Natural Resource Partners L.P. (NYSE:NRP) today reported
fourth quarter and full year 2018 results as follows:
Three Months Ended Year
Ended December 31, December 31,
(In thousands,
except per unit data) (Unaudited)
2018 2017 2018 2017 Net
income from continuing operations (1) $ 35,092 $ 28,665 $ 122,360 $
82,485 Adjusted EBITDA (2) 72,936 54,280 230,241 211,483 Cash flow
provided by (used in) continuing operations: Operating activities
80,489 42,434 178,282 112,151 Investing activities 2,078 591 7,607
9,807 Financing activities 64,856 (136,465 ) (6,839 ) (134,149 )
Distributable cash flow (2) (3) 280,658 43,025 383,980 121,958 Free
cash flow (2) 80,944 42,833 183,440 121,324
_________________________
(1) Includes $25.0
million from the Hillsboro litigation settlement in the Coal
Royalty and Other Segment for the three months and year ended
December 31, 2018 and $12.7 million from a royalty dispute
settlement in the Soda Ash segment for the year ended December 31,
2018. (2) See "Non-GAAP Financial Measures" and reconciliation
tables at the end of this release. (3) Includes net proceeds from
sale of construction aggregates business which are classified as
investing cash flow from discontinued operations.
"NRP ended the year delivering another robust quarter of
financial results, highlighted by the favorable Hillsboro
settlement and the successful sale of our construction aggregates
business," stated NRP’s President and Chief Operating Officer,
Craig Nunez. “We generated significant amounts of cash from
operations as we continued to see strong demand for our
metallurgical and thermal coal throughout 2018. Additionally, the
sale of our construction aggregates business for $205 million
accelerated the de-levering and de-risking of our capital structure
as we used the net cash proceeds to repay $143 million of debt to
date, and plan to use the remaining proceeds to repay our Opco
notes as they amortize in 2019, all at par value. This has been a
transformative year for NRP and we are focused on continuing to
position the company for a more secure future.”
NRP's liquidity was $306.0 million at December 31, 2018,
consisting of $101.8 million of cash, $104.2 million of cash
restricted for debt repayment ($49 million of which was used to
repay Opco notes in January 2019) and $100.0 million of borrowing
capacity available under its credit facility. NRP's consolidated
Debt-to-Adjusted EBITDA ratio at December 31, 2018 was 3.0x,
down over 15% from 2017 and down over 40% from the high of 5.3x at
year-end 2015.
NRP declared a cash distribution of $0.45 per common unit and a
cash distribution of $7.5 million on NRP’s preferred units for the
fourth quarter of 2018. NRP's distribution coverage ratio over the
last twelve months, excluding proceeds from sale of assets included
in discontinued operations, was 8.4x before taking into account the
$30 million annual distribution on NRP's preferred units, and 7.1x
after taking into account the preferred unit distribution.
Fourth Quarter Segment Results (Unaudited)
Operating Business Segments
Coal Royaltyand Other
Soda Ash
Corporateand Financing
Total
(In
thousands)
Three Months Ended December 31, 2018 Net income (loss) from
continuing operations $ 44,487 $ 13,320 $ (22,715 ) $ 35,092
Adjusted EBITDA (1) 68,850 9,800 (5,714 ) 72,936 Cash flow provided
by (used in) continuing operations: Operating activities 80,272
9,800 (9,583 ) 80,489 Investing activities 2,078 — — 2,078
Financing activities — — 64,856 64,856 Distributable cash flow (1)
(2) 82,350 9,800 (9,583 ) 280,658
Free cash flow (1)
80,727 9,800 (9,583 ) 80,944 Three Months Ended December 31,
2017 Net income (loss) from continuing operations $ 39,642 $ 12,781
$ (23,758 ) $ 28,665 Adjusted EBITDA (1) 46,592 12,250 (4,562 )
54,280 Cash flow provided by (used in) continuing operations:
Operating activities 45,550 12,250 (15,366 ) 42,434 Investing
activities 591 — — 591 Financing activities — — (136,465 ) (136,465
) Distributable cash flow (1) 46,141 12,250 (15,366 ) 43,025
Free cash flow (1)
45,949 12,250 (15,366 ) 42,833
_________________________
(1) See "Non-GAAP
Financial Measures" and reconciliation tables at the end of this
release. (2)
Includes net proceeds from sale of
construction aggregates business which are classified as investing
cash flow from discontinued operations.
Coal Royalty and Other
Total coal production and the average coal royalty revenue per
ton remained stable compared to the prior year quarter as NRP
continued to see strong coal pricing driven by solid export demand
and stable domestic markets for metallurgical and thermal coal.
Approximately 65% of NRP's coal royalty revenues and approximately
45% of its coal royalty production was derived from metallurgical
coal during the three months ended December 31, 2018.
Net income and Adjusted EBITDA increased compared to the prior
year quarter primarily as a result of the $25 million Hillsboro
litigation settlement; Net income was partially offset by a $16.8
million increase in non-cash asset impairments.
Distributable cash flow and Free cash flow increased compared to
the prior year quarter primarily as a result of the $25 million
Hillsboro litigation settlement and increased cash receipts from
higher metallurgical prices and production.
Soda Ash
Soda Ash segment operating performance was consistent with the
prior year quarter as improved international sales pricing during
the fourth quarter of 2018 was partially offset by increased
freight costs.
Adjusted EBITDA, Distributable cash flow and Free cash flow
decreased $2.5 million due to lower fourth quarter cash
distributions received from Ciner Wyoming.
Corporate and Finance
Corporate and Finance segment Net income, Free cash flow and
Distributable cash flow results improved compared to the prior year
quarter primarily due to lower interest as a result of continued
repayment of debt.
