Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. |
Form 20-F ý Form 40-F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). |
Yes ¨ No ý |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). |
Yes ¨ No ý |
TEEKAY TANKERS LTD. | |||
Date: August 1, 2019 | By: | /s/ Stewart Andrade | |
Stewart Andrade Chief Financial Officer (Principal Financial and Accounting Officer) |
• | Reported GAAP net loss of $14.3 million, or $0.05 per share, and adjusted net loss(1) of $12.1 million, or $0.05 per share, in the second quarter of 2019 (excluding items listed in Appendix A to this release). |
• | Total Adjusted EBITDA(1) of $36.2 million. |
Three Months Ended | |||||||||
(in thousands of U.S. dollars, except per share data) | June 30, 2019 | March 31, 2019 | June 30, 2018 | ||||||
GAAP FINANCIAL COMPARISON | |||||||||
Total revenues | 202,277 | 232,501 | 171,659 | ||||||
Income (loss) from operations | 5,051 | 32,097 | (13,415 | ) | |||||
Net (loss) income | (14,307 | ) | 12,447 | (27,413 | ) | ||||
(Loss) earnings per share | (0.05 | ) | 0.05 | (0.10 | ) | ||||
NON-GAAP FINANCIAL COMPARISON | |||||||||
Total Adjusted EBITDA (1) | 36,197 | 63,428 | 16,554 | ||||||
Adjusted net (loss) income (1) | (12,142 | ) | 14,647 | (28,743 | ) | ||||
Adjusted (loss) earnings per share (1) | (0.05 | ) | 0.05 | (0.11 | ) | ||||
Free cash flow (1) | 19,383 | 44,554 | 1,980 |
Three Months Ended | ||||||||||
June 30, 2019(i) | March 31, 2019(i) | June 30, 2018(i) | ||||||||
Time Charter-Out Fleet | ||||||||||
Suezmax revenue days | 91 | 90 | 182 | |||||||
Suezmax TCE per revenue day | $17,281 | $17,281 | $21,508 | |||||||
Aframax revenue days | — | 75 | 512 | |||||||
Aframax TCE per revenue day | — | $24,276 | $21,269 | |||||||
LR2 revenue days | — | — | 137 | |||||||
LR2 TCE per revenue day | — | — | $17,214 | |||||||
Spot Fleet | ||||||||||
Suezmax revenue days | 2,418 | 2,415 | 2,516 | |||||||
Suezmax spot TCE per revenue day (ii) | $17,267 | $23,568 | $12,745 | |||||||
Aframax revenue days | 1,763 | 1,752 | 1,345 | |||||||
Aframax spot TCE per revenue day (iii) | $20,075 | $24,797 | $12,113 | |||||||
LR2 revenue days | 840 | 815 | 590 | |||||||
LR2 spot TCE per revenue day (iv) | $15,679 | $20,694 | $10,854 | |||||||
Total Fleet | ||||||||||
Suezmax revenue days | 2,509 | 2,505 | 2,698 | |||||||
Suezmax TCE per revenue day | $17,268 | $23,342 | $13,336 | |||||||
Aframax revenue days | 1,763 | 1,827 | 1,857 | |||||||
Aframax TCE per revenue day | $20,075 | $24,775 | $14,638 | |||||||
LR2 revenue days | 840 | 815 | 727 | |||||||
LR2 TCE per revenue day | $15,679 | $20,694 | $12,057 |
(i) | Revenue days are the total number of calendar days the Company's vessels were in its possession during a period, less the total number of off-hire days during the period associated with major repairs, dry dockings or special or intermediate surveys. Consequently, revenue days represents the total number of days available for the vessel to earn revenue. Idle days, which are days when the vessel is available to earn revenue but is not employed, are included in revenue days. |
(ii) | Includes vessels trading in the Teekay Suezmax RSA, Teekay Suezmax Classic RSA and non-pool voyage charters. |
(iii) | Includes vessels trading in the Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage charters and full service lightering voyages. |
(iv) | Includes vessels trading in the Teekay Taurus RSA and non-pool voyage charters. |
(v) | Net revenues is a non-GAAP financial measure. Please refer to "Definitions and Non-GAAP Financial Measures" for a definition of this term. |
