Natural Resource Partners L.P. Reports Third Quarter 2024 Results and Declares Third Quarter 2024 Distribution of $0.75 per Common Unit
|
|
For the Three Months
|
|
Last Twelve Months
|
||||
(In thousands) (Unaudited) |
|
|
||||||
Net income |
|
$ |
38,595 |
|
|
$ |
205,852 |
|
Operating cash flow |
|
|
54,145 |
|
|
|
260,059 |
|
Free cash flow (1) |
|
|
54,818 |
|
|
|
262,671 |
|
__________________ | ||
|
(1) |
See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. |
Highlights:
-
Generated
$54.8 million of free cash flow in the third quarter of 2024 -
Redeemed
$31.7 million of preferred units at par with cash; Zero of original$250 million preferred units remain outstanding -
Executed five-year
$200 million credit facility in October, maturing 2029 -
Paid second quarter 2024 common unit distribution of
$0.75 per unit -
Declares third quarter 2024 common unit distribution of
$0.75 per unit
"NRP generated
NRP announced today that the board of directors of its general partner declared a third quarter 2024 cash distribution of
Segment Performance
Mineral Rights
Mineral Rights net income for the third quarter of 2024 decreased
Metallurgical coal prices continued to decline in the third quarter of 2024 primarily driven by muted steel demand resulting from sluggish construction activity in
NRP continues to explore carbon neutral revenue opportunities across its ownership footprint. While the timing and likelihood of additional cash flows from these activities is uncertain, NRP believes its large ownership throughout
Soda Ash
Soda Ash net income in the third quarter of 2024 decreased
NRP believes it will take several years for the world to absorb the additional soda ash supply recently introduced into the market and allow prices to rise back to historically normal equilibrium levels. The timing of this absorption will be highly dependent on
Corporate and Financing
Corporate and Financing net income decreased
NRP redeemed the remainder of the outstanding
In
Regarding distributions, in
NRP's available liquidity was
NRP's consolidated leverage ratio was 0.8x at
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; 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 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. 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 plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. 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 NRP 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 Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
(In thousands, except per unit data) |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
||||||||||
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty and other mineral rights |
|
$ |
50,405 |
|
|
$ |
68,533 |
|
|
$ |
54,591 |
|
|
$ |
172,368 |
|
|
$ |
205,811 |
|
Transportation and processing services |
|
|
1,812 |
|
|
|
4,579 |
|
|
|
2,661 |
|
|
|
7,900 |
|
|
|
11,447 |
|
Equity in earnings of Sisecam Wyoming |
|
|
8,109 |
|
|
|
12,401 |
|
|
|
3,645 |
|
|
|
17,204 |
|
|
|
58,633 |
|
Gain on asset sales and disposals |
|
|
1 |
|
|
|
854 |
|
|
|
4,643 |
|
|
|
4,809 |
|
|
|
955 |
|
Total revenues and other income |
|
$ |
60,327 |
|
|
$ |
86,367 |
|
|
$ |
65,540 |
|
|
$ |
202,281 |
|
|
$ |
276,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses |
|
$ |
6,786 |
|
|
$ |
8,358 |
|
|
$ |
5,872 |
|
|
$ |
18,391 |
|
|
$ |
23,451 |
|
Depreciation, depletion and amortization |
|
|
4,730 |
|
|
|
4,594 |
|
|
|
3,324 |
|
|
|
12,708 |
|
|
|
12,469 |
|
General and administrative expenses |
|
|
5,935 |
|
|
|
5,669 |
|
|
|
5,931 |
|
|
|
18,193 |
|
|
|
17,157 |
|
Asset impairments |
|
|
87 |
|
|
|
63 |
|
|
|
— |
|
|
|
87 |
|
|
|
132 |
|
Total operating expenses |
|
$ |
17,538 |
|
|
$ |
18,684 |
|
|
$ |
15,127 |
|
|
$ |
49,379 |
|
|
$ |
53,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
$ |
42,789 |
|
|
$ |
67,683 |
|
|
$ |
50,413 |
|
|
$ |
152,902 |
|
|
$ |
223,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
$ |
(4,194 |
) |
|
$ |
(3,837 |
) |
|
$ |
(4,349 |
) |
|
$ |
(12,030 |
) |
|
$ |
(10,182 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
38,595 |
|
|
$ |
63,846 |
|
|
$ |
46,064 |
|
|
$ |
140,872 |
|
|
$ |
213,455 |
|
Less: income attributable to preferred unitholders |
|
|
(655 |
) |
|
|
(2,936 |
) |
|
|
(1,443 |
) |
|
|
(4,248 |
) |
|
|
(14,568 |
) |
Less: redemption of preferred units |
|
|
(10,819 |
) |
|
|
(17,083 |
) |
|
|
(13,666 |
) |
|
|
(24,485 |
) |
|
|
(60,929 |
) |
Net income attributable to common unitholders and the general partner |
|
$ |
27,121 |
|
|
$ |
43,827 |
|
|
$ |
30,955 |
|
|
$ |
112,139 |
|
|
$ |
137,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders |
|
$ |
26,578 |
|
|
$ |
42,951 |
|
|
$ |
