Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q4 2018 Earnings Presentation
13 slides from Knot Offshore Partners Lp's earnings presentation, Mar 14, 2019
Slide 1: Fourth Quarter 2018 Results
Fourth Quarter 2018 Results March 14, 2019
Slide 2: Notice to Recipients
Notice to Recipients This presentation is not a prospectus and is not an offer to sell, nor a solicitation of an offer to buy, securities. This presentation contains certain forward-looking statements concerning future events and KNOT Offshore Partners LP’s (“KNOP”) operations, performance and finan
Slide 3: Q4 2018 Financial Highlights & recent events
Q4 2018 Financial Highlights & recent events Generated total revenues of $70.9 million, operating income of $33.0 million and net income of $8.8 million. Generated quarterly Adjusted EBITDA(1) of $55.4 million. Generated distribution cash flow(1) of $27.3 million, with a coverage ratio(2) of 1
Slide 4: Income Statement
Income Statement Unaudited, USD in thousands 4Q 2018 3Q 2018 4Q 2017 FY 2018 FY 2017 Time charter and bareboat revenues 70,878 70,706 59,247 278,191 212,501 Loss of hire insurance recoveries — — 1,750 450 5,176 Other income 53 12 592 815 1,526 Total revenues 70,931 70,718 61,589 279,456 219,203 Vess
Slide 5: Adjusted EBITDA
Adjusted EBITDA Unaudited, USD in thousands 4Q 2018 3Q 2018 4Q 2017 FY 2018 FY 2017 Net income 8,830 20,931 18,640 82,165 68,065 Interest income (247) (196) (101) (739) (248) Interest expense 13,364 13,472 9,208 49,956 30,714 Depreciation 22,450 22,400 20,079 88,756 71,583 Income tax (benefits) expe
Slide 6: Distributable cash flow
Distributable cash flow Unaudited, USD in thousands 4Q 2018 3Q 2018 4Q 2017 FY 2018 FY 2017 Net income 8,830 20,931 18,640 82,165 68,065 Add: Depreciation 22,450 22,400 20,079 88,756 71,583 Other non-cash items; deferred costs 683 1,234 513 3,188 1,736 amortization debt Unrealized losses from intere
Slide 7: Balance sheet
Balance sheet At December 31, At December 31, At December 31, At December 31, Unaudited, USD in thousands 2018 2017 2018 2017 Current assets: Current liabilities Cash and cash equivalents 41,712 46,104 Current portion of long-term debt 106,926 92,985 Inventories 2,443 2,241 Derivative liabilities 1,
Slide 8: Long-term Contracts Backed by Leading Energy Companies
Long-term Contracts Backed by Leading Energy Companies Vessel name 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Windsor Knutsen(1) Bodil Knutsen Fortaleza Knutsen Recife Knutsen Carmen Knutsen Hilda Knutsen Torill Knutsen Dan Cisne Dan Sabia Ingrid Knutsen Raquel Knutsen Tordis K
Slide 9: Summary
Summary Another quarter of strong operational and financial performance. We report our highest ever adjusted EBITDA of $55.4m. Highest ever distributable cashflow of $27.3m, with coverage of 1.51x. Future strong outlook for the shuttle tanker business. Attractive value proposition with qua
Slide 10: Shuttle Tanker Market Overview
Shuttle Tanker Market Overview Thank you, any questions? 10
Slide 11: Appendix
Appendix APPENDIX
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA Adjusted EBITDA refers to earnings before interest, depreciation, taxes, goodwill impairment charge and other financial items. Adjusted EBITDA is a non-GAAP financial measure used by investors to measure our performance. Adjusted EBITDA is used as a supple
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures Distributable Cash Flow Distributable cash flow represents net income adjusted for depreciation and amortization, unrealized gains and losses from derivatives, unrealized foreign exchange gains and losses, distributions on the Series A Preferred Units, goodwill impairment
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