Financial Performance - NRP reported a net income of $42.772 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, a decrease of 29.5% from $93,163 in Q4 2023[26]. - Net income for Q4 2024 was $42,772, 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, 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, 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, a decrease from $4.87 in Q4 2023[26]. - The company reported a comprehensive income of $42,058 for Q4 2024, down from $59,613 in Q4 2023, a decline of 29.5%[26]. - Adjusted EBITDA for 2024 was $235,466,000, compared to $319,664,000 in 2023, reflecting a decrease of 26.4%[39]. Cash Flow and Liquidity - The company generated $251 million of free cash flow in 2024, with total distributions of $5.44 per common unit[5]. - NRP's liquidity was $116.7 million at the end of 2024, consisting of $30.4 million in cash and $86.3 million in borrowing capacity[4]. - Cash flows from operating activities for the year ended December 31, 2024, were $248,493, down 20.1% from $310,978 in 2023[28]. - The net cash provided by operating activities for the year ended December 31, 2024, was $248,493, a decrease from $310,978 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 $316,394 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 $313,431 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 $77,786 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 $39.1 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 $55.2 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 $2.18 in the same period of 2023[42]. - Total coal royalty revenues for the year ended December 31, 2024, were $159,033 thousand, down from $218,011 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 $65.7 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 $477,457,000 at December 31, 2022[33]. - The total distributions from unconsolidated investments for the year ended December 31, 2024, were $38,781 thousand, compared to $81,478 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 $24,262 in Q4 2023[26]. - Cash and cash equivalents at the end of Q4 2024 were $30,444, an increase from $11,989 at the end of Q4 2023[30]. - Total assets decreased to $772,907 in Q4 2024 from $797,876 in Q4 2023, reflecting a decline of 3.1%[30]. - Total current liabilities decreased to $31,865 in Q4 2024 from $49,840 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].
NPR(NRP) - 2024 Q4 - Annual Results