30,336 |
|
|
$ |
109,896 |
|
|
$ |
135,199 |
|
Net income attributable to the general partner |
|
|
543 |
|
|
|
876 |
|
|
|
619 |
|
|
|
2,243 |
|
|
|
2,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.04 |
|
|
$ |
3.40 |
|
|
$ |
2.33 |
|
|
$ |
8.47 |
|
|
$ |
10.72 |
|
Diluted |
|
|
2.00 |
|
|
|
2.91 |
|
|
|
2.29 |
|
|
|
8.21 |
|
|
|
8.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
38,595 |
|
|
$ |
63,846 |
|
|
$ |
46,064 |
|
|
$ |
140,872 |
|
|
$ |
213,455 |
|
Comprehensive income (loss) from unconsolidated investment and other |
|
|
82 |
|
|
|
2,200 |
|
|
|
1,239 |
|
|
|
2,166 |
|
|
|
(16,472 |
) |
Comprehensive income |
|
$ |
38,677 |
|
|
$ |
66,046 |
|
|
$ |
47,303 |
|
|
$ |
143,038 |
|
|
$ |
196,983 |
|
|
Financial Tables |
(Unaudited) |
Consolidated Statements of Cash Flows |
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
(In thousands) |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
||||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
38,595 |
|
|
$ |
63,846 |
|
|
$ |
46,064 |
|
|
$ |
140,872 |
|
|
$ |
213,455 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
4,730 |
|
|
|
4,594 |
|
|
|
3,324 |
|
|
|
12,708 |
|
|
|
12,469 |
|
Distributions from unconsolidated investment |
|
|
6,320 |
|
|
|
23,010 |
|
|
|
7,584 |
|
|
|
28,114 |
|
|
|
66,140 |
|
Equity earnings from unconsolidated investment |
|
|
(8,109 |
) |
|
|
(12,401 |
) |
|
|
(3,645 |
) |
|
|
(17,204 |
) |
|
|
(58,633 |
) |
Gain on asset sales and disposals |
|
|
(1 |
) |
|
|
(854 |
) |
|
|
(4,643 |
) |
|
|
(4,809 |
) |
|
|
(955 |
) |
Asset impairments |
|
|
87 |
|
|
|
63 |
|
|
|
— |
|
|
|
87 |
|
|
|
132 |
|
Bad debt expense |
|
|
1,058 |
|
|
|
1,621 |
|
|
|
293 |
|
|
|
538 |
|
|
|
813 |
|
Unit-based compensation expense |
|
|
3,002 |
|
|
|
2,766 |
|
|
|
2,912 |
|
|
|
8,878 |
|
|
|
7,903 |
|
Amortization of debt issuance costs and other |
|
|
(1,655 |
) |
|
|
477 |
|
|
|
(199 |
) |
|
|
(2,603 |
) |
|
|
1,043 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(6,640 |
) |
|
|
(2,610 |
) |
|
|
2,918 |
|
|
|
5,711 |
|
|
|
4,090 |
|
Accounts payable |
|
|
49 |
|
|
|
(381 |
) |
|
|
(580 |
) |
|
|
98 |
|
|
|
(850 |
) |
Accrued liabilities |
|
|
392 |
|
|
|
498 |
|
|
|
1,916 |
|
|
|
(5,917 |
) |
|
|
(6,288 |
) |
Accrued interest |
|
|
457 |
|
|
|
599 |
|
|
|
(677 |
) |
|
|
192 |
|
|
|
235 |
|
Deferred revenue |
|
|
14,854 |
|
|
|
(2,163 |
) |
|
|
899 |
|
|
|
16,781 |
|
|
|
(4,963 |
) |
Other items, net |
|
|
1,006 |
|
|
|
(123 |
) |
|
|
463 |
|
|
|
(1,173 |
) |
|
|
(1,399 |
) |
Net cash provided by operating activities |
|
$ |
54,145 |
|
|
$ |
78,942 |
|
|
$ |
56,629 |
|
|
$ |
182,273 |
|
|
$ |
233,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from asset sales and disposals |
|
$ |
1 |
|
|
$ |
855 |
|
|
$ |
4,643 |
|
|
$ |
4,809 |
|
|
$ |
961 |
|
Return of long-term contract receivable |
|
|
673 |
|
|
|
622 |
|
|
|
659 |
|
|
|
1,979 |
|
|
|
1,830 |
|
Capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
Net cash provided by investing activities |
|
$ |
674 |
|
|
$ |
1,477 |
|
|
$ |
5,302 |
|
|
$ |
6,788 |
|
|
$ |
2,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt borrowings |
|
$ |
23,000 |
|
|
$ |
50,000 |
|
|
$ |
40,493 |
|
|
$ |
152,850 |
|
|
$ |
215,034 |
|
Debt repayments |
|
|
(36,000 |
) |
|
|
(25,000 |
) |
|
|
(19,000 |
) |
|
|
(110,696 |
) |
|
|
(176,061 |
) |
Distributions to common unitholders and the general partner |
|
|
(9,986 |
) |
|
|
(9,669 |
) |
|
|
(9,987 |
) |
|
|
(62,159 |
) |
|
|
(60,238 |
) |
Distributions to preferred unitholders |
|
|
(1,605 |
) |
|
|
(4,437 |
) |
|
|
(2,643 |
) |
|
|
(6,398 |
) |
|
|
(19,919 |
) |
Redemption of preferred units |
|
|
(31,666 |
) |
|
|
(50,001 |
) |
|
|
(40,000 |
) |
|
|
(71,666 |
) |
|
|
(178,334 |
) |
Warrant settlements |
|
|
— |
|
|
|
(33,608 |
) |
|
|
(10,000 |
) |
|
|
(65,689 |
) |
|
|
(33,608 |
) |
Other items, net |
|
|
(2 |
) |
|
|
(23 |
) |
|
|
556 |
|
|
|
(6,392 |
) |
|
|
(3,527 |
) |
Net cash used in financing activities |
|
$ |
(56,259 |
) |
|
$ |
(72,738 |
) |
|
$ |
(40,581 |
) |
|
$ |
(170,150 |
) |
|
$ |
(256,653 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
$ |
(1,440 |
) |
|
$ |
7,681 |
|
|
$ |
21,350 |
|
|
$ |
18,911 |
|
|
$ |
(20,680 |
) |
Cash and cash equivalents at beginning of period |
|
|
32,340 |
|
|
|
10,730 |
|
|
|
10,990 |
|
|
|
11,989 |
|
|
|
39,091 |
|
Cash and cash equivalents at end of period |
|
$ |
30,900 |
|
|
$ |
18,411 |
|
|
$ |
32,340 |
|
|
$ |
30,900 |
|
|
$ |
18,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,800 |
|
|
$ |
3,050 |
|
|
$ |
4,823 |
|
|
$ |
11,466 |
|
|
$ |
9,484 |
|
|
Financial Tables |
(Unaudited) |
Consolidated Balance Sheets |
|
|
|
|
|
||||
|
|
2024 |
|
2023 |
||||
(In thousands, except unit data) |
