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Natural Resource Partners L.P. Reports Second Quarter 2024 Results and Declares Second Quarter 2024 Distribution of $0.75 per Common Unit

Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2024 results as follows:

 

 

For the Three Months

Ended

 

Last Twelve Months

Ended

(In thousands) (Unaudited)

 

June 30, 2024

 

Net income

 

$

46,064

 

 

$

231,103

 

Operating cash flow

 

 

56,629

 

 

 

284,856

 

Free cash flow (1)

 

 

57,288

 

 

 

287,417

 

__________________

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Highlights:

  • Generated $57.3 million of free cash flow in the second quarter of 2024
  • Retired remaining 0.3 million warrants with $10.0 million in cash and 89,059 common units; Zero warrants of original 4 million warrants remain outstanding
  • Redeemed $40.0 million of preferred units at par with cash; $31.7 million of original $250 million preferred units remain outstanding
  • Paid first quarter 2024 common unit distribution of $0.75 per unit
  • Declares second quarter 2024 common unit distribution of $0.75 per unit

"NRP generated $57 million of free cash flow in the second quarter of 2024 and $287 million of free cash flow over the last twelve months," said Craig Nunez, NRP's president and chief operating officer. "Despite lower coal and soda ash prices seen in 2024, we continue to generate robust free cash flow and make significant progress toward our goal of eliminating all of our financial obligations. We no longer have any warrants outstanding and currently have approximately $240 million of debt and preferred equity remaining.”

Mr. Nunez continued, "Coal and soda ash prices in the first half of the year were significantly lower than the highs seen in 2022 and 2023 and we expect this trend to continue. However, we remain on track to eliminate all preferred equity and debt from our balance sheet, after which our common unitholders will have no competing claims on free cash flow generated by the partnership. We are steadfast in our belief that this strategy is the best way to maximize intrinsic value and unitholder returns.”

NRP announced today that the board of directors of its general partner declared a second quarter 2024 cash distribution of $0.75 per common unit to be paid on August 27, 2024, to unitholders of record on August 20, 2024. In addition, the board declared a $0.95 million cash distribution on NRP's outstanding preferred units. Future distributions on NRP's common and preferred units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs.

Segment Performance

Mineral Rights

Mineral Rights net income for the second quarter of 2024 was relatively flat as compared to the prior year period. Lower coal sales prices and volumes were offset by non-recurring items that included a $4.6 million gain on asset sales primarily related to a coal property condemnation and a $2.1 million carbon neutral initiative transaction. Mineral Rights operating cash flow and free cash flow each increased $1.2 million as compared to the prior year period primarily due to the timing of cash collections and the carbon neutral initiative transaction identified above, partially offset by weaker coal sales prices and volumes. Approximately 75% of coal royalty revenues and approximately 60% of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2024.

Metallurgical coal prices continued to decline during the second quarter of 2024 due to weakened steel demand primarily as a result of the decline in China's construction industry and slower than expected recovery of the construction market in Europe. While metallurgical prices were significantly lower than the record highs seen in 2022, they remain elevated as compared to historical norms. NRP expects ongoing price volatility for both metallurgical and thermal coal as global steel demand impacts metallurgical coal while weather, natural gas prices, inventory levels, and scheduled shutdowns of coal plants impact thermal coal. Limitations on operators' ability to increase production due to limited access to capital and labor shortages, as well as inflationary pressures, are expected to provide ongoing price support above historical norms.

NRP continues to explore carbon neutral revenue opportunities across its large asset portfolio. While the timing and likelihood of additional cash flows from these activities is uncertain, NRP believes its large ownership footprint throughout the United States provides additional opportunities to create value in this regard with minimal capital investment by NRP. NRP's carbon neutral revenue opportunities include the sequestration of carbon dioxide underground and in standing forests, the generation of electricity using geothermal, solar, and wind energy, and lithium production.

Soda Ash

Soda Ash net income in the second quarter of 2024 decreased $23.3 million as compared to the prior year period primarily due to lower sales prices driven by new supply from China. Operating cash flow and free cash flow in the second quarter of 2024 decreased $24.8 million as compared to the prior year period due to a lower cash distribution received from Sisecam Wyoming in the second quarter of 2024.

Global soda ash prices continue to be significantly lower than the record setting prices seen in the previous year due to an influx of new supply. NRP believes lower soda ash prices will remain throughout the year and into next year as the market absorbs the additional supply.

Corporate and Financing

Corporate and Financing costs increased $1.1 million in the second quarter of 2024 as compared to the prior year period primarily due to higher interest costs as a result of increased borrowings on the credit facility used to accelerate the redemption of preferred units and settlement of warrants in 2024.

NRP retired the remainder of the outstanding 0.3 million warrants for $10.0 million in cash and 89,059 common units during the second quarter of 2024. NRP has now retired all 4.0 million of its previously issued warrants. NRP also redeemed $40.0 million preferred units at par with cash during the second quarter of 2024. Of the originally issued $250 million preferred units, only $31.7 million preferred units remain outstanding.

In May 2024, NRP declared and paid a first quarter 2024 cash distribution of $0.75 per common unit and a $2.15 million cash distribution on its preferred units. Today, NRP declared a second quarter 2024 cash distribution of $0.75 per common unit and a $0.95 million cash distribution on its outstanding preferred units.

NRP's available liquidity was $64.7 million at June 30, 2024, consisting of $32.3 million of cash and $32.3 million of borrowing capacity available under its revolving credit facility.

