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Pure Useful resource Companions L.P. (NYSE:NRP) at the moment reported second quarter 2022 outcomes as follows:
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| (1) |
See “Non-GAAP Monetary Measures” and reconciliation tables on the finish of this launch. |
Highlights:
- $64 million Free Money Stream within the second quarter of 2022
- File Free Money Stream for the primary half of the 12 months of $116 million
- Paid down $120.5 million of debt within the second quarter of 2022
- 1.2x Leverage Ratio at June 30, 2022, down from 4.6x at June 30, 2021
“The second quarter was one other quarter of remarkable outcomes for NRP with the era of $64 million of free money circulate,” stated Craig Nunez, NRP‘s president and chief working officer. “When mixed with the $52 million of free money circulate generated within the first quarter, the primary half of 2022 was one of the best annual begin within the historical past of the Partnership. We took benefit of the sturdy monetary outcomes and optimistic outlook to retire $118 million of debt, driving our leverage ratio all the way down to 1.2x on the finish of the second quarter, which was a dramatic enchancment from 4.6x simply twelve months earlier. We imagine present market situations will permit us to proceed de-risking the capital construction whereas persevering with to offer distributions to our widespread unitholders.”
NRP introduced at the moment that the Board of Administrators of its common accomplice declared a money distribution of $0.75 per widespread unit to be paid on August 23, 2022 to unitholders of document on August 16, 2022. This can be a 67% enhance as in comparison with the distribution paid for the prior 12 months quarter and is in step with the earlier quarter. As well as, the board declared a $7.5 million money distribution on the popular items. Future distributions on NRP‘s widespread and most popular items will probably be decided on a quarterly foundation by the Board of Administrators. The Board of Administrators considers quite a few components every quarter in figuring out money distributions, together with profitability, money circulate, debt service obligations, market situations and outlook, estimated unitholder earnings tax legal responsibility and the extent of money reserves that the board determines is critical for future working and capital wants.
NRP‘s liquidity was $159.Four million at June 30, 2022, consisting of $59.Four million of money and $100.Zero million of borrowing capability obtainable below its revolving credit score facility.
Phase Efficiency
Mineral Rights
Mineral Rights internet earnings for the second quarter of 2022 elevated $43.5 million as in comparison with the prior 12 months interval. Free money circulate for the second quarter elevated $39.Three million as in comparison with the prior 12 months interval. These will increase have been primarily as a result of stronger metallurgical coal demand and pricing in 2022. Roughly 75% of coal royalty revenues and roughly 45% of coal royalty gross sales volumes have been derived from metallurgical coal within the second quarter of 2022.
Metallurgical coal costs have declined from their document highs in the course of the first quarter of 2022 however stay supported by the continuing tightness within the supply-demand steadiness for metallurgical coal. Metallurgical coal manufacturing continues to face ongoing labor shortages and international provide chain interruptions which limits the flexibility of operators to extend metallurgical coal manufacturing and may present continued assist for home and worldwide costs within the close to time period regardless of slowing international financial development and softening demand for metal.
Thermal coal demand and pricing stays sturdy as a result of elevated demand for electrical energy, excessive pure fuel costs and constrained development in thermal coal manufacturing. Boycotts on Russian coal attributable to the conflict in Ukraine are amplifying the tightness in thermal coal markets attributable to labor shortages, international provide chain interruptions, and environmental and political pressures limiting the flexibility of operators to extend thermal coal manufacturing to fulfill home and worldwide demand. NRP continues to imagine the near-term outlook for thermal coal costs is optimistic.
NRP continues to establish various income alternatives throughout its massive portfolio of land and mineral property particularly inside the transitional vitality economic system. NRP owns the rights to sequester carbon dioxide (“CO 2 “) on roughly 3.5 million mineral acres of pore house within the southern United States. As introduced beforehand, within the first quarter of 2022 NRP executed on its first subsurface CO 2 sequestration transaction by granting Denbury the precise to develop a world-class subsurface CO 2 sequestration undertaking on 75,000 acres of underground pore house NRP owns in southwest Alabama with the potential to retailer over 300 million metric tons of CO 2 . Whereas the timing and probability of extra money flows being realized from additional actions is unsure, NRP believes its massive possession footprint all through the USA will present further alternatives to create worth on this regard and place NRP to profit from the transitional vitality economic system with minimal capital funding.
Soda Ash
Soda Ash internet earnings within the second quarter of 2022 elevated $12.1 million as in comparison with the prior 12 months interval primarily on account of elevated worldwide gross sales costs. Free money circulate within the second quarter of 2022 elevated $10.5 million as in comparison with the prior 12 months interval as a result of Sisecam Wyoming reinstating its common quarterly money distributions starting within the fourth quarter of 2021.
Robust demand development for soda ash, pushed by international secular traits together with investments in renewable vitality, the electrification of the worldwide auto fleet and urbanization, coupled with constrained soda ash provide due partially to COVID-19 flash lockdowns in China and a partial closure of a Inexperienced River competitor as a result of a drive majeure occasion allowed Sisecam Wyoming to ship improved monetary leads to the second quarter of 2022.
Company and Financing
Company and Financing prices within the second quarter elevated $4.1 million as in comparison with the prior 12 months interval primarily as a result of loss on extinguishment of debt related to the early retirement of debt, partially offset by decrease curiosity expense on account of much less debt excellent. Free money circulate within the second quarter of 2022 elevated $1.Zero million as in comparison with the prior 12 months interval primarily as a result of decrease money paid for curiosity on account of much less debt excellent.
In the course of the second quarter of 2022, NRP retired $118.1 million of its 9.125% Senior Notes due 2025, which can save roughly $10.Eight million yearly in curiosity prices. These notes have been bought on the open market at a weighted common value of 102.275%, a reduction to the present redemption value of 104.563%. In July, NRP was capable of retire a further $38.Eight million of its 2025 Senior Notes, which can save a further $3.5 million yearly in curiosity prices. The present excellent quantity of 9.125% Senior Notes due 2025 is $143.1 million.
As well as, in Could of 2022 NRP paid a primary quarter 2022 money distribution of $0.75 per widespread unit of NRP and a $7.5 million money distribution on the popular items.
Convention Name
A convention name will probably be held at the moment at 9:00 a.m. ET. To register for the convention name, please use this hyperlink: https://conferencingportals.com/occasion/kfJdSHYP . After registering a affirmation will probably be despatched through e-mail, together with dial in particulars and distinctive convention name codes for entry. Registration is open by means of the reside name, nonetheless, to make sure you are linked for the complete name we recommend registering no less than 10 minutes previous to the beginning of the decision. Buyers might also take heed to the decision through the Investor Relations part of the NRP web site at www.nrplp.com . To entry the replay, please go to the Investor Relations part of NRP‘s web site.
Withholding Data for Overseas Buyers
This launch is meant to be a certified discover below Treasury Regulation Part 1.1446-4(b). Brokers and nominees ought to deal with 100% (100.0%) of NRP‘s distributions to overseas buyers as being attributable to earnings that’s successfully linked with a United States commerce or enterprise. Accordingly, NRP‘s distributions to overseas buyers are topic to federal earnings tax withholding on the highest relevant price.
Firm Profile
Pure Useful resource Companions L.P., a grasp restricted partnership headquartered in Houston, TX, is a diversified pure useful resource firm that owns, manages and leases a diversified portfolio of properties in the USA together with coal, industrial minerals and different pure assets, in addition to rights to conduct carbon sequestration and renewable vitality actions. NRP additionally owns an fairness funding in Sisecam Wyoming LLC, one of many world’s lowest-cost producers of soda ash.
For extra info, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com . Additional details about NRP is out there on the Partnership’s web site at http://www.nrplp.com .
