Natural Resource Partners L.P. (NYSE:NRP) today reported
first quarter 2023 results as follows:
For the Three Months
Ended
Last Twelve Months
Ended
(In thousands)
(Unaudited)
March 31, 2023
Operating cash flow
$
72,900
$
287,407
Free cash flow (1)
73,496
289,608
Cash flow cushion (last twelve months)
(1)
102,516
Net income
$
79,275
$
283,868
Adjusted EBITDA (1)
77,737
319,418
_______________________________
(1)
See "Non-GAAP Financial Measures" and
reconciliation tables at the end of this release.
Highlights:
- Generated $73 million of free cash flow, an increase of 40%
from the prior year quarter
- Paid fourth quarter 2022 common unit distribution of $0.75
and special common unit distribution of $2.43
- Redeemed $47.5 million of preferred units, reducing
preferred units outstanding to par value of $202.5 million
- Leverage ratio of 0.5x as of March 31, 2023
- Declares first quarter 2023 common unit distribution of
$0.75
"NRP's strong performance continued in the first quarter of 2023
driven by robust prices for metallurgical coal and soda ash," said
Craig Nunez, NRP's president and chief operating officer. "In
addition to generating $73 million of free cash flow, we redeemed
$47.5 million of preferred units at par with cash and permanently
retired $16.7 million of Opco Senior Notes. We will continue to
aggressively pay off debt and preferred equity with internally
generated cash while maintaining distributions to our common
unitholders.”
NRP announced today that the board of directors of its general
partner declared a first quarter 2023 cash distribution of $0.75
per common unit to be paid on May 23, 2023, to unitholders of
record on May 16, 2023. In addition, the board declared a $6.1
million cash distribution on NRP's outstanding preferred units.
Future distributions on NRP's common and preferred units will be
determined on a quarterly basis by the board of directors. The
board of directors considers numerous factors each quarter in
determining cash distributions including profitability, cash flow,
debt service obligations, market conditions and outlook, estimated
unitholder income tax liability, and the level of cash reserves
that the board determines is necessary for future operating and
capital needs.
NRP's liquidity was $56.5 million at March 31, 2023, consisting
of $17.7 million of cash and $38.8 million of borrowing capacity
available under its revolving credit facility.
Segment Performance
Mineral Rights
Mineral Rights net income for the first quarter of 2023
increased $5.9 million as compared to the prior year period
primarily due to increased metallurgical coal sales volumes and
revenue from carbon neutral initiatives. Operating cash flow and
free cash flow for the first quarter of 2023 increased $25.7
million and $26.3 million, respectively, as compared to the prior
year period primarily due to the timing of minimum and royalty
payments and prior year recoupments. Approximately 75% of coal
royalty revenues and approximately 55% of coal royalty sales
volumes were derived from metallurgical coal in the first quarter
of 2023.
Metallurgical and thermal coal prices remain strong relative to
historical norms, although pricing has declined from the record
highs seen in 2022. Continued support for pricing is expected as
operators are limited in their ability to increase production due
to ongoing labor shortages, transportation and logistics
challenges, difficulty of new mine permitting, and limited access
to capital.
NRP continues to explore and identify carbon neutral revenue
opportunities across its large portfolio of land, mineral, and
timber assets, including the sequestration of carbon dioxide
underground and in standing forests, and the generation of
electricity using geothermal, solar, and wind energy. In the first
quarter of 2023, NRP executed a new solar lease.
Soda Ash
Soda Ash net income in the first quarter of 2023 increased $4.3
million as compared to the prior year period primarily due to
increased sales prices. Operating cash flow and free cash flow in
the first quarter of 2023 decreased $2.6 million as compared to the
prior year period due to a higher quarterly distribution from
Sisecam Wyoming in the first quarter of 2022.
International prices remained strong in the first quarter of
2023 reflecting a continued supply constrained market for soda ash.
Domestic soda ash prices were also strong during the first quarter
of 2023 versus the prior year quarter due to negotiated 2023
domestic prices converging to international soda ash prices.