|
(Unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,900 |
|
|
$ |
11,989 |
|
Accounts receivable, net |
|
|
36,886 |
|
|
|
41,086 |
|
Other current assets, net |
|
|
1,483 |
|
|
|
2,218 |
|
Total current assets |
|
$ |
69,269 |
|
|
$ |
55,293 |
|
Land |
|
|
24,008 |
|
|
|
24,008 |
|
Mineral rights, net |
|
|
382,274 |
|
|
|
394,483 |
|
Intangible assets, net |
|
|
13,109 |
|
|
|
13,682 |
|
Equity in unconsolidated investment |
|
|
267,806 |
|
|
|
276,549 |
|
Long-term contract receivable, net |
|
|
24,212 |
|
|
|
26,321 |
|
Other long-term assets, net |
|
|
9,187 |
|
|
|
7,540 |
|
Total assets |
|
$ |
789,865 |
|
|
$ |
797,876 |
|
LIABILITIES AND CAPITAL |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
984 |
|
|
$ |
885 |
|
Accrued liabilities |
|
|
7,912 |
|
|
|
12,987 |
|
Accrued interest |
|
|
775 |
|
|
|
584 |
|
Current portion of deferred revenue |
|
|
5,823 |
|
|
|
4,599 |
|
Current portion of long-term debt, net |
|
|
14,226 |
|
|
|
30,785 |
|
Total current liabilities |
|
$ |
29,720 |
|
|
$ |
49,840 |
|
Deferred revenue |
|
|
53,912 |
|
|
|
38,356 |
|
Long-term debt, net |
|
|
183,137 |
|
|
|
124,273 |
|
Other non-current liabilities |
|
|
5,903 |
|
|
|
7,172 |
|
Total liabilities |
|
$ |
272,672 |
|
|
$ |
219,641 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Class A Convertible Preferred Units (71,666 issued and outstanding at |
|
$ |
— |
|
|
$ |
47,181 |
|
Partners’ capital |
|
|
|
|
|
|
|
|
Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at |
|
$ |
509,258 |
|
|
$ |
503,076 |
|
General partner’s interest |
|
|
8,891 |
|
|
|
8,005 |
|
Warrant holders’ interest |
|
|
— |
|
|
|
23,095 |
|
Accumulated other comprehensive loss |
|
|
(956 |
) |
|
|
(3,122 |
) |
Total partners’ capital |
|
$ |
517,193 |
|
|
$ |
531,054 |
|
Total liabilities and partners' capital |
|
$ |
789,865 |
|
|
$ |
797,876 |
|
|
Financial Tables |
(Unaudited) |
Consolidated Statements of Partners' Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
Total |
||||
|
|
Common Unitholders |
|
General |
|
Warrant |
|
Comprehensive |
|
Partners' |
||||||||||||||
(In thousands) |
|
Units |
|
Amounts |
|
Partner |
|
Holders |
|
Loss |
|
Capital |
||||||||||||
Balance at |
|
|
12,635 |
|
|
$ |
503,076 |
|
|
$ |
8,005 |
|
|
$ |
23,095 |
|
|
$ |
(3,122 |
) |
|
$ |
531,054 |
|
Net income (1) |
|
|
— |
|
|
|
55,089 |
|
|
|
1,124 |
|
|
|
— |
|
|
|
— |
|
|
|
56,213 |
|
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(41,342 |
) |
|
|
(844 |
) |
|
|
— |
|
|
|
— |
|
|
|
(42,186 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(2,107 |
) |
|
|
(43 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,150 |
) |
Issuance of unit-based awards |
|
|
126 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unit-based awards amortization and vesting, net |
|
|
— |
|
|
|
(3,971 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,971 |
) |
Capital contribution |
|
|
— |
|
|
|
— |
|
|
|
227 |
|
|
|
— |
|
|
|
— |
|
|
|
227 |
|
Warrant settlements |
|
|
199 |
|
|
|
(36,650 |
) |
|
|
(748 |
) |
|
|
(18,291 |
) |
|
|
— |
|
|
|
(55,689 |
) |
Comprehensive income from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
845 |
|
|
|
845 |
|
Balance at |
|
|
12,960 |
|
|
$ |
474,095 |
|
|
$ |
7,721 |
|
|
$ |
4,804 |
|
|
$ |
(2,277 |
) |
|
$ |
484,343 |
|
Net income (2) |
|
|
— |
|
|
|
45,142 |
|
|
|
922 |
|
|
|
— |
|
|
|
— |
|
|
|
46,064 |
|
Redemption of preferred units |
|
|
— |
|
|
|
(13,393 |
) |
|
|
(273 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,666 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(9,787 |
) |
|
|
(200 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,987 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(2,590 |
) |
|
|
(53 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,643 |
) |
Unit-based awards amortization and vesting |
|
|
— |
|
|
|
2,502 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,502 |
|
Capital contribution |
|
|
— |
|
|
|
— |
|
|
|
555 |
|
|
|
— |
|
|
|
— |
|
|
|
555 |
|
Warrant settlements |
|
|
89 |
|
|
|
(5,092 |
) |
|
|
(104 |
) |
|
|
(4,804 |
) |
|
|
— |
|
|
|
(10,000 |
) |
Comprehensive income from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,239 |
|
|
|
1,239 |
|
Balance at |
|
|
13,049 |
|
|
$ |
490,877 |
|
|
$ |
8,568 |
|
|
$ |
— |
|
|
$ |
(1,038 |
) |
|
$ |
498,407 |
|
Net income (3) |
|
|
— |
|
|
|
37,824 |
|
|
|
771 |
|
|
|
— |
|
|
|
— |
|
|
|
38,595 |
|
Redemption of preferred units |
|
|
— |
|
|
|
(10,602 |
) |
|
|
(217 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,819 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(9,787 |
) |
|
|
(199 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,986 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(1,573 |
