Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q1 2018 Earnings Presentation
14 slides from Knot Offshore Partners Lp's earnings presentation, Jun 6, 2018
Slide 1: First Quarter 2018 Results
First Quarter 2018 Results June 6, 2018
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: Q1 2018 Financial Highlights & recent events
Q1 2018 Financial Highlights & recent events Generated total revenue of $68.0 million, operating income of $31.9 million and net income of 30.7 million Generated Adjusted EBITDA(1) of $53.4 million Generated distribution cash flow(1) of $27.9 million, with a coverage ratio(2) of 1.55x. Decla
Slide 4: Income Statement
Income Statement Unaudited, USD in thousands 1Q 2018 4Q 2017 1Q 2017 FY 2017 Time charter and bareboat revenues 67,389 59,247 43,747 212,501 Loss of hire insurance recoveries — 1,750 — 5,176 Other income 655 592 95 1,526 Total revenues 68,041 61,589 44,992 219,203 Vessel operating expenses 13,247 15
Slide 5: Adjusted EBITDA
Adjusted EBITDA Unaudited, USD in thousands 1Q 2018 4Q 2017 1Q 2017 FY 2017 Net income 30,724 18,640 11,429 68,064 Interest income (136) (101) (36) (248) Interest expense 10,594 9,208 6,215 30,714 Depreciation 21,574 20,079 15,753 71,583 Income tax (benefits) expense 3 (24) 3 (16) EBITDA(1) 62,759 4
Slide 6: Distributable cash flow
Distributable cash flow Unaudited, USD in thousands 1Q 2018 4Q 2017 1Q 2017 FY 2017 Net income 30,724 18,640 11,429 68,064 Add: Depreciation 21,574 20,079 15,753 71,583 Other non-cash items; deferred costs 574 513 348 1,736 amortization debt Unrealized losses from interest rate derivatives — — — 1,3
Slide 7: Balance sheet
Balance sheet At March 31, At December 31, At March 31, At December 31, Unaudited, USD in thousands 2018 2017 2018 2017 Current assets: Current liabilities Cash and cash equivalents 44,053 46,104 Current portion of long-term debt 98,862 92,985 Inventories 2,448 2,241 Derivative liabilities — 978 Der
Slide 8: Long-term Contracts Backed by Leading Energy Companies
Long-term Contracts Backed by Leading Energy Companies (1) (1) Fixed contract Option period KNOP fleet has average remaining fixed contract duration of 3.9(2) years Additional 4.7 years on average in Charterers option (1) KNOT has guaranteed the hire rate to April 2018 (five years from IPO date) (2)
Slide 9: Debt maturity profile
Debt maturity profile USD m 400 350 25,0 300 250 200 259,7 150 100 70,8 18,4 50 66,1 71,9 61,0 61,7 0 2018 2019 2020 2021 Debt Instalments Debt Balloon Payments Debt Unsecured Revolver Credit Balloon All figures in USD million 9
Slide 10: Summary
Summary The Partnerships highest ever quarterly performance both in absolute and per unit terms for Revenues, Profit, EBITDA and Distributable cash flow(1). Successful bank refinancing executed on very attractive terms. Completed leveraged acquisition of Anna Knutsen strengthening medium term
Slide 11: Shuttle Tanker Market Overview
Shuttle Tanker Market Overview Thank you, any questions? 11
Slide 12: Appendix
Appendix APPENDIX
Slide 13: 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 14: 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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