TULSA, Okla.–(BUSINESS WIRE)–Alliance Resource Partners, L.P. (NASDAQ: ARLP) today appear banking and operating after-effects for the division concluded September 30, 2018 (the “2018 Quarter”). Led by college revenues and advance income, net assets attributable to ARLP added 20.3% to $73.7 actor for the 2018 Quarter, compared to $61.3 actor for the three months concluded September 30, 2017 (the “2017 Quarter”). Able atramentous sales volumes in the 2018 Division collection absolute revenues college to $497.8 million, an admission of 9.8% compared to the 2017 Quarter. Net assets attributable to ARLP per basal and adulterated bound accomplice assemblage was $0.55 for the 2018 Division compared to $0.52 for the 2017 Division as college net assets was partially account by added weighted-average accustomed units outstanding due to the arising of added accustomed units pursuant to the July 2017 Exchange Transaction. EBITDA additionally added 8.3% in the 2018 Division to $154.0 actor compared to $142.2 actor in the 2017 Quarter. (For a analogue of EBITDA and accompanying adaptation to commensurable GAAP banking measures, amuse see the end of this release. For absolute and pro forma balance per basal and adulterated bound accomplice assemblage absorption the Simplification and Exchange Affairs as if the affairs had occurred on January 1, 2017, amuse see the end of this release.)
As ahead appear on October 26, 2018, the Board of Directors of ARLP’s accustomed accomplice (the “Board”) added the banknote administration to unitholders for the 2018 Division to $0.525 per assemblage (an annualized amount of $2.10 per unit), payable on November 14, 2018 to all unitholders of almanac as of the aing of trading on November 7, 2018. The appear administration represents a 4.0% admission over the banknote administration of $0.505 per assemblage for the 2017 Division and a 1.0% admission over the banknote administration of $0.52 per assemblage for the division concluded June 30, 2018 (the “Sequential Quarter”).
“ARLP delivered able after-effects for the 2018 Quarter, announcement increases to all aloft operating and banking metrics,” said Joseph W. Craft III, President and Chief Executive Officer. “In accession to carrying solid performance, we additionally affiliated to position ARLP for affiliated appellation success. Taking advantage of absolute fundamentals in the calm and all-embracing atramentous markets, our operations added assembly compared to the 2017 and Sequential Abode and our business aggregation adequate ARLP’s atramentous arrangement book by accepting new commitments for about 11.1 actor bags to be delivered through 2021, including 4.9 actor bags for consign through 2019.”
Mr. Craft added, “ARLP remained focused on active its cardinal objectives of advance in our business for abiding banknote breeze advance and abiding banknote to unitholders. During the 2018 Quarter, we brought the added affiliated mining assemblage into operation at our Gibson North abundance and added the tenth affiliated mining assemblage at our River View mine. These additions, forth with added efforts categorical below, will acquiesce ARLP to admission approaching assembly to accommodated developing bazaar opportunities. ARLP additionally affiliated to focus on abiding banknote to unitholders, aboriginal by the Board afresh electing to admission distributions to unitholders and, second, by active on the afresh accustomed assemblage repurchase program. Beneath this program, through the end of the 2018 Quarter, ARLP has repurchased about 1.1 actor units for about $21.1 actor in accessible bazaar transactions.”
Circumscribed Banking After-effects
Three Months Concluded September 30, 2018 Compared to Three Months Concluded September 30, 2017
Atramentous sales revenues for the 2018 Division added 5.8%, compared to the 2017 Quarter, to $460.3 actor due to added atramentous sales volumes and prices. Atramentous sales volumes of 10.1 actor bags were 4.4% college than the 2017 Quarter, primarily absorption added consign volumes from our Gibson South abundance and added volumes consistent from the resumption of operations in the Sequential Division at our Gibson North mine. Atramentous sales prices added 1.3% to $45.71 per ton awash for the 2018 Quarter, compared to $45.12 per ton awash for the 2017 Quarter, primarily as a aftereffect of college amount realizations from our Appalachian mines.
Compared to the 2017 Quarter, operating costs added 4.7% to $308.4 million, primarily as a aftereffect of added atramentous sales volumes. Articulation Adjusted EBITDA Amount per ton remained commensurable to the 2017 Quarter, accretion hardly to $30.70 per ton in the 2018 Quarter. (For a analogue of Articulation Adjusted EBITDA Amount per ton and accompanying adaptation to commensurable GAAP banking measures, amuse see the end of this release.)
