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Name | Symbol | Market | Type |
---|---|---|---|
Natural Resource Partners Ltd New | NYSE:NRP | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.60 | 0.67% | 90.01 | 90.05 | 89.00 | 89.00 | 13,163 | 00:28:02 |
Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter of 2018 results as follows:
Three Months Ended
March 31,
Increase
(Decrease)
Percentage
Change
(In thousands, except per unit data)
2018 2017 Net income from continuing operations $ 26,088 $ 6,111 $ 19,977 327 % Net income 26,074 5,904 20,170 342 % Net income attributable to common unitholders and general partner 18,574 3,404 15,170 446 % Basic net income per common unit 1.49 0.28 1.21 432 % Diluted net income per common unit 1.15 0.28 0.87 311 % Adjusted EBITDA (1) 54,886 51,285 3,601 7 % Net cash provided by operating activities of continuing operations 20,211 20,489 (278 ) (1 )% Net cash used in investing activities of continuing operations (173 ) (2,068 ) 1,895 92 % Net cash provided by (used in) financing activities of continuing operations (28,713 ) 54,153 (82,866 ) (153 )% Distributable Cash Flow (1) 20,845 18,547 2,298 12 % Free Cash Flow (1) 19,302 18,712 590 3 %Craig Nunez, President and Chief Operating Officer, commented: "We delivered solid operating performance and continued to generate significant amounts of cash during the first quarter. As our leverage profile continues to improve, we remain focused on maximizing cash generation, strengthening our balance sheet and increasing our liquidity."
At the end of the first quarter of 2018, NRP had liquidity of $76.2 million, consisting of $21.2 million in cash and $55.0 million of borrowing capacity available under its credit facility. NRP's consolidated Debt-to-Adjusted EBITDA ratio at March 31, 2018 was 3.5x.
NRP continues to focus on reducing its debt while maintaining sufficient liquidity to operate its business. NRP's goal is to achieve a leverage ratio, defined as Debt-to-Adjusted EBITDA, of less than 3.0x, while maintaining minimum liquidity of $100 million, which may consist of a combination of cash and/or available borrowing capacity.
With respect to the first quarter of 2018, NRP declared a cash distribution of $0.45 per common unit and a distribution of $7.5 million in cash on NRP’s preferred units. NRP's distribution coverage ratio over the last twelve months was 6.0x before taking into account the $30 million annual distribution on NRP's preferred units, and 4.6x after taking into account the preferred unit distribution.
______________________
(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Segment Information
Coal Royalty and Other
Three Months Ended
March 31,
Increase
(Decrease)
Percentage
Change
(In thousands)
2018 2017 Net income $ 40,728 $ 35,094 $ 5,634 16 % Adjusted EBITDA (1) 46,070 43,845 2,225 5 % Net cash provided by operating activities of continuing operations 38,793 37,932 861 2 % Net cash provided by investing activities of continuing operations 1,143 6 1,137 18,950 % Net cash provided by financing activities of continuing operations — 16 (16 ) (100 )% Distributable Cash Flow (1) 39,936 37,937 1,999 5 % Free Cash Flow (1) 39,280 38,346 934 2 %______________________
(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Net income from the Coal Royalty and Other segment increased primarily due to lower depletion expense as a result of lower production and prior year asset impairment. Overall coal related revenues were essentially flat, as the impact of lower production was offset by higher coal prices. Distributable cash flow increased during the period primarily as a result of increased cash flow from our natural gas royalty properties.
Soda Ash
Three Months Ended
March 31,
Increase
(Decrease)
Percentage
Change
(In thousands)
2018 2017 Net income $ 9,621 $ 10,294 $ (673 ) (7 )% Adjusted EBITDA (1) 12,250 12,250 — — % Net cash provided by operating activities of continuing operations 10,153 12,250 (2,097 ) (17 )% Net cash provided by investing activities of continuing operations 2,097 — 2,097 100 % Distributable Cash Flow (1) 12,250 12,250 — — % Free Cash Flow (1) 12,250 12,250 — — %______________________
(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Net income from the Soda Ash segment decreased primarily as a result of lower international sales and higher selling, general and administrative costs.