NRP's consolidated leverage ratio was 0.7x at June 30, 2024.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I1544883. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes forward-looking statements as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnerships common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLCs trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

"Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Distributable cash flow or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Free cash flow or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRPs overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

Consolidated Statements of Comprehensive Income

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

(In thousands, except per unit data)

 

2024

 

2023

 

2024

 

2024

 

2023

Revenues and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Royalty and other mineral rights

 

$

54,591

 

 

$

61,007

 

 

$

67,372

 

 

$

121,963

 

 

$

137,278

 

Transportation and processing services

 

 

2,661

 

 

 

3,270

 

 

 

3,427

 

 

 

6,088

 

 

 

6,868

 

Equity in earnings of Sisecam Wyoming

 

 

3,645

 

 

 

26,978

 

 

 

5,450

 

 

 

9,095

 

 

 

46,232

 

Gain on asset sales and disposals

 

 

4,643

 

 

 

5

 

 

 

165

 

 

 

4,808

 

 

 

101

 

Total revenues and other income

 

$

65,540

 

 

$

91,260

 

 

$

76,414

 

 

$

141,954

 

 

$

190,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance expenses

 

$

5,872

 

 

$

7,930

 

 

$

5,733

 

 

$

11,605

 

 

$

15,093

 

Depreciation, depletion and amortization

 

 

3,324

 

 

 

3,792

 

 

 

4,654

 

 

 

7,978

 

 

 

7,875

 

General and administrative expenses

 

 

5,931

 

 

 

5,643

 

 

 

6,327

 

 

 

12,258

 

 

 

11,488

 

Asset impairments

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

69

 

Total operating expenses

 

$

15,127

 

 

$

17,434

 

 

$

16,714

 

 

$

31,841

 

 

$

34,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

50,413

 

 

$

73,826

 

 

$

59,700

 

 

$

110,113

 

 

$

155,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

$

(4,349

)

 

$

(3,492

)

 

$

(3,487

)

 

$

(7,836

)

 

$

(6,345

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

46,064

 

 

$

70,334

 

 

$

56,213

 

 

$

102,277

 

 

$

149,609

 

Less: income attributable to preferred unitholders

 

 

(1,443

)

 

 

(4,971

)

 

 

(2,150

)

 

 

(3,593

)

 

 

(11,632

)

Less: redemption of preferred units

 

 

(13,666

)

 

 

(27,618

)

 

 

 

 

 

(13,666

)

 

 

(43,846

)

Net income attributable to common unitholders and the general partner

 

$

30,955

 

 

$

37,745

 

 

$

54,063

 

 

$

85,018

 

 

$

94,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

30,336

 

 

$

36,990

 

 

$

52,982

 

 

$

83,318

 

 

$

92,948

 

Net income attributable to the general partner

 

 

619

 

 

 

755

 

 

 

1,081

 

 

 

1,700

 

 

 

1,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

2.33

 

 

$

2.93

 

 

$

4.13

 

 

$

6.44

 

 

$

7.32

 

Diluted

 

 

2.29

 

 

 

2.49

 

 

 

3.83

 

 

 

6.17

 

 

 

5.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

46,064

 

 

$

70,334

 

 

$

56,213

 

 

$

102,277

 

 

$

149,609

 

Comprehensive income (loss) from unconsolidated investment and other

 

 

1,239

 

 

 

911

 

 

 

845

 

 

 

2,084

 

 

 

(18,672

)

Comprehensive income

 

$

47,303

 

 

$

71,245

 

 

$

57,058

 

 

$

104,361

 

 

$

130,937

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

Consolidated Statements of Cash Flows

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

(In thousands)

 

2024

 

2023

 

2024

 

2024

 

2023

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

46,064

 

 

$

70,334

 

 

$

56,213

 

 

$

102,277

 

 

$

149,609

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

3,324

 

 

 

3,792

 

 

 

4,654

 

 

 

7,978

 

 

 

7,875

 

Distributions from unconsolidated investment

 

 

7,584

 

 

 

32,350

 

 

 

14,210

 

 

 

21,794

 

 

 

43,130

 

Equity earnings from unconsolidated investment

 

 

(3,645

)

 

 

(26,978

)

 

 

(5,450

)

 

 

(9,095

)

 

 

(46,232

)

Gain on asset sales and disposals

 

 

(4,643

)

 

 

(5

)

 

 

(165

)

 

 

(4,808

)

 

 

(101

)

Asset impairments

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

69

 

Bad debt expense

 

 

293

 

 

 

(198

)

 

 

(813

)

 

 

(520

)

 

 

(808

)

Unit-based compensation expense

 

 

2,912

 

 

 

2,646

 

 

 

2,964

 

 

 

5,876

 

 

 

5,137

 

Amortization of debt issuance costs and other

 

 

(199

)

 

 

541

 

 

 

(749

)

 

 

(948

)

 

 

566

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

2,918

 

 

 

(361

)

 

 

9,433

 

 

 

12,351

 

 

 

6,700

 

Accounts payable

 

 

(580

)

 

 

72

 

 

 

629

 

 

 

49

 

 

 

(469

)

Accrued liabilities

 

 

1,916

 

 

 

2,019

 

 

 

(8,225

)

 

 

(6,309

)

 

 

(6,786

)

Accrued interest

 

 

(677

)

 

 

(627

)

 

 

412

 

 

 

(265

)

 

 

(364

)

Deferred revenue

 

 

899

 

 

 

(2,646

)

 

 

1,028

 

 

 

1,927

 

 

 

(2,800

)

Other items, net

 

 

463

 

 

 

342

 

 

 

(2,642

)

 

 

(2,179

)

 

 

(1,276

)

Net cash provided by operating activities

 

$

56,629

 

 

$

81,350

 

 

$

71,499

 

 

$

128,128

 

 

$

154,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales and disposals

 

$

4,643

 

 

$

5

 

 

$

165

 

 

$

4,808

 

 

$

106

 

Return of long-term contract receivable

 

 

659

 

 

 

610

 

 

 

647

 

 

 

1,306

 

 

 

1,208

 

Capital expenditures

 

 

 

 

 

(8

)

 

 

 

 

 

 

 

 

(10

)

Net cash provided by investing activities

 

$

5,302

 

 

$

607

 

 

$

812

 

 

$

6,114

 

 

$

1,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt borrowings

 

$

40,493

 

 

$

70,834

 

