Pure Useful resource Companions L.P. (NYSE:NRP) at present reported third quarter 2022 outcomes as follows:
| ______________________________ | ||
|
(1) |
Working money movement for the 9 months ended September 30, 2022 was $197,950. |
|
|
(2) |
See “Non-GAAP Monetary Measures” and reconciliation tables on the finish of this launch. |
|
Highlights:
- G enerated document free money movement of $83 million within the third quarter of 2022, and $199 million within the first 9 months of 2022
- Closed new five-year, $130 million revolving credit score facility
- Introduced full compensation of excellent 9.125% Senior Notes due 2025
- Executed second subsurface carbon dioxide (“CO 2 “) sequestration lease
- Professional-forma leverage ratio of 0.6x following the compensation of 9.125% Senior Notes, down from 4.6x as of June 30, 2021
“NRP‘s document yr continues with third quarter free money movement era of $83 million, bringing our year-to-date free money movement to $199 million, primarily as a result of sturdy outcomes of our Mineral Rights phase,” acknowledged Craig Nunez, NRP‘s president and chief working officer. “It’s becoming that the twentieth anniversary of the Partnership’s preliminary public providing coincides with the perfect working efficiency in our historical past. Not solely has this yr been distinctive from a free money movement perspective, however we proceed to execute on our technique to de-risk the capital construction and develop our carbon impartial portfolio. Throughout the third quarter, we closed a brand new five-year revolving credit score facility that elevated our borrowing capability from $100 million to $130 million. We additionally introduced the redemption of our excellent 9.125% Senior Notes due 2025 and totally repaid the Senior Notes in October. After giving impact to the redemption, NRP has completely retired $249 million of debt this yr. Within the third quarter we additionally executed our second subsurface CO 2 sequestration lease for an estimated carbon storage capability of no less than 500 million metric tons of CO 2 . NRP at present has roughly 140,000 acres of pore house underneath lease for carbon sequestration with estimated potential CO 2 storage capability of no less than 800 million metric tons. We proceed to consider that de-risking the Partnership and leveraging our asset footprint on this regard, whereas persevering with to offer unitholder distributions, is the correct technique to maximise unitholder worth.”
NRP introduced at present that the Board of Administrators of its normal accomplice declared a money distribution of $0.75 per frequent unit to be paid on November 22, 2022 to unitholders of document on November 15, 2022. As well as, the board declared a $7.5 million money distribution on its excellent most popular models. Future distributions on NRP‘s frequent and most popular models shall be decided on a quarterly foundation by the Board of Administrators. The Board of Administrators considers quite a few elements every quarter in figuring out money distributions, together with profitability, money movement, debt service obligations, market situations and outlook, estimated unitholder earnings tax legal responsibility and the extent of money reserves that the board determines is important for future working and capital wants.
NRP‘s liquidity was $190.9 million at September 30, 2022, consisting of $60.9 million of money and $130.0 million of borrowing capability obtainable underneath its not too long ago amended revolving credit score facility.
Section Efficiency
Mineral Rights
Mineral Rights internet earnings for the third quarter of 2022 elevated $35.6 million as in comparison with the prior yr interval. Free money movement for the third quarter elevated $42.0 million as in comparison with the prior yr interval. These will increase had been primarily resulting from stronger metallurgical coal demand and pricing in 2022. Roughly 65% of coal royalty revenues and roughly 40% of coal royalty gross sales volumes had been derived from metallurgical coal within the third quarter of 2022.
Metallurgical and thermal coal costs stay supported by ongoing tightness within the supply-demand stability for coal. Many operators are restricted of their capacity to extend manufacturing resulting from ongoing labor shortages, world provide chain interruptions, and entry to capital. Thermal coal costs are additional supported by the European Union’s ban on Russian coal as a result of warfare in Ukraine, in addition to elevated pure fuel costs and demand for electrical energy. Whereas metallurgical markets are seeing weakened demand for metal, and thermal markets proceed to face ongoing environmental and political pressures, provide constraints ought to present continued assist for metallurgical and thermal coal costs for the foreseeable future.
NRP continues to establish different income alternatives throughout its giant portfolio of land and mineral property. NRP owns the rights to sequester CO 2 on roughly 3.5 million acres of pore house within the southern United States. As introduced beforehand, within the first quarter of 2022 NRP executed its first subsurface CO 2 sequestration lease 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 . In October of 2022, NRP introduced its second subsurface CO 2 transaction with the execution of a lease for roughly 65,000 acres of pore house managed by NRP close to southeast Texas with estimated storage capability of no less than 500 million metric tons of CO 2 . In complete, NRP has roughly 140,000 acres of pore house underneath lease for carbon sequestration with estimated CO 2 storage capability of 800 million metric tons. Whereas the timing and chance of more money flows being realized from these actions is unsure, NRP believes its giant possession footprint all through the US will present further alternatives to create worth on this regard and place NRP as a key beneficiary of the transitional vitality financial system with minimal capital funding.
Soda Ash
Soda Ash internet earnings within the third quarter of 2022 elevated $7.9 million as in comparison with the prior yr interval primarily because of elevated worldwide gross sales costs. Free money movement within the third quarter of 2022 elevated $10.3 million as in comparison with the prior yr interval resulting from Sisecam Wyoming reinstating its common quarterly money distributions starting within the fourth quarter of 2021.
Provide interruptions in China and enter price inflation which considerably elevated the worldwide marginal price of soda ash manufacturing led to traditionally excessive soda ash costs within the third quarter of 2022. Although soda ash demand weakened in lots of components of the world throughout the third quarter resulting from slowing world financial progress and decrease building exercise in China, Sisecam Wyoming remained sold-out because it took benefit of its low-cost place to profitably export soda ash. Consequently, Sisecam Wyoming delivered sturdy monetary leads to the third quarter of 2022.
Company and Financing
Company and Financing prices within the third quarter of 2022 decreased $1.6 million as in comparison with the prior yr interval primarily resulting from decrease curiosity expense ensuing from much less debt excellent, partially offset by the loss on early extinguishment of debt. Free money movement within the third quarter of 2022 was comparatively flat as in comparison with the prior yr interval.
Throughout the third quarter of 2022, NRP repaid $60.5 million of debt and refinanced, upsized, and prolonged its credit score facility to $130 million due 2027. In October of 2022, NRP totally retired its excellent $121.4 million of 9.125% Senior Notes due 2025 at its redemption worth of 102.281%, using money readily available and $70 million of borrowings underneath its new credit score facility. After giving impact to this redemption, NRP‘s remaining complete debt excellent is $189.4 million.
Moreover, in August of 2022, NRP paid a second quarter 2022 money distribution of $0.75 per frequent unit of NRP and a $7.5 million money distribution on the popular models.
Convention Name
A convention name shall be held at present 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 shall be despatched by way of e mail, together with dial in particulars and distinctive convention name codes for entry. Registration is open by the dwell name, nonetheless, to make sure you are related for the total name we recommend registering no less than 10 minutes previous to the beginning of the decision. Traders may take heed to the decision by way of 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 International Traders
This launch is meant to be a professional discover underneath Treasury Regulation Part 1.1446-4(b). Brokers and nominees ought to deal with a hundred percent (100.0%) of NRP‘s distributions to overseas buyers as being attributable to earnings that’s successfully related 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 US 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 added data, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com . Additional details about NRP is obtainable on the Partnership’s web site at http://www.nrplp.com .
