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Natural Resource Partners L.P. Reports Fourth Quarter and Full Year 2023 Results and Announces Special Distribution of $2.44 per Common Unit

Natural Resource Partners L.P. (NYSE:NRP) today reported fourth quarter and full year 2023 results as follows:

 

 

For the Three Months Ended

 

 

For the Year Ended

 

(In thousands) (Unaudited)

 

December 31, 2023

 

Net income

 

$

64,980

 

 

$

278,435

 

Operating cash flow

 

$

77,786

 

 

$

310,978

 

Free cash flow (1)

 

$

78,419

 

 

$

313,431

 

 

(1)

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

2023 Highlights:

  • Generated record full year free cash flow of $313 million
  • Paid regular quarterly distributions of $0.75 per common unit and a special cash distribution of $2.43 per common unit to cover unitholder tax liabilities associated with owning NRP's common units during 2022
  • Redeemed $178 million of preferred units at par with cash; $72 million of the original $250 million preferred units remain outstanding
  • Repurchased 1.46 million warrants with $56.1 million cash
  • Increased credit facility borrowing capacity from $130 million to $155 million

Early 2024 Highlights:

  • Repurchased 1.22 million warrants with $55.7 million of cash and 198,767 of common units; 0.32 million of the original 4 million warrants remain outstanding with a current settlement value of approximately $20 million
  • Increased credit facility borrowing capacity from $155 million to $200 million
  • Declared special cash distribution of $2.44 per common unit to cover unitholder tax liabilities associated with owning NRP's common units during 2023

Craig Nunez, NRP's president & chief operating officer said, "NRP generated a record $313 million of free cash flow in 2023 driven by increased distributions received from our soda ash business and ongoing strength in metallurgical coal prices. We have now been able to permanently redeem 71% of our preferred units at par and settle 92% of our warrants."

Mr. Nunez continued, "In 2015 we laid out a strategy to de-lever and de-risk the partnership in order to maximize long-term common unitholder value. I'm proud of the significant progress we have made and continue to make. We stand firm in our belief that the best approach to maximizing the intrinsic value of our business is to continue to aggressively pay off all permanent debt, redeem all preferred units, and settle all remaining warrants."

NRP's liquidity was $71.2 million at December 31, 2023, consisting of $12.0 million of cash and $59.2 million of borrowing capacity available under its revolving credit facility.

NRP also announced today that the board of directors of its general partner declared a special cash distribution of $2.44 per common unit to be paid on March 26, 2024 to unitholders of record on March 19, 2024. This special distribution is to help cover unitholder tax liabilities associated with owning NRP's common units during 2023. 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 in the fourth quarter and full year of 2023 increased $0.2 million and decreased $21.9 million, respectively, as compared to the prior year periods. Operating cash flow in the fourth quarter and full year of 2023 increased $1.8 million and decreased $2.8 million, respectively, as compared to the prior year periods. Free cash flow in the fourth quarter and full year of 2023 increased $1.9 million and decreased $2.1 million, respectively, as compared to the prior year periods. The decrease in net income for the full year of 2023 was primarily due to lower metallurgical coal pricing, lower oil and gas royalty revenues, lower transportation and processing revenues, and lower carbon neutral initiative revenues as compared to the prior year. Approximately 70% of coal royalty revenues and approximately 45% of coal royalty sales volumes were derived from metallurgical coal in the fourth quarter of 2023, and approximately 70% of coal royalty revenues and approximately 50% of coal royalty sales volumes were derived from metallurgical coal in the full year of 2023.

Metallurgical and thermal coal prices saw significant variability in 2023, and were off the record highs seen in 2022, but finished the year strong relative to historical norms. NRP believes limitations from ongoing labor shortages, access to capital, and inflationary pressures should provide continued price support for metallurgical and thermal coal in 2024, despite headwinds from lower steel demand and the long-term secular decline in thermal energy production.

NRP continues to explore and identify carbon neutral revenue sources across its large portfolio of surface, mineral, and timber assets, including the permanent sequestration of carbon dioxide underground and in standing forests, and the generation of electricity using geothermal, solar, and wind energy, as well as lithium production. While the timing and likelihood of additional cash flows being realized from these activities is uncertain, NRP believes its large ownership footprint throughout the United States provides additional opportunities to create value in this regard with minimal capital investment by NRP.

Soda Ash

Soda Ash net income in the fourth quarter and full year of 2023 decreased $1.0 million and increased $13.5 million, respectively, as compared to the prior year periods. The increase in net income for the full year of 2023 was primarily due to higher sales prices driven by strong demand domestically, partially offset by lower soda ash production and sales volumes. Operating cash flow and free cash flow in the fourth quarter and full year of 2023 increased $4.6 million and $36.5 million, respectively, as compared to the prior year periods primarily due to increased distributions received from Sisecam Wyoming.

Strong sales prices at Sisecam Wyoming for the year ended December 31, 2023 more than offset input cost inflation, supply chain difficulties, and the influx of supply from China in the latter part of the year. However, NRP believes this increase in global soda ash production will result in an oversupplied market and a decline in soda ash prices in 2024.

