KNOT Offshore Partners LP (NYSE:KNOP) Q1 2024 Earnings Conference Call May 23, 2024 9:30 AM ET
Company Participants
Derek Lowe - Chief Executive Officer, Chief Financial Officer
Conference Call Participants
Liam Burke - B. Riley
Poe Fratt - AGP
Pavel Oliva - Rockhill Global
Robert Silvera - R.A. Silvera & Associates
Operator
Welcome to the KNOP first quarter 2024 earnings call. My name is Carla and I will be coordinating your call today.
During the presentation, you can register to ask a question by pressing star followed by one on your telephone keypad, and if you change your mind, please press star followed by two.
I would now like to hand you over to Derek Lowe to begin. Derek, please go ahead.
Derek Lowe
Thank you and good morning ladies and gentlemen. My name is Derek Lowe, and I’m the Chief Executive and Chief Financial Officer of KNOT Offshore Partners. Welcome to the Partnership’s earnings call for the first quarter of 2024. Our website is knotoffshorepartners.com and you can find the earnings release there, along with this presentation.
On Slide 2, you will find guidance on the inclusion of forward-looking statements in today’s presentation. These are made in good faith and reflect management’s current views, known and unknown risks, and are based on assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements, and the partnership does not have or undertake a duty to update any such forward-looking statements made as of the date of this presentation. For further information, please consult our SEC filings, especially in relation to our annual and quarterly results.
Today’s presentation also includes certain non-U.S. GAAP measures, and our earnings release includes a reconciliation of these to the most directly comparable GAAP measures.
On Slide 3, we have the financial and operational headlines for Q1: revenues of $76.6 million, operating income $19.7 million, net income of $7.4 million, and adjusted EBITDA of $47.5 million. We closed Q1 with $55 million in available liquidity, made up of $50 million in cash and cash equivalents plus $5 million in undrawn capacity on our credit facilities. We operated with 97.6% utilization and the vessel time available for scheduled operations was not impacted by any planned drydocking. Following the end of Q1, we declared a cash distribution of US $0.026 per common unit, which was paid in early May.