Ahead-Wanting Statements
This press launch contains ” forward-looking statements ” as outlined by the Securities and Trade Fee. All statements, apart from statements of historic information, included on this press launch that tackle 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 based mostly on sure assumptions made by the Partnership based mostly on its expertise and notion of historic traits, present situations, anticipated future developments and different elements it believes are applicable within the circumstances. Such statements are topic to a lot of assumptions, dangers and uncertainties, lots of that are past the management of the Partnership. These dangers embrace, amongst different issues, statements concerning: the consequences of the worldwide COVID-19 pandemic; future distributions on the Partnership ‘ s frequent and most popular models; 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; Sisecam Wyoming LLC ‘ s trona mining and soda ash refinery operations; distributions from the soda ash three way partnership; the impression 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 adjustments; world and U.S. financial situations; and different elements detailed in Pure Useful resource Companions ‘ Securities and Trade Fee filings. Pure Useful resource Companions L.P. has no obligation to publicly replace or revise any forward-looking assertion, whether or not because of new data, 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 every other measure of monetary efficiency introduced in accordance with GAAP as measures of working efficiency, liquidity or capacity to service debt obligations. There are important limitations to utilizing Adjusted EBITDA as a measure of efficiency, together with the lack to research the impact of sure recurring objects that materially have an effect on our internet earnings, the dearth of comparability of outcomes of operations of various corporations and the totally different strategies of calculating Adjusted EBITDA reported by totally different corporations. As well as, Adjusted EBITDA introduced beneath isn’t calculated or introduced 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, similar to buyers, business 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 movement ” 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 isn’t a measure of monetary efficiency underneath GAAP and shouldn’t be thought-about as a substitute for money flows from working, investing or financing actions. DCF is probably not calculated the identical for us as for different corporations. As well as, distributable money movement isn’t calculated or introduced on the identical foundation as distributable money movement as outlined in our partnership settlement, which is used as a metric to find out whether or not we’re capable of improve quarterly distributions to our frequent unitholders. Distributable money movement is a supplemental liquidity measure utilized by our administration and by exterior customers of our monetary statements, similar to buyers, business banks, analysis analysts and others to evaluate our capacity to make money distributions and repay debt.
“Free money movement ” 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 enlargement capital expenditures and money movement utilized in acquisition prices labeled as investing or financing actions. FCF is calculated earlier than necessary debt repayments. Free money movement isn’t a measure of monetary efficiency underneath GAAP and shouldn’t be thought-about as a substitute for money flows from working, investing or financing actions. Free money movement is probably not calculated the identical for us as for different corporations. Free money movement is a supplemental liquidity measure utilized by our administration and by exterior customers of our monetary statements, similar to buyers, business banks, analysis analysts and others to evaluate our capacity to make money distributions and repay debt.
“Money movement cushion” is a non-GAAP monetary measure that we outline as free money movement much less one-time useful objects, necessary Opco debt repayments, most popular unit distributions and redemption of PIK models, frequent unit distributions and warrant money settlements. Money movement cushion isn’t a measure of monetary efficiency underneath GAAP and shouldn’t be thought-about as a substitute for money flows from working, investing or financing actions. Money movement cushion is a supplemental liquidity measure utilized by our administration to evaluate the Partnership’s capacity to make or increase money distributions to our frequent and most popular unitholders and our normal accomplice and repay debt or redeem most popular models.
-Monetary Tables and Reconciliation of Non-GAAP Measures Observe-
|
Pure Useful resource Companions L.P. Monetary Tables (Unaudited) |
|
Consolidated Statements of Complete Earnings |
|
For the Three Months |
For the 9 Months |
|||||||||||||||||||
|
September 30, |
June 30, |
September 30, |
||||||||||||||||||
|
(In 1000’s, besides per unit knowledge) |
2022 |
2021 |
2022 |
2022 |
2021 |
|||||||||||||||
|
Revenues and different earnings |
||||||||||||||||||||
|
Royalty and different mineral rights |
$ |
81,379 |
$ |
47,884 |
$ |
79,333 |
$ |
231,795 |
$ |
114,422 |
||||||||||
|
Transportation and processing companies |
5,969 |
2,171 |
5,612 |
15,377 |
6,545 |
|||||||||||||||
|
Fairness in earnings of Sisecam Wyoming |
14,556 |
6,672 |
14,643 |
44,036 |
11,246 |
|||||||||||||||
|
Acquire on asset gross sales and disposals |
354 |
68 |
345 |
699 |
243 |
|||||||||||||||
|
Complete revenues and different earnings |
$ |
102,258 |
$ |
56,795 |
$ |
99,933 |
$ |
291,907 |
$ |
132,456 |
||||||||||
|
Working bills |
||||||||||||||||||||
|
Working and upkeep bills |
$ |
7,898 |
$ |
8,354 |
$ |
10,015 |
$ |
25,989 |
$ |
19,076 |
