HOUSTON, Aug. 8, 2017
/PRNewswire/ --
Second Quarter 2017 Highlights
- Net income and net income attributable to the common
unitholders and general partner of $50.0
million and $42.4
million, respectively
- Basic and diluted net income per common unit of $3.39 and $1.13,(1) respectively
- Net cash provided by operating activities of $34.9 million
- Adjusted EBITDA of $62.7
million (2)
- Net debt reduction of $98.1
million
Natural Resource Partners L.P. (NYSE:NRP) today reported
second quarter of 2017 net income of $50.0
million, net income attributable to the common unitholders
and general partner of $42.4 million,
net cash from operating activities of $34.9
million, and adjusted EBITDA of $62.7
million. These results were impacted by a fair value
adjustment on warrant liability, costs associated with
recapitalization expenses, gains on asset sales and non-cash
revenue from lease modifications and terminations as illustrated in
the tables included in this release. Adjusting for these
items, net income attributable to the common unitholders and
general partner for the second quarter of 2017 was $18.4 million(2).
|
|
Three Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
(In
thousands)
|
Net income
|
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
16,764
|
|
Less: income
attributable to preferred unitholders
|
|
(7,538)
|
|
|
—
|
|
|
(2,500)
|
|
Net income
attributable to common unitholders and general partner
|
|
$
|
42,412
|
|
|
$
|
46,446
|
|
|
$
|
14,264
|
|
Less: Fair value
adjustments for warrant liabilities
|
|
(23,960)
|
|
|
—
|
|
|
(16,569)
|
|
Plus:
Recapitalization transaction expenses
|
|
4,239
|
|
|
—
|
|
|
17,363
|
|
Plus: Asset
impairments
|
|
—
|
|
|
91
|
|
|
1,778
|
|
Less: Non-cash
revenue from lease modifications and terminations
|
|
(972)
|
|
|
(35,451)
|
|
|
(290)
|
|
Less: (Gain) loss on
asset sales
|
|
(3,361)
|
|
|
1,071
|
|
|
(44)
|
|
Adjusted net income
attributable to the common unitholders and general
partner
|
|
$
|
18,358
|
|
|
$
|
12,157
|
|
|
$
|
16,502
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
34,858
|
|
|
$
|
17,801
|
|
|
$
|
20,205
|
|
(1)
|
Diluted net income
per common unit assumes the conversion of NRP's preferred units
into common units and net settlement of warrants in exchange for
common units even though NRP has the ability to redeem the
Preferred Units and net settle the Warrants for cash.
|
(2)
|
Reconciliations for
all non-GAAP items are shown in the table above or in the tables at
the end of this release.
|
During the second quarter, we continued to execute on our
deleveraging strategy, reducing our total outstanding debt by an
additional $98.1 million, bringing
our total debt reduction since December 31,
2016 to $244.1 million.
Continued strong metallurgical coal markets, steady distributions
from our soda ash business, and improved sequential performance
from our construction aggregates segment all combined to generate
improved cash flow for NRP.
Segment Information and Outlook
Coal Royalty and Other
NRP derived approximately 60% of the coal royalty revenues and
approximately 45% of the related production from metallurgical coal
during the six months ended June 30,
2017. NRP continued to benefit from higher metallurgical coal
prices compared to 2016, with substantially increased price
realizations in Central and Southern Appalachia. While
metallurgical coal prices have retreated in 2017 from the peaks
reached in the fourth quarter of 2016 and early in the second
quarter of 2017, they remained significantly higher than in the
comparable period in 2016. Notably, very few tons were sold
at the peak of the market, as buyers generally elected to stay out
of the market anticipating a short-term price spike. Most
recently, met coal prices have increased approximately $20 per metric ton since mid-June as a result of
global supply disruptions and increased imports into China.
Thermal coal prices have also improved over the prior year as
inventories have come down significantly, in part due to production
cuts over the last two years. Normal summer weather and
natural gas prices that continue to remain around $3/mcf have combined to reduce inventories at the
end of May to approximately 100 days of supply, down from over 130
days of supply at the end of May
2016.
Coal royalty and other revenue for the second quarter 2017 was
$52.8 million and coal royalty and
other operating income was $42.1
million, representing sequential increases of 3% and 20%
respectively. Compared to the same period of 2016, coal
royalty and other revenue and coal royalty and other operating
income both declined 31%. After adjusting for impairment
charges, gains on asset sales and the $35.5
million of non-cash revenues related to lease modifications
and terminations recognized in the second quarter of 2016, coal
royalty and other revenue increased $6.6
million, or 16%, and coal royalty and other operating income
increased $11.1 million, or 41%.
Soda Ash
During the second quarter, international prices for soda ash,
particularly in Asia, continued to
be strong, and domestic prices have improved slightly over last
year. Revenues and other income related to our equity
investment in Ciner Wyoming decreased $1.8
million, or 18%, from $10.2
million in the three months ended June 30, 2016 to
$8.4 million in the three months
ended June 30, 2017. This variance was primarily driven
by lower production output and higher maintenance expenses compared
to the prior period. NRP received $12.25 million in cash distributions from Ciner
Wyoming in the second quarter of 2017 compared to $9.8 million in 2016.
Construction Aggregates
Revenues and net income for the second quarter 2017 increased
significantly over the first quarter of 2017, due to increased
activity at all locations as weather conditions improved. Second
quarter 2017 revenue and other income rose $2.1 million over the second quarter 2016 to
$33.7 million while net income
declined $0.8 million to
$2.6 million. Although
production and revenues increased on a consolidated basis compared
to the same period in 2016, weaker pricing due to diminished
natural gas drilling in the Marcellus and the lack of
infrastructure spending in West
Virginia, as well as cutbacks in military spending in the
Clarksville market, resulted in
lower margins and earnings at those operations. In addition,
the Southern Aggregates operation experienced significant rainfall
in the second quarter, but the Louisiana market has improved significantly
over the course of the summer.
