Natural Resource Partners L.P. (NYSE:NRP) today reported
first quarter 2024 results as follows:
For the Three Months
Ended
Last Twelve Months
Ended
(In thousands)
(Unaudited)
March 31, 2024
Net income
$
56,213
$
255,373
Operating cash flow
71,499
309,577
Free cash flow (1)
72,146
312,081
(1)
See "Non-GAAP Financial Measures"
and reconciliation tables at the end of this release.
Highlights:
- Generated $72.1 million of free cash flow in the first
quarter of 2024
- Repurchased 1.2 million warrants with $55.7 million in cash
and 198,767 common units
- Increased credit facility borrowing capacity $45 million
from $155 million to $200 million
- Paid fourth quarter 2023 common unit distribution of $0.75
per unit
- Paid special distribution of $2.44 per common unit to help
cover unitholder tax liabilities associated with owning NRP common
units in 2023
- In April, repurchased 0.3 million warrants with $10.0
million in cash and 89,059 common units; Zero warrants remain
outstanding
"NRP generated $72 million of free cash flow in the first
quarter of 2024 and $312 million of free cash flow over the last
twelve months," said Craig Nunez, NRP's president and chief
operating officer. "NRP has generated more free cash flow over the
last two years than during any comparable period in the history of
the Partnership. This performance has allowed us to make
considerable progress toward our goal of eliminating all our
financial obligations. The sum of debt and preferred equity
outstanding is down to approximately $260 million, the Partnership
is warrant free, and our financial position is solid and improving.
While we expect lower prices for coal and soda ash to drive our
free cash flow in the coming quarters below the record levels
realized in recent years, we expect to continue making steady
progress paying down debt and preferred equity. We continue to
believe eliminating all our obligations while maintaining common
unit distributions to help cover unitholder tax liabilities is the
right strategy to maximize intrinsic value and maximize unitholder
returns.”
NRP announced today that the board of directors of its general
partner declared a first quarter 2024 cash distribution of $0.75
per common unit to be paid on May 28, 2024, to unitholders of
record on May 21, 2024. In addition, the board declared a $2.15
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.
Segment Performance
Mineral Rights
Mineral Rights net income, operating cash flow, and free cash
flow for the first quarter of 2024 decreased $8.2 million, $4.1
million, and $4.1 million, respectively, as compared to the prior
year period. These decreases were primarily due to lower
metallurgical coal prices as compared to the prior year period.
Approximately 75% of coal royalty revenues and approximately 50% of
coal royalty sales volumes were derived from metallurgical coal in
the first quarter of 2024.
Metallurgical and thermal coal prices declined during the first
quarter of 2024, significantly lower than the highs seen in 2022,
but above historical norms. NRP expects continued price volatility
as global softening in steel demand impacts metallurgical prices,
and mild weather, high inventory levels, low natural gas prices,
and scheduled shutdowns of thermal coal plants should weaken demand
for thermal coal. However, limitations on operators' ability to
increase production due to limited access to capital, labor
shortages, and inflationary pressures should provide some price
support for metallurgical and thermal coal for the foreseeable
future.
NRP continues to explore carbon neutral revenue opportunities
across its large asset portfolio, including the sequestration of
carbon dioxide underground and in standing forests, the generation
of electricity using geothermal, solar, and wind energy, and
lithium production. While the timing and likelihood of additional
cash flows from these activities is uncertain, NRP believes its
large ownership footprint throughout the United States provides
additional opportunities to create value in this regard with
minimal capital investment by NRP.
Soda Ash
Soda Ash net income in the first quarter of 2024 decreased $13.7
million as compared to the prior year period due to lower sales
prices and volumes primarily driven by new supply from China.
Operating cash flow and free cash flow in the first quarter of 2024
improved $3.5 million as compared to the prior year period due to a
higher cash distribution received from Sisecam Wyoming in the first
quarter of 2024 relating to results in the fourth quarter of
2023.
Global soda ash prices were significantly lower in the first
quarter of 2024 as compared to the prior year period primarily due
to new supply from China. NRP believes lower international prices
will persist throughout the remainder of the year and into next
year as the market contends with slower global growth and absorbs
the additional supply.