 

$

89,357

 

 

$

129,850

 

 

$

165,034

 

Debt repayments

 

 

(19,000

)

 

 

(61,365

)

 

 

(55,696

)

 

 

(74,696

)

 

 

(151,061

)

Distributions to common unitholders and the general partner

 

 

(9,987

)

 

 

(9,669

)

 

 

(42,186

)

 

 

(52,173

)

 

 

(50,569

)

Distributions to preferred unitholders

 

 

(2,643

)

 

 

(7,396

)

 

 

(2,150

)

 

 

(4,793

)

 

 

(15,482

)

Redemption of preferred units

 

 

(40,000

)

 

 

(80,834

)

 

 

 

 

 

(40,000

)

 

 

(128,333

)

Warrant settlements

 

 

(10,000

)

 

 

 

 

 

(55,689

)

 

 

(65,689

)

 

 

 

Other items, net

 

 

556

 

 

 

(452

)

 

 

(6,946

)

 

 

(6,390

)

 

 

(3,504

)

Net cash used in financing activities

 

$

(40,581

)

 

$

(88,882

)

 

$

(73,310

)

 

$

(113,891

)

 

$

(183,915

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

$

21,350

 

 

$

(6,925

)

 

$

(999

)

 

$

20,351

 

 

$

(28,361

)

Cash and cash equivalents at beginning of period

 

 

10,990

 

 

 

17,655

 

 

 

11,989

 

 

 

11,989

 

 

 

39,091

 

Cash and cash equivalents at end of period

 

$

32,340

 

 

$

10,730

 

 

$

10,990

 

 

$

32,340

 

 

$

10,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

4,823

 

 

$

3,960

 

 

$

2,843

 

 

$

7,666

 

 

$

6,434

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

Consolidated Balance Sheets

 

 

June 30,

 

December 31,

 

 

2024

 

2023

(In thousands, except unit data)

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

32,340

 

 

$

11,989

 

Accounts receivable, net

 

 

30,624

 

 

 

41,086

 

Other current assets, net

 

 

3,114

 

 

 

2,218

 

Total current assets

 

$

66,078

 

 

$

55,293

 

Land

 

 

24,008

 

 

 

24,008

 

Mineral rights, net

 

 

387,053

 

 

 

394,483

 

Intangible assets, net

 

 

13,143

 

 

 

13,682

 

Equity in unconsolidated investment

 

 

265,935

 

 

 

276,549

 

Long-term contract receivable, net

 

 

24,929

 

 

 

26,321

 

Other long-term assets, net

 

 

8,412

 

 

 

7,540

 

Total assets

 

$

789,558

 

 

$

797,876

 

LIABILITIES AND CAPITAL

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

933

 

 

$

885

 

Accrued liabilities

 

 

7,225

 

 

 

12,987

 

Accrued interest

 

 

319

 

 

 

584

 

Current portion of deferred revenue

 

 

4,449

 

 

 

4,599

 

Current portion of long-term debt, net

 

 

14,214

 

 

 

30,785

 

Total current liabilities

 

$

27,140

 

 

$

49,840

 

Deferred revenue

 

 

40,433

 

 

 

38,356

 

Long-term debt, net

 

 

196,112

 

 

 

124,273

 

Other non-current liabilities

 

 

6,619

 

 

 

7,172

 

Total liabilities

 

$

270,304

 

 

$

219,641

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Class A Convertible Preferred Units (31,666 and 71,666 units issued and outstanding at June 30, 2024 and December 31, 2023, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at June 30, 2024 and December 31, 2023)

 

$

20,847

 

 

$

47,181

 

Partners’ capital

 

 

 

 

 

 

 

 

Common unitholders’ interest (13,049,123 and 12,634,642 units issued and outstanding at June 30, 2024 and December 31, 2023, respectively)

 

$

490,877

 

 

$

503,076

 

General partner’s interest

 

 

8,568

 

 

 

8,005

 

Warrant holders’ interest

 

 

 

 

 

23,095

 

Accumulated other comprehensive loss

 

 

(1,038

)

 

 

(3,122

)

Total partners’ capital

 

$

498,407

 

 

$

531,054

 

Total liabilities and partners' capital

 

$

789,558

 

 

$

797,876

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

Consolidated Statements of Partners' Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

Total

 

 

Common Unitholders

 

General

 

Warrant

 

Comprehensive

 

Partners'

(In thousands)

 

Units

 

Amounts

 

Partner

 

Holders

 

Loss

 

Capital

Balance at December 31, 2023

 

 

12,635

 

 

$

503,076

 

 

$

8,005

 

 

$

23,095

 

 

$

(3,122

)

 

$

531,054

 

Net income (1)

 

 

 

 

 

55,089

 

 

 

1,124

 

 

 

 

 

 

 

 

 

56,213

 

Distributions to common unitholders and the general partner

 

 

 

 

 

(41,342

)

 

 

(844

)

 

 

 

 

 

 

 

 

(42,186

)

Distributions to preferred unitholders

 

 

 

 

 

(2,107

)

 

 

(43

)

 

 

 

 

 

 

 

 

(2,150

)

Issuance of unit-based awards

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

 

 

 

(3,971

)

 

 

 

 

 

 

 

 

 

 

 

(3,971

)

Capital contribution

 

 

 

 

 

 

 

 

227

 

 

 

 

 

 

 

 

 

227

 

Warrant settlements

 

 

199

 

 

 

(36,650

)

 

 

(748

)

 

 

(18,291

)

 

 

 

 

 

(55,689

)

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

845

 

 

 

845

 

Balance at March 31, 2024

 

 

12,960

 

 

$

474,095

 

 

$

7,721

 

 

$

4,804

 

 

$

(2,277

)

 

$

484,343

 

Net income (2)

 

 

 

 

 

45,142

 

 

 

922

 

 

 

 

 

 

 

 

 

46,064

 

Redemption of preferred units

 

 

 

 

 

(13,393

)

