Knot Offshore Partners Lp · NYSE:KNOP
Knot Offshore Partners Lp — Q2 2018 Earnings Presentation
14 slides from Knot Offshore Partners Lp's earnings presentation, Sep 5, 2018
Slide 1: Second Quarter 2018 Results
Second Quarter 2018 Results September 5, 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: Q2 2018 Financial Highlights & recent events
Q2 2018 Financial Highlights & recent events Generated total revenue of $69.8 million, operating income of $32.1 million and net income of 21.7 million Generated highest ever quarterly Adjusted EBITDA(1) of $54.4 million Generated distribution cash flow(1) of $27.0 million, with a coverage rat
Slide 4: Income Statement
Income Statement Unaudited, USD in thousands 2Q 2018 1Q 2018 2Q 2017 FY 2017 Time charter and bareboat revenues 69,221 67,386 51,537 212,501 Loss of hire insurance recoveries 450 — 2,276 5,176 Other income 94 655 593 1,526 Total revenues 69,765 68,041 54,406 219,203 Vessel operating expenses 13,974
Slide 5: Adjusted EBITDA
Adjusted EBITDA Unaudited, USD in thousands 2Q 2018 1Q 2018 2Q 2017 FY 2017 Net income 21,681 30,724 16,915 68,064 Interest income (161) (136) (44) (248) Interest expense 12,526 10,594 7,252 30,714 Depreciation 22,332 21,574 17,372 71,583 Income tax (benefits) expense 3 3 3 (16) EBITDA(1) 56,381 62,
Slide 6: Distributable cash flow
Distributable cash flow Unaudited, USD in thousands 2Q 2018 1Q 2018 2Q 2017 FY 2017 Net income 21,681 30,724 16,915 68,064 Add: Depreciation 22,332 21,574 17,372 71,583 Other non-cash items; deferred costs 697 574 407 1,736 amortization debt Unrealized losses from interest rate derivatives — — 1,334
Slide 7: Balance sheet
Balance sheet At June 30, At December 31, At June 30, At December 31, Unaudited, USD in thousands 2018 2017 2018 2017 Current assets: Current liabilities Cash and cash equivalents 45,085 46,104 Current portion of long-term debt 80,206 92,985 Inventories 2,495 2,241 Derivative liabilities 261 978 Der
Slide 8: Long-term Contracts Backed by Leading Energy Companies
Long-term Contracts Backed by Leading Energy Companies Vessel name 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Windsor Knutsen Bodil Knutsen Fortaleza Knutsen Recife Knutsen Carmen Knutsen Hilda Knutsen Torill Knutsen Dan Cisne Dan Sabia Ingrid Knutsen Raquel Knutsen Tordis
Slide 9: Debt maturity profile
Debt maturity profile USD m 400 350 $276.1 million balloon maturity moved beyond 2022 300 250 257,7 200 236,5 150 70,8 100 25,0 18,4 50 73,6 84,5 85,9 85,9 53,9 0 2018 2019 2020 2021 2022 Debt Instalments Debt Unsecured Revolver Credit Balloon Refinanced balloon Debt Balloon Payments All figures in
Slide 10: Summary
Summary Another quarter of strong operational and financial performance Q2 $375 million bank refinancing executed on very attractive terms. Extend contracts on Hilda (4 years) and Windsor our vessels remain in demand. Future strong outlook for the shuttle tanker business. Attractive value
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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