Financial Data and Key Metrics Changes - In Q4 2024, the company reported a revenue increase of 109% year-over-year, reaching $36.5 million, and an adjusted EBITDA increase of 108% year-over-year with an adjusted EBITDA margin of 87% [3][12] - For the full year 2024, revenues grew by 51% year-over-year to $110 million, and adjusted EBITDA increased by 55% year-over-year to $97.1 million, achieving an adjusted EBITDA margin of 88% [3][12][15] - Free cash flow for Q4 2024 was approximately $26.7 million, with a free cash flow margin of 73%, while the full year generated $66.7 million of free cash flow [16][21] Business Line Data and Key Metrics Changes - Surface use royalties and revenues increased by 54% sequentially in Q4, contributing significantly to revenue growth [13] - Non-oil and gas royalty revenue accounted for nearly 90% of overall revenue in Q4, remaining flat from the prior quarter but up about 20% year-over-year [14] - Resource sales and royalties declined by 28% sequentially due to decreased brackish water sales and royalty volumes [13] Market Data and Key Metrics Changes - The company expanded its land holdings from approximately 72,000 surface acres to approximately 273,000 surface acres, with significant acquisitions in Q4 [4][5] - The acquisition of the Wolf Bone Ranch added 46,000 acres in a strategic location for oil and natural gas production, securing a minimum annual revenue commitment of $25 million for the next five years [5] Company Strategy and Development Direction - The company is focused on expanding its active land management strategy, which has proven effective in creating shareholder value [4] - Future growth opportunities are identified in digital infrastructure, renewable energy, and commercial real estate, with recent agreements for solar energy project development [6][7] - The company aims to maintain a strong balance sheet while pursuing value-enhancing land acquisitions, focusing on underutilized and under-commercialized surface [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential from digital infrastructure and the demand for data centers, particularly in West Texas [8][9] - The company reaffirmed its guidance for 2025, expecting adjusted EBITDA of $170 million to $190 million, driven by contributions from recent acquisitions and increased surface use royalties [22] Other Important Information - The company ended 2024 with $385 million of debt, up from $281.3 million at the end of Q3 2024, and total liquidity of $107 million [19][21] - A cash dividend of $0.10 per share was declared, with plans to revisit the amount quarterly [21] Q&A Session Summary Question: Surface use economic efficiency growth expectations - Management indicated that there is still significant room for improvement in surface use economic efficiency, with potential to achieve over $3,000 per acre [25][27] Question: Details on the WES agreement and third-party agreements - The WES agreement is expected to generate low to mid-teens of royalties once operational, with ongoing discussions for additional third-party agreements [29][32] Question: Data center roadmap and revenue opportunities - The data center project has a 2-year site selection period followed by a 4-year construction period, with expected revenues ramping up as construction phases come online [36][39] Question: M&A outlook and market fragmentation - The market remains fragmented with many opportunities for M&A, which continues to be a priority for capital allocation [80][82] Question: Impact of oil prices on 2025 guidance - The 2025 guidance does not incorporate significant ramps based on oil prices, as the company is insulated from commodity price fluctuations [74][75]

Core Viewpoint - Alico, Inc. is undergoing a strategic transformation, shifting focus from citrus production to diversified land usage and real estate development, with plans to wind down citrus operations by mid-2025 [2][5]. Company Overview - Alico operates two divisions: Alico Citrus, one of the largest citrus producers in the U.S., and Land Management and Other Operations, which includes land leasing and support operations [2]. - The company is committed to Florida's agriculture industry despite the challenges faced in citrus production [2]. Strategic Transformation - Alico's strategic transformation includes a focus on long-term diversified land usage and real estate development, with an estimated portfolio value of $650-$750 million [5]. - The company plans to monetize select land assets, expecting $20 million in transactions to close in fiscal 2025 [5]. - Development of alternative agricultural revenue streams through leasing arrangements and seasonal crops is part of the strategy [5]. Future Outlook - Alico's management will provide updates on the execution of its strategic transformation during one-on-one meetings with investors at the 37th Annual ROTH Conference on March 17 and 18, 2025 [1].

Table of Contents As filed with the U.S. Securities and Exchange Commission on June 24, 2024 Registration No. 333-279893 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LandBridge Company LLC (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Delaware 6792 93-3636146 (Primary Standard Industrial Classification Code Number) (I.R.S. Empl ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on May 31, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LandBridge Company LLC (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Delaware 6792 93-3636146 (Primary Standard Industrial Classification Code Number) 5555 San Felipe Street, Suite 1200 Hou ...