Natural Resource Partners L.P. Reports Fourth Quarter and Full Year 2023 Results and Announces Special Distribution of $2.44 per Common Unit
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||
(In thousands) (Unaudited) |
|
|
|
|||||
Net income |
|
$ |
64,980 |
|
|
$ |
278,435 |
|
Operating cash flow |
|
$ |
77,786 |
|
|
$ |
310,978 |
|
Free cash flow (1) |
|
$ |
78,419 |
|
|
$ |
313,431 |
|
|
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
2023 Highlights:
-
Generated record full year free cash flow of
$313 million -
Paid regular quarterly distributions of
$0.75 per common unit and a special cash distribution of$2.43 per common unit to cover unitholder tax liabilities associated with owning NRP's common units during 2022 -
Redeemed
$178 million of preferred units at par with cash;$72 million of the original$250 million preferred units remain outstanding -
Repurchased 1.46 million warrants with
$56.1 million cash -
Increased credit facility borrowing capacity from
$130 million to$155 million
Early 2024 Highlights:
-
Repurchased 1.22 million warrants with
$55.7 million of cash and 198,767 of common units; 0.32 million of the original 4 million warrants remain outstanding with a current settlement value of approximately$20 million -
Increased credit facility borrowing capacity from
$155 million to$200 million -
Declared special cash distribution of
$2.44 per common unit to cover unitholder tax liabilities associated with owning NRP's common units during 2023
NRP's liquidity was
NRP also announced today that the board of directors of its general partner declared a special cash distribution of
Segment Performance
Mineral Rights
Mineral Rights net income in the fourth quarter and full year of 2023 increased
Metallurgical and thermal coal prices saw significant variability in 2023, and were off the record highs seen in 2022, but finished the year strong relative to historical norms. NRP believes limitations from ongoing labor shortages, access to capital, and inflationary pressures should provide continued price support for metallurgical and thermal coal in 2024, despite headwinds from lower steel demand and the long-term secular decline in thermal energy production.
NRP continues to explore and identify carbon neutral revenue sources across its large portfolio of surface, mineral, and timber assets, including the permanent sequestration of carbon dioxide underground and in standing forests, and the generation of electricity using geothermal, solar, and wind energy, as well as lithium production. While the timing and likelihood of additional cash flows being realized from these activities is uncertain, NRP believes its large ownership footprint throughout
Soda Ash
Soda Ash net income in the fourth quarter and full year of 2023 decreased
Strong sales prices at Sisecam Wyoming for the year ended
Corporate and Financing
Corporate and Financing costs in the fourth quarter and full year of 2023 decreased
NRP continues to make great strides in de-levering and de-risking the partnership. In 2023, NRP redeemed
Of the originally issued 250,000 Class A Preferred Units, 71,666 Class A Preferred Units remain outstanding. Of the originally issued 4 million warrants, 0.32 million warrants remain outstanding.
NRP's consolidated leverage ratio was 0.5x at
In
Conference Call
A conference call will be held today at
Withholding Information for Foreign Investors
Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a
Company Profile
For additional information, please contact
Forward-Looking Statements
This press release includes “forward-looking statements” as defined by the
Non-GAAP Financial Measures
"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment, net income attributable to non-controlling interest and gain on reserve swap; 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 or loss, 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, 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.
“Distributable cash flow ” or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; 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, distributable cash flow 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. Distributable cash flow 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 othersto assess our ability to make cash distributions and repay debt.