Construction Aggregates
Three Months Ended
March 31,
Increase
(Decrease)
Percentage
Change
(In thousands)
2018 2017 Net loss $ (1,975 ) $ (1,539 ) $ (436 ) (28 )% Adjusted EBITDA (1) 902 2,375 (1,473 ) (62 )% Net cash provided by operating activities of continuing operations 2,797 4,046 (1,249 ) (31 )% Net cash used in investing activities of continuing operations (3,413 ) (2,074 ) (1,339 ) (65 )% Net cash used in financing activities of continuing operations (49 ) (96 ) 47 49 % Distributable Cash Flow (1) 191 2,099 (1,908 ) (91 )% Free Cash Flow (1) (696 ) 1,855 (2,551 ) (138 )%______________________
(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Net loss from the Construction Aggregates segment increased primarily due to unfavorable weather and higher repair and maintenance and fuel costs. Distributable cash flow decreased as a result of these factors as well as increased capital expenditures.
Corporate and Finance
Three Months Ended
March 31,
Increase
(Decrease)
Percentage
Change
(In thousands)
2018 2017 Net loss $ (22,286 ) $ (37,738 ) $ 15,452 41 % Adjusted EBITDA (1) (4,336 ) (7,185 ) 2,849 40 % Net cash used in operating activities of continuing operations (31,532 ) (33,739 ) 2,207 7 % Net cash provided by (used in) financing activities of continuing operations (28,664 ) 54,233 (82,897 ) (153 )% Distributable Cash Flow (1) (31,532 ) (33,739 ) 2,207 7 % Free Cash Flow (1) (31,532 ) (33,739 ) 2,207 7 %______________________
(1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.
Net loss from corporate and financing activities decreased primarily due to prior year debt modification expense and performance based awards related to the completion of our recapitalization transactions in March 2017. In addition, interest expense decreased as a result of debt reduction. Distributable cash flow increased primarily as a result of prior year payment of performance based awards related to the completion of our recapitalization transactions and lower G&A costs, partially offset by the timing of interest payments on NRP's 2022 Senior Notes.
Conference Call
A conference call will be held today at 10:00 a.m. ET. To join the conference call, dial (844) 379-6938 and provide the conference code 55454888. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. Audio replays of the conference call will be available for approximately one week. To access the replay, dial (855) 859-2056 and provide the conference code 55454888 or visit the Investor Relations section of NRP’s website.
Company Profile
Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns interests in coal, aggregates and industrial minerals across the United States. A large percentage of NRP's revenues are generated from royalties and other passive income. In addition, NRP owns a construction aggregates company and an equity investment in Ciner Wyoming, a trona/soda ash operation.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or kroberts@nrplp.com. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.
Forward-Looking Statements
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership. These risks include, but are not limited to, commodity prices; decreases in demand for coal, aggregates and industrial minerals, including trona/soda ash; changes in operating conditions and costs; production cuts by our lessees; unanticipated geologic problems; our liquidity, leverage and access to capital and financing sources; changes in the legislative or regulatory environment, litigation risk, and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
“Distributable Cash Flow” is a non-GAAP financial measure that we define as net cash provided by operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from sales of assets, including those included in discontinued operations, and return of long-term contract receivables (including affiliate); less maintenance capital expenditures and distributions to non-controlling interest. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, DCF presented below is not calculated or presented on the same basis as Distributable Cash Flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. DCF is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the Partnership's ability to make cash distributions to our common and preferred unitholders and our general partner and repay debt.
“Free Cash Flow” is a non-GAAP financial measure that we define as net cash provided by operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivables (including affiliate); less maintenance and expansion capital expenditures, cash flow used in mitigation payments and acquisition costs classified as financing activities and distributions to non-controlling interest. FCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. FCF may not be calculated the same for us as for other companies. FCF is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the Partnership's ability to make cash distributions to our common and preferred unitholders and our general partner and repay debt.