Ahead-Trying Statements
This press launch consists of “forward-looking statements” as outlined by the Securities and Change Fee. All statements, apart from statements of historic information, included on this press launch that handle actions, occasions or developments that the Partnership expects, believes or anticipates will or might happen sooner or later are forward-looking statements. These statements are primarily based on sure assumptions made by the Partnership primarily based on its expertise and notion of historic traits, present situations, anticipated future developments and different components it believes are acceptable within the circumstances. Such statements are topic to various assumptions, dangers and uncertainties, lots of that are past the management of the Partnership. These dangers embody, amongst different issues, statements relating to: the consequences of the worldwide COVID-19 pandemic; future distributions on the Partnership’s widespread and most popular items; the Partnership’s enterprise technique; its liquidity and entry to capital and financing sources; its monetary technique; costs of and demand for coal, trona and soda ash, and different pure assets; estimated revenues, bills and outcomes of operations; projected future efficiency by the Partnership’s lessees, together with Foresight Power; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash three way partnership; the affect of governmental insurance policies, legal guidelines and rules, in addition to regulatory and authorized proceedings involving the Partnership, and of scheduled or potential regulatory or authorized modifications; international and U.S. financial situations; and different components detailed in Pure Useful resource Companions’ Securities and Change Fee filings. Pure Useful resource Companions L.P. has no obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new info, future occasions or in any other case.
Non-GAAP Monetary Measures
” Adjusted EBITDA ” is a non-GAAP monetary measure that we outline as internet earnings (loss) much less fairness earnings from unconsolidated funding; plus complete distributions from unconsolidated funding, curiosity expense, internet, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA shouldn’t be thought-about a substitute for, or extra significant than, internet earnings or loss, internet earnings or loss attributable to companions, working earnings or loss, money flows from working actions or some other measure of monetary efficiency offered in accordance with GAAP as measures of working efficiency, liquidity or capacity to service debt obligations. There are vital limitations to utilizing Adjusted EBITDA as a measure of efficiency, together with the shortcoming to investigate the impact of sure recurring gadgets that materially have an effect on our internet earnings, the shortage of comparability of outcomes of operations of various firms and the totally different strategies of calculating Adjusted EBITDA reported by totally different firms. As well as, Adjusted EBITDA offered under is just not calculated or offered on the identical foundation as Consolidated EBITDA as outlined in our partnership settlement or Consolidated EBITDDA as outlined in Opco’s debt agreements. Adjusted EBITDA is a supplemental efficiency measure utilized by our administration and by exterior customers of our monetary statements, reminiscent of buyers, industrial banks, analysis analysts and others to evaluate the monetary efficiency of our property with out regard to financing strategies, capital construction or historic price foundation.
“Distributable money circulate” or ” DCF ” is a non-GAAP monetary measure that we outline as internet money offered by (utilized in) working actions of continuous operations plus distributions from unconsolidated funding in extra of cumulative earnings, proceeds from asset gross sales and disposals, together with gross sales of discontinued operations, and return of long-term contract receivable; much less upkeep capital expenditures. DCF is just not a measure of monetary efficiency below GAAP and shouldn’t be thought-about as a substitute for money flows from working, investing or financing actions. DCF might not be calculated the identical for us as for different firms. As well as, distributable money circulate is just not calculated or offered on the identical foundation as distributable money circulate as outlined in our partnership settlement, which is used as a metric to find out whether or not we’re capable of enhance quarterly distributions to our widespread unitholders. Distributable money circulate is a supplemental liquidity measure utilized by our administration and by exterior customers of our monetary statements, reminiscent of buyers, industrial banks, analysis analysts and others to evaluate our capacity to make money distributions and repay debt.
“Free money circulate” or ” FCF ” is a non-GAAP monetary measure that we outline as internet money offered by (utilized in) working actions of continuous operations plus distributions from unconsolidated funding in extra of cumulative earnings and return of long-term contract receivable; much less upkeep and growth capital expenditures and money circulate utilized in acquisition prices categorised as investing or financing actions. FCF is calculated earlier than obligatory debt repayments. Free money circulate is just not a measure of monetary efficiency below GAAP and shouldn’t be thought-about as a substitute for money flows from working, investing or financing actions. Free money circulate might not be calculated the identical for us as for different firms. Free money circulate is a supplemental liquidity measure utilized by our administration and by exterior customers of our monetary statements, reminiscent of buyers, industrial banks, analysis analysts and others to evaluate our capacity to make money distributions and repay debt.
” Money circulate cushion ” is a non-GAAP monetary measure that we outline as free money circulate much less one-time useful gadgets, obligatory Opco debt repayments, most popular unit distributions and redemption of PIK items, widespread unit distributions and warrant money settlements. Money circulate cushion is just not a measure of monetary efficiency below GAAP and shouldn’t be thought-about as a substitute for money flows from working, investing or financing actions. Money circulate cushion is a supplemental liquidity measure utilized by our administration to evaluate the Partnership’s capacity to make or elevate money distributions to our widespread and most popular unitholders and our common accomplice and repay debt or redeem most popular items.
