05/06/2021 | Press release | Distributed by Public on 05/06/2021 05:02
For the Three Months Ended | Last Twelve Months | |||||
March 31, | March 31, | |||||
(In thousands) (Unaudited) | 2021 | 2020 | 2021 | |||
Net income (loss) | $ | 8,381 | $ | 18,779 | $ | (95,217) |
Asset impairments | 4,043 | - | 139,928 | |||
Net income excluding asset impairments (1)
|
$ | 12,424 | $ | 18,779 | $ | 44,711 |
Adjusted EBITDA (1)
|
29,436 | 31,932 | 102,218 | |||
Cash flow provided by (used in) continuing operations: | ||||||
Operating activities | 23,200 | 30,155 | 80,613 | |||
Investing activities | 600 | 272 | 2,073 | |||
Financing activities | (26,823) | (28,186) | (86,425) | |||
Distributable cash flow (1) (2)
|
23,800 | 30,361 | 83,687 | |||
Free cash flow (1)
|
23,741 | 30,427 | 82,004 | |||
Cash flow cushion (last twelve months) (1)
|
(3,731) |
Consolidated Statements of Comprehensive Income | ||||||
For the Three Months Ended | ||||||
March 31, | December 31, | |||||
(In thousands, except per unit data) | 2021 | 2020 | 2020 | |||
Revenues and other income | ||||||
Coal royalty and other | $ | 32,927 | $ | 31,433 | $ | 31,327 |
Transportation and processing services | 2,192 | 2,509 | 2,194 | |||
Equity in earnings of Ciner Wyoming | 1,973 | 6,272 | 5,528 | |||
Gain on asset sales and disposals | 59 | - | 116 | |||
Total revenues and other income | $ | 37,151 | $ | 40,214 | $ | 39,165 |
Operating expenses | ||||||
Operating and maintenance expenses | $ | 5,552 | $ | 5,202 | $ | 5,595 |
Depreciation, depletion and amortization | 5,092 | 2,012 | 3,013 | |||
General and administrative expenses | 4,110 | 3,913 | 3,125 | |||
Asset impairments | 4,043 | - | 2,668 | |||
Total operating expenses | $ | 18,797 | $ | 11,127 | $ | 14,401 |
Income from operations | $ | 18,354 | $ | 29,087 | $ | 24,764 |
Interest expense, net | $ | (9,973) | $ | (10,308) | $ | (10,077) |
Net income | $ | 8,381 | $ | 18,779 | $ | 14,687 |
Less: income attributable to preferred unitholders | (7,727) | (7,500) | (7,612) | |||
Net income attributable to common unitholders and the general partner | $ | 654 | $ | 11,279 | $ | 7,075 |
Net income attributable to common unitholders | $ | 641 | $ | 11,053 | $ | 6,934 |
Net income attributable to the general partner | 13 | 226 | 141 | |||
Net income per common unit | ||||||
Basic | $ | 0.05 | $ | 0.90 | $ | 0.57 |
Diluted | 0.05 | 0.52 | 0.56 | |||
Net income | $ | 8,381 | $ | 18,779 | $ | 14,687 |
Comprehensive income (loss) from unconsolidated investment and other | 732 | (1,023) | 152 | |||
Comprehensive income | $ | 9,113 | $ | 17,756 | 14,839 |
Consolidated Statements of Cash Flows | ||||||
For the Three Months Ended | ||||||
March 31, | December 31, | |||||
(In thousands) | 2021 | 2020 | 2020 | |||
Cash flows from operating activities | ||||||
Net income | $ | 8,381 | $ | 18,779 | $ | 14,687 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||||||
Depreciation, depletion and amortization | 5,092 | 2,012 | 3,013 | |||
Distributions from unconsolidated investment | 3,920 | 7,105 | - | |||
Equity earnings from unconsolidated investment | (1,973) | (6,272) | (5,528) | |||
Gain on asset sales and disposals | (59) | - | (116) | |||
Asset impairments | 4,043 | - | 2,668 | |||
Bad debt expense | 383 | (190) | 86 | |||
