Business Context and Reporting Period
Company: Matador Resources Company
Filing Type: Form 8-K (Current Report)
Date of Report: May 8, 2013
Reporting Period: Three months ended March 31, 2013
Context: This filing announces financial results for the first quarter of 2013 and includes an operational update and updated guidance for the full year 2013. The detailed results are contained in a press release attached as Exhibit 99.1.
Key Financial Metrics
The filing text itself does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the referenced press release (Exhibit 99.1).
The filing explicitly identifies the following non-GAAP financial measures used in the accompanying press release:
- Adjusted EBITDA: Earnings before interest expense, income taxes, depletion, depreciation and amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, certain other non-cash items, non-cash stock-based compensation expense, and net gain or loss on asset sales and inventory impairment.
- PV-10: Present value discounted at 10% (pre-tax) of estimated total proved reserves.
The filing confirms that reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided in the press release.
Material Changes
The filing text does not explicitly detail specific material changes in financial metrics versus the prior comparable period. It states that the attached press release includes an operational update and updated guidance, implying changes or updates to prior expectations, but specific comparative data is not present in this document.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing confirms that the Company has provided updated guidance for the full year 2013 in the attached press release. The press release also includes an operational update as of May 8, 2013.
Risks and Contingencies: The filing text does not list specific risks or contingencies. It notes that the information furnished pursuant to Item 2.02 and Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act and will not be incorporated by reference into any filing under the Securities Act unless specifically identified.
Unusual Items: The filing highlights the use of non-GAAP measures (Adjusted EBITDA and PV-10) and states that the Company has provided reasons why these measures are useful to investors.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated May 8, 2013) for specific Q1 2013 revenue, net income, and cash flow figures.
- Verify the reconciliation of Adjusted EBITDA and PV-10 to GAAP measures in the press release.
- Examine the updated 2013 full-year guidance provided in the press release.
- Check the operational update details regarding production or reserve changes as of May 8, 2013.
- Confirm the status of debt and liquidity positions in the full financial statements referenced by the press release.