Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q3 2020 Earnings Presentation
16 slides from Knot Offshore Partners Lp's earnings presentation, Nov 19, 2020
Slide 1: Third Quarter 2020 Results
Third Quarter 2020 Results November 19, 2020 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that reflect management’s current view and involve known and unknown risks and are based upon assumptions and estimates that are inh
Slide 3: Third Quarter 2020 Highlights
Third Quarter 2020 Highlights The Partnership is again proud to report one of its best-ever set of quarterly results, driven by 100% fleet utilization and no scheduled downtime. Total revenues of $71.3 million, operating income of $30.9 million and net income of $25.1 million. Declared and pai
Slide 4: KNOP Attributes
KNOP Attributes We are a market leader in the operation of shuttle tankers with more than 30 years continuous experience and investment in this business. KNOP is classified as a corporation for U.S. federal income tax purposes. A U.S. holder of KNOP common units will receive a Form 1099 to repor
Slide 5: Income Statement
Income Statement Unaudited, USD thousands 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019 FY 2019 Time charter and bareboat revenues 71,241 70,250 67,226(1) 70,063 70,983 282,502 Other income 39 9 598(2) 18 26 59 Total revenues 71,280 70,259 67,824 70,081 71,009 282,561 Vessel operating expenses 16,694 13,1
Slide 6: Adjusted EBITDA
Adjusted EBITDA Unaudited, USD thousands 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019 FY 2019 Net income (loss) 25,076 21,683 (6,139) 23,764 14,148 58,957 Interest income — (3) (118) (169) (225) (865) Interest expense 6,558 8,512 10,462 11,433 12,459 50,735 Depreciation 22,453 22,451 22,373 22,554 22,430
Slide 7: Distributable Cash Flow
Distributable Cash Flow Unaudited, USD thousands 3Q 2020 2Q 2020 1Q 2020 4Q 2019 3Q 2019 FY 2019 Net income (loss) 25,076 21,683 (6,139) 23,764 14,148 58,957 Add: Depreciation 22,453 22,451 22,373 22,554 22,430 89,844 Other non-cash items; amortization of deferred 624 626 636 647 656 2,617 debt issu
Slide 8: Balance Sheet
Balance Sheet At Sep 30, At Dec 31, At Sep 30, At Dec 31, Unaudited, USD thousands 2020 2019 2020 2019 Current assets: Current liabilities: Cash and cash equivalents 50,293 43,525 Current portion of long-term debt 108,557 83,453 Inventories 2,066 2,292 Derivative liabilities 7,451 910 Derivative ass
Slide 9: Forward Contracted Revenue Backed by Leading Energy Companies
Forward Contracted Revenue Backed by Leading Energy Companies 9
Slide 10: Dropdown Inventory at Sponsor – Potential Acquisitions
Dropdown Inventory at Sponsor – 7 Potential Acquisitions(1) At 30 September 2020: Average contracted charter length of 5.6 years Charterers also have the option to extend these charters by a further 8.1 years on average Fixed contract Expected period Vessel 2020 2021 2022 2023 2024 2025 Charterer (y
Slide 11: Brazil Production Development
Brazil Production Development 11
Slide 12: Near-term Priorities
Near-term Priorities Continue to operate our vessels safely and efficiently and ensure the health and safety of our crew and employees. Secure new charter contract(s) for the Windsor Knutsen: work is actively ongoing and management are confident in the prospects for the vessel. Continue to tar
Slide 13: Summary
Summary Another strong and stable operational quarter with 100% utilization for scheduled operations. Distributable cashflow of $28.9m, with coverage of 1.60 which continues to give the Partnership a degree of flexibility to manage any short to mid-term headwinds. Maintained quarterly distribu
Slide 14: Questions
Questions
Slide 15: Shuttle Tanker Market Overview
Shuttle Tanker Market Overview Appendix 15
Slide 16: 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
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