"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) from continuing operations less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income (loss), the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.
“Adjusted Net Income” is a non-GAAP financial measure that we define as Net income attributable to common unitholders and general partner plus restructuring transaction expenses that include debt modification expense, loss on extinguishment of debt and restructuring-related incentive compensation expense, asset impairments and income (loss) from discontinued operations; less gain on sale of assets. Adjusted net income should not be considered in isolation or as a substitute for operating income (loss), net income (loss), cash flows provided by operating, investing and financial activities, or other income or cash flow statement data prepared in accordance with GAAP. Our management team believes Adjusted net income is useful in evaluating our financial performance because restructuring transaction expenses are one time charges, gains on asset sales are not related to the operations of our business and asset impairments are non-cash charges. Excluding these from net income allows us to better compare results from ongoing operations period-over-period.
-Financial Tables, Reconciliation of Non-GAAP Measures and Recap of Metrics Follow-
Natural Resource Partners L.P.
Financial Tables
Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, December 31,(In thousands, except per unit data)
2018 2017 2017 Revenues and other income: Coal royalty and other $ 45,973 $ 34,994 $ 47,130 Coal royalty and other—affiliates 237 11,505 223 Transportation and processing services 5,383 — 4,793 Transportation and processing services—affiliates — 4,639 — Construction aggregates 26,424 25,483 30,571 Road construction and asphalt paving services 728 1,738 5,324 Equity in earnings of Ciner Wyoming 9,621 10,294 12,781 Gain on asset sales, net 660 44 280 Total revenues and other income $ 89,026 $ 88,697 $ 101,102 Operating expenses: Operating and maintenance expenses $ 29,968 $ 29,628 $ 33,893 Operating and maintenance expenses—affiliates, net 2,465 2,555 2,606 Depreciation, depletion and amortization 7,957 9,724 8,790 Amortization expense—affiliate — 768 — General and administrative 3,405 6,078 2,756 General and administrative—affiliates 931 1,124 1,806 Asset impairments 242 1,778 1,253 Total operating expenses $ 44,968 $ 51,655 $ 51,104 Income from operations $ 44,058 $ 37,042 $ 49,998 Other income (expense) Interest expense $ (18,006 ) $ (23,141 ) $ (19,304 ) Debt modification expense — (7,807 ) — Interest income 36 17 47 Other expense, net $ (17,970 ) $ (30,931 ) $ (19,257 ) Net income from continuing operations $ 26,088 $ 6,111 $ 30,741 Loss from discontinued operations (14 ) (207 ) (34 ) Net income $ 26,074 $ 5,904 $ 30,707 Less: income attributable to preferred unitholders (7,500 ) (2,500 ) (7,765 ) Net income attributable to common unitholders and general partner $ 18,574 $ 3,404 $ 22,942 Net income attributable to common unitholders 18,203 3,404 22,483 Net income attributable to the general partner 371 — 459 Income from continuing operations per common unit Basic $ 1.49 $ 0.30 $ 1.84 Diluted $ 1.16 $ 0.30 $ 1.26 Net income per common unit Basic $ 1.49 $ 0.28 $ 1.84 Diluted $ 1.15 $ 0.28 $ 1.26 Net income $ 26,074 $ 5,904 $ 30,707 Add: comprehensive loss from unconsolidated investment and other (1,125 ) (1,132 ) (234 ) Comprehensive income $ 24,949 $ 4,772 $ 30,473Natural Resource Partners L.P.