Full Year Segment Results (Unaudited)
Operating Business Segments
Coal Royaltyand Other
Soda Ash
Corporateand Financing
Total
(In
thousands)
Year Ended December 31, 2018 Net income (loss) from continuing
operations $ 160,728 $ 48,306 $ (86,674 ) $ 122,360 Adjusted EBITDA
(1) 200,187 46,550 (16,496 ) 230,241 Cash flow provided by (used
in) continuing operations: Operating activities 212,394 44,453
(78,565 ) 178,282 Investing activities 5,510 2,097 — 7,607
Financing activities — — (6,839 ) (6,839 ) Distributable cash flow
(1) (2) 217,904 46,550 (78,565 ) 383,980
Free cash flow (1)
215,455 46,550 (78,565 ) 183,440 Year Ended December 31,
2017 Net income (loss) from continuing operations $ 154,604 $
40,457 $ (112,576 ) $ 82,485 Adjusted EBITDA (1) 180,985 49,000
(18,502 ) 211,483 Cash flow provided by (used in) continuing
operations: Operating activities 166,138 43,354 (97,341 ) 112,151
Investing activities 4,161 5,646 — 9,807 Financing activities 517 —
(134,666 ) (134,149 ) Distributable cash flow (1) 170,299 49,000
(97,341 ) 121,958
Free cash flow (1)
169,665 49,000 (97,341 ) 121,324
_________________________
(1) See "Non-GAAP
Financial Measures" and reconciliation tables at the end of this
release. (2)
Includes net proceeds from sale of
construction aggregates business which are classified as investing
cash flow from discontinued operations.
Coal Royalty and Other
Full year 2018 total coal production remained stable and the
average coal royalty revenue per ton increased as a result of
higher metallurgical and thermal coal prices and higher
metallurgical coal production driven by solid export demand and
stable domestic markets for metallurgical and thermal coal,
partially offset by lower thermal coal production as a result of
capital constraints and declining overall demand for certain of our
lessees, as well as temporary relocation of certain production off
of NRP's coal reserves in the Illinois Basin. Approximately 65% of
NRP's coal royalty revenues and approximately 55% of its coal
royalty production was derived from metallurgical coal during the
year ended December 31, 2018.
Net income and Adjusted EBITDA increased compared to the prior
year primarily as a result of the $25 million Hillsboro litigation
settlement; Net income was partially offset by a $15.3 million
increase in non-cash asset impairments.
Distributable cash flow and Free cash flow increased compared to
the prior year primarily as a result of the $25 million Hillsboro
litigation settlement in addition to increased cash receipts from
higher metallurgical prices and production and increased cash from
other revenues.
Soda Ash
Soda Ash segment operating performance increased compared to the
prior year primarily as a result of Ciner Wyoming's litigation
settlement of a royalty dispute that resulted in $12.7 million of
income. This increase was partially offset by a $4.9 million
decrease in income primarily due to lower production and sales
resulting from unexpected repairs during scheduled outages and ore
grade degradation.
Adjusted EBITDA, Distributable cash flow and Free cash flow
decreased $2.5 million compared to the prior year as a result of
lower cash distributions received from Ciner Wyoming in the fourth
quarter of 2018.
Corporate and Finance
Corporate and Finance segment results improved compared to the
prior year primarily due to lower interest as a result of continued
repayment of debt and lower employee-related costs.
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 55454891. 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.
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 mineral properties in the United States
including interests in coal, industrial minerals and other natural
resources. 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.
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, 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, litigation risk, 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) from continuing operations less equity
earnings from unconsolidated investment, net income attributable to
non-controlling interest and gain on reserve swap; 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, 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 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 of continuing operations plus distributions
from unconsolidated investment in excess of cumulative earnings,
proceeds from sales of assets, including sales of discontinued
operations, and return of 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. 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 of continuing operations plus distributions from
unconsolidated investment in excess of cumulative earnings and
return of long-term contract receivables (including affiliate);
less maintenance and expansion capital expenditures, cash flow used
in acquisition costs classified as financing activities and
distributions to non-controlling interest. 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.
“Free cash flow excluding discontinued operations and
one-time beneficial items” is a non-GAAP financial measure that
we define as Free cash flow excluding discontinued operations and
one-time beneficial items. Free cash flow excluding discontinued
operations and one-time beneficial items 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 excluding discontinued operations and
one-time beneficial items may not be calculated the same for us as
for other companies. Free cash flow excluding discontinued
operations and one-time beneficial items is a supplemental
liquidity measure used by our management 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 excluding discontinued operations and
one-time beneficial items less mandatory Opco debt amortization
payments, preferred unit distributions and common unit
distributions. 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.
“Net income attributable to common unitholders excluding
discontinued operations and one-time beneficial items” is a
non-GAAP financial measure that we define as Net income
attributable to NRP less gain on litigation settlements, income
from discontinued operations, income attributable to preferred
unitholders and Net income attributable to the general partner
excluding discontinued operations and one-time beneficial items.
Net income attributable to common unitholders excluding
discontinued operations and one-time beneficial items 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 Net income attributable to common unitholders
excluding discontinued operations and one-time beneficial items is
useful in evaluating our financial performance because litigation
settlements are one-time charges, gains on asset sales are not
related to the operations of our business and income attributable
to preferred unitholders and the general partner are unrelated to
common unitholders. Excluding these from net income allows us to
better compare results from ongoing operations attributable to
common unitholders period-over-period.
"Return on capital employed" or "ROCE" is a non-GAAP
financial measure that we define as Net income from continuing
operations plus interest expense divided by the sum of equity
excluding equity of discontinued operations, and debt. Return on
capital employed 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.
Return on capital employed is a supplemental performance measure
used by our management team that measures our profitability and
efficiency with which our capital is employed. The measure provides
an indication of operating performance before the impact of
leverage in the capital structure.
