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STON StoneMor

Filed: 23 Mar 21, 4:25pm

 

Exhibit 99.1

 

STONEMOR INC. REPORTS FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

 

BENSALEM, PA – March 23, 2021 – StoneMor Inc. (NYSE: STON) (“StoneMor” or the “Company”), a leading owner and operator of cemeteries and funeral homes, today reported operating and financial results for the fourth quarter and year ended December 31, 2020.  Investors are encouraged to read the Company’s annual report on Form 10-K when it is filed with the Securities and Exchange Commission (the “SEC”), which will contain additional details, and will be posted at www.stonemor.com.

 

FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL PERFORMANCE

 

 

Revenues for the fourth quarter were $74.9 million compared to $58.3 million in the fourth quarter in the prior year. Full year revenues were $279.5 million compared to $257.2 million in the prior year period. 

 

Cemetery segment operating income for the fourth quarter was $10.9 million compared to an operating loss of $0.6 million in the fourth quarter in the prior year, representing an increase of $11.5 million. Full year cemetery segment operating profit was $35.0 million compared to $8.0 million in the prior year period, representing an increase of $27.0 million. 

 

Funeral home segment operating income for the fourth quarter was $1.5 million compared to $0.9 million in the fourth quarter in the prior year, representing an increase of $0.6 million. Full year funeral home segment operating profit was $5.0 million compared to $4.0 million in the prior year period, representing an increase of $1.0 million.

 

Corporate overhead expense decreased to $9.0 million in the fourth quarter compared to $13.0 million in the fourth quarter in the prior year.  Full year corporate overhead expense decreased to $36.0 million compared to $51.1 million in the prior year period.

 

Fourth quarter operating income was $3.4 million, compared to an operating loss of $17.4 million in the fourth quarter in the prior year.  Full year operating income was $3.3 million, compared to an operating loss of $47.9 million in the prior year period.

 

Fourth quarter net loss from continuing operations was $5.7 million compared to $52.4 million in the fourth quarter in the prior year. Full year net loss from continuing operations was $37.3 million compared to $154.7 million in the prior year period. Full year net loss from continuing operations in the prior year period included a loss on impairment of goodwill of $24.9 million and a loss on debt extinguishment of $8.5 million.

Joe Redling, StoneMor’s President and Chief Executive Officer said, “The groundwork that was laid with our transformation initiatives, allowed StoneMor to produce another very strong quarter financially, while weathering the surge in the COVID-19 pandemic. We saw 29% year-over-year revenue growth, driven by a strong sales performance including a 20% increase in pre-need sales production.  The revenue growth coupled with the continued focus on our operating initiatives and cost structure resulted in Adjusted EBITDA of $5.5 million in the fourth quarter, an increase of $16.1 million versus prior year.


 

LIQUIDITY UPDATE

As of December 31, 2020, the Company had $60.1 million of cash, including $20.8 million of restricted cash, and $321.0 million of total debt.

“During the fourth quarter of 2020, StoneMor generated unlevered free cash flow of $4.9 million and increased the value of its trust assets by $45.6 million (net of income and principal distributions) resulting in a further deleveraging of our balance sheet,” said Jeff DiGiovanni, StoneMor’s Senior Vice President and Chief Financial Officer. “Looking ahead to 2021, we have issued targets of $40 million in unlevered free cash flow and $50 million in growth in our trust assets (net of income and principal distributions).  From a financial standpoint, we are focused on cash generation and trust asset growth as our key levers for long-term shareholder value creation.”

Redling added “With the recent financial success, we are excited about our positioning for the future of this Company, but we’re not done fixing the business either, as there remain many initiatives in front of us.  A great deal of thanks must be sent to our team that has persevered through a difficult environment to deliver this success for us and the communities and families that we serve.”