The table below presents NRP's business results by segment for
the three months ended June 30, 2017 and June 30, 2016:
|
|
Operating Business
Segments
|
|
|
|
|
|
Coal
Royalty and Other
|
|
|
|
Construction
Aggregates
|
|
Corporate and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
|
|
Total
|
|
|
($ In
thousands)
|
Three Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
$
|
49,626
|
|
|
$
|
8,389
|
|
|
$
|
33,555
|
|
|
$
|
—
|
|
|
$
|
91,570
|
|
Gains on asset
sales
|
|
3,184
|
|
|
—
|
|
|
177
|
|
|
—
|
|
|
3,361
|
|
Total revenues and
other income
|
|
52,810
|
|
|
8,389
|
|
|
33,732
|
|
|
—
|
|
|
94,931
|
|
Net income (loss)
from continuing operations
|
|
42,084
|
|
|
8,389
|
|
|
2,636
|
|
|
(3,292)
|
|
|
49,817
|
|
Adjusted EBITDA
(1)
|
|
47,459
|
|
|
12,250
|
|
|
5,844
|
|
|
(2,814)
|
|
|
62,739
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
38,537
|
|
|
9,862
|
|
|
5,476
|
|
|
(18,770)
|
|
|
35,105
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
2,888
|
|
|
2,388
|
|
|
(2,539)
|
|
|
—
|
|
|
2,737
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
17
|
|
|
—
|
|
|
(1,000)
|
|
|
(109,021)
|
|
|
(110,004)
|
|
Distributable Cash
Flow (1)
|
|
41,426
|
|
|
12,250
|
|
|
3,424
|
|
|
(18,770)
|
|
|
38,330
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
$
|
77,487
|
|
|
$
|
10,188
|
|
|
$
|
31,642
|
|
|
$
|
—
|
|
|
$
|
119,317
|
|
Gain (loss) on asset
sales
|
|
(1,080)
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
(1,071)
|
|
Total revenues and
other income
|
|
76,407
|
|
|
10,188
|
|
|
31,651
|
|
|
—
|
|
|
118,246
|
|
Asset
impairments
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
Net income (loss)
from continuing operations
|
|
61,153
|
|
|
10,188
|
|
|
3,439
|
|
|
(26,147)
|
|
|
48,633
|
|
Adjusted EBITDA
(1)
|
|
68,730
|
|
|
9,800
|
|
|
7,129
|
|
|
(4,032)
|
|
|
81,627
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
34,814
|
|
|
9,800
|
|
|
6,210
|
|
|
(34,866)
|
|
|
15,958
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
4,184
|
|
|
—
|
|
|
(2,472)
|
|
|
—
|
|
|
1,712
|
|
Net cash used in
financing activities of continuing operations
|
|
—
|
|
|
—
|
|
|
(793)
|
|
|
(46,105)
|
|
|
(46,898)
|
|
Distributable Cash
Flow (1)
|
|
39,003
|
|
|
9,800
|
|
|
4,152
|
|
|
(34,866)
|
|
|
18,089
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
$
|
51,138
|
|
|
$
|
10,294
|
|
|
$
|
27,221
|
|
|
$
|
—
|
|
|
$
|
88,653
|
|
Gains on asset
sales
|
|
29
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
44
|
|
Total revenues and
other income
|
|
51,167
|
|
|
10,294
|
|
|
27,236
|
|
|
—
|
|
|
88,697
|
|
Asset
impairments
|
|
1,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,778
|
|
Net income (loss)
from continuing operations
|
|
35,094
|
|
|
10,294
|
|
|
(1,539)
|
|
|
(26,878)
|
|
|
16,971
|
|
Adjusted EBITDA
(1)
|
|
43,845
|
|
|
12,250
|
|
|
2,375
|
|
|
(7,185)
|
|
|
51,285
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
37,932
|
|
|
12,250
|
|
|
4,046
|
|
|
(33,739)
|
|
|
20,489
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
6
|
|
|
—
|
|
|
(2,074)
|
|
|
—
|
|
|
(2,068)
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
16
|
|
|
—
|
|
|
(96)
|
|
|
54,233
|
|
|
54,153
|
|
Distributable Cash
Flow (1)
|
|
37,937
|
|
|
12,250
|
|
|
2,099
|
|
|
(33,739)
|
|
|
18,547
|
|
(1)
|
See "Non-GAAP
Financial Measures" and reconciliation tables at the end of this
release.
|
Debt Reduction and Liquidity
In the first quarter of 2017, NRP completed several
recapitalization transactions that improved NRP's balance sheet and
strengthened its financial credit position. During the three
months ended June 30, 2017, NRP
redeemed $90.0 million in principal
of its 9.125% senior notes and paid off $7.3
million of Opco's senior notes. In addition, through
the sale of one of its assets, Opco's $0.8 million utility local improvement obligation
was transfered to the purchaser. At the end of the second quarter
NRP had $220.8 million of liquidity,
consisting of $180 million available
under the Opco credit facility and $40.8
million in cash. NRP's consolidated debt to Adjusted
EBITDA ratio stands at 4.0x, down from 4.5x at year-end 2016 and
5.3x at year-end 2015. NRP remains focused on further
reducing its debt and repositioning the partnership for long-term
growth.
Second Quarter 2017 Distributions
On July 27, 2017, the Board of
Directors of GP Natural Resource Partners LLC declared a
distribution of $0.45 per unit to be
paid by the Partnership on August 14,
2017 to common unitholders of record on August 7, 2017. In addition, the Board declared a
distribution on NRP's 12.0% Class A Convertible Preferred
Units. One-half of the distribution on the preferred units
will be paid-in-kind through the issuance of 3,769 additional
preferred units.
Conference Call
A conference call will be held today at 10:00 a.m. ET. To join the conference call,
dial (844) 379-6938 and provide the conference code 54804730.
Investors may also listen to the call via the Investor Relations
section of the NRP website at www.nrplp.com.
Audio replays of the conference call will be available for
approximately one week. To access the replay, dial (855)
859-2056 and provide the conference code 54804730 or visit the
Investor Relations section of NRP's website.
Company Profile
Natural Resource Partners L.P., a master limited
partnership headquartered in Houston, TX, is a
diversified natural resource company that owns interests in coal,
aggregates and industrial minerals across the United
States. A large percentage of NRP's revenues are generated
from royalties and other passive income. In addition, NRP
owns an equity investment in Ciner Wyoming, a trona/soda ash
operation, and a construction aggregates company.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or
kroberts@nrplp.com. Further information about NRP is
available on the partnership's website at http://www.nrplp.com.
Non-GAAP Financial Measures
"Adjusted EBITDA" is a non-GAAP financial
measure that we define as net income (loss) from continuing
operations less equity earnings from unconsolidated investment,
gain on reserve swap, fair value adjustments for warrant
liabilities and income to non-controlling interest; plus
distributions from unconsolidated investment, interest expense,
debt modification expense, loss on extinguishment of debt, warrant
issuance expense, 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, 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 (loss), 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. 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" is a non-GAAP
financial measure that we define as net cash provided by (used in)
operating activities of continuing operations, plus returns of
equity from unconsolidated investment, proceeds from sales of
assets, including those included in discontinued operations, and
return on long-term contract receivables (including affiliate);
less maintenance capital expenditures and distributions to
non-controlling interest. DCF is not a measure of financial
performance under GAAP and should not be considered as an
alternative to cash flows from operating, investing or financing
activities. DCF may not be calculated the same for us as for other
companies. DCF 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 the Partnership's ability to make cash
distributions to our common and preferred unitholders and our
general partner and repay debt.
"Adjusted Net Income" is a non-GAAP financial
measure that we define as Net income attributable to common
unitholders and general partner, plus recapitalization transaction
expenses and asset impairments; less gains on asset sales, non-cash
revenue from lease modifications and terminations and fair value
adjustments for warrant liabilities. Adjusted net income should not
be considered in isolation or as a substitute for operating income
(loss), net income (loss), cash flows provided by operating,
investing and financial activities, or other income or cash flow
statement data prepared in accordance with GAAP. Our management
team believes Adjusted net income is useful in evaluating our
financial performance because restructuring transaction expenses
are one time charges, gains on asset sales are not related to the
operations of our business and asset impairments and fair value
adjustments for warrant liabilities are non-cash charges and
excluding these from net income allows us to better compare results
period-over-period. Reconciliations of Net income attributable to
common unitholders and general partner to Adjusted net income are
included in the table on the first page of this release.
"Adjusted Coal Royalty and Other Revenue" is a
non-GAAP financial measure that we define as Coal royalty and other
revenues less gains on asset sales and non-cash revenue associated
with lease modifications and terminations. Adjusted coal royalty
and other revenue should not be considered in isolation or as a
substitute for operating income (loss), net income (loss), cash
flows provided by operating, investing and financial activities, or
other income or cash flow statement data prepared in accordance
with GAAP. Our management team believes Adjusted coal royalty and
other revenue useful in evaluating our financial performance
because gains on asset sales are not related to the operations of
our business and excluding these from Coal royalty and other
revenue allows us to better compare results period-over-period.
Reconciliations of Coal royalty and other revenue to Adjusted coal
royalty and other revenue are included in the tables attached to
this release.
"Adjusted Coal Royalty and Other Operating Income"
is a non-GAAP financial measure that we define as Coal royalty
and other operating income plus asset impairments less gains on
asset sales and non-cash revenue associated with lease
modifications and terminations. Adjusted coal royalty and other
operating income should not be considered in isolation or as a
substitute for operating income (loss), net income (loss), cash
flows provided by operating, investing and financial activities, or
other income or cash flow statement data prepared in accordance
with GAAP. Our management team believes Adjusted coal royalty and
other operating income is useful in evaluating our financial
performance because gains on asset sales are not related to the
operations of our business and asset impairments and non-cash
revenue associated with lease modifications and forfeitures are
non-cash charges and excluding these from Coal royalty and other
operating income allows us to better compare results
period-over-period. Reconciliations of Coal royalty and other
operating income to Adjusted coal royalty and other operating
income are included in the tables attached to this release.