"Return on capital employed excluding discontinued operations
and one-time beneficial items" is a non-GAAP financial measure
that we define as Return on capital employed excluding one-time
beneficial items. Return on capital employed excluding discontinued
operations and one-time beneficial items 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. Return on capital employed excluding discontinued
operations and one-time beneficial items is a supplemental
performance measure used by our management team that measures our
profitability and efficiency with which our capital is employed
excluding the impact of one-time beneficial items. The measure
provides an indication of operating performance before the impact
of leverage in the capital structure and excluding the impact of
one-time beneficial items.
-Financial Tables, Reconciliation of
Non-GAAP Measures and Recap of Metrics Follow-
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Comprehensive Income
Three Months Ended
Year Ended December 31, September 30,
December 31,
(In thousands,
except per unit data)
2018 2017 2018 2018
2017 Revenues and other income Coal royalty and other $
43,966 $ 47,130 $ 42,459 $ 178,394 $ 158,399 Coal royalty and
other—affiliates — 223 59 484 23,402 Transportation and processing
services 6,649 4,793 6,853 23,887 14,510 Transportation and
processing services—affiliates — — — — 6,012 Equity in earnings of
Ciner Wyoming 13,320 12,781 8,836 48,306 40,457 Gain on litigation
settlement 25,000 — — 25,000 — Gain on asset sales, net 1,622
178 — 2,441 3,545 Total revenues
and other income $ 90,557 $ 65,105 $ 58,207 $ 278,512 $ 246,325
Operating expenses Operating and maintenance expenses $ 4,941 $
3,479 $ 4,650 $ 17,894 $ 16,771 Operating and maintenance
expenses—affiliates 3,446 2,253 2,140 11,615 8,112 Depreciation,
depletion and amortization 6,325 5,761 4,888 21,689 22,406
Amortization expense—affiliate — — — — 1,008 General and
administrative 4,770 2,756 2,249 12,838 13,513 General and
administrative—affiliates 944 1,806 934 3,658 4,989 Asset
impairments 18,038 1,189 — 18,280 2,967
Total operating expenses $ 38,464 $ 17,244 $ 14,861 $ 85,974
$ 69,766 Income from operations $ 52,093 $ 47,861 $ 43,346 $
192,538 $ 176,559 Other expense, net Interest expense, net $
(17,001 ) $ (19,196 ) $ (17,493 ) $ (70,178 ) $ (82,028 ) Debt
modification expense — — — — (7,939 ) Loss on extinguishment of
debt — — — — (4,107 ) Total other
expense, net $ (17,001 ) $ (19,196 ) $ (17,493 ) $ (70,178 ) $
(94,074 ) Net income from continuing operations $ 35,092 $ 28,665 $
25,853 $ 122,360 $ 82,485 Income from discontinued operations
13,966 2,042 2,688 17,687 6,182
Net income $ 49,058 $ 30,707 $ 28,541 $ 140,047 $ 88,667 Net loss
(income) attributable to non-controlling interest — —
359 (510 ) — Net income attributable to NRP $ 49,058
$ 30,707 $ 28,900 $ 139,537 $ 88,667 Less: income attributable to
preferred unitholders (7,500 ) (7,765 ) (7,500 ) (30,000 ) (25,453
) Net income attributable to common unitholders and general partner
$ 41,558 $ 22,942 $ 21,400 $ 109,537 $ 63,214 Net income
attributable to common unitholders $ 40,727 $ 22,483 $ 20,972 $
107,346 $ 61,950 Net income attributable to the general partner $
831 $ 459 $ 428 $ 2,191 $ 1,264 Income from continuing operations
per common unit Basic $ 2.21 $ 1.67 $ 1.50 $ 7.35 $ 4.57 Diluted $
1.69 $ 1.18 $ 1.18 $ 5.90 $ 3.68 Net income per common unit Basic $
3.33 $ 1.84 $ 1.71 $ 8.77 $ 5.06 Diluted $ 2.36 $ 1.26 $ 1.30 $
6.76 $ 3.96 Net income $ 49,058 $ 30,707 $ 28,541 $ 140,047
$ 88,667 Comprehensive income (loss) from unconsolidated investment
and other 619 (234 ) 791 (149 ) (1,647 )
Comprehensive income $ 49,677 $ 30,473 $ 29,332 $ 139,898 $ 87,020
Comprehensive loss (income) attributable to non-controlling
interest — — 359 (510 ) — Comprehensive
income attributable to NRP $ 49,677 $ 30,473 $ 29,691
$ 139,388 $ 87,020
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statements of Cash Flows
Three Months Ended Year Ended
December 31, September 30, December 31,
(In
thousands)
2018 2017 2018 2018
2017 Cash flows from operating activities Net income $
49,058 $ 30,707 $ 28,541 $ 140,047 $ 88,667 Adjustments to
reconcile net income to net cash provided by operating activities
of continuing operations: Depreciation, depletion and amortization
6,325 5,761 4,887 21,689 22,406 Amortization expense—affiliates — —
— — 1,008 Distributions from unconsolidated investment 9,800 12,250
12,250 44,453 43,354 Equity earnings from unconsolidated investment
(13,320 ) (12,781 ) (8,836 ) (48,306 ) (40,457 ) Gain on asset
sales, net (1,622 ) (178 ) — (2,441 ) (3,545 ) Debt modification
expense — — — — 7,939 Loss on extinguishment of debt — — — — 4,107
Income (loss) from discontinued operations (13,966 ) (2,251 )
(2,803 ) (17,687 ) (6,182 ) Asset impairments 18,038 1,189 — 18,280
2,967 Unit-based compensation expense 290 103 8 1,434 18