||||||||||
|
Depreciation, depletion and amortization |
6,850 |
5,182 |
5,847 |
16,565 |
15,145 |
|||||||||||||||
|
Basic and administrative bills |
4,518 |
4,052 |
5,052 |
14,037 |
11,550 |
|||||||||||||||
|
Asset impairments |
812 |
57 |
43 |
874 |
4,116 |
|||||||||||||||
|
Complete working bills |
$ |
20,078 |
$ |
17,645 |
$ |
20,957 |
$ |
57,465 |
$ |
49,887 |
||||||||||
|
Earnings from operations |
$ |
82,180 |
$ |
39,150 |
$ |
78,976 |
$ |
234,442 |
$ |
82,569 |
||||||||||
|
Different bills, internet |
||||||||||||||||||||
|
Curiosity expense, internet |
$ |
(5,141 |
) |
$ |
(9,652 |
) |
$ |
(8,108 |
) |
$ |
(22,636 |
) |
$ |
(29,308 |
) |
|||||
|
Loss on extinguishment of debt |
(2,484 |
) |
— |
(4,048 |
) |
(6,532 |
) |
— |
||||||||||||
|
Complete different bills, internet |
$ |
(7,625 |
) |
$ |
(9,652 |
) |
$ |
(12,156 |
) |
$ |
(29,168 |
) |
$ |
(29,308 |
) |
|||||
|
Web earnings |
$ |
74,555 |
$ |
29,498 |
$ |
66,820 |
$ |
205,274 |
$ |
53,261 |
||||||||||
|
Much less: earnings attributable to most popular unitholders |
(7,500 |
) |
(7,961 |
) |
(7,500 |
) |
(22,500 |
) |
(23,530 |
) |
||||||||||
|
Web earnings attributable to frequent unitholders and the overall accomplice |
$ |
67,055 |
$ |
21,537 |
$ |
59,320 |
$ |
182,774 |
$ |
29,731 |
||||||||||
|
Web earnings attributable to frequent unitholders |
$ |
65,714 |
$ |
21,106 |
$ |
58,134 |
$ |
179,119 |
$ |
29,136 |
||||||||||
|
Web earnings attributable to the overall accomplice |
1,341 |
431 |
1,186 |
3,655 |
595 |
|||||||||||||||
|
Web earnings per frequent unit |
||||||||||||||||||||
|
Primary |
$ |
5.25 |
$ |
1.71 |
$ |
4.65 |
$ |
14.36 |
$ |
2.36 |
||||||||||
|
Diluted |
3.71 |
1.10 |
3.29 |
10.24 |
1.98 |
|||||||||||||||
|
Web earnings |
$ |
74,555 |
$ |
29,498 |
$ |
66,820 |
$ |
205,274 |
$ |
53,261 |
||||||||||
|
Complete earnings (loss) from unconsolidated funding and different |
289 |
4,204 |
(4,013 |
) |
(1,179 |
) |
7,469 |
|||||||||||||
|
Complete earnings |
$ |
74,844 |
$ |
33,702 |
$ |
62,807 |
$ |
204,095 |
$ |
60,730 |
||||||||||
|
Pure Useful resource Companions L.P. Monetary Tables (Unaudited) |
|
Consolidated Statements of Money Flows |
|
For the Three Months |
For the 9 Months |
|||||||||||||||||||
|
September 30, |
June 30, |
September 30, |
||||||||||||||||||
|
(In 1000’s) |
2022 |
2021 |
2022 |
2022 |
2021 |
|||||||||||||||
|
Money flows from working actions |
||||||||||||||||||||
|
Web earnings |
$ |
74,555 |
$ |
29,498 |
$ |
66,820 |
$ |
205,274 |
$ |
53,261 |
||||||||||
|
Changes to reconcile internet earnings to internet money offered by working actions of continuous operations: |
||||||||||||||||||||
|
Depreciation, depletion and amortization |
6,850 |
5,182 |
5,847 |
16,565 |
15,145 |
|||||||||||||||
|
Distributions from unconsolidated funding |
10,339 |
— |
10,486 |
34,055 |
3,920 |
|||||||||||||||
|
Fairness earnings from unconsolidated funding |
(14,556 |
) |
(6,672 |
) |
(14,643 |
) |
(44,036 |
) |
(11,246 |
) |
||||||||||
|
Acquire on asset gross sales and disposals |
(354 |
) |
(68 |
) |
(345 |
) |
(699 |
) |
(243 |
) |
||||||||||
|
Loss on extinguishment of debt |
2,484 |
— |
4,048 |
6,532 |
— |
|||||||||||||||
|
Asset impairments |
812 |
57 |
43 |
874 |
4,116 |
|||||||||||||||
|
Dangerous debt expense |
1 |
2,069 |
(388 |
) |
641 |
1,715 |
||||||||||||||
|
Unit-based compensation expense |
1,429 |
1,118 |
1,339 |
4,216 |
2,837 |
|||||||||||||||
|
Amortization of debt issuance prices and different |
215 |
653 |
1,297 |
1,887 |
1,899 |
|||||||||||||||
|
Change in working property and liabilities: |
||||||||||||||||||||
|
Accounts receivable |
2,494 |
(9,163 |
) |
(5,033 |
) |
(10,118 |
) |
(12,332 |
) |
|||||||||||
|
Accounts payable |
210 |
182 |
73 |
223 |
89 |
|||||||||||||||
|
Accrued liabilities |
278 |
357 |
2,047 |
(4,831 |
) |
(839 |
) |
|||||||||||||
|
Accrued curiosity |
3,177 |
7,262 |
(7,413 |
) |
3,014 |
6,971 |
||||||||||||||
|
Deferred income |
(7,519 |
) |
(2,652 |
) |
(2,259 |
) |
(17,094 |
) |
(2,121 |
) |
||||||||||
|
Different objects, internet |
2,081 |
2,236 |
1,204 |
1,447 |
3,471 |
|||||||||||||||
|
Web money offered by working actions |
$ |
82,496 |
$ |
30,059 |
$ |
63,123 |
$ |
197,950 |
$ |
66,643 |
||||||||||
|
Money flows from investing actions |
||||||||||||||||||||
|
Proceeds from asset gross sales and disposals |
$ |
353 |
$ |
74 |
$ |
346 |
$ |
699 |
$ |
249 |
||||||||||
|
Return of long-term contract receivable |
575 |
540 |
563 |
1,138 |
1,622 |
|||||||||||||||
|
Capital expenditures |
(59 |
) |
— |
— |
(59 |
) |
— |
|||||||||||||
|
Web money offered by investing actions |
$ |
869 |
$ |
614 |
$ |
909 |
$ |
1,778 |
$ |
1,871 |
||||||||||
|
Money flows from financing actions |
||||||||||||||||||||
|
Debt repayments |
$ |
(60,494 |
) |
$ |
— |
$ |
(120,474 |
) |
$ |
(197,665 |
) |
$ |
(19,061 |
) |
||||||
|
Distributions to frequent unitholders and the overall accomplice |
(9,571 |
) |
(5,671 |
) |
(9,570 |
) |
(24,813 |
) |
(16,973 |
) |
||||||||||
|
Distributions to most popular unitholders |
(7,500 |
) |
(3,921 |
) |
(7,500 |
) |
(22,500 |
) |
(11,591 |
) |
||||||||||
|
Acquisition of non-controlling curiosity in BRP |
— |
— |
— |
— |
(1,000 |
) |
||||||||||||||
|
Redemption of most popular models paid-in-kind |
— |
— |
— |
(19,579 |
) |
— |
||||||||||||||
|
Different objects, internet |
(4,219 |
) |
— |
(2,722 |
) |
(9,754 |
) |
(690 |
) |
|||||||||||
|
Web money utilized in financing actions |
$ |
(81,784 |
) |
$ |
(9,592 |
) |
$ |
(140,266 |
) |
$ |
(274,311 |
) |
$ |
(49,315 |
) |
|||||
|
Web improve (lower) in money and money equivalents |
$ |
1,581 |
$ |
21,081 |
$ |
(76,234 |
) |
$ |
(74,583 |
) |
$ |
19,199 |
||||||||
|
Money and money equivalents at starting of interval |
59,356 |
97,908 |
135,590 |
135,520 |
99,790 |
|||||||||||||||
|
Money and money equivalents at finish of interval |
$ |
60,937 |
$ |
118,989 |
$ |