Financial Tables
Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, December 31,(In thousands)
2018 2017 2017 Cash flows from operating activities: Net income $ 26,074 $ 5,904 $ 30,707Adjustments to reconcile net income to net cash provided by operating activities of
continuing operations:
Depreciation, depletion and amortization 7,957 9,724 8,790 Amortization expense—affiliates — 768 — Distributions from unconsolidated investment 10,153 12,250 12,250 Equity earnings from unconsolidated investment (9,621 ) (10,294 ) (12,781 ) Gain on asset sales, net (660 ) (44 ) (280 ) Debt modification expense — 7,807 — Loss from discontinued operations 14 207 34 Asset impairments 242 1,778 1,253 Unit-based compensation expense 792 257 106 Amortization of debt issuance costs and other 771 973 2,490 Other, net—affiliates (190 ) 135 1,119 Change in operating assets and liabilities: Accounts receivable (5,189 ) (1,267 ) 698 Accounts receivable—affiliates 67 (196 ) 1,144 Accounts payable (845 ) 986 631 Accounts payable—affiliates 1,531 256 (107 ) Accrued liabilities (5,169 ) (7,948 ) (1,363 ) Accrued liabilities—affiliates (515 ) — 515 Accrued interest (9,777 ) (271 ) 5,217 Deferred revenue 2,346 1,077 (5,786 ) Deferred revenue—affiliates — (2,897 ) — Other items, net 2,230 1,284 1,807 Net cash provided by operating activities of continuing operations $ 20,211 $ 20,489 $ 46,444 Net cash used in operating activities of discontinued operations (412 ) (284 ) (92 ) Net cash provided by operating activities $ 19,799 $ 20,205 $ 46,352 Cash flows from investing activities: Distributions from unconsolidated investment in excess of cumulative earnings $ 2,097 $ — $ — Proceeds from sale of assets 687 (387 ) 563 Return of long-term contract receivables 487 — 399 Return of long-term contract receivables—affiliate — 414 — Acquisition of plant and equipment and other (3,444 ) (2,095 ) (1,065 ) Net cash used in investing activities of continuing operations $ (173 ) $ (2,068 ) $ (103 ) Net cash provided by investing activities of discontinued operations — 29 — Net cash used in investing activities $ (173 ) $ (2,039 ) $ (103 )Consolidated Statements of Cash Flows—Continued
(Unaudited)
Three Months Ended March 31, December 31,(In thousands)
2018 2017 2017 Cash flows from financing activities: Proceeds from issuance of preferred units and warrants, net $ — $ 242,100 $ — Proceeds from issuance of 2022 Senior Notes, net — 103,688 — Proceeds from loans 35,000 — 8,000 Repayments of loans (40,800 ) (251,010 ) (136,027 ) Redemption of preferred units paid in kind (8,844 ) — — Distributions to common unitholders and general partner (5,617 ) (5,615 ) (5,617 ) Distributions to preferred unitholders (7,765 ) — (3,825 ) Contributions to discontinued operations (412 ) (255 ) (92 ) Debt issue costs and other (275 ) (34,755 ) (197 ) Net cash provided by (used in) financing activities of continuing operations $ (28,713 ) $ 54,153 $ (137,758 ) Net cash provided by financing activities of discontinued operations 412 255 92 Net cash provided by (used in) financing activities $ (28,301 ) $ 54,408 $ (137,666 ) Net increase (decrease) in cash and cash equivalents $ (8,675 ) $ 72,574 $ (91,417 ) Cash and cash equivalents at beginning of period 29,827 40,371 121,244 Cash and cash equivalents at end of period $ 21,152 $ 112,945 $ 29,827 Supplemental cash flow information: Cash paid during the period for interest from continuing operations $ 26,023 $ 19,851 $ 10,993 Non-cash investing and financing activities: Issuance of 2022 Senior Notes in exchange for 2018 Senior Notes $ — $ 240,638 $ — Plant, equipment and mineral rights funded with accounts payable or accrued liabilities $ 24 $ — $ 294Natural Resource Partners L.P.
