Liberty Energy Inc. Announces First Quarter 2025 Financial and Operational Results
Liberty Energy (NYSE: LBRT) reported Q1 2025 financial results with revenue of $977 million, up 4% sequentially, and net income of $20 million ($0.12 EPS). The company achieved Adjusted EBITDA of $168 million, an 8% increase from Q4 2024.
Key highlights include $37 million distributed to shareholders through share repurchases and dividends, with 1.0% of shares retired during Q1. The company expanded its distributed power systems through the IMG Energy Solutions acquisition and successfully tested new digiPrime natural gas variable speed pump technology.
While facing market uncertainties due to tariffs and OPEC+ production strategy, Liberty reports excess demand for its services. The company expects sequential growth in revenue and profitability in Q2 2025 from higher utilization, while maintaining a strong balance sheet with $24 million cash on hand and total liquidity of $164 million as of March 31, 2025.
Liberty Energy (NYSE: LBRT) ha riportato i risultati finanziari del primo trimestre 2025 con ricavi di 977 milioni di dollari, in aumento del 4% rispetto al trimestre precedente, e un utile netto di 20 milioni di dollari (EPS di 0,12 dollari). La società ha registrato un EBITDA rettificato di 168 milioni di dollari, con un incremento dell'8% rispetto al quarto trimestre 2024.
Tra i punti salienti, 37 milioni di dollari sono stati distribuiti agli azionisti tramite riacquisti di azioni e dividendi, con lo 0,1% delle azioni ritirate nel primo trimestre. L'azienda ha ampliato i suoi sistemi di energia distribuita grazie all'acquisizione di IMG Energy Solutions e ha testato con successo la nuova tecnologia digiPrime per pompe a velocità variabile alimentate a gas naturale.
Nonostante le incertezze del mercato dovute ai dazi e alla strategia produttiva di OPEC+, Liberty segnala una domanda superiore all'offerta per i suoi servizi. La società prevede una crescita sequenziale di ricavi e profitti nel secondo trimestre 2025, grazie a una maggiore utilizzazione, mantenendo al contempo un bilancio solido con 24 milioni di dollari di liquidità e una disponibilità totale di 164 milioni di dollari al 31 marzo 2025.
Liberty Energy (NYSE: LBRT) reportó los resultados financieros del primer trimestre de 2025 con ingresos de 977 millones de dólares, un aumento del 4% respecto al trimestre anterior, y un ingreso neto de 20 millones de dólares (EPS de 0,12 dólares). La compañía alcanzó un EBITDA ajustado de 168 millones de dólares, un incremento del 8% respecto al cuarto trimestre de 2024.
Entre los aspectos destacados, se distribuyeron 37 millones de dólares a los accionistas mediante recompras de acciones y dividendos, retirando el 1.0% de las acciones durante el primer trimestre. La empresa amplió sus sistemas de energía distribuida con la adquisición de IMG Energy Solutions y probó con éxito la nueva tecnología digiPrime para bombas de velocidad variable de gas natural.
A pesar de las incertidumbres del mercado debido a los aranceles y la estrategia de producción de OPEC+, Liberty reporta una demanda superior a la oferta por sus servicios. La compañía espera un crecimiento secuencial en ingresos y rentabilidad en el segundo trimestre de 2025 debido a una mayor utilización, manteniendo un balance sólido con 24 millones de dólares en efectivo y una liquidez total de 164 millones de dólares al 31 de marzo de 2025.
Liberty Energy (NYSE: LBRT)는 2025년 1분기 실적을 발표했으며, 매출은 9억 7,700만 달러로 전분기 대비 4% 증가했고, 순이익은 2,000만 달러 (주당순이익 0.12달러)를 기록했습니다. 회사는 조정 EBITDA 1억 6,800만 달러를 달성해 2024년 4분기 대비 8% 증가했습니다.
주요 내용으로는 주주들에게 3,700만 달러를 자사주 매입과 배당금으로 분배했으며, 1분기 동안 주식의 1.0%를 소각했습니다. 또한 IMG Energy Solutions 인수를 통해 분산형 전력 시스템을 확장했고, 새로운 digiPrime 천연가스 가변속도 펌프 기술을 성공적으로 시험했습니다.
관세와 OPEC+ 생산 전략으로 인한 시장 불확실성에도 불구하고, Liberty는 서비스에 대한 초과 수요를 보고하고 있습니다. 회사는 2025년 2분기에 더 높은 가동률로 매출과 수익성이 순차적으로 성장할 것으로 기대하며, 2025년 3월 31일 기준 현금 2,400만 달러와 총 유동성 1억 6,400만 달러로 견고한 재무 상태를 유지하고 있습니다.
Liberty Energy (NYSE : LBRT) a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires de 977 millions de dollars, en hausse de 4 % par rapport au trimestre précédent, et un bénéfice net de 20 millions de dollars (bénéfice par action de 0,12 dollar). La société a atteint un EBITDA ajusté de 168 millions de dollars, soit une augmentation de 8 % par rapport au quatrième trimestre 2024.
