LandBridge Company LLC Announces Fourth Quarter and Fiscal Year 2024 Results
Delivers Q4 revenue growth of 109% year-over-year
Fiscal Year 2024 year-over-year revenue growth of 51%
Re-affirms FY25 EBITDA outlook of $170 million to $190 million
Added approximately 53,000 acres through previously announced acquisitions
HOUSTON--(BUSINESS WIRE)--March 05, 2025--
LandBridge Company LLC $(LB)$ (the "Company," "LandBridge") today announced its financial and operating results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights
-- Revenues of $36.5 million, up 109% year-over-year
-- Net income of $8.2 million(1)
-- Net income margin of 22%(1)
-- Adjusted EBITDA(2) of $31.7 million, up 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 $11.1
million attributable to share-based compensation, including $8.9 million
attributable to management incentive units issued by LandBridge Holdings LLC
("Incentive Units"). Any actual cash expense associated with such Incentive
Units will be borne solely by LandBridge Holdings LLC and not the Company.
(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 $95.3 million attributable to share-based compensation, including $72.6
million attributable to NDB Incentive Units issued prior to the IPO and $18.7
million attributable to Incentive Units. Any actual cash expense associated
with such Incentive Units will be borne solely by LandBridge Holdings LLC and
not the Company.
(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, up 51% year-over-year
-- Net loss of $41.5 million(3)
-- Net loss margin of 38%(3)
-- Adjusted EBITDA(2) of $97.1 million, up 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 per acre to $1,018 per
acre, a nearly 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 for each of the next five years from VTX Energy
and its affiliates that includes surface operations, brackish water used
for completions and produced water handling royalties.
-- 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
and Lea 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 $36.5 million as compared to $28.5 million in the third quarter of 2024 and $17.5 million in the fourth quarter of 2023. The sequential increase was primarily attributable to increases in easements and other surface-related revenue of $8.2 million, oil and gas royalties of $1.6 million and surface use royalties of $0.7 million, partially offset by sequential decreases of $1.8 million and $0.7 million in resource sales and resource royalties, respectively. Net income for the fourth quarter of 2024 was $8.2 million as compared to net loss of $2.8 million in the third quarter of 2024 and net income of $2.5 million in the fourth quarter of 2023.(1)
Adjusted EBITDA was $31.7 million in the fourth quarter of 2024 as compared to $25.0 million in the third quarter of 2024 and $15.2 million in the fourth quarter of 2023. (2) Adjusted EBITDA during the fourth quarter of 2024 reflects $8.9 million of non-cash charges related to Incentive Units and $2.2 million of non-cash charges related to restricted stock units.
Net income margin was 22% in the fourth quarter of 2024 as compared to net loss margin of 10% in the third quarter of 2024 and net income margin of 14% in the fourth quarter of 2023. (1) Adjusted EBITDA margin was 87% in the fourth quarter of 2024 as compared to 88% in the third quarter of 2024 and 87% in the fourth quarter of 2023. (2)
Diversified Revenue Streams
Surface Use Royalties and Revenue: Generated revenues of $25.5 million in the fourth quarter of 2024 as compared to $16.5 million in the third quarter of 2024 and $7.7 million in the fourth quarter of 2023. Surface Use Royalties and Revenue increased 54% sequentially, primarily driven by a non-refundable $8.0 million option payment received in December in connection with a data center lease development agreement and an increase in produced water royalty volumes from 775 MBbls/d to 831 MBbls/d.
Resources Sales and Royalties: Generated revenues of $6.6 million in the fourth quarter of 2024 as compared to $9.1 million in the third quarter of 2024 and $3.9 million in the fourth quarter of 2023. Revenue from Resource Sales and Royalties decreased 28% sequentially, primarily driven by decreased brackish water sales and royalty volumes.
Oil and Gas Royalties: Generated revenues of $4.5 million in the fourth quarter of 2024 as compared to $2.9 million in the third quarter of 2024 and $5.8 million in the fourth quarter of 2023. Revenue from Oil and Gas Royalties increased 54% sequentially, primarily driven by net royalty production increasing to 1,199 boe/d, up from 895 boe/d in the third quarter.