Corporate and Financing
Corporate and Financing costs in the first quarter of 2023
decreased $5.2 million as compared to the prior year period
primarily due to lower interest expense resulting from less debt
outstanding. Operating cash flow and free cash flow in the first
quarter of 2023 decreased $2.5 million as compared to the prior
year period primarily due to increased cash paid for incentive
compensation in the first quarter of 2023 because of the improved
business performance in 2022 and higher cash paid for interest on
credit facility borrowings in 2023.
In the first quarter of 2023, NRP received a notice from holders
of the partnership's Class A Preferred Units exercising their right
to either convert or redeem an aggregate of 47,499 Class A
Preferred Units. NRP chose to redeem the preferred units for $47.5
million in cash rather than issuing common units. Of the originally
issued 250,000 Class A Preferred Units, 202,501 Class A Preferred
Units remain outstanding.
In February 2023, NRP declared and paid a fourth quarter 2022
cash distribution of $0.75 per common unit and a $7.5 million cash
distribution on the preferred units. In March 2023, NRP declared
and paid a special distribution of $2.43 per common unit to help
cover unitholder tax liabilities associated with owning NRP's
common units during 2022. Today, NRP declared a first quarter 2023
cash distribution of $0.75 per common unit and a $6.1 million cash
distribution on its outstanding preferred units.
NRP's consolidated leverage ratio was 0.5x at March 31,
2023.
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://conferencingportals.com/event/WTRCwGdM. 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 (100%) of
NRP's distributions to non-U.S. investors as being attributable to
income that is effectively connected with a United States trade or
business. In addition, brokers and nominees should treat one
hundred percent (100%) of the distribution as being in excess of
cumulative net income for purposes of determining the amount to
withhold. Accordingly, NRP's distributions to non-U.S. investors
are subject to federal income tax withholding at a rate equal to
the sum of the highest applicable rate plus ten percent (10%).
Company Profile
Natural Resource Partners L.P., a master limited partnership
headquartered in Houston, TX, is a diversified natural resource
company that owns, manages and leases a diversified portfolio of
properties in the United States including coal, industrial minerals
and other natural resources, as well as rights to conduct carbon
sequestration and renewable energy activities. NRP also owns an
equity investment in Sisecam Wyoming LLC, one of the world’s
lowest-cost producers of soda ash.
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: the effects of the global
COVID-19 pandemic; 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 U.S. economic conditions; and other factors
detailed in Natural Resource Partners’ Securities and Exchange
Commission filings. Natural Resource Partners L.P. has no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Non-GAAP Financial Measures
"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.
"Cash flow cushion" is a non-GAAP financial measure that
we define as free cash flow less one-time beneficial items,
mandatory Opco debt repayments, preferred unit distributions,
redemption of preferred units, redemption of PIK units, common unit
distributions, and warrant cash settlements. Cash flow cushion 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. Cash flow cushion is a
supplemental liquidity measure used by our management to assess the
Partnership's ability to make or raise cash distributions to our
common and preferred unitholders and our general partner and repay
debt or redeem preferred units.