-Monetary Tables and Reconciliation of Non-GAAP Measures Observe-
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Pure Useful resource Companions L.P. |
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Monetary Tables |
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|
(Unaudited) |
|||||||||||||||||||
|
Consolidated Statements of Complete Earnings |
|||||||||||||||||||
|
For the Three Months Ended |
For the Six Months Ended |
||||||||||||||||||
|
June 30, |
March 31, |
June 30, |
|||||||||||||||||
|
(In hundreds, besides per unit information) |
2022 |
2021 |
2022 |
2022 |
2021 |
||||||||||||||
|
Revenues and different earnings |
|||||||||||||||||||
|
Royalty and different mineral rights |
$ |
79,333 |
$ |
33,611 |
$ |
71,083 |
$ |
150,416 |
$ |
66,538 |
|||||||||
|
Transportation and processing companies |
5,612 |
2,182 |
3,796 |
9,408 |
4,374 |
||||||||||||||
|
Fairness in earnings of Sisecam Wyoming |
14,643 |
2,601 |
14,837 |
29,480 |
4,574 |
||||||||||||||
|
Acquire on asset gross sales and disposals |
345 |
116 |
— |
345 |
175 |
||||||||||||||
|
Whole revenues and different earnings |
$ |
99,933 |
$ |
38,510 |
$ |
89,716 |
$ |
189,649 |
$ |
75,661 |
|||||||||
|
Working bills |
|||||||||||||||||||
|
Working and upkeep bills |
$ |
10,015 |
$ |
5,170 |
$ |
8,076 |
$ |
18,091 |
$ |
10,722 |
|||||||||
|
Depreciation, depletion and amortization |
5,847 |
4,871 |
3,868 |
9,715 |
9,963 |
||||||||||||||
|
Basic and administrative bills |
5,052 |
3,388 |
4,467 |
9,519 |
7,498 |
||||||||||||||
|
Asset impairments |
43 |
16 |
19 |
62 |
4,059 |
||||||||||||||
|
Whole working bills |
$ |
20,957 |
$ |
13,445 |
$ |
16,430 |
$ |
37,387 |
$ |
32,242 |
|||||||||
|
Earnings from operations |
$ |
78,976 |
$ |
25,065 |
$ |
73,286 |
$ |
152,262 |
$ |
43,419 |
|||||||||
|
Different bills, internet |
|||||||||||||||||||
|
Curiosity expense, internet |
$ |
(8,108 |
) |
$ |
(9,683 |
) |
$ |
(9,387 |
) |
$ |
(17,495 |
) |
$ |
(19,656 |
) |
||||
|
Loss on extinguishment of debt |
(4,048 |
) |
— |
— |
(4,048 |
) |
— |
||||||||||||
|
Whole different bills, internet |
$ |
(12,156 |
) |
$ |
(9,683 |
) |
$ |
(9,387 |
) |
$ |
(21,543 |
) |
$ |
(19,656 |
) |
||||
|
Internet earnings |
$ |
66,820 |
$ |
15,382 |
$ |
63,899 |
$ |
130,719 |
$ |
23,763 |
|||||||||
|
Much less: earnings attributable to most popular unitholders |
(7,500 |
) |
(7,842 |
) |
(7,500 |
) |
(15,000 |
) |
(15,569 |
) |
|||||||||
|
Internet earnings attributable to widespread unitholders and the final accomplice |
$ |
59,320 |
$ |
7,540 |
$ |
56,399 |
$ |
115,719 |
$ |
8,194 |
|||||||||
|
Internet earnings attributable to widespread unitholders |
$ |
58,134 |
$ |
7,389 |
$ |
55,271 |
$ |
113,405 |
$ |
8,030 |
|||||||||
|
Internet earnings attributable to the final accomplice |
1,186 |
151 |
1,128 |
2,314 |
164 |
||||||||||||||
|
Internet earnings per widespread unit |
|||||||||||||||||||
|
Fundamental |
$ |
4.65 |
$ |
0.60 |
$ |
4.45 |
$ |
9.10 |
$ |
0.65 |
|||||||||
|
Diluted |
3.29 |
0.56 |
3.11 |
6.50 |
0.65 |
||||||||||||||
|
Internet earnings |
$ |
66,820 |
$ |
15,382 |
$ |
63,899 |
$ |
130,719 |
$ |
23,763 |
|||||||||
|
Complete earnings (loss) from unconsolidated funding and different |
(4,013 |
) |
2,533 |
2,545 |
(1,468 |
) |
3,265 |
||||||||||||
|
Complete earnings |
$ |
62,807 |
$ |
17,915 |
$ |
66,444 |
$ |
129,251 |
$ |
27,028 |
|||||||||
|
Pure Useful resource Companions L.P. |
|||||||||||||||||||
|
Monetary Tables |
|||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||
|
Consolidated Statements of Money Flows |
|||||||||||||||||||
|
For the Three Months Ended |
For the Six Months Ended |
||||||||||||||||||
|
June 30, |
March 31, |
June 30, |
|||||||||||||||||
|
(In hundreds) |
2022 |
2021 |
2022 |
2022 |
2021 |
||||||||||||||
|
Money flows from working actions |
|||||||||||||||||||
|
Internet earnings |
$ |
66,820 |
$ |
15,382 |
$ |
63,899 |
$ |
130,719 |
$ |
23,763 |
|||||||||
|
Changes to reconcile internet earnings to internet money offered |
|||||||||||||||||||
|
Depreciation, depletion and amortization |
5,847 |
4,871 |
3,868 |
9,715 |
9,963 |
||||||||||||||
|
Distributions from unconsolidated funding |
10,486 |
— |
13,230 |
23,716 |
3,920 |
||||||||||||||
|
Fairness earnings from unconsolidated funding |
(14,643 |
) |
(2,601 |
) |
(14,837 |
) |
(29,480 |
) |
(4,574 |
) |
|||||||||
|
Acquire on asset gross sales and disposals |
(345 |
) |
(116 |
) |
— |
(345 |
) |
(175 |
) |
||||||||||
|
Loss on extinguishment of debt |
4,048 |
— |
— |
4,048 |
— |
||||||||||||||
|
Asset impairments |
43 |
16 |
19 |
62 |
4,059 |
||||||||||||||
|
Unhealthy debt expense |
(388 |
) |
(737 |
) |
1,028 |
640 |
(354 |
) |
|||||||||||
|
Unit-based compensation expense |
1,339 |
593 |
1,448 |
2,787 |
1,719 |
||||||||||||||
|
Amortization of debt issuance prices and different |
1,297 |
977 |
375 |
1,672 |
1,246 |
||||||||||||||
|
Change in working property and liabilities: |
|||||||||||||||||||
|
Accounts receivable |
(5,033 |
) |
162 |
(7,579 |
) |
(12,612 |
) |
(3,169 |
) |
||||||||||
|
Accounts payable |
73 |
(83 |
) |
(60 |
) |
13 |
(93 |
) |
|||||||||||
|
Accrued liabilities |
2,047 |
1,838 |
(7,156 |
) |
(5,109 |
) |
(1,196 |
) |
|||||||||||
|
Accrued curiosity |
(7,413 |
) |
(7,424 |
) |
7,250 |
(163 |
) |
(291 |
) |
||||||||||
|
Deferred income |
(2,259 |
) |
677 |
(7,316 |
) |
(9,575 |
) |
531 |
|||||||||||
|
Different gadgets, internet |
1,204 |
(171 |
) |
(1,838 |
) |
(634 |
) |
1,235 |
|||||||||||
|
Internet money offered by working actions |
$ |
63,123 |
$ |
13,384 |
$ |
52,331 |
$ |
115,454 |
$ |
36,584 |
|||||||||
|
Money flows from investing actions |
|||||||||||||||||||
|
Proceeds from asset gross sales and disposals |
$ |
346 |
$ |
116 |
$ |
— |
$ |
346 |
$ |
175 |
|||||||||
|
Return of long-term contract receivable |
563 |
541 |
— |
563 |
1,082 |
||||||||||||||
|
Internet money offered by investing actions |
$ |
909 |
$ |
657 |
$ |
— |
$ |
909 |
$ |
1,257 |
|||||||||
|
Money flows from financing actions |
|||||||||||||||||||
|
Debt repayments |
$ |
(120,474 |
) |
$ |
(2,365 |
) |
$ |
(16,697 |
) |
$ |
(137,171 |
) |
$ |
(19,061 |
) |
||||
|
Distributions to widespread unitholders and the final |
(9,570 |
) |
(5,672 |
) |
(5,672 |
) |
(15,242 |
) |
(11,302 |
) |
|||||||||
|
Distributions to most popular unitholders |
(7,500 |
) |
(3,864 |