) |
|
|
(32 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,605 |
) |
Unit-based awards amortization and vesting |
|
|
— |
|
|
|
2,519 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,519 |
|
Comprehensive income from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
82 |
|
|
|
82 |
|
Balance at |
|
|
13,049 |
|
|
$ |
509,258 |
|
|
$ |
8,891 |
|
|
$ |
— |
|
|
$ |
(956 |
) |
|
$ |
517,193 |
|
_________________ | |
(1) |
Net income includes |
(2) |
Net income includes |
(3) |
Net income includes |
|
||||||||||||||||||||||||
Financial Tables |
||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Consolidated Statements of Partners' Capital |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
Total |
||||
|
|
Common Unitholders |
|
General |
|
Warrant |
|
Comprehensive |
|
Partners' |
||||||||||||||
(In thousands) |
|
Units |
|
Amounts |
|
Partner |
|
Holders |
|
Income (Loss) |
|
Capital |
||||||||||||
Balance at |
|
|
12,506 |
|
|
$ |
404,799 |
|
|
$ |
5,977 |
|
|
$ |
47,964 |
|
|
$ |
18,717 |
|
|
$ |
477,457 |
|
Net income (1) |
|
|
— |
|
|
|
77,690 |
|
|
|
1,585 |
|
|
|
— |
|
|
|
— |
|
|
|
79,275 |
|
Redemption of preferred units |
|
|
— |
|
|
|
(15,904 |
) |
|
|
(324 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,228 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(40,082 |
) |
|
|
(818 |
) |
|
|
— |
|
|
|
— |
|
|
|
(40,900 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(7,924 |
) |
|
|
(162 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,086 |
) |
Issuance of unit-based awards |
|
|
129 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unit-based awards amortization and vesting, net |
|
|
— |
|
|
|
(1,178 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,178 |
) |
Capital contribution |
|
|
— |
|
|
|
— |
|
|
|
142 |
|
|
|
— |
|
|
|
— |
|
|
|
142 |
|
Comprehensive loss from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,583 |
) |
|
|
(19,583 |
) |
Balance at |
|
|
12,635 |
|
|
$ |
417,401 |
|
|
$ |
6,400 |
|
|
$ |
47,964 |
|
|
$ |
(866 |
) |
|
$ |
470,899 |
|
Net income (2) |
|
|
— |
|
|
|
68,927 |
|
|
|
1,407 |
|
|
|
— |
|
|
|
— |
|
|
|
70,334 |
|
Redemption of preferred units |
|
|
— |
|
|
|
(27,065 |
) |
|
|
(553 |
) |
|
|
— |
|
|
|
— |
|
|
|
(27,618 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(9,476 |
) |
|
|
(193 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,669 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(7,248 |
) |
|
|
(148 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,396 |
) |
Unit-based awards amortization and vesting |
|
|
— |
|
|
|
2,299 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,299 |
|
Comprehensive income from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
911 |
|
|
|
911 |
|
Balance at |
|
|
12,635 |
|
|
$ |
444,838 |
|
|
$ |
6,913 |
|
|
$ |
47,964 |
|
|
$ |
45 |
|
|
$ |
499,760 |
|
Net income (3) |
|
|
— |
|
|
|
62,569 |
|
|
|
1,277 |
|
|
|
— |
|
|
|
— |
|
|
|
63,846 |
|
Redemption of preferred units |
|
|
— |
|
|
|
(16,741 |
) |
|
|
(342 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,083 |
) |
Distributions to common unitholders and the general partner |
|
|
— |
|
|
|
(9,475 |
) |
|
|
(194 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,669 |
) |
Distributions to preferred unitholders |
|
|
— |
|
|
|
(4,349 |
) |
|
|
(88 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,437 |
) |
Unit-based awards amortization and vesting |
|
|
— |
|
|
|
2,318 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,318 |
|
Warrant settlement |
|
|
— |
|
|
|
(18,117 |
) |
|
|
(370 |
) |
|
|
(15,121 |
) |
|
|
— |
|
|
|
(33,608 |
) |
Comprehensive income from unconsolidated investment and other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,200 |
|
|
|
2,200 |
|
Balance at |
|
|
12,635 |
|
|
$ |
461,043 |
|
|
$ |
7,196 |
|
|
$ |
32,843 |
|
|
$ |
2,245 |
|
|
$ |
503,327 |
|
____________________ | |
(1) |
Net income includes |
(2) |
Net income includes |
(3) |
Net income includes |
|
||||||||||||||||
Financial Tables |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
The following table presents NRP's unaudited business results by segment for the three months ended |
||||||||||||||||
|
|
Operating Segments |
|
|
|
|
|
|
|
|
||||||
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
52,217 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,217 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
8,109 |
|
|
|
— |
|
|
|
8,109 |
|
Gain on asset sales and disposals |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Total revenues and other income |
|
$ |
52,218 |
|
|
$ |
8,109 |
|
|
$ |
— |
|
|
$ |
60,327 |
|
Asset impairments |
|
$ |
87 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
