Kimbell Royalty Partners, LP (KRP) · 10+ Years of Financial statements

Income Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	7	5	4	- -	67	110	93	178	285	273
+ Sales & Services Revenue	7	5	4	- -	67	110	93	178	285	273
- Cost of Revenue	5	4	2	- -	30	60	54	47	66	117
+ Cost of Goods & Services	5	4	2	- -	30	60	54	47	66	117
Gross Profit	3	- -	2	- -	37	50	39	131	219	156
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	2	3	2	- -	21	31	35	39	45	49
+ Selling, General & Admin	2	3	2	- -	21	31	35	39	45	49
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	1	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	- -	-2	-1	- -	16	19	3	92	174	107
- Non-Operating (Income) Loss	8	29	5	- -	68	177	260	50	40	20
+ Interest Expense, Net	- -	- -	- -	- -	4	6	6	9	10	22
+ Interest Expense	- -	- -	- -	- -	4	6	6	9	14	26
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	4	4
+ Other Non-Op (Income) Loss	7	29	5	- -	64	171	254	40	30	-2
Pretax Income	-7	-31	-6	- -	-52	-157	-257	43	134	87
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	1	-1	- -	3	4
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-7	-31	-6	- -	-52	-158	-256	42	131	83
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	-4	-178	-193	17	38	33
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	-4	-178	-193	17	38	33
Income (Loss) Incl. MI	-7	-31	-6	- -	-49	20	-63	25	93	50
- Minority Interest	- -	- -	- -	- -	2	89	97	-8	-19	-16
Net Income, GAAP	-7	-31	-6	- -	-50	-69	-160	34	112	66
- Preferred Dividends	- -	- -	- -	- -	6	14	8	11	- -	6
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-7	-31	-6	- -	-57	-83	-167	23	112	60
Basic Weighted Avg Shares	1	1	16	- -	18	21	35	40	54	67
Basic EPS, GAAP	-6.7	-28.29	-0.38	- -	-3.08	-3.92	-4.85	0.56	2.07	0.9
Basic EPS from Cont Ops	-6.7	-28.29	-0.38	- -	-2.83	-7.47	-7.42	1.05	2.42	1.25
Diluted Weighted Avg Shares	1	1	16	16	18	21	35	61	66	93
Diluted EPS, GAAP	-6.7	-28.29	-0.38	- -	-3.08	-3.92	-4.85	0.37	1.7	0.65
Diluted EPS from Cont Ops	-6.7	-28.29	-0.38	- -	-2.83	-7.47	-7.42	0.7	1.99	0.89
EBITDA	4	2	1	- -	41	72	52	129	224	204
EBITDA Margin (%)	60.49	36.73	22.99	- -	61.3	65.1	55.46	72.42	78.69	74.68
EBITA	- -	-2	-1	- -	16	19	3	92	174	107
EBIT	- -	-2	-1	- -	16	19	3	92	174	107
Gross Margin (%)	36.1	5.32	47.74	- -	55.75	45.58	41.49	73.5	76.73	57.24
Operating Margin (%)	4.47	-48.83	-21.49	- -	23.63	17.56	3.53	51.62	61.01	39.24
Profit Margin (%)	-102.68	-668.4	-172.25	- -	-75.39	-62.89	-171.67	18.98	39.27	24.33
Sales per Employee	- -	- -	360,666	- -	3,936,824	4,780,739	3,717,320	7,136,280	10,556,963	9,419,988
Dividend per Share	3.06	4.07	- -	- -	2.22	3.72	1.59	1.78	2.34	2.3
Depreciation Expense	4	4	2	- -	25	52	48	37	50	97

