Analysis of Reportable Segments
Texas Pacific Land Corp. operates in 2 segments: Land and Resource Management and Water Services and Operations.
Segment Profit Margin
Texas Pacific Land Corp., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 70.98% | 72.00% | 65.20% | 65.58% | 71.11% |
| Water Services and Operations | 49.60% | 50.68% | 46.78% | 44.75% | 47.47% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Land and Resource Management | Land and Resource Management segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Water Services and Operations | Water Services and Operations segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Profit Margin: Land and Resource Management
Texas Pacific Land Corp.; Land and Resource Management; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net income | 306,706) | 365,041) | 208,897) | 127,977) | 258,366) |
| Revenues | 432,105) | 506,975) | 320,387) | 195,132) | 363,328) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 70.98% | 72.00% | 65.20% | 65.58% | 71.11% |
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).
1 2023 Calculation
Segment profit margin = 100 × Net income ÷ Revenues
= 100 × 306,706 ÷ 432,105 = 70.98%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Land and Resource Management | Land and Resource Management segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Profit Margin: Water Services and Operations
Texas Pacific Land Corp.; Water Services and Operations; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net income | 98,939) | 81,321) | 61,083) | 48,072) | 60,362) |
| Revenues | 199,490) | 160,447) | 130,571) | 107,422) | 127,168) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 49.60% | 50.68% | 46.78% | 44.75% | 47.47% |
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).
1 2023 Calculation
Segment profit margin = 100 × Net income ÷ Revenues
= 100 × 98,939 ÷ 199,490 = 49.60%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Water Services and Operations | Water Services and Operations segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Return on Assets (Segment ROA)
Texas Pacific Land Corp., ROA by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 31.45% | 49.65% | 32.88% | 27.82% | 55.23% |
| Water Services and Operations | 54.58% | 57.17% | 47.45% | 43.08% | 46.28% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Land and Resource Management | Land and Resource Management segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Water Services and Operations | Water Services and Operations segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment ROA: Land and Resource Management
Texas Pacific Land Corp.; Land and Resource Management; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net income | 306,706) | 365,041) | 208,897) | 127,977) | 258,366) |
| Assets | 975,136) | 735,193) | 635,338) | 460,053) | 467,758) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 31.45% | 49.65% | 32.88% | 27.82% | 55.23% |
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).
1 2023 Calculation
Segment ROA = 100 × Net income ÷ Assets
= 100 × 306,706 ÷ 975,136 = 31.45%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Land and Resource Management | Land and Resource Management segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment ROA: Water Services and Operations
Texas Pacific Land Corp.; Water Services and Operations; segment ROA calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net income | 98,939) | 81,321) | 61,083) | 48,072) | 60,362) |
| Assets | 181,262) | 142,234) | 128,726) | 111,582) | 130,418) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 54.58% | 57.17% | 47.45% | 43.08% | 46.28% |
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).
1 2023 Calculation
Segment ROA = 100 × Net income ÷ Assets
= 100 × 98,939 ÷ 181,262 = 54.58%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Water Services and Operations | Water Services and Operations segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Asset Turnover
Texas Pacific Land Corp., asset turnover by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 0.44 | 0.69 | 0.50 | 0.42 | 0.78 |
| Water Services and Operations | 1.10 | 1.13 | 1.01 | 0.96 | 0.98 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Land and Resource Management | Land and Resource Management segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Water Services and Operations | Water Services and Operations segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Asset Turnover: Land and Resource Management
Texas Pacific Land Corp.; Land and Resource Management; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenues | 432,105) | 506,975) | 320,387) | 195,132) | 363,328) |
| Assets | 975,136) | 735,193) | 635,338) | 460,053) | 467,758) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.44 | 0.69 | 0.50 | 0.42 | 0.78 |
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).
1 2023 Calculation
Segment asset turnover = Revenues ÷ Assets
= 432,105 ÷ 975,136 = 0.44
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Land and Resource Management | Land and Resource Management segment asset turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Asset Turnover: Water Services and Operations
Texas Pacific Land Corp.; Water Services and Operations; segment asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Revenues | 199,490) | 160,447) | 130,571) | 107,422) | 127,168) |
| Assets | 181,262) | 142,234) | 128,726) | 111,582) | 130,418) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 1.10 | 1.13 | 1.01 | 0.96 | 0.98 |
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).
1 2023 Calculation
Segment asset turnover = Revenues ÷ Assets
= 199,490 ÷ 181,262 = 1.10
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Water Services and Operations | Water Services and Operations segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Capital Expenditures to Depreciation
Texas Pacific Land Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 0.08 | 0.18 | 1.96 | 0.10 | 1.33 |
| Water Services and Operations | 1.30 | 1.41 | 0.85 | 0.38 | 3.97 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Land and Resource Management | Land and Resource Management segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Water Services and Operations | Water Services and Operations segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Land and Resource Management
Texas Pacific Land Corp.; Land and Resource Management; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | 241) | 393) | 4,688) | 152) | 1,603) |
| Depreciation, depletion and amortization | 3,073) | 2,234) | 2,397) | 1,514) | 1,201) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.08 | 0.18 | 1.96 | 0.10 | 1.33 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 241 ÷ 3,073 = 0.08
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Land and Resource Management | Land and Resource Management segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Segment Capital Expenditures to Depreciation: Water Services and Operations
Texas Pacific Land Corp.; Water Services and Operations; segment capital expenditures to depreciation calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | 15,190) | 18,574) | 11,727) | 4,934) | 30,606) |
| Depreciation, depletion and amortization | 11,684) | 13,142) | 13,860) | 12,881) | 7,705) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.30 | 1.41 | 0.85 | 0.38 | 3.97 |
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).
1 2023 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 15,190 ÷ 11,684 = 1.30
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Water Services and Operations | Water Services and Operations segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Revenues
Texas Pacific Land Corp., revenues by reportable segment
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 432,105) | 506,975) | 320,387) | 195,132) | 363,328) |
| Water Services and Operations | 199,490) | 160,447) | 130,571) | 107,422) | 127,168) |
| Total | 631,595) | 667,422) | 450,958) | 302,554) | 490,496) |
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
Texas Pacific Land Corp., net income by reportable segment
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 306,706) | 365,041) | 208,897) | 127,977) | 258,366) |
| Water Services and Operations | 98,939) | 81,321) | 61,083) | 48,072) | 60,362) |
| Total | 405,645) | 446,362) | 269,980) | 176,049) | 318,728) |
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).
Capital expenditures
Texas Pacific Land Corp., capital expenditures by reportable segment
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 241) | 393) | 4,688) | 152) | 1,603) |
| Water Services and Operations | 15,190) | 18,574) | 11,727) | 4,934) | 30,606) |
| Total | 15,431) | 18,967) | 16,415) | 5,086) | 32,209) |
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).
Depreciation, depletion and amortization
Texas Pacific Land Corp., depreciation, depletion and amortization by reportable segment
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 3,073) | 2,234) | 2,397) | 1,514) | 1,201) |
| Water Services and Operations | 11,684) | 13,142) | 13,860) | 12,881) | 7,705) |
| Total | 14,757) | 15,376) | 16,257) | 14,395) | 8,906) |
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).
Assets
Texas Pacific Land Corp., assets by reportable segment
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Land and Resource Management | 975,136) | 735,193) | 635,338) | 460,053) | 467,758) |
| Water Services and Operations | 181,262) | 142,234) | 128,726) | 111,582) | 130,418) |
| Total | 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).