LandBridge Company LLC(US:LB)2025-11-12 22:18Financial Performance - Total revenues for the three months ended September 30, 2025, increased to $50,831,000, up 78.4% from $28,487,000 in the same period of 2024[38]. - Net income attributable to LandBridge Company LLC for the three months ended September 30, 2025, was $8,107,000, compared to a net income of $2,656,000 in the same period of 2024, representing a 205.4% increase[38]. - Operating income for the nine months ended September 30, 2025, was $84,425,000, a significant improvement from an operating loss of $34,529,000 in the same period of 2024[38]. - Net income for the nine months ended September 30, 2025, was $54,225,000, compared to a net loss of $49,633,000 for the same period in 2024[44]. - Net income for Q3 2025 was $20.3 million, reflecting an 836% increase from Q3 2024[130]. - Adjusted EBITDA for Q3 2025 was $44.9 million, up 79% from the same quarter in 2024[130]. - Adjusted EBITDA increased by $60.8 million, or 93%, from $65.3 million in 2024 to $126.1 million in 2025, with an adjusted EBITDA margin of 89%[188]. Assets and Liabilities - Total current assets as of September 30, 2025, were $57,370,000, an increase from $53,315,000 as of December 31, 2024[36]. - Total assets increased to $1,077,920,000 as of September 30, 2025, compared to $1,032,479,000 as of December 31, 2024[36]. - The company reported a total shareholders' equity of $697,828,000 as of September 30, 2025, up from $637,071,000 as of December 31, 2024[36]. - The company’s long-term debt decreased to $366,081,000 as of September 30, 2025, from $380,815,000 as of December 31, 2024[36]. - Total debt as of September 30, 2025, was $370.223 million, a decrease from $385.496 million as of December 31, 2024[77]. Cash Flow - Cash flows from operating activities provided $88,157,000 in the nine months ended September 30, 2025, up from $40,708,000 in the prior year[44]. - Total cash and cash equivalents at the end of the period were $28,316,000, compared to $14,417,000 at the end of September 2024[44]. - Free Cash Flow for Q3 2025 was $33.7 million, marking a 372% increase from Q3 2024[130]. - Net cash provided by operating activities increased by $47.4 million, or 117%, from $40.7 million in 2024 to $88.2 million in 2025[195]. Shareholder Information - Class A shares outstanding increased to 25,337,028 as of September 30, 2025, from 23,255,419 as of December 31, 2024[36]. - The Company declared a dividend of $0.10 per Class A share, payable on December 18, 2025, to shareholders of record as of December 4, 2025[94]. - The total share-based compensation expense for the nine months ended September 30, 2025, was $33.6 million, compared to $84.2 million for the same period in 2024[95]. Acquisitions and Investments - The company acquired approximately 3,000 surface acres in Lea County, New Mexico, for $17.1 million on February 25, 2025[66]. - The Company acquired approximately 37,500 acres in Texas for $250.2 million, including $0.2 million in transaction costs[112]. - The company incurred $18.8 million in acquisition-related capital expenditures for the nine months ended September 30, 2025, compared to $431.3 million for the same period in 2024[199]. Revenue Sources - The company primarily generates revenue from surface acreage usage, resource sales, and oil and natural gas royalties[48]. - Surface use royalties and revenues accounted for $18,387 million (36.2%) in Q3 2025, compared to $9,854 million (34.6%) in Q3 2024, indicating a year-over-year increase of 86.5%[138]. - Resource sales reached $5,232 million (10.3%) in Q3 2025, up from $4,931 million (17.3%) in Q3 2024, reflecting a growth of 6.1%[138]. Operational Efficiency - The company expects continued growth in revenues and profitability driven by increased resource sales and operational efficiencies in the upcoming quarters[38]. - General and administrative expenses decreased by $6.3 million, or 28%, primarily due to lower employee-related expenses and a reduction in share-based compensation[169]. - The company expects fee-based revenues to grow over time relative to oil and gas royalties, which are subject to market price fluctuations[138]. Compliance and Governance - The company completed its IPO on July 1, 2024, and is governed by its First Amended & Restated Limited Liability Company Agreement[46]. - The company is assessing the impact of new accounting standards issued by the FASB on its financial statements and disclosures[64][65]. - The company has filed certifications from both the Chief Executive Officer and Chief Financial Officer in compliance with the Sarbanes-Oxley Act of 2002[229].