Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Texas Pacific Land Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Texas Pacific Land Corp., consolidated balance sheet: assets
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
The financial data over the five-year period reveals several noteworthy trends in asset management and growth.
- Liquidity and Current Assets
- Cash and cash equivalents show a consistent and substantial increase, growing from $303,645 thousand in 2019 to $725,169 thousand by 2023. This indicates improved liquidity and a stronger cash position. Accounts receivable and accrued receivables also generally increase, from $62,995 thousand in 2019 to $128,971 thousand in 2023, suggesting higher revenue generation or possibly extended credit terms. Prepaid expenses and other current assets fluctuate, rising sharply in 2022 but declining in 2023. The tax-like-kind exchange escrow shows irregular values without a clear pattern but is present in 2020, 2022, and 2023, which could reflect specific tax strategies or transactions during those years. Overall, current assets grow steadily from $366,640 thousand in 2019 to $862,464 thousand in 2023, reflecting a strong upward trend in short-term resources.
- Long-Term Asset Components
- Real estate acquired sees moderate growth, with values increasing from $107,075 thousand in 2019 to $130,024 thousand in 2023, indicating measured investment or acquisition activity. Property, plant, and equipment (net) display relative stability with a slight upward trend, moving from $88,323 thousand in 2019 to $89,587 thousand in 2023, suggesting limited new capital expenditure or asset disposals. Royalty interests acquired (net) also increase modestly, from $29,060 thousand to $46,609 thousand over the same period, pointing to gradual expansion in royalty-related assets.
- Intangible and Other Assets
- Intangible assets appear only in 2023, valued at $21,025 thousand, which could represent a new acquisition or capitalization of previously unrecognized intangible resources. Operating lease right-of-use assets diminish over time, decreasing from $3,098 thousand in 2019 to $1,861 thousand in 2023, indicating a decline in lease commitments or changes in leasing strategy. Other assets fluctuate throughout the period but ultimately rise again in 2023 after a dip, suggesting variability in non-core asset holdings or one-time adjustments.
- Noncurrent and Total Assets
- Noncurrent assets remain relatively stable from 2019 to 2022, with slight fluctuations, before jumping to $293,934 thousand in 2023. This rise corresponds with the increase in intangible assets and might indicate investment in longer-term strategic assets. Total assets show a consistent upward trajectory, increasing from $598,176 thousand in 2019 to $1,156,398 thousand in 2023, reflecting overall growth in the company's asset base. This growth is primarily driven by increases in cash, accounts receivable, and noncurrent assets.