 

CONFERENCE CALL INFORMATION

StoneMor will conduct a conference call to discuss this news release today, March 23, 2021 at 4:30 p.m. Eastern Time.  The conference call can be accessed by calling (877) 308-6987.  No reservation number is necessary; however, due to the on-going pandemic, it is advised that interested parties access the call-in number 5 to 10 minutes prior to the scheduled start time to avoid delays.  StoneMor will also host a live webcast of this conference call.  Investors may access the live webcast via the Investors page of the StoneMor website www.stonemor.com under Events & Presentations.

About StoneMor Inc.

StoneMor Inc., headquartered in Bensalem, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 313 cemeteries and 80 funeral homes in 26 states and Puerto Rico. StoneMor’s cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise. For additional information about StoneMor Inc. please visit StoneMor’s website, and the investors section, at http://www.stonemor.com.

CONTACT

Investor Relations

StoneMor Inc.

(215) 826-4438

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release, including, but not limited to, information regarding continued implementation of the Company’s performance and cost structure improvement efforts and the anticipated financial impact thereof, are forward-looking statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “project,” “expect,” “predict” and similar expressions identify these forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

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Forward-looking statements are based on management’s current expectations and estimates. These statements are neither promises nor guarantees and are made subject to certain risks and uncertainties that could cause actual results to differ materially from the results stated or implied in this press release. StoneMor’s major risks are related to uncertainties associated with current business and economic disruptions resulting from the recent coronavirus pandemic, including the effect of government regulations issued in connection therewith, its ability to identify, and negotiate acceptable agreements with, purchasers of additional properties, uncertainties associated with the cash flow from pre-need  and at-need sales, trusts and financings, which may impact StoneMor’s ability to meet its financial projections and service its debt, as well as with StoneMor’s ability to maintain an effective system of internal control over financial reporting and disclosure controls and procedures.

When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in StoneMor’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the other reports that StoneMor files with the Securities and Exchange Commission, from time to time. Except as required under applicable law, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by it, whether as a result of new information, future events or otherwise.

 

Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures, including adjusted operating income, EBITDA, adjusted EBITDA, field EBITDA, unlevered cash provided by operating activities and unlevered free cash flow, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. All business results presented in this release are not prepared in accordance with Article 11 of Regulation S-X.

Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company's operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company's operations and underlying operational performance. The compensation committee of the Company’s board of directors also uses certain of these measures to evaluate management's performance and set its compensation. The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operation and trends while viewing the information through the eyes of management.

These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs; and do not reflect interest expense, or the requirements necessary to service interest or principal payments on debt. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to net income, earnings per share or

3

 


 

any other measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single financial measure to evaluate the Company’s business.

 

A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure is set forth below (in thousands):

 

ADJUSTED OPERATING INCOME (LOSS)

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating income (loss) from continuing operations

 

$

3,386

 

 

$

(17,374

)

 

$

3,341

 

 

$

(47,928

)

Less: Other gains (losses), net

 

 

129

 

 

 

(4,355

)

 

 

129

 

 

 

(7,913

)

Adjusted operating income (loss)

 

$

3,257

 

 

$

(13,019

)

 

$

3,212

 

 

$

(40,015

)

 

 

EBITDA, ADJUSTED EBITDA AND FIELD EBITDA

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss from continuing operations

 

$

(5,677

)

 

$

(52,373

)

 

$

(37,341

)

 

$

(154,718

)

Income tax benefit (expense)

 

 

(1,522

)

 

 

23,363

 

 

 

(4,855

)

 

 

28,204

 

Interest expense

 

 

10,585

 

 

 

11,636

 

 

 

45,537

 

 

 

45,246

 

Depreciation and amortization

 

 

2,277

 

 

 

2,498

 

 

 

9,152

 

 

 

10,154

 

EBITDA

 

 

5,663

 

 

 

(14,876

)

 

 

12,493

 

 

 

(71,114

)

Less: Other gains (losses), net

 

 

129

 

 

 

(4,355

)

 

 

129

 

 

 

(7,913

)

Less: Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(8,478

)

Less: Loss on impairment of goodwill

 

 

 

 

 

 

 

 

 

 

 

(24,862

)

Adjusted EBITDA

 

 