Corporate and Financing
In the first quarter of 2024 Corporate and Financing costs
increased $1.1 million and operating cash flow and free cash flow
decreased $0.8 million as compared to the prior year period
primarily due to higher interest expense and cash paid for interest
in the first quarter of 2024 due to increased borrowings
outstanding on the credit facility used for warrant
settlements.
NRP repurchased 1.2 million warrants for $55.7 million in cash
and 198,767 common units during the first quarter of 2024. In April
of 2024, NRP repurchased the remainder of the outstanding 0.3
million warrants for $10.0 million in cash and 89,059 common units.
NRP has now retired all 4.0 million of its previously issued
warrants.
In February 2024, NRP declared and paid a fourth quarter 2023
cash distribution of $0.75 per common unit and a $2.15 million cash
distribution on its preferred units. In March 2024, NRP declared
and paid a special distribution of $2.44 per common unit to help
cover the tax liability associated with owning NRP units in 2023.
Today, NRP declared a first quarter 2024 cash distribution of $0.75
per common unit and a $2.15 million cash distribution on its
outstanding preferred units.
NRP increased its revolving credit facility borrowing capacity
by $45 million to $200 million in the first quarter of 2024. NRP's
available liquidity was $64.8 million at March 31, 2024, consisting
of $11.0 million of cash and $53.8 million of borrowing capacity
available under its revolving credit facility.
NRP's consolidated leverage ratio was 0.6x at March 31,
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/Q4I890960. 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: 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.
"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)
2024
2023
2023
Revenues and other income
Royalty and other mineral rights
$
67,372
$
76,271
$
72,922
Transportation and processing services
3,427
3,598
3,476
Equity in earnings of Sisecam Wyoming
5,450
19,254
14,764
Gain on asset sales and disposals
165
96
2,001
Total revenues and other income
$
76,414
$
99,219
$
93,163
Operating expenses
Operating and maintenance expenses
$
5,733
$
7,163
$
8,864
Depreciation, depletion and
amortization
4,654
4,083
6,020
General and administrative expenses
6,327
5,845
8,954
Asset impairments
—
—
424
Total operating expenses
$
16,714
$
17,091
$
24,262
Income from operations
$
59,700
$
82,128
$
68,901
Interest expense, net
$
(3,487
)
$
(2,853
)
$
(3,921
)
Net income
$
56,213
$
79,275
$
64,980
Less: income attributable to preferred
unitholders
(2,150
)
(6,661
)
(2,151
)
Less: redemption of preferred units
—
(16,228
)
—
Net income attributable to common
unitholders and the general partner
$
54,063
$
56,386
$
62,829
Net income attributable to common
unitholders
$
52,982
$
55,258
$
61,572
Net income attributable to the general
partner
1,081
1,128
1,257
Net income per common unit
Basic
$
4.13
$
4.40
$
4.87
Diluted
3.83
3.44
4.31
Net income
$
56,213
$
79,275
$
64,980
Comprehensive income (loss) from
unconsolidated investment and other
845
(19,583
)
(5,367
)
Comprehensive income
$
57,058
$
59,692
$
59,613
Natural Resource Partners L.P.