 

 

(273

)

 

 

 

 

 

 

 

 

(13,666

)

Distributions to common unitholders and the general partner

 

 

 

 

 

(9,787

)

 

 

(200

)

 

 

 

 

 

 

 

 

(9,987

)

Distributions to preferred unitholders

 

 

 

 

 

(2,590

)

 

 

(53

)

 

 

 

 

 

 

 

 

(2,643

)

Unit-based awards amortization and vesting

 

 

 

 

 

2,502

 

 

 

 

 

 

 

 

 

 

 

 

2,502

 

Capital contribution

 

 

 

 

 

 

 

 

555

 

 

 

 

 

 

 

 

 

555

 

Warrant settlements

 

 

89

 

 

 

(5,092

)

 

 

(104

)

 

 

(4,804

)

 

 

 

 

 

(10,000

)

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,239

 

 

 

1,239

 

Balance at June 30, 2024

 

 

13,049

 

 

$

490,877

 

 

$

8,568

 

 

$

 

 

$

(1,038

)

 

$

498,407

 

___________________

(1)

Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner.

(2)

Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

Total

 

 

Common Unitholders

 

General

 

Warrant

 

Comprehensive

 

Partners'

(In thousands)

 

Units

 

Amounts

 

Partner

 

Holders

 

Income (Loss)

 

Capital

Balance at December 31, 2022

 

 

12,506

 

 

$

404,799

 

 

$

5,977

 

 

$

47,964

 

 

$

18,717

 

 

$

477,457

 

Net income (1)

 

 

 

 

 

77,690

 

 

 

1,585

 

 

 

 

 

 

 

 

 

79,275

 

Redemption of preferred units

 

 

 

 

 

(15,904

)

 

 

(324

)

 

 

 

 

 

 

 

 

(16,228

)

Distributions to common unitholders and the general partner

 

 

 

 

 

(40,082

)

 

 

(818

)

 

 

 

 

 

 

 

 

(40,900

)

Distributions to preferred unitholders

 

 

 

 

 

(7,924

)

 

 

(162

)

 

 

 

 

 

 

 

 

(8,086

)

Issuance of unit-based awards

 

 

129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

 

 

 

(1,178

)

 

 

 

 

 

 

 

 

 

 

 

(1,178

)

Capital contribution

 

 

 

 

 

 

 

 

142

 

 

 

 

 

 

 

 

 

142

 

Comprehensive loss from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,583

)

 

 

(19,583

)

Balance at March 31, 2023

 

 

12,635

 

 

$

417,401

 

 

$

6,400

 

 

$

47,964

 

 

$

(866

)

 

$

470,899

 

Net income (2)

 

 

 

 

 

68,927

 

 

 

1,407

 

 

 

 

 

 

 

 

 

70,334

 

Redemption of preferred units

 

 

 

 

 

(27,065

)

 

 

(553

)

 

 

 

 

 

 

 

 

(27,618

)

Distributions to common unitholders and the general partner

 

 

 

 

 

(9,476

)

 

 

(193

)

 

 

 

 

 

 

 

 

(9,669

)

Distributions to preferred unitholders

 

 

 

 

 

(7,248

)

 

 

(148

)

 

 

 

 

 

 

 

 

(7,396

)

Unit-based awards amortization and vesting

 

 

 

 

 

2,299

 

 

 

 

 

 

 

 

 

 

 

 

2,299

 

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

911

 

 

 

911

 

Balance at June 30, 2023

 

 

12,635

 

 

$

444,838

 

 

$

6,913

 

 

$

47,964

 

 

$

45

 

 

$

499,760

 

____________________

(1)

Net income includes $6.66 million of income attributable to preferred unitholders that accumulated during the period, of which $6.53 million is allocated to the common unitholders and $0.13 million is allocated to the general partner.

(2)

Net income includes $4.97 million of income attributable to preferred unitholders that accumulated during the period, of which $4.87 million is allocated to the common unitholders and $0.10 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

The following table presents NRP's unaudited business results by segment for the three months ended June 30, 2024 and 2023 and March 31, 2024:

 

 

 

Operating Segments

 

 

 

 

 

 

 

 

 

 

Mineral

 

 

 

 

 

Corporate and

 

 

 

 

(In thousands)

 

Rights

 

Soda Ash

 

Financing

 

Total

For the Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

57,252

 

 

$

 

 

$

 

 

$

57,252

 

Equity in earnings of Sisecam Wyoming

 

 

 

 

 

3,645

 

 

 

 

 

 

3,645

 

Gain on asset sales and disposals

 

 

4,643

 

 

 

 

 

 

 

 

 

4,643

 

Total revenues and other income

 

$

61,895

 

 

$

3,645

 

 

$

 

 

$

65,540

 

Asset impairments

 

$

 

 

$

 

 

$

 

 

$

 

Net income (loss)

 

$

52,729

 

 

$

3,619

 

 

$

(10,284

)

 

$

46,064

 

Adjusted EBITDA (1)

 

$

56,049

 

 

$

7,558

 

 

$

(5,931

)

 

$

57,676

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

56,234

 

 

$

7,557

 

 

$

(7,162

)

 

$

56,629

 

Investing activities

 

$

5,302

 

 

$

 

 

$

 

 

$

5,302

 

Financing activities

 

$

 

 

$

 

 

$

(40,581

)

 

$

(40,581

)

Distributable cash flow (1)

 

$

61,536

 

 

$

7,557

 

 

$

(7,162

)

 

$

61,931

 

Free cash flow (1)

 

$

56,893

 

 

$

7,557

 

 

$

(7,162

)

 

$

57,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

64,277

 

 

$

 

 

$

 

 

$

64,277

 

Equity in earnings of Sisecam Wyoming

 

 

 

 

 

26,978

 

 

 

 

 

 

26,978

 

Gain on asset sales and disposals

��

 

5

 

 

 

 

 

 

 

 

 

5

 

Total revenues and other income

 

