Name: Texas Pacific Land Corp. (NYSE:TPL) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Texas Pacific Land Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Accounts payable and accrued expenses	22,501)	23,897)	17,907)	13,325)	19,193)
Ad valorem and other taxes payable	10,761)	8,043)	101)	—)	—)
Income taxes payable	4,795)	3,167)	29,083)	4,054)	5,271)
Unearned revenue	6,330)	4,488)	3,809)	3,997)	—)
Current liabilities	44,387)	39,595)	50,900)	21,376)	24,464)
Deferred taxes payable	42,365)	41,151)	38,948)	38,728)	40,827)
Unearned revenue, noncurrent	25,006)	21,708)	20,449)	22,171)	17,381)
Operating lease liabilities, noncurrent	1,170)	1,955)	1,445)	2,026)	3,367)
Accrued liabilities, noncurrent	274)	131)	611)	2,150)	—)
Noncurrent liabilities	68,815)	64,945)	61,453)	65,075)	61,575)
Total liabilities	113,202)	104,540)	112,353)	86,451)	86,039)
Preferred stock, $0.01 par value; none outstanding	—)	—)	—)	—)	—)
Common stock, $0.01 par value	78)	78)	78)	—)	—)
Treasury stock, at cost	(144,998)	(104,139)	(15,417)	—)	—)
Additional paid-in capital	14,613)	8,293)	28)	—)	—)
Accumulated other comprehensive income (loss)	1,831)	2,516)	(1,007)	(2,693)	(1,461)
Retained earnings	1,171,672)	866,139)	668,029)	—)	—)
Net proceeds from all sources	—)	—)	—)	487,877)	513,598)
Total equity	1,043,196)	772,887)	651,711)	485,184)	512,137)
Total liabilities and equity	1,156,398)	877,427)	764,064)	571,635)	598,176)

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 overall financial structure reflects a substantial expansion in total liabilities and stockholders' equity over the five-year period. Total liabilities and equity grew from 598.2 million USD in 2019 to 1.16 billion USD by 2023, indicating a significant increase in the company's total asset base and overall capitalization.

Current Liabilities Analysis: Current liabilities exhibit notable volatility, increasing from 24.5 million USD in 2019 to 44.4 million USD in 2023. A significant peak was observed in 2021 at 50.9 million USD, largely driven by a surge in income taxes payable, which reached 29.1 million USD that year. Furthermore, ad valorem and other taxes payable became a more prominent liability starting in 2022, rising to 10.8 million USD by the end of 2023.
Noncurrent Liabilities Trends: Noncurrent liabilities have remained relatively stable, moving from 61.6 million USD in 2019 to 68.8 million USD in 2023. Deferred taxes payable represent the most significant component of this category, consistently remaining between 38.7 million USD and 42.4 million USD throughout the period. Noncurrent unearned revenue has trended upward, increasing from 17.4 million USD in 2019 to 25.0 million USD in 2023.
Stockholders' Equity and Capital Management: Total stockholders' equity experienced aggressive growth, doubling from 512.1 million USD in 2019 to 1.04 billion USD in 2023. This expansion is primarily driven by the accumulation of retained earnings, which grew from 668.0 million USD in 2021 to 1.17 billion USD in 2023. Concurrently, there is evidence of an active share repurchase strategy, as treasury stock increased from 15.4 million USD in 2021 to 145.0 million USD in 2023.
Solvency and Leverage Positioning: The company maintains a very low leverage profile. The proportion of total liabilities relative to total equity has decreased over the analyzed period; in 2019, liabilities were approximately 16.8% of equity, whereas by 2023, they represented approximately 10.9% of equity. This trend indicates a strengthening of the solvency position and an increasing reliance on internal funding over external obligations.

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