• | The portion of the Suezmax fleet trading on the spot market has secured TCE rates per revenue day of approximately $15,600 on average, with 37 percent of the available days fixed(1); |
• | The portion of the Aframax fleet trading on the spot market has secured TCE rates per revenue day of approximately $12,800 on average, with 37 percent of the available days fixed(2); and |
• | The portion of the Long Range 2 (LR2) product tanker fleet trading on the spot market has secured TCE rates per revenue day of approximately $12,200 on average, with 32 percent of the available days fixed(3). |
(1) | Combined average TCE rate includes Teekay Suezmax RSA, Teekay Suezmax Classic RSA and non-pool voyage charters. |
(2) | Combined average TCE rate includes Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage charters and full service lightering voyages. |
(3) | Combined average TCE rate includes Teekay Taurus RSA and non-pool voyage charters. |
Owned and Leased Vessels | Chartered-in Vessels | Total | |
Fixed-rate: | |||
Suezmax Tankers | 1 | — | 1 |
Total Fixed-Rate Fleet | 1 | — | 1 |
Spot-rate: | |||
Suezmax Tankers | 29 | — | 29 |
Aframax Tankers(i) | 17 | 3 | 20 |
LR2 Product Tankers(ii) | 9 | 2 | 11 |
VLCC Tanker(iii) | 1 | — | 1 |
Total Spot Fleet | 56 | 5 | 61 |
Total Conventional Fleet | 57 | 5 | 62 |
STS Support Vessels | 3 | 3 | 6 |
Total Teekay Tankers' Fleet | 60 | 8 | 68 |
(i) | Includes three Aframax tankers with charter-in contracts that are scheduled to expire in November 2019, December 2019 and March 2021, respectively. |
(ii) | Includes two LR2 product tankers with charter-in contracts that are scheduled to expire in January 2021, each with an option to extend for one additional year. |
(iii) | The Company’s ownership interest in this vessel is 50 percent. |
• | By dialing (877) 260-1479 or (647) 490-5367, if outside of North America, and quoting conference ID code 8155890. |
• | By accessing the webcast, which will be available on Teekay Tankers’ website at www.teekay.com (the archive will remain on the website for a period of one year). |
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
Voyage charter revenues (1) | 186,805 | 216,417 | 144,328 | 403,222 | 279,970 | ||||||||
Time-charter revenues | 1,456 | 3,410 | 17,384 | 4,866 | 39,494 | ||||||||
Other revenues (2) | 14,016 | 12,674 | 9,947 | 26,690 | 20,660 | ||||||||
Total revenues | 202,277 | 232,501 | 171,659 | 434,778 | 340,124 | ||||||||
Voyage expenses (1) | (92,668 | ) | (97,339 | ) | (86,933 | ) | (190,007 | ) | (166,926 | ) | |||
Vessel operating expenses | (53,600 | ) | (54,587 | ) | (52,652 | ) | (108,187 | ) | (105,647 | ) | |||
Time-charter hire expenses | (10,792 | ) | (9,448 | ) | (5,697 | ) | (20,240 | ) | (10,380 | ) | |||
Depreciation and amortization | (30,658 | ) | (29,865 | ) | (29,573 | ) | (60,523 | ) | (59,003 | ) | |||
General and administrative expenses | (9,508 | ) | (9,165 | ) | (9,407 | ) | (18,673 | ) | (19,192 | ) | |||
Gain on sale of vessel | — | — | 170 | — | 170 | ||||||||
Restructuring charges | — | — | (982 | ) | — | (982 | ) | ||||||
Income (loss) from operations | 5,051 | 32,097 | (13,415 | ) | 37,148 | (21,836 | ) | ||||||
Interest expense | (16,607 | ) | (16,942 | ) | (13,931 | ) | (33,549 | ) | (26,660 | ) | |||
Interest income | 221 | 365 | 160 | 586 | 318 | ||||||||
Realized and unrealized (loss) gain | |||||||||||||
on derivative instruments (3) | (1,778 | ) | (847 | ) | 1,116 | (2,625 | ) | 4,129 | |||||
Equity (loss) income (4) | (169 | ) | 753 | (70 | ) | 584 | 624 | ||||||
Other expense | (1,025 | ) | (2,979 | ) | (1,273 | ) | (4,004 | ) | (3,141 | ) | |||
