LandBridge Company LLC Announces Fourth Quarter and Fiscal Year 2024 Results
Delivers Q4 revenue growth of
Fiscal Year 2024 year-over-year revenue growth of
Re-affirms FY25 EBITDA outlook of
Added approximately 53,000 acres through previously announced acquisitions
Fourth Quarter 2024 Financial Highlights
-
Revenues of
$36.5 million 109% year-over-year -
Net income of
$8.2 million -
Net income margin of
22% (1) -
Adjusted EBITDA(2) of
$31.7 million 108% year-over-year -
Adjusted EBITDA Margin(2) of
87% -
Cash flows from operating activities of
$26.9 million -
Free Cash Flow(2) of
$26.7 million -
Operating cash flow margin of
74% -
Free Cash Flow Margin(2) of
73%
(1) 4Q24 net income and net income margin include a non-cash expense of |
(2) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are non-GAAP financial measures. See “Comparison of Non-GAAP Financial Measures” included within the Appendix of this press release for related disclosures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP. |
(3) Fiscal Year 2024 net loss and net loss margin include a non-cash expense of |
(4) Surface use economic efficiency is calculated as (i) total revenues less oil and gas royalty revenues divided by (ii) applicable acreage. |
Fiscal Year 2024 Financial Highlights
-
Revenues of
$110.0 million 51% year-over-year -
Net loss of
$41.5 million -
Net loss margin of
38% (3) -
Adjusted EBITDA(2) of
$97.1 million 55% year-over-year -
Adjusted EBITDA Margin(2) of
88% -
Cash flows from operating activities of
$67.6 million -
Free Cash Flow(2) of
$66.7 million -
Operating cash flow margin of
62% -
Free Cash Flow Margin(2) of
61% -
On legacy acreage owned as of fiscal year end 2023, increased surface use economic efficiency(4) year-over-year from
$724 $1,018 41% increase
Recent Milestones
-
Completed the acquisition of approximately 46,000 largely contiguous surface acres known as the Wolf Bone Ranch in the
Delaware Basin from a subsidiary of VTX Energy Partners, LLC, a Vitol investment (“VTX Energy”). The land generates significant cash flows from existing third-party operations and LandBridge secured a minimum annual revenue commitment of$25 million -
Subsequent to year-end, acquired approximately 3,000 surface acres in
Lea County, New Mexico that are contiguous with our existing land, increasing our aggregate surface land holdings to approximately 276,000 acres. -
Executed a development agreement with Western Midstream Partners, LP providing a surface and pore space solution for a portion of the recently announced 42-mile, 30-inch Pathfinder produced water pipeline and related produced water handling facilities on our East Stateline Ranch in
Loving County, Texas . -
Executed solar energy project development agreements with affiliates of DESRI, a leading developer, owner and operator of renewable energy projects. The agreements include ~6,700 acres in
Andrews County, Texas andLea County, New Mexico for which DESRI has submitted interconnection requests to the Southwest Power Pool.
Jason Long, Chief Executive Officer of the Company, stated, “In 2024, we tripled the size of our land holdings, delivered high-double-digit revenue growth year-over-year, and demonstrated our ability to deliver industry-leading adjusted EBITDA and free cash flow margins. With more than 270,000 acres across the most active oil and natural gas development and production region of the prolific Permian Basin, we are uniquely positioned to capitalize on opportunities in energy and digital infrastructure to create sustainable value for our shareholders.”
Scott McNeely, Chief Financial Officer of the Company, said, “Our triple-digit revenue growth during the fourth quarter is clear evidence of our momentum across the business. For 2025, we anticipate another year of strong revenue growth and profitability as we execute on our active land management strategy.”
Fourth Quarter 2024 Consolidated Financial Information
Revenue for the fourth quarter of 2024 was
Adjusted EBITDA was
Net income margin was
Diversified Revenue Streams
Surface Use Royalties and Revenue: Generated revenues of
Resources Sales and Royalties: Generated revenues of
Oil and Gas Royalties: Generated revenues of
Free Cash Flow Generation
Cash flow from operations for the fourth quarter of 2024 was
Net cash used in investing activities during the fourth quarter of 2024 was
Net cash provided by financing activities during the fourth quarter of 2024 consisted of approximately
Strong Balance Sheet with Ample Liquidity
Total cash and cash equivalents were
As of December 31, 2024, the Company had approximately
Total liquidity was
Outlook
The Company re-affirms the following outlook for fiscal year 2025:
For fiscal year 2025, the Company expects Adjusted EBITDA to be between
- Incremental contribution from our recent acquisitions;
- Initial solar facility contributions to surface use revenues;
- Growth of our surface use royalties through higher produced water volumes on our surface;
- Updates to resources sales and royalties based on current timing and volume expectations; and
- Updates to anticipated commodity pricing based on current regional pricing dynamics
Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue. We are unable to reasonably predict these because they are uncertain and depend on various factors not yet known, which could have a material impact on GAAP results for the guidance period. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort.
