due to the increased debt amortization resulting
from the drawdown of the M/V Buenaventura Express facility.
Operating surplus for the quarter ended June 30, 2023, after the
quarterly allocation to the capital reserve, was $3.2 million.
Delivery of the M/V Buenaventura
Express
On June 20, 2023, the Partnership took delivery
of the M/V Buenaventura Express, the last of three 13,000 TEU
container vessels we acquired together with the LNG/C Asterix I.
The vessel commenced its ten-year employment with Hapag Lloyd
Aktiengesellschaft (“Hapag Lloyd”), which maintains three two-year
options to extend the charter. The acquisition of the M/V
Buenaventura Express was funded through a combination of (a) a
cash deposit of $6.0 million advanced in 2022, (b) $100.0 million
drawdown under a new credit facility and (c) $16.5 million of
cash at hand. The new credit facility was extended by a syndicate
of banks with Cathay United Bank and Bank Sinopac Co. Ltd as
Mandated Lead Arrangers and Bookrunners, and Taishin International
Bank Co. Ltd and Woori Bank Singapore Branch as Mandated Lead
Arrangers. It has quarterly principal repayments of $1.6 million,
an eight-year term and a balloon payment of $50.0 million due in
June 2031.
Fleet Upgrade
In the second quarter of 2023, the Partnership
completed the scheduled drydock of M/V Athos and M/V Athenian and
the installation of a Sulphur oxides (“SOx”) scrubber system. In
addition, both vessels were retrofitted with a bulbous bow and
silyl acrylate self-polishing technology hull coating, which are
both expected to improve the energy efficiency of the vessels. The
M/V Aristomenis completed its scheduled drydock and was retrofitted
with the same upgrades in July 2023. The Partnership has reached a
commercial agreement with Hapag Lloyd, whereby the latter will
refund part of the total cost of the upgrades to the
Partnership.
Sale of Dry Cargo Vessel M/V Cape
Agamemnon
On June 27, 2023, the Partnership agreed to sell
the dry cargo vessel M/V Cape Agamemnon (179,221 DWT, built 2010,
Sungdong Shipbuilding & Marine Engineering Co., Ltd, South
Korea) to an unaffiliated party. Delivery of the M/V Cape Agamemnon
to the buyer is expected by October 2023. In view of the agreed
sale, the Partnership classified the vessel as held for sale and
recorded a non-cash impairment charge of $8.0 million.
Russia-Ukraine Conflict
Due to the ongoing conflict in Ukraine, the
United States (“U.S.”), European Union (“E.U.”), Canada and other
Western countries and organizations have announced and enacted
numerous sanctions against Russia, and certain other countries or
regions, to impose severe economic pressure on the Russian economy
and government.
Current U.S. and E.U. sanctions regimes do not
materially affect the business, operations or financial condition
of the Partnership and, to the Partnership’s knowledge, the
Partnership’s counterparties are currently performing their
obligations under their respective time charters in compliance with
applicable U.S. and E.U. rules and regulations. Sanctions
legislation has been changing and the Partnership continues to
monitor such changes as applicable to the Partnership and its
counterparties.
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer
of our General Partner, commented:
“In the second quarter of 2023, we successfully
completed our latest acquisition cycle, which included three
newbuilding 13,000 TEU eco container vessels, each with a ten-year
charter attached, and one latest generation LNG/C with a seven-year
charter attached. Furthermore, we have completed significant energy
efficiency upgrades to the M/V Athos, the M/V Athenian and the M/V
Aristomenis, improving the overall efficiency and carbon footprint
of our fleet. Finally, we have agreed to sell the dry cargo M/V
Cape Agamemnon, a non-core asset for the Partnership, continuing to
execute on the strategic renewal of our fleet..”
Unit Repurchase Program
On January 25, 2021, the Board of Directors of
the Partnership (the “Board”) approved a unit repurchase program,
providing the Partnership with authorization to repurchase up to
$30.0 million of the Partnership’s common units, which was
effective for a period of two years through January 2023.