Financial Tables
Consolidated Balance Sheets March 31, December 31,(In thousands, except unit data)
2018 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 21,152 $ 29,827 Accounts receivable, net 55,651 47,026 Accounts receivable—affiliates 94 161 Inventory 8,071 7,553 Prepaid expenses and other 3,088 5,838 Current assets of discontinued operations 991 991 Total current assets $ 89,047 $ 91,396 Land 24,809 25,247 Plant and equipment, net 47,237 46,170 Mineral rights, net 878,845 883,885 Intangible assets, net 48,769 49,554 Equity in unconsolidated investment 241,679 245,433 Long-term contracts receivable 40,331 40,776 Other assets 6,489 6,547 Other assets—affiliate — 156 Total assets $ 1,377,206 $ 1,389,164 LIABILITIES AND CAPITAL Current liabilities: Accounts payable $ 5,911 $ 6,957 Accounts payable—affiliates 2,093 562 Accrued liabilities 11,409 16,890 Accrued liabilities—affiliates — 515 Accrued interest 5,706 15,484 Current portion of deferred revenue 1,554 — Current portion of long-term debt, net 79,723 79,740 Current liabilities of discontinued operations 3 401 Total current liabilities $ 106,399 $ 120,549 Deferred revenue 14,622 100,605 Long-term debt, net 724,854 729,608 Other non-current liabilities 2,492 2,808 Other non-current liabilities—affiliate — 346 Total liabilities $ 848,367 $ 953,916 Commitments and contingenciesClass A Convertible Preferred Units (250,000 and 258,844 units issued and outstanding at March 31,
2018 and December 31, 2017, respectively, at $1,000 par value per unit; liquidation preference of
$1,500 per unit)
$ 164,587 $ 173,431 Partners’ capital:Common unitholders’ interest (12,245,920 and 12,232,006 units issued and outstanding at March
31, 2018 and December 31, 2017, respectively)
$ 301,344 $ 199,851 General partner’s interest 3,924 1,857 Warrant holders interest 66,816 66,816 Accumulated other comprehensive loss (4,438 ) (3,313 ) Total partners’ capital $ 367,646 $ 265,211 Non-controlling interest (3,394 ) (3,394 ) Total capital 364,252 261,817 Total liabilities and capital $ 1,377,206 $ 1,389,164Natural Resource Partners L.P.
Financial Tables
Consolidated Statement of Partners' Capital (Unaudited) Common UnitholdersGeneral
Partner
Warrant
Holders
Accumulated
Other
Comprehensive
Loss
Partners'
Capital
Excluding
Non-
Controlling
Interest
Non-
Controlling
Interest
Total
Capital
(In thousands)
Units Amounts Balance at December 31, 2017 12,232 $ 199,851 $ 1,857 $ 66,816 $ (3,313 ) $ 265,211 $ (3,394 ) $ 261,817 Cumulative effect of adoption of accounting standard — 88,448 1,805 — — 90,253 — 90,253 Net income — 25,553 521 — — 26,074 — 26,074 Distributions to common unitholders and general partner — (5,505 ) (112 ) — — (5,617 ) — (5,617 ) Distributions to preferred unitholders — (7,610 ) (155 ) — — (7,765 ) — (7,765 ) Issuance of unit-based awards 14 410 — — — 410 — 410 Unit-based awards amortization and vesting — 197 — — — 197 — 197 Comprehensive loss from unconsolidated investment and other — — 8 — (1,125 ) (1,117 ) — (1,117 ) Balance at March 31, 2018 12,246 $ 301,344 $ 3,924 $ 66,816 $ (4,438 ) $ 367,646 $ (3,394 ) $ 364,252Natural Resource Partners L.P.
