BKV Corp
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 13, 2024
BKV$18.96+2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $(85,413) | $79,378 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation, depletion, amortization, and accretion | 169,111 | 131,389 |
| Equity-based compensation expense | 12,819 | 17,392 |
| Deferred income tax (benefit) expense | (31,272) | 22,050 |
| Unrealized (gains) losses on derivatives, net | 82,142 | (55,280) |
| Gains on contingent consideration liabilities | (9,973) | (24,113) |
| Settlement of contingent consideration | (20,000) | (65,000) |
| Proceeds from the sale of call options | 23,502 | — |
| Gains on sales of assets | (6,784) | (308) |
| Transaction costs from sales of assets | (3,898) | — |
| Earnings from equity affiliate | (27,602) | (34,792) |
| Loss on early extinguishment of debt | 13,877 | — |
| Other, net | 2,453 | 2,687 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (3,412) | 94,010 |
| Accounts payable and accrued liabilities | (30,841) | (49,962) |
| Other changes in operating assets and liabilities | (9,933) | (2,020) |
| Net cash provided by operating activities | 74,776 | 115,431 |
| Cash flows from investing activities: | ||
| Acquisition of natural gas properties | — | (4,889) |
| Capital expenditures | (52,774) | (161,068) |
| Proceeds from sales of assets | 133,426 | 1,576 |
| Loan advanced to equity affiliate | — | (8,000) |
| Loan repayment from equity affiliate | — | 8,000 |
| Other investing activities, net | (23) | 8,090 |
| Net cash provided by (used in) investing activities | 80,629 | (156,291) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock in initial public offering, net of underwriting discounts and commissions | 253,800 | — |
| Proceeds from the issuance of common stock | — | 150,005 |
| Proceeds from notes payable from related party | — | 17,000 |
| Payments on notes payable to related party | (75,000) | (17,000) |
| Proceeds under RBL Credit Agreement | 520,000 | — |
| Payments on RBL Credit Agreement | (330,000) | — |
| Payment on term loan agreement | (456,000) | (114,000) |
| Payment of debt issuance costs | (8,054) | — |
| Proceeds from draws on credit facilities | 44,000 | 258,500 |
| Payments on credit facilities | (171,000) | (208,500) |
| Payments of deferred offering costs | (1,369) | (2,455) |
| Debt extinguishment costs | (10,213) | — |
| Redemption of common stock issued upon vesting of equity-based compensation and other | (2,081) | (424) |
| Net share settlements, equity-based compensation | (53,239) | (2,961) |
| Net cash provided by (used in) financing activities | (289,156) | 80,165 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (133,751) | 39,305 |
| Cash, cash equivalents, and restricted cash, beginning of period | 165,069 | 153,128 |
| Cash, cash equivalents, and restricted cash, end of period | $31,318 | $192,433 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 4 |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| Supplemental cash flow information: | 2024 | 2023 |
| Cash payments for: | ||
| Interest | $55,558 | $36,069 |
| Income tax | $6 | $100 |
| Non-cash investing and financing activities: | ||
| Conversion of mezzanine equity to common stock upon initial public offering | $42,995 | $— |
| Conversion of equity-based compensation to common stock upon initial public offering | $74,993 | $— |
| Reclassification of deferred offering costs to common stock upon initial public offering | $11,649 | $— |
| Increase (decrease) in accrued capital expenditures | $4,546 | $(13,482) |
| Additions to asset retirement obligations | $21 | $89 |
| Lease liabilities arising from obtaining right-of-use assets | $494 | $3,061 |
| Increase (decrease) in accrued offering costs | $1,588 | $(763) |
| Adjustment of minority ownership puttable shares to redemption value | $16,989 | $7,591 |
| Adjustment of equity-based compensation to redemption value | $9,310 | $14,374 |
| Impact of redemption of shares issued in settlement of equity-based compensation and other on additional paid-in capital, common stock, and treasury stock | $2,081 | $602 |
| The accompanying notes are an integral part of these condensed consolidated financial statements. | 5 |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.