87 |
|
Net income (loss) |
|
$ |
40,644 |
|
|
$ |
8,085 |
|
|
$ |
(10,134 |
) |
|
$ |
38,595 |
|
Adjusted EBITDA (1) |
|
$ |
45,456 |
|
|
$ |
6,296 |
|
|
$ |
(5,935 |
) |
|
$ |
45,817 |
|
Cash flow provided by (used in) continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
53,610 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,145 |
|
Investing activities |
|
$ |
674 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
674 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(56,259 |
) |
|
$ |
(56,259 |
) |
Distributable cash flow (1) |
|
$ |
54,284 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,819 |
|
Free cash flow (1) |
|
$ |
54,283 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
73,112 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
73,112 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
12,401 |
|
|
|
— |
|
|
|
12,401 |
|
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) continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
57,252 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
57,252 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
3,645 |
|
|
|
— |
|
|
|
3,645 |
|
Gain on asset sales and disposals |
|
|
4,643 |
|
|
|
— |
|
|
|
— |
|
|
|
4,643 |
|
Total revenues and other income |
|
$ |
61,895 |
|
|
$ |
3,645 |
|
|
$ |
— |
|
|
$ |
65,540 |
|
Asset impairments |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net income (loss) |
|
$ |
52,729 |
|
|
$ |
3,619 |
|
|
$ |
(10,284 |
) |
|
$ |
46,064 |
|
Adjusted EBITDA (1) |
|
$ |
56,049 |
|
|
$ |
7,558 |
|
|
$ |
(5,931 |
) |
|
$ |
57,676 |
|
Cash flow provided by (used in) continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
56,234 |
|
|
$ |
7,557 |
|
|
$ |
(7,162 |
) |
|
$ |
56,629 |
|
Investing activities |
|
$ |
5,302 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,302 |
|
Financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(40,581 |
) |
|
$ |
(40,581 |
) |
Distributable cash flow (1) |
|
$ |
61,536 |
|
|
$ |
7,557 |
|
|
$ |
(7,162 |
) |
|
$ |
61,931 |
|
Free cash flow (1) |
|
$ |
56,893 |
|
|
$ |
7,557 |
|
|
$ |
(7,162 |
) |
|
$ |
57,288 |
|
__________________ | ||
|
(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 nine months ended |
||||||||||||||||
|
|
Operating Segments |
|
|
|
|
|
|
|
|
||||||
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
180,268 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
180,268 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
17,204 |
|
|
|
— |
|
|
|
17,204 |
|
Gain on asset sales and disposals |
|
|
4,809 |
|
|
|
— |
|
|
|
— |
|
|
|
4,809 |
|
Total revenues and other income |
|
$ |
185,077 |
|
|
$ |
17,204 |
|
|
$ |
— |
|
|
$ |
202,281 |
|
Asset impairments |
|
$ |
87 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
87 |
|
Net income (loss) |
|
$ |
154,017 |
|
|
$ |
17,092 |
|
|
$ |
(30,237 |
) |
|
$ |
140,872 |
|
Adjusted EBITDA (1) |
|
$ |
166,798 |
|
|
$ |
28,002 |
|
|
$ |
(18,193 |
) |
|
$ |
176,607 |
|
Cash flow provided by (used in) continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
179,593 |
|
|
$ |
28,002 |
|
|
$ |
(25,322 |
) |
|
$ |
182,273 |
|
Investing activities |
|
$ |
6,788 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,788 |
|
Financing activities |
|
$ |
(1,086 |
) |
|
$ |
— |
|
|
$ |
(169,064 |
) |
|
$ |
(170,150 |
) |
Distributable cash flow (1) |
|
$ |
186,381 |
|
|
$ |
28,002 |
|
|
$ |
(25,322 |
) |
|
$ |
189,061 |
|
Free cash flow (1) |
|
$ |
181,572 |
|
|
$ |
28,002 |
|
|
$ |
(25,322 |
) |
|
$ |
184,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
217,258 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
217,258 |
|
Equity in earnings of Sisecam Wyoming |
|
|
— |
|
|
|
58,633 |
|
|
|
— |
|
|
|
58,633 |
|
Gain on asset sales and disposals |
|
|
955 |
|
|
|
— |
|
|
|
— |
|
|
|
955 |
|
Total revenues and other income |
|
$ |
218,213 |
|
|
$ |
58,633 |
|
|
$ |
— |
|
|
$ |
276,846 |
|
Asset impairments |
|
$ |
132 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
132 |
|
Net income (loss) |
|
$ |
182,400 |
|
|
$ |
58,408 |
|
|
$ |
(27,353 |
) |
|
$ |
213,455 |
|
Adjusted EBITDA (1) |
|
$ |
194,987 |
|
|
$ |
65,915 |
|
|
$ |
(17,157 |
) |
|
$ |
243,745 |
|
Cash flow provided by (used in) continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
189,836 |
|
|
$ |
65,901 |
|
|
$ |
(22,545 |
) |
|
$ |
233,192 |
|
Investing activities |
|
$ |
2,791 |
|
|
$ |
— |
|
|
$ |
(10 |
) |
|
$ |
2,781 |
|
Financing activities |
|
$ |
(583 |
) |
|
$ |
— |
|
|
$ |
(256,070 |
) |
|
$ |
(256,653 |
) |
Distributable cash flow (1) |
|
$ |
192,627 |
|
|
$ |
65,901 |
|
|
$ |
(22,555 |
) |
|
$ |
235,973 |
|
Free cash flow (1) |
|
$ |
191,666 |
|
|
$ |
65,901 |
|
|
$ |
(22,555 |
) |
|
$ |