Financial Tables (Unaudited)
The table below presents NRP's unaudited business results by segment for three months ended March 31, 2018 and 2017:
Operating Business SegmentsCoal
Royalty
and Other
Construction
Aggregates
Corporate
and
Financing
(In thousands)
Soda Ash Total Three Months Ended March 31, 2018 Revenues and other income $ 51,593 $ 9,621 $ 27,152 $ — $ 88,366 Gains on asset sales 651 — 9 — 660 Total revenues and other income $ 52,244 $ 9,621 $ 27,161 $ — $ 89,026 Asset impairments $ 242 $ — $ — $ — $ 242 Net income (loss) from continuing operations $ 40,728 $ 9,621 $ (1,975 ) $ (22,286 ) $ 26,088 Three Months Ended March 31, 2017 Revenues and other income $ 51,138 $ 10,294 $ 27,221 $ — $ 88,653 Gains on asset sales 29 — 15 — 44 Total revenues and other income $ 51,167 $ 10,294 $ 27,236 $ — $ 88,697 Asset impairments $ 1,778 $ — $ — $ — $ 1,778 Net income (loss) from continuing operations $ 35,094 $ 10,294 $ (1,539 ) $ (37,738 ) $ 6,111 Three Months Ended December 31, 2017 Revenues and other income $ 52,146 $ 12,781 $ 35,895 $ — $ 100,822 Gains on asset sales 178 — 102 — 280 Total revenues and other income $ 52,324 $ 12,781 $ 35,997 $ — $ 101,102 Asset impairments $ 1,189 $ — $ 64 $ — $ 1,253 Net income (loss) from continuing operations $ 39,729 $ 12,781 $ 1,989 $ (23,758 ) $ 30,741 Adjusted EBITDA (1) $ 46,679 $ 12,250 $ 5,143 $ (4,696 ) $ 59,376 Net cash provided by (used in) operating activities of continuing operations $ 45,550 $ 12,250 $ 4,010 $ (15,366 ) $ 46,444 Net cash provided by (used in) investing activities of continuing operations $ 591 $ — $ (694 ) $ — $ (103 ) Net cash provided by financing activities of continuing operations $ — $ — $ (197 ) $ (137,561 ) $ (137,758 )Natural Resource Partners L.P.
Financial Tables (Unaudited)
Operating Statistics - Coal Royalty and Other Three Months Ended March 31, December 31,($ in thousands, except tons and per ton amounts)
2018 2017 2017 Coal production (tons) Appalachia Northern 225 1,206 464 Central 3,545 3,699 3,542 Southern 546 562 535 Total Appalachia 4,316 5,467 4,541 Illinois Basin 743 2,017 828 Northern Powder River Basin 1,233 950 1,678 Total coal production 6,292 8,434 7,047 Coal royalty revenue per ton Appalachia Northern $ 4.73 $ 0.50 $ 2.14 Central $ 5.71 $ 5.46 $ 5.21 Southern $ 7.16 $ 6.46 $ 5.90 Illinois Basin $ 4.14 $ 3.30 $ 4.75 Northern Powder River Basin $ 2.24 $ 2.63 $ 2.27 Combined average coal royalty revenue per ton $ 4.93 $ 3.98 $ 4.31 Coal royalty revenues Appalachia Northern $ 1,066 $ 607 $ 992 Central 20,232 20,184 18,462 Southern 3,914 3,632 3,157 Total Appalachia $ 25,212 $ 24,423 $ 22,611 Illinois Basin 3,075 6,646 3,934 Northern Powder River Basin 2,765 2,498 3,815 Unadjusted coal royalty revenue $ 31,052 $ 33,567 $ 30,360 Coal royalty adjustment for minimum leases (2,361 ) — — Total coal royalty revenue $ 28,691 $ 33,567 $ 30,360 Other revenues Production lease minimum revenue $ 425 $ 5,196 $ 8,266 Minimum lease straight line revenue 6,760 — — Property tax revenue 1,182 2,698 813 Wheelage 1,974 1,267 1,224 Coal overriding royalty revenue 2,872 824 4,067 Aggregates royalty revenue 1,091 1,244 728 Oil and gas royalty revenues 2,898 1,491 1,693 Other 317 212 202 Total other revenues $ 17,519 $ 12,932 $ 16,993 Coal royalty and other income 46,210 46,499 47,353 Transportation and processing services fees 5,383 4,639 4,793 Gain on coal royalty and other segment asset sales 651 29 178 Total coal royalty and other segment revenues and other income $ 52,244 $ 51,167 $ 52,324Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
Distributable Cash Flow and Free Cash Flow (Unaudited)Coal
Royalty and
Other
Construction
Aggregates
Corporate
and
Financing
(In thousands)