Unit-based compensation expense | 1,126 | 729 | 1,004 | |||
Amortization of debt issuance costs and other | 269 | 448 | 832 | |||
Change in operating assets and liabilities: | ||||||
Accounts receivable | (3,331) | (5,073) | 4,859 | |||
Accounts payable | (10) | 93 | 14 | |||
Accrued liabilities | (3,034) | (2,861) | 780 | |||
Accrued interest | 7,133 | 7,060 | (7,559) | |||
Deferred revenue | (146) | 8,265 | (461) | |||
Other items, net | 1,406 | 60 | (1,124) | |||
Net cash provided by operating activities of continuing operations | $ | 23,200 | $ | 30,155 | $ | 13,155 |
Net cash provided by operating activities of discontinued operations | - | 1,706 | - | |||
Net cash provided by operating activities | $ | 23,200 | $ | 31,861 | $ | 13,155 |
Cash flows from investing activities | ||||||
Proceeds from asset sales and disposals | $ | 59 | $ | - | $ | 116 |
Return of long-term contract receivable | 541 | 272 | 660 | |||
Net cash provided by investing activities of continuing operations | $ | 600 | $ | 272 | $ | 776 |
Net cash provided by (used in) investing activities of discontinued operations | - | (66) | 1 | |||
Net cash provided by investing activities | $ | 600 | $ | 206 | $ | 777 |
Cash flows from financing activities | ||||||
Debt repayments | $ | (16,696) | $ | (16,696) | $ | (20,335) |
Distributions to common unitholders and general partner | (5,630) | (5,630) | (5,630) | |||
Distributions to preferred unitholders | (3,806) | (7,500) | (3,750) | |||
Contributions from discontinued operations | - | 1,640 | 1 | |||
Debt issuance costs and other | (691) | - | - | |||
Net cash used in financing activities of continuing operations | $ | (26,823) | $ | (28,186) | $ | (29,714) |
Net cash used in financing activities of discontinued operations | - | (1,640) | (1) | |||
Net cash used in financing activities | $ | (26,823) | $ | (29,826) | $ | (29,715) |
Net increase (decrease) in cash and cash equivalents | $ | (3,023) | $ | 2,241 | $ | (15,783) |
Cash and cash equivalents at beginning of period | 99,790 | 98,265 | 115,573 | |||
Cash and cash equivalents at end of period | $ | 96,767 | $ | 100,506 | $ | 99,790 |
Supplemental cash flow information: | ||||||
Cash paid for interest | $ | 2,320 | $ | 3,039 | $ | 17,118 |
Non-cash investing and financing activities: | ||||||
Plant, equipment, mineral rights and other funded with accounts payable or accrued liabilities | $ | 992 | $ | - | $ | - |
Preferred unit distributions paid-in-kind | 3,806 | - | 3,750 |
Consolidated Balance Sheets | ||||
March 31, | December 31, | |||
(In thousands, except unit data) | 2021 | 2020 | ||
(Unaudited) | ||||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 96,767 | $ | 99,790 |
Accounts receivable, net | 15,920 | 12,322 | ||
Other current assets, net | 3,021 | 5,080 | ||
Total current assets | $ | 115,708 | $ | 117,192 |
Land | 24,008 | 24,008 | ||
Mineral rights, net | 451,610 | 460,373 | ||
Intangible assets, net | 17,131 | 17,459 | ||
Equity in unconsolidated investment | 261,299 | 262,514 | ||
Long-term contract receivable, net | 32,726 | 33,264 | ||
Other long-term assets, net | 6,678 | 7,067 | ||
Total assets | $ | 909,160 | $ | 921,877 |
LIABILITIES AND CAPITAL | ||||
Current liabilities | ||||
Accounts payable | $ | 1,375 | $ | 1,385 |