5,534

 

 

 

(10,521

)

 

 

12,364

 

 

 

(29,861

)

Less: Investment and other income

 

 

14,168

 

 

 

10,072

 

 

 

43,732

 

 

 

36,998

 

Plus: Corporate overhead

 

 

8,956

 

 

 

12,962

 

 

 

35,975

 

 

 

51,107

 

Field EBITDA

 

$

322

 

 

$

(7,631

)

 

$

4,607

 

 

$

(15,752

)

 

 

UNLEVERED CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES AND UNLEVERED FREE CASH FLOW

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net cash provided by (used in) operating activities

 

$

(2,425

)

 

$

(11,231

)

 

$

1,360

 

 

$

(37,986

)

Cash interest payments

 

 

8,851

 

 

 

7,795

 

 

 

29,212

 

 

 

32,239

 

Unlevered cash provided by (used in) operating

   activities

 

 

6,426

 

 

 

(3,436

)

 

 

30,572

 

 

 

(5,747

)

Less: cash paid for capital expenditures

 

 

1,576

 

 

 

675

 

 

 

6,360

 

 

 

6,418

 

Unlevered free cash flow

 

$

4,850

 

 

$

(4,111

)

 

$

24,212

 

 

$

(12,165

)

 


4

 


 

STONEMOR INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in thousands, except share and per share data)

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding restricted cash

 

$

39,244

 

 

$

34,867

 

Restricted cash

 

 

20,846

 

 

 

21,900

 

Accounts receivable, net of allowance

 

 

57,869

 

 

 

54,014

 

Prepaid expenses

 

 

5,290

 

 

 

4,619

 

Assets held for sale

 

 

28,575

 

 

 

136,695

 

Other current assets

 

 

16,884

 

 

 

16,882

 

Total current assets

 

 

168,708

 

 

 

268,977

 

 

 

 

 

 

 

 

 

 

Long-term accounts receivable, net of allowance

 

 

75,301

 

 

 

72,808

 

Cemetery property

 

 

299,526

 

 

 

300,486

 

Property and equipment, net of accumulated depreciation

 

 

83,496

 

 

 

91,611

 

Merchandise trusts, restricted, at fair value

 

 

501,453

 

 

 

477,165

 

Perpetual care trusts, restricted, at fair value

 

 

312,228

 

 

 

314,400

 

Deferred selling and obtaining costs

 

 

116,900

 

 

 

110,684

 

Deferred tax assets

 

 

9

 

 

 

81

 

Intangible assets, net

 

 

55,094

 

 

 

56,246

 

Other assets

 

 

22,248

 

 

 

26,910

 

Total assets

 

$

1,634,963

 

 

$

1,719,368

 

 

 

 

 

 

 

 

 

 

Liabilities and Owners' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

51,718

 

 

$

54,854

 

Liabilities held for sale

 

 

23,406

 

 

 

101,704

 

Accrued interest

 

 

95

 

 

 

125

 

Current portion, long-term debt

 

 

317

 

 

 

374

 

Total current liabilities

 

 

75,536

 

 

 

157,057

 

 

 

 

 

 

 

 

 

 

Long-term debt, net of deferred financing costs

 

 

320,715

 

 

 

367,963

 

Deferred revenues

 

 

949,164

 

 

 

899,989

 

Deferred tax liabilities

 

 

29,652

 

 

 

34,613

 

Perpetual care trust corpus

 

 

312,228

 

 

 

314,400

 

Other long-term liabilities

 

 

40,081

 

 

 

47,836

 

Total liabilities

 

 

1,727,376

 

 

 

1,821,858

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owners' equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share, 200,000,000 shares authorized, 117,871,141 and 94,447,356 shares issued and outstanding, respectively

 

 

1,178

 

 

 

944

 

Paid-in capital in excess of par value

 

 

(85,232

)

 

 

(103,434

)

Accumulated deficit

 

 

(8,359

)

 

 

 

Total owners' equity

 

 

(92,413

)

 

 

(102,490

)

