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NPR(NRP) - 2024 Q4 - Annual Results
NRPNPR(NRP)2025-02-28 12:18

Financial Performance - NRP reported a net income of 42.772millionforQ42024and42.772 million for Q4 2024 and 183.644 million for the full year 2024[2]. - Total revenues and other income for Q4 2024 were 65,726,adecreaseof29.565,726, a decrease of 29.5% from 93,163 in Q4 2023[26]. - Net income for Q4 2024 was 42,772,down34.142,772, down 34.1% from 64,980 in Q4 2023[26]. - For the year ended December 31, 2024, total revenues and other income amounted to 268,007,000,adecreaseof27.8268,007,000, a decrease of 27.8% compared to 370,009,000 in 2023[39]. - Net income for the year ended December 31, 2024, was 183,644,000,downfrom183,644,000, down from 278,435,000 in 2023, representing a decline of 34.1%[39]. - Basic net income per common unit for Q4 2024 was 3.21,adecreasefrom3.21, a decrease from 4.87 in Q4 2023[26]. - The company reported a comprehensive income of 42,058forQ42024,downfrom42,058 for Q4 2024, down from 59,613 in Q4 2023, a decline of 29.5%[26]. - Adjusted EBITDA for 2024 was 235,466,000,comparedto235,466,000, compared to 319,664,000 in 2023, reflecting a decrease of 26.4%[39]. Cash Flow and Liquidity - The company generated 251millionoffreecashflowin2024,withtotaldistributionsof251 million of free cash flow in 2024, with total distributions of 5.44 per common unit[5]. - NRP's liquidity was 116.7millionattheendof2024,consistingof116.7 million at the end of 2024, consisting of 30.4 million in cash and 86.3millioninborrowingcapacity[4].−CashflowsfromoperatingactivitiesfortheyearendedDecember31,2024,were86.3 million in borrowing capacity[4]. - Cash flows from operating activities for the year ended December 31, 2024, were 248,493, down 20.1% from 310,978in2023[28].−ThenetcashprovidedbyoperatingactivitiesfortheyearendedDecember31,2024,was310,978 in 2023[28]. - The net cash provided by operating activities for the year ended December 31, 2024, was 248,493, a decrease from 310,978in2023,representingadeclineofapproximately20310,978 in 2023, representing a decline of approximately 20%[50]. - The distributable cash flow for the year ended December 31, 2024, was 256,004, compared to 316,394in2023,indicatingadecreaseofabout19316,394 in 2023, indicating a decrease of about 19%[50]. - The free cash flow for the year ended December 31, 2024, was 251,158, down from 313,431in2023,reflectingareductionofapproximately20313,431 in 2023, reflecting a reduction of approximately 20%[50]. - The net cash provided by (used in) operating activities for the three months ended December 31, 2024, was 66,220, down from 77,786inthesameperiodof2023,adecreaseofapproximately1577,786 in the same period of 2023, a decrease of approximately 15%[48]. Segment Performance - Mineral Rights segment net income decreased by 10.7 million in Q4 and 39.1millionforthefullyearcomparedtotheprioryear,primarilyduetolowercoalpricing[6].−SodaAshsegmentnetincomedecreasedby39.1 million for the full year compared to the prior year, primarily due to lower coal pricing[6]. - Soda Ash segment net income decreased by 13.9 million in Q4 and 55.2millionforthefullyear,drivenbylowerinternationalsalesprices[9].−Thecompanyexpectssodaashpricestoremainlowduetoincreasedglobalcapacityandweakdemand[10].−TotalcoalsalesvolumesforthethreemonthsendedDecember31,2024,were6,244thousandtons,adecreaseof30.655.2 million for the full year, driven by lower international sales prices[9]. - The company expects soda ash prices to remain low due to increased global capacity and weak demand[10]. - Total coal sales volumes for the three months ended December 31, 2024, were 6,244 thousand tons, a decrease of 30.6% compared to 8,980 thousand tons in the same period of 2023[42]. - Coal royalty revenue per ton in the Northern Appalachia region for the three months ended December 31, 2024, was 4.50, significantly up from 2.18inthesameperiodof2023[42].−TotalcoalroyaltyrevenuesfortheyearendedDecember31,2024,were2.18 in the same period of 2023[42]. - Total coal royalty revenues for the year ended December 31, 2024, were 159,033 thousand, down from 218,011thousandin2023,reflectingadecreaseof27218,011 thousand in 2023, reflecting a decrease of 27%[42]. Capital Management - NRP redeemed 72 million of preferred units and repurchased 1.54 million warrants for 65.7millioncashand287,826commonunits[5].−ThebalanceatDecember31,2024,showedtotalpartners′capitalof65.7 million cash and 287,826 common units[5]. - The balance at December 31, 2024, showed total partners' capital of 551,108,000, an increase from 477,457,000atDecember31,2022[33].−ThetotaldistributionsfromunconsolidatedinvestmentsfortheyearendedDecember31,2024,were477,457,000 at December 31, 2022[33]. - The total distributions from unconsolidated investments for the year ended December 31, 2024, were 38,781 thousand, compared to 81,478thousandin2023,indicatingadeclineof52.481,478 thousand in 2023, indicating a decline of 52.4%[46]. Debt and Leverage - The consolidated leverage ratio was 0.6x at December 31, 2024[13]. - The leverage ratio at December 31, 2024, was 0.6x, an increase from 0.5x in 2023, indicating a rise in debt relative to EBITDA[52]. Other Financial Metrics - Operating expenses for Q4 2024 totaled 19,430, a decrease of 19.1% compared to 24,262inQ42023[26].−CashandcashequivalentsattheendofQ42024were24,262 in Q4 2023[26]. - Cash and cash equivalents at the end of Q4 2024 were 30,444, an increase from 11,989attheendofQ42023[30].−Totalassetsdecreasedto11,989 at the end of Q4 2023[30]. - Total assets decreased to 772,907 in Q4 2024 from 797,876inQ42023,reflectingadeclineof3.1797,876 in Q4 2023, reflecting a decline of 3.1%[30]. - Total current liabilities decreased to 31,865 in Q4 2024 from 49,840inQ42023,areductionof36.049,840 in Q4 2023, a reduction of 36.0%[30]. - The company recognized a gain on asset sales and disposals of 4,845,000 for the year ended December 31, 2024, compared to $2,956,000 in 2023[39].