Accrued liabilities | 4,853 | 7,733 | ||
Accrued interest | 8,847 | 1,714 | ||
Current portion of deferred revenue | 10,555 | 11,485 | ||
Current portion of long-term debt, net | 39,042 | 39,055 | ||
Total current liabilities | $ | 64,672 | $ | 61,372 |
Deferred revenue | 50,853 | 50,069 | ||
Long-term debt, net | 416,121 | 432,444 | ||
Other non-current liabilities | 4,730 | 5,131 | ||
Total liabilities | $ | 536,376 | $ | 549,016 |
Commitments and contingencies | ||||
Class A Convertible Preferred Units (257,556 and 253,750 units issued and outstanding at March 31, 2021 and December 31, 2020, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at March 31, 2021 and $1,700 per unit at December 31, 2020)
|
$ | 172,143 | $ | 168,337 |
Partners' capital: | ||||
Common unitholders' interest (12,351,306 and 12,261,199 units issued and outstanding at March 31, 2021 and December 31, 2020, respectively) | $ | 132,377 | $ | 136,927 |
General partner's interest | 394 | 459 | ||
Warrant holders' interest | 66,816 | 66,816 | ||
Accumulated other comprehensive income | 1,054 | 322 | ||
Total partners' capital | $ | 200,641 | $ | 204,524 |
Total liabilities and capital | $ | 909,160 | $ | 921,877 |
Consolidated Statements of Partners' Capital | |||||||||||||||
Common Unitholders | General Partner | Warrant Holders |
Accumulated Other Comprehensive Income |
Partners' Capital Excluding Non-Controlling Interest | Non-Controlling Interest | Total Capital | |||||||||
(In thousands) | Units | Amounts | |||||||||||||
Balance at December 31, 2020 | 12,261 | $ | 136,927 | $ | 459 | $ | 66,816 | $ | 322 | $ | 204,524 | $ | - | $ | 204,524 |
Net loss (1)
|
- | 8,213 | 168 | - | - | 8,381 | - | 8,381 | |||||||
Distributions to common unitholders and the general partner | - | (5,517) | (113) | - | - | (5,630) | - | (5,630) | |||||||
Distributions to preferred unitholders | - | (7,461) | (152) | - | - | (7,613) | - | (7,613) | |||||||
Issuance of unit-based awards | 90 | - | - | - | - | - | - | - | |||||||
Unit-based awards amortization and vesting, net | - | 215 | - | - | - | 215 | - | 215 | |||||||
Capital contribution | - | - | 32 | - | - | 32 | - | 32 | |||||||
Comprehensive income from unconsolidated investment and other | - | - | - | - | 732 | 732 | - | 732 | |||||||
Balance at March 31, 2021 | 12,351 | $ | 132,377 | $ | 394 | $ | 66,816 | $ | 1,054 | $ | 200,641 | $ | - | $ | 200,641 |
Common Unitholders | General Partner | Warrant Holders |
Accumulated Other Comprehensive Loss |
Partners' Capital Excluding Non-Controlling Interest | Non-Controlling Interest | Total Capital | |||||||||
(In thousands) | Units | Amounts | |||||||||||||
Balance at December 31, 2019 | 12,261 | $ | 271,471 | $ | 3,270 | $ | 66,816 | $ | (2,594) | $ | 338,963 | $ | (2,935) | $ | 336,028 |
Cumulative effect of adoption of accounting standard | - | (3,833) | (78) | - | - | (3,911) | - | (3,911) | |||||||
Net income (1)
|
- | 18,403 | 376 | - | - | 18,779 | - | 18,779 | |||||||
Distributions to common unitholders and the general partner | - | (5,517) | (113) | - | - | (5,630) | - | (5,630) | |||||||
Distributions to preferred unitholders | - | (7,350) | (150) | - | - | (7,500) | - | (7,500) | |||||||
Unit-based awards amortization and vesting | - | 673 | - | - | - | 673 | - | 673 | |||||||
