NPR(US:NRP)2021-03-15 15:04Financial Data and Key Metrics Changes - In Q4 2020, the company generated $13 million of operating cash flow and $15 million of net income from continuing operations [23] - The coal royalty and other segment generated $34 million of operating cash flow and $22 million of net income from continuing operations during the same period [23] - The company reported a consolidated return on capital employed before non-cash impairments of more than 9%, with the coal segment at almost 13% and the soda ash investment earning 4% [11] Business Line Data and Key Metrics Changes - Metallurgical coal accounted for approximately 50% of total coal royalty sales volumes and about 60% of coal royalty revenue in Q4 2020 [25] - The soda ash segment revenues and other income decreased by $5 million compared to the prior year quarter due to lower demand and weakened pricing [26] - The performance of the soda ash investment improved, with sales volumes maintaining levels from Q3 2020, but distributions from Ciner Wyoming were suspended [17][26] Market Data and Key Metrics Changes - International metallurgical coal benchmark prices declined in Q4 2020, but have firmed in recent months, increasing by 15% since year-end [13] - Thermal coal prices rebounded in Q4 2020, continuing into the new year, although only about 10% of consolidated revenues are tied to thermal coal prices [15] Company Strategy and Development Direction - The company aims to de-lever and de-risk the partnership while continuing to generate free cash flow and maintain strong liquidity [10] - There is an ongoing effort to identify alternative revenue sources across the company's large portfolio of land, mineral, and timber assets, focusing on environmentally sustainable projects [19] Management's Comments on Operating Environment and Future Outlook - The company sees signs that business lines could return to pre-pandemic levels during 2021, despite the ongoing challenges posed by COVID-19 [9] - Management expressed cautious optimism regarding the coal business outlook, citing high-quality assets and aggressive cost controls [16] Other Important Information - The company ended the quarter with $200 million of liquidity, consisting of $100 million in cash and $100 million of unused borrowing capacity [12] - The company paid a quarterly distribution of $0.45 per common unit and a distribution of $7.5 million to preferred unit holders in November 2020 [28] Q&A Session Summary - No questions were raised during the Q&A session [30]