Corporate and Financing

Corporate and Financing costs in the fourth quarter and full year of 2023 decreased $2.5 million and $18.4 million, respectively, as compared to the prior year periods primarily due to the loss on early extinguishment of debt recognized in 2022 related to the retirement of the 2025 Senior Notes. Full year 2023 results were also impacted by lower interest expense as a result of less debt outstanding for the full year of 2023. Operating cash flow in the fourth quarter and full year of 2023 improved $2.5 million and $10.4 million, respectively, as compared to the prior year periods. Free cash flow in the fourth quarter and full year of 2023 improved $2.6 million and $10.5 million, respectively, as compared to the prior year periods. These improvements were primarily due to lower cash paid for interest as a result of less debt outstanding in 2023.

NRP continues to make great strides in de-levering and de-risking the partnership. In 2023, NRP redeemed $178 million of its Class A Preferred Units at par with cash, repurchased 1.46 million of its warrants with $56.1 million cash, and upsized its revolving credit facility borrowing capacity by $25 million to $155 million. In 2024, NRP repurchased 1.22 million warrants with $55.7 million of cash and 198,767 of common units and increased its revolving credit facility borrowing capacity an additional $45 million to $200 million.

Of the originally issued 250,000 Class A Preferred Units, 71,666 Class A Preferred Units remain outstanding. Of the originally issued 4 million warrants, 0.32 million warrants remain outstanding.

NRP's consolidated leverage ratio was 0.5x at December 31, 2023.

In February 2023, NRP declared and paid a fourth quarter 2023 cash distribution of $0.75 per common unit and a $2.15 million cash distribution on the preferred units. As previously mentioned, today NRP declared a special distribution of $2.44 per common unit to help cover unitholder tax liabilities associated with owning NRP's common units during 2023.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://registrations.events/direct/Q4I5055640. 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 statementsas defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the 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 PartnersSecurities 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, 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 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 of continuing operations 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 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 receivable; less maintenance and expansion capital expenditures, cash flow used in acquisition costs classified as investing or 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.

"Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP’s overall financial condition. Leverage ratio may not be calculated the same for us 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 Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(In thousands, except per unit data)

 

2023

 

 

2022

 

 

2023

 

 

2023

 

 

2022

 

Revenues and other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Royalty and other mineral rights

 

$

72,922

 

 

$

75,218

 

 

$

68,533

 

 

$

278,733

 

 

$

307,013

 

Transportation and processing services

 

 

3,476

 

 

 

5,695

 

 

 

4,579

 

 

 

14,923

 

 

 

21,072

 

Equity in earnings of Sisecam Wyoming

 

 

14,764

 

 

 

15,759

 

 

 

12,401

 

 

 

73,397

 

 

 

59,795

 

Gain on asset sales and disposals

 

 

2,001

 

 

 

383

 

 

 

854

 

 

 

2,956

 

 

 

1,082

 

Total revenues and other income

 

$

93,163

 

 

$

97,055

 

 

$

86,367

 

 

$

370,009

 

 

$

388,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance expenses

 

$

8,864

 

 

$

8,914

 

 

$

8,358

 

 

$

32,315

 

 

$

34,903

 

Depreciation, depletion and amortization

 

 

6,020

 

 

 

5,954

 

 

 

4,594

 

 

 

18,489

 

 

 

22,519

 

General and administrative expenses

 

 

8,954

 

 

 

7,815

 

 

 

5,669

 

 

 

26,111

 

 

 

21,852

 

Asset impairments

 

 

424

 

 

 

3,583

 

 

 

63

 

 

 

556

 

 

 

4,457

 

Total operating expenses

 

$

24,262

 

 

$

26,266

 

 

$

18,684

 

 

$

77,471

 

 

$

83,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

68,901

 

 

$

70,789

 

 

$

67,683

 

 

$

292,538

 

 

$

305,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

$

(3,921

)

 

$

(3,638

)

 

$

(3,837

)

 

$

(14,103

)

 

$

(26,274

)

Loss on extinguishment of debt

 

 

 

 

 

(3,933

)

 

 

 

 

 

 

 

 

(10,465

)

Total other expenses, net

 

$

(3,921

)

 

$

(7,571

)

 

$

(3,837

)

 

$

(14,103

)

 

$

(36,739

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

64,980

 

 

$

63,218

 

 

$

63,846

 

 

$

278,435

 

 

$

268,492

 

Less: income attributable to preferred unitholders

 

 

(2,151

)

 

 

(7,500

)

 

 

(2,936

)

 

 

(16,719

)

 

 

(30,000

)

Less: redemption of preferred units

 

 

 

 

 

 

 

 

(17,083

)

 

 

(60,929

)

 

 

 

Net income attributable to common unitholders and the general partner

 

$

62,829

 

 

$

55,718

 

 

$

43,827

 

 

$

200,787

 

 

$

238,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

61,572

 

 

$

54,603

 

 

$

42,951

 

 

$

196,771

 

 

$

233,722

 

Net income attributable to the general partner

 

 

1,257

 

 

 

1,115

 

 

 

876

 

 

 

4,016

 

 

 

4,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

4.87

 

 

$

4.37

 

 

$

3.40

 

 

$

15.59

 

 

$

18.72

 

Diluted

 

 

4.31

 

 

 

3.13

 

 

 

2.91

 

 

 

13.08

 

 

 

13.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

64,980

 

 

$

63,218

 

 

$

63,846

 

 

$

278,435

 

 

$

268,492

 

Comprehensive income (loss) from unconsolidated investment and other

 

 

(5,367

)

 

 

16,685

 

 

 

2,200

 

 

 

(21,839

)

 

 

15,506

 

Comprehensive income

 

$

59,613

 

 

$

79,903

 

 

$

66,046

 

 

$

256,596

 

 