) |
(7,500 |
) |
(15,000 |
) |
(7,670 |
) |
|||||||||
|
Redemption of most popular items paid-in-kind |
— |
— |
(19,579 |
) |
(19,579 |
) |
— |
||||||||||||
|
Acquisition of non-controlling curiosity in BRP |
— |
(1,000 |
) |
— |
— |
(1,000 |
) |
||||||||||||
|
Different gadgets, internet |
(2,722 |
) |
1 |
(2,813 |
) |
(5,535 |
) |
(690 |
) |
||||||||||
|
Internet money utilized in financing actions |
$ |
(140,266 |
) |
$ |
(12,900 |
) |
$ |
(52,261 |
) |
$ |
(192,527 |
) |
$ |
(39,723 |
) |
||||
|
Internet enhance (lower) in money and money equivalents |
$ |
(76,234 |
) |
$ |
1,141 |
$ |
70 |
$ |
(76,164 |
) |
$ |
(1,882 |
) |
||||||
|
Money and money equivalents at starting of interval |
135,590 |
96,767 |
135,520 |
135,520 |
99,790 |
||||||||||||||
|
Money and money equivalents at finish of interval |
$ |
59,356 |
$ |
97,908 |
$ |
135,590 |
$ |
59,356 |
$ |
97,908 |
|||||||||
|
Supplemental money circulate info: |
|||||||||||||||||||
|
Money paid for curiosity |
$ |
15,128 |
$ |
16,611 |
$ |
1,644 |
$ |
16,772 |
$ |
18,931 |
|||||||||
|
Non-cash investing and financing actions: |
|||||||||||||||||||
|
Most popular unit distributions paid-in-kind |
$ |
— |
$ |
3,863 |
$ |
— |
$ |
— |
$ |
7,669 |
|||||||||
|
Pure Useful resource Companions L.P. |
|||||
|
Monetary Tables |
|||||
|
Consolidated Stability Sheets |
|||||
|
June 30, |
December 31, |
||||
|
(In hundreds, besides unit information) |
2022 |
2021 |
|||
|
ASSETS |
(Unaudited) |
||||
|
Present property |
|||||
|
Money and money equivalents |
$ |
59,356 |
$ |
135,520 |
|
|
Accounts receivable, internet |
37,288 |
24,538 |
|||
|
Different present property, internet |
3,204 |
2,723 |
|||
|
Whole present property |
$ |
99,848 |
$ |
162,781 |
|
|
Land |
24,008 |
24,008 |
|||
|
Mineral rights, internet |
428,505 |
437,697 |
|||
|
Intangible property, internet |
15,634 |
16,130 |
|||
|
Fairness in unconsolidated funding |
280,300 |
276,004 |
|||
|
Lengthy-term contract receivable, internet |
30,182 |
31,371 |
|||
|
Different long-term property, internet |
4,664 |
5,832 |
|||
|
Whole property |
$ |
883,141 |
$ |
953,823 |
|
|
LIABILITIES AND CAPITAL |
|||||
|
Present liabilities |
|||||
|
Accounts payable |
$ |
1,969 |
$ |
1,956 |
|
|
Accrued liabilities |
5,507 |
10,297 |
|||
|
Accrued curiosity |
1,050 |
1,213 |
|||
|
Present portion of deferred income |
11,475 |
11,817 |
|||
|
Present portion of long-term debt, internet |
39,070 |
39,102 |
|||
|
Whole present liabilities |
$ |
59,071 |
$ |
64,385 |
|
|
Deferred income |
40,811 |
50,045 |
|||
|
Lengthy-term debt, internet |
259,296 |
394,443 |
|||
|
Different non-current liabilities |
5,012 |
5,018 |
|||
|
Whole liabilities |
$ |
364,190 |
$ |
513,891 |
|
|
Commitments and contingencies |
|||||
|
Class A Convertible Most popular Models (250,000 and 269,321 items issued and excellent at |
$ |
164,587 |
$ |
183,908 |
|
|
Companions’ capital: |
|||||
|
Frequent unitholders’ curiosity (12,505,996 and 12,351,306 items issued and excellent |
$ |
300,753 |
$ |
203,062 |
|
|
Basic accomplice’s curiosity |
3,904 |
1,787 |
|||
|
Warrant holders’ curiosity |
47,964 |
47,964 |
|||
|
Collected different complete earnings |
1,743 |
3,211 |
|||
|
Whole companions’ capital |
$ |
354,364 |
$ |
256,024 |
|
|
Whole liabilities and companions’ capital |
$ |
883,141 |
$ |
953,823 |
|
|
Pure Useful resource Companions L.P. |
||||||||||||||||||||
|
Monetary Tables |
||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||
|
Consolidated Statements of Companions’ Capital |
||||||||||||||||||||
|
Frequent Unitholders |
Basic |
Warrant |
Collected |
Whole Companions’ |
||||||||||||||||
|
(In hundreds) |
Models |
Quantities |
||||||||||||||||||
|
Stability at December 31, 2021 |
12,351 |
$ |
203,062 |
$ |
1,787 |
$ |
47,964 |
$ |
3,211 |
$ |
256,024 |
|||||||||
|
Internet earnings (1) |
— |
62,621 |
1,278 |
— |
— |
63,899 |
||||||||||||||
|
Distributions to widespread unitholders and the final accomplice |
— |
(5,559 |
) |
(113 |
) |
— |
— |
(5,672 |
) |
|||||||||||
|
Distributions to most popular unitholders |
— |
(7,603 |
) |
(155 |
) |
— |
— |
(7,758 |
) |
|||||||||||
|
Issuance of unit-based awards |
155 |
— |
— |
— |
— |
— |
||||||||||||||
|
Unit-based awards amortization and vesting, internet |
— |
(1,754 |
) |
— |
— |
— |
(1,754 |
) |
||||||||||||
|
Capital contribution |
— |
— |
112 |
— |
— |
112 |
||||||||||||||
|
Complete earnings from unconsolidated funding and different |
— |
— |
— |
— |
2,545 |
2,545 |
||||||||||||||
|
Stability at March 31, 2022 |
12,506 |
$ |
250,767 |
$ |
2,909 |
$ |
47,964 |
$ |
5,756 |
$ |
307,396 |
|||||||||
|
Internet earnings (1) |
— |
65,484 |
1,336 |
— |
— |
66,820 |
||||||||||||||
|
Distributions to widespread unitholders and the final accomplice |
— |
(9,379 |
) |
(191 |
) |
— |
— |
(9,570 |
) |
|||||||||||
|
Distributions to most popular unitholders |
— |
(7,350 |
) |
(150 |
) |
— |
— |
(7,500 |
) |
|||||||||||
|
Unit-based awards amortization and vesting |
— |
1,231 |
— |
— |
— |
1,231 |
||||||||||||||
|
Complete loss from unconsolidated funding and different |
— |
— |
— |
— |
(4,013 |
) |
(4,013 |
) |
||||||||||||
|
Stability at June 30, 2022 |
12,506 |
$ |
300,753 |
$ |
3,904 |
$ |
47,964 |
$ |
1,743 |
$ |
354,364 |
|||||||||
| ________________ | |
| (1) |
Internet earnings consists of $7.5 million of earnings attributable to most popular unitholders that accrued in the course of the interval, of which $7.Four million is allotted to the widespread unitholders and $0.2 million is allotted to the final accomplice. |
|
Pure Useful resource Companions L.P. |
|||||||||||||||||||
|
Monetary Tables |
|||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||
|
Frequent Unitholders |
Basic |
Warrant |
Collected |
Whole Companions’ |
|||||||||||||||
|
(In hundreds) |
Models |
Quantities |
|||||||||||||||||
|
Stability at December 31, 2020 |
12,261 |
$ |
136,927 |
$ |
459 |
$ |
66,816 |
$ |
322 |
$ |
204,524 |
||||||||
|
Internet earnings (1) |
— |
8,213 |
168 |
— |
— |
8,381 |
|||||||||||||
|
Distributions to widespread unitholders and the final accomplice |
— |
(5,517 |
) |
(113 |
) |
— |
— |
(5,630 |
) |
||||||||||
|
Distributions to most popular unitholders |
— |
(7,461 |
) |
(152 |
) |
— |
— |
(7,613 |
) |
||||||||||
|
Issuance of unit-based awards |
90 |
— |
— |
— |
— |
— |
|||||||||||||
|
Unit-based awards amortization and vesting, internet |
— |
215 |
— |
— |
— |
215 |
|||||||||||||
|
Capital contribution |
— |
— |
32 |
— |
— |
32 |
|||||||||||||
|
Complete earnings from unconsolidated funding and different |