Amortization of debt issuance costs and other 4,757 2,156 (229 )
7,334 9,077 Other—affiliates (1,645 ) 2,181 1,635 (201 ) 1,207
Change in operating assets and liabilities: Accounts receivable 171
1,838 645 (6,251 ) 5,905 Accounts receivable—affiliates (12 ) 82
118 127 367 Accounts payable (220 ) 282 39 (238 ) (185 ) Accounts
payable—affiliates 1,268 (107 ) (812 ) 1,376 1 Accrued liabilities
2,812 (788 ) 157 134 (8,478 ) Accrued liabilities—affiliates 400
515 — (115 ) 515 Accrued interest 8,806 5,217 (9,069 ) (1,138 )
(105 ) Deferred revenue 10,265 (5,786 ) 193 19,465 (5,791 )
Deferred revenue—affiliates — — — — (10,166 ) Other items, net (716
) 2,044 (238 ) 320 (478 ) Net cash provided by
operating activities of continuing operations $ 80,489 $ 42,434 $
26,486 $ 178,282 $ 112,151 Net cash provided by operating
activities of discontinued operations 886 3,918 6,919
10,641 14,988 Net cash provided by operating
activities $ 81,375 $ 46,352 $ 33,405 $ 188,923 $ 127,139 Cash
flows from investing activities Distributions from unconsolidated
investment in excess of cumulative earnings $ — $ — $ — $ 2,097 $
5,646 Proceeds from sale of assets 1,623 192 — 2,449 1,151 Return
of long-term contract receivables 455 399 1,590 3,061 2,206 Return
of long-term contract receivables—affiliate — — — — 804 Acquisition
of plant and equipment and other — — — —
— Net cash provided by investing activities of
continuing operations $ 2,078 $ 591 $ 1,590 $ 7,607 $ 9,807 Net
cash provided by (used in) investing activities of discontinued
operations 192,364 (694 ) (3,571 ) 183,021 (6,264 )
Net cash provided by (used in) investing activities $ 194,442 $
(103 ) $ (1,981 ) $ 190,628 $ 3,543
Consolidated
Statements of Cash Flows—Continued Three
Months Ended Year Ended December 31, September
30, December 31,
(In
thousands)
2018 2017 2018 2018 2017 Cash
flows from financing activities Proceeds from issuance of preferred
units and warrants, net $ — $ — $ — $ — $ 242,100 Proceeds from
issuance of 2022 Senior Notes, net — — — — 103,688 Borrowings on
credit facility — 8,000 — 35,000 77,000 Repayments of loans
(119,986 ) (136,027 ) (7,648 ) (175,706 ) (492,319 ) Redemption of
preferred units paid-in-kind — — — (8,844 ) — Distributions to
common unitholders and general partner (5,623 ) (5,617 ) (5,623 )
(22,486 ) (22,467 ) Distributions to preferred unitholders (7,500 )
(3,825 ) (7,500 ) (30,265 ) (8,844 ) Contributions from (to)
discontinued operations 197,965 1,004 (25 ) 195,690 5,784 Debt
issuance costs and other — — (2 ) (228 )
(39,091 ) Net cash provided by (used in) financing activities of
continuing operations $ 64,856 $ (136,465 ) $ (20,798 ) $ (6,839 )
$ (134,149 ) Net cash used in financing activities of discontinued
operations (198,030 ) (1,201 ) (214 ) (196,509 ) (7,077 )
Net cash used in financing activities $ (133,174 ) $ (137,666 ) $
(21,012 ) $ (203,348 ) $ (141,226 ) Net increase (decrease)
in cash, cash equivalents and restricted cash $ 142,643 $ (91,417 )
$ 10,412 $ 176,203 $ (10,544 ) Cash, cash equivalents and
restricted cash of continuing operations at beginning of period $
58,607 $ 120,420 $ 51,329 $ 26,980 $ 39,171 Cash, cash equivalents
and restricted cash of discontinued operations at beginning of
period 4,780 824 1,646
2,847 1,200 Cash, cash equivalents and restricted
cash at beginning of period 63,387 121,244 52,975 29,827 40,371
Cash, cash equivalents and restricted cash at end of period
$ 206,030 $ 29,827 $ 63,387 $ 206,030 $ 29,827 Less: cash, cash
equivalents and restricted cash of discontinued operations at end
of period — 2,847 4,780 — 2,847
Cash, cash equivalents and restricted cash of continuing operations
at end of period $ 206,030 $ 26,980 $ 58,607 $ 206,030 $ 26,980
Supplemental cash flow information: Cash paid during the
period for interest from continuing operations $ 6,838 $ 10,993 $
24,998 $ 64,991 $ 72,850 Non-cash investing and financing
activities: Issuance of 2022 Senior Notes in exchange for 2018
Senior Notes $ — $ — $ — $ — $ 240,638
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Balance Sheets
December 31, 2018 2017
(In thousands,
except unit data)
ASSETS Current assets Cash and cash equivalents $ 101,839 $ 26,980
Restricted cash 104,191 — Accounts receivable, net 32,024 24,050
Accounts receivable—affiliates 34 161 Prepaid expenses and other
3,462 3,782 Current assets of discontinued operations 993
36,423 Total current assets 242,543 91,396 Land 24,008
24,008 Plant and equipment, net 984 1,348 Mineral rights, net
743,112 778,419 Intangible assets, net 42,513 46,820 Equity in
unconsolidated investment 247,051 245,433 Long-term contracts
receivable 38,945 40,776 Long-term assets of discontinued
operations — 155,942 Other assets 2,491 4,866 Other
assets—affiliate — 156 Total assets $ 1,341,647
$ 1,389,164 LIABILITIES AND CAPITAL Current
liabilities Accounts payable $ 548 $ 1,010 Accounts