$

283,998

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

 
 

 

 

For the Three Months Ended

 

 

For the Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(In thousands)

 

2023

 

 

2022

 

 

2023

 

 

2023

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

64,980

 

 

$

63,218

 

 

$

63,846

 

 

$

278,435

 

 

$

268,492

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

6,020

 

 

 

5,954

 

 

 

4,594

 

 

 

18,489

 

 

 

22,519

 

Distributions from unconsolidated investment

 

 

15,338

 

 

 

10,780

 

 

 

23,010

 

 

 

81,478

 

 

 

44,835

 

Equity earnings from unconsolidated investment

 

 

(14,764

)

 

 

(15,759

)

 

 

(12,401

)

 

 

(73,397

)

 

 

(59,795

)

Gain on asset sales and disposals

 

 

(2,001

)

 

 

(383

)

 

 

(854

)

 

 

(2,956

)

 

 

(1,082

)

Loss on extinguishment of debt

 

 

 

 

 

3,933

 

 

 

 

 

 

 

 

 

10,465

 

Asset impairments

 

 

424

 

 

 

3,583

 

 

 

63

 

 

 

556

 

 

 

4,457

 

Bad debt expense

 

 

1,431

 

 

 

421

 

 

 

1,621

 

 

 

2,244

 

 

 

1,062

 

Unit-based compensation expense

 

 

3,007

 

 

 

1,557

 

 

 

2,766

 

 

 

10,910

 

 

 

5,773

 

Amortization of debt issuance costs and other

 

 

260

 

 

 

523

 

 

 

477

 

 

 

1,303

 

 

 

2,410

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(4,254

)

 

 

(8,553

)

 

 

(2,610

)

 

 

(164

)

 

 

(18,671

)

Accounts payable

 

 

(258

)

 

 

(186

)

 

 

(381

)

 

 

(1,108

)

 

 

37

 

Accrued liabilities

 

 

6,063

 

 

 

5,766

 

 

 

498

 

 

 

(225

)

 

 

935

 

Accrued interest

 

 

(641

)

 

 

(3,238

)

 

 

599

 

 

 

(406

)

 

 

(224

)

Deferred revenue

 

 

1,480

 

 

 

1,670

 

 

 

(2,163

)

 

 

(3,483

)

 

 

(15,424

)

Other items, net

 

 

701

 

 

 

(398

)

 

 

(123

)

 

 

(698

)

 

 

1,049

 

Net cash provided by operating activities

 

$

77,786

 

 

$

68,888

 

 

$

78,942

 

 

$

310,978

 

 

$

266,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales and disposals

 

$

2,002

 

 

$

384

 

 

$

855

 

 

$

2,963

 

 

$

1,083

 

Return of long-term contract receivable

 

 

633

 

 

 

585

 

 

 

622

 

 

 

2,463

 

 

 

1,723

 

Capital expenditures

 

 

 

 

 

(59

)

 

 

 

 

 

(10

)

 

 

(118

)

Net cash provided by investing activities

 

$

2,635

 

 

$

910

 

 

$

1,477

 

 

$

5,416

 

 

$

2,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt borrowings

 

$

33,800

 

 

$

70,000

 

 

$

50,000

 

 

$

248,834

 

 

$

70,000

 

Debt repayments

 

 

(86,335

)

 

 

(141,731

)

 

 

(25,000

)

 

 

(262,396

)

 

 

(339,396

)

Distributions to common unitholders and the general partner

 

 

(9,670

)

 

 

(9,571

)

 

 

(9,669

)

 

 

(69,908

)

 

 

(34,384

)

Distributions to preferred unitholders

 

 

(2,150

)

 

 

(7,500

)

 

 

(4,437

)

 

 

(22,069

)

 

 

(30,258

)

Redemptions of preferred units

 

 

 

 

 

 

 

 

(50,001

)

 

 

(178,334

)

 

 

 

Redemption of preferred units paid-in-kind

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,321

)

Warrant settlements

 

 

(22,481

)

 

 

 

 

 

(33,608

)

 

 

(56,089

)

 

 

 

Other items, net

 

 

(7

)

 

 

(2,842

)

 

 

(23

)

 

 

(3,534

)

 

 

(12,596

)

Net cash used in financing activities

 

$

(86,843

)

 

$

(91,644

)

 

$

(72,738

)

 

$

(343,496

)

 

$

(365,955

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

$

(6,422

)

 

$

(21,846

)

 

$

7,681

 

 

$

(27,102

)

 

$

(96,429

)

Cash and cash equivalents at beginning of period

 

 

18,411

 

 

 

60,937

 

 

 

10,730

 

 

 

39,091

 

 

 

135,520

 

Cash and cash equivalents at end of period

 

$

11,989

 

 

$

39,091

 

 

$

18,411

 

 

$

11,989

 

 

$

39,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

4,372

 

 

$

6,764

 

 

$

3,050

 

 

$

13,856

 

 

$

25,265

 

Natural Resource Partners L.P.