Parmi les faits marquants, 37 millions de dollars ont été distribués aux actionnaires sous forme de rachats d'actions et de dividendes, avec 1,0 % des actions annulées au cours du premier trimestre. L'entreprise a élargi ses systèmes d'énergie distribuée grâce à l'acquisition d'IMG Energy Solutions et a testé avec succès la nouvelle technologie digiPrime pour pompes à vitesse variable fonctionnant au gaz naturel.
Malgré les incertitudes du marché liées aux tarifs douaniers et à la stratégie de production de l'OPEP+, Liberty constate une demande excédentaire pour ses services. La société prévoit une croissance séquentielle de ses revenus et de sa rentabilité au deuxième trimestre 2025 grâce à une utilisation accrue, tout en maintenant un bilan solide avec 24 millions de dollars de trésorerie et une liquidité totale de 164 millions de dollars au 31 mars 2025.
Liberty Energy (NYSE: LBRT) meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 977 Millionen US-Dollar, was einem Anstieg von 4 % gegenüber dem Vorquartal entspricht, sowie einem Nettogewinn von 20 Millionen US-Dollar (Gewinn je Aktie von 0,12 US-Dollar). Das Unternehmen erzielte ein bereinigtes EBITDA von 168 Millionen US-Dollar, ein Plus von 8 % gegenüber dem vierten Quartal 2024.
Zu den wichtigsten Highlights zählen 37 Millionen US-Dollar, die an Aktionäre durch Aktienrückkäufe und Dividenden ausgeschüttet wurden, wobei im ersten Quartal 1,0 % der Aktien eingezogen wurden. Das Unternehmen erweiterte seine dezentralen Energiesysteme durch die Übernahme von IMG Energy Solutions und testete erfolgreich die neue digiPrime-Technologie für variabel drehzahlgeregelte Erdgas-Pumpen.
Trotz Marktunsicherheiten aufgrund von Zöllen und der Produktionsstrategie von OPEC+ meldet Liberty eine Übernachfrage nach seinen Dienstleistungen. Das Unternehmen erwartet für das zweite Quartal 2025 ein sequentielles Wachstum bei Umsatz und Profitabilität durch höhere Auslastung und hält dabei eine starke Bilanz mit 24 Millionen US-Dollar in bar und einer Gesamtliquidität von 164 Millionen US-Dollar zum 31. März 2025.
- Revenue increased 4% sequentially to $977 million
- Adjusted EBITDA grew 8% sequentially to $168 million
- $37 million returned to shareholders via buybacks and dividends
- Strong balance sheet with $164 million in total liquidity
- Excess demand for services reported
- Sequential growth expected in Q2 2025
- Net income declined 76% year-over-year from $82M to $20M
- Revenue decreased year-over-year from $1.1B to $977M
- Adjusted EBITDA dropped 31% year-over-year from $245M to $168M
- Total debt increased by $20M from Q4 2024
Insights
Liberty Energy shows mixed Q1 results with sequential improvement but significant YoY declines; maintaining shareholder returns amid market uncertainties.
Liberty Energy's Q1 2025 results present a mixed financial picture with sequential improvements offset by substantial year-over-year declines. The company posted
The declining profitability is particularly notable, with net income at just
Liberty's capital return program remains robust, with
The acquisition of IMG Energy Solutions strategically diversifies Liberty beyond traditional oil and gas into distributed power systems for data centers and industrial applications - a prudent hedge against energy transition risks.
Management's outlook indicates sequential revenue and profit growth expected for Q2, though they acknowledge significant market uncertainties from tariff impacts and OPEC+ production strategies. Their fortress balance sheet with
The
Liberty shows resilience with rising sequential metrics despite industry headwinds; strategic diversification positions them well for evolving energy landscape.
Liberty Energy's quarterly performance reveals important operational resilience in a complex market environment. The sequential utilization improvement across their fleet signals strengthening demand for their services despite broader industry uncertainties. This utilization increase is particularly significant as it contradicts typical seasonal patterns where Q1 often sees weather-related disruptions.
The company's technological investments are generating tangible operational benefits. Their AI-driven predictive maintenance systems have established new benchmarks in equipment component longevity, which directly impacts their total cost of ownership - a critical competitive advantage in a margin-pressured environment. Additionally, their testing of the industry's first natural gas variable speed pump represents innovation leadership in reducing emissions while maintaining performance.
Liberty's commentary about experiencing "excess demand" for their services amid a "flight to quality" indicates market share gains at competitors' expense. This suggests their strategic investments in fleet modernization, advanced sensors, and data visualization tools are resonating with operators seeking reliability and efficiency.
The strategic expansion beyond traditional oilfield services through the IMG acquisition is particularly astute. Growing power demand from data centers, manufacturing, and industrial electrification represents significant diversification opportunities with potentially more stable demand patterns than cyclical oil and gas activity.