Comprehensive loss from unconsolidated investment and other | - | - | - | - | (1,023) | (1,023) | - | (1,023) | |||||||
Balance at March 31, 2020 | 12,261 | $ | 273,847 | $ | 3,305 | $ | 66,816 | $ | (3,617) | $ | 340,351 | $ | (2,935) | $ | 337,416 |
Operating Business Segments | ||||||||
Coal Royalty and Other | Corporate and Financing | |||||||
(In thousands) | Soda Ash | Total | ||||||
For the Three Months Ended March 31, 2021 | ||||||||
Revenues | $ | 35,119 | $ | 1,973 | $ | - | $ | 37,092 |
Gain on asset sales and disposals | 59 | - | - | 59 | ||||
Total revenues and other income | $ | 35,178 | $ | 1,973 | $ | - | $ | 37,151 |
Asset impairments | $ | 4,043 | $ | - | $ | - | $ | 4,043 |
Net income (loss) | $ | 20,488 | $ | 1,953 | $ | (14,060) | $ | 8,381 |
Adjusted EBITDA (1)
|
$ | 29,646 | $ | 3,900 | $ | (4,110) | $ | 29,436 |
Cash flow provided by (used in) continuing operations: | ||||||||
Operating activities | $ | 25,962 | $ | 3,888 | $ | (6,650) | $ | 23,200 |
Investing activities | $ | 600 | $ | - | $ | - | $ | 600 |
Financing activities | $ | (132) | $ | - | $ | (26,691) | $ | (26,823) |
Distributable cash flow (1) (2)
|
$ | 26,562 | $ | 3,888 | $ | (6,650) | $ | 23,800 |
Free cash flow (1)
|
$ | 26,503 | $ | 3,888 | $ | (6,650) | $ | 23,741 |
For the Three Months Ended March 31, 2020 | ||||||||
Revenues | $ | 33,942 | $ | 6,272 | $ | - | $ | 40,214 |
Gain on asset sales and disposals | - | - | - | - | ||||
Total revenues and other income | $ | 33,942 | $ | 6,272 | $ | - | $ | 40,214 |
Asset impairments | $ | - | $ | - | $ | - | $ | - |
Net income (loss) | $ | 26,744 | $ | 6,256 | $ | (14,221) | $ | 18,779 |
Adjusted EBITDA (1)
|
$ | 28,756 | $ | 7,089 | $ | (3,913) | $ | 31,932 |
Cash flow provided by (used in) continuing operations: | ||||||||
Operating activities | $ | 30,556 | $ | 7,089 | $ | (7,490) | $ | 30,155 |
Investing activities | $ | 272 | $ | - | $ | - | $ | 272 |
Financing activities | $ | - | $ | - | $ | (28,186) | $ | (28,186) |
Distributable cash flow (1) (2)
|
$ | 30,828 | $ | 7,089 | $ | (7,490) | $ | 30,361 |
Free cash flow (1)
|
$ | 30,828 | $ | 7,089 | $ | (7,490) | $ | 30,427 |
For the Three Months Ended December 31, 2020 | ||||||||
Revenues | $ | 33,521 | $ | 5,528 | $ | - | $ | 39,049 |
Gain on asset sales and disposals | 116 | - | - | 116 | ||||
Total revenues and other income | $ | 33,637 | $ | 5,528 | $ | - | $ | 39,165 |
Asset impairments | $ | 2,668 | $ | - | $ | - | $ | 2,668 |
Net income (loss) | $ | 22,382 | $ | 5,484 | $ | (13,179) | $ | 14,687 |
Adjusted EBITDA (1)
|
$ | 28,086 | $ | (44) | $ | (3,125) | $ | 24,917 |
Cash flow provided by (used in) continuing operations: | ||||||||
Operating activities | $ | 33,655 | $ | (54) | $ | (20,446) | $ | 13,155 |
Investing activities | $ | 776 | $ | - | $ | - | $ | 776 |
Financing activities | $ | - | $ | - | $ | (29,714) | $ | (29,714) |
Distributable cash flow (1) (2)
|
$ | 34,431 | $ | (54) | $ | (20,446) | $ | 13,932 |
Free cash flow (1)
|
$ | 34,315 | $ | (54) | $ | (20,446) | $ | 13,815 |
Operating Statistics - Coal Royalty and Other | ||||||
For the Three Months Ended | ||||||
March 31, | December 31, | |||||
(In thousands, except per ton data) | 2021 | 2020 | 2020 | |||
Coal sales volumes (tons) | ||||||
Appalachia | ||||||
Northern (1)
