Costamare(CMRE) - 2024 Q4 - Annual Report

Financial Performance - Total voyage revenue increased by 37.1% from $1,502.5 million in 2023 to$2,060.0 million in 2024[476] - Net income decreased from $381.0 million in 2023 to$316.3 million in 2024[476] - Total voyage revenue increased by 37.1%, or $557.5 million, to$2,060.0 million for the year ended December 31, 2024, compared to $1,502.5 million for the year ended December 31, 2023[484] - Total voyage revenue adjusted on a cash basis increased by 36.3$547.0 million, to $2,052.6 million for the year ended December 31, 2024, from$1,505.6 million for the year ended December 31, 2023[485] - Income from investments in leaseback vessels rose significantly by 168.5% from $8.9 million in 2023 to$23.9 million in 2024[476] - Voyage expenses increased to $371.1 million for the year ended December 31, 2024, compared to$275.9 million in 2023[488] - General and administrative expenses increased to $25.0 million for the year ended December 31, 2024, compared to$18.4 million in 2023[492] - Interest income amounted to $33.2 million for the year ended December 31, 2024, slightly up from$32.4 million in 2023[502] - Interest and finance costs decreased to $133.1 million for the year ended December 31, 2024, from$144.4 million in 2023[502] Fleet Management - Average number of vessels in the owned fleet decreased by 5.2% from 111.4 in 2023 to 105.6 in 2024[476] - Ownership days for the fleet totaled 38,661 in 2024, down 4.9% from 40,652 in 2023[474] - The company sold dry bulk vessels with an aggregate deadweight tonnage (dwt) of 433,033 during 2024[471] - The company acquired secondhand dry bulk vessels with an aggregate dwt of 843,679 in 2024[471] Cash Flow and Liquidity - As of December 31, 2024, the company had total cash liquidity of $777.9 million, consisting of cash, cash equivalents, and restricted cash[513] - Net cash provided by operating activities increased by$206.3 million to $537.7 million for the year ended December 31, 2024, compared to$331.4 million for the year ended December 31, 2023[523] - Net cash used in investing activities was $79.5 million for the year ended December 31, 2024, primarily due to payments for the acquisition of secondhand dry bulk vessels and upgrades[525] - Net cash used in financing activities was$505.5 million for the year ended December 31, 2024, which included $209.0 million net payments relating to debt financing agreements[527] Debt and Financing - The company had an aggregate of$2.1 billion of indebtedness outstanding under various credit agreements as of December 31, 2024[515] - Working capital was positive $294.7 million at December 31, 2024, compared to positive$454.9 million at December 31, 2023[520] - The company completed the full redemption of all 4,574,100 outstanding shares of Series E Preferred Stock on July 15, 2024, funded with cash on hand[514] - The company has agreed to invest up to $200 million in a new leasing business, with$123.3 million already invested as of February 12, 2025[512] Market and Strategic Outlook - The company provided an optimistic outlook for Q3 2029, projecting revenue growth of 20% year-over-year[3] - New product launches are expected to contribute an additional $14.7 billion in revenue for the upcoming fiscal year[4] - Market expansion efforts are underway, targeting a 34.6$2,967.9 million as of December 31, 2023, and is projected to decrease to $2,825.2 million by December 31, 2024[580] Revenue Recognition - Revenue is primarily generated from time charter or voyage charter agreements, with time charter revenues recognized over the term of the charter as service is provided[589] - Revenue from voyage charters is recognized on a straight-line basis over the voyage days from loading to discharge[592] - Unearned revenue includes cash received prior to the balance sheet date for which revenue recognition criteria have not been met[591]