— |
— |
— |
— |
732 |
732 |
|||||||||||||
|
Stability at March 31, 2021 |
12,351 |
$ |
132,377 |
$ |
394 |
$ |
66,816 |
$ |
1,054 |
$ |
200,641 |
||||||||
|
Internet earnings (2) |
— |
15,074 |
308 |
— |
— |
15,382 |
|||||||||||||
|
Distributions to widespread unitholders and the final accomplice |
— |
(5,559 |
) |
(113 |
) |
— |
— |
(5,672 |
) |
||||||||||
|
Distributions to most popular unitholders |
— |
(7,571 |
) |
(155 |
) |
— |
— |
(7,726 |
) |
||||||||||
|
Unit-based awards amortization and vesting |
— |
515 |
— |
— |
— |
515 |
|||||||||||||
|
Complete earnings from unconsolidated funding and different |
— |
— |
— |
— |
2,533 |
2,533 |
|||||||||||||
|
Stability at June 30, 2021 |
12,351 |
$ |
134,836 |
$ |
434 |
$ |
66,816 |
$ |
3,587 |
$ |
205,673 |
||||||||
| ________________ | |
| (1) |
Internet earnings consists of $7.7 million of earnings attributable to most popular unitholders that accrued in the course of the interval, of which $7.6 million is allotted to the widespread unitholders and $0.2 million is allotted to the final accomplice. |
| (2) |
Internet earnings consists of $7.Eight million of earnings attributable to most popular unitholders that accrued in the course of the interval, of which $7.7 million is allotted to the widespread unitholders and $0.2 million is allotted to the final accomplice. |
|
Pure Useful resource Companions L.P. |
||||||||||||||||
|
Monetary Tables |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
The next tables current NRP‘s unaudited enterprise outcomes by section for the three months ended June 30, 2022 and 2021 and March 31, 2022: |
||||||||||||||||
|
Working Segments |
||||||||||||||||
|
Mineral Rights |
Company and |
|||||||||||||||
|
(In hundreds) |
Soda Ash |
Whole |
||||||||||||||
|
For the Three Months Ended June 30, 2022 |
||||||||||||||||
|
Revenues |
$ |
84,945 |
$ |
14,643 |
$ |
— |
$ |
99,588 |
||||||||
|
Acquire on asset gross sales and disposals |
345 |
— |
— |
345 |
||||||||||||
|
Whole revenues and different earnings |
$ |
85,290 |
$ |
14,643 |
$ |
— |
$ |
99,933 |
||||||||
|
Asset impairments |
$ |
43 |
$ |
— |
$ |
— |
$ |
43 |
||||||||
|
Internet earnings (loss) |
$ |
69,408 |
$ |
14,620 |
$ |
(17,208 |
) |
$ |
66,820 |
|||||||
|
Adjusted EBITDA (1) |
$ |
75,298 |
$ |
10,463 |
$ |
(5,052 |
) |
$ |
80,709 |
|||||||
|
Money circulate offered by (utilized in) persevering with operations: |
||||||||||||||||
|
Working actions |
$ |
70,351 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
63,123 |
|||||||
|
Investing actions |
$ |
909 |
$ |
— |
$ |
— |
$ |
909 |
||||||||
|
Financing actions |
$ |
— |
$ |
— |
$ |
(140,266 |
) |
$ |
(140,266 |
) |
||||||
|
Distributable money circulate (1) |
$ |
71,260 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
64,032 |
|||||||
|
Free money circulate (1) |
$ |
70,914 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
63,686 |
|||||||
|
For the Three Months Ended June 30, 2021 |
||||||||||||||||
|
Revenues |
$ |
35,793 |
$ |
2,601 |
$ |
— |
$ |
38,394 |
||||||||
|
Acquire on asset gross sales and disposals |
116 |
— |
— |
116 |
||||||||||||
|
Whole revenues and different earnings |
$ |
35,909 |
$ |
2,601 |
$ |
— |
$ |
38,510 |
||||||||
|
Asset impairments |
$ |
16 |
$ |
— |
$ |
— |
$ |
16 |
||||||||
|
Internet earnings (loss) |
$ |
25,886 |
$ |
2,566 |
$ |
(13,070 |
) |
$ |
15,382 |
|||||||
|
Adjusted EBITDA (1) |
$ |
30,774 |
$ |
(35 |
) |
$ |
(3,388 |
) |
$ |
27,351 |
||||||
|
Money circulate offered by (utilized in) persevering with operations: |
||||||||||||||||
|
Working actions |
$ |
32,028 |
$ |
(35 |
) |
$ |
(18,609 |
) |
$ |
13,384 |
||||||
|
Investing actions |
$ |
657 |
$ |
— |
$ |
— |
$ |
657 |
||||||||
|
Financing actions |
$ |
(1,000 |
) |
$ |
— |
$ |
(11,900 |
) |
$ |
(12,900 |
) |
|||||
|
Distributable money circulate (1) |
$ |
32,685 |
$ |
(35 |
) |
$ |
(18,609 |
) |
$ |
14,041 |
||||||
|
Free money circulate (1) |
$ |
31,569 |
$ |
(35 |
) |
$ |
(18,609 |
) |
$ |
12,925 |
||||||
|
For the Three Months Ended March 31, 2022 |
||||||||||||||||
|
Revenues |
$ |
74,879 |
$ |
14,837 |
$ |
— |
$ |
89,716 |
||||||||
|
Acquire on asset gross sales and disposals |
— |
— |
— |
— |
||||||||||||
|
Whole revenues and different earnings |
$ |
74,879 |
$ |
14,837 |
$ |
— |
$ |
89,716 |
||||||||
|
Asset impairments |
$ |
19 |
$ |
— |
$ |
— |
$ |
19 |
||||||||
|
Internet earnings (loss) |
$ |
62,967 |
$ |
14,786 |
$ |
(13,854 |
) |
$ |
63,899 |
|||||||
|
Adjusted EBITDA (1) |
$ |
66,854 |
$ |
13,179 |
$ |
(4,467 |
) |
$ |
75,566 |
|||||||
|
Money circulate offered by (utilized in) persevering with operations: |
||||||||||||||||
|
Working actions |
$ |
48,176 |
$ |
13,195 |
$ |
(9,040 |
) |
$ |
52,331 |
|||||||
|
Investing actions |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||
|
Financing actions |
$ |
(614 |
) |
$ |
— |
$ |
(51,647 |
) |
$ |
(52,261 |
) |
|||||
|
Distributable money circulate (1) |
$ |
48,176 |
$ |
13,195 |
$ |
(9,040 |
) |
$ |
52,331 |
|||||||
|
Free money circulate (1) |
$ |
48,176 |
$ |
13,195 |
$ |
(9,040 |
) |
$ |
52,331 |
|||||||
| _____________________ | |
| (1) |
See “Non-GAAP Monetary Measures” and reconciliation tables on the finish of this launch. |
|
Pure Useful resource Companions L.P. |
|||||||||||||||
|
Monetary Tables |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
The next desk presents NRP‘s unaudited enterprise outcomes by section for the six months ended June 30, 2022 and 2021: |
|||||||||||||||
|
Working Segments |
|||||||||||||||
|
Mineral Rights |
Company and |
||||||||||||||
|
(In hundreds) |
Soda Ash |
Whole |
|||||||||||||
|
For the Six Months Ended June 30, 2022 |
|||||||||||||||
|
Revenues |
$ |
159,824 |
$ |
29,480 |
$ |
— |
$ |
189,304 |
|||||||
|
Acquire on asset gross sales and disposals |
345 |
— |
— |
345 |
|||||||||||
|
Whole revenues and different earnings |
$ |
160,169 |
$ |
29,480 |
$ |
— |
$ |
189,649 |
|||||||
|
Asset impairments |
$ |
62 |
$ |
— |
$ |
— |
$ |
62 |
|||||||
|
Internet earnings (loss) |
$ |
132,375 |
$ |
29,406 |
$ |
(31,062 |
) |
$ |
130,719 |
||||||
|
Adjusted EBITDA (1) |
$ |
142,152 |
$ |
23,642 |
$ |
(9,519 |
) |
$ |
156,275 |
||||||
|
Money circulate offered by (utilized in) persevering with operations: |
|||||||||||||||
|
Working actions |
$ |
118,527 |
$ |
23,625 |
$ |
(26,698 |
) |
$ |
115,454 |
||||||
|
Investing actions |
$ |
909 |
$ |
— |
$ |
— |
$ |
909 |
|||||||
|
Financing actions |
$ |
(614 |
) |
$ |
— |
$ |
(191,913 |
) |
$ |
(192,527 |
) |
||||
|
Distributable money circulate (1) |