Annual Report on Form 10-K
Our financial statements and related footnotes will be available in our Annual Report on Form 10-K for the year ended December 31, 2024, which is expected to be filed with the
Conference Call and Webcast Information
The Company will hold a conference call on Thursday, March 6, 2025, at 8:00 a.m. Central Time to discuss fourth quarter and fiscal year 2024 results. A live webcast of the conference call will be available on the Events and Presentations section of the LandBridge Investor Relations website at https://ir.landbridgeco.com/events-and-presentations/default.aspx. To listen to the live broadcast, go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio software.
To access the live conference call, participants must pre-register online at https://registrations.events/direct/Q4I3477978 to receive unique dial-in information. Pre-registration may be completed at any time up to the call start time. An audio replay will be available following the conclusion of the call and remain available through March 20, 2025. The replay can be accessed by registering online at https://registrations.events/direct/Q4I3477978.
About LandBridge
LandBridge owns approximately 276,000 surface acres across
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on LandBridge’s beliefs, as well as assumptions made by, and information currently available to, LandBridge, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and the words “believe,” “anticipate,” “continue,” “intend,” “expect” and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although LandBridge believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, LandBridge may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: our customers’ demand for and use of our land and resources; the success of our affiliates, WaterBridge, Desert Environmental and the counterparty to the lease development agreement in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on our land; our customers’ willingness and ability to develop our land or any potential acquired acreage to accommodate any future surface use developments, such as the site under contract for the lease development agreement for the data center; the domestic and foreign supply of, and demand for, energy sources, including the impact of actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries,
The historical financial information presented below reflects only our historical financial results and the historical financial results of our predecessor, DBR Land Holdings LLC, as applicable.
FOURTH QUARTER 2024 RESULTS
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
Three Months Ended December 31, |
|
|
Year Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Surface use royalties |
|
$ |
3,992 |
|
|
$ |
2,464 |
|
|
$ |
13,121 |
|
|
$ |
7,780 |
|
Surface use royalties - Related party |
|
|
6,597 |
|
|
|
2,162 |
|
|
|
18,499 |
|
|
|
5,436 |
|
Easements and other surface-related revenues |
|
|
5,611 |
|
|
|
2,733 |
|
|
|
20,629 |
|
|
|
8,395 |
|
Easements and other surface-related revenues - Related party |
|
|
9,262 |
|
|
|
385 |
|
|
|
13,486 |
|
|
|
4,249 |
|
Resource sales |
|
|
3,056 |
|
|
|
2,138 |
|
|
|
14,964 |
|
|
|
18,045 |
|
Resource sales - Related party |
|
|
58 |
|
|
|
158 |
|
|
|
387 |
|
|
|
1,785 |
|
Oil and gas royalties |
|
|
4,464 |
|
|
|
5,795 |
|
|
|
16,027 |
|
|
|
20,743 |
|
Resource royalties |
|
|
2,976 |
|
|
|
1,622 |
|
|
|
9,779 |
|
|
|
6,432 |
|
Resource royalties - Related party |
|
|
483 |
|
|
|
- |
|
|
|
3,062 |