59,356 |
$ |
60,937 |
$ |
118,989 |
||||||||||
|
Supplemental money movement data: |
||||||||||||||||||||
|
Money paid for curiosity |
$ |
1,729 |
$ |
1,898 |
$ |
15,128 |
$ |
18,501 |
$ |
20,829 |
||||||||||
|
Non-cash investing and financing actions: |
||||||||||||||||||||
|
Most well-liked unit distributions paid-in-kind |
— |
3,921 |
— |
— |
11,591 |
|||||||||||||||
|
Pure Useful resource Companions L.P. Monetary Tables (Unaudited) |
|
Consolidated Stability Sheets |
|
September 30, |
December 31, |
|||||||
|
(In 1000’s, besides unit knowledge) |
2022 |
2021 |
||||||
|
(Unaudited) |
||||||||
|
ASSETS |
||||||||
|
Present property |
||||||||
|
Money and money equivalents |
$ |
60,937 |
$ |
135,520 |
||||
|
Accounts receivable, internet |
34,726 |
24,538 |
||||||
|
Different present property, internet |
1,228 |
2,723 |
||||||
|
Complete present property |
$ |
96,891 |
$ |
162,781 |
||||
|
Land |
24,008 |
24,008 |
||||||
|
Mineral rights, internet |
421,351 |
437,697 |
||||||
|
Intangible property, internet |
15,168 |
16,130 |
||||||
|
Fairness in unconsolidated funding |
284,806 |
276,004 |
||||||
|
Lengthy-term contract receivable, internet |
29,570 |
31,371 |
||||||
|
Different long-term property, internet |
7,216 |
5,832 |
||||||
|
Complete property |
$ |
879,010 |
$ |
953,823 |
||||
|
LIABILITIES AND CAPITAL |
||||||||
|
Present liabilities |
||||||||
|
Accounts payable |
$ |
2,179 |
$ |
1,956 |
||||
|
Accrued liabilities |
5,913 |
10,297 |
||||||
|
Accrued curiosity |
4,227 |
1,213 |
||||||
|
Present portion of deferred income |
8,886 |
11,817 |
||||||
|
Present portion of long-term debt, internet |
89,989 |
39,102 |
||||||
|
Complete present liabilities |
$ |
111,194 |
$ |
64,385 |
||||
|
Deferred income |
35,882 |
50,045 |
||||||
|
Lengthy-term debt, internet |
148,734 |
394,443 |
||||||
|
Different non-current liabilities |
5,231 |
5,018 |
||||||
|
Complete liabilities |
$ |
301,041 |
$ |
513,891 |
||||
|
Commitments and contingencies |
||||||||
|
Class A Convertible Most well-liked Models (250,000 and 269,321 models issued and excellent at September 30, 2022 and December 31, 2021, respectively, at $1,000 par worth per unit; liquidation choice of $1,850 per unit at September 30, 2022 and December 31, 2021) |
$ |
164,587 |
$ |
183,908 |
||||
|
Companions’ capital |
||||||||
|
Widespread unitholders’ curiosity (12,505,996 and 12,351,306 models issued and excellent at September 30, 2022 and December 31, 2021, respectively) |
$ |
358,332 |
$ |
203,062 |
||||
|
Basic accomplice’s curiosity |
5,054 |
1,787 |
||||||
|
Warrant holders’ curiosity |
47,964 |
47,964 |
||||||
|
Amassed different complete earnings |
2,032 |
3,211 |
||||||
|
Complete companions’ capital |
$ |
413,382 |
$ |
256,024 |
||||
|
Complete liabilities and companions’ capital |
$ |
879,010 |
$ |
953,823 |
||||
|
Pure Useful resource Companions L.P. Monetary Tables (Unaudited) |
|
Consolidated Statements of Companions’ Capital |
|
Amassed |
||||||||||||||||||||||||
|
Different |
Complete |
|||||||||||||||||||||||
|
Widespread Unitholders |
Basic |
Warrant |
Complete |
Companions’ |
||||||||||||||||||||
|
(In 1000’s) |
Models |
Quantities |
Companion |
Holders |
Earnings |
Capital |
||||||||||||||||||
|
Stability at December 31, 2021 |
12,351 |
$ |
203,062 |
$ |
1,787 |
$ |
47,964 |
$ |
3,211 |
$ |
256,024 |
|||||||||||||
|
Web earnings (1) |
— |
62,621 |
1,278 |
— |
— |
63,899 |
||||||||||||||||||
|
Distributions to frequent unitholders and the overall 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 |
|||||||||||||
|
Web earnings (1) |
— |
65,484 |
1,336 |
— |
— |
66,820 |
||||||||||||||||||
|
Distributions to frequent unitholders and the overall 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 |
|||||||||||||
|
Web earnings (1) |
— |
73,064 |
1,491 |
— |
— |
74,555 |
||||||||||||||||||
|
Distributions to frequent unitholders and the overall accomplice |
— |
(9,380 |
) |
(191 |
) |
— |
— |
(9,571 |
) |
|||||||||||||||
|
Distributions to most popular unitholders |
— |
(7,350 |
) |
(150 |
) |
— |
— |
(7,500 |
) |
|||||||||||||||
|
Unit-based awards amortization and vesting |
— |
1,245 |
— |
— |
— |
1,245 |
||||||||||||||||||
|
Complete earnings from unconsolidated funding and different |
— |
— |
— |
— |
289 |
289 |
||||||||||||||||||
|
Stability at September 30, 2022 |
12,506 |
$ |
358,332 |
$ |
5,054 |
$ |
47,964 |
$ |
2,032 |
$ |
413,382 |
|||||||||||||
| ______________________________ | ||
|
(1) |
Web earnings contains $7.5 million of earnings attributable to most popular unitholders that amassed throughout the interval, of which $7.4 million is allotted to the frequent unitholders and $0.2 million is allotted to the overall accomplice. |
|
|
Pure Useful resource Companions L.P. Monetary Tables (Unaudited) |
||||||||||||||||||||||||
|
Consolidated Statements of Companions’ Capital |
||||||||||||||||||||||||
|
Amassed |
||||||||||||||||||||||||
|
Different |
Complete |
|||||||||||||||||||||||
|
Widespread Unitholders |
Basic |
Warrant |
Complete |
Companions’ |
||||||||||||||||||||
|
(In 1000’s) |
Models |
Quantities |
Companion |
Holders |
Earnings |
Capital |
||||||||||||||||||
|
Stability at December 31, 2020 |
12,261 |
$ |
136,927 |
$ |
459 |
$ |
66,816 |
$ |
322 |
$ |
204,524 |
|||||||||||||
|
Web earnings (1) |
— |
8,213 |
168 |
— |
— |
8,381 |
||||||||||||||||||
|
Distributions to frequent unitholders and the overall 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 |
|||||||||||||
|
Web earnings (2) |
— |
15,074 |
308 |
— |
— |
15,382 |
||||||||||||||||||
|
Distributions to frequent unitholders and the overall 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 |
|||||||||||||
|
Web earnings (3) |
— |
28,909 |
589 |
— |
— |
29,498 |
||||||||||||||||||
|
Distributions to frequent unitholders and the overall accomplice |
— |
(5,558 |
) |
(113 |
) |
— |
— |
(5,671 |
) |