Advance assets from our oil and gas minerals and gas compression casework disinterestedness investments contributed assets of $10.0 actor in the 2018 Quarter, an admission of $3.4 actor compared to the 2017 Quarter, primarily due to added balance from our investments in oil and gas minerals.
Nine Months Concluded September 30, 2018 Compared to Nine Months Concluded September 30, 2017
Net assets attributable to ARLP added $86.4 actor to $315.8 actor for the nine months concluded September 30, 2018 (the “2018 Period”), compared to $229.4 actor for the nine months concluded September 30, 2017 (the “2017 Period”). The admission was due to college revenues and advance income, a net accretion on adjustment of action and a debt concealment accident in the 2017 Period, partially account by college operating costs and depreciation, burning and amortization.
Absolute revenues added by 12.0% to $1.47 billion for the 2018 Period compared to the 2017 Period due primarily to added atramentous sales volumes. For the 2018 Period, able performances at River View and our Gibson County Complex mines, which includes the resumption of operations at Gibson North in the 2018 Period, collection absolute atramentous sales volumes up 8.1% to 30.0 actor bags and assembly volumes college by 6.6% to 30.1 actor bags compared to the 2017 Period.
Added atramentous sales volumes in the 2018 Period additionally led operating costs college to $896.8 million, an admission of 12.9% compared to the 2017 Period. Articulation Adjusted EBITDA Amount per ton additionally added 4.9% to $30.06 primarily as a aftereffect of difficult mining altitude encountered at several mines, college roof abutment amount and added longwall move canicule in the 2018 Period. Compared to the 2017 Period, depreciation, burning and acquittal added 5.2% to $204.2 actor in the 2018 Period as a aftereffect of the ahead discussed admission in atramentous sales volumes.
On March 9, 2018, ARLP accomplished an acceding with a chump and assertive of its affiliates to achieve action we accomplished in 2015. The acceding provided for a $93.0 actor banknote acquittal to ARLP, approaching codicillary atramentous accumulation commitments, affiliated consign trans-loading accommodation for our Appalachian mines and the accretion of 57 actor bags of added atramentous affluence a our Tunnel Ridge operation. A adjustment accretion of $80.0 actor was recorded in the 2018 Period absorption the banknote acquittal accustomed net of assertive costs associated with the gain.
Added balance from our investments in oil and gas mineral interests led disinterestedness adjustment advance assets college by $4.1 actor in the 2018 Period compared to the 2017 Period. Disinterestedness balance assets added $8.8 actor to $11.6 actor in the 2018 Period compared to the 2017 Period due to added distributions of adopted interests from our advance in gas compression services, which advance was fabricated during the 2017 Quarter. Comparative after-effects amid the 2018 and 2017 Periods were additionally impacted by the $8.1 actor debt concealment accident incurred accompanying to ARLP’s aboriginal claim of its Series B Senior Notes in May 2017.
Regional After-effects and Analysis
Absolute atramentous sales volumes added 4.4% in the 2018 Division to 10.1 actor bags compared to the 2017 Quarter, due to college atramentous sales volumes, decidedly consign volumes, from both the Illinois Basin and Appalachian regions. In the Illinois Basin, the resumption of operations at our Gibson North abundance in the Sequential Division and bigger sales at our Gibson South abundance collection bags awash college by 5.4% to 7.2 actor bags in the 2018 Division compared to the 2017 Quarter. Sequentially, a longwall move at the Hamilton abundance during the 2018 Division and added sales from account in the Sequential Division acquired atramentous sales volumes to abatement by 7.3% in the Illinois Basin. In Appalachia, atramentous sales volumes added 6.0% compared to the Sequential Division primarily due to bigger recoveries and beneath longwall move canicule at our Tunnel Ridge abundance in the 2018 Quarter. ARLP concluded the 2018 Division with absolute atramentous account of 0.9 actor tons, a abridgement of about 0.6 actor bags and 0.2 actor bags compared to the end of the 2017 and Sequential Quarters, respectively.
Atramentous sales amount realizations added 8.8% per ton awash in Appalachia in the 2018 Division compared to the 2017 Quarter, primarily due to added consign sales prices for metallurgical atramentous at our Mettiki abundance and bigger prices at our MC Mining and Tunnel Ridge mines.
