Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- 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 cash flow statement
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).
- Net Income Trend
- The net income showed a decline from 2019 to 2020, dropping from approximately $318.7 million to $176 million. It then rebounded in 2021 and increased significantly in 2022, reaching a peak of $446.4 million, before slightly decreasing to $405.6 million in 2023. Overall, there is an upward trend punctuated by volatility in the earlier years.
- Depreciation, Depletion, and Amortization
- This expense steadily increased from $8.9 million in 2019 to a peak of $16.3 million in 2021, then marginally decreased in subsequent years to about $14.8 million by 2023. The trend indicates relatively stable non-cash expenses with a slight decline in recent years.
- Share-Based Compensation
- This item appeared starting 2021, increasing sharply from $28 thousand in 2021 to over $10.3 million in 2023, suggesting growing reliance on equity-based incentives during this period.
- Deferred Taxes
- The deferred taxes fluctuated, starting at a positive $25.9 million in 2019, turning negative in 2020, then stabilizing at low positive amounts ranging from $220 thousand to $1.4 million thereafter, indicating variable tax timing differences.
- Land Sales Revenue Recognized on Land Exchange
- Significant negative values in 2019 and 2020 indicate notable land sales recognized as revenue, with no transactions recorded from 2021 onward.
- Receivables and Other Assets
- This line item showed volatility, with values swinging from negative $13.8 million in 2019 to positive $18.8 million in 2020, followed by negative amounts in subsequent years. The fluctuations reflect inconsistent changes in working capital elements.
- Prepaid Income Taxes
- Prepaid taxes were present only in 2019 and fluctuated thereafter, with a notable reversal from negative $4.8 million in 2022 to positive $4.8 million in 2023, indicating changes in tax payment timing.
- Income Taxes Payable
- Income taxes payable showed considerable variability, moving from positive to negative values between 2019 and 2023, with a peak liability of $25 million in 2021 and a significant negative figure in 2022, reflecting changes in tax accruals or payments.
- Unearned Revenue
- Unearned revenue generally increased from $4 million in 2019 to over $5 million in 2023, although it experienced a brief dip into negative territory in 2021, indicating fluctuations in deferred revenue recognition.
- Operating Liabilities (Excluding Income Taxes)
- This category exhibited fluctuations, moving from liabilities of $7.9 million in 2019 to negative $6.3 million in 2020, then positive again, and finally declining to negative $3.2 million in 2023, showing unstable operating liability balances.
- Ad Valorem and Other Taxes Payable
- Negligible before 2021, this liability increased sharply to $8.3 million in 2022 before reducing to about $2.3 million in 2023, suggesting new or increased tax liabilities in recent years.
- Changes in Operating Assets and Liabilities
- This metric showed positive movements in 2019 and 2020, turning sharply negative in 2021 and onwards, indicating a reduction in net operating assets or increased liabilities, negatively impacting cash flows in recent years.
- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
- Adjustments were positive for most years except in 2021 where a negative adjustment occurred, suggesting some non-cash expenses or timing differences affecting cash flows.
- Cash Provided by Operating Activities
- Operating cash flow followed a generally increasing trend from $342.8 million in 2019 to $447.1 million in 2022, with a slight decrease to $418.3 million in 2023. This indicates strong operational cash generation overall.
- Investing Activities
- Cash outflows for investing activities increased overall, especially in 2019 and 2023. The acquisition of intangible assets commenced only in 2023 with an outflow of $21.4 million, while real estate and royalty interest acquisitions fluctuated but remained negative. Purchase of fixed assets was consistently a cash outflow, reflecting continued investment. Proceeds from asset sales were minimal.
- Financing Activities
- Cash used in financing activities varied greatly, with a significant outflow in 2020 of $201.7 million corresponding primarily with large dividends paid and share repurchases. Subsequent years also showed heavy cash outflows, albeit reduced in magnitude, indicating ongoing distributions and buyback activity. Repurchases of common stock and shares exchanged for tax withholdings contributed notably post-2020.
- Cash and Cash Equivalents
- Cash balances increased substantially over the five years from $123.4 million at the beginning of 2019 to $730.5 million by the end of 2023, reflecting strong net cash generation despite significant investing and financing outflows.