$

64,282

 

 

$

26,978

 

 

$

 

 

$

91,260

 

Asset impairments

 

$

69

 

 

$

 

 

$

 

 

$

69

 

Net income (loss)

 

$

52,510

 

 

$

26,964

 

 

$

(9,140

)

 

$

70,334

 

Adjusted EBITDA (1)

 

$

56,366

 

 

$

32,336

 

 

$

(5,643

)

 

$

83,059

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

55,040

 

 

$

32,326

 

 

$

(6,016

)

 

$

81,350

 

Investing activities

 

$

615

 

 

$

 

 

$

(8

)

 

$

607

 

Financing activities

 

$

 

 

$

 

 

$

(88,882

)

 

$

(88,882

)

Distributable cash flow (1)

 

$

55,655

 

 

$

32,326

 

 

$

(6,024

)

 

$

81,957

 

Free cash flow (1)

 

$

55,650

 

 

$

32,326

 

 

$

(6,024

)

 

$

81,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

70,799

 

 

$

 

 

$

 

 

$

70,799

 

Equity in earnings of Sisecam Wyoming

 

 

 

 

 

5,450

 

 

 

 

 

 

5,450

 

Gain on asset sales and disposals

 

 

165

 

 

 

 

 

 

 

 

 

165

 

Total revenues and other income

 

$

70,964

 

 

$

5,450

 

 

$

 

 

$

76,414

 

Asset impairments

 

$

 

 

$

 

 

$

 

 

$

 

Net income (loss)

 

$

60,644

 

 

$

5,388

 

 

$

(9,819

)

 

$

56,213

 

Adjusted EBITDA (1)

 

$

65,293

 

 

$

14,148

 

 

$

(6,327

)

 

$

73,114

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

69,749

 

 

$

14,148

 

 

$

(12,398

)

 

$

71,499

 

Investing activities

 

$

812

 

 

$

 

 

$

 

 

$

812

 

Financing activities

 

$

(1,086

)

 

$

 

 

$

(72,224

)

 

$

(73,310

)

Distributable cash flow (1)

 

$

70,561

 

 

$

14,148

 

 

$

(12,398

)

 

$

72,311

 

Free cash flow (1)

 

$

70,396

 

 

$

14,148

 

 

$

(12,398

)

 

$

72,146

 

___________________

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

The following table presents NRP's unaudited business results by segment for the six months ended June 30, 2024 and 2023:

 

 

 

Operating Segments

 

 

 

 

 

 

 

 

 

 

 

Mineral

 

 

 

 

 

Corporate and

 

 

 

 

(In thousands)

 

Rights

 

Soda Ash

 

Financing

 

Total

For the Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

128,051

 

 

$

 

 

$

 

 

$

128,051

 

Equity in earnings of Sisecam Wyoming

 

 

 

 

 

9,095

 

 

 

 

 

 

9,095

 

Gain on asset sales and disposals

 

 

4,808

 

 

 

 

 

 

 

 

 

4,808

 

Total revenues and other income

 

$

132,859

 

 

$

9,095

 

 

$

 

 

$

141,954

 

Asset impairments

 

$

 

 

$

 

 

$

 

 

$

 

Net income (loss)

 

$

113,373

 

 

$

9,007

 

 

$

(20,103

)

 

$

102,277

 

Adjusted EBITDA (1)

 

$

121,342

 

 

$

21,706

 

 

$

(12,258

)

 

$

130,790

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

125,983

 

 

$

21,705

 

 

$

(19,560

)

 

$

128,128

 

Investing activities

 

$

6,114

 

 

$

 

 

$

 

 

$

6,114

 

Financing activities

 

$

(1,086

)

 

$

 

 

$

(112,805

)

 

$

(113,891

)

Distributable cash flow (1)

 

$

132,097

 

 

$

21,705

 

 

$

(19,560

)

 

$

134,242

 

Free cash flow (1)

 

$

127,289

 

 

$

21,705

 

 

$

(19,560

)

 

$

129,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

144,146

 

 

$

 

 

$

 

 

$

144,146

 

Equity in earnings of Sisecam Wyoming

 

 

 

 

 

46,232

 

 

 

 

 

 

46,232

 

Gain on asset sales and disposals

 

 

101

 

 

 

 

 

 

 

 

 

101

 

Total revenues and other income

 

$

144,247

 

 

$

46,232

 

 

$

 

 

$

190,479

 

Asset impairments

 

$

69

 

 

$

 

 

$

 

 

$

69

 

Net income (loss)

 

$

121,391

 

 

$

46,060

 

 

$

(17,842

)

 

$

149,609

 

Adjusted EBITDA (1)

 

$

129,326

 

 

$

42,958

 

 

$

(11,488

)

 

$

160,796

 

Cash flow provided by (used in) continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

128,898

 

 

$

42,943

 

 

$

(17,591

)

 

$

154,250

 

Investing activities

 

$

1,314

 

 

$

 

 

$

(10

)

 

$

1,304

 

Financing activities

 

$

(583

)

 

$

 

 

$

(183,332

)

 

$

(183,915

)

Distributable cash flow (1)

 

$

130,212

 

 

$

42,943

 

 

$

(17,601

)

 

$

155,554

 

Free cash flow (1)

 

$

130,106

 

 

$

42,943

 

 

$

(17,601

)

 

$

155,448

 

__________________

(1)

See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

 

Operating Statistics - Mineral Rights

 

 

For the Three Months Ended

 

For the Six Months Ended

 

 

June 30,

 

March 31,

 

June 30,

(In thousands, except per ton data)

 

2024

 

2023

 

2024

 

2024

 

2023

Coal sales volumes (tons)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appalachia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern

 

 

129

 

 

 

390

 

 

 

117

 

 

 

246

 

 

 

769

 

Central

 

 

3,456

 

 

 

3,352

 

 

 

3,714

 

 

 

7,170

 

 

 

6,961

 

Southern

 

 