Financial Tables (Unaudited)
Consolidated Statements of
Cash Flows
For the Three Months
Ended
March 31,
December 31,
(In
thousands)
2024
2023
2023
Cash flows from operating activities
Net income
$
56,213
$
79,275
$
64,980
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and
amortization
4,654
4,083
6,020
Distributions from unconsolidated
investment
14,210
10,780
15,338
Equity earnings from unconsolidated
investment
(5,450
)
(19,254
)
(14,764
)
Gain on asset sales and disposals
(165
)
(96
)
(2,001
)
Asset impairments
—
—
424
Bad debt expense
(813
)
(610
)
1,431
Unit-based compensation expense
2,964
2,491
3,007
Amortization of debt issuance costs and
other
(749
)
25
260
Change in operating assets and
liabilities:
Accounts receivable
9,433
7,061
(4,254
)
Accounts payable
629
(541
)
(258
)
Accrued liabilities
(8,225
)
(8,805
)
6,063
Accrued interest
412
263
(641
)
Deferred revenue
1,028
(154
)
1,480
Other items, net
(2,642
)
(1,618
)
701
Net cash provided by operating
activities
$
71,499
$
72,900
$
77,786
Cash flows from investing activities
Proceeds from asset sales and
disposals
$
165
$
101
$
2,002
Return of long-term contract
receivable
647
598
633
Capital expenditures
—
(2
)
—
Net cash provided by investing
activities
$
812
$
697
$
2,635
Cash flows from financing activities
Debt borrowings
$
89,357
$
94,200
$
33,800
Debt repayments
(55,696
)
(89,696
)
(86,335
)
Distributions to common unitholders and
the general partner
(42,186
)
(40,900
)
(9,670
)
Distributions to preferred unitholders
(2,150
)
(8,086
)
(2,150
)
Redemption of preferred units
—
(47,499
)
—
Warrant settlements
(55,689
)
—
(22,481
)
Other items, net
(6,946
)
(3,052
)
(7
)
Net cash used in financing activities
$
(73,310
)
$
(95,033
)
$
(86,843
)
Net decrease in cash and cash
equivalents
$
(999
)
$
(21,436
)
$
(6,422
)
Cash and cash equivalents at beginning of
period
11,989
39,091
18,411
Cash and cash equivalents at end of
period
$
10,990
$
17,655
$
11,989
Supplemental cash flow information:
Cash paid for interest
$
2,843
$
2,474
$
4,372
Natural Resource Partners L.P.
Financial Tables (Unaudited)
Consolidated Balance
Sheets
March 31,
December 31,
2024
2023
(In thousands,
except unit data)
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
10,990
$
11,989
Accounts receivable, net
33,874
41,086
Other current assets, net
3,494
2,218
Total current assets
$
48,358
$
55,293
Land
24,008
24,008
Mineral rights, net
390,176
394,483
Intangible assets, net
13,340
13,682
Equity in unconsolidated investment
268,634
276,549
Long-term contract receivable, net
25,632
26,321
Other long-term assets, net
8,034
7,540
Total assets
$
778,182
$
797,876
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable
$
1,514
$
885
Accrued liabilities
5,064
12,987
Accrued interest
995
584
Current portion of deferred revenue
5,635
4,599
Current portion of long-term debt, net
14,202
30,785
Total current liabilities
$
27,410
$
49,840
Deferred revenue
38,348
38,356
Long-term debt, net
174,595
124,273
Other non-current liabilities
6,305
7,172
Total liabilities
$
246,658
$
219,641
Commitments and contingencies
Class A Convertible Preferred Units
(71,666 units issued and outstanding at March 31, 2024 and December
31, 2023 at $1,000 par value per unit; liquidation preference of
$1,850 per unit at March 31, 2024 and December 31, 2023)
$
47,181
$
47,181
Partners’ capital
Common unitholders’ interest (12,960,064
and 12,634,642 units issued and outstanding at March 31, 2024 and
December 31, 2023, respectively)
$
474,095
$
503,076
General partner’s interest
7,721
8,005
Warrant holders’ interest
4,804
23,095
Accumulated other comprehensive loss
(2,277
)
(3,122
)
Total partners’ capital
$
484,343
$
531,054
Total liabilities and partners'
capital
$
778,182
$
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
(1)
Net income includes $2.15 million of
income attributable to preferred unitholders that accumulated
during the period, of which $2.11 million is allocated to the
common unitholders and $0.04 million is allocated to the general
partner.