$ |
119,436 |
$ |
23,625 |
$ |
(26,698 |
) |
$ |
116,363 |
||||||
|
Free money circulate (1) |
$ |
119,090 |
$ |
23,625 |
$ |
(26,698 |
) |
$ |
116,017 |
||||||
|
For the Six Months Ended June 30, 2021 |
|||||||||||||||
|
Revenues |
$ |
70,912 |
$ |
4,574 |
$ |
— |
$ |
75,486 |
|||||||
|
Acquire on asset gross sales and disposals |
175 |
— |
— |
175 |
|||||||||||
|
Whole revenues and different earnings |
$ |
71,087 |
$ |
4,574 |
$ |
— |
$ |
75,661 |
|||||||
|
Asset impairments |
$ |
4,059 |
$ |
— |
$ |
— |
$ |
4,059 |
|||||||
|
Internet earnings (loss) |
$ |
46,374 |
$ |
4,519 |
$ |
(27,130 |
) |
$ |
23,763 |
||||||
|
Adjusted EBITDA (1) |
$ |
60,420 |
$ |
3,865 |
$ |
(7,498 |
) |
$ |
56,787 |
||||||
|
Money circulate offered by (utilized in) persevering with operations: |
|||||||||||||||
|
Working actions |
$ |
57,990 |
$ |
3,853 |
$ |
(25,259 |
) |
$ |
36,584 |
||||||
|
Investing actions |
$ |
1,257 |
$ |
— |
$ |
— |
$ |
1,257 |
|||||||
|
Financing actions |
$ |
(1,132 |
) |
$ |
— |
$ |
(38,591 |
) |
$ |
(39,723 |
) |
||||
|
Distributable money circulate (1) |
$ |
59,247 |
$ |
3,853 |
$ |
(25,259 |
) |
$ |
37,841 |
||||||
|
Free money circulate (1) |
$ |
58,072 |
$ |
3,853 |
$ |
(25,259 |
) |
$ |
36,666 |
||||||
| ___________________ | |
| (1) |
See “Non-GAAP Monetary Measures” and reconciliation tables on the finish of this launch. |
|
Pure Useful resource Companions L.P. |
||||||||||||||||||||
|
Monetary Tables |
||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||
|
Working Statistics – Mineral Rights |
||||||||||||||||||||
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||||||
|
June 30, |
March 31, |
June 30, |
||||||||||||||||||
|
(In hundreds, besides per ton information) |
2022 |
2021 |
2022 |
2022 |
2021 |
|||||||||||||||
|
Coal gross sales volumes (tons) |
||||||||||||||||||||
|
Appalachia |
||||||||||||||||||||
|
Northern |
392 |
405 |
428 |
820 |
525 |
|||||||||||||||
|
Central |
3,484 |
2,975 |
3,251 |
6,735 |
5,625 |
|||||||||||||||
|
Southern |
312 |
316 |
361 |
673 |
416 |
|||||||||||||||
|
Whole Appalachia |
4,188 |
3,696 |
4,040 |
8,228 |
6,566 |
|||||||||||||||
|
Illinois Basin |
3,403 |
2,640 |
1,502 |
4,905 |
5,298 |
|||||||||||||||
|
Northern Powder River Basin |
699 |
185 |
1,238 |
1,937 |
1,244 |
|||||||||||||||
|
Gulf Coast |
67 |
— |
69 |
136 |
— |
|||||||||||||||
|
Whole coal gross sales volumes |
8,357 |
6,521 |
6,849 |
15,206 |
13,108 |
|||||||||||||||
|
Coal royalty income per ton |
||||||||||||||||||||
|
Appalachia |
||||||||||||||||||||
|
Northern |
$ |
11.84 |
$ |
4.45 |
$ |
10.14 |
$ |
10.95 |
$ |
4.27 |
||||||||||
|
Central |
12.19 |
4.62 |
11.37 |
11.80 |
4.44 |
|||||||||||||||
|
Southern |
17.67 |
7.63 |
17.56 |
17.61 |
7.06 |
|||||||||||||||
|
Illinois Basin |
2.07 |
2.01 |
2.20 |
2.11 |
2.04 |
|||||||||||||||
|
Northern Powder River Basin |
4.74 |
4.15 |
3.74 |
4.10 |
3.49 |
|||||||||||||||
|
Gulf Coast |
0.57 |
— |
0.55 |
0.56 |
— |
|||||||||||||||
|
Mixed common coal royalty income per ton |
7.54 |
3.69 |
8.12 |
7.80 |
3.45 |
|||||||||||||||
|
Coal royalty revenues |
||||||||||||||||||||
|
Appalachia |
||||||||||||||||||||
|
Northern |
$ |
4,640 |
$ |
1,804 |
$ |
4,341 |
$ |
8,981 |
$ |
2,241 |
||||||||||
|
Central |
42,461 |
13,756 |
36,980 |
79,441 |
24,951 |
|||||||||||||||
|
Southern |
5,513 |
2,410 |
6,340 |
11,853 |
2,938 |
|||||||||||||||
|
Whole Appalachia |
52,614 |
17,970 |
47,661 |
100,275 |
30,130 |
|||||||||||||||
|
Illinois Basin |
7,061 |
5,300 |
3,303 |
10,364 |
10,783 |
|||||||||||||||
|
Northern Powder River Basin |
3,314 |
768 |
4,632 |
7,946 |
4,341 |
|||||||||||||||
|
Gulf Coast |
38 |
— |
38 |
76 |
— |
|||||||||||||||
|
Unadjusted coal royalty revenues |
63,027 |
24,038 |
55,634 |
118,661 |
45,254 |
|||||||||||||||
|
Coal royalty adjustment for minimal leases |
(82 |
) |
(5,740 |
) |
(185 |
) |
(267 |
) |
(11,591 |
) |
||||||||||
|
Whole coal royalty revenues |
$ |
62,945 |
$ |
18,298 |
$ |
55,449 |
$ |
118,394 |
$ |
33,663 |
||||||||||
|
Different revenues |
||||||||||||||||||||
|
Manufacturing lease minimal revenues |
$ |
65 |
$ |
3,556 |
$ |
1,592 |
$ |
1,657 |
$ |
7,006 |
||||||||||
|
Minimal lease straight-line revenues |
4,674 |
4,869 |
4,783 |
9,457 |
10,965 |
|||||||||||||||
|
Wheelage revenues |
4,379 |
1,844 |
3,717 |
8,096 |
3,625 |
|||||||||||||||
|
Property tax revenues |
1,695 |
1,587 |
1,472 |
3,167 |
3,056 |
|||||||||||||||
|
Coal overriding royalty revenues |
682 |
976 |
258 |
940 |
2,835 |
|||||||||||||||
|
Lease modification revenues |
811 |
772 |
880 |
1,691 |
1,640 |
|||||||||||||||
|
Aggregates royalty revenues |
1,037 |
456 |
770 |
1,807 |
910 |
|||||||||||||||
|
Oil and fuel royalty revenues |
2,906 |
900 |
1,814 |
4,720 |
2,266 |
|||||||||||||||
|
Different revenues |
139 |
353 |
348 |
487 |
572 |
|||||||||||||||
|
Whole different revenues |
$ |
16,388 |
$ |
15,313 |
$ |
15,634 |
$ |
32,022 |
$ |
32,875 |
||||||||||
|
Royalty and different mineral rights |
$ |
79,333 |
$ |
33,611 |
$ |
71,083 |
$ |
150,416 |
$ |
66,538 |
||||||||||
|
Transportation and processing companies revenues |
5,612 |
2,182 |
3,796 |
9,408 |
4,374 |
|||||||||||||||
|
Acquire on asset gross sales and disposals |
345 |
116 |
— |
345 |
175 |
|||||||||||||||
|
Whole Mineral Rights section revenues and different earnings |
$ |
85,290 |
$ |
35,909 |
$ |
74,879 |
$ |
160,169 |
$ |
71,087 |
||||||||||
|
Pure Useful resource Companions L.P. |
|||||||||||||||
|
Reconciliation of Non-GAAP Measures |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Adjusted EBITDA |
|||||||||||||||
|
Mineral Rights |
Company and |
||||||||||||||
|
(In hundreds) |
Soda Ash |
Whole |
|||||||||||||
|
For the Three Months Ended June 30, 2022 |
|||||||||||||||
|
Internet earnings (loss) |
$ |
69,408 |
$ |
14,620 |
$ |
(17,208 |
) |
$ |
66,820 |
||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(14,643 |
) |
— |
(14,643 |
) |
|||||||||
|
Add: complete distributions from unconsolidated funding |
— |
10,486 |
— |
10,486 |
|||||||||||
|
Add: curiosity expense, internet |
— |
— |
8,108 |
8,108 |
|||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
4,048 |
4,048 |
|||||||||||
|
Add: depreciation, depletion and amortization |
5,847 |
— |
— |
5,847 |
|||||||||||
|
Add: asset impairments |
43 |
— |
— |
43 |
|||||||||||
|
Adjusted EBITDA |
$ |
75,298 |
$ |
10,463 |
$ |
(5,052 |
) |
$ |
80,709 |
||||||
|
For the Three Months Ended June 30, 2021 |
|||||||||||||||
|
Internet earnings (loss) |
$ |
25,886 |
$ |
2,566 |
$ |
(13,070 |
) |
$ |
15,382 |