235,012 |
|
__________________ | ||
|
(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 Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
(In thousands, except per ton data) |
|
2024 |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
||||||||||
Coal sales volumes (tons) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
|
470 |
|
|
|
284 |
|
|
|
129 |
|
|
|
716 |
|
|
|
1,053 |
|
Central |
|
|
3,507 |
|
|
|
3,429 |
|
|
|
3,456 |
|
|
|
10,677 |
|
|
|
10,390 |
|
Southern |
|
|
705 |
|
|
|
741 |
|
|
|
709 |
|
|
|
1,984 |
|
|
|
2,016 |
|
Total Appalachia |
|
|
4,682 |
|
|
|
4,454 |
|
|
|
4,294 |
|
|
|
13,377 |
|
|
|
13,459 |
|
|
|
|
1,128 |
|
|
|
2,541 |
|
|
|
1,342 |
|
|
|
4,503 |
|
|
|
5,482 |
|
|
|
|
944 |
|
|
|
1,364 |
|
|
|
567 |
|
|
|
2,460 |
|
|
|
3,330 |
|
|
|
|
436 |
|
|
|
479 |
|
|
|
435 |
|
|
|
1,136 |
|
|
|
676 |
|
Total coal sales volumes |
|
|
7,190 |
|
|
|
8,838 |
|
|
|
6,638 |
|
|
|
21,476 |
|
|
|
22,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal royalty revenue per ton |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
$ |
2.34 |
|
|
$ |
5.54 |
|
|
$ |
4.74 |
|
|
$ |
2.70 |
|
|
$ |
7.59 |
|
Central |
|
|
6.55 |
|
|
|
8.20 |
|
|
|
7.34 |
|
|
|
7.34 |
|
|
|
8.89 |
|
Southern |
|
|
9.56 |
|
|
|
11.88 |
|
|
|
10.19 |
|
|
|
10.37 |
|
|
|
12.41 |
|
|
|
|
1.76 |
|
|
|
3.98 |
|
|
|
2.47 |
|
|
|
2.33 |
|
|
|
3.63 |
|
|
|
|
4.82 |
|
|
|
4.86 |
|
|
|
4.99 |
|
|
|
4.87 |
|
|
|
4.74 |
|
|
|
|
0.84 |
|
|
|
0.69 |
|
|
|
0.77 |
|
|
|
0.79 |
|
|
|
0.68 |
|
Combined average coal royalty revenue per ton |
|
|
5.24 |
|
|
|
6.29 |
|
|
|
5.98 |
|
|
|
5.78 |
|
|
|
7.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal royalty revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Northern |
|
$ |
1,100 |
|
|
$ |
1,573 |
|
|
$ |
612 |
|
|
$ |
1,930 |
|
|
$ |
7,991 |
|
Central |
|
|
22,958 |
|
|
|
28,111 |
|
|
|
25,378 |
|
|
|
78,328 |
|
|
|
92,362 |
|
Southern |
|
|
6,743 |
|
|
|
8,806 |
|
|
|
7,226 |
|
|
|
20,571 |
|
|
|
25,024 |
|
Total Appalachia |
|
|
30,801 |
|
|
|
38,490 |
|
|
|
33,216 |
|
|
|
100,829 |
|
|
|
125,377 |
|
|
|
|
1,987 |
|
|
|
10,108 |
|
|
|
3,312 |
|
|
|
10,510 |
|
|
|
19,924 |
|
|
|
|
4,546 |
|
|
|
6,627 |
|
|
|
2,831 |
|
|
|
11,976 |
|
|
|
15,768 |
|
|
|
|
366 |
|
|
|
330 |
|
|
|
336 |
|
|
|
902 |
|
|
|
461 |
|
Unadjusted coal royalty revenues |
|
|
37,700 |
|
|
|
55,555 |
|
|
|
39,695 |
|
|
|
124,217 |
|
|
|
161,530 |
|
Coal royalty adjustment for minimum leases |
|
|
(95 |
) |
|
|
(11 |
) |
|
|
(10 |
) |
|
|
(109 |
) |
|
|
(3 |
) |
Total coal royalty revenues |
|
$ |
37,605 |
|
|
$ |
55,544 |
|
|
$ |
39,685 |
|
|
$ |
124,108 |
|
|
$ |
161,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production lease minimum revenues |
|
$ |
437 |
|
|
$ |
850 |
|
|
$ |
412 |
|
|
$ |
1,773 |
|
|
$ |
2,025 |
|
Minimum lease straight-line revenues |
|
|
4,117 |
|
|
|
4,464 |
|
|
|
4,126 |
|
|
|
12,414 |
|
|
|
13,414 |
|
|
|
|
(39 |
) |
|
|
681 |
|
|
|
2,200 |
|
|
|
4,322 |
|
|
|
2,914 |
|
Wheelage revenues |
|
|
2,072 |
|
|
|
2,385 |
|
|
|
2,338 |
|
|
|
7,082 |
|
|
|
9,538 |
|
Property tax revenues |
|
|
1,809 |
|
|
|
1,770 |
|
|
|
1,545 |
|
|
|
5,246 |
|
|
|
4,710 |
|
Coal overriding royalty revenues |
|
|
227 |
|
|
|
827 |
|
|
|
668 |
|
|
|
2,064 |
|
|
|
1,165 |
|
Lease amendment revenues |
|
|
1,071 |
|
|
|
623 |
|
|
|
712 |
|
|
|
2,485 |
|
|
|
2,322 |
|
Aggregates royalty revenues |
|
|
662 |
|
|
|
736 |
|
|
|
730 |
|
|
|
2,164 |
|
|
|
2,175 |
|
Oil and gas royalty revenues |
|
|
1,317 |
|
|
|
324 |
|
|
|
1,999 |
|
|
|
6,956 |
|
|
|
5,126 |
|
Other revenues |
|
|
1,127 |
|
|
|
329 |
|
|
|
176 |
|
|
|
3,754 |
|
|
|
895 |
|
Total other revenues |
|
$ |
12,800 |
|
|
$ |
12,989 |
|
|
$ |
14,906 |
|
|
$ |
48,260 |
|
|
$ |
44,284 |
|
Royalty and other mineral rights |
|
$ |
50,405 |
|
|
$ |
68,533 |
|
|
$ |
54,591 |
|
|
$ |
172,368 |
|
|
$ |
205,811 |
|
Transportation and processing services revenues |
|
|
1,812 |
|
|
|
4,579 |
|
|
|
2,661 |
|
|
|
7,900 |
|
|
|
11,447 |
|
Gain on asset sales and disposals |
|
|
1 |
|
|
|
854 |
|
|
|
4,643 |
|
|
|
4,809 |
|
|
|
955 |
|
Total Mineral Rights segment revenues and other income |
|
$ |
52,218 |
|
|
$ |
73,966 |
|
|
$ |
61,895 |
|
|
$ |
185,077 |
|
|
$ |
218,213 |
|
|
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Adjusted EBITDA |
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
40,644 |
|
|
$ |
8,085 |
|
|
$ |
(10,134 |
) |
|
$ |
38,595 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(8,109 |
) |
|
|
— |
|
|
|
(8,109 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
6,320 |
|
|
|
— |
|
|
|
6,320 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
4,194 |
|
|
|
4,194 |
|
Add: depreciation, depletion and amortization |
|
|
4,725 |