Net (loss) income | (14,307 | ) | 12,447 | (27,413 | ) | (1,860 | ) | (46,566 | ) | ||||
(Loss) earnings per share attributable | |||||||||||||
to shareholders of Teekay Tankers | |||||||||||||
- Basic | (0.05 | ) | 0.05 | (0.10 | ) | — | (0.17 | ) | |||||
- Diluted | (0.05 | ) | 0.05 | (0.10 | ) | — | (0.17 | ) | |||||
Weighted-average number of total common | |||||||||||||
shares outstanding | |||||||||||||
- Basic | 268,990,399 | 268,678,226 | 268,558,556 | 268,835,175 | 268,426,201 | ||||||||
- Diluted | 268,990,399 | 268,876,324 | 268,558,556 | 268,835,175 | 268,426,201 | ||||||||
Number of outstanding shares of common stock at the end of the period | 268,990,399 | 268,990,399 | 268,558,556 | 268,990,399 | 268,558,556 |
(1) | Voyage charter revenues include revenues earned from full service lightering activities. Voyage expenses include certain costs associated with full service lightering activities, which include: short-term in-charter expenses, bunker fuel expenses and other port expenses totaling $19.5 million, $11.4 million and $22.9 million for the three months ended June 30, 2019, March 31, 2019 and June 30, 2018, respectively, and $30.9 million and $44.3 million for the six months ended June 30, 2019 and June 30, 2018, respectively. |
(2) | Other revenues include lightering support and liquefied natural gas services revenue, and pool management fees and commission revenues. |
(3) | Includes realized gains on interest rate swaps of $0.8 million, $1.0 million and $0.7 million for the three months ended June 30, 2019, March 31, 2019 and June 30, 2018, respectively, and realized gains of $1.8 million and $0.9 million for the six months ended June 30, 2019 and 2018, respectively. The Company also recognized realized losses of $29 thousand, $13 thousand and $18 thousand for the three months ended June 30, 2019, March 31, 2019 and June 30, 2018, respectively, and realized losses of $42 thousand and $18 thousand for the six months ended June 30, 2019 and 2018, respectively, relating to its forward freight agreements. |
(4) | Equity (loss) income relates to the Company’s 50 percent interest in the High-Q Investment Ltd. (High-Q) joint venture, which owns one VLCC tanker. |
As at | As at | As at | |||||||
June 30, | March 31, | December 31, | |||||||
2019 | 2019 | 2018 | |||||||
(unaudited) (4) | (unaudited) (4) | (unaudited) | |||||||
ASSETS | |||||||||
Cash and cash equivalents | 35,429 | 75,045 | 54,917 | ||||||
Restricted cash | 1,916 | 2,087 | 2,153 | ||||||
Pool receivable from affiliates | 15,330 | 31,535 | 56,549 | ||||||
Accounts receivable | 51,451 | 29,946 | 17,365 | ||||||
Due from affiliates | 1,240 | 7,979 | 39,663 | ||||||
Current portion of derivative assets | 1,229 | 2,277 | 2,905 | ||||||
Bunker and lube oil inventory (1) | 63,441 | 50,485 | 23,179 | ||||||
Prepaid expenses (1) | 10,146 | 11,649 | 10,917 | ||||||
Other current assets | 48,296 | 53,369 | 17,943 | ||||||
Total current assets | 228,478 | 264,372 | 225,591 | ||||||
Restricted cash - long-term | 3,437 | 3,437 | 3,437 | ||||||
Vessels and equipment – net | 1,327,480 | 1,388,464 | 1,401,551 | ||||||
Vessels related to finance leases – net | 529,286 | 475,962 | 482,010 | ||||||
Operating lease right-of-use assets (2) | 19,089 | 22,014 | — | ||||||
Investment in and advances to equity-accounted joint venture | 26,351 | 26,520 | 25,766 | ||||||
Derivative assets | 240 | 1,829 | 2,973 | ||||||
Intangible assets – net | 10,498 | 11,055 | 11,625 | ||||||
Other non-current assets | 1,010 | 1,074 | 74 | ||||||
Goodwill | 8,059 | 8,059 | 8,059 | ||||||
Total assets | 2,153,928 | 2,202,786 | 2,161,086 | ||||||