||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(2,601 |
) |
— |
(2,601 |
) |
|||||||||
|
Add: complete distributions from unconsolidated funding |
— |
— |
— |
— |
|||||||||||
|
Add: curiosity expense, internet |
1 |
— |
9,682 |
9,683 |
|||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
— |
— |
|||||||||||
|
Add: depreciation, depletion and amortization |
4,871 |
— |
— |
4,871 |
|||||||||||
|
Add: asset impairments |
16 |
— |
— |
16 |
|||||||||||
|
Adjusted EBITDA |
$ |
30,774 |
$ |
(35 |
) |
$ |
(3,388 |
) |
$ |
27,351 |
|||||
|
For the Three Months Ended March 31, 2022 |
|||||||||||||||
|
Internet earnings (loss) |
$ |
62,967 |
$ |
14,786 |
(13,854 |
) |
$ |
63,899 |
|||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(14,837 |
) |
— |
(14,837 |
) |
|||||||||
|
Add: complete distributions from unconsolidated funding |
— |
13,230 |
— |
13,230 |
|||||||||||
|
Add: curiosity expense, internet |
— |
— |
9,387 |
9,387 |
|||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
— |
— |
|||||||||||
|
Add: depreciation, depletion and amortization |
3,868 |
— |
— |
3,868 |
|||||||||||
|
Add: asset impairments |
19 |
— |
— |
19 |
|||||||||||
|
Adjusted EBITDA |
$ |
66,854 |
$ |
13,179 |
$ |
(4,467 |
) |
$ |
75,566 |
||||||
|
Pure Useful resource Companions L.P. |
|||||||||||||||
|
Reconciliation of Non-GAAP Measures |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Adjusted EBITDA |
|||||||||||||||
|
Mineral Rights |
Company and |
||||||||||||||
|
(In hundreds) |
Soda Ash |
Whole |
|||||||||||||
|
For the Six Months Ended June 30, 2022 |
|||||||||||||||
|
Internet earnings (loss) |
$ |
132,375 |
$ |
29,406 |
$ |
(31,062 |
) |
$ |
130,719 |
||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(29,480 |
) |
— |
(29,480 |
) |
|||||||||
|
Add: complete distributions from unconsolidated funding |
— |
23,716 |
— |
23,716 |
|||||||||||
|
Add: curiosity expense, internet |
— |
— |
17,495 |
17,495 |
|||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
4,048 |
4,048 |
|||||||||||
|
Add: depreciation, depletion and amortization |
9,715 |
— |
— |
9,715 |
|||||||||||
|
Add: asset impairments |
62 |
— |
— |
62 |
|||||||||||
|
Adjusted EBITDA |
$ |
142,152 |
$ |
23,642 |
$ |
(9,519 |
) |
$ |
156,275 |
||||||
|
For the Six Months Ended June 30, 2021 |
|||||||||||||||
|
Internet earnings (loss) |
$ |
46,374 |
$ |
4,519 |
$ |
(27,130 |
) |
$ |
23,763 |
||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(4,574 |
) |
— |
(4,574 |
) |
|||||||||
|
Add: complete distributions from unconsolidated funding |
— |
3,920 |
— |
3,920 |
|||||||||||
|
Add: curiosity expense, internet |
24 |
— |
19,632 |
19,656 |
|||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
— |
— |
|||||||||||
|
Add: depreciation, depletion and amortization |
9,963 |
— |
— |
9,963 |
|||||||||||
|
Add: asset impairments |
4,059 |
— |
— |
4,059 |
|||||||||||
|
Adjusted EBITDA |
$ |
60,420 |
$ |
3,865 |
$ |
(7,498 |
) |
$ |
56,787 |
||||||
|
Pure Useful resource Companions L.P. |
||||||||||||||||
|
Reconciliation of Non-GAAP Measures |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
Distributable Money Stream and Free Money Stream |
||||||||||||||||
|
Mineral Rights |
Company and |
|||||||||||||||
|
(In hundreds) |
Soda Ash |
Whole |
||||||||||||||
|
For the Three Months Ended June 30, 2022 |
||||||||||||||||
|
Internet money offered by (utilized in) working actions of continuous operations |
$ |
70,351 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
63,123 |
|||||||
|
Add: proceeds from asset gross sales and disposals |
346 |
— |
— |
346 |
||||||||||||
|
Add: return of long-term contract receivable |
563 |
— |
— |
563 |
||||||||||||
|
Distributable money circulate |
$ |
71,260 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
64,032 |
|||||||
|
Much less: proceeds from asset gross sales and disposals |
(346 |
) |
— |
— |
(346 |
) |
||||||||||
|
Much less: acquisition prices |
— |
— |
— |
— |
||||||||||||
|
Free money circulate |
$ |
70,914 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
63,686 |
|||||||
|
Internet money offered by investing actions |
$ |
909 |
$ |
— |
$ |
— |
$ |
909 |
||||||||
|
Internet money utilized in financing actions |
— |
— |
(140,266 |
) |
(140,266 |
) |
||||||||||
|
For the Three Months Ended June 30, 2021 |
||||||||||||||||
|
Internet money offered by (utilized in) working actions of continuous operations |
$ |
32,028 |
$ |
(35 |
) |
$ |
(18,609 |
) |
$ |
13,384 |
||||||
|
Add: proceeds from asset gross sales and disposals |
116 |
— |
— |
116 |
||||||||||||
|
Add: return of long-term contract receivable |
541 |
— |
— |
541 |
||||||||||||
|
Distributable money circulate |
$ |
32,685 |
$ |
(35 |
) |
$ |
(18,609 |
) |
$ |
14,041 |
||||||
|
Much less: proceeds from asset gross sales and disposals |
(116 |
) |
— |
— |
(116 |
) |
||||||||||
|
Much less: acquisition prices |
(1,000 |
) |
— |
— |
(1,000 |
) |
||||||||||
|
Free money circulate |
$ |
31,569 |
$ |
(35 |
) |
$ |
(18,609 |
) |
$ |
12,925 |
||||||
|
Internet money offered by investing actions |
$ |
657 |
$ |
— |
$ |
— |
$ |
657 |
||||||||
|
Internet money utilized in financing actions |
(1,000 |
) |
— |
(11,900 |
) |
(12,900 |
) |
|||||||||
|
For the Three Months Ended March 31, 2022 |
||||||||||||||||
|
Internet money offered by (utilized in) working actions of continuous operations |
$ |
48,176 |
$ |
13,195 |
$ |
(9,040 |
) |
$ |
52,331 |
|||||||
|
Add: proceeds from asset gross sales and disposals |
— |
— |
— |
— |
||||||||||||
|
Add: return of long-term contract receivable |
— |
— |
— |
— |
||||||||||||
|
Distributable money circulate |
$ |
48,176 |
$ |
13,195 |
$ |
(9,040 |
) |
$ |
52,331 |
|||||||
|
Much less: proceeds from asset gross sales and disposals |
— |
— |
— |
— |
||||||||||||
|
Much less: acquisition prices |
— |
— |
— |
— |
||||||||||||
|
Free money circulate |
$ |
48,176 |
$ |
13,195 |
$ |
(9,040 |
) |
$ |
52,331 |
|||||||
|
Internet money offered by investing actions |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||
|
Internet money utilized in financing actions |
(614 |
) |
— |
(51,647 |
) |
(52,261 |
) |
|||||||||
|
Pure Useful resource Companions L.P. |
|||||||||||||||
|
Reconciliation of Non-GAAP Measures |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Distributable Money Stream and Free Money Stream |
|||||||||||||||
|
Mineral Rights |
Company and |
||||||||||||||
|
(In hundreds) |
Soda Ash |
Whole |
|||||||||||||
|
For the Six Months Ended June 30, 2022 |
|||||||||||||||
|