|
120 | 327 | 131 | |||
Central | 2,650 | 2,933 | 2,468 | |||
Southern | 100 | 222 | 69 | |||
Total Appalachia | 2,870 | 3,482 | 2,668 | |||
Illinois Basin | 2,658 | 505 | 1,540 | |||
Northern Powder River Basin | 1,059 | 527 | 506 | |||
Total coal sales volumes | 6,587 | 4,514 | 4,714 | |||
Coal royalty revenue per ton | ||||||
Appalachia | ||||||
Northern (1)
|
$ | 3.64 | $ | 1.81 | $ | 2.92 |
Central | 4.22 | 4.83 | 3.84 | |||
Southern | 5.28 | 4.16 | 5.28 | |||
Illinois Basin | 2.06 | 4.35 | 2.21 | |||
Northern Powder River Basin | 3.37 | 4.13 | 3.11 | |||
Combined average coal royalty revenue per ton | 3.22 | 4.44 | 3.23 | |||
Coal royalty revenues | ||||||
Appalachia | ||||||
Northern (1)
|
$ | 437 | $ | 593 | $ | 383 |
Central | 11,195 | 14,173 | 9,481 | |||
Southern | 528 | 923 | 364 | |||
Total Appalachia | 12,160 | 15,689 | 10,228 | |||
Illinois Basin | 5,483 | 2,199 | 3,403 | |||
Northern Powder River Basin | 3,573 | 2,177 | 1,576 | |||
Unadjusted coal royalty revenues | 21,216 | 20,065 | $ | 15,207 | ||
Coal royalty adjustment for minimum leases (2)
|
(5,851) | (963) | (3,898) | |||
Total coal royalty revenues | $ | 15,365 | $ | 19,102 | $ | 11,309 |
Other revenues | ||||||
Production lease minimum revenues (2)
|
$ | 3,450 | $ | 802 | $ | 8,195 |
Minimum lease straight-line revenues (2)
|
6,096 | 3,809 | 4,447 | |||
Property tax revenues | 1,469 | 1,599 | 1,530 | |||
Wheelage revenues | 1,781 | 2,204 | 1,557 | |||
Coal overriding royalty revenues | 1,859 | 1,322 | 1,658 | |||
Lease amendment revenues | 868 | 843 | 859 | |||
Aggregates royalty revenues | 454 | 576 | 649 | |||
Oil and gas royalty revenues | 1,366 | 1,103 | 893 | |||
Other revenues | 219 | 73 | 230 | |||
Total other revenues | $ | 17,562 | $ | 12,331 | $ | 20,018 |
Coal royalty and other | $ | 32,927 | $ | 31,433 | $ | 31,327 |
Transportation and processing services revenues | 2,192 | 2,509 | 2,194 | |||
Gain on asset sales and disposals | 59 | - | 116 | |||
Total Coal Royalty and Other segment revenues and other income | $ | 35,178 | $ | 33,942 | $ | 33,637 |
Adjusted EBITDA | ||||||||
Coal Royalty and Other | Corporate and Financing | |||||||
(In thousands) | Soda Ash | Total | ||||||
For the Three Months Ended March 31, 2021 | ||||||||
Net income (loss) | $ | 20,488 | $ | 1,953 | $ | (14,060) | $ | 8,381 |
Less: equity earnings from unconsolidated investment | - | (1,973) | - | (1,973) | ||||
Add: total distributions from unconsolidated investment | - | 3,920 | - | 3,920 | ||||
Add: interest expense, net | 23 | - | 9,950 | 9,973 | ||||
Add: depreciation, depletion and amortization | 5,092 | - | - | 5,092 | ||||
Add: asset impairments | 4,043 | - | - | 4,043 | ||||
Adjusted EBITDA | $ | 29,646 | $ | 3,900 | $ | (4,110) | $ | 29,436 |
For the Three Months Ended March 31, 2020 | ||||||||
Net income (loss) | $ | 26,744 | $ | 6,256 | $ | (14,221) | $ | 18,779 |
Less: equity earnings from unconsolidated investment | - | (6,272) | - | (6,272) | ||||
Add: total distributions from unconsolidated investment | - | 7,105 | - | 7,105 | ||||
Add: interest expense, net | - | - | 10,308 | 10,308 | ||||
Add: depreciation, depletion and amortization | 2,012 | - | - | 2,012 | ||||
Add: asset impairments | - | - | - | - | ||||
Adjusted EBITDA | $ | 28,756 | $ | 7,089 | $ | (3,913) | $ | 31,932 |
