Cash Flow Statement
Quarterly Data

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.

Texas Pacific Land Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net income	106,594)	114,589)	114,417)	113,110)	105,574)	100,393)	86,568)	99,731)	129,837)	118,894)	97,900)	79,045)	83,837)	57,046)	50,052)	44,791)	46,274)	27,583)	57,401)	69,122)	60,022)	49,586)	139,998)
Depreciation, depletion and amortization	5,762)	4,093)	3,840)	3,876)	3,584)	3,893)	3,404)	3,153)	3,917)	4,180)	4,126)	4,695)	3,866)	3,858)	3,838)	3,622)	3,760)	3,678)	3,335)	3,620)	2,631)	1,451)	1,204)
Share-based compensation	2,935)	2,700)	3,354)	2,231)	2,789)	2,850)	2,473)	2,816)	2,121)	1,990)	1,505)	28)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deferred taxes	1,407)	1,087)	(331)	2,433)	(361)	(367)	(306)	2,103)	113)	(547)	(406)	852)	(250)	(235)	(147)	(2,013)	614)	(645)	(55)	5,831)	4,818)	(5,725)	21,000)
Land sales revenue recognized on land exchange	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,400)	(15)	—)	(22,000)	—)	—)	—)
Operating assets, excluding income taxes	(4,210)	4,414)	5,602)	(4,903)	(5,077)	(12,401)	(2,076)	31,232)	(9,593)	(22,513)	(12,959)	(12,226)	(17,251)	(4,469)	(13,657)	(6,050)	7,850)	22,405)	(5,377)	4,476)	3,240)	(2,187)	(19,331)
Operating liabilities, excluding income taxes	8,751)	7,118)	(11,446)	(5,831)	1,955)	7,400)	640)	3,373)	7,233)	12,996)	(3,328)	(3,709)	4,147)	642)	172)	3,900)	(508)	(4,805)	3,909)	(3,389)	(3,494)	14,276)	4,579)
Income taxes payable	1,326)	(35,712)	31,808)	514)	(870)	(17,279)	19,263)	(5,095)	(14,388)	(27,330)	20,897)	21,966)	3,674)	(12,740)	12,129)	1,338)	731)	(12,712)	9,426)	907)	(2,965)	569)	5,153)
Prepaid income taxes	(4,002)	—)	—)	—)	—)	—)	4,809)	(4,809)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	9,398)
Changes in operating assets and liabilities	1,865)	(24,180)	25,964)	(10,220)	(3,992)	(22,280)	22,636)	24,701)	(16,748)	(36,847)	4,610)	6,031)	(9,430)	(16,567)	(1,356)	(812)	8,073)	4,888)	7,958)	1,994)	(3,219)	12,658)	(201)
Adjustments to reconcile net income to net cash provided by operating activities	11,969)	(16,300)	32,827)	(1,680)	2,020)	(15,904)	28,207)	32,773)	(10,597)	(31,224)	9,835)	11,606)	(5,814)	(12,944)	2,335)	797)	11,047)	7,906)	11,238)	(10,555)	4,230)	8,384)	22,003)
Cash provided by operating activities	118,563)	98,289)	147,244)	111,430)	107,594)	84,489)	114,775)	132,504)	119,240)	87,670)	107,735)	90,651)	78,023)	44,102)	52,387)	45,588)	57,321)	35,489)	68,639)	58,567)	64,252)	57,970)	162,001)
Acquisition of royalty interests, net of post-close adjustments	(120,334)	—)	—)	—)	(1,763)	(1,803)	—)	—)	—)	(25)	(1,637)	—)	—)	—)	—)	(1)	—)	(9)	(16,936)	—)	—)	(1,599)	(3,418)
Acquisition of a business	(45,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Deposit for acquisition	(42,952)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisitions of intangible assets	—)	—)	—)	—)	(21,403)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Acquisition of real estate	—)	(1,026)	—)	—)	—)	(20,320)	—)	(621)	—)	1)	(13)	(525)	—)	(10)	—)	—)	(54)	(22)	(3,890)	(173)	—)	(27,221)	(47,189)
Purchase of fixed assets	(7,829)	(6,384)	(2,238)	(4,398)	(5,094)	(3,787)	(1,749)	(6,189)	(6,338)	(3,061)	(3,624)	(4,490)	(6,597)	(3,012)	(1,449)	(760)	128)	(837)	(3,617)	(4,630)	(4,979)	(13,353)	(9,247)
Proceeds from sale of fixed assets	—)	—)	—)	—)	—)	—)	5)	—)	10)	—)	96)	7)	1,079)	—)	—)	—)	—)	—)	—)	—)	87)	—)	30)
Cash used in investing activities	(216,115)	(7,410)	(2,238)	(4,398)	(28,260)	(25,910)	(1,744)	(6,810)	(6,328)	(3,085)	(5,178)	(5,008)	(5,518)	(3,022)	(1,449)	(761)	74)	(868)	(24,443)	(4,803)	(4,892)	(42,173)	(59,824)
Dividends paid	(256,749)	(26,894)	(26,907)	(24,993)	(24,952)	(24,966)	(25,061)	(23,151)	(23,132)	(177,774)	(23,224)	(21,294)	(21,312)	(21,329)	(21,329)	(77,562)	—)	—)	(124,098)	—)	—)	—)	(46,546)
Settlement of common stock repurchases	(6,073)	(6,381)	(10,341)	(10,248)	(5,946)	(19,542)	(6,837)	(30,187)	(32,986)	(24,373)	(219)	(8,868)	(8,312)	(2,504)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Shares exchanged for tax withholdings	(416)	—)	(1,207)	(780)	(345)	—)	(939)	(1,762)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(4,353)
Cash used in financing activities	(263,238)	(33,275)	(38,455)	(36,021)	(31,243)	(44,508)	(32,837)	(55,100)	(56,118)	(202,147)	(23,443)	(30,162)	(29,624)	(23,833)	(21,329)	(77,562)	—)	—)	(124,098)	—)	—)	—)	(50,899)
Net increase (decrease) in cash, cash equivalents and restricted cash	(360,790)	57,604)	106,551)	71,011)	48,091)	14,071)	80,194)	70,594)	56,794)	(117,562)	79,114)	55,481)	42,881)	17,247)	29,609)	(32,735)	57,395)	34,621)	(79,902)	53,764)	59,360)	15,797)	51,278)