|||||||||||||||
|
Distributions to most popular unitholders |
— |
(7,687 |
) |
(156 |
) |
— |
— |
(7,843 |
) |
|||||||||||||||
|
Unit-based awards amortization and vesting |
— |
959 |
— |
— |
— |
959 |
||||||||||||||||||
|
Complete earnings from unconsolidated funding and different |
— |
— |
— |
— |
4,204 |
4,204 |
||||||||||||||||||
|
Stability at September 30, 2021 |
12,351 |
$ |
151,459 |
$ |
754 |
$ |
66,816 |
$ |
7,791 |
$ |
226,820 |
|||||||||||||
| ______________________________ | ||
|
(1) |
Web earnings contains $7.7 million of earnings attributable to most popular unitholders that amassed throughout the interval, of which $7.6 million is allotted to the frequent unitholders and $0.2 million is allotted to the overall accomplice. |
|
|
(2) |
Web earnings contains $7.8 million of earnings attributable to most popular unitholders that amassed throughout the interval, of which $7.7 million is allotted to the frequent unitholders and $0.2 million is allotted to the overall accomplice. |
|
|
(3) |
Web earnings contains $8.0 million of earnings attributable to most popular unitholders that amassed throughout the interval, of which $7.8 million is allotted to the frequent unitholders and $0.2 million is allotted to the overall accomplice. |
|
|
Pure Useful resource Companions L.P. Monetary Tables (Unaudited) |
||||||||||||||||
|
The next desk presents NRP‘s unaudited enterprise outcomes by phase for the three months ended September 30, 2022 and 2021 and June 30, 2022: |
||||||||||||||||
|
Working Segments |
||||||||||||||||
|
Mineral |
Company |
|||||||||||||||
|
(In 1000’s) |
Rights |
Soda Ash |
Financing |
Complete |
||||||||||||
|
For the Three Months Ended September 30, 2022 |
||||||||||||||||
|
Revenues |
$ |
87,348 |
$ |
14,556 |
$ |
— |
$ |
101,904 |
||||||||
|
Acquire on asset gross sales and disposals |
354 |
— |
— |
354 |
||||||||||||
|
Complete revenues and different earnings |
$ |
87,702 |
$ |
14,556 |
$ |
— |
$ |
102,258 |
||||||||
|
Asset impairments |
$ |
812 |
$ |
— |
$ |
— |
$ |
812 |
||||||||
|
Web earnings (loss) |
$ |
72,173 |
$ |
14,525 |
$ |
(12,143 |
) |
$ |
74,555 |
|||||||
|
Adjusted EBITDA (1) |
$ |
79,835 |
$ |
10,308 |
$ |
(4,518 |
) |
$ |
85,625 |
|||||||
|
Money movement offered by (utilized in) persevering with operations: |
||||||||||||||||
|
Working actions |
$ |
75,948 |
$ |
10,309 |
$ |
(3,761 |
) |
$ |
82,496 |
|||||||
|
Investing actions |
$ |
928 |
$ |
— |
$ |
(59 |
) |
$ |
869 |
|||||||
|
Financing actions |
$ |
— |
$ |
— |
$ |
(81,784 |
) |
$ |
(81,784 |
) |
||||||
|
Distributable money movement (1) |
$ |
76,876 |
$ |
10,309 |
$ |
(3,820 |
) |
$ |
83,365 |
|||||||
|
Free money movement (1) |
$ |
76,523 |
$ |
10,309 |
$ |
(3,820 |
) |
$ |
83,012 |
|||||||
|
For the Three Months Ended September 30, 2021 |
||||||||||||||||
|
Revenues |
$ |
50,055 |
$ |
6,672 |
$ |
— |
$ |
56,727 |
||||||||
|
Acquire on asset gross sales and disposals |
68 |
— |
— |
68 |
||||||||||||
|
Complete revenues and different earnings |
$ |
50,123 |
$ |
6,672 |
$ |
— |
$ |
56,795 |
||||||||
|
Asset impairments |
$ |
57 |
$ |
— |
$ |
— |
$ |
57 |
||||||||
|
Web earnings (loss) |
$ |
36,606 |
$ |
6,596 |
$ |
(13,704 |
) |
$ |
29,498 |
|||||||
|
Adjusted EBITDA (1) |
$ |
41,845 |
$ |
(76 |
) |
$ |
(4,052 |
) |
$ |
37,717 |
||||||
|
Money movement offered by (utilized in) persevering with operations: |
||||||||||||||||
|
Working actions |
$ |
33,968 |
$ |
(36 |
) |
$ |
(3,873 |
) |
$ |
30,059 |
||||||
|
Investing actions |
$ |
614 |
$ |
— |
$ |
— |
$ |
614 |
||||||||
|
Financing actions |
$ |
— |
$ |
— |
$ |
(9,592 |
) |
$ |
(9,592 |
) |
||||||
|
Distributable money movement (1) |
$ |
34,582 |
$ |
(36 |
) |
$ |
(3,873 |
) |
$ |
30,673 |
||||||
|
Free money movement (1) |
$ |
34,508 |
$ |
(36 |
) |
$ |
(3,873 |
) |
$ |
30,599 |
||||||
|
For the Three Months Ended June 30, 2022 |
||||||||||||||||
|
Revenues |
$ |
84,945 |
$ |
14,643 |
$ |
— |
$ |
99,588 |
||||||||
|
Acquire on asset gross sales and disposals |
345 |
— |
— |
345 |
||||||||||||
|
Complete revenues and different earnings |
$ |
85,290 |
$ |
14,643 |
$ |
— |
$ |
99,933 |
||||||||
|
Asset impairments |
$ |
43 |
$ |
— |
$ |
— |
$ |
43 |
||||||||
|
Web earnings (loss) |
$ |
69,408 |
$ |
14,620 |
$ |
(17,208 |
) |
$ |
66,820 |
|||||||
|
Adjusted EBITDA (1) |
$ |
75,298 |
$ |
10,463 |
$ |
(5,052 |
) |
$ |
80,709 |
|||||||
|
Money movement 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 movement (1) |
$ |
71,260 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
64,032 |
|||||||
|
Free money movement (1) |
$ |
70,914 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
63,686 |
|||||||
| ______________________________ | ||
|
(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 phase for the 9 months ended September 30, 2022 and 2021: |
||||||||||||||||
|
Working Segments |
||||||||||||||||
|
Mineral |
Company |
|||||||||||||||
|
(In 1000’s) |
Rights |
Soda Ash |
Financing |
Complete |
||||||||||||
|
For the 9 Months Ended September 30, 2022 |
||||||||||||||||
|
Revenues |
$ |
247,172 |
$ |
44,036 |
$ |
— |
$ |
291,208 |
||||||||
|
Acquire on asset gross sales and disposals |
699 |
— |
— |
699 |
||||||||||||
|
Complete revenues and different earnings |
$ |
247,871 |
$ |
44,036 |
$ |
— |
$ |
291,907 |
||||||||
|
Asset impairments |
$ |
874 |
$ |
— |
$ |
— |
$ |
874 |
||||||||
|
Web earnings (loss) |
$ |
204,548 |
$ |
43,931 |
$ |
(43,205 |
) |
$ |
205,274 |
|||||||
|
Adjusted EBITDA (1) |
$ |
221,987 |
$ |
33,950 |
$ |
(14,037 |
) |
$ |
241,900 |
|||||||
|
Money movement offered by (utilized in) persevering with operations: |
||||||||||||||||
|
Working actions |
$ |
194,475 |
$ |
33,934 |
$ |
(30,459 |
) |
$ |
197,950 |
|||||||
|
Investing actions |
$ |
1,837 |
$ |
— |
$ |
(59 |
) |
$ |
1,778 |
|||||||
|
Financing actions |
$ |
(614 |
) |
$ |
— |
$ |
(273,697 |
) |
$ |
(274,311 |
) |
|||||
|