"Adjusted Revenue and Other Income" is a
non-GAAP financial measure that we define as Revenue and other
income less gains on asset sales and non-cash revenue associated
with lease modifications and terminations. Adjusted revenue and
other income should not be considered in isolation or as a
substitute for operating income (loss), net income (loss), cash
flows provided by operating, investing and financial activities, or
other income or cash flow statement data prepared in accordance
with GAAP. Our management team believes Adjusted revenue and other
income is useful in evaluating our financial performance because
gains on asset sales are not related to the operations of our
business and non-cash revenue associated with lease modifications
and forfeitures and excluding these from revenues and other
income allows us to better compare results period-over-period.
Reconciliations of Revenue and other income to Adjusted
revenue and other income are included in the tables attached to
this release.
"Adjusted Corporate and Financing Costs" is a
non-GAAP financial measure that we define as Corporate and
financing net loss from continuing operations plus debt
modification expense, loss on extinguishment of debt, warrant
issuance expense and performance based incentive compensation
expense less fair value adjustments for warrant liabilities.
Adjusted corporate and financing costs should not be considered in
isolation or as a substitute for operating income (loss), net
income (loss), cash flows provided by operating, investing and
financial activities, or other income or cash flow statement data
prepared in accordance with GAAP. Our management team believes
Adjusted corporate and financing costs is useful in evaluating our
financial performance because debt modification expense, loss on
extinguishment of debt, warrant issuance expense and performance
based incentive compensation expense are one time charges and fair
value adjustments for warrant liabilities are non-cash charges and
excluding these from net loss allows us to better compare results
period-over-period. Reconciliations of Corporate and financing net
loss from continuing operations to Adjusted corporate and financing
costs are included in the tables attached to this release.
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, but are not limited to,
commodity prices; decreases in demand for coal, aggregates and
industrial minerals, including trona/soda ash; changes in operating
conditions and costs; production cuts by our lessees; unanticipated
geologic problems; our liquidity, leverage and access to capital
and financing sources; changes in the legislative or regulatory
environment, 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.
-Financial Tables Follow-
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Consolidated
Statements of Comprehensive Income
|
(In thousands,
except per unit data)
|
(Unaudited)
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
Revenues and other
income:
|
|
|
|
|
|
|
|
|
|
Coal royalty and
other
|
$
|
36,914
|
|
|
$
|
59,983
|
|
|
$
|
34,994
|
|
|
$
|
71,908
|
|
|
$
|
88,832
|
|
Coal royalty and
other—affiliates
|
12,712
|
|
|
17,504
|
|
|
16,144
|
|
|
28,856
|
|
|
28,074
|
|
Construction
aggregates
|
33,555
|
|
|
31,642
|
|
|
27,221
|
|
|
60,776
|
|
|
56,324
|
|
Equity in earnings of
Ciner Wyoming
|
8,389
|
|
|
10,188
|
|
|
10,294
|
|
|
18,683
|
|
|
19,989
|
|
Gain (loss) on asset
sales, net
|
3,361
|
|
|
(1,071)
|
|
|
44
|
|
|
3,405
|
|
|
20,854
|
|
Total revenues and
other income
|
94,931
|
|
|
118,246
|
|
|
88,697
|
|
|
183,628
|
|
|
214,073
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Operating and
maintenance expenses
|
31,020
|
|
|
29,797
|
|
|
29,628
|
|
|
60,648
|
|
|
56,582
|
|
Operating and
maintenance expenses—affiliates, net
|
2,219
|
|
|
2,402
|
|
|
2,555
|
|
|
4,774
|
|
|
5,886
|
|
Depreciation,
depletion and amortization
|
8,165
|
|
|
10,472
|
|
|
9,724
|
|
|
17,889
|
|
|
20,252
|
|
Amortization
expense—affiliate
|
240
|
|
|
704
|
|
|
768
|
|
|
1,008
|
|
|
1,426
|
|
General and
administrative
|
2,031
|
|
|
3,173
|
|
|
6,078
|
|
|
8,109
|
|
|
6,408
|
|
General and
administrative—affiliates
|
852
|
|
|
866
|
|
|
1,124
|
|
|
1,976
|
|
|
1,803
|
|
Asset
impairments
|
—
|
|
|
91
|
|
|
1,778
|
|
|
1,778
|
|
|
1,984
|
|
Total operating
expenses
|
44,527
|
|
|
47,505
|
|
|
51,655
|
|
|
96,182
|
|
|
94,341
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
50,404
|
|
|
70,741
|
|
|
37,042
|
|
|
87,446
|
|
|
119,732
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(20,377)
|
|
|
(22,054)
|
|
|
(23,141)
|
|
|
(43,518)
|
|
|
(44,251)
|
|
Interest
expense—affiliate
|
—
|
|
|
(61)
|
|
|
—
|
|
|
—
|
|
|
(523)
|
|
Debt modification
expense
|
(132)
|
|
|
—
|
|
|
(7,807)
|
|
|
(7,939)
|
|
|
—
|
|
Loss on
extinguishment of debt
|
(4,107)
|
|
|
—
|
|
|
—
|
|
|
(4,107)
|
|
|
—
|
|
Warrant issuance
expense
|
—
|
|
|
—
|
|
|
(5,709)
|
|
|
(5,709)
|
|
|
—
|
|
Fair value
adjustments for warrant liabilities
|
23,960
|
|
|
—
|
|
|
16,569
|
|
|
40,529
|
|
|
—
|
|
Interest
income
|
69
|
|
|
7
|
|
|
17
|
|
|
86
|
|
|
26
|
|
Other expense,
net
|
(587)
|
|
|
(22,108)
|
|
|
(20,071)
|
|
|
(20,658)
|
|
|
(44,748)
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
49,817
|
|
|
48,633
|
|
|
16,971
|
|
|
66,788
|
|
|
74,984
|
|
Income (loss) from
discontinued operations
|
133
|
|
|
(2,187)
|
|
|
(207)
|
|
|
(74)
|
|
|
(5,111)
|
|
Net income
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
16,764
|
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Less: income
attributable to preferred unitholders
|
(7,538)
|
|
|
—
|
|
|
(2,500)
|
|
|
(10,038)
|
|
|
—
|
|
Net income
attributable to common unitholders and general partner
|
$
|
42,412
|
|
|
$
|
46,446
|
|
|
$
|
14,264
|
|
|
$
|
56,676
|
|
|
$
|
69,873
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations per common unit
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
3.38
|
|
|
$
|
3.90
|
|
|
$
|
1.17
|
|
|
$
|
4.55
|
|
|
$
|
6.02
|
|
Diluted
|
1.13
|
|
|
3.90
|
|
|
0.03
|
|
|
1.35
|
|
|