payable—affiliates 1,866 490 Accrued liabilities 12,347 11,542
Accrued liabilities—affiliates — 515 Accrued interest 14,345 15,484
Current portion of deferred revenue 3,509 — Current portion of
long-term debt, net 115,184 79,740 Current liabilities of
discontinued operations 947 11,768 Total current
liabilities 148,746 120,549 Deferred revenue 49,044 100,605
Long-term debt, net 557,574 729,608 Long-term liabilities of
discontinued operations — 2,220 Other non-current liabilities 1,150
588 Other non-current liabilities—affiliate — 346
Total liabilities 756,514 953,916 Commitments and
contingencies Class A Convertible Preferred Units (250,000 and
258,844 units issued and outstanding at December 31, 2018 and 2017,
respectively, at $1,000 par value per unit; liquidation preference
of $1,500 per unit) 164,587 173,431 Partners’ capital: Common
unitholders’ interest (12,249,469 and 12,232,006 units issued and
outstanding at December 31, 2018 and 2017, respectively) 355,113
199,851 General partner’s interest 5,014 1,857 Warrant holders'
interest 66,816 66,816 Accumulated other comprehensive loss (3,462
) (3,313 ) Total partners’ capital 423,481 265,211 Non-controlling
interest (2,935 ) (3,394 ) Total capital 420,546 261,817
Total liabilities and capital $ 1,341,647 $ 1,389,164
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Consolidated Statement of Partners' Capital
Common Unitholders
GeneralPartner
WarrantHolders
AccumulatedOtherComprehensiveLoss
Partners'CapitalExcluding
Non-ControllingInterest
Non-ControllingInterest
TotalCapital
(In
thousands)
Units Amounts Balance at December 31, 2017
12,232 $ 199,851 $ 1,857 $ 66,816 $ (3,313 ) $ 265,211 $ (3,394 ) $
261,817 Cumulative effect of adoption of accounting standard —
69,057 1,409 — — 70,466 — 70,466 Net income (1) — 136,746 2,791 — —
139,537 510 140,047 Distributions to common unitholders and general
partner — (22,036 ) (450 ) — — (22,486 ) — (22,486 ) Distributions
to preferred unitholders — (29,660 ) (605 ) — — (30,265 ) — (30,265
) Issuance of unit-based awards 17 546 — — — 546 — 546 Unit-based
awards amortization and vesting — 560 — — — 560 — 560 Comprehensive
income (loss) from unconsolidated investment and other — 49
12 — (149 ) (88 ) (51 ) (139 ) Balance at
December 31, 2018 12,249 $ 355,113 $ 5,014 $
66,816 $ (3,462 ) $ 423,481 $ (2,935 ) $ 420,546
_________________________
(1) Net income includes
$30.0 million attributable to Preferred Unitholders that
accumulated during the period, of which $29.4 million is allocated
to the common unitholders and $0.6 million is allocated to the
general partner.
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
The tables below presents NRP's unaudited
business results by segment for the three months ended December 31,
2018 and
2017 and September 30, 2018 and the years
ended December 31, 2018 and 2017:
Operating Business Segments
Coal Royaltyand Other
Corporate andFinancing
(In
thousands)
Soda Ash Total Three Months Ended December 31, 2018
Revenues $ 50,615 $ 13,320 $ — $ 63,935 Gain on litigation
settlement 25,000 — — 25,000 Gains on asset sales, net 1,622
— — 1,622 Total revenues and other income $
77,237 $ 13,320 $ — $ 90,557 Asset impairments $ 18,038 $ — $ — $
18,038 Net income (loss) from continuing operations $ 44,487 $
13,320 $ (22,715 ) $ 35,092 Adjusted EBITDA (1) $ 68,850 $ 9,800 $
(5,714 ) $ 72,936 Distributable cash flow (1) (2) $ 82,350 $ 9,800
$ (9,583 ) $ 280,658
Free cash flow (1)
$ 80,727 $ 9,800 $ (9,583 ) $ 80,944 Three Months Ended
December 31, 2017 Revenues $ 52,146 $ 12,781 $ — $ 64,927 Gains on
asset sales, net 178 — — 178 Total
revenues and other income $ 52,324 $ 12,781 $ — $ 65,105 Asset
impairments $ 1,189 $ — $ — $ 1,189 Net income (loss) from
continuing operations $ 39,642 $ 12,781 $ (23,758 ) $ 28,665
Adjusted EBITDA (1) $ 46,592 $ 12,250 $ (4,562 ) $ 54,280
Distributable cash flow (1) $ 46,141 $ 12,250 $ (15,366 ) $ 43,025
Free cash flow (1)
$ 45,949 $ 12,250 $ (15,366 ) $ 42,833 Three Months Ended
September 30, 2018 Revenues $ 49,371 $ 8,836 $ — $ 58,207 Gains on
asset sales, net — — — — Total revenues
and other income $ 49,371 $ 8,836 $ — $ 58,207 Asset impairments $
— $ — $ — $ — Net income (loss) from continuing operations $ 37,693
$ 8,836 $ (20,676 ) $ 25,853 Adjusted EBITDA (1) $ 42,940 $ 12,250
$ (3,183 ) $ 52,007 Cash flow provided by (used in) continuing
operations: Operating activities $ 41,604 $ 12,250 $ (27,368 ) $
26,486 Investing activities $ 1,590 $ — $ — $ 1,590 Financing
activities $ — $ — $ (20,798 ) $ (20,798 ) Distributable cash flow
(1) $ 43,194 $ 12,250 $ (27,368 ) $ 28,076 Free cash flow (1) $
43,194 $ 12,250 $ (27,368 ) $ 28,076
_________________________
(1) See "Non-GAAP
Financial Measures" and reconciliation tables at the end of this
release. (2)
Includes net proceeds from sale of
construction aggregates business which are classified as investing
cash flow from discontinued operations.