Financial Tables

Consolidated Balance Sheets

 
 

 

 

December 31,

 

 

 

2023

 

 

2022

 

(In thousands, except unit data)

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

11,989

 

 

$

39,091

 

Accounts receivable, net

 

 

41,086

 

 

 

42,701

 

Other current assets, net

 

 

2,218

 

 

 

1,822

 

Total current assets

 

$

55,293

 

 

$

83,614

 

Land

 

 

24,008

 

 

 

24,008

 

Mineral rights, net

 

 

394,483

 

 

 

412,312

 

Intangible assets, net

 

 

13,682

 

 

 

14,713

 

Equity in unconsolidated investment

 

 

276,549

 

 

 

306,470

 

Long-term contract receivable, net

 

 

26,321

 

 

 

28,946

 

Other long-term assets, net

 

 

7,540

 

 

 

7,068

 

Total assets

 

$

797,876

 

 

$

877,131

 

LIABILITIES AND CAPITAL

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

885

 

 

$

1,992

 

Accrued liabilities

 

 

12,987

 

 

 

11,916

 

Accrued interest

 

 

584

 

 

 

989

 

Current portion of deferred revenue

 

 

4,599

 

 

 

6,256

 

Current portion of long-term debt, net

 

 

30,785

 

 

 

39,076

 

Total current liabilities

 

$

49,840

 

 

$

60,229

 

Deferred revenue

 

 

38,356

 

 

 

40,181

 

Long-term debt, net

 

 

124,273

 

 

 

129,205

 

Other non-current liabilities

 

 

7,172

 

 

 

5,472

 

Total liabilities

 

$

219,641

 

 

$

235,087

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Class A Convertible Preferred Units (71,666 and 250,000 units issued and outstanding at December 31, 2023 and 2022, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at December 31, 2023 and 2022)

 

$

47,181

 

 

$

164,587

 

Partners’ capital

 

 

 

 

 

 

 

 

Common unitholders’ interest (12,634,642 and 12,505,996 units issued and outstanding at December 31, 2023 and 2022, respectively)

 

$

503,076

 

 

$

404,799

 

General partner’s interest

 

 

8,005

 

 

 

5,977

 

Warrant holders' interest

 

 

23,095

 

 

 

47,964

 

Accumulated other comprehensive income (loss)

 

 

(3,122

)

 

 

18,717

 

Total partners’ capital

 

$

531,054

 

 

$

477,457

 

Total liabilities and partners' capital

 

$

797,876

 

 

$

877,131

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners' Capital

 
 

 

 

Common Unitholders

 

 

General

 

 

Warrant

 

 

Accumulated Other Comprehensive

 

 

Total Partners'

 

(In thousands)

 

Units

 

 

Amounts

 

 

Partner

 

 

Holders

 

 

Income (Loss)

 

 

Capital

 

Balance at December 31, 2021

 

 

12,351

 

 

 

203,062

 

 

 

1,787

 

 

 

47,964

 

 

 

3,211

 

 

 

256,024

 

Net income (1)

 

 

 

 

 

263,122

 

 

 

5,370

 

 

 

 

 

 

 

 

 

268,492

 

Distributions to common unitholders and the general partner

 

 

 

 

 

(33,697

)

 

 

(687

)

 

 

 

 

 

 

 

 

(34,384

)

Distributions to preferred unitholders

 

 

 

 

 

(29,653

)

 

 

(605

)

 

 

 

 

 

 

 

 

(30,258

)

Issuance of unit-based awards

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

 

 

 

1,965

 

 

 

 

 

 

 

 

 

 

 

 

1,965

 

Capital contribution

 

 

 

 

 

 

 

 

112

 

 

 

 

 

 

 

 

 

112

 

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,506

 

 

 

15,506

 

Balance at December 31, 2022

 

$

12,506

 

 

$

404,799

 

 

$

5,977

 

 

$

47,964

 

 

$

18,717

 

 

$

477,457

 

Net income (2)

 

 

 

 

 

272,866

 

 

 

5,569

 

 

 

 

 

 

 

 

 

278,435

 

Redemptions of preferred units

 

 

 

 

 

(59,710

)

 

 

(1,219

)

 

 

 

 

 

 

 

 

(60,929

)

Distributions to common unitholders and the general partner

 

 

 

 

 

(68,510

)

 

 

(1,398

)

 

 

 

 

 

 

 

 

(69,908

)

Distributions to preferred unitholders

 

 

 

 

 

(21,628

)

 

 

(441

)

 

 

 

 

 

 

 

 

(22,069

)

Issuance of unit-based awards

 

 

129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

 

 

 

5,854

 

 

 

 

 

 

 

 

 

 

 

 

5,854

 

Capital contribution

 

 

 

 

 

 

 

 

142

 

 

 

 

 

 

 

 

 

142

 

Warrant settlements

 

 

 

 

 

(30,595

)

 

 

(625

)

 

 

(24,869

)

 

 

 

 

 

(56,089

)

Comprehensive loss from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,839

)

 

 

(21,839

)

Balance at December 31, 2023

 

 

12,635

 

 

$

503,076

 

 

$

8,005

 

 

$

23,095

 

 

$

(3,122

)

 

$

531,054

 

(1)

Net income includes $30.0 million of income 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.

(2)

Net income includes $16.7 million of income attributable to preferred unitholders that accumulated during the period, of which $16.4 million is allocated to the common unitholders and $0.3 million is allocated to the general partner.