6.02
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
unit
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
3.39
|
|
|
$
|
3.73
|
|
|
$
|
1.15
|
|
|
$
|
4.54
|
|
|
$
|
5.61
|
|
Diluted
|
1.13
|
|
|
3.73
|
|
|
0.02
|
|
|
1.34
|
|
|
5.61
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
16,764
|
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Add: comprehensive
income (loss) from unconsolidated investment and other
|
(13)
|
|
|
462
|
|
|
(1,132)
|
|
|
(1,145)
|
|
|
(83)
|
|
Comprehensive
income
|
$
|
49,937
|
|
|
$
|
46,908
|
|
|
$
|
15,632
|
|
|
$
|
65,569
|
|
|
$
|
69,790
|
|
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Consolidated
Statements of Cash Flows
|
(In
thousands)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
49,950
|
|
|
$
|
46,446
|
|
|
$
|
16,764
|
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Adjustments to
reconcile net income to net cash provided by operating activities
of continuing operations:
|
|
|
|
|
|
|
|
|
|
|
Depreciation,
depletion and amortization
|
|
8,165
|
|
|
10,472
|
|
|
9,724
|
|
|
17,889
|
|
|
20,252
|
|
Amortization
expense—affiliates
|
|
240
|
|
|
704
|
|
|
768
|
|
|
1,008
|
|
|
1,426
|
|
Return on earnings
from unconsolidated investment
|
|
9,862
|
|
|
9,800
|
|
|
12,250
|
|
|
22,112
|
|
|
22,050
|
|
Equity earnings from
unconsolidated investment
|
|
(8,389)
|
|
|
(10,188)
|
|
|
(10,294)
|
|
|
(18,683)
|
|
|
(19,989)
|
|
(Gain) loss on asset
sales, net
|
|
(3,361)
|
|
|
1,071
|
|
|
(44)
|
|
|
(3,405)
|
|
|
(20,854)
|
|
Fair value
adjustments for warrant liabilities
|
|
(23,960)
|
|
|
—
|
|
|
(16,569)
|
|
|
(40,529)
|
|
|
—
|
|
Debt modification
expense
|
|
132
|
|
|
—
|
|
|
7,807
|
|
|
7,939
|
|
|
—
|
|
Loss on
extinguishment of debt
|
|
4,107
|
|
|
—
|
|
|
—
|
|
|
4,107
|
|
|
—
|
|
Warrant issuance
expense
|
|
—
|
|
|
—
|
|
|
5,709
|
|
|
5,709
|
|
|
—
|
|
(Income) loss from
discontinued operations
|
|
(133)
|
|
|
2,187
|
|
|
207
|
|
|
74
|
|
|
5,111
|
|
Asset
impairments
|
|
—
|
|
|
91
|
|
|
1,778
|
|
|
1,778
|
|
|
1,984
|
|
Other, net
|
|
1,332
|
|
|
1,828
|
|
|
1,090
|
|
|
2,422
|
|
|
4,094
|
|
Other,
net—affiliates
|
|
(999)
|
|
|
(1,571)
|
|
|
887
|
|
|
(112)
|
|
|
212
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(2,336)
|
|
|
(33)
|
|
|
(1,267)
|
|
|
(3,603)
|
|
|
3,922
|
|
Accounts
receivable—affiliates
|
|
121
|
|
|
(1,201)
|
|
|
(947)
|
|
|
(826)
|
|
|
(2,271)
|
|
Accounts
payable
|
|
(940)
|
|
|
(130)
|
|
|
986
|
|
|
46
|
|
|
150
|
|
Accounts
payable—affiliates
|
|
(254)
|
|
|
(250)
|
|
|
256
|
|
|
2
|
|
|
(25)
|
|
Accrued
liabilities
|
|
4,182
|
|
|
(4,405)
|
|
|
(8,080)
|
|
|
(3,898)
|
|
|
(3,131)
|
|
Accrued
liabilities—affiliates
|
|
—
|
|
|
(913)
|
|
|
—
|
|
|
—
|
|
|
(456)
|
|
Deferred
revenue
|
|
3,412
|
|
|
(34,141)
|
|
|
1,077
|
|
|
4,489
|
|
|
(38,204)
|
|
Deferred
revenue—affiliates
|
|
(7,269)
|
|
|
(3,075)
|
|
|
(2,897)
|
|
|
(10,166)
|
|
|
(4,060)
|
|
Other items,
net
|
|
1,243
|
|
|
(1,341)
|
|
|
1,284
|
|
|
2,527
|
|
|
(2,045)
|
|
Other items,
net—affiliates
|
|
—
|
|
|
607
|
|
|
—
|
|
|
—
|
|
|
607
|
|
Net cash provided by
operating activities of continuing operations
|
|
35,105
|
|
|
15,958
|
|
|
20,489
|
|
|
55,594
|
|
|
38,646
|
|
Net cash provided by
(used in) operating activities of discontinued
operations
|
|
(247)
|
|
|
1,843
|
|
|
(284)
|
|
|
(531)
|
|
|
5,815
|
|
Net cash provided by
operating activities
|
|
34,858
|
|
|
17,801
|
|
|
20,205
|
|
|
55,063
|
|
|
44,461
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
Return of equity from
unconsolidated investment
|
|
2,388
|
|
|
—
|
|
|
—
|
|
|
2,388
|
|
|
—
|
|
Proceeds from sale of
oil and gas royalty properties
|
|
4
|
|
|
1,499
|
|
|
(548)
|
|
|
(544)
|
|
|
34,347
|
|
Proceeds from sale of
coal and aggregates royalty properties
|
|
1,288
|
|
|
—
|
|
|
139
|
|
|
1,427
|
|
|
9,802
|
|
Return of long-term
contract receivables
|
|
1,207
|
|
|
—
|
|
|
—
|
|
|
1,207
|
|
|
—
|
|
Return of long-term
contract receivables—affiliate
|
|
390
|
|
|
1,871
|
|
|
414
|
|
|
804
|
|
|
2,180
|
|
Proceeds from sale of
plant and equipment and other
|
|
363
|
|
|
840
|
|
|
22
|
|
|
385
|
|
|
843
|
|
Acquisition of plant
and equipment and other
|
|
(2,903)
|
|
|
(2,498)
|
|
|
(2,095)
|
|
|
(4,998)
|
|
|
(3,919)
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
2,737
|
|
|
1,712
|
|
|
(2,068)
|
|
|
669
|
|
|
43,253
|
|
Net cash provided by
(used in) investing activities of discontinued
operations
|
|
173
|
|
|
(1,089)
|
|
|
29
|
|
|
202
|
|
|
(3,814)
|
|
Net cash provided by
(used in) investing activities
|
|
2,910
|
|
|
623
|
|
|
(2,039)
|
|
|
871
|
|
|
39,439
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of Convertible Preferred Units and Warrants,
net
|
|
—
|
|
|
—
|
|
|
242,100
|
|
|
242,100
|
|
|
—
|
|
Proceeds from
issuance of 2022 Senior Notes, net
|
|
—
|
|
|
—
|
|
|
103,688
|
|
|
103,688
|
|
|
—
|
|
Proceeds from
loans
|
|
—
|
|
|
20,000
|
|
|
—
|
|
|
—
|
|
|
20,000
|
|
Repayments of
loans
|
|
(97,282)
|
|
|
(57,316)
|
|
|
(251,010)
|
|
|
(348,292)
|
|
|
(98,482)
|
|
Distributions to
common unitholders and general partner
|
|
(5,619)
|
|
|
(5,616)
|
|
|
(5,615)
|
|
|
(11,234)
|
|
|
(11,232)
|
|
Distributions to
preferred unitholders
|
|
(1,250)
|
|
|
—
|
|
|
—
|
|
|
(1,250)
|
|
|
—
|
|
Contributions to
discontinued operations
|
|
(74)
|
|
|
—
|
|
|
(255)
|
|
|
(329)
|
|
|
—
|
|
Debt issue costs and
other
|
|
(5,779)
|
|
|
(3,966)
|
|
|
(34,755)
|
|
|
(40,534)
|
|
|
(11,998)
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
(110,004)
|
|
|
(46,898)
|
|
|
54,153
|
|
|
(55,851)
|
|
|
(101,712)
|
|
Net cash provided by
(used in) financing activities of discontinued
operations
|
|
74
|
|
|
(232)
|
|
|
255
|
|
|
329
|
|
|
(10,570)
|
|
Net cash provided by
(used in) financing activities
|
|
(109,930)
|
|
|
(47,130)
|
|
|
54,408
|
|
|
(55,522)
|
|
|
(112,282)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(72,162)
|
|
|
(28,706)
|
|
|
72,574
|
|
|
412
|
|
|
(28,382)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents of continuing operations at beginning of
period
|