"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
March 31,
December 31,
(In thousands,
except per unit data)
2023
2022
2022
Revenues and other income
Royalty and other mineral rights
$
76,271
$
71,083
$
75,218
Transportation and processing services
3,598
3,796
5,695
Equity in earnings of Sisecam Wyoming
19,254
14,837
15,759
Gain on asset sales and disposals
96
—
383
Total revenues and other income
$
99,219
$
89,716
$
97,055
Operating expenses
Operating and maintenance expenses
$
7,163
$
8,076
$
8,914
Depreciation, depletion and
amortization
4,083
3,868
5,954
General and administrative expenses
5,845
4,467
7,815
Asset impairments
—
19
3,583
Total operating expenses
$
17,091
$
16,430
$
26,266
Income from operations
$
82,128
$
73,286
$
70,789
Other expenses, net
Interest expense, net
$
(2,853
)
$
(9,387
)
$
(3,638
)
Loss on extinguishment of debt
—
—
(3,933
)
Total other expenses, net
$
(2,853
)
$
(9,387
)
$
(7,571
)
Net income
$
79,275
$
63,899
$
63,218
Less: income attributable to preferred
unitholders
(6,661
)
(7,500
)
(7,500
)
Less: redemption of preferred units
(16,228
)
—
—
Net income attributable to common
unitholders and the general partner
$
56,386
$
56,399
$
55,718
Net income attributable to common
unitholders
$
55,258
$
55,271
$
54,603
Net income attributable to the general
partner
1,128
1,128
1,115
Net income per common unit
Basic
$
4.40
$
4.45
$
4.37
Diluted
3.44
3.11
3.13
Net income
$
79,275
$
63,899
$
63,218
Comprehensive income (loss) from
unconsolidated investment and other
(19,583
)
2,545
16,685
Comprehensive income
$
59,692
$
66,444
$
79,903
Natural Resource Partners
L.P.
Financial Tables
(Unaudited)
Consolidated Statements of
Cash Flows
For the Three Months
Ended
March 31,
December 31,
(In
thousands)
2023
2022
2022
Cash flows from operating activities
Net income
$
79,275
$
63,899
$
63,218
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and
amortization
4,083
3,868
5,954
Distributions from unconsolidated
investment
10,780
13,230
10,780
Equity earnings from unconsolidated
investment
(19,254
)
(14,837
)
(15,759
)
Gain on asset sales and disposals
(96
)
—
(383
)
Loss on extinguishment of debt
—
—
3,933
Asset impairments
—
19
3,583
Bad debt expense
(610
)
1,028
421
Unit-based compensation expense
2,491
1,448
1,557
Amortization of debt issuance costs and
other
25
375
523
Change in operating assets and
liabilities:
Accounts receivable
7,061
(7,579
)
(8,553
)
Accounts payable
(541
)
(60
)
(186
)
Accrued liabilities
(8,805
)
(7,156
)
5,766
Accrued interest
263
7,250
(3,238
)
Deferred revenue
(154
)
(7,316
)
1,670
Other items, net
(1,618
)
(1,838
)
(398
)
Net cash provided by operating
activities
$
72,900
$
52,331
$
68,888
Cash flows from investing activities
Proceeds from asset sales and
disposals
$
101
$
—
$
384
Return of long-term contract
receivable
598
—
585
Capital expenditures
(2
)
—
(59
)
Net cash provided by investing
activities
$
697
$
—
$
910
Cash flows from financing activities
Debt borrowings
$
94,200
$
—
$
70,000
Debt repayments
(89,696
)
(16,697
)
(141,731
)
Distributions to common unitholders and
the general partner
(40,900
)
(5,672
)
(9,571
)
Distributions to preferred unitholders
(7,500
)
(7,500
)
(7,500
)
Redemption of preferred units
(48,085
)
—
—
Redemption of preferred units
paid-in-kind
—
(19,579
)
—
Other items, net
(3,052
)
(2,813
)
(2,842
)
Net cash used in financing activities
$
(95,033
)
$
(52,261
)
$
(91,644
)
Net increase (decrease) in cash and cash
equivalents
$
(21,436
)
$
70
$
(21,846
)
Cash and cash equivalents at beginning of
period
39,091
135,520
60,937
Cash and cash equivalents at end of
period
$
17,655
$
135,590
$
39,091
Supplemental cash flow information:
Cash paid for interest
$
2,474
$
1,644
$
6,764
Natural Resource Partners
L.P.