LIABILITIES AND EQUITY | |||||||||
Accounts payable and accrued liabilities | 103,980 | 74,338 | 52,002 | ||||||
Short-term debt (3) | 15,000 | 25,000 | — | ||||||
Due to affiliates | 12,320 | 23,456 | 18,570 | ||||||
Current portion of derivative liabilities | — | 105 | 57 | ||||||
Current portion of long-term debt | 101,264 | 101,227 | 106,236 | ||||||
Current obligations related to finance leases | 24,397 | 20,616 | 20,896 | ||||||
Current portion of operating lease liabilities (2) | 12,224 | 12,038 | — | ||||||
Other current liabilities | 316 | 417 | — | ||||||
Total current liabilities | 269,501 | 257,197 | 197,761 | ||||||
Long-term debt | 491,962 | 590,085 | 629,170 | ||||||
Long-term obligations related to finance leases | 402,539 | 349,137 | 354,393 | ||||||
Long-term operating lease liabilities (2) | 6,865 | 9,976 | — | ||||||
Other long-term liabilities | 37,166 | 36,343 | 32,829 | ||||||
Equity | 945,895 | 960,048 | 946,933 | ||||||
Total liabilities and equity | 2,153,928 | 2,202,786 | 2,161,086 |
(1) | Commencing in 2019, the Company is separately presenting bunker and lube oil inventory on its balance sheets. Such amounts were previously classified as prepaid expenses. Bunker and lube oil inventory has increased significantly commencing in the first quarter of 2019 as a result of changes to the Company’s RSAs whereby the Company now directly procures and has legal title to the bunker fuel for the vessels in the RSAs, with such assets being used as collateral for the new loan to finance its pool management operations entered into by the Company. Bunker and lube oil inventory is stated at cost which is determined on a first-in, first-out basis. Comparative figures have been reclassified to conform to the presentation adopted in the current period. |
(2) | Upon adoption of the new lease accounting standard on January 1, 2019, the Company's chartered-in vessels, with lease terms of more than one year, are now treated as operating lease right-of-use assets and operating lease liabilities. This resulted in increases in the Company’s assets and liabilities of $19.1 million and $22.0 million at June 30, 2019 and March 31, 2019, respectively. This adoption had no impact on the Company’s Consolidated Statements of (Loss) Income. |
(3) | Short-term debt relates to the Company’s loan to finance its pool management operations that was initially drawn during the first quarter of 2019. |
(4) | In late 2018, the Company initiated a new RSA structure under a newly formed subsidiary, Teekay Tankers Chartering Pte. Ltd (TTCL). By the second quarter of 2019, the Company transitioned a large portion of its RSA activities under TTCL with the remainder planned to be completed throughout 2019. Under the TTCL structure, the balances in the RSA are consolidated, reflecting the Company’s rights and obligations as per the TTCL RSA agreements, whereas the previous RSA structure had an agency agreement and therefore balances were not consolidated. The transition to TTCL has therefore resulted in notable increases in various balance sheet working capital categories. A breakdown of the impact of consolidating TTCL on the Company's consolidated balance sheets as at June 30, 2019 and March 31, 2019 is included in Appendix E to this release. Please note that other than interest expense relating to the working capital loan, there is no impact from the new RSA structure on the consolidated statements of (loss) income. |
Six Months Ended | |||||||
June 30, | June 30, | ||||||
2019 | 2018 | ||||||
(unaudited) | (unaudited) | ||||||