|
112,945
|
|
|
50,619
|
|
|
40,371
|
|
|
40,371
|
|
|
41,204
|
|
Cash and cash
equivalents of discontinued operations at beginning of
period
|
|
—
|
|
|
1,478
|
|
|
—
|
|
|
—
|
|
|
10,569
|
|
Cash and cash
equivalents at beginning of period
|
|
112,945
|
|
|
52,097
|
|
|
40,371
|
|
|
40,371
|
|
|
51,773
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
40,783
|
|
|
23,391
|
|
|
112,945
|
|
|
40,783
|
|
|
23,391
|
|
Less: cash and cash
equivalents of discontinued operations at end of period
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
Cash and cash
equivalents of continuing operations at end of period
|
|
$
|
40,783
|
|
|
$
|
21,391
|
|
|
$
|
112,945
|
|
|
$
|
40,783
|
|
|
$
|
21,391
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
|
$
|
15,029
|
|
|
$
|
29,490
|
|
|
$
|
19,851
|
|
|
$
|
34,880
|
|
|
$
|
42,671
|
|
Non-cash financing
activities:
|
|
|
|
|
|
|
|
|
|
|
Issuance of 2022
Senior Notes in exchange for 2018 Senior Notes
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
240,638
|
|
|
$
|
240,638
|
|
|
$
|
—
|
|
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Consolidated
Balance Sheets
|
(In thousands,
except unit data)
|
|
June
30,
|
|
December
31,
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
40,783
|
|
|
$
|
40,371
|
|
Accounts receivable,
net
|
53,997
|
|
|
43,202
|
|
Accounts
receivable—affiliates, net
|
292
|
|
|
6,658
|
|
Inventory
|
7,841
|
|
|
6,893
|
|
Prepaid expenses and
other
|
3,192
|
|
|
6,137
|
|
Current assets of
discontinued operations
|
991
|
|
|
991
|
|
Total current
assets
|
107,096
|
|
|
104,252
|
|
Land
|
25,272
|
|
|
25,252
|
|
Plant and equipment,
net
|
48,822
|
|
|
49,443
|
|
Mineral rights,
net
|
895,642
|
|
|
908,192
|
|
Intangible assets,
net
|
51,226
|
|
|
3,236
|
|
Intangible assets,
net—affiliate
|
—
|
|
|
49,811
|
|
Equity in
unconsolidated investment
|
248,919
|
|
|
255,901
|
|
Long-term contracts
receivable
|
41,638
|
|
|
—
|
|
Long-term contracts
receivable—affiliate
|
—
|
|
|
43,785
|
|
Other
assets
|
9,172
|
|
|
3,791
|
|
Other
assets—affiliate
|
1,265
|
|
|
1,018
|
|
Total
assets
|
$
|
1,429,052
|
|
|
$
|
1,444,681
|
|
LIABILITIES AND
CAPITAL
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
5,257
|
|
|
$
|
6,234
|
|
Accounts
payable—affiliates
|
942
|
|
|
940
|
|
Accrued
liabilities
|
37,213
|
|
|
41,587
|
|
Current portion of
long-term debt, net
|
173,901
|
|
|
138,903
|
|
Current liabilities
of discontinued operations
|
98
|
|
|
353
|
|
Total current
liabilities
|
217,411
|
|
|
188,017
|
|
Deferred
revenue
|
110,885
|
|
|
44,931
|
|
Deferred
revenue—affiliates
|
—
|
|
|
71,632
|
|
Long-term debt,
net
|
700,252
|
|
|
987,400
|
|
Warrant
liabilities
|
37,457
|
|
|
—
|
|
Other non-current
liabilities
|
2,699
|
|
|
4,565
|
|
Total
liabilities
|
1,068,704
|
|
|
1,296,545
|
|
Commitments and
contingencies
|
|
|
|
Convertible Preferred
Units (251,250 units issued and outstanding at $1,000 par value per
unit; liquidation preference of $1,500 per unit)
|
160,377
|
|
|
—
|
|
Partners'
capital:
|
|
|
|
Common unitholders'
interest (12,232,006 units issued and outstanding)
|
204,230
|
|
|
152,309
|
|
General partner's
interest
|
1,946
|
|
|
887
|
|
Accumulated other
comprehensive loss
|
(2,811)
|
|
|
(1,666)
|
|
Total partners'
capital
|
203,365
|
|
|
151,530
|
|
Non-controlling
interest
|
(3,394)
|
|
|
(3,394)
|
|
Total
capital
|
199,971
|
|
|
148,136
|
|
Total liabilities and
capital
|
$
|
1,429,052
|
|
|
$
|
1,444,681
|
|
The table below presents NRP's business results by segment for
the six months ended June 30, 2017 and June 30, 2016:
|
|
Operating Business
Segments
|
|
|
|
|
|
Coal
Royalty
and Other
|
|
|
|
Construction
Aggregates
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
|
|
Total
|
|
|
($ In
thousands)
|
Six Months Ended June
30, 2017
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
$
|
100,764
|
|
|
$
|
18,683
|
|
|
$
|
60,776
|
|
|
$
|
—
|
|
|
$
|
180,223
|
|
Gains on asset
sales
|
|
3,213
|
|
|
—
|
|
|
192
|
|
|
—
|
|
|
3,405
|
|
Total revenues and
other income
|
|
103,977
|
|
|
18,683
|
|
|
60,968
|
|
|
—
|
|
|
183,628
|
|
Asset
impairments
|
|
1,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,778
|
|
Net income (loss)
from continuing operations
|
|
77,178
|
|
|
18,683
|
|
|
1,097
|
|
|
(30,170)
|
|
|
66,788
|
|
Adjusted EBITDA
(1)
|
|
91,304
|
|
|
24,500
|
|
|
8,219
|
|
|
(9,999)
|
|
|
114,024
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
76,469
|
|
|
22,112
|
|
|
9,522
|
|
|
(52,509)
|
|
|
55,594
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
2,894
|
|
|
2,388
|
|
|
(4,613)
|
|
|
—
|
|
|
669
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
33
|
|
|
—
|
|
|
(1,096)
|
|
|
(54,788)
|
|
|
(55,851)
|
|
Distributable Cash
Flow (1)
|
|
79,363
|
|
|
24,500
|
|
|
5,523
|
|
|
(52,509)
|
|
|
56,877
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2016
|
|
|
|
|
|
|
|
|
|
|
Revenues and other
income
|
|
$
|
116,906
|
|
|
$
|
19,989
|
|
|
$
|
56,324
|
|
|
$
|
—
|
|
|
$
|
193,219
|
|
Gains on asset
sales
|
|
20,845
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
20,854
|
|
Total revenues and
other income
|
|
137,751
|
|
|
19,989
|
|
|
56,333
|
|
|
—
|
|
|
214,073
|
|
Asset
impairments
|
|
1,984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,984
|
|
Net income (loss)
from continuing operations
|
|
105,552
|
|
|
19,989
|
|
|
2,402
|
|
|
(52,959)
|
|
|
74,984
|
|
Adjusted EBITDA
(1)
|
|
121,962
|
|
|
22,050
|
|
|
9,654
|
|
|
(8,185)
|
|
|
145,481
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
56,375
|
|
|
22,050
|
|
|
12,323
|
|
|
(52,102)
|
|
|
38,646
|
|
Net cash provided by
(used in) investing activities of continuing operations
|
|
47,143
|
|
|
—
|
|
|
(3,890)
|
|
|
—
|
|
|
43,253
|
|
Net cash used in
financing activities of continuing operations
|
|
—
|
|
|
(7,232)
|
|
|
(1,593)
|
|
|
(92,887)
|
|
|
(101,712)
|
|
Distributable Cash
Flow (1)
|
|
103,523
|
|
|
22,050
|
|
|
9,018
|
|
|
(52,102)
|
|
|
82,489
|
|
(1)
|
See "Non-GAAP
Financial Measures" and reconciliation tables at the end of this
release.