709

 

 

 

693

 

 

 

570

 

 

 

1,279

 

 

 

1,275

 

Total Appalachia

 

 

4,294

 

 

 

4,435

 

 

 

4,401

 

 

 

8,695

 

 

 

9,005

 

Illinois Basin

 

 

1,342

 

 

 

1,631

 

 

 

2,033

 

 

 

3,375

 

 

 

2,941

 

Northern Powder River Basin

 

 

567

 

 

 

881

 

 

 

949

 

 

 

1,516

 

 

 

1,966

 

Gulf Coast

 

 

435

 

 

 

139

 

 

 

265

 

 

 

700

 

 

 

197

 

Total coal sales volumes

 

 

6,638

 

 

 

7,086

 

 

 

7,648

 

 

 

14,286

 

 

 

14,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal royalty revenue per ton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appalachia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern

 

$

4.74

 

 

$

6.87

 

 

$

1.86

 

 

$

3.37

 

 

$

8.35

 

Central

 

 

7.34

 

 

 

8.49

 

 

 

8.08

 

 

 

7.72

 

 

 

9.23

 

Southern

 

 

10.19

 

 

 

10.85

 

 

 

11.58

 

 

 

10.81

 

 

 

12.72

 

Illinois Basin

 

 

2.47

 

 

 

3.15

 

 

 

2.56

 

 

 

2.53

 

 

 

3.34

 

Northern Powder River Basin

 

 

4.99

 

 

 

4.62

 

 

 

4.85

 

 

 

4.90

 

 

 

4.65

 

Gulf Coast

 

 

0.77

 

 

 

0.71

 

 

 

0.75

 

 

 

0.77

 

 

 

0.66

 

Combined average coal royalty revenue per ton

 

 

5.98

 

 

 

6.77

 

 

 

6.12

 

 

 

6.06

 

 

 

7.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal royalty revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appalachia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern

 

$

612

 

 

$

2,681

 

 

$

218

 

 

$

830

 

 

$

6,418

 

Central

 

 

25,378

 

 

 

28,445

 

 

 

29,992

 

 

 

55,370

 

 

 

64,251

 

Southern

 

 

7,226

 

 

 

7,521

 

 

 

6,602

 

 

 

13,828

 

 

 

16,218

 

Total Appalachia

 

 

33,216

 

 

 

38,647

 

 

 

36,812

 

 

 

70,028

 

 

 

86,887

 

Illinois Basin

 

 

3,312

 

 

 

5,141

 

 

 

5,211

 

 

 

8,523

 

 

 

9,816

 

Northern Powder River Basin

 

 

2,831

 

 

 

4,066

 

 

 

4,599

 

 

 

7,430

 

 

 

9,141

 

Gulf Coast

 

 

336

 

 

 

98

 

 

 

200

 

 

 

536

 

 

 

131

 

Unadjusted coal royalty revenues

 

 

39,695

 

 

 

47,952

 

 

 

46,822

 

 

 

86,517

 

 

 

105,975

 

Coal royalty adjustment for minimum leases

 

 

(10

)

 

 

8

 

 

 

(4

)

 

 

(14

)

 

 

8

 

Total coal royalty revenues

 

$

39,685

 

 

$

47,960

 

 

$

46,818

 

 

$

86,503

 

 

$

105,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production lease minimum revenues

 

$

412

 

 

$

562

 

 

$

924

 

 

$

1,336

 

 

$

1,175

 

Minimum lease straight-line revenues

 

 

4,126

 

 

 

4,447

 

 

 

4,171

 

 

 

8,297

 

 

 

8,950

 

Carbon neutral initiative revenues

 

 

2,200

 

 

 

115

 

 

 

2,161

 

 

 

4,361

 

 

 

2,233

 

Wheelage revenues

 

 

2,338

 

 

 

3,284

 

 

 

2,672

 

 

 

5,010

 

 

 

7,153

 

Property tax revenues

 

 

1,545

 

 

 

1,470

 

 

 

1,892

 

 

 

3,437

 

 

 

2,940

 

Coal overriding royalty revenues

 

 

668

 

 

 

150

 

 

 

1,169

 

 

 

1,837

 

 

 

338

 

Lease amendment revenues

 

 

712

 

 

 

848

 

 

 

702

 

 

 

1,414

 

 

 

1,699

 

Aggregates royalty revenues

 

 

730

 

 

 

686

 

 

 

772

 

 

 

1,502

 

 

 

1,439

 

Oil and gas royalty revenues

 

 

1,999

 

 

 

1,214

 

 

 

3,640

 

 

 

5,639

 

 

 

4,802

 

Other revenues

 

 

176

 

 

 

271

 

 

 

2,451

 

 

 

2,627

 

 

 

566

 

Total other revenues

 

$

14,906

 

 

$

13,047

 

 

$

20,554

 

 

$

35,460

 

 

$

31,295

 

Royalty and other mineral rights

 

$

54,591

 

 

$

61,007

 

 

$

67,372

 

 

$

121,963

 

 

$

137,278

 

Transportation and processing services revenues

 

 

2,661

 

 

 

3,270

 

 

 

3,427

 

 

 

6,088

 

 

 

6,868

 

Gain on asset sales and disposals

 

 

4,643

 

 

 

5

 

 

 

165

 

 

 

4,808

 

 

 

101

 

Total Mineral Rights segment revenues and other income

 

$

61,895

 

 

$

64,282

 

 

$

70,964

 

 

$

132,859

 

 

$

144,247

 

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

 

 

Mineral

 

 

 

 

 

Corporate and

 

 

 

 

(In thousands)

 

Rights

 

Soda Ash

 

Financing

 

Total

For the Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

52,729

 

 

$

3,619

 

 

$

(10,284

)

 

$

46,064

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(3,645

)

 

 

 

 

 

(3,645

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

7,584

 

 

 

 

 

 

7,584

 

Add: interest expense, net

 

 

 

 

 

