=======    ======   ========    ======== 
   Less: proceeds 
    from asset 
    sales and 
    disposals        (4,809)       --         --      (4,809) 
                    -------    ------   --------    -------- 
Free cash flow     $181,572   $28,002  $ (25,322)  $ 184,252 
                    =======    ======   ========    ======== 
 
Net cash provided 
 by investing 
 activities        $  6,788   $    --  $      --   $   6,788 
Net cash used in 
 financing 
 activities        $ (1,086)  $    --  $(169,064)  $(170,150) 
 
For the Nine 
Months Ended 
September 30, 
2023 
Net cash provided 
 by (used in) 
 operating 
 activities        $189,836   $65,901  $ (22,545)  $ 233,192 
   Add: proceeds 
    from asset 
    sales and 
    disposals           961        --         --         961 
   Add: return of 
    long-term 
    contract 
    receivable        1,830        --         --       1,830 
   Less: 
    maintenance 
    capital 
    expenditures         --        --        (10)        (10) 
                    -------    ------   --------    -------- 
Distributable 
 cash flow         $192,627   $65,901  $ (22,555)  $ 235,973 
                    =======    ======   ========    ======== 
   Less: proceeds 
    from asset 
    sales and 
    disposals          (961)       --         --        (961) 
                    -------    ------   --------    -------- 
Free cash flow     $191,666   $65,901  $ (22,555)  $ 235,012 
                    =======    ======   ========    ======== 
 
Net cash provided 
 by (used in) 
 investing 
 activities        $  2,791   $    --  $     (10)  $   2,781 
Net cash used in 
 financing 
 activities        $   $(583.SI)$  $    --  $(256,070)  $(256,653) 
 
 
    Natural Resource Partners L.P. 
  Reconciliation of Non-GAAP Measures 
              (Unaudited) 
 
Last Twelve Months $(LTM)$ Free Cash Flow 
 
 
                         For the Three Months Ended 
                  ----------------------------------------- 
                  December   March 
                    31,       31,     June 30,   September     Last 12 
(In thousands)      2023      2024      2024     30, 2024       Months 
---------------   --------  --------  --------  -----------  ----------- 
Net cash 
 provided by 
 operating 
 activities       $77,786   $71,499   $56,629   $   54,145   $260,059 
   Add: proceeds 
    from asset 
    sales and 
    disposals       2,002       165     4,643            1      6,811 
   Add: return 
    of long-term 
    contract 
    receivable        633       647       659          673      2,612 
                   ------    ------    ------       ------    ------- 
Distributable 
 cash flow        $80,421   $72,311   $61,931   $   54,819   $269,482 
   Less: 
    proceeds 
    from asset 
    sales and 
    disposals      (2,002)     (165)   (4,643)          (1)    (6,811) 
                   ------    ------    ------       ------    ------- 
Free cash flow    $78,419   $72,146   $57,288   $   54,818   $262,671 
                   ======    ======    ======       ======    ======= 
 
 
Leverage Ratio 
 
 
                             For the Three Months Ended 
                     ------------------------------------------ 
                                 March 
                     December     31,     June 30,   September     Last 12 
(In thousands)       31, 2023     2024      2024     30, 2024       Months 
------------------   ---------  --------  --------  -----------  ----------- 
Net income           $ 64,980   $56,213   $46,064   $   38,595   $205,852 
   Less: equity 
    earnings from 
    unconsolidated 
    investment        (14,764)   (5,450)   (3,645)      (8,109)   (31,968) 
   Add: total 
    distributions 
    from 
    unconsolidated 
    investment         15,338    14,210     7,584        6,320     43,452 
   Add: interest 
    expense, net        3,921     3,487     4,349        4,194     15,951 
   Add: 
    depreciation, 
    depletion and 
    amortization        6,020     4,654     3,324        4,730     18,728 
   Add: asset 
    impairments           424        --        --           87        511 
                      -------    ------    ------       ------    ------- 
Adjusted EBITDA      $ 75,919   $73,114   $57,676   $   45,817   $252,526 
                      =======    ======    ======       ======    ======= 
 
Debt--at September 
 30, 2024                                                        $197,678 
 
Leverage Ratio                                                      0.8 x 
 
 
                             For the Three Months Ended 
                     ------------------------------------------ 
                     December   March 31,  June 30,   September    Last 12 
(In thousands)       31, 2022      2023       2023    30, 2023      Months 
------------------   ---------  ---------  ---------  ---------  ----------- 
Net income           $ 63,218   $ 79,275   $ 70,334   $ 63,846   $276,673 
   Less: equity 
    earnings from 
    unconsolidated 
    investment        (15,759)   (19,254)   (26,978)   (12,401)   (74,392) 
   Add: total 
    distributions 
    from 
    unconsolidated 
    investment         10,780     10,780     32,350     23,010     76,920 
   Add: interest 
    expense, net        3,638      2,853      3,492      3,837     13,820 
   Add: loss on 
    extinguishment 
    of debt             3,933         --         --         --      3,933 
   Add: 
    depreciation, 
    depletion and 
    amortization        5,954      4,083      3,792      4,594     18,423 
   Add: asset 
    impairments         3,583         --         69         63      3,715 
                      -------    -------    -------    -------    ------- 
Adjusted EBITDA      $ 75,347   $ 77,737   $ 83,059   $ 82,949   $319,092 
                      =======    =======    =======    =======    ======= 
 
Debt--at September 
 30, 2023                                                        $208,059 
 
Leverage Ratio                                                      0.7 x 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241105355821/en/

 
    CONTACT:    Tiffany Sammis 

713-751-7515

tsammis@nrplp.com

(END) Dow Jones Newswires

November 05, 2024 06:55 ET (11:55 GMT)