|
Natural Resource
Partners L.P.
|
Financial
Tables
|
|
Operating
Statistics - Coal Royalty and Other
|
(in thousands
except per ton data)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
Coal production
(tons)
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
|
Northern
(1)
|
|
247
|
|
|
(138)
|
|
|
1,206
|
|
|
1,454
|
|
|
1,292
|
|
Central
|
|
3,897
|
|
|
3,470
|
|
|
3,699
|
|
|
7,597
|
|
|
6,698
|
|
Southern
|
|
690
|
|
|
773
|
|
|
562
|
|
|
1,253
|
|
|
1,518
|
|
Total
Appalachia
|
|
4,834
|
|
|
4,105
|
|
|
5,467
|
|
|
10,304
|
|
|
9,508
|
|
Illinois
Basin
|
|
734
|
|
|
1,909
|
|
|
2,017
|
|
|
2,751
|
|
|
3,637
|
|
Northern Powder River
Basin
|
|
910
|
|
|
442
|
|
|
950
|
|
|
1,859
|
|
|
1,416
|
|
Total coal
production
|
|
6,478
|
|
|
6,456
|
|
|
8,434
|
|
|
14,914
|
|
|
14,561
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal royalty revenue
per ton
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
|
Northern
(1)
|
|
$
|
3.78
|
|
|
$
|
2.08
|
|
|
$
|
0.50
|
|
|
$
|
1.06
|
|
|
$
|
1.27
|
|
Central
|
|
5.05
|
|
|
3.13
|
|
|
5.46
|
|
|
5.25
|
|
|
3.19
|
|
Southern
|
|
5.69
|
|
|
3.36
|
|
|
6.46
|
|
|
6.03
|
|
|
3.16
|
|
Illinois
Basin
|
|
4.06
|
|
|
3.76
|
|
|
3.30
|
|
|
3.50
|
|
|
3.54
|
|
Northern Powder River
Basin
|
|
2.62
|
|
|
3.05
|
|
|
2.63
|
|
|
2.63
|
|
|
2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal royalty
revenues
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
|
|
|
|
|
|
|
|
|
Northern
(1)
|
|
$
|
933
|
|
|
$
|
463
|
|
|
$
|
607
|
|
|
$
|
1,540
|
|
|
$
|
1,635
|
|
Central
|
|
19,691
|
|
|
10,864
|
|
|
20,184
|
|
|
39,875
|
|
|
21,337
|
|
Southern
|
|
3,927
|
|
|
2,598
|
|
|
3,632
|
|
|
7,559
|
|
|
4,800
|
|
Total
Appalachia
|
|
24,551
|
|
|
13,925
|
|
|
24,423
|
|
|
48,974
|
|
|
27,772
|
|
Illinois
Basin
|
|
2,978
|
|
|
7,181
|
|
|
6,646
|
|
|
9,624
|
|
|
12,867
|
|
Northern Powder River
Basin
|
|
2,384
|
|
|
1,348
|
|
|
2,498
|
|
|
4,882
|
|
|
4,000
|
|
Total coal royalty
revenue
|
|
$
|
29,913
|
|
|
$
|
22,454
|
|
|
$
|
33,567
|
|
|
$
|
63,480
|
|
|
$
|
44,639
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
revenues
|
|
|
|
|
|
|
|
|
|
|
Minimums recognized
as revenue
|
|
$
|
7,547
|
|
|
$
|
43,527
|
|
|
$
|
5,196
|
|
|
$
|
12,743
|
|
|
$
|
50,492
|
|
Transportation and
processing fees
|
|
5,520
|
|
|
5,302
|
|
|
4,639
|
|
|
10,159
|
|
|
9,536
|
|
Property tax
revenue
|
|
1,100
|
|
|
3,027
|
|
|
2,698
|
|
|
3,798
|
|
|
6,332
|
|
Wheelage
|
|
1,025
|
|
|
465
|
|
|
1,267
|
|
|
2,292
|
|
|
878
|
|
Coal override
revenue
|
|
1,885
|
|
|
657
|
|
|
824
|
|
|
2,709
|
|
|
867
|
|
Hard mineral royalty
revenues
|
|
1,452
|
|
|
603
|
|
|
1,244
|
|
|
2,696
|
|
|
1,494
|
|
Oil and gas royalty
revenues
|
|
924
|
|
|
1,091
|
|
|
1,491
|
|
|
2,415
|
|
|
1,464
|
|
Other
|
|
260
|
|
|
361
|
|
|
212
|
|
|
472
|
|
|
1,204
|
|
Total other
revenues
|
|
$
|
19,713
|
|
|
$
|
55,033
|
|
|
$
|
17,571
|
|
|
$
|
37,284
|
|
|
$
|
72,267
|
|
Coal royalty and
other income
|
|
49,626
|
|
|
77,487
|
|
|
51,138
|
|
|
100,764
|
|
|
116,906
|
|
Gain (loss) on coal
royalty and other segment asset sales
|
|
3,184
|
|
|
(1,080)
|
|
|
29
|
|
|
3,213
|
|
|
20,845
|
|
Total coal royalty
and other segment revenues and other income
|
|
$
|
52,810
|
|
|
$
|
76,407
|
|
|
$
|
51,167
|
|
|
$
|
103,977
|
|
|
$
|
137,751
|
|
(1)
|
During the three
months ended June 30, 2016, Northern Appalachia was impacted by a
prior period adjustment of 0.4 million tons and less than $0.1
million in royalty revenue related to the Hibbs Run mine that
temporarily ceased production during 2016. Absent this adjustment,
production in the Northern Appalachia region was 0.2 million tons
with revenue of $0.4 million. Coal royalty revenue per ton removes
the impact of the Hibbs Run prior period adjustment.