 

 

 

4,349

 

 

 

4,349

 

Add: depreciation, depletion and amortization

 

 

3,320

 

 

 

 

 

 

4

 

 

 

3,324

 

Add: asset impairments

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

56,049

 

 

$

7,558

 

 

$

(5,931

)

 

$

57,676

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

52,510

 

 

$

26,964

 

 

$

(9,140

)

 

$

70,334

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(26,978

)

 

 

 

 

 

(26,978

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

32,350

 

 

 

 

 

 

32,350

 

Add: interest expense, net

 

 

 

 

 

 

 

 

3,492

 

 

 

3,492

 

Add: depreciation, depletion and amortization

 

 

3,787

 

 

 

 

 

 

5

 

 

 

3,792

 

Add: asset impairments

 

 

69

 

 

 

 

 

 

 

 

 

69

 

Adjusted EBITDA

 

$

56,366

 

 

$

32,336

 

 

$

(5,643

)

 

$

83,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

60,644

 

 

$

5,388

 

 

$

(9,819

)

 

$

56,213

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(5,450

)

 

 

 

 

 

(5,450

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

14,210

 

 

 

 

 

 

14,210

 

Add: interest expense, net

 

 

 

 

 

 

 

 

3,487

 

 

 

3,487

 

Add: depreciation, depletion and amortization

 

 

4,649

 

 

 

 

 

 

5

 

 

 

4,654

 

Add: asset impairments

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

65,293

 

 

$

14,148

 

 

$

(6,327

)

 

$

73,114

 

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

 

 

Mineral

 

 

 

 

 

Corporate and

 

 

 

 

(In thousands)

 

Rights

 

Soda Ash

 

Financing

 

Total

For the Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

113,373

 

 

$

9,007

 

 

$

(20,103

)

 

$

102,277

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(9,095

)

 

 

 

 

 

(9,095

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

21,794

 

 

 

 

 

 

21,794

 

Add: interest expense, net

 

 

 

 

 

 

 

 

7,836

 

 

 

7,836

 

Add: depreciation, depletion and amortization

 

 

7,969

 

 

 

 

 

 

9

 

 

 

7,978

 

Add: asset impairments

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

121,342

 

 

$

21,706

 

 

$

(12,258

)

 

$

130,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

121,391

 

 

$

46,060

 

 

$

(17,842

)

 

$

149,609

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(46,232

)

 

 

 

 

 

(46,232

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

43,130

 

 

 

 

 

 

43,130

 

Add: interest expense, net

 

 

 

 

 

 

 

 

6,345

 

 

 

6,345

 

Add: depreciation, depletion and amortization

 

 

7,866

 

 

 

 

 

 

9

 

 

 

7,875

 

Add: asset impairments

 

 

69

 

 

 

 

 

 

 

 

 

69

 

Adjusted EBITDA

 

$

129,326

 

 

$

42,958

 

 

$

(11,488

)

 

$

160,796

 

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

 

Distributable Cash Flow and Free Cash Flow

 

 

Mineral

 

 

 

 

 

Corporate and

 

 

 

 

(In thousands)

 

Rights

 

Soda Ash

 

Financing

 

Total

For the Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

56,234

 

 

$

7,557

 

 

$

(7,162

)

 

$

56,629

 

Add: proceeds from asset sales and disposals

 

 

4,643

 

 

 

 

 

 

 

 

 

4,643

 

Add: return of long-term contract receivable

 

 

659

 

 

 

 

 

 

 

 

 

659

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Distributable cash flow

 

$

61,536

 

 

$

7,557

 

 

$

(7,162

)

 

$

61,931

 

Less: proceeds from asset sales and disposals

 

 

(4,643

)

 

 

 

 

 

 

 

 

(4,643

)

Free cash flow

 

$

56,893

 

 

$

7,557

 

 

$

(7,162

)

 

$

57,288

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by investing activities

 

$

5,302

 

 

$

 

 

$

 

 

$

5,302

 

Net cash used in financing activities

 

$

 

 

$

 

 

$

(40,581

)

 

$

(40,581

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

55,040

 

 

$

32,326

 

 

$

(6,016

)

 

$

81,350

 

Add: proceeds from asset sales and disposals

 

 

5

 

 

 

 

 

 

 

 

 

5

 

Add: return of long-term contract receivable

 

 

610

 

 

 

 

 

 

 

 

 

610

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

(8

)

 

 

(8

)

Distributable cash flow

 

$

55,655

 

 

$

32,326

 

 

$

(6,024

)

 

$

81,957

 

Less: proceeds from asset sales and disposals

 

 

(5

)

 

 

 

 

 

 

 

 

(5

)

Free cash flow

 

$

55,650

 

 

$

32,326

 

 

$

(6,024

)

 

$

81,952

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

$

615

 

 

$

 

 

$

(8

)

 

$

607

 

Net cash used in financing activities

 

$

 

 

$

 

 

$

(88,882

)

 

$

(88,882

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

69,749

 

 

$

14,148

 

 

$

(12,398

)

 

$

71,499

 

Add: proceeds from asset sales and disposals

 

 

165

 

 

 

 

 

 

 

 

 

165

 

Add: return of long-term contract receivable

 

 

647

 

 

 

 

 

 

 

 

 

647

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Distributable cash flow

 

$

70,561

 

 

$

14,148

 

 

$

(12,398

)

 

$

72,311

 

Less: proceeds from asset sales and disposals

 

 

(165

)

 

 

 

 

 

 

 

 

(165

)

Free cash flow

 

$

70,396

 

 

$

14,148

 

 

$

(12,398

)

 

$

72,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by investing activities

 

$

812

 

 

$

 

 

$

 

 

$

812

 

Net cash used in financing activities

 

$

(1,086

)

 

$

 

 

$

(72,224

)

 

$

(73,310

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

 

Distributable Cash Flow and Free Cash Flow

 

 

Mineral

 

 

 

 

 

Corporate and

 