Free Cash Flow Generation
Cash flow from operations for the fourth quarter of 2024 was $26.9 million as compared to $7.5 million in the third quarter of 2024 and $12.5 million in the fourth quarter of 2023. Capital expenditures for the fourth quarter of 2024 were $0.2 million. Free cash flow during the fourth quarter of 2024 was $26.7 million.(2)
Net cash used in investing activities during the fourth quarter of 2024 was $292.3 million.
Net cash provided by financing activities during the fourth quarter of 2024 consisted of approximately $339.3 million of net proceeds from the previously-announced private placement of Class A shares representing limited liability company interests (the "Class A Shares") at a price of $60.03 per Class A Share to persons reasonably believed to be accredited investors or qualified institutional buyers (the "Private Placement"). Approximately $145.4 million of proceeds from the Private Placement were used to purchase units representing membership interests in DBR Land Holdings LLC ("OpCo Units") held by LandBridge Holdings LLC, an affiliate of LandBridge's financial sponsor, Five Point Energy LLC. A corresponding number of Class B shares representing limited liability company interests in the Company held by LandBridge Holdings LLC were contemporaneously cancelled. Other net inflows consisted of $137.5 million of debt facility proceeds, of which $33.8 million were paid down during the quarter.
Strong Balance Sheet with Ample Liquidity
Total cash and cash equivalents were $37.0 million as of December 31, 2024, as compared to $14.4 million as of September 30, 2024. The Company had $385.0 million of borrowings outstanding under its term loan and revolving credit facility as of December 31, 2024, versus $281.3 million outstanding as of September 30, 2024.
As of December 31, 2024, the Company had approximately $70.0 million of available borrowing capacity under its revolving credit facility.
Total liquidity was $107.0 million as of December 31, 2024.
Outlook
The Company re-affirms the following outlook for fiscal year 2025:
For fiscal year 2025, the Company expects Adjusted EBITDA to be between $170 million and $190 million, driven by:
-- 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 U.S. Securities and Exchange Commission (the "SEC") on March 5, 2025.
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 Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and natural gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point Energy LLC, a private equity firm with a track record of investing in and developing energy, environmental water management and sustainable infrastructure companies within the Permian Basin. For more information, please visit: www.landbridgeco.com
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, Russia and other allied producing countries with respect to oil production levels and announcements of potential changes to such levels; our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize; the initiation or outcome of potential litigation; our ability to continue the payment of dividends; our ability to successfully implement our growth plans, including through the future acquisitions of acreage and/or introduction of new revenue streams; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with LandBridge are also more fully discussed in our final prospectus filed with the SEC on December 31, 2024, and our subsequent SEC filings. You can access LandBridge's filings with the SEC through the SEC's website at http://www.sec.gov. Except as required by applicable law, LandBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.
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 Year Ended December
December 31, 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
December 31, December September December
31, 2024 2023 31, 2024 30, 2024 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 $8.9 million related to the Incentive Units. Share-based compensation -- Incentive
Units for the three months ended September 30, 2024, consists of $9.8 million related to the NDB
Incentive Units. Share-based compensation -- Incentive Units for the three months ended December
31, 2023, consists only of the NDB Incentive Units. NDB Incentive Units were liability awards
resulting in periodic fair value remeasurement prior to the Division. Subsequent to the IPO, any
actual cash expense associated with such Incentive Units is borne solely by LandBridge Holdings
LLC and not the Company. Distributions attributable to Incentive Units are based on returns
received by investors of LandBridge Holdings LLC once certain return thresholds have been met and
are neither an obligation of the Company nor taken into consideration for distributions to
investors in the Company.
(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 $5.0
million in IPO-related employee compensation and $2.6 million related to lease termination
expense.
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 December December September December
31, 2024 31, 2023 31, 2024 30, 2024 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/
CONTACT: 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
(END) Dow Jones Newswires
March 05, 2025 17:39 ET (22:39 GMT)
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