In the Illinois Basin, Articulation Adjusted EBITDA Amount per ton decreased 2.1% compared to the 2017 Division primarily due to bigger recoveries and added longwall accouterment at our Hamilton mine. Articulation Adjusted EBITDA Amount per ton in Appalachia added 6.3% compared to the 2017 Division absorption lower yields at our MC Mining abundance and a longwall move at the Tunnel Ridge abundance during the 2018 Quarter. Compared to the Sequential Quarter, Articulation Adjusted EBITDA Amount per ton added 6.7% in the Illinois Basin consistent primarily from bargain assembly at our Hamilton abundance due to a longwall move and difficult mining altitude during the 2018 Division and added activity and abstracts and food costs per ton at our Warrior mine. In Appalachia, Articulation Adjusted EBITDA Amount per ton decreased 3.9% compared to the Sequential Division primarily due to added assembly and bigger recoveries at our Tunnel Ridge abundance in the 2018 Quarter.
Bazaar Amend and Outlook
“Favorable seaborne thermal atramentous markets abide to actualize cogent opportunities for ARLP,” said Mr. Craft. “Around the world, added coal-fired adeptness generation, able adeptness appeal and abridgement of accumulation acknowledgment point to abiding all-around appeal for U.S. thermal atramentous producers. Absolute fundamentals in the all-embracing metallurgical atramentous markets additionally abutment affiliated accord by U.S. producers. As mentioned earlier, ARLP has decidedly added its all-embracing attendance and now expects to consign 10.4 actor bags of thermal atramentous in 2018 and has accustomed commitments for 7.7 actor bags of thermal atramentous in 2019. In addition, we currently plan to consign about 930,000 bags of metallurgical atramentous in 2018 and accept commitments to bear 100,000 bags of metallurgical atramentous in 2019. In the U.S. markets served by ARLP, college accustomed gas prices, accustomed weather-related amount increases and decidedly lower account inventories abide to abutment able bazaar dynamics. Calm utilities are actively attractive to ample accessible positions, with several gluttonous longer-term accumulation commitments into 2021.”
Mr. Craft continued, “ARLP is continuing to acknowledge to able atramentous appeal in our markets. By bringing Gibson North aback into production, accretion mining units at River View and authoritative basement investments to advance abundance at several operations, ARLP expects to admission 2018 atramentous assembly by about 8.0% over 2017 levels. Assembly in 2019 will account from the full-year appulse of these 2018 basal projects arch to added assembly in 2019 by 6% to 10% over 2018 levels. ARLP has additionally anchored aggregate and amount commitments for about 32.9 actor tons, 17.7 actor bags and 7.9 actor bags in 2019, 2020 and 2021, respectively, some of which is accountable to chump requirements.”
Factoring in the appulse of amount increases year-to-date and training costs for added headcount currently actuality assassin in apprehension of the added assembly discussed above, we currently ahead full-year Articulation Adjusted EBITDA Amount per ton in 2018 will be about 4.5% college compared to 2017. Accordingly, we are afterlight advice ranges for 2018 full-year net assets to $415.0 actor to $425.0 actor and EBITDA to $730.0 actor to $740.0 million. These 2018 estimates for net assets and EBITDA accommodate the $80.0 actor adjustment accretion recorded in the aboriginal division of 2018 and accustomed accession accompanying to our accustomed investments in oil and gas minerals and gas compression casework of about $35.0 actor to $40.0 million. (For a analogue of EBITDA and Articulation Adjusted EBITDA Amount per ton and accompanying reconciliations to the best commensurable GAAP banking measure, amuse see the end of this release.)
To armamentarium our growing production, ARLP is additionally accretion its 2018 full-year advice for basal expenditures for its atramentous business to a ambit of $245.0 actor to $260.0 million.
A appointment alarm apropos ARLP’s 2018 Division banking after-effects is appointed for today at 10:00 a.m. Eastern. To participate in the appointment call, punch (877) 506-1589 and appeal to be affiliated to the Alliance Resource Partners, L.P. balance appointment call. Canadian callers should punch (855) 669-9657 and all added all-embracing callers should punch (412) 317-5240 and appeal to be affiliated to the aforementioned call. Investors may additionally accept to the alarm via the “investor information” area of ARLP’s website at http://www.arlp.com.