Financial Tables
(Unaudited)
Consolidated Balance
Sheets
March 31,
December 31,
2023
2022
(In thousands,
except unit data)
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
17,655
$
39,091
Accounts receivable, net
36,513
42,701
Other current assets, net
3,216
1,822
Total current assets
$
57,384
$
83,614
Land
24,008
24,008
Mineral rights, net
408,371
412,312
Intangible assets, net
14,613
14,713
Equity in unconsolidated investment
295,361
306,470
Long-term contract receivable, net
28,309
28,946
Other long-term assets, net
7,622
7,068
Total assets
$
835,668
$
877,131
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable
$
1,452
$
1,992
Accrued liabilities
3,466
11,916
Accrued interest
1,252
989
Current portion of deferred revenue
7,450
6,256
Current portion of long-term debt, net
39,055
39,076
Total current liabilities
$
52,675
$
60,229
Deferred revenue
38,833
40,181
Long-term debt, net
133,821
129,205
Other non-current liabilities
6,124
5,472
Total liabilities
$
231,453
$
235,087
Commitments and contingencies
Class A Convertible Preferred Units
(202,501 and 250,000 units issued and outstanding at March 31, 2023
and December 31, 2022, respectively, at $1,000 par value per unit;
liquidation preference of $1,850 per unit at March 31, 2023 and
December 31, 2022)
$
133,316
$
164,587
Partners’ capital
Common unitholders’ interest (12,634,642
and 12,505,996 units issued and outstanding at March 31, 2023 and
December 31, 2022, respectively)
$
417,401
$
404,799
General partner’s interest
6,400
5,977
Warrant holders’ interest
47,964
47,964
Accumulated other comprehensive income
(loss)
(866
)
18,717
Total partners’ capital
$
470,899
$
477,457
Total liabilities and partners'
capital
$
835,668
$
877,131
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
________________________
(1)
Net income includes $6.7 million of income
attributable to preferred unitholders that accumulated during the
period, of which $6.5 million is allocated to the common
unitholders and $0.1 million is allocated to the general
partner.
Accumulated
Other
Total
Common Unitholders
General
Warrant
Comprehensive
Partners'
(In
thousands)
Units
Amounts
Partner
Holders
Income
Capital
Balance at December 31, 2021
12,351
$
203,062
$
1,787
$
47,964
$
3,211
$
256,024
Net income (1)
—
62,621
1,278
—
—
63,899
Distributions to common unitholders and
the general partner
—
(5,559
)
(113
)
—
—
(5,672
)
Distributions to preferred unitholders
—
(7,603
)
(155
)
—
—
(7,758
)
Issuance of unit-based awards
155
—
—
—
—
—
Unit-based awards amortization and
vesting, net
—
(1,754
)
—
—
—
(1,754
)
Capital contribution
—
—
112
—
—
112
Comprehensive income from unconsolidated
investment and other
—
—
—
—
2,545
2,545
Balance at March 31, 2022
12,506
$
250,767
$
2,909
$
47,964
$
5,756
$
307,396
________________________
(1)
Net income includes $7.5 million of income
attributable to preferred unitholders that accumulated during the
period, of which $7.4 million is allocated to the common
unitholders and $0.2 million is allocated to the general
partner.
Natural Resource Partners
L.P.
Financial Tables
(Unaudited)
The following table presents NRP's
unaudited business results by segment for the three months ended
March 31, 2023 and 2022 and December 31, 2022:
Operating Segments
Mineral
Corporate and
(In
thousands)
Rights
Soda Ash
Financing
Total
For the Three Months Ended March 31,
