Matador Resources (MTDR) Q1 FY2024 earnings: revenue $788 million, up 40.6% on the year

Matador Resources Co. (MTDR) reported revenue of $788 million for Q1 FY2024, the quarter ended 31 March 2024, up 40.6% on the same quarter a year earlier. Net income was $194 million, up 18.8% on the year, and diluted earnings per share $1.61. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$788 millionup 40.6%

Net income$194 millionup 18.8%

Diluted EPS$1.61

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	788	836	n/a	n/a
Operating income	319	366	n/a	n/a
Operating margin	40.5%	43.7%	n/a
Interest expense	39.6	35.7	n/a	n/a
Pre-tax income	280	333	n/a	n/a
Income tax	66.8	57.5	n/a	n/a
Effective tax rate	23.9%	17.2%	n/a
Net income	194	255	n/a	n/a
Net margin	24.6%	30.4%	n/a
Diluted EPS	$1.61	$2.12	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	469	618	n/a	n/a
Capital expenditure	639	608	n/a	n/a
Free cash flow	-170	9.9	n/a	n/a
Free cash flow margin	-21.6%	1.2%	n/a
Cash from investing	-543	-549	n/a	n/a
Cash from financing	42.8	-25.4	n/a	n/a
Depreciation and amortisation	212	220	n/a	n/a
Share-based compensation	2.8	2.9	n/a	n/a
Dividends paid	23.9	23.7	n/a	n/a
Dividend per share	$0.20	$0.20	n/a	n/a
Diluted shares, weighted	120m	120m	n/a	n/a
Shares outstanding at period end	125m	119m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	4,418	3,911	n/a	n/a
Non-controlling interest	218	217	n/a	n/a
Debt	n/a	2,207	n/a	n/a
Operating lease liabilities	n/a	10.8	n/a	n/a
Finance lease liabilities	n/a	0.9	n/a	n/a
Other liabilities	3,591	1,381	n/a	n/a
Total liabilities and equity	8,227	7,727	n/a	n/a
Fixed assets	7,379	6,956	n/a	n/a
Cash and equivalents	23.2	52.7	n/a	n/a
Receivables	278	274	n/a	n/a
Other assets	547	444	n/a	n/a
Total assets	8,227	7,727	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	772	836	788	847	900	970	1,014	895	939	848	672	1,186
Operating income	340	366	319	364	392	360	389	289	306	243	46.8	577
Operating margin	44%	44%	40%	43%	44%	37%	38%	32%	33%	29%	7%	49%
Interest expense	35.4	35.7	39.6	36.0	36.2	60.0	49.5	53.3	50.6	55.0	51.5	60.8
Pre-tax income	293	333	280	326	358	300	345	239	260	190	-16.5	520
Tax rate	5%	17%	24%	24%	24%	21%	24%	24%	23%	-14%	n/a	21%
Net income	264	255	194	229	248	215	240	150	176	193	-35.9	391
Net margin	34%	30%	25%	27%	28%	22%	24%	17%	19%	23%	-5%	33%
Diluted EPS	$2.20	$2.12	$1.61	$1.83	$1.99	$1.71	$1.92	$1.21	$1.42	$1.55	-$0.29	$3.15
Operating cash flow	461	618	469	593	610	575	728	501	722	474	471	937
Capital expenditure	306	608	639	524	2,214	530	554	491	643	466	497	n/a
Free cash flow	155	9.9	-170	69.0	-1,604	45.2	174	9.6	78.3	8.1	-26.4	n/a
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	0.0	44.2	6.5	5.1	0.7	11.4
Dividends paid	17.8	23.7	23.9	24.9	24.9	31.3	39.2	39.0	38.7	46.3	46.8	46.4
Shares outstanding	119m	119m	125m	125m	125m	125m	125m	124m	124m	124m	124m	124m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0001520006-24-000105: the filing on EDGAR. All of Matador Resources Co.'s filings: EDGAR company page.

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