Distributable money movement (1) |
$ |
196,312 |
$ |
33,934 |
$ |
(30,518 |
) |
$ |
199,728 |
|||||||
|
Free money movement (1) |
$ |
195,613 |
$ |
33,934 |
$ |
(30,518 |
) |
$ |
199,029 |
|||||||
|
For the 9 Months Ended September 30, 2021 |
||||||||||||||||
|
Revenues |
$ |
120,967 |
$ |
11,246 |
$ |
— |
$ |
132,213 |
||||||||
|
Acquire on asset gross sales and disposals |
243 |
— |
— |
243 |
||||||||||||
|
Complete revenues and different earnings |
$ |
121,210 |
$ |
11,246 |
$ |
— |
$ |
132,456 |
||||||||
|
Asset impairments |
$ |
4,116 |
$ |
— |
$ |
— |
$ |
4,116 |
||||||||
|
Web earnings (loss) |
$ |
82,980 |
$ |
11,115 |
$ |
(40,834 |
) |
$ |
53,261 |
|||||||
|
Adjusted EBITDA (1) |
$ |
102,265 |
$ |
3,789 |
$ |
(11,550 |
) |
$ |
94,504 |
|||||||
|
Money movement offered by (utilized in) persevering with operations: |
||||||||||||||||
|
Working actions |
$ |
91,958 |
$ |
3,817 |
$ |
(29,132 |
) |
$ |
66,643 |
|||||||
|
Investing actions |
$ |
1,871 |
$ |
— |
$ |
— |
$ |
1,871 |
||||||||
|
Financing actions |
$ |
(1,132 |
) |
$ |
— |
$ |
(48,183 |
) |
$ |
(49,315 |
) |
|||||
|
Distributable money movement (1) |
$ |
93,829 |
$ |
3,817 |
$ |
(29,132 |
) |
$ |
68,514 |
|||||||
|
Free money movement (1) |
$ |
92,580 |
$ |
3,817 |
$ |
(29,132 |
) |
$ |
67,265 |
|||||||
| ______________________________ | ||
|
(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 |
For the 9 Months |
|||||||||||||||||||
|
September 30, |
June 30, |
September 30, |
||||||||||||||||||
|
(In 1000’s, besides per ton knowledge) |
2022 |
2021 |
2022 |
2022 |
2021 |
|||||||||||||||
|
Coal gross sales volumes (tons) |
||||||||||||||||||||
|
Appalachia |
||||||||||||||||||||
|
Northern |
440 |
422 |
392 |
1,260 |
947 |
|||||||||||||||
|
Central |
3,503 |
3,199 |
3,484 |
10,238 |
8,824 |
|||||||||||||||
|
Southern |
498 |
642 |
312 |
1,171 |
1,058 |
|||||||||||||||
|
Complete Appalachia |
4,441 |
4,263 |
4,188 |
12,669 |
10,829 |
|||||||||||||||
|
Illinois Basin |
3,490 |
2,689 |
3,403 |
8,395 |
7,987 |
|||||||||||||||
|
Northern Powder River Basin |
835 |
1,047 |
699 |
2,772 |
2,291 |
|||||||||||||||
|
Gulf Coast |
188 |
13 |
67 |
324 |
13 |
|||||||||||||||
|
Complete coal gross sales volumes |
8,954 |
8,012 |
8,357 |
24,160 |
21,120 |
|||||||||||||||
|
Coal royalty income per ton |
||||||||||||||||||||
|
Appalachia |
||||||||||||||||||||
|
Northern |
$ |
6.74 |
$ |
7.18 |
$ |
11.84 |
$ |
9.48 |
$ |
5.57 |
||||||||||
|
Central |
9.04 |
5.74 |
12.19 |
10.85 |
4.91 |
|||||||||||||||
|
Southern |
9.78 |
11.61 |
17.67 |
14.28 |
9.82 |
|||||||||||||||
|
Illinois Basin |
2.57 |
2.33 |
2.07 |
2.30 |
2.13 |
|||||||||||||||
|
Northern Powder River Basin |
4.56 |
3.71 |
4.74 |
4.24 |
3.59 |
|||||||||||||||
|
Gulf Coast |
0.59 |
0.54 |
0.57 |
0.58 |
0.54 |
|||||||||||||||
|
Mixed common coal royalty income per ton |
5.85 |
4.87 |
7.54 |
7.08 |
3.99 |
|||||||||||||||
|
Coal royalty revenues |
||||||||||||||||||||
|
Appalachia |
||||||||||||||||||||
|
Northern |
$ |
2,965 |
$ |
3,031 |
$ |
4,640 |
$ |
11,946 |
$ |
5,272 |
||||||||||
|
Central |
31,680 |
18,357 |
42,461 |
111,121 |
43,308 |
|||||||||||||||
|
Southern |
4,872 |
7,452 |
5,513 |
16,725 |
10,390 |
|||||||||||||||
|
Complete Appalachia |
39,517 |
28,840 |
52,614 |
139,792 |
58,970 |
|||||||||||||||
|
Illinois Basin |
8,967 |
6,261 |
7,061 |
19,331 |
17,044 |
|||||||||||||||
|
Northern Powder River Basin |
3,805 |
3,881 |
3,314 |
11,751 |
8,222 |
|||||||||||||||
|
Gulf Coast |
111 |
7 |
38 |
187 |
7 |
|||||||||||||||
|
Unadjusted coal royalty revenues |
52,400 |
38,989 |
63,027 |
171,061 |
84,243 |
|||||||||||||||
|
Coal royalty adjustment for minimal leases |
(19 |
) |
(6,557 |
) |
(82 |
) |
(286 |
) |
(18,148 |
) |
||||||||||
|
Complete coal royalty revenues |
$ |
52,381 |
$ |
32,432 |
$ |
62,945 |
170,775 |
$ |
66,095 |
|||||||||||
|
Different revenues |
||||||||||||||||||||
|
Manufacturing lease minimal revenues |
$ |
1,885 |
$ |
3,235 |
$ |
65 |
$ |
3,542 |
$ |
10,241 |
||||||||||
|
Minimal lease straight-line revenues |
4,778 |
4,808 |
4,674 |
14,235 |
15,773 |
|||||||||||||||
|
Carbon impartial initiative revenues |
8,600 |
— |
— |
8,600 |
— |
|||||||||||||||
|
Wheelage revenues |
2,977 |
1,964 |
4,379 |
11,073 |
5,589 |
|||||||||||||||
|
Property tax revenues |
1,360 |
1,466 |
1,695 |
4,527 |
4,522 |
|||||||||||||||
|
Coal overriding royalty revenues |
1,367 |
757 |
682 |
2,307 |
3,592 |
|||||||||||||||
|
Lease modification revenues |
759 |
1,519 |
811 |
2,450 |
3,159 |
|||||||||||||||
|
Aggregates royalty revenues |
884 |
429 |
1,037 |
2,691 |
1,339 |
|||||||||||||||
|
Oil and fuel royalty revenues |
6,170 |
1,154 |
2,906 |
10,890 |
3,420 |
|||||||||||||||
|
Different revenues |
218 |
120 |
139 |
705 |
692 |
|||||||||||||||
|
Complete different revenues |
$ |
28,998 |
$ |
15,452 |
$ |
16,388 |
$ |
61,020 |
$ |
48,327 |
||||||||||
|
Royalty and different mineral rights |
$ |
81,379 |
$ |
47,884 |
$ |
79,333 |
$ |
231,795 |
$ |
114,422 |
||||||||||
|
Transportation and processing companies revenues |
5,969 |
2,171 |
5,612 |
15,377 |
6,545 |
|||||||||||||||
|
Acquire on asset gross sales and disposals |
354 |
68 |
345 |
699 |
243 |
|||||||||||||||
|
Complete Mineral Rights phase revenues and different earnings |
$ |
87,702 |
$ |
50,123 |
$ |
85,290 |
$ |
247,871 |
$ |
121,210 |
||||||||||
|
Pure Useful resource Companions L.P. Reconciliation of Non-GAAP Measures (Unaudited) |
|
Adjusted EBITDA |
|
Mineral |
Company |
|||||||||||||||
|
(In 1000’s) |
Rights |
Soda Ash |
Financing |
Complete |
||||||||||||
|
For the Three Months Ended September 30, 2022 |
||||||||||||||||
|
Web earnings (loss) |
$ |
72,173 |
$ |
14,525 |
$ |
(12,143 |
) |
$ |
74,555 |
|||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(14,556 |
) |
— |
(14,556 |
) |
||||||||||
|
Add: complete distributions from unconsolidated funding |
— |
10,339 |
— |
10,339 |
||||||||||||