An audio epitomize of the appointment alarm will be accessible for about one week. To admission the audio replay, punch US Toll Free (877) 344-7529; All-embracing Toll (412) 317-0088; Canada Toll Free (855) 669-9658 and appeal to be affiliated to epitomize admission cipher 10125074.
About Alliance Resource Partners, L.P.
ARLP is a adapted ambassador and banker of atramentous to aloft United States and all-embracing utilities and automated users. ARLP, the nation’s aboriginal about traded adept bound affiliation complex in the assembly and business of coal, is currently the added better atramentous ambassador in the eastern United States with mining operations in the Illinois Basin and Appalachian atramentous bearing regions.
ARLP currently operates eight mining complexes in Illinois, Indiana, Kentucky, Maryland and West Virginia as able-bodied as a atramentous loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP additionally generates assets from a array of added sources, including investments in oil and gas mineral interests and gas compression services.
News, assemblage prices and added advice about ARLP, including filings with the Balance and Exchange Commission (“SEC”), are accessible at http://www.arlp.com. For added information, acquaintance the broker relations administration of ARLP at (918) 295-7674 or via e-mail at [email protected]
The statements and projections acclimated throughout this absolution are based on accustomed expectations. These statements and projections are forward-looking, and absolute after-effects may alter materially. These projections do not accommodate the abeyant appulse of any mergers, acquisitions or added business combinations that may action afterwards the date of this release. We accept included added advice beneath apropos business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the barring of absolute matters, any affairs discussed in this columnist absolution are advanced statements that absorb risks and uncertainties that could account absolute after-effects to alter materially from projected results. These risks, uncertainties and contingencies include, but are not bound to, the following: changes in atramentous prices, which could affect our operating after-effects and banknote flows; changes in antagonism in atramentous markets and our adeptness to acknowledge to such changes; legislation, regulations, and cloister decisions and interpretations thereof, including those apropos to the ambiance and the absolution of greenhouse gases, mining, miner bloom and assurance and bloom care; deregulation of the electric account industry or the furnishings of any adverse change in the atramentous industry, electric account industry, or accustomed bread-and-er conditions; risks associated with the amplification of our operations and properties; assurance on cogent chump contracts, including renewing absolute affairs aloft expiration; adjustments fabricated in price, aggregate or agreement to absolute atramentous accumulation agreements; alteration all-around bread-and-er altitude or in industries in which our barter operate; clamminess constraints, including those consistent from any approaching dearth of financing; chump bankruptcies, cancellations or breaches to absolute contracts, or added failures to perform; chump delays, abortion to booty atramentous beneath affairs or defaults in authoritative payments; fluctuations in atramentous demand, prices and availability; changes in oil and gas prices, which could affect our investments in oil and gas mineral interests and gas compression services; our abundance levels and margins becoming on our atramentous sales; the atramentous industry’s allotment of electricity generation, including as a aftereffect of ecology apropos accompanying to atramentous mining and agitation and the amount and perceived allowances of added sources of electricity, such as accustomed gas, nuclear activity and renewable fuels; changes in raw absolute costs; changes in the availability of accomplished labor; our adeptness to advance satisfactory relations with our employees; increases in activity costs including costs of bloom allowance and taxes consistent from the Affordable Care Act, adverse changes in assignment rules, or banknote payments or projections associated with post-mine affirmation and workers’ advantage claims; increases in busline costs and accident of busline delays or interruptions; operational interruptions due to geologic, permitting, labor, weather-related or added factors; risks associated with aloft mine-related accidents, such as abundance fires, or interruptions; after-effects of litigation, including claims not yet asserted; adversity advancement our aggressiveness bonds for abundance affirmation as able-bodied as workers’ advantage and atramentous lung benefits; adversity in authoritative authentic assumptions and projections apropos post-mine affirmation as able-bodied as pension, atramentous lung allowances and added post-retirement account liabilities; uncertainties in ciphering and replacing our atramentous reserves; a accident or abridgement of allowances from assertive tax deductions and credits; adversity accepting bartering acreage insurance, and risks associated with our accord (excluding any applicative deductible) in the bartering allowance acreage program; and adversity in authoritative authentic assumptions and projections apropos approaching revenues and costs associated with disinterestedness investments in companies we do not control.
Added advice apropos these and added factors can be begin in ARLP’s accessible alternate filings with the SEC, including ARLP’s Anniversary Report on Form 10-K for the year concluded December 31, 2017, filed on February 23, 2018 and ARLP’s Quarterly Reports on Form 10-Q for the abode concluded March 31, 2018 and June 30, 2018, filed on May 7, 2018 and August 6, 2018, respectively, with the SEC. Except as appropriate by applicative balance laws, ARLP does not intend to amend its advanced statements.
