$VNOM
Viper Energy Inc

2017 Q4 Form 10-Q Financial Statement

#000160206517000074 Filed on October 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $49.97M $42.53M $20.00M
YoY Change 78.95% 112.7% 6.5%
Cost Of Revenue $2.940M $2.830M $1.430M
YoY Change 108.51% 97.9% -15.38%
Gross Profit $56.29M $39.71M $18.57M
YoY Change 112.33% 113.84% 8.66%
Gross Profit Margin 112.65% 93.36% 92.86%
Selling, General & Admin $1.530M $1.570M $1.220M
YoY Change 20.47% 28.69% -32.6%
% of Gross Profit 2.72% 3.95% 6.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.90M $11.10M $6.800M
YoY Change 43.37% 63.24% -21.84%
% of Gross Profit 21.14% 27.95% 36.62%
Operating Expenses $13.46M $15.47M $9.403M
YoY Change 40.21% 64.48% -23.13%
Operating Profit $42.83M $27.07M $10.59M
YoY Change 153.25% 155.49% 61.86%
Interest Expense -$1.050M $859.0K $658.0K
YoY Change 15.38% 30.55% 83.8%
% of Operating Profit -2.45% 3.17% 6.21%
Other Income/Expense, Net $300.0K -$460.0K -$392.0K
YoY Change 15.38% 17.35% 106.32%
Pretax Income $42.07M $26.61M $10.20M
YoY Change 158.89% 160.85% 60.38%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $42.07M $26.61M $10.20M
YoY Change 158.89% 160.85% 60.38%
Net Earnings / Revenue 84.19% 62.56% 51.01%
Basic Earnings Per Share
Diluted Earnings Per Share $368.7K $241.0K $120.0K
COMMON SHARES
Basic Shares Outstanding 113.9M shares 113.9M shares 86.74M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.20M $4.400M $7.800M
YoY Change 163.04% -43.59% 56.0%
Cash & Equivalents $24.20M $4.438M $7.758M
Short-Term Investments
Other Short-Term Assets $355.0K $147.0K $93.00K
YoY Change 89.84% 58.06% -79.47%
Inventory
Prepaid Expenses
Receivables $25.75M $17.20M $9.918M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $55.45M $25.43M $18.27M
YoY Change 136.83% 39.2% 10.72%
LONG-TERM ASSETS
Property, Plant & Equipment $914.4M $887.9M $552.2M
YoY Change 49.44% 60.79% 14.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.85M $34.93M $34.90M
YoY Change 4.5% 0.09% -2.7%
Total Long-Term Assets $957.6M $922.8M $587.1M
YoY Change 47.97% 57.18% 12.95%
TOTAL ASSETS
Total Short-Term Assets $55.45M $25.43M $18.27M
Total Long-Term Assets $957.6M $922.8M $587.1M
Total Assets $1.013B $948.2M $605.4M
YoY Change 51.08% 56.63% 12.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.960M $110.0K $37.00K
YoY Change 66.29% 197.3%
Accrued Expenses $2.700M $2.700M $1.800M
YoY Change 575.0% 50.0% -14.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.629M $2.857M $1.790M
YoY Change 161.69% 59.61% -14.92%
LONG-TERM LIABILITIES
Long-Term Debt $93.50M $35.50M $54.50M
YoY Change -22.41% -34.86% 87.93%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $93.50M $35.50M $54.50M
YoY Change -22.41% -34.86% 87.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.629M $2.857M $1.790M
Total Long-Term Liabilities $93.50M $35.50M $54.50M
Total Liabilities $99.13M $38.36M $56.29M
YoY Change -19.18% -31.86% 80.97%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $913.9M $909.9M $549.1M
YoY Change
Total Liabilities & Shareholders Equity $1.013B $948.2M $605.4M
YoY Change 51.08% 56.63% 12.88%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $42.07M $26.61M $10.20M
YoY Change 158.89% 160.85% 60.38%
Depreciation, Depletion And Amortization $11.90M $11.10M $6.800M
YoY Change 43.37% 63.24% -21.84%
Cash From Operating Activities $45.10M $32.70M $16.60M
YoY Change 105.0% 96.99% 5.06%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$43.00M -$178.4M -$126.5M
YoY Change -36.67% 41.03% 291.64%
Cash From Investing Activities -$43.00M -$178.4M -$126.5M
YoY Change -36.67% 41.03% 291.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.50M 148.7M 111.6M
YoY Change -63.0% 33.24% 870.43%
NET CHANGE
Cash From Operating Activities 45.10M 32.70M 16.60M
Cash From Investing Activities -43.00M -178.4M -126.5M
Cash From Financing Activities 17.50M 148.7M 111.6M
Net Change In Cash 19.60M 3.000M 1.700M
YoY Change 1300.0% 76.47% -134.0%
FREE CASH FLOW
Cash From Operating Activities $45.10M $32.70M $16.60M
Capital Expenditures $0.00
Free Cash Flow $16.60M
YoY Change

Facts In Submission

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ShareBasedCompensation
2039000 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
9070356 shares
CY2016Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
84996000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
81496000 shares
CY2017Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
110377000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
101143000 shares
CY2016Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
7000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
0 shares
CY2017Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
47000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
48000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements and related notes thereto were prepared in conformity with GAAP. All material intercompany balances and transactions are eliminated in consolidation. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10&#8211;Q should be read in conjunction with the Partnership&#8217;s most recent Annual Report on Form 10&#8211;K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, which contains a summary of the Partnership&#8217;s significant accounting policies and other disclosures.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts included in or affecting the Partnership&#8217;s financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the financial statements are prepared. These estimates and assumptions affect the amounts the Partnership reports for assets and liabilities and the Partnership&#8217;s disclosure of contingent assets and liabilities at the date of the financial statements. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Partnership&#8217;s estimates. Any effects on the Partnership&#8217;s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas interests and unit&#8211;based compensation.</font></div></div>

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