|
|
|
- |
|
Total revenues |
|
|
36,499 |
|
|
|
17,457 |
|
|
|
109,954 |
|
|
|
72,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Resource sales-related expense |
|
|
374 |
|
|
|
364 |
|
|
|
2,113 |
|
|
|
3,445 |
|
Other operating and maintenance expense |
|
|
1,337 |
|
|
|
784 |
|
|
|
3,174 |
|
|
|
2,740 |
|
General and administrative expense (income) |
|
|
14,188 |
|
|
|
8,519 |
|
|
|
112,302 |
|
|
|
(12,091 |
) |
Depreciation, depletion, amortization and accretion |
|
|
2,581 |
|
|
|
2,366 |
|
|
|
8,875 |
|
|
|
8,762 |
|
Operating income (loss) |
|
|
18,019 |
|
|
|
5,424 |
|
|
|
(16,510 |
) |
|
|
70,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net |
|
|
7,100 |
|
|
|
2,843 |
|
|
|
23,335 |
|
|
|
7,016 |
|
Other income |
|
|
- |
|
|
|
(8 |
) |
|
|
(241 |
) |
|
|
(549 |
) |
Income (loss) from operations before taxes |
|
|
10,919 |
|
|
|
2,589 |
|
|
|
(39,604 |
) |
|
|
63,542 |
|
Income tax expense |
|
|
2,765 |
|
|
|
67 |
|
|
|
1,875 |
|
|
|
370 |
|
Net income (loss) |
|
$ |
8,154 |
|
|
$ |
2,522 |
|
|
$ |
(41,479 |
) |
|
$ |
63,172 |
|
Net loss prior to the IPO |
|
|
- |
|
|
|
|
|
|
(46,877 |
) |
|
|
|
||
Net income attributable to noncontrolling interest |
|
|
5,701 |
|
|
|
|
|
|
288 |
|
|
|
|
||
Net income attributable to LandBridge Company LLC |
|
$ |
2,453 |
|
|
|
|
|
$ |
5,110 |
|
|
|
|
||
CONSOLIDATED BALANCE SHEETS
|
|
December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
37,032 |
|
|
$ |
37,823 |
|
Accounts receivable, net |
|
|
12,544 |
|
|
|
12,383 |
|
Related party receivable |
|
|
2,111 |
|
|
|
1,037 |
|
Prepaid expenses and other current assets |
|
|
1,628 |
|
|
|
1,035 |
|
Total current assets |
|
|
53,315 |
|
|
|
52,278 |
|
|
|
|
|
|
|
|
||
Non-current assets: |
|
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
902,742 |
|
|
|
203,018 |
|
Intangible assets, net |
|
|
45,265 |
|
|
|
28,642 |
|
Deferred tax assets |
|
|
411 |
|
|
|
- |
|
Other assets |
|
|
1,741 |
|
|
|
5,011 |
|
Total non-current assets |
|
|
950,159 |
|
|
|
236,671 |
|
Total assets |
|
$ |
1,003,474 |
|
|
$ |
288,949 |
|
|
|
|
|
|
|
|
||
Liabilities and equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
489 |
|
|
$ |
200 |
|
Taxes payable |
|
|
2,286 |
|
|
|
385 |
|
Related party payable |
|
|
686 |
|
|
|
453 |
|
Accrued liabilities |
|
|
7,185 |
|
|
|
4,945 |
|
Current portion of long-term debt |
|
|
424 |
|
|
|
20,339 |
|
Unearned revenue |
|
|
1,221 |
|
|
|
278 |
|
Other current liabilities |
|
|
2,119 |
|
|
|
500 |
|
Total current liabilities |
|
|
14,410 |
|
|
|
27,100 |
|
|
|
|
|
|
|
|
||
Non-current liabilities: |
|
|
|
|
|
|
||
Long-term debt |
|
|
380,815 |
|
|
|
108,343 |
|
Other long-term liabilities |
|
|
183 |
|
|
|
2,759 |
|
Total non-current liabilities |
|
|
380,998 |
|
|
|
111,102 |
|
Total liabilities |
|
|
395,408 |
|
|
|
138,202 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Member's equity |
|
|
- |
|
|
|
150,747 |
|
Class A shares, unlimited shares authorized and 23,255,419 shares issued and outstanding as of December 31, 2024. None authorized, issued or outstanding as of December 31, 2023. |
|
|
432,663 |
|
|
|
- |
|
Class B shares, unlimited shares authorized and 53,227,852 shares issued and outstanding as of December 31, 2024. None authorized, issued or outstanding as of December 31, 2023. |
|
|
- |
|
|
|
- |
|
Retained earnings |
|
|
3,349 |
|
|
|
- |
|
Total shareholders' equity attributable to LandBridge Company LLC |
|
|
436,012 |
|
|
|
- |
|
Noncontrolling interest |
|
|
172,054 |
|
|
|
- |
|
Total shareholders' and member's equity |
|
|
608,066 |
|
|
|
150,747 |
|
Total liabilities and equity |
|
$ |
1,003,474 |
|
|
$ |
288,949 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
Year Ended December 31, |
|
|
|||||
|
|
2024 |
|
|
2023 |
|
|
||
Cash flows from operating activities |
|
|
|
|
|
|
|
||
Net (loss) income |
|
$ |
(41,479 |
) |
|
$ |
63,172 |
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
||
Depreciation, depletion, amortization and accretion |
|
|
8,875 |
|
|
|
8,762 |
|
|
Amortization of deferred financing fees |
|
|
411 |
|
|
|
129 |
|
|
Amortization of debt issuance costs |
|
|
1,277 |
|
|
|
259 |
|
|
Share-based compensation |
|
|
95,335 |
|
|
|
(17,230 |
) |
|
Gain on disposal of assets |
|
|
- |
|
|
|
(239 |
) |
|
Deferred income tax expense |
|
|
(411 |
) |
|
|
- |
|
|
Bad debt expense |
|
|
5 |
|
|
|
(7 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
2,113 |
|
|
|
(1,474 |
) |
|
Related party receivable |
|
|
(1,074 |
) |
|
|
(613 |
) |
|
Prepaid expenses and other assets |
|
|
(328 |
) |
|
|
43 |
|
|
Accounts payable |
|
|
272 |
|
|
|
362 |
|
|
Related party payable |
|
|
233 |
|
|
|
(109 |
) |
|
Unearned revenue |
|
|
940 |
|
|
|
(989 |
) |
|
Accrued liabilities and other liabilities |
|
|
(434 |
) |
|
|
803 |
|
|
Income taxes payable |
|
|
1,901 |
|
|
|
173 |
|
|
Net cash provided by operating activities |
|
|
67,636 |
|
|
|
53,042 |
|
|
|
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
|
||
Acquisitions |
|
|
(723,367 |
) |
|
|
- |
|
|
Capital expenditures |
|
|
(985 |
) |
|
|
(2,783 |
) |
|
Proceeds from disposal of assets |
|
|
- |
|
|
|
11 |
|
|
Net cash used in investing activities |
|
|
(724,352 |
) |
|
|
(2,772 |
) |
|
|
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
|
||
Proceeds from issuance of Class A shares - IPO, net of underwriter discounts & fees |
|
|
278,263 |
|
|
|
- |
|
|
Proceeds from issuance of Class A shares - December Private Placement, net of placement agent fees |
|
|
339,291 |
|
|
|
- |
|
|
Purchase of OpCo Units from LandBridge Holdings, net of placement agent fees |
|
|
(145,411 |
) |
|
|
- |
|
|
Contributions from member |
|
|
120,000 |
|
|
|
- |
|
|
Dividends, dividend equivalents, and distributions paid |
|
|
(178,244 |
) |
|
|
(105,165 |
) |
|
Proceeds from term loan |
|
|
362,500 |
|
|
|
100,000 |
|
|
Repayments of term loan |
|
|
(102,500 |
) |
|
|
(62,417 |
) |
|
Proceeds from revolver |
|
|
55,000 |
|
|
|
50,000 |
|
|
Repayments of revolver |
|
|
(60,000 |
) |
|
|
(15,000 |
) |
|
Other financing activities |
|
|
(462 |
) |
|
|
(404 |
) |
|
Debt issuance costs |
|
|
(4,326 |
) |
|
|
(3,106 |
) |
|
Offering costs |
|
|
(8,186 |
) |
|
|
(1,706 |
) |
|
Net cash provided by (used in) financing activities |
|
|
655,925 |
|
|
|
(37,798 |
) |
|
Net (decrease) increase in cash and cash equivalents |
|
|
(791 |
) |
|
|
12,472 |
|
|
Cash and cash equivalents - beginning of period |
|
|
37,823 |
|
|
|
25,351 |
|
|
Cash and cash equivalents - end of period |
|
$ |
37,032 |
|
|
$ |
37,823 |
|
|
Comparison of Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin or any other measures presented under GAAP.
Adjusted EBITDA and Adjusted EBITDA Margin are used to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; non-recurring transaction-related expenses and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues.
We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period, and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired.
The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated.
|
Year Ended, |
|
|
Three Months Ended |
|
||||||||||||||
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|||||
|
(In thousands) |
|
|
(In thousands) |
|
||||||||||||||
Net income (loss) |
$ |
(41,479 |
) |
|
$ |
63,172 |
|
|
$ |
8,154 |
|
|
$ |
(2,756 |
) |
|
$ |
2,522 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation, depletion, amortization and accretion |
|
8,875 |
|
|
|
8,762 |
|
|
|
2,581 |
|
|
|
2,038 |
|
|
|
2,366 |
|
Interest expense, net |
|
23,335 |
|
|
|
7,016 |
|
|
|
7,100 |
|
|
|
7,071 |
|
|
|
2,843 |
|
Income tax expense (benefit) |
|
1,875 |
|
|
|
370 |
|
|
|
2,765 |
|
|
|
(1,128 |
) |
|
|
67 |
|
EBITDA |
|
(7,394 |
) |
|
|
79,320 |
|
|
|
20,600 |
|
|
|
5,225 |
|
|
|
7,798 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Share-based compensation - Incentive Units (1) |
|
91,307 |
|
|
|
(17,230 |
) |
|
|
8,905 |
|
|
|
9,830 |
|
|
|
7,204 |
|
Share-based compensation - RSUs |
|
4,028 |
|
|
|
- |
|
|
|
2,234 |
|
|
|
1,794 |
|
|
|
- |
|
Transaction-related expenses (2) |
|
1,266 |
|
|
|
598 |
|
|
|
- |
|
|
|
351 |
|
|
|
101 |
|
Non-recurring (3) |
|
7,825 |
|
|
|
- |
|
|
|
- |
|
|
|
7,825 |
|
|
|
- |
|
Other |
|
37 |
|
|
|
116 |
|
|
|
- |
|
|
|
(13 |
) |
|
|
122 |
|
Adjusted EBITDA |
$ |
97,069 |
|
|
$ |
62,804 |
|
|
$ |
31,739 |
|
|
$ |
25,012 |
|
|
$ |
15,225 |
|
Net (loss) income margin |
|
(38 |
%) |
|
|
87 |
% |
|
|
22 |
% |
|
|
(10 |
%) |
|
|
14 |
% |
Adjusted EBITDA Margin |
|
88 |
% |
|
|
86 |
% |
|
|
87 |
% |
|
|
88 |
% |
|
|
87 |
% |
(1) Share-based compensation – Incentive Units for the three months ended December 31, 2024, consists of |
|||||||||||||||||||
(2) Transaction-related expenses consist of non-capitalizable transaction costs associated with both completed or attempted acquisitions, debt amendments and entity structuring charges. |
|||||||||||||||||||
(3) Non-recurring expenses for the three months ended September 30, 2024 consist primarily of |
|||||||||||||||||||
Free Cash Flow and Free Cash Flow Margin are used to assess our ability to repay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures. We define Free Cash Flow Margin as Free Cash Flow divided by total revenues.
We believe Free Cash Flow and Free Cash Flow Margin are useful because they allow for an effective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and subsequently the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisition activities.
The following table sets forth a reconciliation of cash flows from operating activities determined in accordance with GAAP to Free Cash Flow and Free Cash Flow Margin, respectively, for the periods indicated.
|
Year Ended, |
|
|
Three Months Ended |
|
||||||||||||||
|
December 31, 2024 |
|
|
December 31, 2023 |
|
|
December 31, 2024 |
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|||||
|
(In thousands) |
|
|
(In thousands) |
|
||||||||||||||
Net cash provided by operating activities |
$ |
67,636 |
|
|
$ |
53,042 |
|
|
$ |
26,928 |
|
|
$ |
7,450 |
|
|
$ |
12,483 |
|
Net cash used in investing activities |
|
(724,352 |
) |
|
|
(2,772 |
) |
|
|
(292,331 |
) |
|
|
(1,053 |
) |
|
|
(149 |
) |
Cash (used in) provided by operating and investing activities |
|
(656,716 |
) |
|
|
50,270 |
|
|
|
(265,403 |
) |
|
|
6,397 |
|
|
|
12,334 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Acquisitions |
|
723,367 |
|
|
|
- |
|
|
|
292,107 |
|
|
|
750 |
|
|
|
- |
|
Proceeds from disposal of assets |
|
- |
|
|
|
(11 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Free Cash Flow |
$ |
66,651 |
|
|
$ |
50,259 |
|
|
$ |
26,704 |
|
|
$ |
7,147 |
|
|
$ |
12,334 |
|
Operating cash flow margin (1) |
|
62 |
% |
|
|
73 |
% |
|
|
74 |
% |
|
|
26 |
% |
|
|
72 |
% |
Free Cash Flow Margin |
|
61 |
% |
|
|
69 |
% |
|
|
73 |
% |
|
|
25 |
% |
|
|
71 |
% |
(1) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue. |
|||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250305123919/en/
Media
Daniel Yunger / Nathaniel Shahan
Kekst CNC
kekst-landbridge@kekstcnc.com
Investor
Scott McNeely
Chief Financial Officer
LandBridge Company LLC
832-703-1433
Contact@LandBridgeCo.com
Source: LandBridge Company LLC