“Free cash flow ” or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities of continuing operations plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or financing activities and distributions to non-controlling interest. FCF is calculated before mandatory debt repayments. Free cash flow 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. Free cash flow may not be calculated the same for us as for other companies. Free cash flow 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 othersto assess our ability to make cash distributions and repay debt.
"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for us as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.
-Financial Tables and Reconciliation of Non-GAAP Measures Follow-
Financial Tables
(Unaudited)
Consolidated Statements of Comprehensive Income |
||||||||||||||||||||
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
(In thousands, except per unit data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty and other mineral rights |
|
$ |
72,922 |
|
|
$ |
75,218 |
|
|
$ |
68,533 |
|
|
$ |
278,733 |
|
|
$ |
307,013 |
|
Transportation and processing services |
|
|
3,476 |
|
|
|
5,695 |
|
|
|
4,579 |
|
|
|
14,923 |
|
|
|
21,072 |
|
Equity in earnings of Sisecam Wyoming |
|
|
14,764 |
|
|
|
15,759 |
|
|
|
12,401 |
|
|
|
73,397 |
|
|
|
59,795 |
|
Gain on asset sales and disposals |
|
|
2,001 |
|
|
|
383 |
|
|
|
854 |
|
|
|
2,956 |
|
|
|
1,082 |
|
Total revenues and other income |
|
$ |
93,163 |
|
|
$ |
97,055 |
|
|
$ |
86,367 |
|
|
$ |
370,009 |
|
|
$ |
388,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses |
|
$ |
8,864 |
|
|
$ |
8,914 |
|
|
$ |
8,358 |
|
|
$ |
32,315 |
|
|
$ |
34,903 |
|
Depreciation, depletion and amortization |
|
|
6,020 |
|
|
|
5,954 |
|
|
|
4,594 |
|
|
|
18,489 |
|
|
|
22,519 |
|
General and administrative expenses |
|
|
8,954 |
|
|
|
7,815 |
|
|
|
5,669 |
|
|
|
26,111 |
|
|
|
21,852 |
|
Asset impairments |
|
|
424 |
|
|
|
3,583 |
|
|
|
63 |
|
|
|
556 |
|
|
|
4,457 |
|
Total operating expenses |
|
$ |
24,262 |
|
|
$ |
26,266 |
|
|
$ |
18,684 |
|
|
$ |
77,471 |
|
|
$ |
83,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
68,901 |
|
|
$ |
70,789 |
|
|
$ |
67,683 |
|
|
$ |
292,538 |
|
|
$ |
305,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
$ |
(3,921 |
) |
|
$ |
(3,638 |
) |
|
$ |
(3,837 |
) |
|
$ |
(14,103 |
) |
|
$ |
(26,274 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(3,933 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,465 |
) |
Total other expenses, net |
|
$ |
(3,921 |
) |
|
$ |
(7,571 |
) |
|
$ |
(3,837 |
) |
|
$ |
(14,103 |
) |
|
$ |
(36,739 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
64,980 |
|
|
$ |
63,218 |
|
|
$ |
63,846 |
|
|
$ |
278,435 |
|
|
$ |
268,492 |
|
Less: income attributable to preferred unitholders |
|
|
(2,151 |
) |
|
|
(7,500 |
) |
|
|
(2,936 |
) |
|
|
(16,719 |
) |
|
|
(30,000 |
) |
Less: redemption of preferred units |
|
|
— |
|
|
|
— |
|
|
|
(17,083 |
) |
|
|
(60,929 |
) |
|
|
— |
|
Net income attributable to common unitholders and the general partner |
|
$ |
62,829 |
|
|
$ |
55,718 |
|
|
$ |
43,827 |
|
|
$ |
200,787 |
|
|
$ |
238,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders |
|
$ |
61,572 |
|
|
$ |
54,603 |
|
|
$ |
42,951 |
|
|
$ |
196,771 |
|
|
$ |
233,722 |
|
Net income attributable to the general partner |
|
|
1,257 |
|
|
|
1,115 |
|
|
|
876 |
|
|
|
4,016 |
|
|
|
4,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.87 |
|
|
$ |
4.37 |
|
|
$ |
3.40 |
|
|
$ |
15.59 |
|
|
$ |
18.72 |
|
Diluted |
|
|
4.31 |
|
|
|
3.13 |
|
|
|
2.91 |
|
|
|
13.08 |
|
|
|
13.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
64,980 |
|
|
$ |
63,218 |
|
|
$ |
63,846 |
|
|
$ |
278,435 |
|
|
$ |
268,492 |
|
Comprehensive income (loss) from unconsolidated investment and other |
|
|
(5,367 |
) |
|
|
16,685 |
|
|
|
2,200 |
|
|
|
(21,839 |
) |
|
|
15,506 |
|
Comprehensive income |
|
$ |
59,613 |
|
|
$ |
79,903 |
|
|
$ |
66,046 |
|
|
$ |
256,596 |
|
|
$ |
283,998 |
|
Financial Tables
(Unaudited)
Consolidated Statements of Cash Flows |
||||||||||||||||||||
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
(In thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
64,980 |
|
|
$ |
63,218 |
|
|
$ |
63,846 |
|
|
$ |
278,435 |
|
|
$ |
268,492 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
6,020 |
|
|
|
5,954 |
|
|
|
4,594 |
|
|
|
18,489 |
|
|
|
22,519 |
|
Distributions from unconsolidated investment |
|
|
15,338 |
|
|
|
10,780 |
|
|
|
23,010 |
|
|
|
81,478 |
|
|