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

The following tables present NRP's unaudited business results by segment for the three months ended December 31, 2023 and 2022 and September 30, 2023:

 

 

Operating Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Mineral Rights

 

 

Soda Ash

 

 

Corporate and Financing

 

 

Total

 

For the Three Months Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

76,398

 

 

$

14,764

 

 

$

 

 

$

91,162

 

Gain on asset sales and disposals

 

 

2,001

 

 

 

 

 

 

 

 

 

2,001

 

Total revenues and other income

 

$

78,399

 

 

$

14,764

 

 

$

 

 

$

93,163

 

Asset impairments

 

$

424

 

 

$

 

 

$

 

 

$

424

 

Net income (loss)

 

$

63,127

 

 

$

14,732

 

 

$

(12,879

)

 

$

64,980

 

Adjusted EBITDA (1)

 

$

69,567

 

 

$

15,306

 

 

$

(8,954

)

 

$

75,919

 

Cash flow provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

70,147

 

 

$

15,306

 

 

$

(7,667

)

 

$

77,786

 

Investing activities

 

$

2,635

 

 

$

 

 

$

 

 

$

2,635

 

Financing activities

 

$

 

 

$

 

 

$

(86,843

)

 

$

(86,843

)

Distributable cash flow (1)

 

$

72,782

 

 

$

15,306

 

 

$

(7,667

)

 

$

80,421

 

Free cash flow (1)

 

$

70,780

 

 

$

15,306

 

 

$

(7,667

)

 

$

78,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

80,913

 

 

$

15,759

 

 

$

 

 

$

96,672

 

Gain on asset sales and disposals

 

 

383

 

 

 

 

 

 

 

 

 

383

 

Total revenues and other income

 

$

81,296

 

 

$

15,759

 

 

$

 

 

$

97,055

 

Asset impairments

 

$

3,583

 

 

$

 

 

$

 

 

$

3,583

 

Net income (loss)

 

$

62,900

 

 

$

15,704

 

 

$

(15,386

)

 

$

63,218

 

Adjusted EBITDA (1)

 

$

72,437

 

 

$

10,725

 

 

$

(7,815

)

 

$

75,347

 

Cash flow provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

68,332

 

 

$

10,738

 

 

$

(10,182

)

 

$

68,888

 

Investing activities

 

$

969

 

 

$

 

 

$

(59

)

 

$

910

 

Financing activities

 

$

 

 

$

 

 

$

(91,644

)

 

$

(91,644

)

Distributable cash flow (1)

 

$

69,301

 

 

$

10,738

 

 

$

(10,241

)

 

$

69,798

 

Free cash flow (1)

 

$

68,917

 

 

$

10,738

 

 

$

(10,241

)

 

$

69,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

73,112

 

 

$

12,401

 

 

$

 

 

$

85,513

 

Gain on asset sales and disposals

 

 

854

 

 

 

 

 

 

 

 

 

854

 

Total revenues and other income

 

$

73,966

 

 

$

12,401

 

 

$

 

 

$

86,367

 

Asset impairments

 

$

63

 

 

$

 

 

$

 

 

$

63

 

Net income (loss)

 

$

61,009

 

 

$

12,348

 

 

$

(9,511

)

 

$

63,846

 

Adjusted EBITDA (1)

 

$

65,661

 

 

$

22,957

 

 

$

(5,669

)

 

$

82,949

 

Cash flow provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

60,938

 

 

$

22,958

 

 

$

(4,954

)

 

$

78,942

 

Investing activities

 

$

1,477

 

 

$

 

 

$

 

 

$

1,477

 

Financing activities

 

$

 

 

$

 

 

$

(72,738

)

 

$

(72,738

)

Distributable cash flow (1)

 

$

62,415

 

 

$

22,958

 

 

$

(4,954

)

 

$

80,419

 

Free cash flow (1)

 

$

61,560

 

 

$

22,958

 

 

$

(4,954

)

 

$

79,564

 

 

(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 year ended December 31, 2023 and 2022:

 

 

Operating Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Mineral Rights

 

 

Soda Ash

 

 

Corporate and Financing

 

 

Total

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

293,656

 

 

$

73,397

 

 

$

 

 

$

367,053

 

Gain on asset sales and disposals

 

 

2,956

 

 

 

 

 

 

 

 

$

2,956

 

Total revenues and other income

 

$

296,612

 

 

$

73,397

 

 

$

 

 

$

370,009

 

Asset impairments

 

$

556

 

 

$

 

 

$

 

 

$

556

 

Net income (loss)

 

$

245,527

 

 

$

73,140

 

 

$

(40,232

)

 

$

278,435

 

Adjusted EBITDA (1)

 

$

264,554

 

 

$

81,221

 

 

$

(26,111

)

 

$

319,664

 

Cash flow provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

259,983

 

 

$

81,207

 

 

$

(30,212

)

 

$

310,978

 

Investing activities

 

$

5,426

 

 

$

 

 

$

(10

)

 

$

5,416

 

Financing activities

 

$

(583

)

 

$

 

 

$

(342,913

)

 

$

(343,496

)

Distributable cash flow (1)

 

$

265,409

 

 

$

81,207

 

 

$

(30,222

)

 

$

316,394

 

Free cash flow (1)

 

$

262,446

 

 

$

81,207

 

 

$

(30,222

)

 

$

313,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

328,085

 

 

$

59,795

 

 

$

 

 

$

387,880

 

Gain on asset sales and disposals

 

 

1,082

 

 

 

 

 

 

 

 

 

1,082

 

Total revenues and other income

 

$

329,167

 

 

$

59,795

 

 

$

 

 

$

388,962

 

Asset impairments

 

$

4,457

 

 

$

 

 

$

 

 

$

4,457

 

Net income (loss)

 

$

267,448

 

 

$

59,635

 

 

$

(58,591

)

 

$

268,492

 

Adjusted EBITDA (1)

 