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Operating Business Segments
Coal Royaltyand Other
Soda Ash
Corporate andFinancing
Total
(In
thousands)
Year Ended December 31, 2018 Revenues $ 202,765 $ 48,306 $ — $
251,071 Gain on litigation settlement 25,000 — — 25,000 Gains on
asset sales, net 2,441 — — 2,441 Total revenues and other
income $ 230,206 $ 48,306 $ — $ 278,512 Asset impairments $ 18,280
$ — $ — $ 18,280 Net income (loss) from continuing operations $
160,728 $ 48,306 $ (86,674 ) $ 122,360 Adjusted EBITDA (1) $
200,187 $ 46,550 $ (16,496 ) $ 230,241 Distributable cash flow (1)
(2) $ 217,904 $ 46,550 $ (78,565 ) $ 383,980 Free cash flow (1) $
215,455 $ 46,550 $ (78,565 ) $ 183,440 Cash flow cushion (1) N/A
N/A N/A $ 16,080 Year Ended December 31, 2017 Revenues $
202,323 $ 40,457 $ — $ 242,780 Gains on asset sales, net 3,545 — —
3,545 Total revenues and other income $ 205,868 $ 40,457 $ —
$ 246,325 Asset impairments $ 2,967 $ — $ — $ 2,967 Net income
(loss) from continuing operations $ 154,604 $ 40,457 $ (112,576 ) $
82,485 Adjusted EBITDA (1) $ 180,985 $ 49,000 $ (18,502 ) $ 211,483
Distributable cash flow (1) $ 170,299 $ 49,000 $ (97,341 ) $
121,958 Free cash flow (1) $ 169,665 $ 49,000 $ (97,341 ) $ 121,324
Cash flow cushion (1) N/A N/A N/A $ 9,248
_________________________
(1) See "Non-GAAP
Financial Measures" and reconciliation tables at the end of this
release. (2)
Includes net proceeds from sale of
construction aggregates business which are classified as investing
cash flow from discontinued operations.
Natural Resource Partners L.P.
Financial Tables
(Unaudited)
Operating Statistics - Coal Royalty and Other
Three Months Ended Year Ended
December 31, September 30, December 31,
(In thousands,
except per ton data)
2018 2017 2018 2018
2017 Coal production (tons) Appalachia Northern 1,697 464
349 3,187 2,136 Central 3,415 3,542 3,873 14,997 14,735 Southern
422 535 346 1,710 2,256 Total
Appalachia 5,534 4,541 4,568 19,894 19,127 Illinois Basin 648 828
609 2,739 4,373 Northern Powder River Basin 1,417 1,678
855 4,313 4,386 Total coal production 7,599
7,047 6,032 26,946 27,886 Coal
royalty revenue per ton Appalachia Northern $ 1.78 $ 2.14 $ 4.01 $
2.74 $ 1.53 Central 5.79 5.21 5.37 5.62 5.12 Southern 7.89 5.90
6.82 7.20 5.94 Illinois Basin 4.84 4.75 4.89 4.63 3.88 Northern
Powder River Basin 2.56 2.27 3.79 2.65 2.65 Combined average coal
royalty revenue per ton 4.33 4.31 5.10 4.80 4.33 Coal
royalty revenues Appalachia Northern $ 3,021 $ 992 $ 1,402 $ 8,719
$ 3,271 Central 19,764 18,462 20,786 84,302 75,489 Southern 3,327
3,157 2,359 12,312 13,399 Total
Appalachia 26,112 22,611 24,547 105,333 92,159 Illinois Basin 3,140
3,934 2,973 12,673 16,989 Northern Powder River Basin 3,628
3,815 3,237 11,445 11,642 Unadjusted coal
royalty revenue 32,880 30,360 30,757 $ 129,451 $ 120,790 Coal
royalty adjustment for minimum leases (12 ) — (48 ) (110 ) —
Total coal royalty revenue $ 32,868 $ 30,360 $ 30,709
$ 129,341 $ 120,790 Other revenues Production
lease minimum revenue $ 1,897 $ 8,266 $ 1,769 $ 8,207 $ 30,822
Minimum lease straight line revenue 623 — 567 2,362 — Property tax
revenue 1,454 813 1,263 5,422 5,124 Wheelage 1,329 1,224 1,572
6,484 4,734 Coal overriding royalty revenue 3,386 4,067 3,918
13,878 9,836 Lease modification fees — — — — 1,000 Aggregates
royalty revenue 1,188 728 888 4,739 4,241 Oil and gas royalty
revenues 929 1,693 1,427 6,608 4,225 Other 292 202
405 1,837 1,029 Total other revenues $ 11,098
$ 16,993 $ 11,809 $ 49,537 $ 61,011 Total Coal
Royalty and Other revenues $ 43,966 $ 47,353 $ 42,518 $ 178,878 $
181,801 Transportation and processing services 6,649 4,793
6,853 23,887 20,522 Total Coal Royalty and
Other segment revenues $ 50,615 $ 52,146 $ 49,371 $ 202,765 $
202,323 Gain on litigation settlement 25,000 — — 25,000 — Gain on
asset sales, net 1,622 178 — 2,441
3,545 Total coal royalty and other segment revenues and other
income $ 77,237 $ 52,324 $ 49,371 $ 230,206
$ 205,868
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Adjusted EBITDA
Coal Royaltyand Other
Corporate andFinancing
(In
thousands)
Soda Ash Total Three Months Ended December 31,
2018 Net income (loss) from continuing operations $ 44,487 $
13,320 $ (22,715 ) $ 35,092 Less: equity earnings from
unconsolidated investment — (13,320 ) — (13,320 ) Add: total
distributions from unconsolidated investment — 9,800 — 9,800 Add:
interest expense, net — — 17,001 17,001 Add: depreciation,
depletion and amortization 6,325 — — 6,325 Add: asset impairments
18,038 — — 18,038 Adjusted EBITDA $
68,850 $ 9,800 $ (5,714 ) $ 72,936
Three Months Ended December 31, 2017 Net income (loss) from
continuing operations $ 39,642 $ 12,781 $ (23,758 ) $ 28,665 Less:
equity earnings from unconsolidated investment — (12,781 ) —
(12,781 ) Add: total distributions from unconsolidated investment —
12,250 — 12,250 Add: interest expense, net — — 19,196 19,196 Add:
depreciation, depletion and amortization 5,761 — — 5,761 Add: asset
impairments 1,189 — — 1,189 Adjusted
EBITDA $ 46,592 $ 12,250 $ (4,562 ) $ 54,280
Three Months Ended September 30, 2018 Net income
(loss) from continuing operations $ 37,693 $ 8,836 $ (20,676 ) $
25,853 Less: equity earnings from unconsolidated investment —
(8,836 ) — (8,836 ) Less: net income attributable to
non-controlling interest 359 — — 359 Add: total distributions from