|
44,835 |
|
Equity earnings from unconsolidated investment |
|
|
(14,764 |
) |
|
|
(15,759 |
) |
|
|
(12,401 |
) |
|
|
(73,397 |
) |
|
|
(59,795 |
) |
Gain on asset sales and disposals |
|
|
(2,001 |
) |
|
|
(383 |
) |
|
|
(854 |
) |
|
|
(2,956 |
) |
|
|
(1,082 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
3,933 |
|
|
|
— |
|
|
|
— |
|
|
|
10,465 |
|
Asset impairments |
|
|
424 |
|
|
|
3,583 |
|
|
|
63 |
|
|
|
556 |
|
|
|
4,457 |
|
Bad debt expense |
|
|
1,431 |
|
|
|
421 |
|
|
|
1,621 |
|
|
|
2,244 |
|
|
|
1,062 |
|
Unit-based compensation expense |
|
|
3,007 |
|
|
|
1,557 |
|
|
|
2,766 |
|
|
|
10,910 |
|
|
|
5,773 |
|
Amortization of debt issuance costs and other |
|
|
260 |
|
|
|
523 |
|
|
|
477 |
|
|
|
1,303 |
|
|
|
2,410 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(4,254 |
) |
|
|
(8,553 |
) |
|
|
(2,610 |
) |
|
|
(164 |
) |
|
|
(18,671 |
) |
Accounts payable |
|
|
(258 |
) |
|
|
(186 |
) |
|
|
(381 |
) |
|
|
(1,108 |
) |
|
|
37 |
|
Accrued liabilities |
|
|
6,063 |
|
|
|
5,766 |
|
|
|
498 |
|
|
|
(225 |
) |
|
|
935 |
|
Accrued interest |
|
|
(641 |
) |
|
|
(3,238 |
) |
|
|
599 |
|
|
|
(406 |
) |
|
|
(224 |
) |
Deferred revenue |
|
|
1,480 |
|
|
|
1,670 |
|
|
|
(2,163 |
) |
|
|
(3,483 |
) |
|
|
(15,424 |
) |
Other items, net |
|
|
701 |
|
|
|
(398 |
) |
|
|
(123 |
) |
|
|
(698 |
) |
|
|
1,049 |
|
Net cash provided by operating activities |
|
$ |
77,786 |
|
|
$ |
68,888 |
|
|
$ |
78,942 |
|
|
$ |
310,978 |
|
|
$ |
266,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales and disposals |
|
$ |
2,002 |
|
|
$ |
384 |
|
|
$ |
855 |
|
|
$ |
2,963 |
|
|
$ |
1,083 |
|
Return of long-term contract receivable |
|
|
633 |
|
|
|
585 |
|
|
|
622 |
|
|
|
2,463 |
|
|
|
1,723 |
|
Capital expenditures |
|
|
— |
|
|
|
(59 |
) |
|
|
— |
|
|
|
(10 |
) |
|
|
(118 |
) |
Net cash provided by investing activities |
|
$ |
2,635 |
|
|
$ |
910 |
|
|
$ |
1,477 |
|
|
$ |
5,416 |
|
|
$ |
2,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt borrowings |
|
$ |
33,800 |
|
|
$ |
70,000 |
|
|
$ |
50,000 |
|
|
$ |
248,834 |
|
|
$ |
70,000 |
|
Debt repayments |
|
|
(86,335 |
) |
|
|
(141,731 |
) |
|
|
(25,000 |
) |
|
|
(262,396 |
) |
|
|
(339,396 |
) |
Distributions to common unitholders and the general partner |
|
|
(9,670 |
) |
|
|
(9,571 |
) |
|
|
(9,669 |
) |
|
|
(69,908 |
) |
|
|
(34,384 |
) |
Distributions to preferred unitholders |
|
|
(2,150 |
) |
|
|
(7,500 |
) |
|
|
(4,437 |
) |
|
|
(22,069 |
) |
|
|
(30,258 |
) |
Redemptions of preferred units |
|
|
— |
|
|
|
— |
|
|
|
(50,001 |
) |
|
|
(178,334 |
) |
|
|
— |
|
Redemption of preferred units paid-in-kind |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,321 |
) |
Warrant settlements |
|
|
(22,481 |
) |
|
|
— |
|
|
|
(33,608 |
) |
|
|
(56,089 |
) |
|
|
— |
|
Other items, net |
|
|
(7 |
) |
|
|
(2,842 |
) |
|
|
(23 |
) |
|
|
(3,534 |
) |
|
|
(12,596 |
) |
Net cash used in financing activities |
|
$ |
(86,843 |
) |
|
$ |
(91,644 |
) |
|
$ |
(72,738 |
) |
|
$ |
(343,496 |
) |
|
$ |
(365,955 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
$ |
(6,422 |
) |
|
$ |
(21,846 |
) |
|
$ |
7,681 |
|
|
$ |
(27,102 |
) |
|
$ |
(96,429 |
) |
Cash and cash equivalents at beginning of period |
|
|
18,411 |
|
|
|
60,937 |
|
|
|
10,730 |
|
|
|
39,091 |
|
|
|
135,520 |
|
Cash and cash equivalents at end of period |
|
$ |
11,989 |
|
|
$ |
39,091 |
|
|
$ |
18,411 |
|
|
$ |
11,989 |
|
|
$ |
39,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
4,372 |
|
|
$ |
6,764 |
|
|
$ |
3,050 |
|
|
$ |
13,856 |
|
|
$ |
25,265 |
|
Financial Tables
Consolidated Balance Sheets |
||||||||
|
|
|
|
|||||
|
|
2023 |
|
|
2022 |
|
||
(In thousands, except unit data) |
|
(Unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,989 |
|
|
$ |
39,091 |
|
Accounts receivable, net |
|
|
41,086 |
|
|
|
42,701 |
|
Other current assets, net |
|
|
2,218 |
|
|
|
1,822 |
|
Total current assets |
|
$ |
55,293 |
|
|
$ |
83,614 |
|
Land |
|
|
24,008 |
|
|
|
24,008 |
|
Mineral rights, net |
|
|
394,483 |
|
|
|
412,312 |
|
Intangible assets, net |
|
|
13,682 |
|
|
|
14,713 |
|
Equity in unconsolidated investment |
|
|
276,549 |
|
|
|
306,470 |
|
Long-term contract receivable, net |
|
|
26,321 |
|
|
|
28,946 |
|
Other long-term assets, net |
|
|
7,540 |
|
|
|
7,068 |
|
Total assets |
|
$ |
797,876 |
|
|
$ |
877,131 |
|
LIABILITIES AND CAPITAL |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
885 |
|
|
$ |
1,992 |
|
Accrued liabilities |