$

294,424

 

 

$

44,675

 

 

$

(21,852

)

 

$

317,247

 

Cash flow provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

262,807

 

 

$

44,672

 

 

$

(40,641

)

 

$

266,838

 

Investing activities

 

$

2,806

 

 

$

 

 

$

(118

)

 

$

2,688

 

Financing activities

 

$

(614

)

 

$

 

 

$

(365,341

)

 

$

(365,955

)

Distributable cash flow (1)

 

$

265,613

 

 

$

44,672

 

 

$

(40,759

)

 

$

269,526

 

Free cash flow (1)

 

$

264,530

 

 

$

44,672

 

 

$

(40,759

)

 

$

268,443

 

 

(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 Year Ended

 

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

(In thousands, except per ton data)

 

2023

 

 

2022

 

 

2023

 

 

2023

 

 

2022

 

Coal sales volumes (tons)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appalachia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern

 

 

92

 

 

 

436

 

 

 

284

 

 

 

1,145

 

 

 

1,696

 

Central

 

 

3,537

 

 

 

3,408

 

 

 

3,429

 

 

 

13,927

 

 

 

13,646

 

Southern

 

 

654

 

 

 

613

 

 

 

741

 

 

 

2,670

 

 

 

1,784

 

Total Appalachia

 

 

4,283

 

 

 

4,457

 

 

 

4,454

 

 

 

17,742

 

 

 

17,126

 

Illinois Basin

 

 

2,637

 

 

 

2,740

 

 

 

2,541

 

 

 

8,119

 

 

 

11,135

 

Northern Powder River Basin

 

 

1,259

 

 

 

1,516

 

 

 

1,364

 

 

 

4,589

 

 

 

4,288

 

Gulf Coast

 

 

801

 

 

 

61

 

 

 

479

 

 

 

1,477

 

 

 

385

 

Total coal sales volumes

 

 

8,980

 

 

 

8,774

 

 

 

8,838

 

 

 

31,927

 

 

 

32,934

 

Coal royalty revenue per ton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appalachia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern

 

$

2.18

 

 

$

6.63

 

 

$

5.54

 

 

$

7.15

 

 

$

8.75

 

Central

 

 

9.12

 

 

 

9.33

 

 

 

8.20

 

 

 

8.95

 

 

 

10.47

 

Southern

 

 

14.04

 

 

 

11.99

 

 

 

11.88

 

 

 

12.81

 

 

 

13.50

 

Illinois Basin

 

 

3.57

 

 

 

3.11

 

 

 

3.98

 

 

 

3.61

 

 

 

2.50

 

Northern Powder River Basin

 

 

3.89

 

 

 

3.75

 

 

 

4.86

 

 

 

4.50

 

 

 

4.07

 

Gulf Coast

 

 

0.63

 

 

 

0.59

 

 

 

0.69

 

 

 

0.66

 

 

 

0.58

 

Combined average coal royalty revenue per ton

 

 

6.29

 

 

 

6.42

 

 

 

6.29

 

 

 

6.83

 

 

 

6.90

 

Coal royalty revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appalachia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern

 

$

201

 

 

$

2,890

 

 

$

1,573

 

 

$

8,192

 

 

$

14,836

 

Central

 

 

32,269

 

 

 

31,809

 

 

 

28,111

 

 

 

124,631

 

 

 

142,930

 

Southern

 

 

9,181

 

 

 

7,351

 

 

 

8,806

 

 

 

34,205

 

 

 

24,076

 

Total Appalachia

 

 

41,651

 

 

 

42,050

 

 

 

38,490

 

 

 

167,028

 

 

 

181,842

 

Illinois Basin

 

 

9,426

 

 

 

8,525

 

 

 

10,108

 

 

 

29,350

 

 

 

27,856

 

Northern Powder River Basin

 

 

4,898

 

 

 

5,686

 

 

 

6,627

 

 

 

20,666

 

 

 

17,437

 

Gulf Coast

 

 

508

 

 

 

36

 

 

 

330

 

 

 

969

 

 

 

223

 

Unadjusted coal royalty revenues

 

 

56,483

 

 

 

56,297

 

 

 

55,555

 

 

 

218,013

 

 

 

227,358

 

Coal royalty adjustment for minimum leases

 

 

1

 

 

 

(116

)

 

 

(11

)

 

 

(2

)

 

 

(402

)

Total coal royalty revenues

 

$

56,484

 

 

$

56,181

 

 

$

55,544

 

 

$

218,011

 

 

$

226,956

 

Other revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Production lease minimum revenues

 

$

1,297

 

 

$

2,312

 

 

$

850

 

 

$

3,322

 

 

$

5,854

 

Minimum lease straight-line revenues

 

 

5,975

 

 

 

4,557

 

 

 

4,464

 

 

 

19,389

 

 

 

18,792

 

Carbon neutral initiative revenues

 

 

55

 

 

 

 

 

 

681

 

 

 

2,969

 

 

 

8,600

 

Wheelage revenues

 

 

2,653

 

 

 

2,888

 

 

 

2,385

 

 

 

12,191

 

 

 

13,961

 

Property tax revenues

 

 

1,509

 

 

 

1,351

 

 

 

1,770

 

 

 

6,219

 

 

 

5,878

 

Coal overriding royalty revenues

 

 

1,010

 

 

 

1,127

 

 

 

827

 

 

 

2,175

 

 

 

3,434

 

Lease amendment revenues

 

 

748

 