Soda Ash Total Three Months Ended March 31, 2018 Net cash provided by (used in) operating activities of continuing operations $ 38,793 $ 10,153 $ 2,797 $ (31,532 ) $ 20,211 Add: distributions from unconsolidated investment in excess of cumulative earnings — 2,097 — — 2,097 Add: proceeds from the sale of assets 656 — 31 — 687 Add: return of long-term contract receivables 487 — — — 487 Less: maintenance capital expenditures — — (2,637 ) — (2,637 ) Distributable cash flow $ 39,936 $ 12,250 $ 191 $ (31,532 ) $ 20,845 Less: proceeds from the sale of assets 656 — 31 — 687 Less: expansion capital expenditures — — 807 — 807 Less: mitigation payments and acquisition costs classified as financing activities — — 49 — 49 Free cash flow $ 39,280 $ 12,250 $ (696 ) $ (31,532 ) $ 19,302 Three Months Ended March 31, 2017 Net cash provided by (used in) operating activities of continuing operations $ 37,932 $ 12,250 $ 4,046 $ (33,739 ) $ 20,489 Add: Proceeds from the sale of assets (409 ) — 22 — (387 ) Add: return of long-term contract receivables—affiliate 414 — — — 414 Less: maintenance capital expenditures — — (1,969 ) — (1,969 ) Distributable cash flow $ 37,937 $ 12,250 $ 2,099 $ (33,739 ) $ 18,547 Less: proceeds from the sale of assets (409 ) — 22 — (387 ) Less: expansion capital expenditures — — 126 — 126 Less: mitigation payments and acquisition costs classified as financing activities — — 96 — 96 Free cash flow $ 38,346 $ 12,250 $ 1,855 $ (33,739 ) $ 18,712 Three Months Ended December 31, 2017 Net cash provided by (used in) operating activities of continuing operations $ 45,550 $ 12,250 $ 4,010 $ (15,366 ) $ 46,444 Add: proceeds from sale of assets 192 — 371 — 563 Add: return of long-term contract receivable 399 — — — 399 Less: maintenance capital expenditures — — (1,025 ) — (1,025 ) Distributable cash flow $ 46,141 $ 12,250 $ 3,356 $ (15,366 ) $ 46,381 Less: proceeds from the sale of assets 192 — 371 — 563 Less: expansion capital expenditures — — 39 — 39 Less: mitigation payments and acquisition costs classified as financing activities — — 197 — 197 Free cash flow $ 45,949 $ 12,250 $ 2,749 $ (15,366 ) $ 45,582Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures
Adjusted EBITDA (Unaudited)Coal
Royalty and
Other
Construction
Aggregates
Corporate
and
Financing
(In thousands)
Soda Ash Total Three Months Ended March 31, 2018 Net income (loss) from continuing operations 40,728 $ 9,621 $ (1,975 ) $ (22,286 ) $ 26,088 Less: equity earnings from unconsolidated investment — (9,621 ) — — (9,621 ) Add: total distributions from unconsolidated investment — 12,250 — — 12,250 Add: interest expense, net — — 20 17,950 17,970 Add: depreciation, depletion and amortization 5,100 — 2,857 — 7,957 Add: asset impairments 242 — — — 242 Adjusted EBITDA $ 46,070 $ 12,250 $ 902 $ (4,336 ) $ 54,886 Three Months Ended March 31, 2017 Net income (loss) from continuing operations $ 35,094 $ 10,294 $ (1,539 ) $ (37,738 ) $ 6,111 Less: equity earnings from unconsolidated investment — (10,294 ) — — (10,294 ) Add: total distributions from unconsolidated investment — 12,250 — — 12,250 Add: interest expense, net — — 395 22,746 23,141 Add: debt modification expense — — — 7,807 7,807 Add: depreciation, depletion and amortization 6,973 — 3,519 — 10,492 Add: asset impairments 1,778 — — — 1,778 Adjusted EBITDA $ 43,845 $ 12,250 $ 2,375 $ (7,185 ) $ 51,285 Three Months Ended December 31, 2017 Net income (loss) from continuing operations $ 39,729 $ 12,781 $ 1,989 $ (23,758 ) $ 30,741 Less: equity earnings from unconsolidated investment — (12,781 ) — — (12,781 ) Add: total distributions from unconsolidated investment — 12,250 — — 12,250 Add: interest expense, net — — 61 19,062 19,123 Add: depreciation, depletion and amortization 5,761 — 3,029 — 8,790 Add: asset impairments 1,189 — 64 — 1,253 Adjusted EBITDA $ 46,679 $ 12,250 $ 5,143 $ (4,696 ) $ 59,376Natural Resource Partners L.P.