2023
Revenues
$
79,869
$
19,254
$
—
$
99,123
Gain on asset sales and disposals
96
—
—
96
Total revenues and other income
$
79,965
$
19,254
$
—
$
99,219
Asset impairments
$
—
$
—
$
—
$
—
Net income (loss)
$
68,881
$
19,096
$
(8,702
)
$
79,275
Adjusted EBITDA (1)
$
72,960
$
10,622
$
(5,845
)
$
77,737
Cash flow provided by (used in) continuing
operations:
Operating activities
$
73,858
$
10,617
$
(11,575
)
$
72,900
Investing activities
$
699
$
—
$
(2
)
$
697
Financing activities
$
(583
)
$
—
$
(94,450
)
$
(95,033
)
Distributable cash flow (1)
$
74,557
$
10,617
$
(11,577
)
$
73,597
Free cash flow (1)
$
74,456
$
10,617
$
(11,577
)
$
73,496
For the Three Months Ended March 31,
2022
Revenues
$
74,879
$
14,837
$
—
$
89,716
Gain on asset sales and disposals
—
—
—
—
Total revenues and other income
$
74,879
$
14,837
$
—
$
89,716
Asset impairments
$
19
$
—
$
—
$
19
Net income (loss)
$
62,967
$
14,786
$
(13,854
)
$
63,899
Adjusted EBITDA (1)
$
66,854
$
13,179
$
(4,467
)
$
75,566
Cash flow provided by (used in) continuing
operations:
Operating activities
$
48,176
$
13,195
$
(9,040
)
$
52,331
Investing activities
$
—
$
—
$
—
$
—
Financing activities
$
(614
)
$
—
$
(51,647
)
$
(52,261
)
Distributable cash flow (1)
$
48,176
$
13,195
$
(9,040
)
$
52,331
Free cash flow (1)
$
48,176
$
13,195
$
(9,040
)
$
52,331
For the Three Months Ended December 31,
2022
Revenues
$
80,913
$
15,759
$
—
$
96,672
Gain on asset sales and disposals
383
—
—
383
Total revenues and other income
$
81,296
$
15,759
$
—
$
97,055
Asset impairments
$
3,583
$
—
$
—
$
3,583
Net income (loss)
$
62,900
$
15,704
$
(15,386
)
$
63,218
Adjusted EBITDA (1)
$
72,437
$
10,725
$
(7,815
)
$
75,347
Cash flow provided by (used in) continuing
operations:
Operating activities
$
68,332
$
10,738
$
(10,182
)
$
68,888
Investing activities
$
969
$
—
$
(59
)
$
910
Financing activities
$
—
$
—
$
(91,644
)
$
(91,644
)
Distributable cash flow (1)
$
69,301
$
10,738
$
(10,241
)
$
69,798
Free cash flow (1)
$
68,917
$
10,738
$
(10,241
)
$
69,414
_______________________________
(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
March 31,
December 31,
(In thousands,
except per ton data)
2023
2022
2022
Coal sales volumes (tons)
Appalachia
Northern
379
428
436
Central
3,609
3,251
3,408
Southern
582
361
613
Total Appalachia
4,570
4,040
4,457
Illinois Basin
1,310
1,502
2,740
Northern Powder River Basin
1,085
1,238
1,516
Gulf Coast
58
69
61
Total coal sales volumes
7,023
6,849
8,774
Coal royalty revenue per ton
Appalachia
Northern
$
9.86
$
10.14
$
6.63
Central
9.92
11.37
9.33
Southern
14.94
17.56
11.99
Illinois Basin
3.57
2.20
3.11
Northern Powder River Basin
4.68
3.74
3.75
Gulf Coast
0.57
0.55
0.59
Combined average coal royalty revenue per
ton
8.26
8.12
6.42
Coal royalty revenues
Appalachia
Northern
$
3,737
$
4,341
$
2,890
Central
35,806
36,980
31,809
Southern
8,697
6,340
7,351
Total Appalachia
48,240
47,661
42,050
Illinois Basin
4,675
3,303
8,525
Northern Powder River Basin
5,075
4,632
5,686
Gulf Coast
33
38
36
Unadjusted coal royalty revenues
58,023
55,634
56,297
Coal royalty adjustment for minimum
leases
—
(185
)
(116
)
Total coal royalty revenues
$
58,023
$
55,449
$
56,181
Other revenues
Production lease minimum revenues
$
613
$
1,592
$
2,312
Minimum lease straight-line revenues
4,503
4,783
4,557
Carbon neutral initiative revenues
2,118
—
—
Wheelage revenues
3,869