unconsolidated investment — 12,250 — 12,250 Add: interest expense,
net — — 17,493 17,493 Add: depreciation, depletion and amortization
4,888 — — 4,888 Adjusted EBITDA $
42,940 $ 12,250 $ (3,183 ) $ 52,007
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Adjusted EBITDA
Coal Royalty and Other
Corporate and Financing
(In
thousands)
Soda Ash Total Year Ended December 31, 2018
Net income (loss) from continuing operations 160,728 $ 48,306 $
(86,674 ) $ 122,360 Less: equity earnings from unconsolidated
investment — (48,306 ) — (48,306 ) Less: net income attributable to
non-controlling interest (510 ) — — (510 ) Add: total distributions
from unconsolidated investment — 46,550 — 46,550 Add: interest
expense, net — — 70,178 70,178 Add: depreciation, depletion and
amortization 21,689 — — 21,689 Add: asset impairments 18,280
— — 18,280 Adjusted EBITDA $ 200,187 $
46,550 $ (16,496 ) $ 230,241
Year Ended
December 31, 2017 Net income (loss) from continuing operations
$ 154,604 $ 40,457 $ (112,576 ) $ 82,485 Less: equity earnings from
unconsolidated investment — (40,457 ) — (40,457 ) Add: total
distributions from unconsolidated investment — 49,000 — 49,000 Add:
interest expense, net — — 82,028 82,028 Add: debt modification
expense — — 7,939 7,939 Add: loss on extinguishment of debt — —
4,107 4,107 Add: depreciation, depletion and amortization 23,414 —
— 23,414 Add: asset impairments 2,967 — —
2,967 Adjusted EBITDA $ 180,985 $ 49,000 $
(18,502 ) $ 211,483
Leverage Ratio
(In
thousands)
Year Ended December 31,
2018
Adjusted EBITDA $ 230,241 Debt—at December 31, 2018 $ 687,138
Leverage Ratio (1) 3.0 x
_________________________
(1)
Leverage Ratio is calculated as last
twelve months' Adjusted EBITDA divided by the outstanding principal
of our debt as of December 31, 2018.
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Distributable Cash Flow and Free Cash Flow
Coal Royalty and Other
Corporate and Financing
(In
thousands)
Soda Ash Total Three Months Ended December 31,
2018 Net cash provided by (used in) operating activities of
continuing operations $ 80,272 $ 9,800 $ (9,583 ) $ 80,489 Add:
proceeds from sale of assets 1,623 — — 1,623 Add: proceeds from
sale of discontinued operations — — — 198,091 Add: return of
long-term contract receivables 455 — — 455
Distributable cash flow $ 82,350 $ 9,800 $
(9,583 ) $ 280,658 Less: proceeds from sale of assets (1,623
) — — (1,623 ) Less: proceeds from sale of discontinued operations
— — — (198,091 ) Free cash flow $ 80,727
$ 9,800 $ (9,583 ) $ 80,944
Three
Months Ended December 31, 2017 Net cash provided by (used in)
operating activities of continuing operations $ 45,550 $ 12,250 $
(15,366 ) $ 42,434 Add: proceeds from sale of assets 192 — — 192
Add: return of long-term contract receivables 399 — —
399 Distributable cash flow $ 46,141 $ 12,250
$ (15,366 ) $ 43,025 Less: proceeds from sale of
assets (192 ) — — (192 ) Free cash flow $ 45,949
$ 12,250 $ (15,366 ) $ 42,833
Three
Months Ended September 30, 2018 Net cash provided by (used in)
operating activities of continuing operations $ 41,604 $ 12,250 $
(27,368 ) $ 26,486 Add: proceeds from sale of assets — — — — Add:
return of long-term contract receivables 1,590 — —
1,590 Distributable cash flow $ 43,194 $
12,250 $ (27,368 ) $ 28,076 Less: proceeds from sale
of assets — — — — Free cash flow $
43,194 $ 12,250 $ (27,368 ) $ 28,076
Distributable Cash Flow and Free Cash Flow
Coal Royalty and Other
Corporate and Financing
(In
thousands)
Soda Ash Total Year Ended December 31, 2018
Net cash provided by (used in) operating activities of continuing
operations $ 212,394 $ 44,453 $ (78,565 ) $ 178,282 Add:
distributions from unconsolidated investment in excess of
cumulative earnings — 2,097 — 2,097 Add: proceeds from sale of
assets 2,449 — — 2,449 Add: proceeds from sale of discontinued
operations — — — 198,091 Add: return of long-term contract
receivables 3,061 — — 3,061
Distributable cash flow $ 217,904 $ 46,550 $ (78,565
) $ 383,980 Less: proceeds from sale of assets (2,449 ) — —
(2,449 ) Less: proceeds from sale of discontinued operations —
— — (198,091 ) Free cash flow $ 215,455
$ 46,550 $ (78,565 ) $ 183,440
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Free Cash Flow Excluding Discontinued Operations and
One-Time Beneficial Items and Cash Flow Cushion
(In
thousands)
Total Year Ended December 31, 2018 Free cash flow $
183,440 Add: free cash flow used by discontinued operations (540 )
Free cash flow including discontinued operations $ 182,900
Less: free cash flow used by discontinued operations 540 Less: cash
flow from one-time Hillsboro litigation settlement (25,000 ) Free
cash flow excluding discontinued operations and one-time beneficial
items $ 158,440 Less: mandatory Opco debt amortizations
(80,765 ) Less: preferred unit distributions and redemption of PIK
units (39,109 ) Less: common unit distributions (22,486 ) Cash flow
cushion $ 16,080
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Distributable Cash Flow and Free Cash Flow
Coal Royalty and Other
Corporate and Financing
(In
thousands)
Soda Ash Total Year Ended December 31, 2017
Net cash provided by (used in) operating activities of continuing
operations $ 166,138 $ 43,354 $ (97,341 ) $ 112,151 Add:
distributions from unconsolidated investment in excess of
cumulative earnings — 5,646 — 5,646 Add: proceeds from sale of