Internet money offered by (utilized in) working actions of continuous operations |
$ |
118,527 |
$ |
23,625 |
$ |
(26,698 |
) |
$ |
115,454 |
||||||
|
Add: proceeds from asset gross sales and disposals |
346 |
— |
— |
346 |
|||||||||||
|
Add: return of long-term contract receivable |
563 |
— |
— |
563 |
|||||||||||
|
Distributable money circulate |
$ |
119,436 |
$ |
23,625 |
$ |
(26,698 |
) |
$ |
116,363 |
||||||
|
Much less: proceeds from asset gross sales and disposals |
(346 |
) |
— |
— |
(346 |
) |
|||||||||
|
Much less: acquisition prices |
— |
— |
— |
— |
|||||||||||
|
Free money circulate |
$ |
119,090 |
$ |
23,625 |
$ |
(26,698 |
) |
$ |
116,017 |
||||||
|
Internet money offered by investing actions |
$ |
909 |
$ |
— |
$ |
— |
$ |
909 |
|||||||
|
Internet money utilized in financing actions |
(614 |
) |
— |
(191,913 |
) |
(192,527 |
) |
||||||||
|
For the Six Months Ended June 30, 2021 |
|||||||||||||||
|
Internet money offered by (utilized in) working actions of continuous operations |
$ |
57,990 |
$ |
3,853 |
(25,259 |
) |
$ |
36,584 |
|||||||
|
Add: proceeds from asset gross sales and disposals |
175 |
— |
— |
175 |
|||||||||||
|
Add: return of long-term contract receivable |
1,082 |
— |
— |
1,082 |
|||||||||||
|
Distributable money circulate |
$ |
59,247 |
$ |
3,853 |
$ |
(25,259 |
) |
$ |
37,841 |
||||||
|
Much less: proceeds from asset gross sales and disposals |
(175 |
) |
— |
— |
(175 |
) |
|||||||||
|
Much less: acquisition prices |
(1,000 |
) |
— |
— |
(1,000 |
) |
|||||||||
|
Free money circulate |
$ |
58,072 |
$ |
3,853 |
$ |
(25,259 |
) |
$ |
36,666 |
||||||
|
Internet money offered by investing actions |
$ |
1,257 |
$ |
— |
$ |
— |
$ |
1,257 |
|||||||
|
Internet money utilized in financing actions |
(1,132 |
) |
— |
(38,591 |
) |
(39,723 |
) |
||||||||
|
Pure Useful resource Companions L.P. |
||||||||||||||||||||
|
Reconciliation of Non-GAAP Measures |
||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||
|
Money Stream Cushion |
||||||||||||||||||||
|
For the Three Months Ended |
||||||||||||||||||||
|
(In hundreds) |
September 30, |
December 31, |
March 31, |
June 30, |
Final 12 |
|||||||||||||||
|
Internet money offered by working actions of continuous operations |
$ |
30,059 |
$ |
55,161 |
$ |
52,331 |
$ |
63,123 |
$ |
200,674 |
||||||||||
|
Add: proceeds from asset gross sales and disposals |
74 |
— |
— |
346 |
420 |
|||||||||||||||
|
Add: return of long-term contract receivable |
540 |
541 |
— |
563 |
1,644 |
|||||||||||||||
|
Distributable money circulate |
$ |
30,673 |
$ |
55,702 |
$ |
52,331 |
$ |
64,032 |
$ |
202,738 |
||||||||||
|
Much less: proceeds from asset gross sales and disposals |
(74 |
) |
— |
— |
(346 |
) |
(420 |
) |
||||||||||||
|
Free money circulate |
$ |
30,599 |
$ |
55,702 |
$ |
52,331 |
$ |
63,686 |
$ |
202,318 |
||||||||||
|
Much less: obligatory Opco debt repayments |
— |
(20,335 |
) |
(16,697 |
) |
(2,365 |
) |
(39,397 |
) |
|||||||||||
|
Much less: most popular unit distributions and redemption of PIK items |
(3,921 |
) |
(3,980 |
) |
(27,079 |
) |
(7,500 |
) |
(42,480 |
) |
||||||||||
|
Much less: widespread unit distributions |
(5,671 |
) |
(5,672 |
) |
(5,672 |
) |
(9,570 |
) |
(26,585 |
) |
||||||||||
|
Much less: warrant money settlement |
— |
(9,183 |
) |
— |
— |
(9,183 |
) |
|||||||||||||
|
Money circulate cushion |
$ |
21,007 |
$ |
16,532 |
$ |
2,883 |
$ |
44,251 |
$ |
84,673 |
||||||||||
|
Pure Useful resource Companions L.P. |
||||||||||||||||||||
|
Reconciliation of Non-GAAP Measures |
||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||
|
Leverage Ratio |
||||||||||||||||||||
|
For the Three Months Ended |
||||||||||||||||||||
|
(In hundreds) |
September 30, |
December 31, |
March 31, |
June 30, |
Final Twelve |
|||||||||||||||
|
Internet earnings |
$ |
29,498 |
$ |
55,641 |
$ |
63,899 |
$ |
66,820 |
$ |
215,858 |
||||||||||
|
Much less: fairness earnings from unconsolidated funding |
(6,672 |
) |
(10,625 |
) |
(14,837 |
) |
(14,643 |
) |
(46,777 |
) |
||||||||||
|
Add: complete distributions from unconsolidated funding |
— |
7,350 |
13,230 |
10,486 |
31,066 |
|||||||||||||||
|
Add: curiosity expense, internet |
9,652 |
9,568 |
9,387 |
8,108 |
36,715 |
|||||||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
— |
4,048 |
4,048 |
|||||||||||||||
|
Add: depreciation, depletion and amortization |
5,182 |
3,930 |
3,868 |
5,847 |
18,827 |
|||||||||||||||
|
Add: asset impairments |
57 |
986 |
19 |
43 |
1,105 |
|||||||||||||||
|
Adjusted EBITDA |
$ |
37,717 |
$ |
66,850 |
$ |
75,566 |
$ |
80,709 |
$ |
260,842 |
||||||||||
|
Debt—at June 30, 2022 |
$ |
301,313 |
||||||||||||||||||
|
Leverage Ratio (1) |
1.2 x |
|||||||||||||||||||
| ___________________ | |
| (1) |
Leverage Ratio is calculated because the excellent principal of NRP‘s debt as of June 30, 2022 divided by the final twelve months’ Adjusted EBITDA. Word that Adjusted EBITDA below the indenture governing NRP‘s 2025 dad or mum firm notes could also be totally different than the quantity proven above. Nevertheless, NRP‘s final twelve months Leverage ratio as of June 30, 2022, was 1.2x as calculated below the indenture governing NRP‘s 2025 dad or mum firm notes. |
|
For the Three Months Ended |
||||||||||||||||||||
|
(In hundreds) |
September 30, |
December 31, |
March 31, |
June 30, |
Final Twelve |
|||||||||||||||
|
Internet earnings |
$ |
7,216 |
$ |
14,687 |
$ |
8,381 |
$ |
15,382 |
$ |
45,666 |
||||||||||
|
Much less: fairness earnings from unconsolidated funding |
(1,986 |
) |
(5,528 |
) |
(1,973 |
) |
(2,601 |
) |
(12,088 |
) |
||||||||||
|
Add: complete distributions from unconsolidated funding |
— |
— |
3,920 |
— |
3,920 |
|||||||||||||||
|
Add: curiosity expense, internet |
10,254 |
10,077 |
9,973 |
9,683 |
39,987 |
|||||||||||||||
|
Add: depreciation, depletion and amortization |
2,111 |
3,013 |
5,092 |
4,871 |
15,087 |
|||||||||||||||
|
Add: asset impairments |
934 |
2,668 |
4,043 |
16 |
7,661 |
|||||||||||||||
|
Adjusted EBITDA |
$ |
18,529 |
$ |
24,917 |
$ |
29,436 |
$ |
27,351 |
$ |
100,233 |
||||||||||
|
Debt—at June 30, 2021 |
$ |
458,819 |
||||||||||||||||||
|
Leverage Ratio (1) |
4.6 x |
|||||||||||||||||||
| ___________________ | |
| (1) |
Leverage Ratio is calculated because the excellent principal of NRP‘s debt as of June 30, 2021 divided by the final twelve months’ Adjusted EBITDA |
View supply model on businesswire.com: https://www.businesswire.com/information/residence/20220804005101/en/
Tiffany Sammis
713-751-7515
tsammis@nrplp.com
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