For the Three Months Ended December 31, 2020 | ||||||||
Net income (loss) | $ | 22,382 | $ | 5,484 | $ | (13,179) | $ | 14,687 |
Less: equity earnings from unconsolidated investment | - | (5,528) | - | (5,528) | ||||
Add: total distributions from unconsolidated investment | - | - | - | - | ||||
Add: interest expense, net | 23 | - | 10,054 | 10,077 | ||||
Add: depreciation, depletion and amortization | 3,013 | - | - | 3,013 | ||||
Add: asset impairments | 2,668 | - | - | 2,668 | ||||
Adjusted EBITDA | $ | 28,086 | $ | (44) | $ | (3,125) | $ | 24,917 |
Distributable Cash Flow and Free Cash Flow | ||||||||
Coal Royalty and Other | Corporate and Financing | |||||||
(In thousands) | Soda Ash | Total | ||||||
For the Three Months Ended March 31, 2021 | ||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 25,962 | $ | 3,888 | $ | (6,650) | $ | 23,200 |
Add: proceeds from asset sales and disposals | 59 | - | - | 59 | ||||
Add: proceeds from sale of discontinued operations | - | - | - | - | ||||
Add: return of long-term contract receivable | 541 | - | - | 541 | ||||
Distributable cash flow | $ | 26,562 | $ | 3,888 | $ | (6,650) | $ | 23,800 |
Less: proceeds from asset sales and disposals | (59) | - | - | (59) | ||||
Less: proceeds from sale of discontinued operations | - | - | - | - | ||||
Free cash flow | $ | 26,503 | $ | 3,888 | $ | (6,650) | $ | 23,741 |
For the Three Months Ended March 31, 2020 | ||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 30,556 | $ | 7,089 | $ | (7,490) | $ | 30,155 |
Add: proceeds from asset sales and disposals | - | - | - | - | ||||
Add: proceeds from sale of discontinued operations | - | - | - | (66) | ||||
Add: return of long-term contract receivable | 272 | - | - | 272 | ||||
Distributable cash flow | $ | 30,828 | $ | 7,089 | $ | (7,490) | $ | 30,361 |
Less: proceeds from asset sales and disposals | - | - | - | - | ||||
Less: proceeds from sale of discontinued operations | - | - | - | 66 | ||||
Free cash flow | $ | 30,828 | $ | 7,089 | $ | (7,490) | $ | 30,427 |
For the Three Months Ended December 31, 2020 | ||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 33,655 | $ | (54) | $ | (20,446) | $ | 13,155 |
Add: proceeds from asset sales and disposals | 116 | - | - | 116 | ||||
Add: proceeds from sale of discontinued operations | - | - | - | 1 | ||||
Add: return of long-term contract receivables | 660 | - | - | 660 | ||||
Distributable cash flow | $ | 34,431 | $ | (54) | $ | (20,446) | $ | 13,932 |
Less: proceeds from sale of assets | (116) | - | - | (116) | ||||
Less: proceeds from sale of discontinued operations | - | - | - | (1) | ||||
Free cash flow | $ | 34,315 | $ | (54) | $ | (20,446) | $ | 13,815 |
LTM Free Cash Flow and Cash Flow Cushion | ||||||||||
For the Three Months Ended | ||||||||||
(In thousands) | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | Last 12 Months | |||||
Net cash provided by operating activities of continuing operations | $ | 19,935 | $ | 24,323 | $ | 13,155 | $ | 23,200 | $ | 80,613 |
Add: proceeds from asset sales and disposals | 507 | - | 116 | 59 | 682 | |||||
Add: proceeds from sale of discontinued operations | - | - | 1 | - | 1 | |||||
Add: return of long-term contract receivable | 858 | 332 | 660 | 541 | 2,391 | |||||