Reconciliation of Non-GAAP Measures Adjusted Net Income (Unaudited) Three Months Ended March 31, December 31,(In thousands)
2018 2017 2017 Net income $ 26,074 $ 5,904 $ 30,707 Less: income attributable to preferred unitholders (7,500 ) (2,500 ) (7,765 ) Net income attributable to common unitholders and general partner $ 18,574 $ 3,404 $ 22,942 Add: asset impairments 242 1,778 1,253 Add: loss from discontinued operations 14 207 34 Add: loss on extinguishment of debt — 7,807 — Add: restructuring-related incentive compensation expense — 3,847 — Less: gain on asset sales (660 ) (44 ) (280 ) Adjusted net income $ 18,170 $ 16,999 $ 23,949 Last Twelve Months Distributable Cash Flow and Free Cash Flow (Unaudited) Three Months Ended(In thousands)
June 30,
2017
September 30,2017
December 31,2017
March 31,
2018
Last 12
Months
Net cash provided by operating activities of continuing operations $ 35,105 $ 25,800 $ 46,444 $ 20,211 $ 127,560 Add: distributions from unconsolidated investment in excess of cumulative earnings 2,388 3,258 — 2,097 7,743 Add: proceeds from the sale of assets 1,655 151 563 687 3,056 Add: return on long-term contract receivables (including affiliate) 1,597 600 399 487 3,083 Less: maintenance capital expenditures (2,415 ) (926 ) (1,025 ) (2,637 ) (7,003 ) Distributable cash flow $ 38,330 $ 28,883 $ 46,381 $ 20,845 $ 134,439 Less: proceeds from the sale of assets 1,655 151 563 687 3,056 Less: expansion capital expenditures 489 311 39 807 1,646 Less: mitigation payments and acquisition costs classified as financing activities 1,000 — 197 49 1,246 Free cash flow $ 35,186 $ 28,421 $ 45,582 $ 19,302 $ 128,491 Distribution Coverage Ratio (1) 6.0 x______________________
(1) Distribution Coverage Ratio is calculated as last twelve months' DCF divided by annual common unit distributions times number of common units and general partner units outstanding.
Last Twelve Months Adjusted EBITDA (Unaudited) Three Months Ended(In thousands)
June 30,
2017
September 30,2017
December 31,2017
March 31,
2018
Last 12
Months
Net income from continuing operations $ 25,857 $ 26,499 $ 30,741 $ 26,088 $ 109,185 Less: equity earnings from unconsolidated investment (8,389 ) (8,993 ) (12,781 ) (9,621 ) (39,784 ) Add: total distributions from unconsolidated investment 12,250 12,250 12,250 12,250 49,000 Add: interest expense 20,377 20,080 19,123 17,970 77,550 Add: debt modification expense 132 — — — 132 Add: loss on extinguishment of debt 4,107 — — — 4,107 Add: depreciation, depletion and amortization 8,405 8,306 8,790 7,957 33,458 Add: asset impairments — — 1,253 242 1,495 Adjusted EBITDA $ 62,739 $ 58,142 $ 59,376 $ 54,886 $ 235,143 Debt—at March 31, 2018 $ 822,044 Leverage Ratio (1) 3.50 x______________________
(1) Leverage Ratio is calculated as last twelve months' Adjusted EBITDA divided by the outstanding principal value of our debt as of March 31, 2018.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180509005331/en/
Natural Resource Partners L.P.Kathy H. Roberts, 713-751-7555kroberts@nrplp.com
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