|
|
12,987 |
|
|
|
11,916 |
|
Accrued interest |
|
|
584 |
|
|
|
989 |
|
Current portion of deferred revenue |
|
|
4,599 |
|
|
|
6,256 |
|
Current portion of long-term debt, net |
|
|
30,785 |
|
|
|
39,076 |
|
Total current liabilities |
|
$ |
49,840 |
|
|
$ |
60,229 |
|
Deferred revenue |
|
|
38,356 |
|
|
|
40,181 |
|
Long-term debt, net |
|
|
124,273 |
|
|
|
129,205 |
|
Other non-current liabilities |
|
|
7,172 |
|
|
|
5,472 |
|
Total liabilities |
|
$ |
219,641 |
|
|
$ |
235,087 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Class A Convertible Preferred Units (71,666 and 250,000 units issued and outstanding at |
|
$ |
47,181 |
|
|
$ |
164,587 |
|
Partners’ capital |
|
|
|
|
|
|
|
|
Common unitholders’ interest (12,634,642 and 12,505,996 units issued and outstanding at |
|
$ |
503,076 |
|
|
$ |
404,799 |
|
General partner’s interest |
|
|
8,005 |
|
|
|
5,977 |
|
Warrant holders' interest |
|
|
23,095 |
|
|
|
47,964 |
|
Accumulated other comprehensive income (loss) |
|
|
(3,122 |
) |
|
|
18,717 |
|
Total partners’ capital |
|
$ |
531,054 |
|
|
$ |
477,457 |
|
Total liabilities and partners' capital |
|
$ |
797,876 |
|
|
$ |
877,131 |
|
Financial Tables
(Unaudited)
Consolidated Statements of Partners' Capital |
||||||||||||||||||||||||
|
|
Common Unitholders |
|
|
General |
|
|
Warrant |
|
|
Accumulated Other Comprehensive |
|
|
|
|
|||||||||
(In thousands) |
|
Units |
|
|
Amounts |
|
|
Partner |
|
|
Holders |
|
|
Income (Loss) |
|
|
Capital |
|
||||||
Balance at |
|
|
12,351 |
|
|
|
203,062 |
|
|
|
1,787 |
|
|
|
47,964 |
|
|
|
3,211 |
|
|
|
256,024 |
|
Net income (1) |
|
|
— |
|
|
|
263,122 |
|
|
|
5,370 |
|
|
|
— |
|
|
|
— |
|
|
|
268,492 |
|
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(33,697 |
) |
|
|
(687 |
) |
|
|
— |
|
|
|
— |
|
|
|
(34,384 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(29,653 |
) |
|
|
(605 |
) |
|
|
— |
|
|
|
— |
|
|
|
(30,258 |
) |
Issuance of unit-based awards |
|
|
155 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unit-based awards amortization and vesting, net |
|
|
— |
|
|
|
1,965 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,965 |
|
Capital contribution |
|
|
— |
|
|
|
— |
|
|
|
112 |
|
|
|
— |
|
|
|
— |
|
|
|
112 |
|
Comprehensive income from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,506 |
|
|
|
15,506 |
|
Balance at |
|
$ |
12,506 |
|
|
$ |
404,799 |
|
|
$ |
5,977 |
|
|
$ |
47,964 |
|
|
$ |
18,717 |
|
|
$ |
477,457 |
|
Net income (2) |
|
|
— |
|
|
|
272,866 |
|
|
|
5,569 |
|
|
|
— |
|
|
|
— |
|
|
|
278,435 |
|
Redemptions of preferred units |
|
|
— |
|
|
|
(59,710 |
) |
|
|
(1,219 |
) |
|
|
— |
|
|
|
— |
|
|
|
(60,929 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(68,510 |
) |
|
|
(1,398 |
) |
|
|
— |
|
|
|
— |
|
|
|
(69,908 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(21,628 |
) |
|
|
(441 |
) |
|
|
— |
|
|
|
— |
|
|
|
(22,069 |
) |
Issuance of unit-based awards |
|
|
129 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unit-based awards amortization and vesting, net |
|
|
— |
|
|
|
5,854 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,854 |
|
Capital contribution |
|
|
— |
|
|
|
— |
|
|
|
142 |
|
|
|
— |
|
|
|
— |
|
|
|
142 |
|
Warrant settlements |
|
|
— |
|
|
|
(30,595 |
) |
|
|
(625 |
) |
|
|
(24,869 |
) |
|
|
— |
|
|
|
(56,089 |
) |
Comprehensive loss from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,839 |
) |
|
|
(21,839 |
) |
Balance at |
|
|
12,635 |
|
|
$ |
503,076 |
|
|
$ |
8,005 |
|
|
$ |
23,095 |
|
|
$ |
(3,122 |
) |
|
$ |
531,054 |
|
(1) |
Net income includes |
(2) |
Net income includes |
Financial Tables
(Unaudited)
The following tables present NRP's unaudited business results by segment for the three months ended
|
|
Operating Segments |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
76,398 |
|
|
$ |
14,764 |
|
|
$ |
— |
|
|
$ |
91,162 |
|
Gain on asset sales and disposals |
|
|
2,001 |
|
|
|
— |
|
|
|
— |
|
|
|
2,001 |
|
Total revenues and other income |
|
$ |
78,399 |
|
|
$ |
14,764 |
|
|
$ |
— |
|
|
$ |
93,163 |
|
Asset impairments |
|
$ |
424 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
424 |
|
Net income (loss) |
|
$ |
63,127 |
|
|
$ |
14,732 |
|
|
$ |
(12,879 |
) |
|
$ |
64,980 |
|
Adjusted EBITDA (1) |
|
$ |
69,567 |
|
|
$ |
15,306 |
|
|
$ |
(8,954 |
) |
|
$ |
75,919 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
70,147 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