Adaptation of GAAP “net assets attributable to ARLP” and “net income” to non-GAAP “EBITDA,” “Adjusted EBITDA” and “Distributable Banknote Flow” (in thousands).
EBITDA is authentic as net assets (prior to the allocation of noncontrolling interest) afore net absorption expense, assets taxes and depreciation, burning and acquittal and Adjusted EBITDA is EBITDA adapted for assertive items that may not reflect the trend of approaching results, such as adjustment assets and debt concealment losses. Distributable banknote breeze (“DCF”) is authentic as Adjusted EBITDA excluding absorption amount (before capitalized interest), absorption income, assets taxes and estimated aliment basal expenditures. Administration advantage arrangement (“DCR”) is authentic as DCF disconnected by distributions paid to partners.
Administration believes that the presentation of such added banking measures provides advantageous advice to investors apropos our achievement and after-effects of operations because these measures, back acclimated in affiliation with accompanying GAAP banking measures, (i) accommodate added advice about our amount operating achievement and adeptness to accomplish and administer banknote flow, (ii) accommodate investors with the banking analytic framework aloft which administration bases financial, operational, advantage and planning decisions and (iii) present abstracts that investors, appraisement agencies and debt holders accept adumbrated are advantageous in assessing us and our after-effects of operations.
EBITDA, Adjusted EBITDA, DCF and DCR should not be advised as alternatives to net assets attributable to ARLP, net income, assets from operations, banknote flows from operating activities or any added admeasurement of banking achievement presented in accordance with GAAP. EBITDA, Adjusted EBITDA and DCF are not advised to represent banknote breeze and do not represent the admeasurement of banknote accessible for distribution. Our adjustment of accretion EBITDA, Adjusted EBITDA, DCF and DCR may not be the aforementioned adjustment acclimated to compute agnate measures appear by added companies, or EBITDA, Adjusted EBITDA, DCF and DCR may be computed abnormally by us in altered contexts (i.e. accessible advertisement against ciphering beneath costs agreements).
Adaptation of GAAP “Operating Expenses” to non-GAAP “Segment Adjusted EBITDA Amount per ton” and Adaptation of non-GAAP “Adjusted EBITDA” to “Segment Adjusted EBITDA” and “Segment Adjusted EBITDA per ton” (in thousands, except per ton data).
Articulation Adjusted EBITDA Amount per ton includes operating expenses, atramentous purchases and added assets disconnected by bags sold. Busline costs are afar as these costs are anesthetized through to our barter and, consequently, we do not apprehend any allowance on busline revenues. Articulation Adjusted EBITDA Amount is acclimated as a added banking admeasurement by our administration to appraise the operating achievement of our segments. Articulation Adjusted EBITDA Amount is a key basal of EBITDA and Adjusted EBITDA in accession to atramentous sales and added sales and operating revenues. The exclusion of accumulated accustomed and authoritative costs from Articulation Adjusted EBITDA Amount allows administration to focus alone on the appraisal of articulation operating achievement as it primarily relates to our operating expenses.
Articulation Adjusted EBITDA per ton is authentic as net assets (prior to the allocation of noncontrolling interest) afore net absorption expense, assets taxes, depreciation, burning and amortization, accustomed and authoritative expenses, adjustment accretion and debt concealment accident disconnected by bags sold. Articulation Adjusted EBITDA removes the appulse of accustomed and authoritative costs from Adjusted EBITDA (discussed above) to acquiesce administration to focus alone on the appraisal of articulation operating performance.
Absolute basal and adulterated balance per bound accomplice assemblage and pro forma balance per basal and adulterated bound accomplice unit.
Beneath is the absolute basal and adulterated balance per bound accomplice assemblage as able-bodied as pro forma basal and adulterated balance per bound accomplice assemblage for the three and nine months concluded September 30, 2018 and 2017, as if the Simplification and Exchange Affairs had occurred on January 1, 2017. For a abundant adaptation of absolute and pro forma net assets of ARLP to absolute and pro forma basal and adulterated balance per bound accomplice unit, amuse see our Form 10-Q for the division concluded September 30, 2018 accustomed to be filed on or about November 5, 2018.
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