3,717
2,888
Property tax revenues
1,470
1,472
1,351
Coal overriding royalty revenues
188
258
1,127
Lease amendment revenues
851
880
751
Aggregates royalty revenues
753
770
608
Oil and gas royalty revenues
3,588
1,814
5,271
Other revenues
295
348
172
Total other revenues
$
18,248
$
15,634
$
19,037
Royalty and other mineral rights
$
76,271
$
71,083
$
75,218
Transportation and processing services
revenues
3,598
3,796
5,695
Gain on asset sales and disposals
96
—
383
Total Mineral Rights segment revenues and
other income
$
79,965
$
74,879
$
81,296
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 March 31,
2023
Net income (loss)
$
68,881
$
19,096
$
(8,702
)
$
79,275
Less: equity earnings from unconsolidated
investment
—
(19,254
)
—
(19,254
)
Add: total distributions from
unconsolidated investment
—
10,780
—
10,780
Add: interest expense, net
—
—
2,853
2,853
Add: loss on extinguishment of debt
—
—
—
—
Add: depreciation, depletion and
amortization
4,079
—
4
4,083
Add: asset impairments
—
—
—
—
Adjusted EBITDA
$
72,960
$
10,622
$
(5,845
)
$
77,737
For the Three Months Ended March 31,
2022
Net income (loss)
$
62,967
$
14,786
$
(13,854
)
$
63,899
Less: equity earnings from unconsolidated
investment
—
(14,837
)
—
(14,837
)
Add: total distributions from
unconsolidated investment
—
13,230
—
13,230
Add: interest expense, net
—
—
9,387
9,387
Add: loss on extinguishment of debt
—
—
—
—
Add: depreciation, depletion and
amortization
3,868
—
—
3,868
Add: asset impairments
19
—
—
19
Adjusted EBITDA
$
66,854
$
13,179
$
(4,467
)
$
75,566
For the Three Months Ended December 31,
2022
Net income (loss)
$
62,900
$
15,704
$
(15,386
)
$
63,218
Less: equity earnings from unconsolidated
investment
—
(15,759
)
—
(15,759
)
Add: total distributions from
unconsolidated investment
—
10,780
—
10,780
Add: interest expense, net
—
—
3,638
3,638
Add: loss on extinguishment of debt
—
—
3,933
3,933
Add: depreciation, depletion and
amortization
5,954
—
—
5,954
Add: asset impairments
3,583
—
—
3,583
Adjusted EBITDA
$
72,437
$
10,725
$
(7,815
)
$
75,347
Natural Resource Partners
L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Distributable Cash Flow and
Free Cash Flow
(In
thousands)
Mineral Rights
Soda Ash
Corporate and
Financing
Total
For the Three Months Ended March 31,
2023
Net cash provided by (used in) operating
activities
$
73,858
$
10,617
$
(11,575
)
$
72,900
Add: proceeds from asset sales and
disposals
101
—
—
101
Add: return of long-term contract
receivable
598
—
—
598
Less: maintenance capital expenditures
—
—
(2
)
(2
)
Distributable cash flow
$
74,557
$
10,617
$
(11,577
)
$
73,597
Less: proceeds from asset sales and
disposals
(101
)
—
—
(101
)
Free cash flow
$
74,456
$
10,617
$
(11,577
)
$
73,496
Net cash provided by (used in) investing
activities
$
699
$
—
$
(2
)
$
697
Net cash used in financing activities
(583
)
—
(94,450
)
(95,033
)
For the Three Months Ended March 31,
2022
Net cash provided by (used in) operating
activities
$
48,176
$
13,195
$
(9,040
)
$
52,331
Add: proceeds from asset sales and
disposals
—
—
—
—
Add: return of long-term contract
receivable
—
—
—
—
Less: maintenance capital expenditures
—
—
—
—
Distributable cash flow
$
48,176
$
13,195
$
(9,040
)
$
52,331
Less: proceeds from asset sales and
disposals
—
—
—
—
Free cash flow
$
48,176
$
13,195
$
(9,040
)
$
52,331
Net cash provided by investing
activities
$
—