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
|
|
Six Months
Ended
|
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
|
(In
thousands)
|
Net income
|
|
$
|
66,714
|
|
|
$
|
69,873
|
|
Less: income
attributable to preferred unitholders
|
|
(10,038)
|
|
|
—
|
|
Net income
attributable to common unitholders and general partner
|
|
$
|
56,676
|
|
|
$
|
69,873
|
|
Plus:
Recapitalization transaction expenses
|
|
21,602
|
|
|
—
|
|
Plus: Asset
impairments
|
|
1,778
|
|
|
1,984
|
|
Less: Non-cash
revenue associated with lease modifications and
forfeitures
|
|
(1,262)
|
|
|
(36,788)
|
|
Less: Fair value
adjustments for warrant liabilities
|
|
(40,529)
|
|
|
—
|
|
Less: Gains on asset
sales
|
|
(3,405)
|
|
|
(20,854)
|
|
Adjusted net income
attributable to common unitholders and general partner
|
|
$
|
34,860
|
|
—
|
|
$
|
14,215
|
|
|
|
|
|
|
|
|
|
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Distributable Cash
Flow
|
(In
thousands)
|
|
|
|
|
|
Coal
Royalty
and Other
|
|
|
|
Construction
Aggregates
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
|
|
Total
|
|
|
(Unaudited)
|
Three Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
38,537
|
|
|
$
|
9,862
|
|
|
$
|
5,476
|
|
|
$
|
(18,770)
|
|
|
$
|
35,105
|
|
Add: return of equity
from unconsolidated investment
|
|
—
|
|
|
2,388
|
|
|
—
|
|
|
—
|
|
|
2,388
|
|
Add: proceeds from
sale of PP&E
|
|
—
|
|
|
—
|
|
|
363
|
|
|
—
|
|
|
363
|
|
Add: proceeds from
sale of mineral rights
|
|
1,292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,292
|
|
Add: return on
long-term contract receivables (including affiliate)
|
|
1,597
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,597
|
|
Less: maintenance
capital expenditures
|
|
—
|
|
|
—
|
|
|
(2,415)
|
|
|
—
|
|
|
(2,415)
|
|
Distributable cash
flow
|
|
$
|
41,426
|
|
|
$
|
12,250
|
|
|
$
|
3,424
|
|
|
$
|
(18,770)
|
|
|
$
|
38,330
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
34,814
|
|
|
$
|
9,800
|
|
|
$
|
6,210
|
|
|
$
|
(34,866)
|
|
|
$
|
15,958
|
|
Add: proceeds from
sale of PP&E
|
|
819
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
840
|
|
Add: proceeds from
sale of mineral rights
|
|
1,499
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,499
|
|
Add: return on
long-term contract receivables—affiliate
|
|
1,871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,871
|
|
Less: maintenance
capital expenditures
|
|
—
|
|
|
—
|
|
|
(2,079)
|
|
|
—
|
|
|
(2,079)
|
|
Distributable cash
flow
|
|
$
|
39,003
|
|
|
$
|
9,800
|
|
|
$
|
4,152
|
|
|
$
|
(34,866)
|
|
|
$
|
18,089
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
37,932
|
|
|
$
|
12,250
|
|
|
$
|
4,046
|
|
|
$
|
(33,739)
|
|
|
$
|
20,489
|
|
Add: proceeds from
sale of PP&E
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
Add: proceeds from
sale of mineral rights
|
|
(409)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(409)
|
|
Add: return on
long-term contract receivables—affiliate
|
|
414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
Less: maintenance
capital expenditures
|
|
—
|
|
|
—
|
|
|
(1,969)
|
|
|
—
|
|
|
(1,969)
|
|
Distributable cash
flow
|
|
$
|
37,937
|
|
|
$
|
12,250
|
|
|
$
|
2,099
|
|
|
$
|
(33,739)
|
|
|
$
|
18,547
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Distributable Cash
Flow
|
(In
thousands)
|
|
|
|
|
|
Coal
Royalty and
Other
|
|
|
|
Construction
Aggregates
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
|
|
Total
|
|
|
(Unaudited)
|
Six Months Ended June
30, 2017
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
76,469
|
|
|
$
|
22,112
|
|
|
$
|
9,522
|
|
|
$
|
(52,509)
|
|
|
$
|
55,594
|
|
Add: return of equity
from unconsolidated investment
|
|
—
|
|
|
2,388
|
|
|
—
|
|
|
—
|
|
|
2,388
|
|
Add: proceeds from
sale of PP&E
|
|
—
|
|
|
—
|
|
|
385
|
|
|
—
|
|
|
385
|
|
Add: proceeds from
sale of mineral rights
|
|
883
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
883
|
|
Add: return on
long-term contract receivables (including affiliate)
|
|
2,011
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,011
|
|
Less: maintenance
capital expenditures
|
|
—
|
|
|
—
|
|
|
(4,384)
|
|
|
—
|
|
|
(4,384)
|
|
Distributable cash
flow
|
|
$
|
79,363
|
|
|
$
|
24,500
|
|
|
$
|
5,523
|
|
|
$
|
(52,509)
|
|
|
$
|
56,877
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2016
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities of continuing operations
|
|
$
|
56,375
|
|
|
$
|
22,050
|
|
|
$
|
12,323
|
|
|
$
|
(52,102)
|
|
|
$
|
38,646
|
|
Add: proceeds from
sale of PP&E
|
|
819
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
843
|
|
Add: proceeds from
sale of mineral rights
|
|
44,149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,149
|
|
Add: return on
long-term contract receivables—affiliate
|
|
2,180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,180
|
|
Less: maintenance
capital expenditures
|
|
—
|
|
|
—
|
|
|
(3,329)
|
|
|
—
|
|
|
(3,329)
|
|
Distributable cash
flow
|
|
$
|
103,523
|
|
|
$
|
22,050
|
|
|
$
|
9,018
|
|
|
$
|
(52,102)
|
|
|
$
|
82,489
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Adjusted
EBITDA
|
(In
thousands)
|
|
|
|
|
|
Coal
Royalty and
Other
|
|
|
|
Construction
Aggregates
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
|
|
Total
|
|
|
(Unaudited)
|
Three Months Ended
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
42,084
|
|
|
$
|
8,389
|
|
|
$
|
2,636
|
|
|
$
|
(3,292)
|
|
|
$
|
49,817
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(8,389)
|
|
|
—
|
|
|
—
|
|
|
(8,389)
|
|
Less: fair value
adjustments for warrant liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,960)
|
|
|
(23,960)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
178
|
|
|
20,199
|
|
|
20,377
|
|
Add: debt
modification expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
132
|
|
|
132
|
|
Add: loss on
extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,107
|
|
|
4,107
|
|
Add: depreciation,
depletion and amortization
|
|
5,375
|
|
|
—
|
|
|
3,030
|
|
|
—
|
|
|
8,405
|
|
Add: asset
impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
47,459
|
|
|
$
|
12,250
|
|
|
$
|
5,844
|
|
|
$
|
(2,814)
|
|
|
$
|
62,739
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
61,153
|
|
|
$
|
10,188
|
|
|
$
|
3,439
|
|
|
$
|
(26,147)
|
|
|
$
|
48,633
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(10,188)
|
|
|
—
|
|
|
—
|
|
|
(10,188)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
9,800
|
|
|
—
|
|
|
—
|
|
|
9,800
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,115
|
|
|
22,115
|
|
Add: depreciation,
depletion and amortization
|
|
7,486
|
|
|
—
|
|
|
3,690
|
|
|
—
|
|
|
11,176
|
|
Add: asset
impairments
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91
|
|
Adjusted
EBITDA
|
|
$
|
68,730
|
|
|
$
|
9,800
|
|
|
$
|
7,129
|
|
|
$
|
(4,032)
|
|
|
$
|
81,627
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
35,094
|
|
|
$
|
10,294
|
|
|
$
|
(1,539)
|
|
|
$
|
(26,878)
|
|
|
$
|
16,971
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(10,294)
|
|
|
—
|
|
|
—
|
|
|
(10,294)
|
|
Less: fair value
adjustments for warrant liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,569)
|
|
|
(16,569)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
12,250
|
|
|
—
|
|
|
—
|
|
|
12,250
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
395
|
|
|
22,746
|
|
|
23,141
|
|
Add: debt
modification expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,807