 

 

751

 

 

 

623

 

 

 

3,070

 

 

 

3,201

 

Aggregates royalty revenues

 

 

701

 

 

 

608

 

 

 

736

 

 

 

2,876

 

 

 

3,299

 

Oil and gas royalty revenues

 

 

2,261

 

 

 

5,271

 

 

 

324

 

 

 

7,387

 

 

 

16,161

 

Other revenues

 

 

229

 

 

 

172

 

 

 

329

 

 

 

1,124

 

 

 

877

 

Total other revenues

 

$

16,438

 

 

$

19,037

 

 

$

12,989

 

 

$

60,722

 

 

$

80,057

 

Royalty and other mineral rights

 

$

72,922

 

 

$

75,218

 

 

$

68,533

 

 

$

278,733

 

 

$

307,013

 

Transportation and processing services revenues

 

 

3,476

 

 

 

5,695

 

 

 

4,579

 

 

 

14,923

 

 

 

21,072

 

Gain on asset sales and disposals

 

 

2,001

 

 

 

383

 

 

 

854

 

 

 

2,956

 

 

 

1,082

 

Total Mineral Rights segment revenues and other income

 

$

78,399

 

 

$

81,296

 

 

$

73,966

 

 

$

296,612

 

 

$

329,167

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Adjusted EBITDA

 
 

(In thousands)

 

Mineral Rights

 

 

Soda Ash

 

 

Corporate and Financing

 

 

Total

 

For the Three Months Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

63,127

 

 

$

14,732

 

 

$

(12,879

)

 

$

64,980

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(14,764

)

 

 

 

 

 

(14,764

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

15,338

 

 

 

 

 

 

15,338

 

Add: interest expense, net

 

 

 

 

 

 

 

 

3,921

 

 

 

3,921

 

Add: loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

Add: depreciation, depletion and amortization

 

 

6,016

 

 

 

 

 

 

4

 

 

 

6,020

 

Add: asset impairments

 

 

424

 

 

 

 

 

 

 

 

 

424

 

Adjusted EBITDA

 

$

69,567

 

 

$

15,306

 

 

$

(8,954

)

 

$

75,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

62,900

 

 

$

15,704

 

 

$

(15,386

)

 

$

63,218

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(15,759

)

 

 

 

 

 

(15,759

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

10,780

 

 

 

 

 

 

10,780

 

Add: interest expense, net

 

 

 

 

 

 

 

 

3,638

 

 

 

3,638

 

Add: loss on extinguishment of debt

 

 

 

 

 

 

 

 

3,933

 

 

 

3,933

 

Add: depreciation, depletion and amortization

 

 

5,954

 

 

 

 

 

 

 

 

 

5,954

 

Add: asset impairments

 

 

3,583

 

 

 

 

 

 

 

 

 

3,583

 

Adjusted EBITDA

 

$

72,437

 

 

$

10,725

 

 

$

(7,815

)

 

$

75,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

61,009

 

 

$

12,348

 

 

$

(9,511

)

 

$

63,846

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(12,401

)

 

 

 

 

 

(12,401

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

23,010

 

 

 

 

 

 

23,010

 

Add: interest expense, net

 

 

 

 

 

 

 

 

3,837

 

 

 

3,837

 

Add: loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

Add: depreciation, depletion and amortization

 

 

4,589

 

 

 

 

 

 

5

 

 

 

4,594

 

Add: asset impairments

 

 

63

 

 

 

 

 

 

 

 

 

63

 

Adjusted EBITDA

 

$

65,661

 

 

$

22,957

 

 

$

(5,669

)

 

$

82,949

 

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Adjusted EBITDA

 
 

(In thousands)

 

Mineral Rights

 

 

Soda Ash

 

 

Corporate and Financing

 

 

Total

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

245,527

 

 

$

73,140

 

 

$

(40,232

)

 

$

278,435

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(73,397

)

 

 

 

 

 

(73,397

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

81,478

 

 

 

 

 

 

81,478

 

Add: interest expense, net

 

 

 

 

 

 

 

 

14,103

 

 

 

14,103

 

Add: loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

Add: depreciation, depletion and amortization

 

 

18,471

 

 

 

 

 

 

18

 

 

 

18,489

 

Add: asset impairments

 

 

556

 

 

 

 

 

 

 

 

 

556

 

Adjusted EBITDA

 

$

264,554

 

 

$

81,221

 

 

$

(26,111

)

 

$

319,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

267,448

 

 

$

59,635

 

 

$

(58,591

)

 

$

268,492

 

Less: equity earnings from unconsolidated investment

 

 

 

 

 

(59,795

)

 

 

 

 

 

(59,795

)

Add: total distributions from unconsolidated investment

 

 

 

 

 

44,835

 

 

 

 

 

 

44,835

 

Add: interest expense, net

 

 

 

 

 

 

 

 

26,274

 

 

 

26,274

 

Add: loss on extinguishment of debt

 

 

 

 

 

 

 

 

10,465

 

 

 

10,465

 

Add: depreciation, depletion and amortization

 

 

22,519

 

 

 

 

 

 

 

 

 

22,519

 

Add: asset impairments

 

 

4,457

 

 

 

 

 

 

 

 

 

4,457

 

Adjusted EBITDA

 

$

294,424

 

 

$

44,675

 

 

$

(21,852

)

 

$

317,247

 

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow

 
 

(In thousands)

 

Mineral Rights

 

 

Soda Ash

 