Cash, cash equivalents and restricted cash provided by (used for) | |||||||
OPERATING ACTIVITIES | |||||||
Net loss | (1,860 | ) | (46,566 | ) | |||
Non-cash items: | |||||||
Depreciation and amortization | 60,523 | 59,003 | |||||
Gain on sale of vessel | — | (170 | ) | ||||
Unrealized loss (gain) on derivative instruments | 4,366 | (3,283 | ) | ||||
Equity income | (584 | ) | (624 | ) | |||
Other | 6,538 | 5,467 | |||||
Change in operating assets and liabilities | 23,198 | 3,368 | |||||
Expenditures for dry docking | (27,815 | ) | (6,725 | ) | |||
Net operating cash flow | 64,366 | 10,470 | |||||
FINANCING ACTIVITIES | |||||||
Proceeds from short-term debt | 65,000 | — | |||||
Proceeds from long-term debt, net of issuance costs | 16,421 | 45,659 | |||||
Scheduled repayments of long-term debt | (50,800 | ) | (66,333 | ) | |||
Prepayments of long-term debt | (109,688 | ) | — | ||||
Prepayments of short-term debt | (50,000 | ) | — | ||||
Proceeds from financing related to sales and leaseback of vessels | 63,720 | — | |||||
Scheduled repayments of obligations related to finance leases | (12,073 | ) | (3,503 | ) | |||
Cash dividends paid | — | (8,052 | ) | ||||
Other | (126 | ) | (92 | ) | |||
Net financing cash flow | (77,546 | ) | (32,321 | ) | |||
INVESTING ACTIVITIES | |||||||
Proceeds from sale of vessel | — | 589 | |||||
Expenditures for vessels and equipment | (6,545 | ) | (2,207 | ) | |||
Return of capital from equity-accounted joint venture | — | 746 | |||||
Net investing cash flow | (6,545 | ) | (872 | ) | |||
Decrease in cash, cash equivalents and restricted cash | (19,725 | ) | (22,723 | ) | |||
Cash, cash equivalents and restricted cash, beginning of the period | 60,507 | 75,710 | |||||
Cash, cash equivalents and restricted cash, end of the period | 40,782 | 52,987 |
Three Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
$ | $ Per Share(1) | $ | $ Per Share(1) | |||||||||||||
Net loss - GAAP basis | (14,307 | ) | ($0.05 | ) | (27,413 | ) | ($0.10 | ) | ||||||||
Add specific items affecting net loss: | ||||||||||||||||
Gain on sale of vessel | — | — | (170 | ) | — | |||||||||||
Unrealized loss (gain) on derivative instruments (2) | 2,578 | — | (460 | ) | — | |||||||||||
Other (3) | (413 | ) | — | (700 | ) | ($0.01 | ) | |||||||||
Total adjustments | 2,165 | — | (1,330 | ) | ($0.01 | ) | ||||||||||
Adjusted net loss attributable to shareholders of | ||||||||||||||||
Teekay Tankers | (12,142 | ) | ($0.05 | ) | (28,743 | ) | ($0.11 | ) |
(1) | Basic per share amounts. |
(2) | Reflects unrealized gains or losses due to the changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes, including unrealized gains or losses on interest rate swaps and forward freight agreements. |
(3) | The amount recorded for the three months ended June 30, 2019 primarily relates to unrealized foreign exchange gains and debt issuance costs that were written off in connection with the refinancing of the Company's debt facilities. The amount recorded for the three months ended June 30, 2018 primarily relates to adjustments relating to freight tax accruals from prior years. |
Three Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
(unaudited) | (unaudited) | |||||||
Net loss - GAAP basis | (14,307 | ) | (27,413 | ) | ||||
Add: | ||||||||
Depreciation and amortization | 30,658 | 29,573 | ||||||
Proportionate share of free cash flow from equity-accounted joint venture | 285 | 380 | ||||||
Unrealized loss on derivative instruments | 2,578 | — | ||||||
Equity loss (1) | 169 | 70 | ||||||
Less: | ||||||||
Unrealized gain on derivative instruments | — | (460 | ) | |||||
Gain on sale of vessel | — | (170 | ) | |||||