Balance Sheet	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	1	2	1	13	38	34	28	45	75	103
+ Cash, Cash Equivalents & STI	- -	- -	1	6	16	14	10	7	25	31
+ Cash & Cash Equivalents	- -	- -	1	6	16	14	10	7	25	31
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	1	2	1	7	19	19	19	38	51	61
+ Accounts Receivable, Net	1	- -	- -	7	19	19	19	38	51	61
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	- -	- -	- -	3	1	- -	- -	- -	11
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	58	26	19	283	716	714	536	556	1,002	1,235
+ Property, Plant & Equip, Net	58	26	19	282	711	709	526	546	757	1,224
+ Property, Plant & Equip	70	71	71	298	819	1,038	1,154	1,209	1,469	2,051
- Accumulated Depreciation	13	45	52	15	108	329	628	664	713	827
+ LT Investments & Receivables	- -	- -	- -	- -	- -	3	5	5	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	3	5	5	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	- -	- -	- -	4	2	5	6	245	10
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	- -	- -	- -	4	2	5	6	245	10
Total Assets	59	28	21	295	753	749	565	601	1,077	1,338
+ Payables & Accruals	1	2	1	- -	1	1	1	1	1	7
+ Accounts Payable	- -	2	1	- -	1	1	1	1	1	7
+ Accrued Taxes	- -	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1	- -	- -	-1	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	2	2	4	8	28	18	6
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	2	2	4	8	28	18	6
Total Current Liabilities	2	2	1	2	4	5	9	28	19	13
+ LT Debt	9	11	11	31	87	103	174	220	235	296
+ LT Borrowings	9	11	11	31	87	100	172	217	233	294
+ LT Finance Leases	- -	- -	- -	- -	- -	3	3	3	2	2
+ Other LT Liabilities	- -	- -	- -	- -	- -	- -	3	5	9	- -
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	8	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	- -	- -	- -	3	5	1	- -
Total Noncurrent Liabilities	9	12	11	31	87	103	178	224	245	296
Total Liabilities	11	14	12	33	91	109	186	253	263	309
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	9	- -	- -	- -	- -	- -	- -	- -
+ Common Stock	- -	- -	9	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	48	14	9	262	364	359	301	330	603	986
+ Minority/Non Controlling Interest	- -	- -	- -	- -	298	281	77	19	211	42
Total Equity	48	14	9	262	662	640	378	349	813	1,028
Total Liabilities & Equity	59	28	21	295	753	749	565	601	1,077	1,338
Shares Outstanding	1	1	16	17	18	24	39	47	64	74
Capital Leases - Total	- -	- -	- -	- -	- -	3	3	3	2	2
Net Debt	9	11	10	25	72	86	162	210	208	263
Net Debt to Equity	18.12	77.74	116.93	9.62	10.8	13.43	42.76	60.22	25.62	25.59
Tangible Common Equity Ratio	82.03	51.03	42.03	88.75	87.9	85.48	67	58	75.54	76.88
Current Ratio	0.76	1.07	1.13	5.63	9.9	6.28	3.23	1.6	4.01	7.95
Cash Conversion Cycle	- -	-41.09	-247.29	- -	59.66	55.42	67.14	51.47	51.27	62.14
Number of Employees	- -	- -	10	14	17	23	25	25	27	29

Cash Flow Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-7	-31	-6	- -	-52	-158	-256	42	131	83
+ Depreciation & Amortization	4	4	2	- -	25	52	48	37	50	97
+ Non-Cash Items	8	29	6	- -	66	181	269	32	- -	3
+ Stock-Based Compensation	- -	1	1	- -	3	8	9	11	11	13
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	7	29	5	- -	67	169	252	- -	- -	18
+ Other Non-Cash Adj	- -	- -	- -	- -	-4	4	9	22	-11	-28
+ Chg in Non-Cash Work Cap	- -	1	- -	- -	-6	6	1	-21	-14	-9
+ (Inc) Dec in Accts Receiv	- -	-1	1	- -	-7	4	1	-20	-12	-10
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	- -	2	-1	- -	1	- -	- -	- -	- -	1
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	1	- -	-1	-2	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	4	3	1	- -	33	81	62	91	167	174
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	11	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	11	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-53	-1	- -	- -	-212	-13	-89	-56	-141	-491
+ Acq of Fixed Prod Assets	-53	-1	- -	- -	-212	-13	-89	-56	-141	-491
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	-237	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	-237	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	-3	-2	- -	- -	244
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	244
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	-3	-2	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	1	4	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-53	-1	- -	- -	-201	-16	-91	-56	-375	-247
+ Dividends Paid	-3	-5	- -	- -	-41	-79	-55	-72	-127	-153
+ Net Cash From Debt	9	2	-1	- -	56	13	71	46	16	61
+ Cash From Debt	45	3	- -	- -	124	13	163	137	199	201
+ Repayments of Debt	-36	-1	-1	- -	-68	- -	-91	-91	-183	-140
+ Cash (Repurchase) of Equity	34	- -	- -	- -	166	- -	73	55	340	106
+ Increase in Capital Stock	34	- -	- -	- -	166	- -	74	58	344	111
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	-2	-4	-5
+ Other Financing Activities	- -	- -	- -	- -	-3	-1	-66	-68	-3	64
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	40	-2	-1	- -	178	-67	24	-39	226	78
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-10	- -	- -	- -	10	-2	-4	-3	18	6
EBITDA	4	2	1	- -	41	72	52	129	224	204
EBITDA Margin (%)	60.49	36.73	22.99	- -	61.3	65.1	55.46	72.42	78.69	74.68
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	3	2	- -	- -	-244
Free Cash Flow	-49	2	1	- -	-178	68	-26	35	25	-317
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	45	39	-292
Free Cash Flow to Equity	- -	5	- -	- -	-118	67	37	70	41	-262
Free Cash Flow per Basic Share	-44.65	1.96	0.06	- -	-9.67	3.21	-0.76	0.88	0.47	-4.75
Price/Free Cash Flow	- -	- -	- -	- -	1.01	3.82	1.82	5.63	3.52	2.13
Cash Flow to Net Income	-0.54	-0.09	-0.17	- -	-0.66	-1.17	-0.39	2.7	1.49	2.62

Kimbell Royalty Partners, LP

KRP US

16.11