Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q3 2017 Earnings Presentation
14 slides from Knot Offshore Partners Lp's earnings presentation, Nov 6, 2017
Slide 1: Third Quarter 2017 Results
Third Quarter 2017 Results November 6, 2017
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: Financial Highlights
Financial Highlights Highest quarterly revenues of $58.2 million and net income of $21.1 million Highest quarterly Adjusted EBITDA(1) of $45.1 million Highest quarterly distributable cash flow1of $24.0 million with highest distribution coverage ratio of 1.46 Declared cash distribution of $0.
Slide 4: Income Statement
Income Statement Unaudited, USD in thousands 3Q 2017 2Q 2017 3Q 2016 FY 2016 Time charter and bareboat revenues 57,970 51,537 43,390 172,878 Loss of hire insurance recoveries — 2,276 — — Other income 247 593 197 793 Total revenues 58,217 54,406 43,587 173,671 Vessel operating expenses 11,828 9,427 7
Slide 5: Adjusted EBITDA
Adjusted EBITDA Unaudited, USD in thousands 3Q 2017 2Q 2017 3Q 2016 FY 2016 Net income 21,079 16,915 19,357 61,102 Interest income (68) (44) (6) (24) Interest expense 8,040 7,252 5,129 20,867 Depreciation 18,379 17,372 13,920 56,230 Income tax (benefits) expense 3 3 3 (15) EBITDA(1) 47,433 41,498 38
Slide 6: Distributable cash flow
Distributable cash flow Unaudited, USD in thousands 3Q 2017 2Q 2017 3Q 2016 FY 2016 Net income 21,079 16,915 19,357 61,102 Add: Depreciation 18,379 17,372 13,920 56,230 Other non-cash items; deferred costs amortization debt 469 407 310 1,198 Unrealized losses from interest rate derivatives and forei
Slide 7: Balance sheet
Balance sheet At September 30, At December 31, At September 30, At December 31, Unaudited, USD in thousands 2017 2016 2017 2016 Current assets: Current liabilities Cash and cash equivalents 38,118 27,664 Current portion of long-term debt 69,526 58,984 Inventories 1,945 1,176 Derivative liabilities 1
Slide 8: Long-term Contracts Backed by Leading Energy Companies
Long-term Contracts Backed by Leading Energy Companies Name 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Windsor Knutsen (1) Bodil Knutsen(1) Fortaleza Knutsen Recife Knutsen Carmen Knutsen Hilda Knutsen Torill Knutsen Dan Cisne Dan Sabia Ingrid Knutsen Raquel Knutsen T
Slide 9: Summary
Summary Highest ever quarterly performance for Revenue, Net Income and Adjusted EBITDA(1) Another strong operational result – 99.7% utilization of the fleet in 3Q – 99.6% since IPO Acquisition of Lena Knutsen Good access to attractive bank financing Attractive value proposition with quarte
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
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures The reconciliation of distributable cash flow to net income, the most directly comparable cash measure, set forth in the tables below: For the Quarter Ended (USD in thousands) 30-Sep-15 31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17 Net in
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