|
|
|
— |
|
|
|
5 |
|
|
|
4,730 |
|
Add: asset impairments |
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
87 |
|
Adjusted EBITDA |
|
$ |
45,456 |
|
|
$ |
6,296 |
|
|
$ |
(5,935 |
) |
|
$ |
45,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: depreciation, depletion and amortization |
|
|
4,589 |
|
|
|
— |
|
|
|
5 |
|
|
|
4,594 |
|
Add: asset impairments |
|
|
63 |
|
|
|
— |
|
|
|
— |
|
|
|
63 |
|
Adjusted EBITDA |
|
$ |
65,661 |
|
|
$ |
22,957 |
|
|
$ |
(5,669 |
) |
|
$ |
82,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
52,729 |
|
|
$ |
3,619 |
|
|
$ |
(10,284 |
) |
|
$ |
46,064 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(3,645 |
) |
|
|
— |
|
|
|
(3,645 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
7,584 |
|
|
|
— |
|
|
|
7,584 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
4,349 |
|
|
|
4,349 |
|
Add: depreciation, depletion and amortization |
|
|
3,320 |
|
|
|
— |
|
|
|
4 |
|
|
|
3,324 |
|
Add: asset impairments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
56,049 |
|
|
$ |
7,558 |
|
|
$ |
(5,931 |
) |
|
$ |
57,676 |
|
|
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Adjusted EBITDA |
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
154,017 |
|
|
$ |
17,092 |
|
|
$ |
(30,237 |
) |
|
$ |
140,872 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(17,204 |
) |
|
|
— |
|
|
|
(17,204 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
28,114 |
|
|
|
— |
|
|
|
28,114 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
12,030 |
|
|
|
12,030 |
|
Add: depreciation, depletion and amortization |
|
|
12,694 |
|
|
|
— |
|
|
|
14 |
|
|
|
12,708 |
|
Add: asset impairments |
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
87 |
|
Adjusted EBITDA |
|
$ |
166,798 |
|
|
$ |
28,002 |
|
|
$ |
(18,193 |
) |
|
$ |
176,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
182,400 |
|
|
$ |
58,408 |
|
|
$ |
(27,353 |
) |
|
$ |
213,455 |
|
Less: equity earnings from unconsolidated investment |
|
|
— |
|
|
|
(58,633 |
) |
|
|
— |
|
|
|
(58,633 |
) |
Add: total distributions from unconsolidated investment |
|
|
— |
|
|
|
66,140 |
|
|
|
— |
|
|
|
66,140 |
|
Add: interest expense, net |
|
|
— |
|
|
|
— |
|
|
|
10,182 |
|
|
|
10,182 |
|
Add: depreciation, depletion and amortization |
|
|
12,455 |
|
|
|
— |
|
|
|
14 |
|
|
|
12,469 |
|
Add: asset impairments |
|
|
132 |
|
|
|
— |
|
|
|
— |
|
|
|
132 |
|
Adjusted EBITDA |
|
$ |
194,987 |
|
|
$ |
65,915 |
|
|
$ |
(17,157 |
) |
|
$ |
243,745 |
|
|
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Distributable Cash Flow and Free Cash Flow |
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
53,610 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,145 |
|
Add: proceeds from asset sales and disposals |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Add: return of long-term contract receivable |
|
|
673 |
|
|
|
— |
|
|
|
— |
|
|
|
673 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
54,284 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,819 |
|
Less: proceeds from asset sales and disposals |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Free cash flow |
|
$ |
54,283 |
|
|
$ |
6,297 |
|
|
$ |
(5,762 |
) |
|
$ |
54,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
674 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
674 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(56,259 |
) |
|
$ |
(56,259 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
56,234 |
|
|
$ |
7,557 |
|
|
$ |
(7,162 |
) |
|
$ |
56,629 |
|
Add: proceeds from asset sales and disposals |
|
|
4,643 |
|
|
|
— |
|
|
|
— |
|
|
|
4,643 |
|
Add: return of long-term contract receivable |
|
|
659 |
|
|
|
— |
|
|
|
— |
|
|
|
659 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
61,536 |
|
|
$ |
7,557 |
|
|
$ |
(7,162 |
) |
|
$ |
61,931 |
|
Less: proceeds from asset sales and disposals |
|
|
(4,643 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,643 |
) |
Free cash flow |
|
$ |
56,893 |
|
|
$ |
7,557 |
|
|
$ |
(7,162 |
) |
|
$ |
57,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
5,302 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,302 |
|
Net cash used in financing activities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(40,581 |
) |
|
$ |
(40,581 |
) |
|
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Distributable Cash Flow and Free Cash Flow |
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
179,593 |
|
|
$ |
28,002 |
|
|
$ |
(25,322 |
) |
|
$ |
182,273 |
|
Add: proceeds from asset sales and disposals |
|
|
4,809 |
|
|
|
— |
|
|
|
— |
|
|
|
4,809 |
|
Add: return of long-term contract receivable |
|
|
1,979 |
|
|
|
— |
|
|
|
— |
|
|
|
1,979 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Distributable cash flow |
