LandBridge Company LLC(LB) - 2025 Q1 - Quarterly Results

Financial Performance - Q1 2025 revenue reached $44.0 million, representing a 131% increase year-over-year and a 20% increase quarter-over-quarter[5]. - Net income for Q1 2025 was $15.5 million, with a net income margin of 35%[5][8]. - Adjusted EBITDA for Q1 2025 was $38.8 million, up 129% year-over-year and 22% quarter-over-quarter, with an adjusted EBITDA margin of 88%[5][8]. - Resource sales and royalties contributed $14.4 million in Q1 2025, marking a 118% sequential increase[9]. - Oil and gas royalties decreased to $3.4 million in Q1 2025, a 24% sequential decline[10]. - Net income for the three months ended March 31, 2025, was $15,459,000, an increase of 43% compared to $10,776,000 for the same period in 2024[29]. - Adjusted EBITDA for the three months ended March 31, 2025, was $38,778,000, up from $16,907,000 in the same period of 2024, reflecting a significant increase in operational performance[34]. Cash Flow and Liquidity - Free cash flow for Q1 2025 was $15.8 million, down from $26.7 million in Q4 2024 due to higher working capital balances[11]. - Free Cash Flow for the three months ended March 31, 2025, was $15,844,000, with a Free Cash Flow Margin of 36%[38]. - The company reported a net cash provided by operating activities of $15,913,000 for the three months ended March 31, 2025, compared to $17,215,000 for the same period in 2024[38]. - Total liquidity as of March 31, 2025, was $84.9 million, with approximately $70.0 million available under the revolving credit facility[13]. Assets and Liabilities - Total current assets decreased to $43,594,000 as of March 31, 2025, down from $53,315,000 as of December 31, 2024, primarily due to a reduction in cash and cash equivalents[28]. - Cash and cash equivalents at the end of the period were $14,935,000, a decrease of 60% from $37,032,000 at the beginning of the period[29]. - Total liabilities decreased to $387,443,000 as of March 31, 2025, compared to $395,408,000 as of December 31, 2024[28]. - Total shareholders' equity attributable to LandBridge Company LLC increased to $440,345,000 as of March 31, 2025, from $436,012,000 as of December 31, 2024[28]. Dividends and Outlook - The company declared a quarterly cash dividend of $0.10 per share, payable on June 19, 2025[15]. - The company re-affirms its FY25 adjusted EBITDA outlook of $170 million to $190 million[17]. Share-Based Compensation and Acquisitions - Share-based compensation for the three months ended March 31, 2025, amounted to $11,140,000, significantly higher than $810,000 in the same period of 2024[29]. - The company incurred $17,818,000 in acquisitions during the three months ended March 31, 2025, compared to $55,072,000 in the same period of 2024[29].