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 $6.66 million of
income attributable to preferred unitholders that accumulated
during the period, of which $6.53 million is allocated to the
common unitholders and $0.13 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, 2024 and 2023 and
December 31, 2023:
Operating Segments
Mineral
Corporate and
(In
thousands)
Rights
Soda Ash
Financing
Total
For the Three Months Ended March 31,
2024
Revenues
$
70,799
$
5,450
$
—
$
76,249
Gain on asset sales and disposals
165
—
—
165
Total revenues and other income
$
70,964
$
5,450
$
—
$
76,414
Asset impairments
$
—
$
—
$
—
$
—
Net income (loss)
$
60,644
$
5,388
$
(9,819
)
$
56,213
Adjusted EBITDA (1)
$
65,293
$
14,148
$
(6,327
)
$
73,114
Cash flow provided by (used in) continuing
operations:
Operating activities
$
69,749
$
14,148
$
(12,398
)
$
71,499
Investing activities
$
812
$
—
$
—
$
812
Financing activities
$
(1,086
)
$
—
$
(72,224
)
$
(73,310
)
Distributable cash flow (1)
$
70,561
$
14,148
$
(12,398
)
$
72,311
Free cash flow (1)
$
70,396
$
14,148
$
(12,398
)
$
72,146
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 December 31,
2023
Revenues
$
76,398
$
14,764
$
—
$
91,162
Gain on asset sales and disposals
2,001
—
—
2,001
Total revenues and other income
$
78,399
$
14,764
$
—
$
93,163
Asset impairments
$
424
$
—
$
—
$
424
Net income (loss)
$
63,127
$
14,732
$
(12,879
)
$
64,980
Adjusted EBITDA (1)
$
69,567
$
15,306
$
(8,954
)
$
75,919
Cash flow provided by (used in) continuing
operations:
Operating activities
$
70,147
$
15,306
$
(7,667
)
$
77,786
Investing activities
$
2,635
$
—
$
—
$
2,635
Financing activities
$
—
$
—
$
(86,843
)
$
(86,843
)
Distributable cash flow (1)
$
72,782
$
15,306
$
(7,667
)
$
80,421
Free cash flow (1)
$
70,780
$
15,306
$
(7,667
)
$
78,419
(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)
2024
2023
2023
Coal sales volumes (tons)
Appalachia
Northern
117
379
92
Central
3,714
3,609
3,537
Southern
570
582
654
Total Appalachia
4,401
4,570
4,283
Illinois Basin
2,033
1,310
2,637
Northern Powder River Basin
949
1,085
1,259
Gulf Coast
265
58
801
Total coal sales volumes
7,648
7,023
8,980
Coal royalty revenue per ton
Appalachia
Northern
$
1.86
$
9.86
$
2.18
Central
8.08
9.92
9.12
Southern
11.58
14.94
14.04
Illinois Basin
2.56
3.57
3.57
Northern Powder River Basin
4.85
4.68
3.89
Gulf Coast
0.75
0.57
0.63
Combined average coal royalty revenue per
ton
6.12
8.26
6.29
Coal royalty revenues
Appalachia
Northern
$
218
$
3,737
$
201
Central
29,992
35,806
32,269
Southern
6,602
8,697
9,181
Total Appalachia
36,812
48,240
41,651
Illinois Basin
5,211
4,675
9,426
Northern Powder River Basin
4,599
5,075
4,898
Gulf Coast
200
33
508
Unadjusted coal royalty revenues
46,822
58,023
56,483
Coal royalty adjustment for minimum
leases
(4
)
—
1
Total coal royalty revenues
$
46,818
$
58,023
$
56,484
Other revenues
Production lease minimum revenues
$
924
$
613
$
1,297
Minimum lease straight-line revenues
4,171
4,503
5,975
Carbon neutral initiative revenues
2,161
2,118
55
Wheelage revenues
2,672
3,869
2,653
Property tax revenues
1,892
1,470
1,509
Coal overriding royalty revenues
1,169
188
1,010
Lease amendment revenues
702
851
748
Aggregates royalty revenues
772
753
701
Oil and gas royalty revenues
3,640
3,588
2,261
Other revenues
2,451
295
229
Total other revenues
$
20,554
$
18,248
$
16,438
Royalty and other mineral rights
$
67,372
$
76,271
$
72,922
Transportation and processing services
revenues
3,427
3,598
3,476
Gain on asset sales and disposals
165
96
2,001
Total Mineral Rights segment revenues and
other income
$
70,964
$
79,965
$
78,399
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,
2024
Net income (loss)
$
60,644
$
5,388
$