On January 26, 2023, the Board approved a new
unit repurchase program, providing the Partnership with
authorization to repurchase up to $30.0 million of the
Partnership’s common units, effective for a period of two years
through January 2025. During the quarter ended June 30, 2023, the
Partnership repurchased 156,560 common units at an average cost of
$13.30 per unit.
The Partnership has repurchased a total of
1,058,030 common units since the launching of the first unit
repurchase plan on February 19, 2021, at an average cost of $13.44
per unit.
Quarterly Common Unit Cash
Distribution
On July 20, 2023, the Board declared a cash distribution of
$0.15 per common unit for the second quarter of 2023 payable on
August 8, 2023, to common unit holders of record on August 2,
2023.
Market Commentary Update
LNG market
Despite the seasonal softening of spot and term
rates from the highs of the fourth quarter of 2022, demand for
LNG/Cs remains strong. As of July 2023, the 174k cbm 1-year Time
Charter rate stands at $140,000/day. Overall, analysts expect the
term market to tighten as we approach the winter period,
particularly for modern vessels, in view of increased commodity
demand.
Trade patterns remain consistent, with the bulk
of U.S. LNG heading to Europe, maintaining last year's import
levels. Expected LNG trade growth stands at 4.4% for 2023, and 4.2%
for 2024, reaching 432.9 million tonnes per annum. Corresponding
tonne-mile trade growth is estimated at 4.5% for 2023 and 5.1% for
2024.
Container market
Container market conditions in the first half of
2023 were relatively soft due to weaker trade volumes and reduced
port congestion. Freight rates have been fluctuating in recent
months but have generally returned to levels closer to historical
averages, while vessel charter rates exhibited divergent trends
during this period. Rates for larger-sized vessels experienced an
increase in the past two months, while rates for feeder vessels
followed a more downward trajectory.
The Clarkson's charter rate index stood at 103
points in the first week of July 2023. Despite decreasing by 76%
from the peak of April 2022, the charter rate index remains 102%
higher than the average recorded during the 2010-2019 period and
1.8 times higher than the 2019 average.
The container vessel orderbook stands at
approximately 27.7%, while by mid-July 2023 about 38 container
vessels with approximately 73,400 TEU capacity have been demolished
compared with 11 vessels with 15,890 TEU capacity in the full year
of 2022.
Conference Call and Webcast
Today, July 28, 2023, the Partnership will host
an interactive conference call at 10:00 am Eastern Time to discuss
the financial results.
Conference Call Details
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and
Standard International Dial In). Please quote “Capital Product
Partners” to the operator and/or conference ID 13740260. Click
here for additional participant International Toll-Free access
numbers.
Alternatively, participants can register for the
call using the “call me” option for a faster connection to join the
conference call. You can enter your phone number and let the system
call you right away. Click here for the “call me” option.
Slides and Audio Webcast
There will also be a live, and then archived,
webcast of the conference call and accompanying slides, available
through the Partnership’s website. To listen to the archived audio
file, visit our website http://ir.capitalpplp.com/ and click on
Webcasts & Presentations under our Investor Relations page.
Participants in the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
About Capital Product Partners
L.P.
Capital Product Partners L.P. (NASDAQ: CPLP), a
Marshall Islands master limited partnership, is an international
owner of ocean-going vessels. CPLP currently owns 23 vessels,
including seven latest generation LNG/Cs, 12 Neo-Panamax container
vessels, three Panamax container vessels and one Capesize bulk
carrier vessel, which the Partnership has agreed to sell.
For more information about the Partnership,
please visit: www.capitalpplp.com.
Forward-Looking Statements
The statements in this press release that are
not historical facts, including, among other things, the expected
financial performance of CPLP’s business, CPLP’s ability to pursue
growth opportunities, CPLP’s expectations or objectives regarding
future distributions, unit repurchases, market, vessel deliveries
and charter rate expectations, and, in particular, the expected
effects of recent vessel acquisitions and the Russia-Ukraine
conflict on the financial condition and operations of CPLP and the
container and LNG industries in general, are forward-looking
statements (as such term is defined in Section 21E of the
Securities Exchange Act of 1934, as amended). These forward-looking
statements involve risks and uncertainties that could cause the
stated or forecasted results to be materially different from those
anticipated. For a discussion of factors that could materially
affect the outcome of forward-looking statements and other risks
and uncertainties, see “Risk Factors” in CPLP’s annual report filed
with the SEC on Form 20-F for the year ended December 31, 2022,
filed on April 26, 2023. Unless required by law, CPLP expressly
disclaims any obligation to update or revise any of these
forward-looking statements, whether because of future events, new
information, a change in its views or expectations, to conform them
to actual results or otherwise. CPLP does not assume any
responsibility for the accuracy and completeness of the
forward-looking statements. You are cautioned not to place undue
reliance on forward-looking statements.
CPLP-F Contact Details:Capital GP
L.L.C.Jerry KalogiratosCEOTel. +30 (210) 4584 950
E-mail: j.kalogiratos@capitalpplp.com
Capital GP L.L.C.Nikos
KalapotharakosCFOTel. +30 (210) 4584 950
E-mail: n.kalapotharakos@capitalmaritime.com
Investor Relations /
MediaNicolas BornozisCapital Link, Inc. (New York)Tel.
+1-212-661-7566E-mail: cplp@capitallink.comSource: Capital
Product Partners L.P.
Capital Product Partners L.P.Unaudited
Condensed Consolidated Statements of Comprehensive
Income(In thousands of United States Dollars,
except for number of units and earnings per unit)
|
For the three-month |
For the six-month |
periods ended June 30, |
periods ended June 30, |
|
2023 |
2022 |
2023 |
2022 |
Revenues |
88,535 |
|
73,960 |
|
169,551 |
|
147,316 |
|
Expenses: |
|
|
|
|
Voyage expenses |
3,940 |
|
4,467 |
|
7,782 |
|
8,031 |
|
Vessel operating expenses |
20,774 |
|
14,112 |
|
37,594 |
|
28,555 |
|
Vessel operating expenses - related parties |
2,690 |
|
2,312 |
|
5,212 |
|
4,571 |
|
General and administrative expenses |
2,332 |
|
2,345 |
|
5,115 |
|
3,894 |
|
Vessel depreciation and amortization |
20,875 |
|
17,661 |
|
40,053 |
|
36,032 |
|
Impairment of vessel |
7,956 |
|
- |
|
7,956 |
|
- |
|
Operating income, net |
29,968 |
|
33,063 |
|
65,839 |
|
66,233 |
|
Other income / (expense), net: |
|
|
|
|
Interest expense and finance cost |
(25,508 |
) |
(11,714 |
) |
(49,190 |
) |
(22,052 |
) |
Other income / (expense), net |
2,952 |
|
(931 |
) |
791 |
|
1,386 |
|
Total other expense, net |
(22,556 |
) |
(12,645 |
) |
(48,399 |
) |
(20,666 |
) |
Partnership’s net income |
7,412 |
|
20,418 |
|
17,440 |
|
45,567 |
|
General Partner’s interest in Partnership’s net income |
127 |
|
348 |
|
297 |
|
789 |
|
Partnership’s net income allocable to unvested units |
181 |
|
747 |
|
423 |
|
1,043 |
|
Common unit holders’ interest in Partnership’s net income |
7,104 |
|
19,323 |
|
16,720 |
|
43,735 |
|
Net income per: |
|
|
|
|
Common units, basic and diluted |
0.36 |
|
1.00 |
|
0.85 |
|
2.26 |
|
Weighted-average units outstanding: |
|
|
|
|
Common units, basic and diluted |
19,550,988 |
|
19,258,982 |
|
19,639,212 |
|
19,316,608 |
|
Capital Product Partners L.P.Unaudited
Condensed Consolidated Balance Sheets(In thousands
of United States Dollars)
|
|
As of June 30,2023 |
|
As of December 31, 2022 |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
92,936 |
$ |
144,635 |
Trade accounts receivable, net |
|
3,535 |
|
2,102 |
Prepayments and other assets |
|
5,138 |
|
7,534 |
Due from related party |
|
- |
|
3,636 |
Inventories |
|
5,289 |
|
6,817 |
Claims |
|
914 |
|
1,599 |
Assets held for sale |
|
22,294 |
|
- |
Total current assets |
|
130,106 |
|
166,323 |
Fixed assets |
|
|
|
|
Advances for vessels under construction – related party |
|
- |
|
24,000 |
Vessels, net |
|
2,275,594 |
|
1,757,897 |
Total fixed assets |
|
2,275,594 |
|
1,781,897 |
Other non-current assets |
|
|
|
|
Above market acquired charters |
|
24,244 |
|
32,320 |
Deferred charges, net |
|
4,944 |
|
289 |
Restricted cash |
|
11,717 |
|
10,213 |
Derivative asset |
|
2,983 |
|
- |
Prepayments and other assets |
|
3,025 |
|
5,722 |
Total non-current assets |
|
2,322,507 |
|
1,830,441 |
Total assets |
$ |
2,452,613 |
$ |
1,996,764 |
Liabilities and Partners’ Capital |
|
|
|
|
Current liabilities |
|
|
|
|
Current portion of long-term debt, net |
$ |
85,228 |
$ |
73,213 |
Trade accounts payable |
|
11,206 |
|
8,322 |
Due to related parties |
|
5,575 |
|
1,016 |
Accrued liabilities |
|
39,131 |
|
17,476 |
Deferred revenue |
|
11,569 |
|
18,553 |
Total current liabilities |
|
152,709 |
|
118,580 |
Long-term liabilities |
|
|
|
|
Long-term debt, net (including $6,000 payable to related party as
of June 30, 2023 and December 31, 2022) |
|
1,534,194 |
|
1,215,865 |
Derivative liabilities |
|
9,496 |
|
13,525 |
Below market acquired charters |
|
98,701 |
|
10,368 |
Deferred revenue |
|
8,130 |
|
- |
Total long-term liabilities |
|
1,650,521 |
|
1,239,758 |
Total liabilities |
|
1,803,230 |
|
1,358,338 |
Commitments and contingencies |
|
- |
|
- |
Total partners’ capital |
|
649,383 |
|
638,426 |
Total liabilities and partners’ capital |
$ |
2,452,613 |
$ |
1,996,764 |
Capital Product Partners L.P.Unaudited
Condensed Consolidated Statements of Cash Flows(In
thousands of United States Dollars)
For the six-month periods ended June 30, |
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
Net income |
$ |
17,440 |
|
$ |
45,567 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Vessel depreciation and amortization |
|
40,053 |
|
|
36,032 |
|
Impairment of vessel |
|
7,956 |
|
|
- |
|
Amortization and write-off of deferred financing costs |
|
1,483 |
|
|
1,053 |
|
Amortization / accretion of above / below market acquired
charters |
|
1,520 |
|
|
5,956 |
|
Amortization of ineffective portion of derivatives |
|
(156 |
) |
|
- |
|
Equity compensation expense |
|
1,864 |
|
|
1,162 |
|
Change in fair value of derivatives |
|
(3,213 |
) |
|
12,252 |
|
Unrealized bonds exchange differences |
|
2,989 |
|
|
(14,138 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts receivable, net |
|
(1,433 |
) |
|
2,337 |
|
Prepayments and other assets |
|
3,763 |
|
|
(1,099 |
) |
Due from related party |
|
3,636 |
|
|
- |
|
Inventories |
|
574 |
|
|
(823 |
) |
Claims |
|
685 |
|
|
322 |
|
Trade accounts payable |
|
2,271 |
|
|
1,309 |
|
Due to related parties |
|
4,559 |
|
|
1,847 |
|
Accrued liabilities |
|
6,387 |
|
|
413 |
|
Deferred revenue |
|
1,146 |
|
|
(1,498 |
) |
Net cash provided by operating activities |
|
91,524 |
|
|
90,692 |
|
Cash flows from investing activities: |
|
|
|
|
Vessel acquisitions, including time charters attached, and
improvements |
|
(455,791 |
) |
|
(1,108 |
) |
Advances for vessels under construction – related party |
|
- |
|
|
(30,000 |
) |
Expenses related to the sale of vessels paid |
|
- |
|
|
(1,984 |
) |
Net cash used in investing activities |
|
(455,791 |
) |
|
(33,092 |
) |
Cash flows from financing activities: |
|
|
|
|
Proceeds from long-term debt |
|
392,000 |
|
|
- |
|
Deferred financing costs paid |
|
(3,444 |
) |
|
(121 |
) |
Payments of long-term debt |
|
(64,487 |
) |
|
(44,997 |
) |
Repurchase of common units |
|
(3,846 |
) |
|
(2,935 |
) |
Dividends paid |
|
(6,151 |
) |
|
(6,061 |
) |
Net cash provided by / (used in) financing
activities |
|
314,072 |
|
|
(54,114 |
) |
Net (decrease) / increase in cash, cash equivalents and
restricted cash |
|
(50,195 |
) |
|
3,486 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
154,848 |
|
|
30,987 |
|
Cash, cash equivalents and restricted cash at end of
period |
$ |
104,653 |
|
$ |
34,473 |
|
Supplemental cash flow information |
|
|
|
|
Cash paid for interest |
|
45,140 |
|
|
20,585 |
|
Non-Cash Investing and Financing Activities |
|
|
|
|
Capital expenditures included in liabilities |
|
12,207 |
|
|
692 |
|
Capitalized dry-docking costs included in liabilities |
|
5,176 |
|
|
29 |
|
Deferred financing costs included in liabilities |
|
410 |
|
|
- |
|
Reconciliation of cash, cash equivalents and restricted
cash |
|
|
|
|
Cash and cash equivalents |
|
92,936 |
|
|
23,869 |
|
Restricted cash - non-current assets |
|
11,717 |
|
|
10,604 |
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
$ |
104,653 |
|
$ |
34,473 |
|
Appendix A – Reconciliation of Non-GAAP Financial
Measure (In thousands of U.S.
Dollars)
Description of Non-GAAP Financial
Measure – Operating SurplusOperating Surplus represents
net income adjusted for depreciation and amortization expense,
exchange differences on bonds, change in fair value of derivatives,
impairment, amortization / accretion of above / below market
acquired charters and straight-line revenue adjustments.Operating
Surplus is a quantitative measure used in the publicly traded
partnership investment community to assist in evaluating a
partnership’s financial performance and ability to make quarterly
cash distributions. Operating Surplus is not required by accounting
principles generally accepted in the United States (“GAAP”) and
should not be considered a substitute for net income, cash flow
from operating activities and other operations or cash flow
statement data prepared in accordance with GAAP or as a measure of
profitability or liquidity. Our calculation of Operating Surplus
may not be comparable to that reported by other companies. The
table below reconciles Operating Surplus to net income for the
following periods:
Reconciliation of
Non-GAAP Financial
Measure –
Operating Surplus |
For the three-monthperiod endedJune 30,
2023 |
For the three-monthperiod endedMarch 31,
2023 |
For the three-monthperiod endedJune 30,
2022 |
Partnership’s net income |
7,412 |
|
10,028 |
|
20,418 |
|
Adjustments to
reconcile net income
to operating surplus prior to
Capital |
|
|
|
Depreciation, amortization, unrealized bonds exchange differences
and change in fair value of derivatives1 |
19,783 |
|
23,235 |
|
20,050 |
|
Impairment of vessel |
7,956 |
|
- |
|
- |
|
Amortization / accretion of above / below market acquired charters
and straight-line revenue adjustments |
3,043 |
|
3,055 |
|
3,388 |
|
Operating Surplus prior to capital reserve |
38,194 |
|
36,318 |
|
43,856 |
|
Capital reserve |
(34,960 |
) |
(33,350 |
) |
(31,109 |
) |
Operating Surplus after capital reserve |
3,234 |
|
2,968 |
|
12,747 |
|
(Increase) / decrease in recommended reserves |
(186 |
) |
103 |
|
(9,657 |
) |
Available Cash |
3,048 |
|
3,071 |
|
3,090 |
|
1 Depreciation, amortization,
unrealized bonds exchange differences and change in fair value of
derivatives line item includes the following
components:
- Vessel depreciation and amortization;
- Deferred financing costs and equity compensation plan
amortization;
- Unrealized bonds exchange differences;
and
- Change in fair value of derivatives.
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