Total liabilities and owners' equity

 

$

1,634,963

 

 

$

1,719,368

 

 

 

 


5

 


 

STONEMOR INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except per share data)

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cemetery:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interments

 

$

16,311

 

 

$

12,345

 

 

$

67,853

 

 

$

57,010

 

Merchandise

 

 

15,682

 

 

 

11,497

 

 

 

60,600

 

 

 

59,938

 

Services

 

 

18,045

 

 

 

14,361

 

 

 

65,701

 

 

 

62,676

 

Investment and other

 

 

14,168

 

 

 

10,072

 

 

 

43,732

 

 

 

36,998

 

Funeral home:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchandise

 

 

5,536

 

 

 

4,792

 

 

 

21,637

 

 

 

19,682

 

Services

 

 

5,164

 

 

 

5,213

 

 

 

20,016

 

 

 

20,938

 

Total revenues

 

 

74,906

 

 

 

58,280

 

 

 

279,539

 

 

 

257,242

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

11,812

 

 

 

8,216

 

 

 

40,119

 

 

 

37,088

 

Cemetery expense

 

 

18,279

 

 

 

16,010

 

 

 

68,654

 

 

 

69,828

 

Selling expense

 

 

12,292

 

 

 

13,279

 

 

 

49,668

 

 

 

53,710

 

General and administrative expense

 

 

9,298

 

 

 

9,764

 

 

 

37,970

 

 

 

40,830

 

Corporate overhead

 

 

8,956

 

 

 

12,962

 

 

 

35,975

 

 

 

51,107

 

Depreciation and amortization

 

 

2,277

 

 

 

2,498

 

 

 

9,152

 

 

 

10,154

 

Funeral home expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merchandise

 

 

1,602

 

 

 

1,418

 

 

 

5,872

 

 

 

5,725

 

Services

 

 

4,398

 

 

 

4,255

 

 

 

18,078

 

 

 

17,144

 

Other

 

 

2,735

 

 

 

2,897

 

 

 

10,839

 

 

 

11,671

 

Total costs and expenses

 

 

71,649

 

 

 

71,299

 

 

 

276,327

 

 

 

297,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other gains (losses), net

 

 

129

 

 

 

(4,355

)

 

 

129

 

 

 

(7,913

)

Operating income (loss)

 

 

3,386

 

 

 

(17,374

)

 

 

3,341

 

 

 

(47,928

)

Interest expense

 

 

(10,585

)

 

 

(11,636

)

 

 

(45,537

)

 

 

(45,246

)

Loss on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(8,478

)

Loss on goodwill impairment

 

 

 

 

 

 

 

 

 

 

 

(24,862

)

Loss from continuing operations before income taxes

 

 

(7,199

)

 

 

(29,010

)

 

 

(42,196

)

 

 

(126,514

)

Income tax benefit (expense)

 

 

1,522

 

 

 

(23,363

)

 

 

4,855

 

 

 

(28,204

)

Net loss from continuing operations

 

 

(5,677

)

 

 

(52,373

)

 

 

(37,341

)

 

 

(154,718

)

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations of discontinued businesses

 

 

86

 

 

 

15

 

 

 

28,982

 

 

 

2,776

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

Net income from discontinued operations

 

 

86

 

 

 

15

 

 

 

28,982

 

 

 

2,776

 

Net loss

 

$

(5,591

)

 

$

(52,358

)

 

$

(8,359

)

 

$

(151,942

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations per common share (basic)

 

$

(0.05

)

 

$

(1.24

)

 

$

(0.35

)

 

$

(3.91

)

Net income from discontinued operations per common share (basic)

 

 

0.00

 

 

 

0.00

 

 

 

0.27

 

 

 

0.07

 

Net loss per common share (basic)

 

$

(0.05

)

 

$

(1.23

)

 

$

(0.08

)

 

$

(3.84

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations per common share (diluted)

 

$

(0.05

)

 

$

(1.24

)

 

$

(0.35

)

 

$

(3.90

)

