SCORPIO BULKERS INC.

CIK:0001587264|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Revenue	$ 199,326	$ 127,641	$ 33,120
Revenue-related party pools	0	16,392	130,612
Total vessel revenue	199,326	144,033	163,732
Operating expenses:
Voyage expenses	0	12,127	6,716
Voyage expenses-related party	0	5,435	3,293
Vessel operating costs	79,349	49,413	80,860
Vessel operating costs-related party	4	3,092	11,946
Charterhire expense	0	34,001	21,107
Vessel depreciation	24,597	10,190	48,369
General and administrative expenses	40,566	50,819	17,568
General and administrative expenses-related party	611	33,135	8,103
(Gain on vessels sold) loss / write down on assets held for sale	0	(24,206)	458,610
Loss / write down on assets held for sale-related party	0	1,474	36,803
Total operating expenses	145,127	175,480	693,375
Operating income (loss)	54,199	(31,447)	(529,643)
Other income (expense):
Interest income	647	87	210
Gain on bargain purchase of Seajacks	0	57,436	0
Gain on sale of equity investment	0	5,382	0
Income (loss) from equity investment-related party	55,538	4,353	(105,384)
Foreign exchange (loss) gain	(1,816)	1,120	(348)
Financial expense, net	(563)	(14,848)	(36,818)
Financial expense-related party	(1,555)	(1,512)	0
Total other income (expense)	52,251	52,018	(142,340)
Income (loss) before taxes	106,450	20,571	(671,983)
Income tax expense	748	344	0
Net income (loss)	$ 105,702	$ 20,227	$ (671,983)
Weighted-average shares outstanding:
Weighted-average number of shares outstanding, basic (in shares)	38,074	16,096	9,484
Weighted-average number of shares outstanding, diluted (in shares)	38,292	16,279	9,484
Earnings (loss) per common share:
Earnings (loss) per common share, basic (in usd per share)	$ 2.78	$ 1.26	$ (70.85)
Earnings (loss) per common share, diluted (in usd per share)	$ 2.76	$ 1.24	$ (70.85)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income (loss)	$ 105,702	$ 20,227	$ (671,983)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Restricted stock amortization	7,821	12,154	7,317
Gain on bargain purchase of Seajacks	0	(57,436)	0
Vessel depreciation	24,597	10,190	48,369
Amortization of deferred financing costs	564	658	3,667
Write off of deferred financing costs	0	7,196	3,088
Loss (gain) on asset disposal / vessels sold	896	(19,598)	428,833
Net (gains) on investments	(54,890)	(9,651)	106,471
Dividend income from Scorpio Tankers (related party)	(646)	(862)	(1,087)
Drydocking expenditures	(504)	(3,443)	(22,597)
Changes in operating assets and liabilities:
Decrease in prepaid expenses and other assets	5,211	22,434	37,854
(Increase) decrease in accounts receivable	(15,397)	44,704	(8,923)
Decrease (increase) in inventories	51	9,928	(4,243)
(Decrease) increase in accounts payable and accrued expenses	(9,843)	(36,498)	25,085
Decrease in taxes payable	(1,421)	359	0
Decrease in net amounts due from related parties	1,122	7,880	9,314
Net cash provided by (used in) operating activities	63,263	8,242	(38,835)
Investing activities
Sale of equity investment	82,497	64,155	42,711
Cash acquired in Seajacks acquisition	0	25,719	0
Dividend income on equity investment (related party)	646	862	1,087
Proceeds from sale of assets held for sale	0	496,107	194,066
Scrubber payments	0	0	(42,359)
Payments for vessels under construction and other assets	(76,328)	(36,465)	0
Net cash provided by investing activities	6,815	550,378	195,505
Financing activities
Proceeds from issuance of common stock	0	165,896	82,254
Common stock repurchased	(16,952)	(1,407)	(16,724)
Dividends paid	(1,601)	(1,712)	(3,234)
Proceeds from issuance of debt	130,000	0	199,840
Repayments of long term debt	(205,040)	(651,422)	(377,334)
Debt issue cost paid	(3,235)	0	0
Net cash used in financing activities	(96,828)	(488,645)	(115,198)
(Decrease) increase in cash and cash equivalents	(26,750)	69,975	41,472
Cash and cash equivalents, beginning of period	153,977	84,002	42,530
Cash and cash equivalents and restricted cash, end of period	127,227	153,977	84,002
Supplemental cash flow information:
Interest paid	4,541	5,433	28,661
Taxes paid	2,161	0	0
Non-cash activities
Right of use assets obtained in exchange for operating lease liabilities	1,035	0	0
Fair value of shares issued as part of Seajacks acquisition	0	152,288	0
Issuance of redeemable notes as part of Seajacks acquisition	$ 0	$ 70,686	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 119,958	$ 153,977
Restricted Cash	7,269	0
Accounts receivable from third parties	34,875	19,478
Receivables from related parties	901	2,125
Inventories	5,795	5,846
Contract fulfillment costs	634	3,835
Prepaid expenses and other current assets	4,740	4,769
Total current assets	174,172	190,030
Non-current assets
Vessels, net	521,331	544,515
Equity investment	0	27,607
Vessels under construction	110,969	36,054
Intangible assets	4,518	4,518
Other assets	3,514	4,549
Total non-current assets	640,332	617,243
Total assets	814,504	807,273
Current liabilities
Bank loans, net	12,039	87,650
Contract liabilities	6,706	12,275
Corporate income tax payable	2,637	4,058
Accounts payable and accrued expenses	23,624	27,073
Due to related parties	5	107
Total current liabilities	45,011	131,163
Non-current liabilities
Bank loans, net	52,253	0
Redeemable notes, related party	0	53,015
Other liabilities	1,926	2,751
Total non-current liabilities	54,179	55,766
Total liabilities	99,190	186,929
Commitment and contingencies (Note 6)
Shareholders’ equity
Preferred shares, $0.01 par value per share; 50,000,000 shares authorized; no shares issued or outstanding	0	0
Common shares, $0.01 par value per share; authorized 81,875,000 and 81,875,000 shares as of December 31, 2022 and 2021, respectively; outstanding 38,446,394 shares and 39,741,204 shares as of December 31, 2022 and 2021 respectively	1,134	1,124
Paid-in capital	2,064,168	2,057,958
Common shares held in treasury, at cost; 2,328,179 shares and 35,869 shares at December 31, 2022 and 2021, respectively	(17,669)	(717)
Accumulated deficit	(1,332,319)	(1,438,021)
Total shareholders’ equity	715,314	620,344
Total liabilities and shareholders’ equity	$ 814,504	$ 807,273