77,786 |
|
Investing activities |
|
$ |
2,635 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,635 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(86,843 |
) |
|
$ |
(86,843 |
) |
Distributable cash flow (1) |
|
$ |
72,782 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
80,421 |
|
Free cash flow (1) |
|
$ |
70,780 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
78,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
80,913 |
|
|
$ |
15,759 |
|
|
$ |
— |
|
|
$ |
96,672 |
|
Gain on asset sales and disposals |
|
|
383 |
|
|
|
— |
|
|
|
— |
|
|
|
383 |
|
Total revenues and other income |
|
$ |
81,296 |
|
|
$ |
15,759 |
|
|
$ |
— |
|
|
$ |
97,055 |
|
Asset impairments |
|
$ |
3,583 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,583 |
|
Net income (loss) |
|
$ |
62,900 |
|
|
$ |
15,704 |
|
|
$ |
(15,386 |
) |
|
$ |
63,218 |
|
Adjusted EBITDA (1) |
|
$ |
72,437 |
|
|
$ |
10,725 |
|
|
$ |
(7,815 |
) |
|
$ |
75,347 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
68,332 |
|
|
$ |
10,738 |
|
|
$ |
(10,182 |
) |
|
$ |
68,888 |
|
Investing activities |
|
$ |
969 |
|
|
$ |
— |
|
|
$ |
(59 |
) |
|
$ |
910 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(91,644 |
) |
|
$ |
(91,644 |
) |
Distributable cash flow (1) |
|
$ |
69,301 |
|
|
$ |
10,738 |
|
|
$ |
(10,241 |
) |
|
$ |
69,798 |
|
Free cash flow (1) |
|
$ |
68,917 |
|
|
$ |
10,738 |
|
|
$ |
(10,241 |
) |
|
$ |
69,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
73,112 |
|
|
$ |
12,401 |
|
|
$ |
— |
|
|
$ |
85,513 |
|
Gain on asset sales and disposals |
|
|
854 |
|
|
|
— |
|
|
|
— |
|
|
|
854 |
|
Total revenues and other income |
|
$ |
73,966 |
|
|
$ |
12,401 |
|
|
$ |
— |
|
|
$ |
86,367 |
|
Asset impairments |
|
$ |
63 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
63 |
|
Net income (loss) |
|
$ |
61,009 |
|
|
$ |
12,348 |
|
|
$ |
(9,511 |
) |
|
$ |
63,846 |
|
Adjusted EBITDA (1) |
|
$ |
65,661 |
|
|
$ |
22,957 |
|
|
$ |
(5,669 |
) |
|
$ |
82,949 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
60,938 |
|
|
$ |
22,958 |
|
|
$ |
(4,954 |
) |
|
$ |
78,942 |
|
Investing activities |
|
$ |
1,477 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,477 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(72,738 |
) |
|
$ |
(72,738 |
) |
Distributable cash flow (1) |
|
$ |
62,415 |
|
|
$ |
22,958 |
|
|
$ |
(4,954 |
) |
|
$ |
80,419 |
|
Free cash flow (1) |
|
$ |
61,560 |
|
|
$ |
22,958 |
|
|
$ |
(4,954 |
) |
|
$ |
79,564 |
|
|
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
Financial Tables
(Unaudited)
The following table presents NRP's unaudited business results by segment for the year ended
|
|
Operating Segments |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
293,656 |
|
|
$ |
73,397 |
|
|
$ |
— |
|
|
$ |
367,053 |
|
Gain on asset sales and disposals |
|
|
2,956 |
|
|
|
— |
|
|
|
— |
|
|
$ |
2,956 |
|
Total revenues and other income |
|
$ |
296,612 |
|
|
$ |
73,397 |
|
|
$ |
— |
|
|
$ |
370,009 |
|
Asset impairments |
|
$ |
556 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
556 |
|
Net income (loss) |
|
$ |
245,527 |
|
|
$ |
73,140 |
|
|
$ |
(40,232 |
) |
|
$ |
278,435 |
|
Adjusted EBITDA (1) |
|
$ |
264,554 |
|
|
$ |
81,221 |
|
|
$ |
(26,111 |
) |
|
$ |
319,664 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
259,983 |
|
|
$ |
81,207 |
|
|
$ |
(30,212 |
) |
|
$ |
310,978 |
|
Investing activities |
|
$ |
5,426 |
|
|
$ |
— |
|
|
$ |
(10 |
) |
|
$ |
5,416 |
|
Financing activities |
|
$ |
(583 |
) |
|
$ |
— |
|
|
$ |
(342,913 |
) |
|
$ |
(343,496 |
) |
Distributable cash flow (1) |
|
$ |
265,409 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
316,394 |
|
Free cash flow (1) |
|
$ |
262,446 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
313,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
328,085 |
|
|
$ |
59,795 |
|
|
$ |
— |
|
|
$ |
387,880 |
|
Gain on asset sales and disposals |
|
|
1,082 |
|
|
|
— |
|
|
|
— |
|
|
|
1,082 |
|
Total revenues and other income |
|
$ |
329,167 |
|
|
$ |
59,795 |
|
|
$ |
— |
|
|
$ |
388,962 |
|
Asset impairments |
|
$ |
4,457 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,457 |
|
Net income (loss) |
|
$ |
267,448 |
|
|
$ |
59,635 |
|
|
$ |
(58,591 |
) |
|
$ |
268,492 |
|
Adjusted EBITDA (1) |
|
$ |
294,424 |
|
|
$ |
44,675 |
|
|
$ |
(21,852 |
) |
|
$ |
317,247 |
|
Cash flow provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
262,807 |
|
|
$ |
44,672 |
|
|
