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

Financial Performance - Total revenues for the three months ended March 31, 2025, were $43,951,000, a significant increase from $19,014,000 in the same period of 2024, representing a growth of 131.5%[42] - Net income for the first quarter of 2025 was $15,459,000, compared to $10,776,000 in the first quarter of 2024, reflecting a year-over-year increase of 43.5%[42] - Operating income for the three months ended March 31, 2025, was $25,037,000, up from $13,520,000 in the prior year, indicating an increase of 85.5%[42] - The company reported cash flows from operating activities of $15,913,000 for the three months ended March 31, 2025, compared to $17,215,000 in the same period of 2024[48] - For the three months ended March 31, 2025, the company reported a net income of $6.464 million, with diluted net income per share of Class A shares at $0.20[93] Expenses and Liabilities - The company incurred general and administrative expenses of $14,728,000 in Q1 2025, significantly higher than $2,159,000 in Q1 2024, marking an increase of 582.5%[42] - The company’s total liabilities decreased to $387,443,000 as of March 31, 2025, from $395,408,000 at the end of 2024, a reduction of 2.4%[40] - Total debt as of March 31, 2025, was $379.6 million, a decrease from $385.5 million as of December 31, 2024[71] - The total outstanding borrowings as of March 31, 2025, amounted to $379.3 million, consisting of $30.0 million in revolving credit and $349.3 million in term loans[186] Assets and Equity - The company reported a total of $964,506,000 in non-current assets as of March 31, 2025, compared to $950,159,000 at the end of 2024, an increase of 1.5%[40] - The company’s total shareholders' equity increased to $620,657,000 as of March 31, 2025, up from $608,066,000 at the end of 2024, reflecting a growth of 2.4%[40] - As of March 31, 2025, total property, plant, and equipment, net amounted to $918.6 million, an increase from $902.7 million as of December 31, 2024[68] Tax and Compliance - The company recorded income tax expense of $1.6 million for the three months ended March 31, 2025, with an effective tax rate of 9.4%[70] - The company’s effective tax rate for the three months ended March 31, 2025, was lower than the statutory rate of 21.0% primarily due to the impact of noncontrolling interest[70] - The company was in compliance with all financial covenants as of March 31, 2025[78] Shareholder Information - Class A shares outstanding remained at 23,255,419 as of March 31, 2025, with a net income attributable to Class A shares of $6,464,000[42] - The company paid a cash dividend of $0.10 per share to Class A shareholders, totaling $2.3 million, and a corresponding cash distribution of $0.10 per unit to OpCo unitholders, totaling $5.3 million during the same period[84] Credit Facilities and Borrowing Costs - The company’s revolving credit facility has an increased available capacity of $100.0 million following amendments made on July 3, 2023[72] - The weighted average interest rate for term loan borrowings was 7.74%, while for revolving credit borrowings it was 7.82%[186] Compensation and Related Party Transactions - The company recognized a total share-based compensation expense of $11.14 million for the three months ended March 31, 2025, compared to $0.81 million in the same period of 2024[87] - Revenues from related party transactions for the three months ended March 31, 2025, totaled $12.279 million, significantly up from $3.083 million in the prior year[95] Other Financial Metrics - The company incurred approximately $3.0 million for shared services and direct cost reimbursements during the three months ended March 31, 2025[96] - The company’s remaining unrecognized compensation expense for Incentive Units was $71.4 million, with a weighted average remaining period of approximately 2.2 years[88] - As of March 31, 2025, the company had 30,020 outstanding Incentive Units with a grant date fair value of $5,130[88] - Depreciation expense for the three months ended March 31, 2025, was $0.8 million, compared to $0.6 million for the same period in 2024[68] - The company’s total oil and natural gas properties remained stable at $39.1 million as of March 31, 2025[68]