Free cash flow | 19,383 | 1,980 | ||||||
Weighted-average number of common shares outstanding for the period - basic | 268,990,399 | 268,558,556 |
(1) | Equity income relates to the Company’s 50 percent interest in the High-Q joint venture, which owns one VLCC tanker. |
Three Months Ended | ||||
June 30, 2019 | June 30, 2018 | |||
(unaudited) | (unaudited) | |||
Net loss - GAAP basis | (14,307 | ) | (27,413 | ) |
Depreciation and amortization | 30,658 | 29,573 | ||
Interest expense, net of interest income | 16,386 | 13,771 | ||
Freight tax and other tax expenses | 1,639 | 6,086 | ||
EBITDA | 34,376 | 22,017 | ||
Add (subtract) specific income statement items affecting EBITDA: | ||||
Foreign exchange gain | (595 | ) | (4,794 | ) |
Gain on sale of vessel | — | (170 | ) | |
Realized gain on interest rate swaps | (829 | ) | (674 | ) |
Unrealized loss (gain) on derivative instruments | 2,578 | (460 | ) | |
Equity loss | 169 | 70 | ||
Other income – net | — | (1 | ) | |
Consolidated adjusted EBITDA | 35,699 | 15,988 | ||
Adjusted EBITDA from equity-accounted joint venture (See Appendix D) | 498 | 566 | ||
Total Adjusted EBITDA | 36,197 | 16,554 |
Three Months Ended | ||||||||
June 30, 2019 | June 30, 2018 | |||||||
(unaudited) | (unaudited) | |||||||
At | Company's | At | Company's | |||||
100% | Portion (1) | 100% | Portion (1) | |||||
Revenues | 1,750 | 875 | 2,012 | 1,006 | ||||
Vessel and other operating expenses | (754 | ) | (377 | ) | (880 | ) | (440 | ) |
Depreciation and amortization | (908 | ) | (454 | ) | (849 | ) | (425 | ) |
Income from vessel operations of equity-accounted joint venture | 88 | 44 | 283 | 141 | ||||
Net interest expense | (427 | ) | (213 | ) | (436 | ) | (218 | ) |
Realized and unrealized gain on derivative instruments | — | — | 13 | 7 | ||||
Equity loss of equity-accounted joint venture | (339 | ) | (169 | ) | (140 | ) | (70 | ) |
Equity loss of equity-accounted joint venture | (339 | ) | (169 | ) | (140 | ) | (70 | ) |
Depreciation and amortization | 908 | 454 | 849 | 425 | ||||
Interest expense, net of interest income | 427 | 213 | 436 | 218 | ||||
EBITDA from equity-accounted joint venture | 996 | 498 | 1,145 | 573 | ||||
Add (subtract) specific income statement items affecting EBITDA: | ||||||||
Realized and unrealized gain on derivative instruments | — | — | (13 | ) | (7 | ) | ||
Adjusted EBITDA from equity-accounted joint venture | 996 | 498 | 1,132 | 566 |
As at June 30, 2019 | |||||||||
Balances before impact of the new RSA structure | Impact of the new RSA structure | As Reported on Summary Consolidated Balance Sheets | |||||||
(unaudited) | (unaudited) | (unaudited) | |||||||
ASSETS | |||||||||
Cash and cash equivalents | 23,371 | 12,058 | 35,429 | ||||||
Restricted cash | 1,916 | — | 1,916 | ||||||
Pool receivable from affiliates | 15,330 | — | 15,330 | ||||||
Accounts receivable | 23,469 | 27,982 | 51,451 | ||||||
Due from affiliates | 45,619 | (44,379 | ) | 1,240 | |||||
Current portion of derivative assets | 1,229 | — | 1,229 | ||||||
Bunker and lube oil inventory | 9,026 | 54,415 | 63,441 | ||||||
Prepaid expenses | 10,146 | — | 10,146 | ||||||
Other current assets | 7,099 | 41,197 | 48,296 | ||||||
Total current assets | 137,205 | 91,273 | 228,478 | ||||||
Restricted cash - long-term | 3,437 | — | 3,437 | ||||||
Vessels and equipment – net | 1,327,480 | — | 1,327,480 | ||||||
Vessels related to finance leases – net | 529,286 | — | 529,286 | ||||||
Operating lease right-of-use assets | 19,089 | — | 19,089 | ||||||
Investment in and advances to equity-accounted joint venture | 26,351 | — | 26,351 | ||||||