|
|
|
7,807
|
|
Add: warrant issuance
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,709
|
|
|
5,709
|
|
Add: depreciation,
depletion and amortization
|
|
6,973
|
|
|
—
|
|
|
3,519
|
|
|
—
|
|
|
10,492
|
|
Add: asset
impairments
|
|
1,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,778
|
|
Adjusted
EBITDA
|
|
$
|
43,845
|
|
|
$
|
12,250
|
|
|
$
|
2,375
|
|
|
$
|
(7,185)
|
|
|
$
|
51,285
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Adjusted
EBITDA
|
(In
thousands)
|
|
|
|
|
|
Coal
Royalty and
Other
|
|
|
|
Construction
Aggregates
|
|
Corporate
and
Financing
|
|
|
|
|
|
Soda
Ash
|
|
|
|
Total
|
|
|
(Unaudited)
|
Six Months Ended June
30, 2017
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
77,178
|
|
|
$
|
18,683
|
|
|
$
|
1,097
|
|
|
$
|
(30,170)
|
|
|
$
|
66,788
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(18,683)
|
|
|
—
|
|
|
—
|
|
|
(18,683)
|
|
Less: fair value
adjustments for warrant liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,529)
|
|
|
(40,529)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
24,500
|
|
|
—
|
|
|
—
|
|
|
24,500
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
573
|
|
|
42,945
|
|
|
43,518
|
|
Add: debt
modification expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,939
|
|
|
7,939
|
|
Add: loss on
extinguishment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,107
|
|
|
4,107
|
|
Add: warrant issuance
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,709
|
|
|
5,709
|
|
Add: depreciation,
depletion and amortization
|
|
12,348
|
|
|
—
|
|
|
6,549
|
|
|
—
|
|
|
18,897
|
|
Add: asset
impairments
|
|
1,778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,778
|
|
Adjusted
EBITDA
|
|
$
|
91,304
|
|
|
$
|
24,500
|
|
|
$
|
8,219
|
|
|
$
|
(9,999)
|
|
|
$
|
114,024
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2016
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
105,552
|
|
|
$
|
19,989
|
|
|
$
|
2,402
|
|
|
$
|
(52,959)
|
|
|
$
|
74,984
|
|
Less: equity earnings
from unconsolidated investment
|
|
—
|
|
|
(19,989)
|
|
|
—
|
|
|
—
|
|
|
(19,989)
|
|
Add: distributions
from unconsolidated investment
|
|
—
|
|
|
22,050
|
|
|
—
|
|
|
—
|
|
|
22,050
|
|
Add: interest
expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,774
|
|
|
44,774
|
|
Add: depreciation,
depletion and amortization
|
|
14,426
|
|
|
—
|
|
|
7,252
|
|
|
—
|
|
|
21,678
|
|
Add: asset
impairments
|
|
1,984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,984
|
|
Adjusted
EBITDA
|
|
$
|
121,962
|
|
|
$
|
22,050
|
|
|
$
|
9,654
|
|
|
$
|
(8,185)
|
|
|
$
|
145,481
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Adjusted Coal
Royalty and Other Revenue
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
|
Coal royalty and
other revenue
|
|
$
|
52,810
|
|
|
$
|
76,407
|
|
|
$
|
51,167
|
|
|
$
|
103,977
|
|
|
$
|
137,751
|
|
Less: Non-cash
revenue associated with lease modifications and
terminations
|
|
(972)
|
|
|
(35,451)
|
|
|
(290)
|
|
|
(1,262)
|
|
|
(36,788)
|
|
Less: (gain) loss on
asset sales
|
|
(3,184)
|
|
|
1,080
|
|
|
(29)
|
|
|
(3,213)
|
|
|
(20,845)
|
|
Adjusted coal royalty
and other revenue
|
|
$
|
48,654
|
|
|
$
|
42,036
|
|
|
$
|
50,848
|
|
|
99,502
|
|
|
80,118
|
|
Adjusted Coal
Royalty and Other Operating Income
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
|
Coal royalty and
other operating income
|
|
$
|
42,084
|
|
|
$
|
61,153
|
|
|
$
|
35,094
|
|
|
$
|
77,178
|
|
|
$
|
105,552
|
|
Add: asset
impairments
|
|
—
|
|
|
91
|
|
|
1,778
|
|
|
1,778
|
|
|
1,984
|
|
Less: Non-cash
revenue associated with lease modifications and
terminations
|
|
(972)
|
|
|
(35,451)
|
|
|
(290)
|
|
|
(1,262)
|
|
|
(36,788)
|
|
Less: gains on asset
sales
|
|
(3,184)
|
|
|
1,080
|
|
|
(29)
|
|
|
(3,213)
|
|
|
(20,845)
|
|
Adjusted coal royalty
and other operating income
|
|
$
|
37,928
|
|
|
$
|
26,873
|
|
|
$
|
36,553
|
|
|
74,481
|
|
|
49,903
|
|
Adjusted Revenue
and Other Income
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
|
Revenue and other
income
|
|
$
|
94,931
|
|
|
$
|
118,246
|
|
|
88,697
|
|
|
$
|
183,628
|
|
|
$
|
214,073
|
|
Less: Non-cash
revenue associated with lease modifications and
terminations
|
|
(972)
|
|
|
(35,451)
|
|
|
(290)
|
|
|
(1,262)
|
|
|
(36,788)
|
|
Less: gains on asset
sales
|
|
(3,361)
|
|
|
1,071
|
|
|
(44)
|
|
|
(3,405)
|
|
|
(20,854)
|
|
Adjusted revenue and
other income
|
|
$
|
90,598
|
|
|
$
|
83,866
|
|
|
$
|
88,363
|
|
|
$
|
178,961
|
|
|
$
|
156,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Corporate
& Financing Costs
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Unaudited)
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
(3,292)
|
|
|
$
|
(26,147)
|
|
|
$
|
(26,878)
|
|
|
(30,170)
|
|
|
$
|
(52,959)
|
|
Add: debt
modification expense
|
|
132
|
|
|
—
|
|
|
7,807
|
|
|
7,939
|
|
|
|
Add: loss on
extinguishment of debt
|
|
4,107
|
|
|
|
|
—
|
|
|
4,107
|
|
|
|
Add: warrant issuance
expense
|
|
—
|
|
|
—
|
|
|
5,709
|
|
|
5,709
|
|
|
|
Add: performance
based incentive compensation expense
|
|
—
|
|
|
—
|
|
|
3,847
|
|
|
3,847
|
|
|
|
Less: fair value
adjustments for warrant liabilities
|
|
(23,960)
|
|
|
—
|
|
|
(16,569)
|
|
|
(40,529)
|
|
|
|
Adjusted corporate
and financing costs
|
|
$
|
(23,013)
|
|
|
$
|
(26,147)
|
|
|
$
|
(26,084)
|
|
|
$
|
(49,097)
|
|
|
$
|
(52,959)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Resource
Partners L.P.
|
Reconciliation of
Non-GAAP Measures
|
|
Consolidated
Debt-to-Adjusted EBITDA Ratios
|
(In thousands,
except ratios)
|
|
|
|
|
|
|
Last Twelve Months
Ended June 30, 2017
|
|
|
Net income from
continuing operations
|
|
$
|
87,018
|
|
Less: equity earnings
from unconsolidated investment
|
|
(38,755)
|
|
Less: fair value
adjustments for warrant liabilities
|
|
(40,529)
|
|
Add: distributions
from unconsolidated investment
|
|
49,000
|
|
Add: interest
expense
|
|
89,314
|
|
Add: debt
modification expense
|
|
7,939
|
|
Add: warrant issuance
expense
|
|
5,709
|
|
Add: loss on early
extinguishment of debt
|
|
4,107
|
|
Add: depreciation,
depletion and amortization
|
|
43,491
|
|
Add: asset
impairments
|
|
16,720
|
|
Adjusted
EBITDA
|
|
$
|
224,014
|
|
Debt at June 30,
2017, at face value
|
|
$
|
894,871
|
|
Debt-to-Adjusted
EBITDA ratio
|
|
4.0
|
|
|
|
|
Twelve Months Ended
December 31, 2016
|
|
|
Net income from
continuing operations
|
|
$
|
95,214
|
|
Less: equity earnings
from unconsolidated investment
|
|
(40,061)
|
|
Add: distributions
from unconsolidated investment
|
|
46,550
|
|
Add: interest
expense
|
|
90,570
|
|
Add: depreciation,
depletion and amortization
|
|
46,272
|
|
Add: asset
impairments
|
|
16,926
|
|
Adjusted
EBITDA
|
|
$
|
255,471
|
|
Debt at December 31,
2016, at face value
|
|
$
|
1,138,932
|
|
Debt-to-Adjusted
EBITDA ratio
|
|
4.5
|
|
|
|
|
Twelve Months Ended
December 31, 2015
|
|
|
Net loss from
continuing operations
|
|
$
|
(260,171)
|
|
Less: equity earnings
from unconsolidated investment
|
|
(49,918)
|
|
Less: gain on reserve
swap
|
|
(9,290)
|
|
Add: distributions
from unconsolidated investment
|
|
46,795
|
|
Add: interest
expense
|
|
89,762
|
|
Add: depreciation,
depletion and amortization
|
|
60,916
|
|
Add: asset
impairments
|
|
384,545
|
|
Adjusted
EBITDA
|
|
$
|
262,639
|
|
Debt at December 31,
2015, at face value
|
|
$
|
1,387,073
|
|
Debt-to-Adjusted
EBITDA ratio
|
|
5.3
|
|
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SOURCE Natural Resource Partners L.P.