 

 

 

(In thousands)

 

Rights

 

Soda Ash

 

Financing

 

Total

For the Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

125,983

 

 

$

21,705

 

 

$

(19,560

)

 

$

128,128

 

Add: proceeds from asset sales and disposals

 

 

4,808

 

 

 

 

 

 

 

 

 

4,808

 

Add: return of long-term contract receivable

 

 

1,306

 

 

 

 

 

 

 

 

 

1,306

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Distributable cash flow

 

$

132,097

 

 

$

21,705

 

 

$

(19,560

)

 

$

134,242

 

Less: proceeds from asset sales and disposals

 

 

(4,808

)

 

 

 

 

 

 

 

 

(4,808

)

Free cash flow

 

$

127,289

 

 

$

21,705

 

 

$

(19,560

)

 

$

129,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by investing activities

 

$

6,114

 

 

$

 

 

$

 

 

$

6,114

 

Net cash used in financing activities

 

$

(1,086

)

 

$

 

 

$

(112,805

)

 

$

(113,891

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

128,898

 

 

$

42,943

 

 

$

(17,591

)

 

$

154,250

 

Add: proceeds from asset sales and disposals

 

 

106

 

 

 

 

 

 

 

 

 

106

 

Add: return of long-term contract receivable

 

 

1,208

 

 

 

 

 

 

 

 

 

1,208

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

(10

)

 

 

(10

)

Distributable cash flow

 

$

130,212

 

 

$

42,943

 

 

$

(17,601

)

 

$

155,554

 

Less: proceeds from asset sales and disposals

 

 

(106

)

 

 

 

 

 

 

 

 

(106

)

Free cash flow

 

$

130,106

 

 

$

42,943

 

 

$

(17,601

)

 

$

155,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

$

1,314

 

 

$

 

 

$

(10

)

 

$

1,304

 

Net cash used in financing activities

 

$

(583

)

 

$

 

 

$

(183,332

)

 

$

(183,915

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

 

Last Twelve Months (LTM) Free Cash Flow

 

 

For the Three Months Ended

 

 

 

 

(In thousands)

 

September

30, 2023

 

December

31, 2023

 

March 31,

2024

 

June 30,

2024

 

Last 12

Months

Net cash provided by operating activities

 

$

78,942

 

 

$

77,786

 

 

$

71,499

 

 

$

56,629

 

 

$

284,856

 

Add: proceeds from asset sales and disposals

 

 

855

 

 

 

2,002

 

 

 

165

 

 

 

4,643

 

 

 

7,665

 

Add: return of long-term contract receivable

 

 

622

 

 

 

633

 

 

 

647

 

 

 

659

 

 

 

2,561

 

Distributable cash flow

 

$

80,419

 

 

$

80,421

 

 

$

72,311

 

 

$

61,931

 

 

$

295,082

 

Less: proceeds from asset sales and disposals

 

 

(855

)

 

 

(2,002

)

 

 

(165

)

 

 

(4,643

)

 

 

(7,665

)

Free cash flow

 

$

79,564

 

 

$

78,419

 

 

$

72,146

 

 

$

57,288

 

 

$

287,417

 

Leverage Ratio

 

 

For the Three Months Ended

 

 

 

 

(In thousands)

 

September

30, 2023

 

December

31, 2023

 

March 31,

2024

 

June 30,

2024

 

Last 12

Months

Net income

 

$

63,846

 

 

$

64,980

 

 

$

56,213

 

 

$

46,064

 

 

$

231,103

 

Less: equity earnings from unconsolidated investment

 

 

(12,401

)

 

 

(14,764

)

 

 

(5,450

)

 

 

(3,645

)

 

 

(36,260

)

Add: total distributions from unconsolidated investment

 

 

23,010

 

 

 

15,338

 

 

 

14,210

 

 

 

7,584

 

 

 

60,142

 

Add: interest expense, net

 

 

3,837

 

 

 

3,921

 

 

 

3,487

 

 

 

4,349

 

 

 

15,594

 

Add: depreciation, depletion and amortization

 

 

4,594

 

 

 

6,020

 

 

 

4,654

 

 

 

3,324

 

 

 

18,592

 

Add: asset impairments

 

 

63

 

 

 

424

 

 

 

 

 

 

 

 

 

487

 

Adjusted EBITDA

 

$

82,949

 

 

$

75,919

 

 

$

73,114

 

 

$

57,676

 

 

$

289,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt—at June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

210,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leverage Ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.7 x

 

 

 

For the Three Months Ended

 

 

 

 

(In thousands)

 

September

30, 2022

 

December

31, 2022

 

March 31,

2023

 

June 30,

2023

 

Last 12

Months

Net income

 

$

74,555

 

 

$

63,218

 

 

$

79,275

 

 

$

70,334

 

 

$

287,382

 

Less: equity earnings from unconsolidated investment

 

 

(14,556

)

 

 

(15,759

)

 

 

(19,254

)

 

 

(26,978

)

 

 

(76,547

)

Add: total distributions from unconsolidated investment

 

 

10,339

 

 

 

10,780

 

 

 

10,780

 

 

 

32,350

 

 

 

64,249

 

Add: interest expense, net

 

 

5,141

 

 

 

3,638

 

 

 

2,853

 

 

 

3,492

 

 

 

15,124

 

Add: loss on extinguishment of debt

 

 

2,484

 

 

 

3,933

 

 

 

 

 

 

 

 

 

6,417

 

Add: depreciation, depletion and amortization

 

 

6,850

 

 

 

5,954

 

 

 

4,083

 

 

 

3,792

 

 

 

20,679

 

Add: asset impairments

 

 

812

 

 

 

3,583

 

 

 

 

 

 

69

 

 

 

4,464

 

Adjusted EBITDA

 

$

85,625

 

 

$

75,347

 

 

$

77,737

 

 

$

83,059

 

 

$

321,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt—at June 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

183,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leverage Ratio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6 x

 

 

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