$ |
(40,641 |
) |
|
$ |
266,838 |
|
Investing activities |
|
$ |
2,806 |
|
|
$ |
— |
|
|
$ |
(118 |
) |
|
$ |
2,688 |
|
Financing activities |
|
$ |
(614 |
) |
|
$ |
— |
|
|
$ |
(365,341 |
) |
|
$ |
(365,955 |
) |
Distributable cash flow (1) |
|
$ |
265,613 |
|
|
$ |
44,672 |
|
|
$ |
(40,759 |
) |
|
$ |
269,526 |
|
Free cash flow (1) |
|
$ |
264,530 |
|
|
$ |
44,672 |
|
|
$ |
(40,759 |
) |
|
$ |
268,443 |
|
|
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
Financial Tables
(Unaudited)
Operating Statistics - Mineral Rights |
||||||||||||||||||||
|
|
For the Three Months Ended |
|
|
For the Year Ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
(In thousands, except per ton data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|||||
Coal sales volumes (tons) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
|
92 |
|
|
|
436 |
|
|
|
284 |
|
|
|
1,145 |
|
|
|
1,696 |
|
Central |
|
|
3,537 |
|
|
|
3,408 |
|
|
|
3,429 |
|
|
|
13,927 |
|
|
|
13,646 |
|
Southern |
|
|
654 |
|
|
|
613 |
|
|
|
741 |
|
|
|
2,670 |
|
|
|
1,784 |
|
Total Appalachia |
|
|
4,283 |
|
|
|
4,457 |
|
|
|
4,454 |
|
|
|
17,742 |
|
|
|
17,126 |
|
|
|
|
2,637 |
|
|
|
2,740 |
|
|
|
2,541 |
|
|
|
8,119 |
|
|
|
11,135 |
|
|
|
|
1,259 |
|
|
|
1,516 |
|
|
|
1,364 |
|
|
|
4,589 |
|
|
|
4,288 |
|
|
|
|
801 |
|
|
|
61 |
|
|
|
479 |
|
|
|
1,477 |
|
|
|
385 |
|
Total coal sales volumes |
|
|
8,980 |
|
|
|
8,774 |
|
|
|
8,838 |
|
|
|
31,927 |
|
|
|
32,934 |
|
Coal royalty revenue per ton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
$ |
2.18 |
|
|
$ |
6.63 |
|
|
$ |
5.54 |
|
|
$ |
7.15 |
|
|
$ |
8.75 |
|
Central |
|
|
9.12 |
|
|
|
9.33 |
|
|
|
8.20 |
|
|
|
8.95 |
|
|
|
10.47 |
|
Southern |
|
|
14.04 |
|
|
|
11.99 |
|
|
|
11.88 |
|
|
|
12.81 |
|
|
|
13.50 |
|
|
|
|
3.57 |
|
|
|
3.11 |
|
|
|
3.98 |
|
|
|
3.61 |
|
|
|
2.50 |
|
|
|
|
3.89 |
|
|
|
3.75 |
|
|
|
4.86 |
|
|
|
4.50 |
|
|
|
4.07 |
|
|
|
|
0.63 |
|
|
|
0.59 |
|
|
|
0.69 |
|
|
|
0.66 |
|
|
|
0.58 |
|
Combined average coal royalty revenue per ton |
|
|
6.29 |
|
|
|
6.42 |
|
|
|
6.29 |
|
|
|
6.83 |
|
|
|
6.90 |
|
Coal royalty revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
$ |
201 |
|
|
$ |
2,890 |
|
|
$ |
1,573 |
|
|
$ |
8,192 |
|
|
$ |
14,836 |
|
Central |
|
|
32,269 |
|
|
|
31,809 |
|
|
|
28,111 |
|
|
|
124,631 |
|
|
|
142,930 |
|
Southern |
|
|
9,181 |
|
|
|
7,351 |
|
|
|
8,806 |
|
|
|
34,205 |
|
|
|
24,076 |
|
Total Appalachia |
|
|
41,651 |
|
|
|
42,050 |
|
|
|
38,490 |
|
|
|
167,028 |
|
|
|
181,842 |
|
|
|
|
9,426 |
|
|
|
8,525 |
|
|
|
10,108 |
|
|
|
29,350 |
|
|
|
27,856 |
|
|
|
|
4,898 |
|
|
|
5,686 |
|
|
|
6,627 |
|
|
|
20,666 |
|
|
|
17,437 |
|
|
|
|
508 |
|
|
|
36 |
|
|
|
330 |
|
|
|
969 |
|
|
|
223 |
|
Unadjusted coal royalty revenues |
|
|
56,483 |
|
|
|
56,297 |
|
|
|
55,555 |
|
|
|
218,013 |
|
|
|
227,358 |
|
Coal royalty adjustment for minimum leases |
|
|
1 |
|
|
|
(116 |
) |
|
|
(11 |
) |
|
|
(2 |
) |
|
|
(402 |
) |
Total coal royalty revenues |
|
$ |
56,484 |
|
|
$ |
56,181 |
|
|
$ |
55,544 |
|
|
$ |
218,011 |
|
|
$ |
226,956 |
|
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production lease minimum revenues |
|
$ |
1,297 |
|
|
$ |
2,312 |
|
|
$ |
850 |
|
|
$ |
3,322 |
|
|
$ |
5,854 |
|
Minimum lease straight-line revenues |
|
|
5,975 |
|
|
|
4,557 |
|
|
|
4,464 |
|
|
|
19,389 |
|
|
|
18,792 |
|
Carbon neutral initiative revenues |
|
|
55 |
|
|
|
— |
|
|
|
681 |
|
|
|
2,969 |
|
|
|
8,600 |
|
Wheelage revenues |
|
|
2,653 |
|
|
|
2,888 |
|
|
|
2,385 |
|
|
|
12,191 |
|
|
|
13,961 |
|
Property tax revenues |
|
|
1,509 |
|
|
|
1,351 |
|
|
|
1,770 |
|
|
|
6,219 |
|
|
|
5,878 |
|
Coal overriding royalty revenues |
|
|
1,010 |
|
|
|
1,127 |
|
|
|
827 |
|
|
|
2,175 |
|
|
|
3,434 |
|
Lease amendment revenues |
|
|
748 |
|
|
|
751 |
|
|
|
623 |
|
|
|
3,070 |
|
|
|
3,201 |
|
Aggregates royalty revenues |
|
|
701 |
|
|
|
608 |
|
|
|
736 |
|
|
|
2,876 |
|
|
|
3,299 |
|
Oil and gas royalty revenues |
|
|
2,261 |
|
|
|
5,271 |
|
|
|
324 |
|
|
|
7,387 |
|
|
|
16,161 |
|
Other revenues |
|
|
229 |
|
|
|
172 |
|
|
|
329 |
|
|
|
1,124 |
|
|
|
877 |
|
Total other revenues |
|
$ |
16,438 |
|
|
$ |
19,037 |
|
|
$ |
12,989 |
|
|
$ |
60,722 |
|
|
$ |
80,057 |
|
Royalty and other mineral rights |
|
$ |
72,922 |
|
|
$ |
75,218 |
|
|
$ |
68,533 |
|
|
$ |
278,733 |
|
|
$ |
307,013 |
|
Transportation and processing services revenues |
|
|
3,476 |
|
|
|
5,695 |
|
|
|
4,579 |
|
|
|
14,923 |
|
|
|
21,072 |
|