$
—
$
—
$
—
Net cash used in financing activities
(614
)
—
(51,647
)
(52,261
)
For the Three Months Ended December 31,
2022
Net cash provided by (used in) operating
activities
$
68,332
$
10,738
$
(10,182
)
$
68,888
Add: proceeds from asset sales and
disposals
384
—
—
384
Add: return of long-term contract
receivable
585
—
—
585
Less: maintenance capital expenditures
—
—
(59
)
(59
)
Distributable cash flow
$
69,301
$
10,738
$
(10,241
)
$
69,798
Less: proceeds from asset sales and
disposals
(384
)
—
—
(384
)
Free cash flow
$
68,917
$
10,738
$
(10,241
)
$
69,414
Net cash provided by (used in) investing
activities
$
969
$
—
$
(59
)
$
910
Net cash used in financing activities
—
—
(91,644
)
(91,644
)
Natural Resource Partners
L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Cash Flow Cushion
For the Three Months
Ended
(In
thousands)
June 30, 2022
September 30, 2022
December 31, 2022
March 31, 2023
Last 12 Months
Net cash provided by operating
activities
$
63,123
$
82,496
$
68,888
$
72,900
$
287,407
Add: proceeds from asset sales and
disposals
346
353
384
101
1,184
Add: return of long-term contract
receivable
563
575
585
598
2,321
Less: maintenance capital expenditures
—
(59
)
(59
)
(2
)
(120
)
Distributable cash flow
$
64,032
$
83,365
$
69,798
$
73,597
$
290,792
Less: proceeds from asset sales and
disposals
(346
)
(353
)
(384
)
(101
)
(1,184
)
Free cash flow
$
63,686
$
83,012
$
69,414
$
73,496
$
289,608
Less: mandatory Opco debt repayments
(2,365
)
—
(20,334
)
(16,696
)
(39,395
)
Less: preferred unit distributions
(7,500
)
(7,500
)
(7,500
)
(7,500
)
(30,000
)
Less: redemption of preferred units
—
—
—
(48,085
)
(48,085
)
Less: common unit distributions
(9,570
)
(9,571
)
(9,571
)
(40,900
)
(69,612
)
Cash flow cushion
$
44,251
$
65,941
$
32,009
$
(39,685
)
$
102,516
Leverage Ratio
For the Three Months
Ended
(In
thousands)
June 30, 2022
September 30, 2022
December 31, 2022
March 31, 2023
Last 12 Months
Net income
$
66,820
$
74,555
$
63,218
$
79,275
$
283,868
Less: equity earnings from unconsolidated
investment
(14,643
)
(14,556
)
(15,759
)
(19,254
)
(64,212
)
Add: total distributions from
unconsolidated investment
10,486
10,339
10,780
10,780
42,385
Add: interest expense, net
8,108
5,141
3,638
2,853
19,740
Add: loss on extinguishment of debt
4,048
2,484
3,933
—
10,465
Add: depreciation, depletion and
amortization
5,847
6,850
5,954
4,083
22,734
Add: asset impairments
43
812
3,583
—
4,438
Adjusted EBITDA
$
80,709
$
85,625
$
75,347
$
77,737
$
319,418
Debt—at March 31, 2023
$
173,591
Leverage Ratio
0.5 x
For the Three Months
Ended
(In
thousands)
June 30, 2021
September 30, 2021
December 31, 2021
March 31, 2022
Last 12 Months
Net income
$
15,382
$
29,498
$
55,641
$
63,899
$
164,420
Less: equity earnings from unconsolidated
investment
(2,601
)
(6,672
)
(10,625
)
(14,837
)
(34,735
)
Add: total distributions from
unconsolidated investment
—
—
7,350
13,230
20,580
Add: interest expense, net
9,683
9,652
9,568
9,387
38,290
Add: depreciation, depletion and
amortization
4,871
5,182
3,930
3,868
17,851
Add: asset impairments
16
57
986
19
1,078
Adjusted EBITDA
$
27,351
$
37,717
$
66,850
$
75,566
$
207,484
Debt—at March 31, 2022
$
421,787
Leverage Ratio
2.0 x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230504005157/en/
Tiffany Sammis, 713-751-7515 tsammis@nrplp.com
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