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v3.19.2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2019 | Jun. 30, 2018
Cash flows from operating activities: |  |
Net loss | $ (42,277) | $ (56,931)
Adjustments to reconcile net loss to net cash provided by operating activities: |  |
Depreciation and amortization | 36,348 | 33,336
Amortization of deferred financing costs | 1,867 | 1,239
Payment of PIK interest |  | (5,341)
Noncash operating lease expense | 577 |
Amortization of nonvested stock compensation expense | 1,021 | 1,131
Impairment of right-of-use asset | 223 |
Impairment of vessel assets | 13,897 | 56,586
Gain on sale of vessels | (611) |
Loss on debt extinguishment |  | 4,533
Insurance proceeds for protection and indemnity claims | 389 | 187
Insurance proceeds for loss of hire claims |  | 58
Change in assets and liabilities: |  |
Decrease (increase) in due from charterers | 6,588 | (2,201)
Decrease (increase) in prepaid expenses and other current assets | 165 | (2,910)
Decrease (increase) in inventories | 223 | (7,731)
Decrease in other noncurrent assets |  | 514
Increase in accounts payable and accrued expenses | 828 | 2,284
Increase in deferred revenue | 1,859 | 1,185
Decrease in operating lease liabilities | (786) |
Increase in deferred rent |  | 539
Deferred drydock costs incurred | (5,488) | (1,459)
Net cash provided by operating activities | 14,823 | 25,019
Cash flows from investing activities: |  |
Purchase of vessels, including deposits | (7,754) | (747)
Purchase of scrubbers (capitalized in Vessels) | (10,370) |
Purchase of other fixed assets | (2,494) | (491)
Net proceeds from sale of vessels | 6,309 |
Insurance proceeds for hull and machinery claims | 612 | 3,107
Net cash (used in) provided by investing activities | (13,697) | 1,869
Cash flows from financing activities: |  |
Payment of debt extinguishment costs |  | (2,962)
Proceeds from issuance of common stock |  | 110,249
Payment of common stock issuance costs | (105) | (48)
Payment of deferred financing costs | (611) | (9,679)
Net cash (used in) provided by financing activities | (38,451) | 38,477
Net (decrease) increase in cash, cash equivalents and restricted cash | (37,325) | 65,365
Cash, cash equivalents and restricted cash at beginning of period | 202,761 | 204,946
Cash, cash equivalents and restricted cash at end of period | 165,436 | 270,311
Secured Debt | $108 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayment of secured debt | (3,160) | 0
Secured Debt | $495 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayment of secured debt | (34,575) | 0
Secured Debt | $460 Million Credit Facility |  |
Cash flows from financing activities: |  |
Proceeds from credit facility |  | 460,000
Secured Debt | $400 Million Credit Facility |  |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |
Payment of PIK interest |  | (5,341)
Cash flows from financing activities: |  |
Repayment of secured debt |  | (399,600)
Secured Debt | 2014 Term Loan Facilities |  |
Cash flows from financing activities: |  |
Repayment of secured debt | 0 | (25,544)
Line of Credit Facility | $98 Million Credit Facility |  |
Cash flows from financing activities: |  |
Repayments of Credit Facility | $ 0 | $ (93,939)

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