Gain on asset sales and disposals |
|
|
2,001 |
|
|
|
383 |
|
|
|
854 |
|
|
|
2,956 |
|
|
|
1,082 |
|
Total Mineral Rights segment revenues and other income |
|
$ |
78,399 |
|
|
$ |
81,296 |
|
|
$ |
73,966 |
|
|
$ |
296,612 |
|
|
$ |
329,167 |
|
Financial Tables
(Unaudited)
Adjusted EBITDA |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
63,127 |
|
|
$ |
14,732 |
|
|
$ |
(12,879 |
) |
|
$ |
64,980 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(14,764 |
) |
|
|
— |
|
|
|
(14,764 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
15,338 |
|
|
|
— |
|
|
|
15,338 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
3,921 |
|
|
|
3,921 |
|
Add: loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: depreciation, depletion and amortization |
|
|
6,016 |
|
|
|
— |
|
|
|
4 |
|
|
|
6,020 |
|
Add: asset impairments |
|
|
424 |
|
|
|
— |
|
|
|
— |
|
|
|
424 |
|
Adjusted EBITDA |
|
$ |
69,567 |
|
|
$ |
15,306 |
|
|
$ |
(8,954 |
) |
|
$ |
75,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
62,900 |
|
|
$ |
15,704 |
|
|
$ |
(15,386 |
) |
|
$ |
63,218 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(15,759 |
) |
|
|
— |
|
|
|
(15,759 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
10,780 |
|
|
|
— |
|
|
|
10,780 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
3,638 |
|
|
|
3,638 |
|
Add: loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
3,933 |
|
|
|
3,933 |
|
Add: depreciation, depletion and amortization |
|
|
5,954 |
|
|
|
— |
|
|
|
— |
|
|
|
5,954 |
|
Add: asset impairments |
|
|
3,583 |
|
|
|
— |
|
|
|
— |
|
|
|
3,583 |
|
Adjusted EBITDA |
|
$ |
72,437 |
|
|
$ |
10,725 |
|
|
$ |
(7,815 |
) |
|
$ |
75,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
61,009 |
|
|
$ |
12,348 |
|
|
$ |
(9,511 |
) |
|
$ |
63,846 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(12,401 |
) |
|
|
— |
|
|
|
(12,401 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
23,010 |
|
|
|
— |
|
|
|
23,010 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
3,837 |
|
|
|
3,837 |
|
Add: loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: depreciation, depletion and amortization |
|
|
4,589 |
|
|
|
— |
|
|
|
5 |
|
|
|
4,594 |
|
Add: asset impairments |
|
|
63 |
|
|
|
— |
|
|
|
— |
|
|
|
63 |
|
Adjusted EBITDA |
|
$ |
65,661 |
|
|
$ |
22,957 |
|
|
$ |
(5,669 |
) |
|
$ |
82,949 |
|
Reconciliation of Non-GAAP Measures
(Unaudited)
Adjusted EBITDA |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
245,527 |
|
|
$ |
73,140 |
|
|
$ |
(40,232 |
) |
|
$ |
278,435 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(73,397 |
) |
|
|
— |
|
|
|
(73,397 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
81,478 |
|
|
|
— |
|
|
|
81,478 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
14,103 |
|
|
|
14,103 |
|
Add: loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: depreciation, depletion and amortization |
|
|
18,471 |
|
|
|
— |
|
|
|
18 |
|
|
|
18,489 |
|
Add: asset impairments |
|
|
556 |
|
|
|
— |
|
|
|
— |
|
|
|
556 |
|
Adjusted EBITDA |
|
$ |
264,554 |
|
|
$ |
81,221 |
|
|
$ |
(26,111 |
) |
|
$ |
319,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
267,448 |
|
|
$ |
59,635 |
|
|
$ |
(58,591 |
) |
|
$ |
268,492 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(59,795 |
) |
|
|
— |
|
|
|
(59,795 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
44,835 |
|
|
|
— |
|
|
|
44,835 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
26,274 |
|
|
|
26,274 |
|
Add: loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
10,465 |
|
|
|
10,465 |
|
Add: depreciation, depletion and amortization |
|
|
22,519 |
|
|
|
— |
|
|
|
— |
|
|
|
22,519 |
|
Add: asset impairments |
|
|
4,457 |
|
|
|
— |
|
|
|
— |
|
|
|
4,457 |
|
Adjusted EBITDA |
|
$ |
294,424 |
|
|
$ |
44,675 |
|
|
$ |
(21,852 |
) |
|
$ |
317,247 |
|
Reconciliation of Non-GAAP Measures
(Unaudited)
Distributable Cash Flow and Free Cash Flow |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
70,147 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
77,786 |
|
Add: proceeds from asset sales and disposals |
|
|
2,002 |
|
|
|
— |
|
|
|
— |
|
|
|
2,002 |
|
Add: return of long-term contract receivable |
|
|
633 |
|
|
|
— |
|
|
|
— |
|
|
|
633 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
72,782 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
80,421 |
|
Less: proceeds from asset sales and disposals |
|
|
(2,002 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,002 |