Distributable cash flow | $ | 21,300 | $ | 24,655 | $ | 13,932 | $ | 23,800 | $ | 83,687 |
Less: proceeds from asset sales and disposals | (507) | - | (116) | (59) | (682) | |||||
Less: proceeds from sale of discontinued operations | - | - | (1) | - | (1) | |||||
Less: acquisition costs | (1,000) | - | - | - | (1,000) | |||||
Free cash flow | $ | 19,793 | $ | 24,655 | $ | 13,815 | $ | 23,741 | $ | 82,004 |
Less: mandatory Opco debt repayments | (2,365) | (6,780) | (20,335) | (16,696) | (46,176) | |||||
Less: preferred unit distributions | (7,613) | (7,500) | (3,750) | (3,806) | (22,669) | |||||
Less: common unit distributions | - | (5,630) | (5,630) | (5,630) | (16,890) | |||||
Cash flow cushion | $ | 9,815 | $ | 4,745 | $ | (15,900) | $ | (2,391) | $ | (3,731) |
Leverage Ratio | ||||||||||
For the Three Months Ended | ||||||||||
(In thousands) | June 30, 2020 | September 30, 2020 | December 31, 2020 | March 31, 2021 | Last 12 Months | |||||
Net income (loss) | $ | (125,501) | $ | 7,216 | $ | 14,687 | $ | 8,381 | $ | (95,217) |
Less: equity earnings from unconsolidated investment | 3,058 | (1,986) | (5,528) | (1,973) | (6,429) | |||||
Add: total distributions from unconsolidated investment | 7,105 | - | - | 3,920 | 11,025 | |||||
Add: interest expense, net | 10,329 | 10,254 | 10,077 | 9,973 | 40,633 | |||||
Add: depreciation, depletion and amortization | 2,062 | 2,111 | 3,013 | 5,092 | 12,278 | |||||
Add: asset impairments | 132,283 | 934 | 2,668 | 4,043 | 139,928 | |||||
Adjusted EBITDA | $ | 29,336 | $ | 18,529 | $ | 24,917 | $ | 29,436 | $ | 102,218 |
Debt-at March 31, 2021 | $ | 461,183 | ||||||||
Leverage Ratio (1)
|
4.5 | x |
Return on Capital Employed ('ROCE') | ||||||||
Coal Royalty and Other | Corporate and Financing | |||||||
(In thousands) | Soda Ash | Total | ||||||
LTM Ended March 31, 2021 | ||||||||
Net income (loss) | $ | (46,436) | $ | 6,240 | $ | (55,021) | $ | (95,217) |
Financing costs | 102 | - | 40,615 | 40,717 | ||||
Return | $ | (46,334) | $ | 6,240 | $ | (14,406) | $ | (54,500) |
As of March 31, 2020 | ||||||||
Total assets of continuing operations | $ | 817,463 | $ | 261,224 | $ | 4,735 | $ | 1,083,422 |
Less: total current liabilities of continuing operations excluding current debt | (11,935) | - | (10,738) | (22,673) | ||||
Less: total long-term liabilities of continuing operations excluding long-term debt | (58,460) | - | (409) | (58,869) | ||||
Capital employed excluding discontinued operations | $ | 747,068 | $ | 261,224 | $ | (6,412) | $ | 1,001,880 |
Partners' capital | $ | 750,003 | $ | 261,224 | $ | (670,876) | $ | 340,351 |
Less: non-controlling interest | (2,935) | - | - | (2,935) | ||||
Total partners' capital | $ | 747,068 | $ | 261,224 | $ | (670,876) | $ | 337,416 |
Class A convertible preferred units | - | - | 164,587 | 164,587 | ||||
Debt | - | - | 499,877 | 499,877 | ||||
Capital employed | $ | 747,068 | $ | 261,224 | $ | (6,412) | $ | 1,001,880 |
ROCE | (6.2)% | 2.4% | N/A | (5.4)% | ||||
Excluding asset impairments: | ||||||||
Return | $ | (46,334) | $ | 6,240 | $ | (14,406) | $ | (54,500) |
Add: asset impairments | 139,928 | - | - | 139,928 | ||||
Return excluding asset impairments | $ | 93,594 | $ | 6,240 | $ | (14,406) | $ | 85,428 |
ROCE excluding asset impairments | 12.5% | 2.4% | N/A | 8.5% |