assets 1,151 — — 1,151 Add: return of long-term contract
receivables (including affiliates) 3,010 — —
3,010 Distributable cash flow $ 170,299 $ 49,000
$ (97,341 ) $ 121,958 Less: proceeds from sale of
assets (1,151 ) — — (1,151 ) Less: acquisition costs classified as
financing activities 517 — — 517 Free
cash flow $ 169,665 $ 49,000 $ (97,341 ) $ 121,324
Free Cash Flow Excluding Discontinued
Operations and One-Time Beneficial Items and Cash Flow Cushion
(In
thousands)
Total Year Ended December 31, 2017 Free cash flow $
121,324 Add: free cash flow provided by discontinued operations
6,394 Free cash flow including discontinued operations $
127,718 Less: free cash flow provided by discontinued
operations (6,394 ) Free cash flow excluding discontinued
operations and one-time beneficial items $ 121,324 Less:
mandatory Opco debt amortizations (80,765 ) Less: preferred unit
distributions (8,844 ) Less: common unit distributions (22,467 )
Cash flow cushion $ 9,248
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Net Income Attributable to Common Unitholders Excluding
Discontinued Operations and One-Time Beneficial Items
Year Ended
(In
thousands)
December 31, 2018 Net income attributable to NRP $ 139,537
Less: Hillsboro litigation settlement (25,000 ) Less: income from
discontinued operations (17,687 ) Less: income from Ciner Wyoming's
royalty dispute settlement (12,678 ) Net income attributable to NRP
excluding discontinued operations and one-time beneficial items $
84,172 Less: income attributed to preferred unitholders
(30,000 ) Net income attributable to common unitholders and general
partner excluding discontinued operations and one-time beneficial
items $ 54,172 Less: Net income attributable to the general
partner excluding discontinued operations and one-time beneficial
items (1,083 ) Net income attributable to common unitholders
excluding discontinued operations and one-time beneficial items $
53,089
Distribution Coverage Ratio
Year Ended
(In
thousands)
December 31, 2018 Net cash provided by operating activities
of continuing operations $ 178,282 Add: distributions from
unconsolidated investment in excess of cumulative earnings 2,097
Add: proceeds from sale of assets 2,449 Add: return on long-term
contract receivables 3,061 Add: proceeds from sale of discontinued
operations 198,091 Distributable cash flow $ 383,980
Less: proceeds from sale of discontinued operations (198,091 )
Distributable cash flow excluding sale of discontinued operations $
185,889 Common unit distribution $ 1.80
Distribution Coverage Ratio excluding sale of discontinued
operations (1) 8.4 x Less: Preferred distributions $ (30,000
) Distributable cash flow excluding sale of discontinued
operations and after Preferred distributions $ 155,889
Distribution Coverage Ratio excluding sale of discontinued
operations and after Preferred distributions (2) 7.1 x
_________________________
(1) Calculated as last
twelve months' distributable cash flow excluding sale of
discontinued operations divided by annual common unit distributions
times number of common units and general partner units outstanding.
(2) Calculated as last twelve months' distributable cash
flow excluding sale of discontinued operations and less preferred
distributions divided by annual common unit distributions times
number of common units and general partner units outstanding.
Natural Resource Partners L.P.
Reconciliation of Non-GAAP
Measures
(Unaudited)
Return on Capital Employed ("ROCE")
Coal Royalty and Other
Corporate and Financing
(In
thousands)
Soda Ash Total Year Ended December 31, 2018
Net income (loss) from continuing operations $ 160,728 $ 48,306 $
(86,674 ) $ 122,360 Interest expense — — 70,816
70,816 Return $ 160,728 $ 48,306 $
(15,858 ) $ 193,176
As of December 31, 2017
Total assets of continuing operations 945,237 245,433 6,129
1,196,799 Less: total current liabilities excluding current debt
(9,467 ) — (19,574 ) (29,041 ) Less: total long-term liabilities
excluding long-term debt (100,804 ) — (735 ) (101,539 ) Add:
non-controlling interest 3,394 — — 3,394
Capital employed excluding discontinued operations $ 838,360
$ 245,433 $ (14,180 ) $ 1,069,613 Total
Partners' Capital (1) $ 838,360 $ 245,433 $ (996,959 ) $ 265,211
Less: Partners' Capital from discontinued operations — —
— (178,377 ) Total Partners' Capital excluding
discontinued operations $ 838,360 $ 245,433 $ (996,959 ) $ 86,834
Class A Convertible Preferred Units — — 173,431 173,431 Debt —
— 809,348 809,348 Capital employed
excluding discontinued operations $ 838,360 $ 245,433
$ (14,180 ) $ 1,069,613 ROCE
excluding discontinued operations 19.2% 19.7% N/A 18.1%
Excluding one-time beneficial items: Return $ 160,728 $ 48,306 $
(15,858 ) $ 193,176 Less: income from Hillsboro litigation
settlement (25,000 ) — (25,000 ) Less: income from Ciner Wyoming's
royalty dispute settlement — (12,678 ) (12,678
) Return excluding discontinued operations and one-time
beneficial items $ 135,728 $ 35,628 $ (15,858 ) $
155,498 ROCE excluding
discontinued operations and one-time beneficial items 16.2% 14.5%
N/A 14.5%
_________________________
(1) Total Partners'
Capital includes $178.4 million from discontinued operations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190307005076/en/
Tiffany Sammis, 713-751-7515tsammis@nrplp.com
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