Net income from discontinued operations per common share (diluted)

 

 

0.00

 

 

 

0.00

 

 

 

0.27

 

 

 

0.07

 

Net loss per common share (diluted)

 

$

(0.05

)

 

$

(1.23

)

 

$

(0.08

)

 

$

(3.83

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic

 

 

117,862

 

 

 

42,401

 

 

 

106,991

 

 

 

39,614

 

Weighted average number of common shares outstanding - diluted

 

 

117,955

 

 

 

42,401

 

 

 

107,001

 

 

 

39,677

 


6

 


 

STONEMOR INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(8,359

)

 

$

(151,942

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Cost of lots sold

 

 

5,796

 

 

 

7,027

 

Depreciation and amortization

 

 

9,395

 

 

 

10,782

 

Provision for bad debt

 

 

6,275

 

 

 

7,559

 

Non-cash compensation expense

 

 

1,481

 

 

 

3,623

 

Loss on debt extinguishment

 

 

 

 

 

8,478

 

Loss on goodwill impairment

 

 

 

 

 

24,862

 

Non-cash interest expense

 

 

17,884

 

 

 

18,095

 

Gain on sale of businesses

 

 

(29,429

)

 

 

 

Other (gains) losses, net

 

 

(129

)

 

 

8,106

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance

 

 

(20,453

)

 

 

(8,633

)

Merchandise trust fund

 

 

(25,988

)

 

 

(17,916

)

Other assets

 

 

1,675

 

 

 

(56

)

Deferred selling and obtaining costs

 

 

(6,376

)

 

 

(3,598

)

Deferred revenues

 

 

61,611

 

 

 

36,656

 

Deferred taxes, net

 

 

(4,888

)

 

 

27,943

 

Payables and other liabilities

 

 

(7,135

)

 

 

(8,972

)

Net cash provided by (used in) operating activities

 

 

1,360

 

 

 

(37,986

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

Cash paid for capital expenditures

 

 

(6,360

)

 

 

(6,418

)

Proceeds from divestitures

 

 

57,343

 

 

 

6,255

 

Net cash provided by (used in) investing activities

 

 

50,983

 

 

 

(163

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of Series A Preferred Stock - related party

 

 

8,800

 

 

 

 

Proceeds from issuance of Common Stock - related party

 

 

8,200

 

 

 

 

Proceeds from issuance of redeemable convertible preferred units

 

 

 

 

 

12,500

 

Proceeds from issuance of redeemable convertible preferred units - related party

 

 

 

 

 

45,000

 

Proceeds from borrowings

 

 

3,672

 

 

 

406,087

 

Repayments of debt

 

 

(63,915

)

 

 

(366,905

)

Principal payment on finance leases

 

 

(1,561

)

 

 

(1,464

)

Cost of financing activities

 

 

(4,170

)

 

 

(17,396

)

Reduction to GP Holdings' Merger consideration due to SEC settlement - related party

 

 

 

 

 

(250

)

Units repurchased related to unit-based compensation

 

 

(46

)

 

 

(803

)

Net cash (used in) provided by financing activities

 

 

(49,020

)

 

 

76,769

 

Net increase in cash, cash equivalents and restricted cash

 

 

3,323

 

 

 

38,620

 

Cash, cash equivalents and restricted cash—Beginning of period

 

 

56,767

 

 

 

18,147

 

Cash, cash equivalents and restricted cash—End of period

 

$

60,090

 

 

$

56,767

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for interest

 

$

29,212

 

 

$

32,239

 

Cash paid during the period for income taxes

 

 

1,154

 

 

 

1,419

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

3,187

 

 

$

3,638

 

Operating cash flows from finance leases

 

 

421

 

 

 

495

 

Financing cash flows from finance leases

 

 

1,561

 

 

 

1,464

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Acquisition of assets by financing

 

$

62

 

 

$

2,277

 

Accrued paid-in-kind interest on Senior Secured Notes (defined within)

 

 

10,572

 

 

 

7,867

 

 

7