 

Corporate and Financing

 

 

Total

 

For the Three Months Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

70,147

 

 

$

15,306

 

 

$

(7,667

)

 

$

77,786

 

Add: proceeds from asset sales and disposals

 

 

2,002

 

 

 

 

 

 

 

 

 

2,002

 

Add: return of long-term contract receivable

 

 

633

 

 

 

 

 

 

 

 

 

633

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Distributable cash flow

 

$

72,782

 

 

$

15,306

 

 

$

(7,667

)

 

$

80,421

 

Less: proceeds from asset sales and disposals

 

 

(2,002

)

 

 

 

 

 

 

 

 

(2,002

)

Free cash flow

 

$

70,780

 

 

$

15,306

 

 

$

(7,667

)

 

$

78,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by investing activities

 

$

2,635

 

 

$

 

 

$

 

 

$

2,635

 

Net cash used in financing activities

 

$

 

 

$

 

 

$

(86,843

)

 

$

(86,843

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

68,332

 

 

$

10,738

 

 

$

(10,182

)

 

$

68,888

 

Add: proceeds from asset sales and disposals

 

 

384

 

 

 

 

 

 

 

 

 

384

 

Add: return of long-term contract receivable

 

 

585

 

 

 

 

 

 

 

 

 

585

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

(59

)

 

 

(59

)

Distributable cash flow

 

$

69,301

 

 

$

10,738

 

 

$

(10,241

)

 

$

69,798

 

Less: proceeds from asset sales and disposals

 

 

(384

)

 

 

 

 

 

 

 

 

(384

)

Free cash flow

 

$

68,917

 

 

$

10,738

 

 

$

(10,241

)

 

$

69,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

$

969

 

 

$

 

 

$

(59

)

 

$

910

 

Net cash used in financing activities

 

$

 

 

$

 

 

$

(91,644

)

 

$

(91,644

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

60,938

 

 

$

22,958

 

 

$

(4,954

)

 

$

78,942

 

Add: proceeds from asset sales and disposals

 

 

855

 

 

 

 

 

 

 

 

 

855

 

Add: return of long-term contract receivable

 

 

622

 

 

 

 

 

 

 

 

 

622

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Distributable cash flow

 

$

62,415

 

 

$

22,958

 

 

$

(4,954

)

 

$

80,419

 

Less: proceeds from asset sales and disposals

 

 

(855

)

 

 

 

 

 

 

 

 

(855

)

Free cash flow

 

$

61,560

 

 

$

22,958

 

 

$

(4,954

)

 

$

79,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by investing activities

 

$

1,477

 

 

$

 

 

$

 

 

$

1,477

 

Net cash used in financing activities

 

$

 

 

$

 

 

$

(72,738

)

 

$

(72,738

)

Natural Resource Partners L.P.

Reconciliation of Non-GAAP Measures

(Unaudited)

Distributable Cash Flow and Free Cash Flow

 
 

(In thousands)

 

Mineral Rights

 

 

Soda Ash

 

 

Corporate and Financing

 

 

Total

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

259,983

 

 

$

81,207

 

 

$

(30,212

)

 

$

310,978

 

Add: proceeds from asset sales and disposals

 

 

2,963

 

 

 

 

 

 

 

 

 

2,963

 

Add: return of long-term contract receivable

 

 

2,463

 

 

 

 

 

 

 

 

 

2,463

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

(10

)

 

 

(10

)

Distributable cash flow

 

$

265,409

 

 

$

81,207

 

 

$

(30,222

)

 

$

316,394

 

Less: proceeds from asset sales and disposals

 

 

(2,963

)

 

 

 

 

 

 

 

 

(2,963

)

Free cash flow

 

$

262,446

 

 

$

81,207

 

 

$

(30,222

)

 

$

313,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

$

5,426

 

 

$

 

 

$

(10

)

 

$

5,416

 

Net cash used in financing activities

 

$

(583

)

 

$

 

 

$

(342,913

)

 

$

(343,496

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

262,807

 

 

$

44,672

 

 

$

(40,641

)

 

$

266,838

 

Add: proceeds from asset sales and disposals

 

 

1,083

 

 

 

 

 

 

 

 

 

1,083

 

Add: return of long-term contract receivable

 

 

1,723

 

 

 

 

 

 

 

 

 

1,723

 

Less: maintenance capital expenditures

 

 

 

 

 

 

 

 

(118

)

 

 

(118

)

Distributable cash flow

 

$

265,613

 

 

$

44,672

 

 

$

(40,759

)

 

$

269,526

 

Less: proceeds from asset sales and disposals

 

 

(1,083

)

 

 

 

 

 

 

 

 

(1,083

)

Free cash flow

 

$

264,530

 

 

$

44,672

 

 

$

(40,759

)

 

$

268,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

$

2,806

 

 

$

 

 

$

(118

)

 

$

2,688

 

Net cash used in financing activities

 

$

(614

)

 

$

 

 

$

(365,341

)

 

$

(365,955

)

Leverage Ratio

 

(In thousands)

 

For the Year Ended December 31, 2023

 

Adjusted EBITDA

 

$

319,664

 

Debt—at December 31, 2023

 

$

155,525

 

Leverage Ratio

 

0.5x 

(In thousands)

 

For the Year Ended December 31, 2022

 

Adjusted EBITDA

 

$

317,247

 

Debt—at December 31, 2022

 

$

169,087

 

Leverage Ratio

 

0.5x

 

 

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