The quarterly financial data exhibits several noteworthy trends in income, expenses, operating assets and liabilities, cash flows, and investing and financing activities over the analyzed periods.

Net Income: Net income shows considerable fluctuation but an overall upward trajectory from early 2019 through mid-2024. Starting around $140 million in Q1 2019, it declined sharply in mid-2019 before recovering gradually, reaching peaks above $129 million in late 2022. The most recent reported quarters reflect a stabilization in the $106-114 million range, indicating relatively stable profitability.
Depreciation, Depletion, and Amortization: These non-cash expenses generally increased over time, starting near $1.2 million in early 2019 and reaching $5.7 million by Q3 2024. The upward trend suggests growing capital expenditures being recognized as expense, reflecting ongoing asset base changes or acquisitions.
Share-based Compensation: This expense emerged in late 2021, starting relatively low then increasing steadily through 2024. This indicates the company has recently expanded equity incentive programs, which may impact operating costs going forward.
Deferred Taxes: Deferred tax amounts fluctuate between positive and negative values without a clear directional trend, indicating variability in timing differences between accounting and tax treatments. These changes suggest dynamic tax planning or asset and liability revaluations occurring intermittently.
Land Sales Revenue Recognized on Land Exchange: There is a one-off negative entry in Q4 2019 and small negative amounts in mid-2020, indicating some gain reversals or adjustments related to land sales, but these events are isolated.
Operating Assets and Liabilities (Excluding Income Taxes): Operating assets exhibit marked volatility with both positive and negative swings, notably a large positive spike in Q4 2022 and variable declines in other quarters, suggesting fluctuating asset utilization or investment activity. Operating liabilities also vary, with large negative to positive swings, particularly sharp increases in Q2 2022 and Q3 2023, implying changes in vendor payables or accrued expenses in certain periods.
Income Taxes Payable and Prepaid Income Taxes: Income taxes payable show substantial oscillations, with some quarters recording high payables followed by significant reductions or reversals, indicative of volatile tax liabilities possibly driven by changes in earnings or tax strategies. Prepaid income taxes appear intermittently negative or positive, with few data points but pointing to some prepayment activity affecting tax expense timing.
Changes in Operating Assets and Liabilities: These changes oscillate significantly with large positive and negative values, reflecting active working capital management. Large negative adjustments in Q2 2021 and Q2 2022 contrast with positive swings in surrounding quarters, revealing fluctuating operational cash flow impacts.
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Adjustments are highly variable, alternating between positive and negative values. This volatility suggests unusual or non-recurring items impacting cash flow conversions, including working capital shifts and other reconciling entries.
Cash Provided by Operating Activities: Cash flow from operations remains robust throughout, generally tracking with net income but showing less volatility. Except for a dip in mid-2024, operational cash flow stays consistently strong, peaking over $147 million in early 2024, indicating strong underlying cash-generating capability.
Investing Activities: Cash used in investing activities fluctuates, with large outflows in Q1 2019 and unusually high outflows in Q3 2024 exceeding $216 million, driven by acquisitions, intangible asset purchases, and real estate investments. Notable spikes in acquisition-related cash outflows occur in late 2023 and 2024, evidencing aggressive expansion or strategic investment moves during these periods. Regular fixed asset purchases also contribute to ongoing investing cash outflows.
Financing Activities: Financing cash flows are predominantly outflows with major items including dividends and common stock repurchases. Dividends show irregular but significant outflows increasing markedly in 2021 and 2022, exceeding $230 million in some quarters. Stock repurchases also show significant activity from late 2020 onwards. The increased financing outflows in late 2023 and 2024 indicate continued capital return to shareholders and perhaps debt servicing or equity transactions, supported by the settlement of common stock repurchases and occasional share exchanges for tax withholdings.
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash: Cash levels fluctuate considerably, reflecting the interaction between operating cash inflows and investing and financing outflows. Positive net increases occur frequently, especially during periods of strong operating cash flow and limited investing outflows (e.g., Q1 2019, Q4 2021, and early 2024). Negative net changes appear mainly when large investing or financing outflows occur, such as Q1 2020 and Q3 2024, indicating significant cash deployment for acquisitions and capital returns.

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Texas Pacific Land Corp. (NYSE:TPL)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data