(9,819
)
$
56,213
Less: equity earnings from unconsolidated
investment
—
(5,450
)
—
(5,450
)
Add: total distributions from
unconsolidated investment
—
14,210
—
14,210
Add: interest expense, net
—
—
3,487
3,487
Add: depreciation, depletion and
amortization
4,649
—
5
4,654
Add: asset impairments
—
—
—
—
Adjusted EBITDA
$
65,293
$
14,148
$
(6,327
)
$
73,114
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: 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 December 31,
2023
Net income (loss)
$
63,127
$
14,732
$
(12,879
)
$
64,980
Less: equity earnings from unconsolidated
investment
—
(14,764
)
—
(14,764
)
Add: total distributions from
unconsolidated investment
—
15,338
—
15,338
Add: interest expense, net
—
—
3,921
3,921
Add: depreciation, depletion and
amortization
6,016
—
4
6,020
Add: asset impairments
424
—
—
424
Adjusted EBITDA
$
69,567
$
15,306
$
(8,954
)
$
75,919
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 March 31,
2024
Net cash provided by (used in) operating
activities
$
69,749
$
14,148
$
(12,398
)
$
71,499
Add: proceeds from asset sales and
disposals
165
—
—
165
Add: return of long-term contract
receivable
647
—
—
647
Less: maintenance capital expenditures
—
—
—
—
Distributable cash flow
$
70,561
$
14,148
$
(12,398
)
$
72,311
Less: proceeds from asset sales and
disposals
(165
)
—
—
(165
)
Free cash flow
$
70,396
$
14,148
$
(12,398
)
$
72,146
Net cash provided by investing
activities
$
812
$
—
$
—
$
812
Net cash used in financing activities
$
(1,086
)
$
—
$
(72,224
)
$
(73,310
)
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 December 31,
2023
Net cash provided by (used in) operating
activities
$
70,147
$
15,306
$
(7,667
)
$
77,786
Add: proceeds from asset sales and
disposals
2,002
—
—
2,002
Add: return of long-term contract
receivable
633
—
—
633
Less: maintenance capital expenditures
—
—
—
—
Distributable cash flow
$
72,782
$
15,306
$
(7,667
)
$
80,421
Less: proceeds from asset sales and
disposals
(2,002
)
—
—
(2,002
)
Free cash flow
$
70,780
$
15,306
$
(7,667
)
$
78,419
Net cash provided by investing
activities
$
2,635
$
—
$
—
$
2,635
Net cash used in financing activities
$
—
$
—
$
(86,843
)
$
(86,843
)
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)
June 30,
2023
September 30,
2023
December 31,
2023
March 31,
2024
Last 12 Months
Net cash provided by operating
activities
$
81,350
$
78,942
$
77,786
$
71,499
$
309,577
Add: proceeds from asset sales and
disposals
5
855
2,002
165
3,027
Add: return of long-term contract
receivable
610
622
633
647
2,512
Less: maintenance capital expenditures
(8
)
—
—
—
(8
)
Distributable cash flow
$
81,957
$
80,419
$
80,421
$
72,311
$
315,108
Less: proceeds from asset sales and
disposals
(5
)
(855
)
(2,002
)
(165
)
(3,027
)
Free cash flow
$
81,952
$
79,564
$
78,419
$
72,146
$
312,081
Leverage Ratio
For the Three Months
Ended
(In
thousands)
June 30,
2023
September 30,
2023
December 31,
2023
March 31,
2024
Last 12 Months
Net income
$
70,334
$
63,846
$
64,980
$
56,213
$
255,373
Less: equity earnings from unconsolidated
investment
(26,978
)
(12,401
)
(14,764
)
(5,450
)
(59,593
)
Add: total distributions from
unconsolidated investment
32,350
23,010
15,338
14,210
84,908
Add: interest expense, net
3,492
3,837
3,921
3,487
14,737
Add: depreciation, depletion and
amortization
3,792
4,594
6,020
4,654
19,060
Add: asset impairments
69
63
424
—
556
Adjusted EBITDA
$
83,059
$
82,949
$
75,919
$
73,114
$
315,041
Debt—at March 31, 2024
$
189,185
Leverage Ratio
0.6 x
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507931951/en/
Tiffany Sammis Investor Relations 713.751.7515
tsammis@nrplp.com
Natural Resource Partners (NYSE:NRP)
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