$LB
LandBridge Co LLC

2024 Q3 Form 10-Q Financial Statement

#000095017024122700 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $28.49M $17.80M
YoY Change 60.05%
Cost Of Revenue $423.0K
YoY Change
Gross Profit $28.06M
YoY Change
Gross Profit Margin 98.52%
Selling, General & Admin $22.13M
YoY Change
% of Gross Profit 78.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.500M $2.000M
YoY Change -25.0%
% of Gross Profit 5.34%
Operating Expenses $24.88M
YoY Change
Operating Profit $3.187M $19.10M
YoY Change -83.32%
Interest Expense -$7.071M
YoY Change
% of Operating Profit -221.87%
Other Income/Expense, Net $526.0K
YoY Change
Pretax Income -$3.884M $16.74M
YoY Change -123.21%
Income Tax -$1.100M $100.0K
% Of Pretax Income 0.6%
Net Earnings $2.656M $16.63M
YoY Change -84.03%
Net Earnings / Revenue 9.32% 93.45%
Basic Earnings Per Share $0.15
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 17.43M
Diluted Shares Outstanding 73.15M

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.42M
YoY Change
Cash & Equivalents $14.42M $17.29M
Short-Term Investments
Other Short-Term Assets $2.271M
YoY Change
Inventory
Prepaid Expenses
Receivables $12.76M
Other Receivables $2.161M
Total Short-Term Assets $31.61M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $628.1M
YoY Change
Goodwill
YoY Change
Intangibles $27.48M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.711M
YoY Change
Total Long-Term Assets $658.3M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $31.61M
Total Long-Term Assets $658.3M
Total Assets $689.9M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $182.0K
YoY Change
Accrued Expenses $6.199M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $35.55M
YoY Change
Total Short-Term Liabilities $43.26M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $242.4M
YoY Change
Other Long-Term Liabilities $183.0K
YoY Change
Total Long-Term Liabilities $242.6M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $43.26M
Total Long-Term Liabilities $242.6M
Total Liabilities $285.9M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $2.656M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $97.21M
YoY Change
Total Liabilities & Shareholders Equity $689.9M
YoY Change

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $2.656M $16.63M
YoY Change -84.03%
Depreciation, Depletion And Amortization $1.500M $2.000M
YoY Change -25.0%
Cash From Operating Activities $7.450M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $303.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$750.0K
YoY Change
Cash From Investing Activities -$1.053M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.63M
YoY Change
NET CHANGE
Cash From Operating Activities 7.450M
Cash From Investing Activities -1.053M
Cash From Financing Activities -16.63M
Net Change In Cash -10.23M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $7.450M
Capital Expenditures $303.0K
Free Cash Flow $7.147M
YoY Change

Facts In Submission

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LandBridge Company LLC
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us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Financial Statements and accompanying notes.</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company evaluates its estimates and related assumptions regularly, including those related to the fair value measurements of assets acquired and liabilities assumed in a business combination, the collectability of accounts receivable, the assessment of recoverability and useful lives of long-lived assets, including property, plant and equipment, intangible assets, and the valuation of the Incentive Units. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from such estimates.</span></p>
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2024Q1 us-gaap Finite Lived Intangible Assets Purchase Accounting Adjustments
FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments
500000
CY2024Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P30Y
CY2024Q3 lb Offering Cost Included In Shareholders And Members Equity
OfferingCostIncludedInShareholdersAndMembersEquity
8700000
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
3700000
CY2023Q4 lb Accrued Deferred Offering Costs
AccruedDeferredOfferingCosts
2000000
CY2024Q3 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
36054000
CY2023Q4 us-gaap Proved Oil And Gas Property Successful Effort Method
ProvedOilAndGasPropertySuccessfulEffortMethod
36054000
CY2024Q3 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
3057000
CY2023Q4 us-gaap Unproved Oil And Gas Property Successful Effort Method
UnprovedOilAndGasPropertySuccessfulEffortMethod
3057000
CY2024Q3 us-gaap Oil And Gas Property Successful Effort Method Gross
OilAndGasPropertySuccessfulEffortMethodGross
39111000
CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Gross
OilAndGasPropertySuccessfulEffortMethodGross
39111000
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
644172000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
214574000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
16085000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11556000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
628087000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
203018000
CY2024Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1500000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2000000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4500000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4600000
CY2024Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1300000
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1100000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-900000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.291
CY2024Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
400000
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
400000
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
281890000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
130494000
CY2024Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
35547000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
20339000
CY2024Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3913000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1812000
CY2024Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
242430000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
108343000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
265000000
CY2024Q3 lb Pro Forma Liquidity
ProFormaLiquidity
10000000
CY2024Q3 lb Debt Instrument Covenant Leverage Ratios
DebtInstrumentCovenantLeverageRatios
4
CY2024Q3 lb Debt Instrument Covenant Qualified Acquisition Leverage Ratio
DebtInstrumentCovenantQualifiedAcquisitionLeverageRatio
0.5
CY2024Q3 lb Debt Instrument Covenant Permitted Acquisition Leverage Ratio
DebtInstrumentCovenantPermittedAcquisitionLeverageRatio
0.5
CY2024Q3 lb Debt Instrument Covenant Permitted Acquisitions Additional Step Up Leverage Ratio
DebtInstrumentCovenantPermittedAcquisitionsAdditionalStepUpLeverageRatio
0.25
CY2024Q3 lb Debt Instrument Covenant Interest Coverage Ratio
DebtInstrumentCovenantInterestCoverageRatio
2.75
CY2024Q3 lb Debt Instrument Covenant Service Coverage Ratio
DebtInstrumentCovenantServiceCoverageRatio
1.25
us-gaap Line Of Credit Facility Covenant Compliance
LineOfCreditFacilityCovenantCompliance
The Company was in compliance with these covenants as of September 30, 2024.
CY2024Q3 lb Commitment Fees
CommitmentFees
100000
CY2024Q3 us-gaap Profit Loss
ProfitLoss
-2756000
CY2024Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5412000
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
2656000
CY2024Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-94000
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2562000
CY2024Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5412000
CY2024Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
-94000
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2756000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17425000
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73151603
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2024Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
5800000
CY2023 us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
5000000
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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