|
Add: curiosity expense, internet |
— |
— |
5,141 |
5,141 |
||||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
2,484 |
2,484 |
||||||||||||
|
Add: depreciation, depletion and amortization |
6,850 |
— |
— |
6,850 |
||||||||||||
|
Add: asset impairments |
812 |
— |
— |
812 |
||||||||||||
|
Adjusted EBITDA |
$ |
79,835 |
$ |
10,308 |
$ |
(4,518 |
) |
$ |
85,625 |
|||||||
|
For the Three Months Ended September 30, 2021 |
||||||||||||||||
|
Web earnings (loss) |
$ |
36,606 |
$ |
6,596 |
$ |
(13,704 |
) |
$ |
29,498 |
|||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(6,672 |
) |
— |
(6,672 |
) |
||||||||||
|
Add: complete distributions from unconsolidated funding |
— |
— |
— |
— |
||||||||||||
|
Add: curiosity expense, internet |
— |
— |
9,652 |
9,652 |
||||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
— |
— |
||||||||||||
|
Add: depreciation, depletion and amortization |
5,182 |
— |
— |
5,182 |
||||||||||||
|
Add: asset impairments |
57 |
— |
— |
57 |
||||||||||||
|
Adjusted EBITDA |
$ |
41,845 |
$ |
(76 |
) |
$ |
(4,052 |
) |
$ |
37,717 |
||||||
|
For the Three Months Ended June 30, 2022 |
||||||||||||||||
|
Web 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 |
|||||||
|
Pure Useful resource Companions L.P. Reconciliation of Non-GAAP Measures (Unaudited) |
||||||||||||||||
|
Mineral |
Company |
|||||||||||||||
|
(In 1000’s) |
Rights |
Soda Ash |
Financing |
Complete |
||||||||||||
|
For the 9 Months Ended September 30, 2022 |
||||||||||||||||
|
Web earnings (loss) |
$ |
204,548 |
$ |
43,931 |
$ |
(43,205 |
) |
$ |
205,274 |
|||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(44,036 |
) |
— |
(44,036 |
) |
||||||||||
|
Add: complete distributions from unconsolidated funding |
— |
34,055 |
— |
34,055 |
||||||||||||
|
Add: curiosity expense, internet |
— |
— |
22,636 |
22,636 |
||||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
6,532 |
6,532 |
||||||||||||
|
Add: depreciation, depletion and amortization |
16,565 |
— |
— |
16,565 |
||||||||||||
|
Add: asset impairments |
874 |
— |
— |
874 |
||||||||||||
|
Adjusted EBITDA |
$ |
221,987 |
$ |
33,950 |
$ |
(14,037 |
) |
$ |
241,900 |
|||||||
|
For the 9 Months Ended September 30, 2021 |
||||||||||||||||
|
Web earnings (loss) |
$ |
82,980 |
$ |
11,115 |
$ |
(40,834 |
) |
$ |
53,261 |
|||||||
|
Much less: fairness earnings from unconsolidated funding |
— |
(11,246 |
) |
— |
(11,246 |
) |
||||||||||
|
Add: complete distributions from unconsolidated funding |
— |
3,920 |
— |
3,920 |
||||||||||||
|
Add: curiosity expense, internet |
24 |
— |
29,284 |
29,308 |
||||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
— |
— |
||||||||||||
|
Add: depreciation, depletion and amortization |
15,145 |
— |
— |
15,145 |
||||||||||||
|
Add: asset impairments |
4,116 |
— |
— |
4,116 |
||||||||||||
|
Adjusted EBITDA |
$ |
102,265 |
$ |
3,789 |
$ |
(11,550 |
) |
$ |
94,504 |
|||||||
|
Pure Useful resource Companions L.P. Reconciliation of Non-GAAP Measures (Unaudited) |
|
Distributable Money Movement and Free Money Movement |
|
(In 1000’s) |
Mineral |
Soda Ash |
Company |
Complete |
||||||||||||
|
For the Three Months Ended September 30, 2022 |
||||||||||||||||
|
Web money offered by (utilized in) working actions of continuous operations |
$ |
75,948 |
$ |
10,309 |
$ |
(3,761 |
) |
$ |
82,496 |
|||||||
|
Add: proceeds from asset gross sales and disposals |
353 |
— |
— |
353 |
||||||||||||
|
Add: return of long-term contract receivable |
575 |
— |
— |
575 |
||||||||||||
|
Much less: upkeep capital expenditures |
— |
— |
(59 |
) |
(59 |
) |
||||||||||
|
Distributable money movement |
$ |
76,876 |
$ |
10,309 |
$ |
(3,820 |
) |
$ |
83,365 |
|||||||
|
Much less: proceeds from asset gross sales and disposals |
(353 |
) |
— |
— |
(353 |
) |
||||||||||
|
Free money movement |
$ |
76,523 |
$ |
10,309 |
$ |
(3,820 |
) |
$ |
83,012 |
|||||||
|
Web money offered by (utilized in) investing actions |
$ |
928 |
$ |
— |
$ |
(59 |
) |
$ |
869 |
|||||||
|
Web money utilized in financing actions |
— |
— |
(81,784 |
) |
(81,784 |
) |
||||||||||
|
For the Three Months Ended September 30, 2021 |
||||||||||||||||
|
Web money offered by (utilized in) working actions of continuous operations |
$ |
33,968 |
$ |
(36 |
) |
$ |
(3,873 |
) |
$ |
30,059 |
||||||
|
Add: proceeds from asset gross sales and disposals |
74 |
— |
— |
74 |
||||||||||||
|
Add: return of long-term contract receivable |
540 |
— |
— |
540 |
||||||||||||
|
Much less: upkeep capital expenditures |
— |
— |
— |
— |
||||||||||||
|
Distributable money movement |
$ |
34,582 |
$ |
(36 |
) |
$ |
(3,873 |
) |
$ |
30,673 |
||||||
|
Much less: proceeds from asset gross sales and disposals |
(74 |
) |
— |
— |
(74 |
) |
||||||||||
|
Free money movement |
$ |
34,508 |
$ |
(36 |
) |
$ |
(3,873 |
) |
$ |
30,599 |
||||||
|
Web money offered by investing actions |
$ |
614 |
$ |
— |
$ |
— |
$ |
614 |
||||||||
|
Web money utilized in financing actions |
— |
— |
(9,592 |
) |
(9,592 |
) |
||||||||||
|
For the Three Months Ended June 30, 2022 |
||||||||||||||||
|
Web 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 |
||||||||||||
|
Much less: upkeep capital expenditures |
— |
— |
— |
— |
||||||||||||
|
Distributable money movement |
$ |
71,260 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
64,032 |
|||||||
|
Much less: proceeds from asset gross sales and disposals |
(346 |
) |
— |
— |
(346 |
) |
||||||||||
|
Free money movement |
$ |
70,914 |
$ |
10,430 |
$ |
(17,658 |
) |
$ |
63,686 |
|||||||
|
Web money offered by investing actions |
$ |
909 |
$ |
— |
$ |
— |
$ |
909 |
||||||||
|
Web money utilized in financing actions |
— |
— |
(140,266 |
) |
(140,266 |
) |
||||||||||
|
Pure Useful resource Companions L.P. Reconciliation of Non-GAAP Measures (Unaudited) |
||||||||||||||||
|
(In 1000’s) |
Mineral |
Soda Ash |
Company |
Complete |
||||||||||||
|
For the 9 Months Ended September 30, 2022 |