|
$ |
186,381 |
|
|
$ |
28,002 |
|
|
$ |
(25,322 |
) |
|
$ |
189,061 |
|
Less: proceeds from asset sales and disposals |
|
|
(4,809 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,809 |
) |
Free cash flow |
|
$ |
181,572 |
|
|
$ |
28,002 |
|
|
$ |
(25,322 |
) |
|
$ |
184,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities |
|
$ |
6,788 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,788 |
|
Net cash used in financing activities |
|
$ |
(1,086 |
) |
|
$ |
— |
|
|
$ |
(169,064 |
) |
|
$ |
(170,150 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
189,836 |
|
|
$ |
65,901 |
|
|
$ |
(22,545 |
) |
|
$ |
233,192 |
|
Add: proceeds from asset sales and disposals |
|
|
961 |
|
|
|
— |
|
|
|
— |
|
|
|
961 |
|
Add: return of long-term contract receivable |
|
|
1,830 |
|
|
|
— |
|
|
|
— |
|
|
|
1,830 |
|
Less: maintenance capital expenditures |
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
(10 |
) |
Distributable cash flow |
|
$ |
192,627 |
|
|
$ |
65,901 |
|
|
$ |
(22,555 |
) |
|
$ |
235,973 |
|
Less: proceeds from asset sales and disposals |
|
|
(961 |
) |
|
|
— |
|
|
|
— |
|
|
|
(961 |
) |
Free cash flow |
|
$ |
191,666 |
|
|
$ |
65,901 |
|
|
$ |
(22,555 |
) |
|
$ |
235,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
$ |
2,791 |
|
|
$ |
— |
|
|
$ |
(10 |
) |
|
$ |
2,781 |
|
Net cash used in financing activities |
|
$ |
(583 |
) |
|
$ |
— |
|
|
$ |
(256,070 |
) |
|
$ |
(256,653 |
) |
|
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Last Twelve Months (LTM) Free Cash Flow |
|
|
For the Three Months Ended |
|
|
|
|
||||||||||||||
(In thousands) |
|
|
|
|
|
|
|
|
|
Last 12
|
||||||||||
Net cash provided by operating activities |
|
$ |
77,786 |
|
|
$ |
71,499 |
|
|
$ |
56,629 |
|
|
$ |
54,145 |
|
|
$ |
260,059 |
|
Add: proceeds from asset sales and disposals |
|
|
2,002 |
|
|
|
165 |
|
|
|
4,643 |
|
|
|
1 |
|
|
|
6,811 |
|
Add: return of long-term contract receivable |
|
|
633 |
|
|
|
647 |
|
|
|
659 |
|
|
|
673 |
|
|
|
2,612 |
|
Distributable cash flow |
|
$ |
80,421 |
|
|
$ |
72,311 |
|
|
$ |
61,931 |
|
|
$ |
54,819 |
|
|
$ |
269,482 |
|
Less: proceeds from asset sales and disposals |
|
|
(2,002 |
) |
|
|
(165 |
) |
|
|
(4,643 |
) |
|
|
(1 |
) |
|
|
(6,811 |
) |
Free cash flow |
|
$ |
78,419 |
|
|
$ |
72,146 |
|
|
$ |
57,288 |
|
|
$ |
54,818 |
|
|
$ |
262,671 |
|
Leverage Ratio |
|
|
For the Three Months Ended |
|
|
|
|
||||||||||||||
(In thousands) |
|
|
|
|
|
|
|
|
|
Last 12
|
||||||||||
Net income |
|
$ |
64,980 |
|
|
$ |
56,213 |
|
|
$ |
46,064 |
|
|
$ |
38,595 |
|
|
$ |
205,852 |
|
Less: equity earnings from unconsolidated investment |
|
|
(14,764 |
) |
|
|
(5,450 |
) |
|
|
(3,645 |
) |
|
|
(8,109 |
) |
|
|
(31,968 |
) |
Add: total distributions from unconsolidated investment |
|
|
15,338 |
|
|
|
14,210 |
|
|
|
7,584 |
|
|
|
6,320 |
|
|
|
43,452 |
|
Add: interest expense, net |
|
|
3,921 |
|
|
|
3,487 |
|
|
|
4,349 |
|
|
|
4,194 |
|
|
|
15,951 |
|
Add: depreciation, depletion and amortization |
|
|
6,020 |
|
|
|
4,654 |
|
|
|
3,324 |
|
|
|
4,730 |
|
|
|
18,728 |
|
Add: asset impairments |
|
|
424 |
|
|
|
— |
|
|
|
— |
|
|
|
87 |
|
|
|
511 |
|
Adjusted EBITDA |
|
$ |
75,919 |
|
|
$ |
73,114 |
|
|
$ |
57,676 |
|
|
$ |
45,817 |
|
|
$ |
252,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt—at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
197,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.8 x |
|
|
|
For the Three Months Ended |
|
|
|
|
||||||||||||||
(In thousands) |
|
|
|
|
|
|
|
|
|
Last 12
|
||||||||||
Net income |
|
$ |
63,218 |
|
|
$ |
79,275 |
|
|
$ |
70,334 |
|
|
$ |
63,846 |
|
|
$ |
276,673 |
|
Less: equity earnings from unconsolidated investment |
|
|
(15,759 |
) |
|
|
(19,254 |
) |
|
|
(26,978 |
) |
|
|
(12,401 |
) |
|
|
(74,392 |
) |
Add: total distributions from unconsolidated investment |
|
|
10,780 |
|
|
|
10,780 |
|
|
|
32,350 |
|
|
|
23,010 |
|
|
|
76,920 |
|
Add: interest expense, net |
|
|
3,638 |
|
|
|
2,853 |
|
|
|
3,492 |
|
|
|
3,837 |
|
|
|
13,820 |
|
Add: loss on extinguishment of debt |
|
|
3,933 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,933 |
|
Add: depreciation, depletion and amortization |
|
|
5,954 |
|
|
|
4,083 |
|
|
|
3,792 |
|
|
|
4,594 |
|
|
|
18,423 |
|
Add: asset impairments |
|
|
3,583 |
|
|
|
— |
|
|
|
69 |
|
|
|
63 |
|
|
|
3,715 |
|
Adjusted EBITDA |
|
$ |
75,347 |
|
|
$ |
77,737 |
|
|
$ |
83,059 |
|
|
$ |
82,949 |
|
|
$ |
319,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt—at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
208,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.7 x |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105355821/en/
713-751-7515
tsammis@nrplp.com
Source: