Sisecam Resources LP (NYSE: SIRE) (“we,” “us, “our,” or the
“Partnership”) today reported its financial and operating results
for first quarter ended March 31, 2022.
First Quarter 2022 Financial Highlights:
- Net sales of $163.4 million increased 27.9% from the prior-year
first quarter. This increase is primarily attributable to the sales
price increase in the international sales by 89.1% partly offset by
11.1% decrease in total sales volume for the three months ended
March 31, 2022 compared to the three months ended March 31, 2021.
The lower volume was due to the increase in the soda ash volume
sold in the first quarter of 2021 primarily as a result of
significant international sales volumes associated with the initial
impact of direct sales to international customers subsequent to our
December 31, 2020 ANSAC exit.
- Soda ash volume produced increased 4.6% from the prior-year
first quarter, and soda ash volume sold decreased 11.1% from the
prior-year first quarter. During the first quarter of 2021, the
Partnership experienced an increase in international sales volume
associated with the initial impact of direct sales to international
customers subsequent to our December 31, 2020 ANSAC exit.
- Net income of $31.8 million increased $26.2 million from the
prior-year first quarter. This increase is primarily attributable
to the operating income increase resulting from the sales price
increase.
- Adjusted EBITDA of $39.4 million increased 151.0% from the
prior-year first quarter. This increase is primarily attributable
to the operating income increase.
- Basic earnings per unit of $0.78 for the quarter increased 550%
over the prior-year first quarter of $0.12.
- Net cash provided by operating activities of $7.7 million
increased 220.3% over prior-year first quarter. The increase is
primarily attributable to the increased net income in the first
quarter of 2022.
- Distributable cash flow of $15.1 million increased 221.3%
compared to the prior-year first quarter.
Ertugrul Kaloglu, CEO, commented: "I am excited to report a good
start to 2022, highlighted by promising net income and adjusted
EBITDA for the first quarter. This is also the first quarter for
your new management team. I am pleased that the transition was
seamless with our partners from Ciner and that we were able to
produce such good results. As you know, SIRE is now part of the
broader Sisecam Group. As a global player in all key areas of the
glass industry, we believe this positioning provides SIRE with
unique insights as it operates its soda ash business. In the first
quarter, robust demand has driven a strong recovery in export
pricing from levels seen in the height of the COVID-19 pandemic, as
end markets for soda ash recovered to pre-COVID demand levels late
last year. Global supply remains tight amidst the resurgence in
economic activity, with Asian market pricing especially benefitting
from lower exports from China due to strong Chinese demand.
"2022 represents another major step in our transition to a
direct global exporter, as we replace a significant portion of our
international sales to ANSAC with direct sales arranged by us.
We’ve seen success thus far cultivating our own export customer and
distributor network, and we intend to further capitalize on
increased flexibility, market presence, and international
relationships. International prices, which are subject to more
fluctuation than our domestic business, translated to
year-over-year profitability growth for our export sales in Q1 and
are supported by our portfolio of multi-year contracted domestic
sales that comprise approximately half of our business.
"Pricing strength in the first quarter of 2022 yielded revenue
of $163 million and net income of $32 million, which increased 35%
sequentially over the fourth quarter 2021. Adjusted EBITDA of $39
million grew 22% sequentially from Q4. Cash flow was impacted in
the first quarter by a $25 million quarter-over-quarter increase in
accounts receivable, which was largely a result of taking on new
export sales at higher prices and the timing of collections.
"Global supply chain issues and the risk of an economic slowdown
due in part to rapidly rising rates and severe inflation must be
taken into consideration when assessing the current market
environment. And while we believe that our low-cost production
positions us to continue operating at capacity and generating
strong cash flow, the downside risk to high export prices must be
acknowledged, primarily if the supply-demand dynamic normalizes.
Our management team is highly focused on maintaining a conservative
balance sheet while managing the business in these more volatile
markets to produce attractive returns to our investors.
"I want to thank all of our employees for their hard work and
commitment to safety during the first quarter. As I begin my tenure
with Sisecam Resources, I will continue to uphold the utmost
priority of safe operations, which sets the foundation for our
success."
Financial Highlights
Three Months Ended March
31,
(Dollars in
millions, except per unit amounts)
2022
2021
% Change
Soda ash volume produced (millions of
short tons)
0.678
0.648
4.6
%
Soda ash volume sold (millions of short
tons)
0.640
0.720
(11.1
)%
Net sales
$
163.4
$
127.8
27.9
%
Net income
$
31.8
$
5.6
467.9
%
Net income attributable to Sisecam
Resources LP
$
15.7
$
2.4
554.2
%
Earnings per limited partner unit
$
0.78
$
0.12
550.0
%
Adjusted EBITDA(1)
$
39.4
$
15.7
151.0
%
Adjusted EBITDA attributable to Sisecam
Resources LP(1)
$
19.7
$
7.7
155.8
%
Net cash provided (used) by operating
activities
$
7.7
$
(6.4
)
220.3
%
Distributable cash flow attributable to
Sisecam Resources LP(1)
$
15.1
$
4.7
221.3
%
Distribution coverage ratio (1)
1.50
N/A
N/A
(1) See non-GAAP reconciliations
Three Months Ended March 31, 2022 compared to Three Months
Ended March 31, 2021
The following table sets forth a summary of net sales, sales
volumes and average sales price, and the percentage change between
the periods.
Three Months Ended March
31,
Percent
Increase/(Decrease)
(Dollars in
millions, except for average sales price data):
2022
2021
Net sales:
Domestic
$
69.5
$
66.3
4.8
%
International
93.9
61.5
52.7
%
Total net sales
$
163.4
$
127.8
27.9
%
Sales volumes (thousands of short
tons):
Domestic
313.4
315.4
(0.6
)%
International
326.6
404.5
(19.3
)%
Total soda ash volume sold
640.0
719.9
(11.1
)%
Average sales price (per short
ton):(1)
Domestic
$
221.76
$
210.21
5.5
%
International
$
287.51
$
152.04
89.1
%
Average
$
255.31
$
177.52
43.8
%
Percent of net sales:
Domestic sales
42.5
%
51.9
%
(18.1
)%
International sales
57.5
%
48.1
%
19.5
%
Total percent of net sales
100.0
%
100.0
%
Percent of sales volumes:
Domestic volume
49.0
%
43.8
%
11.9
%
International volume
51.0
%
56.2
%
(9.3
)%
Total percent of volume sold
100.0
%
100.0
%
(1) Average sales price per short ton is
computed as net sales divided by volumes sold
Consolidated Results
Net sales. Net sales increased by 27.9% to $163.4 million for
the three months ended March 31, 2022 from $127.8 million for the
three months ended March 31, 2021, primarily driven by an increase
in international average sales price of 89.1% because the prices
are generally negotiated on a quarterly basis with improving supply
and demand fundamentals recognized for soda ash in the global
market and particularly in Asia. Domestic average price also
increased by 5.5% due to customer mix, factoring in the overall
annual market price increase as the market has experienced
fundamental improvements. The sales price increases are partially
offset by 11.1% decrease in total sales volume for the three months
ended March 31, 2022 compared to the three months ended March 31,
2021. The lower volume was due to the increase in the soda ash
volume sold in the first quarter of 2021 primarily as a result of
significant international sales volumes associated with the initial
impact of direct sales to international customers subsequent to our
December 31, 2020 ANSAC exit. See “How We Evaluate Our Business -
Net Sales” section for further information.
Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense and freight costs,
increased by 7.5% to $123.9 million for the three months ended
March 31, 2022 from $115.3 million for the three months ended March
31, 2021, which was primarily due to increases in freight cost,
more specifically due to significant ocean freight cost increases
impacted by recent global supply chain constraints as well as price
increases in fuel.
Selling, general and administrative expenses. Our selling,
general and administrative expenses increased 17.9% to $6.6 million
for the three months ended March 31, 2022, compared to $5.6 million
for the three months ended March 31, 2021. The increase was
primarily due to more sales and marketing activities for the three
months ended March 31, 2022 compared to three months ended March
31, 2021, as the overall economy continued to recover from the
COVID-19 pandemic.
Operating income. As a result of the foregoing, operating income
increased by approximately 377% to $32.9 million for the three
months ended March 31, 2022 from a $6.9 million operating income
for the three months ended March 31, 2021. The increase was due to
higher net sales resulting from the higher average price for
international customers.
Net income. As a result of the foregoing, net income increased
by approximately 468% to $31.8 million for the three months ended
March 31, 2022, from $5.6 million for the three months ended March
31, 2021. The increase was due to higher net sales resulting from
the higher average price for international customers.
CAPEX AND ORE METRICS
The following table summarizes our capital expenditures, on an
accrual basis, ore grade and ore to ash ratio:
Three Months Ended March
31,
(Dollars in
millions)
2022
2021
Capital Expenditures
Maintenance
$
7.2
$
7.5
Expansion
—
0.3
Total
$
7.2
$
7.8
Operating and Other Data:
Ore grade(1)
86.6
%
85.1
%
Ore to ash ratio(2)
1.56: 1.0
1.65: 1.0
(1) Ore grade is the percentage of raw
trona ore that is recoverable as soda ash free of impurities. A
higher ore grade will produce more soda ash than a lower ore
grade.
(2) Ore to ash ratio expresses the number
of short tons of trona ore needed to produce one short ton of soda
ash and includes our deca rehydration recovery process. In general,
a lower ore to ash ratio results in lower costs and improved
efficiency.
In connection with the acquisition by Sisecam Chemicals USA Inc.
(“Sisecam USA”) of 60% of Sisecam Chemicals Resources LLC, Sisecam
USA, the new controlling owner, is evaluating all the expansion
plans for the Partnership. As we evaluate investment opportunities,
we intend to maintain our disciplined financial policy with a
conservative capital structure.
CASH FLOWS
Cash Flows
Operating Activities
Our operating activities during the three months ended March 31,
2022 provided cash of $7.7 million, an increase of 220.3% from the
$6.4 million cash used during the three months ended March 31,
2021, primarily as a result of the following:
- an increase of 467.9% in net income of $31.8 million during the
three months ended March 31, 2022, compared to $5.6 million for the
prior-year period; and
- an offset by $10.1 million more cash used in working capital
during the three months ended March 31, 2022, compared to the three
months ended March 31, 2021. The increase of the cash used in
working capital period over period was primarily due to a higher
inventory balance at March 31, 2022 based on forecasted higher
demand in the short term as compared to the three months ended
March 31, 2021.
Investing Activities
We used cash flows of $8.2 million in investing activities
during the three months ended March 31, 2022, compared to $5.4
million used during the three months ended March 31, 2021, for
capital projects as described in “Capital Expenditures” above.
Financing Activities
Cash provided by financing activities of $1.1 million during the
three months ended March 31, 2022 decreased by 92.1% over the
prior-year same period cash provided by financing activities,
largely due to larger distributions to general partner and
noncontrolling interest during the three months ended March 31,
2022 compared to the three months ended March 31, 2021.
COVID-19
The global impact of the COVID-19 and its variants ("COVID-19")
pandemic continues to evolve. We continue to closely monitor the
impact of COVID-19 pandemic and all governmental actions in
response thereto on all aspects of our business, including how it
impacts our customers, employees, supply chain, distribution
network and cash flows. The pandemic has affected our operational
and financial performance to varying degrees and the extent of its
effect on our operational and financial performance will continue
to depend on future developments, which are highly uncertain and
cannot be predicted with confidence, including the duration, scope
and severity of the pandemic (including due to recent or continuing
variants such as Omicron), the actions taken to contain or mitigate
its impact (including the distribution and effectiveness of
vaccines and vaccine boosters), and the direct and indirect
economic effects of the pandemic and related containment measures
and government responses, among others. The production volumes in
the three months ended March 31, 2022 were at pre-COVID-19 pandemic
levels, which we consider to be production levels prior to the
second quarter 2020. Soda ash demand in the U.S. as well as the
global market has recovered to pre-pandemic levels since late 2021.
There are select markets that continue to bear the impacts, however
in most cases we see recovery taking place including areas where
the demand was significantly negatively impacted for a prolonged
period. The Partnership's assessment of the future magnitude and
duration of COVID, as well as other factors, may change and could
result in changes in our accounting estimates and assumptions used
to prepare our financial statements in conformity with generally
accepted accounting principles in the U.S. GAAP.
ABOUT SISECAM RESOURCES LP
Sisecam Resources LP, a master limited partnership, operates the
trona ore mining and soda ash production business of Sisecam
Wyoming, one of the largest and lowest cost producers of natural
soda ash in the world, serving a global market from its facility in
the Green River Basin of Wyoming. The facility has been in
operation for more than 50 years.
NATURE OF OPERATIONS
Sisecam Resources LP owns a controlling interest comprised of a
51% membership interest in Sisecam Wyoming. Natural Resource
Partners L.P. owns a non-controlling interest consisting of a 49%
membership interest in Sisecam Wyoming.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Statements other than statements of historical facts included in
this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements. Forward-looking
statements include all statements that are not historical facts and
in some cases may be identified by the use of forward-looking
terminology such as the words “believe,” “expect,” “plan,”
“intend,” “seek,” “anticipate,” “estimate,” “predict,” “forecast,”
“project,” “potential,” “continue,” “may,” “will,” “could,”
“should” or the negative of these terms or similar expressions.
Such statements are based only on the Partnership’s current
beliefs, expectations and assumptions regarding the future of the
Partnership’s business, projections, anticipated events and trends,
the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of the
Partnership’s control. The Partnership’s actual results and
financial condition may differ materially from those implied or
expressed by these forward-looking statements. Consequently, you
are cautioned not to place undue reliance on any forward-looking
statement because no forward-looking statement can be guaranteed.
Factors that could cause the Partnership’s actual results to differ
materially from the results contemplated by such forward-looking
statements include: changes in general economic conditions, changes
in the Partnership’s relationships with its customers, the domestic
and international demand for soda ash and the opportunities for the
Partnership to increase its volume sold, the development of glass
and glass making product alternatives, changes in soda ash prices,
operating hazards, unplanned maintenance outages at the
Partnership’s production facility, construction costs or capital
expenditures exceeding estimated or budgeted costs or expenditures,
the effects of government regulation, tax position, and other risks
incidental to the mining and processing of trona ore, and shipment
of soda ash, the impact of a cybersecurity event, and our change of
control effective December 21, 2021, the impact of war on the
global economy, energy supplies and raw materials, and our ability
to maintain or increase our distributions, and the short- and
long-term impacts of the COVID-19 pandemic, including the
resurgence or subsequent variants and the impact of government
orders on our employees and operations, as well as the other
factors discussed in the Partnership’s Annual Report on Form 10-K
for the year ended December 31, 2021, and any additional subsequent
reports filed with the United States Securities and Exchange
Commission. All forward-looking statements included in this press
release are expressly qualified in their entirety by such
cautionary statements. Unless required by law, the Partnership
undertakes no duty and does not intend to update the
forward-looking statements made herein to reflect new information
or events or circumstances occurring after this press release. All
forward-looking statements speak only as of the date made.
Supplemental Information
SISECAM RESOURCES LP
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March
31,
(In millions,
except per unit data)
2022
2021
Net Sales
$
163.4
$
127.8
Operating costs and expenses:
Cost of products sold including freight
costs (excludes depreciation, depletion and amortization expense
set forth separately below)
117.4
106.6
Depreciation, depletion and amortization
expense
6.5
8.7
Selling, general and administrative
expenses—affiliates
5.4
3.6
Selling, general and administrative
expenses—others
1.2
2.0
Total operating costs and expenses
130.5
120.9
Operating income
32.9
6.9
Other expenses:
Interest expense
1.1
1.3
Total other expense, net
1.1
1.3
Net income
$
31.8
$
5.6
Net income attributable to noncontrolling
interest
16.1
3.2
Net income attributable to Sisecam
Resources LP
$
15.7
$
2.4
Other comprehensive income:
Gain on derivative financial
instruments
$
5.2
$
1.5
Comprehensive income
37.0
7.1
Comprehensive income attributable to
noncontrolling interest
18.6
3.9
Comprehensive income attributable to
Sisecam Resources LP
$
18.4
$
3.2
Net income per limited partner
unit:
Net income per limited partner unit
(basic)
$
0.78
$
0.12
Net income per limited partner unit
(diluted)
$
0.78
$
0.12
Limited partner units
outstanding:
Weighted average limited partner units
outstanding (basic)
19.8
19.7
Weighted average limited partner units
outstanding (diluted)
19.8
19.8
SISECAM RESOURCES LP
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
As of
(In
millions)
March 31, 2022
December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents
$
3.3
$
2.7
Accounts receivable—affiliates
50.6
49.3
Accounts receivable, net
142.3
116.9
Inventory
39.1
30.1
Other current assets
12.4
9.0
Total current assets
247.7
208.0
Property, plant and equipment, net
304.5
304.2
Other non-current assets
32.6
31.1
Total assets
$
584.8
$
543.3
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt
$
8.6
$
8.6
Accounts payable
28.4
21.9
Due to affiliates
3.9
2.3
Accrued expenses
33.4
41.0
Total current liabilities
74.3
73.8
Long-term debt
142.8
115.0
Other non-current liabilities
12.8
9.8
Total liabilities
229.9
198.6
Commitments and contingencies (See Note
9)
Equity:
Common unitholders - Public and Sisecam
Chemicals Wyoming LLC(19.8 units issued and outstanding at March
31, 2022 and December 31, 2021)
189.8
187.4
General partner unitholders - Sisecam
Resource Partners LLC (0.4 units issued and outstanding at March
31, 2022 and December 31, 2021)
4.3
4.6
Accumulated other comprehensive income
5.7
3.0
Partners’ capital attributable to Sisecam
Resources LP
199.8
195.0
Noncontrolling interest
155.1
149.7
Total equity
354.9
344.7
Total liabilities and partners’ equity
$
584.8
$
543.3
SISECAM RESOURCES LP
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March
31,
(In
millions)
2022
2021
Cash flows from operating
activities:
Net income
$
31.8
$
5.6
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation, depletion and amortization
expense
6.6
8.7
Equity-based compensation expenses
—
0.1
Other non-cash items
0.4
0.1
Changes in operating assets and
liabilities:
Accounts receivable—affiliates
(1.3
)
(2.3
)
Accounts receivable, net
(25.4
)
(31.8
)
Inventory
(9.1
)
2.5
Other current and non-current assets
(1.1
)
(0.3
)
Accounts payable
5.8
13.3
Due to affiliates
1.6
(0.8
)
Accrued expenses and other liabilities
(1.6
)
(1.5
)
Net cash provided (used) by operating
activities
7.7
(6.4
)
Cash flows from investing
activities:
Capital expenditures
(8.2
)
(5.4
)
Net cash used in investing activities
(8.2
)
(5.4
)
Cash flows from financing
activities:
Borrowings on Sisecam Wyoming Credit
Facility
40.0
35.0
Borrowings on Sisecam Resources LP Credit
Facility
—
1.0
Repayments on Sisecam Wyoming Credit
Facility
(10.0
)
(15.0
)
Repayments on Sisecam Resources LP Credit
Facility
—
(2.0
)
Repayments on Sisecam Wyoming Equipment
Financing Arrangement
(2.1
)
(0.8
)
Distributions to common unitholders,
general partner, and noncontrolling interest
(26.6
)
(3.9
)
Common units surrendered for taxes
(0.2
)
—
Other
—
(0.3
)
Net cash used in financing activities
1.1
14.0
Net increase in cash and cash
equivalents
0.6
2.2
Cash and cash equivalents at beginning of
period
2.7
0.5
Cash and cash equivalents at end of
period
$
3.3
$
2.7
Supplemental disclosure of cash flow
information:
Interest paid during the period
$
1.0
$
1.0
Supplemental disclosure of non-cash
investing activities:
Capital expenditures on account
$
3.2
$
4.3
Non-GAAP Financial Measures
We report our financial results in accordance with generally
accepted accounting principles in the United States (“GAAP”). We
also present the non-GAAP financial measures of:
- Distributable cash flow; and
- Distribution coverage ratio.
We define Adjusted EBITDA as net income (loss) plus net interest
expense, income tax, depreciation, depletion and amortization,
equity-based compensation expense and certain other expenses that
are non-cash charges or that we consider not to be indicative of
ongoing operations. Distributable cash flow is defined as Adjusted
EBITDA less net cash paid for interest, maintenance capital
expenditures and income taxes, each as attributable to Sisecam
Resources LP. The Partnership may fund expansion-related capital
expenditures with borrowings under existing credit facilities such
that expansion-related capital expenditures will have no impact on
cash on hand or the calculation of cash available for distribution.
In certain instances, the timing of the Partnership’s borrowings
and/or its cash management practices will result in a mismatch
between the period of the borrowing and the period of the capital
expenditure. In those instances, the Partnership adjusts designated
reserves (as provided in the partnership agreement) to take account
of the timing difference. Accordingly, expansion-related capital
expenditures have been excluded from the presentation of cash
available for distribution. Distributable cash flow will not
reflect changes in working capital balances. We define distribution
coverage ratio as the ratio of distributable cash flow as of the
end of the period to cash distributions payable with respect to
such period.
Adjusted EBITDA is a non-GAAP supplemental financial measure
that management and external users of our consolidated financial
statements, such as industry analysts, investors, lenders and
rating agencies, may use to assess the Partnership’s operating
performance and liquidity. Adjusted EBITDA may provide an operating
performance comparison to other publicly traded partnerships in our
industry, without regard to historical cost basis or financing
methods. Adjusted EBITDA may also be used to assess the
Partnership’s liquidity including such things as the ability of our
assets to generate sufficient cash flows to make distributions to
our unitholders and our ability to incur and service debt and fund
capital expenditures.
Distributable cash flow and distribution coverage ratio are
non-GAAP supplemental financial measures that management and
external users of our consolidated financial statements, such as
industry analysts, investors, lenders and rating agencies, may use
to assess the Partnership’s liquidity, including:
- the ability of our assets to generate sufficient cash flow to
make distributions to our unitholders; and
- our ability to incur and service debt and fund capital
expenditures.
We believe that the presentation of Adjusted EBITDA provides
useful information to our investors in assessing our financial
conditions, results of operations and liquidity. Distributable cash
flow and distribution coverage ratio provide useful information to
investors in assessing our liquidity. The GAAP measures most
directly comparable to Adjusted EBITDA is net income and net cash
provided by operating activities. The GAAP measure most directly
comparable to distributable cash flow and distribution coverage
ratio is net cash provided by operating activities. Our non-GAAP
financial measures of Adjusted EBITDA, distributable cash flow and
distribution coverage ratio should not be considered as
alternatives to GAAP net income, operating income, net cash
provided by operating activities, or any other measure of financial
performance or liquidity presented in accordance with GAAP.
Adjusted EBITDA and distributable cash flow have important
limitations as analytical tools because they exclude some, but not
all items that affect net income and net cash provided by operating
activities. Investors should not consider Adjusted EBITDA,
distributable cash flow and distribution coverage ratio in
isolation or as a substitute for analysis of our results as
reported under GAAP. Because Adjusted EBITDA, distributable cash
flow and distribution coverage ratio may be defined differently by
other companies, including those in our industry, our definition of
Adjusted EBITDA, distributable cash flow and distribution coverage
ratio may not be comparable to similarly titled measures of other
companies, thereby diminishing its utility.
The table below presents a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA and distributable cash flow
to the GAAP financial measures of net income and net cash provided
by operating activities:
Three Months Ended March
31,
(In millions,
except per unit data)
2022
2021
Reconciliation of Adjusted EBITDA to
net income:
Net income
$
31.8
$
5.6
Add backs:
Depreciation, depletion and amortization
expense
6.5
8.7
Interest expense, net
1.1
1.3
Equity-based compensation expense, net of
forfeitures
—
0.1
Adjusted EBITDA
$
39.4
$
15.7
Less: Adjusted EBITDA attributable to
noncontrolling interest
19.7
8.0
Adjusted EBITDA attributable to Sisecam
Resources LP
$
19.7
$
7.7
Reconciliation of distributable cash
flow to Adjusted EBITDA attributable to Sisecam Resources
LP:
Adjusted EBITDA attributable to Sisecam
Resources LP
$
19.7
$
7.7
Less: Cash interest expense, net
attributable to Sisecam Resources LP
0.5
0.5
Less: Maintenance capital expenditures
attributable to Sisecam Resources LP
4.1
2.5
Distributable cash flow attributable to
Sisecam Resources LP
$
15.1
$
4.7
Cash distribution declared per unit
$
0.500
$
—
Total distributions to unitholders and
general partner
$
10.1
$
—
Distribution coverage ratio
1.50
N/A
Reconciliation of Adjusted EBITDA to
net cash from operating activities:
Net cash provided by operating
activities
$
7.7
$
(6.4
)
Add/(less):
Amortization of long-term loan
financing
(0.1
)
(0.2
)
Net change in working capital
31.1
20.9
Interest expense, net
1.1
1.3
Other non-cash items
(0.4
)
0.1
Adjusted EBITDA
$
39.4
$
15.7
Less: Adjusted EBITDA attributable to
noncontrolling interest
19.7
8.0
Adjusted EBITDA attributable to Sisecam
Resources LP
$
19.7
$
7.7
Less: Cash interest expense, net
attributable to Sisecam Resources LP
0.5
0.5
Less: Maintenance capital expenditures
attributable to Sisecam Resources LP
4.1
2.5
Distributable cash flow attributable to
Sisecam Resources LP
$
15.1
$
4.7
The following table presents a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA to GAAP financial measure of
net income for the periods presented:
(Dollars in
millions, except per unit data)
Cumulative Four Quarters ended
Q1-2022
Q1-2022
Q4-2021
Q3-2021
Q2-2021
Q1-2021
Reconciliation of Net income to
Adjusted EBITDA:
Net income
$
77.6
$
31.8
$
23.6
$
15.4
$
6.8
$
5.6
Add backs:
Depreciation, depletion and amortization
expense
29.4
6.5
7.8
7.4
7.7
8.7
Interest expense, net
4.8
1.1
0.9
1.3
1.5
1.3
Equity-based compensation (benefit)
expense, net of forfeitures
0.4
—
0.1
—
0.3
0.1
Adjusted EBITDA
112.2
39.4
32.4
24.1
16.3
15.7
Less: Adjusted EBITDA attributable to
non-controlling interest
56.3
19.7
16.2
12.1
8.3
8.0
Adjusted EBITDA attributable to Sisecam
Resources LP
$
55.9
$
19.7
$
16.2
$
12.0
$
8.0
$
7.7
Adjusted EBITDA attributable to Sisecam
Resources LP
$
55.9
$
19.7
$
16.2
$
12.0
$
8.0
$
7.7
Less: Cash interest expense, net
attributable to Sisecam Resources LP
2.3
0.5
0.5
0.6
0.7
0.5
Less: Maintenance capital expenditures
attributable to Sisecam Resources LP
14.2
4.1
2.5
3.2
4.4
2.5
Distributable cash flow attributable to
Sisecam Resources LP
$
39.4
$
15.1
$
13.2
$
8.2
$
2.9
$
4.7
Cash distribution declared per unit
$
1.490
$
0.500
$
0.650
$
0.340
$
—
$
—
Total distributions to unitholders and
general partner
$
30.4
$
10.1
$
13.4
$
6.9
$
—
$
—
Distribution coverage ratio
1.30
1.50
0.99
1.19
N/A
N/A
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220502005627/en/
Sisecam Resources LP Investor Relations M. Nedim
Kulaksizoglu Chief Financial Officer (770) 375-2321
NKULAKSIZOGLU@sisecam.com
Sisecam Resources (NYSE:SIRE)
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