||||||||||||||||
|
Web money offered by (utilized in) working actions of continuous operations |
$ |
194,475 |
$ |
33,934 |
$ |
(30,459 |
) |
$ |
197,950 |
|||||||
|
Add: proceeds from asset gross sales and disposals |
699 |
— |
— |
699 |
||||||||||||
|
Add: return of long-term contract receivable |
1,138 |
— |
— |
1,138 |
||||||||||||
|
Much less: upkeep capital expenditures |
— |
— |
(59 |
) |
(59 |
) |
||||||||||
|
Distributable money movement |
$ |
196,312 |
$ |
33,934 |
$ |
(30,518 |
) |
$ |
199,728 |
|||||||
|
Much less: proceeds from asset gross sales and disposals |
(699 |
) |
— |
— |
(699 |
) |
||||||||||
|
Much less: acquisition prices |
— |
— |
— |
— |
||||||||||||
|
Free money movement |
$ |
195,613 |
$ |
33,934 |
$ |
(30,518 |
) |
$ |
199,029 |
|||||||
|
Web money offered by (utilized in) investing actions |
$ |
1,837 |
$ |
— |
$ |
(59 |
) |
$ |
1,778 |
|||||||
|
Web money utilized in financing actions |
(614 |
) |
— |
(273,697 |
) |
(274,311 |
) |
|||||||||
|
For the 9 Months Ended September 30, 2021 |
||||||||||||||||
|
Web money offered by (utilized in) working actions of continuous operations |
$ |
91,958 |
$ |
3,817 |
$ |
(29,132 |
) |
$ |
66,643 |
|||||||
|
Add: proceeds from asset gross sales and disposals |
249 |
— |
— |
249 |
||||||||||||
|
Add: return of long-term contract receivable |
1,622 |
— |
— |
1,622 |
||||||||||||
|
Much less: upkeep capital expenditures |
— |
— |
— |
— |
||||||||||||
|
Distributable money movement |
$ |
93,829 |
$ |
3,817 |
$ |
(29,132 |
) |
$ |
68,514 |
|||||||
|
Much less: proceeds from asset gross sales and disposals |
(249 |
) |
— |
— |
(249 |
) |
||||||||||
|
Much less: acquisition prices |
(1,000 |
) |
— |
— |
(1,000 |
) |
||||||||||
|
Free money movement |
$ |
92,580 |
$ |
3,817 |
$ |
(29,132 |
) |
$ |
67,265 |
|||||||
|
Web money offered by investing actions |
$ |
1,871 |
$ |
— |
$ |
— |
$ |
1,871 |
||||||||
|
Web money utilized in financing actions |
(1,132 |
) |
— |
(48,183 |
) |
(49,315 |
) |
|||||||||
|
Pure Useful resource Companions L.P. Reconciliation of Non-GAAP Measures (Unaudited) |
|
Money Movement Cushion |
|
For the Three Months Ended |
||||||||||||||||||||
|
(In 1000’s) |
December 31, |
March 31, |
June 30, |
September 30, |
Final 12 |
|||||||||||||||
|
Web money offered by working actions of continuous operations |
$ |
55,161 |
$ |
52,331 |
$ |
63,123 |
$ |
82,496 |
$ |
253,111 |
||||||||||
|
Add: proceeds from asset gross sales and disposals |
— |
— |
346 |
353 |
699 |
|||||||||||||||
|
Add: return of long-term contract receivable |
541 |
— |
563 |
575 |
1,679 |
|||||||||||||||
|
Much less: upkeep capital expenditures |
— |
— |
— |
(59 |
) |
(59 |
) |
|||||||||||||
|
Distributable money movement |
$ |
55,702 |
$ |
52,331 |
$ |
64,032 |
$ |
83,365 |
$ |
255,430 |
||||||||||
|
Much less: proceeds from asset gross sales and disposals |
— |
— |
(346 |
) |
(353 |
) |
(699 |
) |
||||||||||||
|
Free money movement |
$ |
55,702 |
$ |
52,331 |
$ |
63,686 |
$ |
83,012 |
$ |
254,731 |
||||||||||
|
Much less: necessary Opco debt repayments |
(20,335 |
) |
(16,697 |
) |
(2,365 |
) |
— |
(39,397 |
) |
|||||||||||
|
Much less: most popular unit distributions and redemption of PIK models |
(3,980 |
) |
(27,079 |
) |
(7,500 |
) |
(7,500 |
) |
(46,059 |
) |
||||||||||
|
Much less: frequent unit distributions |
(5,672 |
) |
(5,672 |
) |
(9,570 |
) |
(9,571 |
) |
(30,485 |
) |
||||||||||
|
Much less: warrant money settlement |
(9,183 |
) |
— |
— |
— |
(9,183 |
) |
|||||||||||||
|
Money movement cushion |
$ |
16,532 |
$ |
2,883 |
$ |
44,251 |
$ |
65,941 |
$ |
129,607 |
||||||||||
|
For the Three Months Ended |
||||||||||||||||||||
|
(In 1000’s) |
December 31, |
March 31, |
June 30, |
September 30, |
Final 12 |
|||||||||||||||
|
Web earnings |
$ |
55,641 |
$ |
63,899 |
$ |
66,820 |
$ |
74,555 |
$ |
260,915 |
||||||||||
|
Much less: fairness earnings from unconsolidated funding |
(10,625 |
) |
(14,837 |
) |
(14,643 |
) |
(14,556 |
) |
(54,661 |
) |
||||||||||
|
Add: complete distributions from unconsolidated funding |
7,350 |
13,230 |
10,486 |
10,339 |
41,405 |
|||||||||||||||
|
Add: curiosity expense, internet |
9,568 |
9,387 |
8,108 |
5,141 |
32,204 |
|||||||||||||||
|
Add: loss on extinguishment of debt |
— |
— |
4,048 |
2,484 |
6,532 |
|||||||||||||||
|
Add: depreciation, depletion and amortization |
3,930 |
3,868 |
5,847 |
6,850 |
20,495 |
|||||||||||||||
|
Add: asset impairments |
986 |
19 |
43 |
812 |
1,860 |
|||||||||||||||
|
Adjusted EBITDA |
$ |
66,850 |
$ |
75,566 |
$ |
80,709 |
$ |
85,625 |
$ |
308,750 |
||||||||||
|
Debt—at September 30, 2022 |
$ |
240,819 |
||||||||||||||||||
|
Much less: Redemption of 9.125% Senior Notes |
(121,396 |
) |
||||||||||||||||||
|
Add: October 2022 draw on revolving credit score facility |
70,000 |
|||||||||||||||||||
|
Professional-Forma Debt—at September 30, 2022 |
$ |
189,423 |
||||||||||||||||||
|
Leverage Ratio (1) |
0.8 x |
|||||||||||||||||||
|
Professional-Forma Leverage Ratio at September 30, 2022 |
0.6 x |
|||||||||||||||||||
| ______________________________ | ||
|
(1) |
Leverage Ratio is calculated because the excellent principal of NRP‘s debt as of September 30, 2022 divided by the final twelve months’ Adjusted EBITDA. Observe that Adjusted EBITDA underneath the indenture governing NRP‘s 2025 father or mother firm notes could also be totally different than the quantity proven above. Nevertheless, NRP‘s final twelve months Leverage ratio as of September 30, 2022, was 0.8x as calculated underneath the indenture governing NRP‘s 2025 father or mother firm notes. |
|
|
For the Three Months Ended |
||||||||||||||||||||
|
(In 1000’s) |
September 30, |
December 31, |
March 31, |
June 30, |
Final 12 |
|||||||||||||||
|
Web 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/dwelling/20221103005139/en/
Tiffany Sammis, 713-751-7515
tsammis@nrplp.com