) |
Free cash flow |
|
$ |
70,780 |
|
|
$ |
15,306 |
|
|
$ |
(7,667 |
) |
|
$ |
78,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
2,635 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,635 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(86,843 |
) |
|
$ |
(86,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
68,332 |
|
|
$ |
10,738 |
|
|
$ |
(10,182 |
) |
|
$ |
68,888 |
|
Add: proceeds from asset sales and disposals |
|
|
384 |
|
|
|
— |
|
|
|
— |
|
|
|
384 |
|
Add: return of long-term contract receivable |
|
|
585 |
|
|
|
— |
|
|
|
— |
|
|
|
585 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
(59 |
) |
|
|
(59 |
) |
Distributable cash flow |
|
$ |
69,301 |
|
|
$ |
10,738 |
|
|
$ |
(10,241 |
) |
|
$ |
69,798 |
|
Less: proceeds from asset sales and disposals |
|
|
(384 |
) |
|
|
— |
|
|
|
— |
|
|
|
(384 |
) |
Free cash flow |
|
$ |
68,917 |
|
|
$ |
10,738 |
|
|
$ |
(10,241 |
) |
|
$ |
69,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
$ |
969 |
|
|
$ |
— |
|
|
$ |
(59 |
) |
|
$ |
910 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(91,644 |
) |
|
$ |
(91,644 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
60,938 |
|
|
$ |
22,958 |
|
|
$ |
(4,954 |
) |
|
$ |
78,942 |
|
Add: proceeds from asset sales and disposals |
|
|
855 |
|
|
|
— |
|
|
|
— |
|
|
|
855 |
|
Add: return of long-term contract receivable |
|
|
622 |
|
|
|
— |
|
|
|
— |
|
|
|
622 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
62,415 |
|
|
$ |
22,958 |
|
|
$ |
(4,954 |
) |
|
$ |
80,419 |
|
Less: proceeds from asset sales and disposals |
|
|
(855 |
) |
|
|
— |
|
|
|
— |
|
|
|
(855 |
) |
Free cash flow |
|
$ |
61,560 |
|
|
$ |
22,958 |
|
|
$ |
(4,954 |
) |
|
$ |
79,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
1,477 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,477 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(72,738 |
) |
|
$ |
(72,738 |
) |
Reconciliation of Non-GAAP Measures
(Unaudited)
Distributable Cash Flow and Free Cash Flow |
||||||||||||||||
(In thousands) |
|
Mineral Rights |
|
|
Soda Ash |
|
|
Corporate and Financing |
|
|
Total |
|
||||
For the Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
259,983 |
|
|
$ |
81,207 |
|
|
$ |
(30,212 |
) |
|
$ |
310,978 |
|
Add: proceeds from asset sales and disposals |
|
|
2,963 |
|
|
|
— |
|
|
|
— |
|
|
|
2,963 |
|
Add: return of long-term contract receivable |
|
|
2,463 |
|
|
|
— |
|
|
|
— |
|
|
|
2,463 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
(10 |
) |
Distributable cash flow |
|
$ |
265,409 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
316,394 |
|
Less: proceeds from asset sales and disposals |
|
|
(2,963 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,963 |
) |
Free cash flow |
|
$ |
262,446 |
|
|
$ |
81,207 |
|
|
$ |
(30,222 |
) |
|
$ |
313,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
$ |
5,426 |
|
|
$ |
— |
|
|
$ |
(10 |
) |
|
$ |
5,416 |
|
Net cash used in financing activities |
|
$ |
(583 |
) |
|
$ |
— |
|
|
$ |
(342,913 |
) |
|
$ |
(343,496 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
262,807 |
|
|
$ |
44,672 |
|
|
$ |
(40,641 |
) |
|
$ |
266,838 |
|
Add: proceeds from asset sales and disposals |
|
|
1,083 |
|
|
|
— |
|
|
|
— |
|
|
|
1,083 |
|
Add: return of long-term contract receivable |
|
|
1,723 |
|
|
|
— |
|
|
|
— |
|
|
|
1,723 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
(118 |
) |
|
|
(118 |
) |
Distributable cash flow |
|
$ |
265,613 |
|
|
$ |
44,672 |
|
|
$ |
(40,759 |
) |
|
$ |
269,526 |
|
Less: proceeds from asset sales and disposals |
|
|
(1,083 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,083 |
) |
Free cash flow |
|
$ |
264,530 |
|
|
$ |
44,672 |
|
|
$ |
(40,759 |
) |
|
$ |
268,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
$ |
2,806 |
|
|
$ |
— |
|
|
$ |
(118 |
) |
|
$ |
2,688 |
|
Net cash used in financing activities |
|
$ |
(614 |
) |
|
$ |
— |
|
|
$ |
(365,341 |
) |
|
$ |
(365,955 |
) |
Leverage Ratio |
||||
(In thousands) |
|
For the Year Ended |
|
|
Adjusted EBITDA |
|
$ |
319,664 |
|
Debt—at |
|
$ |
155,525 |
|
Leverage Ratio |
|
0.5x |
(In thousands) |
|
For the Year Ended |
|
|
Adjusted EBITDA |
|
$ |
317,247 |
|
Debt—at |
|
$ |
169,087 |
|
Leverage Ratio |
|
0.5x |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307718542/en/
Investor Relations
713.751.7515
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Source: