Natural Resource Partners L.P. Reports Third Quarter 2024 Results and Declares Third Quarter 2024 Distribution of $0.75 per Common Unit
Natural Resource Partners (NYSE:NRP) reported Q3 2024 results with net income of $38.6 million and free cash flow of $54.8 million. The company redeemed the remaining $31.7 million of preferred units, completing the retirement of all $250 million originally issued preferred units. NRP executed a new five-year $200 million credit facility and declared a Q3 2024 distribution of $0.75 per common unit. Performance was impacted by weak coal and soda ash prices, with metallurgical coal facing muted steel demand and soda ash affected by increased global production capacity. The company maintains a consolidated leverage ratio of 0.8x with available liquidity of $76.2 million.
Natural Resource Partners (NYSE:NRP) ha riportato i risultati del terzo trimestre 2024, con un reddito netto di 38,6 milioni di dollari e un flusso di cassa libero di 54,8 milioni di dollari. L'azienda ha riscattato i restanti 31,7 milioni di dollari di unità privilegiate, completando il ritiro di tutte le unità privilegiate originariamente emesse per un totale di 250 milioni di dollari. NRP ha stipulato una nuova linea di credito di 200 milioni di dollari della durata di cinque anni e ha dichiarato una distribuzione del terzo trimestre 2024 di 0,75 dollari per unità comune. Le prestazioni sono state influenzate da prezzi deboli del carbone e della cenere soda, con il carbone metallurgico che ha affrontato una domanda di acciaio flaccida e la cenere soda colpita dall'aumento della capacità di produzione globale. L'azienda mantiene un rapporto di leva finanziaria consolidato di 0,8x con una liquidità disponibile di 76,2 milioni di dollari.
Natural Resource Partners (NYSE:NRP) informó los resultados del tercer trimestre de 2024, con un ingreso neto de 38,6 millones de dólares y un flujo de caja libre de 54,8 millones de dólares. La compañía redimió los restantes 31,7 millones de dólares de unidades preferentes, completando la retirada de todas las unidades preferentes originalmente emitidas por un total de 250 millones de dólares. NRP ejecutó una nueva línea de crédito de 200 millones de dólares a cinco años y declaró una distribución del tercer trimestre de 2024 de 0,75 dólares por unidad común. El rendimiento se vio afectado por los precios débiles del carbón y de la ceniza de soda, con el carbón metalúrgico enfrentando una demanda de acero moderada y la ceniza de soda afectada por un aumento en la capacidad de producción global. La empresa mantiene una relación de apalancamiento consolidado de 0,8x con una liquidez disponible de 76,2 millones de dólares.
자원 파트너스(NYSE:NRP)는 2024년 3분기 실적을 발표하며 순이익 3860만 달러와 자유 현금 흐름 5480만 달러를 기록했습니다. 이 회사는 남은 3170만 달러의 우선주를 환매하여 총 2억 5000만 달러에 해당하는 모든 우선주를 퇴출하였습니다. NRP는 새로운 5년 만기의 2억 달러 신용 시설을 실행하였고, 2024년 3분기 보통주당 배당금 0.75달러를 선언했습니다. 성과는 저조한 석탄과 소다회 가격의 영향을 받았으며, 제철 광산용 석탄은 미미한 강철 수요에 직면하고 소다회는 글로벌 생산능력 증가로 영향을 받았습니다. 이 회사는 0.8배의 통합 레버리지 비율과 7620만 달러의 가용 유동성을 유지하고 있습니다.
Natural Resource Partners (NYSE:NRP) a rapporté ses résultats du troisième trimestre 2024 avec un revenu net de 38,6 millions de dollars et un flux de trésorerie disponible de 54,8 millions de dollars. L'entreprise a racheté les 31,7 millions de dollars restants d'unités privilégiées, complétant ainsi le retrait de toutes les unités privilégiées initialement émises pour un montant total de 250 millions de dollars. NRP a réalisé une nouvelle ligne de crédit de 200 millions de dollars d'une durée de cinq ans et a déclaré une distribution de 0,75 dollar par unité commune pour le troisième trimestre 2024. La performance a été impactée par de faibles prix du charbon et de la cendre de soude, le charbon métallurgique faisant face à une demande d'acier faible et la cendre de soude étant affectée par une capacité de production mondiale accrue. La société maintient un ratio de levier consolidé de 0,8x avec une liquidité disponible de 76,2 millions de dollars.
Natural Resource Partners (NYSE:NRP) berichtete über die Ergebnisse des dritten Quartals 2024 mit einem Nettogewinn von 38,6 Millionen Dollar und einem freien Cashflow von 54,8 Millionen Dollar. Das Unternehmen hat die verbleibenden 31,7 Millionen Dollar an Vorzugsaktien zurückgekauft und damit die Rückführung aller ursprünglich ausgegebenen Vorzugsaktien in Höhe von 250 Millionen Dollar abgeschlossen. NRP hat eine neue fünfjährige Kreditlinie über 200 Millionen Dollar abgeschlossen und eine Ausschüttung von 0,75 Dollar pro Stammaktie für das dritte Quartal 2024 erklärt. Die Leistung wurde durch schwache Preise für Kohle und Sodaasche beeinträchtigt, wobei die metallurgische Kohle schwache Stahlnachfrage zu verzeichnen hatte und Sodaasche von einer erhöhten globalen Produktionskapazität betroffen war. Das Unternehmen hält ein konsolidiertes Verschuldungsverhältnis von 0,8x mit einer verfügbaren Liquidität von 76,2 Millionen Dollar.
- Generated $54.8 million in free cash flow for Q3 2024
- Completed redemption of all $250 million preferred units
- Secured new $200 million credit facility through 2029
- Maintained strong leverage ratio of 0.8x
- Available liquidity of $76.2 million
- Net income decreased due to lower metallurgical coal prices
- Weaker soda ash performance due to increased global production and lower demand
- Reduced operating cash flow from Sisecam Wyoming distribution
- Higher interest expense from increased credit facility borrowings
- Expected continued weakness in coal and soda ash prices for at least next year
Insights
The Q3 2024 results show mixed performance with
Key financial metrics reveal operational resilience despite market headwinds. The consolidated leverage ratio of 0.8x and available liquidity of
Market conditions present significant challenges across NRP's portfolio. The metallurgical coal market, representing
Despite near-term headwinds, structural factors including operator capital access, labor shortages and input cost inflation should provide a price floor above historical levels. The company's diversification into carbon-neutral opportunities, including carbon sequestration and renewable energy, offers potential future value streams with minimal capital requirements.
|
|
For the Three Months
|
|
Last Twelve Months
|
||||
(In thousands) (Unaudited) |
|
September 30, 2024 |
||||||
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 -
Redeemed
$31.7 million $250 million -
Executed five-year
$200 million -
Paid second quarter 2024 common unit distribution of
$0.75 -
Declares third quarter 2024 common unit distribution of
$0.75
"NRP generated
Mr. Nunez continued, “While we believe relatively weak coal and soda ash prices will persist for at least the next year, we expect the partnership to continue generating sufficient cash to achieve our deleveraging goals. We remain steadfast in our belief this is the best strategy to maximize the intrinsic value of the partnership and we look forward to the day common unitholders will have no competing stakeholder claims on free cash flow generated by the partnership.”
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 October 2024, NRP amended its
Regarding distributions, in August 2024, NRP declared and paid a second quarter 2024 cash distribution of
NRP's available liquidity was
NRP's consolidated leverage ratio was 0.8x at September 30, 2024.
Conference Call
A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I154484. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.
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 (
Company Profile
Natural Resource Partners L.P., a master limited partnership headquartered in
For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@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, among other things, statements regarding: future distributions on the Partnership’s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and
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 others to 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 others to 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-
Natural Resource Partners L.P. |
Financial Tables |
(Unaudited) |
Consolidated Statements of Comprehensive Income |
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||||||||||
(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 |
|
Natural Resource Partners L.P. |
Financial Tables |
(Unaudited) |
Consolidated Statements of Cash Flows |
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||||||||||
(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 |
|
Natural Resource Partners L.P. |
Financial Tables |
(Unaudited) |
Consolidated Balance Sheets |
|
|
September 30, |
|
December 31, |
||||
|
|
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 December 31, 2023 at |
|
$ |
— |
|
|
$ |
47,181 |
|
Partners’ capital |
|
|
|
|
|
|
|
|
Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at September 30, 2024 and December 31, 2023, respectively) |
|
$ |
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 |
|
Natural Resource Partners L.P. |
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 December 31, 2023 |
|
|
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 March 31, 2024 |
|
|
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 June 30, 2024 |
|
|
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 September 30, 2024 |
|
|
13,049 |
|
|
$ |
509,258 |
|
|
$ |
8,891 |
|
|
$ |
— |
|
|
$ |
(956 |
) |
|
$ |
517,193 |
|
| _________________ | |
(1) |
Net income includes |
(2) |
Net income includes |
(3) |
Net income includes |
Natural Resource Partners L.P. |
||||||||||||||||||||||||
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 December 31, 2022 |
|
|
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 March 31, 2023 |
|
|
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 June 30, 2023 |
|
|
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 September 30, 2023 |
|
|
12,635 |
|
|
$ |
461,043 |
|
|
$ |
7,196 |
|
|
$ |
32,843 |
|
|
$ |
2,245 |
|
|
$ |
503,327 |
|
| ____________________ | |
(1) |
Net income includes |
(2) |
Net income includes |
(3) |
Net income includes |
Natural Resource Partners L.P. |
||||||||||||||||
Financial Tables |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
The following table presents NRP's unaudited business results by segment for the three months ended September 30, 2024 and 2023 and June 30, 2024: |
||||||||||||||||
|
|
Operating Segments |
|
|
|
|
|
|
|
|
||||||
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
Natural Resource Partners L.P. |
||||||||||||||||
Financial Tables |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
||||||||||||||||
The following table presents NRP's unaudited business results by segment for the nine months ended September 30, 2024 and 2023: |
||||||||||||||||
|
|
Operating Segments |
|
|
|
|
|
|
|
|
||||||
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Nine Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
Natural Resource Partners L.P. |
Financial Tables |
(Unaudited) |
Operating Statistics - Mineral Rights |
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
||||||||||||||
(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 |
|
Northern Powder River Basin |
|
|
944 |
|
|
|
1,364 |
|
|
|
567 |
|
|
|
2,460 |
|
|
|
3,330 |
|
Gulf Coast |
|
|
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 |
|
Northern Powder River Basin |
|
|
4.82 |
|
|
|
4.86 |
|
|
|
4.99 |
|
|
|
4.87 |
|
|
|
4.74 |
|
Gulf Coast |
|
|
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 |
|
Northern Powder River Basin |
|
|
4,546 |
|
|
|
6,627 |
|
|
|
2,831 |
|
|
|
11,976 |
|
|
|
15,768 |
|
Gulf Coast |
|
|
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 |
|
Natural Resource Partners L.P. |
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Adjusted EBITDA |
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Three Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Natural Resource Partners L.P. |
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Adjusted EBITDA |
|
|
Mineral |
|
|
|
|
|
Corporate and |
|
|
|
|
||||
(In thousands) |
|
Rights |
|
Soda Ash |
|
Financing |
|
Total |
||||||||
For the Nine Months Ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Natural Resource Partners L.P. |
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 September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
Natural Resource Partners L.P. |
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 September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
Natural Resource Partners L.P. |
Reconciliation of Non-GAAP Measures |
(Unaudited) |
Last Twelve Months (LTM) Free Cash Flow |
|
|
For the Three Months Ended |
|
|
|
|
||||||||||||||
(In thousands) |
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
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) |
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
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 September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
197,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.8 x |
|
|
|
|
For the Three Months Ended |
|
|
|
|
||||||||||||||
(In thousands) |
|
December 31,
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
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 September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
208,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.7 x |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105355821/en/
Tiffany Sammis
713-751-7515
tsammis@nrplp.com
Source: Natural Resource Partners L.P.
FAQ
What was Natural Resource Partners (NRP) Q3 2024 net income?
How much is NRP's Q3 2024 distribution per common unit?
What is the size and maturity of NRP's new credit facility?
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