The following is a summary of the LandBridge Company LLC (LB) Q3 2024 Earnings Call Transcript:

Financial Performance:

• LandBridge reported a significant revenue growth of 60% year-over-year, with total revenues reaching $28.5 million in Q3 2024.

• Adjusted EBITDA grew by 62% year-over-year to $25 million, showcasing an impressive 88% adjusted EBITDA margin.

• Free cash flow was approximately $7.1 million, with 25% free cash flow margin, despite an $11.1 million impact from nonrecurring IPO-related expenses and lease termination costs.

Business Progress:

• LandBridge has expanded its fee-based revenue streams, reducing dependency on volatile oil and gas royalties, now constituting 90% of total revenue.

• Executed a lease development agreement for a data center on their land in Reeves County, Texas, anticipating a nonrefundable $8 million deposit in December 2024.

• Acquired additional surface acres in Winkler and Lea Counties, enhancing its strategic land holdings and potential for infrastructure projects.

Opportunities:

• Focus on commercial and industrial developments such as renewable energy and data centers, leveraging their strategic land positions.

• Anticipated increases in surface use royalties and growth in resource sales, driven by strategic land acquisitions and infrastructure projects.

Risks:

• Dependence on the ongoing development and commercial viability of new projects like data centers, which have lengthy development timelines.

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