Derivative assets | 240 | — | 240 | ||||||
Intangible assets – net | 10,498 | — | 10,498 | ||||||
Other non-current assets | 1,010 | — | 1,010 | ||||||
Goodwill | 8,059 | — | 8,059 | ||||||
Total assets | 2,062,655 | 91,273 | 2,153,928 | ||||||
LIABILITIES AND EQUITY | |||||||||
Accounts payable and accrued liabilities | 39,083 | 64,897 | 103,980 | ||||||
Short-term debt | — | 15,000 | 15,000 | ||||||
Due to affiliates | 1,532 | 10,788 | 12,320 | ||||||
Current portion of derivative liabilities | — | — | — | ||||||
Current portion of long-term debt | 101,264 | — | 101,264 | ||||||
Current obligations related to finance leases | 24,397 | — | 24,397 | ||||||
Current portion of operating lease liabilities | 12,224 | — | 12,224 | ||||||
Other current liabilities | 316 | — | 316 | ||||||
Total current liabilities | 178,816 | 90,685 | 269,501 | ||||||
Long-term debt | 491,962 | — | 491,962 | ||||||
Long-term obligations related to finance leases | 402,539 | — | 402,539 | ||||||
Long-term operating lease liabilities | 6,865 | — | 6,865 | ||||||
Other long-term liabilities | 36,578 | 588 | 37,166 | ||||||
Equity | 945,895 | — | 945,895 | ||||||
Total liabilities and equity | 2,062,655 | 91,273 | 2,153,928 |
As at March 31, 2019 | |||||||||
Balances before impact of the new RSA structure | Impact of the new RSA structure | As Reported on Summary Consolidated Balance Sheets | |||||||
(unaudited) | (unaudited) | (unaudited) | |||||||
ASSETS | |||||||||
Cash and cash equivalents | 55,321 | 19,724 | 75,045 | ||||||
Restricted cash | 2,087 | — | 2,087 | ||||||
Pool receivable from affiliates | 31,535 | — | 31,535 | ||||||
Accounts receivable | 20,504 | 9,442 | 29,946 | ||||||
Due from affiliates | 37,388 | (29,409 | ) | 7,979 | |||||
Current portion of derivative assets | 2,277 | — | 2,277 | ||||||
Bunker and lube oil inventory | 10,924 | 39,561 | 50,485 | ||||||
Prepaid expenses | 11,649 | — | 11,649 | ||||||
Other current assets | 6,184 | 47,185 | 53,369 | ||||||
Total current assets | 177,869 | 86,503 | 264,372 | ||||||
Restricted cash - long-term | 3,437 | — | 3,437 | ||||||
Vessels and equipment – net | 1,388,464 | — | 1,388,464 | ||||||
Vessels related to finance leases – net | 475,962 | — | 475,962 | ||||||
Operating lease right-of-use assets | 22,014 | — | 22,014 | ||||||
Investment in and advances to equity-accounted joint venture | 26,520 | — | 26,520 | ||||||
Derivative assets | 1,829 | — | 1,829 | ||||||
Intangible assets – net | 11,055 | — | 11,055 | ||||||
Other non-current assets | 1,074 | — | 1,074 | ||||||
Goodwill | 8,059 | — | 8,059 | ||||||
Total assets | 2,116,283 | 86,503 | 2,202,786 | ||||||
LIABILITIES AND EQUITY | |||||||||
Accounts payable and accrued liabilities | 33,362 | 40,976 | 74,338 | ||||||
Short-term debt | — | 25,000 | 25,000 | ||||||
Due to affiliates | 3,174 | 20,282 | 23,456 | ||||||
Current portion of derivative liabilities | 105 | — | 105 | ||||||
Current portion of long-term debt | 101,227 | — | 101,227 | ||||||
Current obligations related to finance leases | 20,616 | — | 20,616 | ||||||
Current portion of operating lease liabilities | 12,038 | — | 12,038 | ||||||
Other current liabilities | 376 | 41 | 417 | ||||||
Total current liabilities | 170,898 | 86,299 | 257,197 | ||||||
Long-term debt | 590,085 | — | 590,085 | ||||||
Long-term obligations related to finance leases | 349,137 | — | 349,137 | ||||||
Long-term operating lease liabilities | 9,976 | — | 9,976 | ||||||
Other long-term liabilities | 36,139 | 204 | 36,343 | ||||||
Equity | 960,048 | — | 960,048 | ||||||
Total liabilities and equity | 2,116,283 | 86,503 | 2,202,786 |