Management's nuanced market assessment deserves attention. They note that today's North American producers are better capitalized and less reactive to price volatility than in previous cycles. This structural change could mean less severe service activity declines during commodity downturns compared to historical patterns. The observation that current frac activity primarily supports maintenance of existing production levels rather than aggressive growth further supports this thesis.
Their cautious approach to potential tariff impacts, with mitigation efforts already underway, demonstrates proactive risk management that investors should appreciate.
Summary Results and Highlights
-
Revenue of
$977 million 4% sequential increase -
Net income of
$20 million $0.12 -
Adjusted EBITDA1 of
$168 million 8% sequential increase -
Achieved
12% TTM Adjusted Pre-Tax Return on Capital Employed (“ROCE”)2 -
Distributed
$37 million -
Repurchased and retired
1.0% of shares outstanding during the first quarter, and a cumulative15.9% of shares outstanding since reinstating the repurchase program in July 2022 - Expanded LPI’s distributed power systems offering with the acquisition of IMG Energy Solutions (“IMG”)
- Successfully tested the latest digiPrime technology advancement, the industry’s first natural gas variable speed pump
- Established new benchmark in critical equipment component longevity utilizing our AI-driven predictive maintenance systems, reducing total cost of asset ownership
“Liberty delivered a solid first quarter, with revenue of
“In recent months, tariff announcements and a more aggressive OPEC+ production strategy have sent ripples across the energy sector. Today, we have excess demand for Liberty services as our customers align themselves with top-tier providers in a clear industry ‘flight to quality,’” continued Mr. Gusek. “While North American producers have not yet meaningfully changed development plans, we expect our customers to assess a range of scenarios in anticipation of commodity price pressure, and we are staying close to our partners in this dynamic market.”
“Liberty’s differentiation is the engine of our success through both prosperous and challenging times. Our strategy of delivering strong long-term returns with a unique culture, deep customer relationships, and superior performance consistently drives differential demand for Liberty fleets,” continued Mr. Gusek. “Today, we are better positioned than ever to navigate market uncertainties, with greater scale, vertical integration, technological advancements, and a fortress balance sheet. Prior cycles have proved the resilience of our strategy, of leading the industry with discipline while strategically enhancing our competitive edge. We will adhere to our principles and continue to build enduring advantages in today’s rapidly evolving market.”
Outlook
As global oil markets contend with tariff impacts, geopolitical tensions, and oil supply concerns, North American producers are evaluating a range of macroeconomic scenarios. The recent pause on tariffs has momentarily eased pressure on the global economy, and in turn, global oil demand concerns. However, markets remain focused on supply side dynamics, including the evolving OPEC+ production strategy and potential constraints on Iranian, Russian, and Venezuelan oil exports. Natural gas fundamentals are more favorable on rising LNG export capacity demand in support of global energy security.
While the current tumult in commodity prices is not immediately driving changes in North American activity, we expect oil producers are evaluating a range of scenarios in anticipation of oil price pressure. Concurrently, gas producers could prove to be beneficiaries of potentially lower associated gas production in oily basins.
In contrast to prior oil and gas cycles, recent years have seen steadier activity in both higher and lower commodity price environments. Larger, well-capitalized producers, that comprise a larger portion of shale production today, are better able to withstand a broader range of commodity prices, while smaller producers are more sensitive to commodity prices. Since the pandemic-driven downturn, the energy sector has seen significant consolidation as well as a strong focus on capital discipline and balance sheet strength, and most producers have targeted flat to modest production growth. Today’s frac activity simply supports maintenance of current oil production levels, mitigating the possibility of steep declines experienced by the service industry in past cycles. While macroeconomic risk could lead to lower oil production in
Liberty’s differential service platform is stronger today than at any point in the last 14 years. Our unmatched scale, integrated services, robust supply chain, and advanced technology systems uniquely enable us to deliver more value, lowering the total cost to produce a barrel of oil. Fleet modernization with advanced sensors, real-time data capture, and enhanced data visualization tools, is driving tangible benefits and improving decision-making, allowing our teams and customers to respond faster and more effectively in a dynamic market. We are also working closely with our customers to bring innovative engineering and designs to their completion strategies. This integrated, high-performance model reinforces our position as the service provider of choice in a competitive market.
“We started the year with positive momentum and are currently anticipating sequential growth in revenue and profitability in the second quarter from higher utilization. Amidst market uncertainties we are working closely with our customers and suppliers to deliver superior services and drive greater efficiencies that could help partially offset tariff-related impacts. We expect our strong balance sheet will allow us to navigate any potential slowdown while executing on our long-term strategic plan,” commented Mr. Gusek. “We are also actively assessing the implications of tariffs across our business and have already begun mitigation efforts.”
“Strategic investment has allowed us to develop new markets and lead technology innovation and operational efficiency in the industry. Growing power demand from data centers, manufacturing, mining, and industrial electrification is enabling us to expand our power services beyond the oilfield. The acquisition of IMG, a leader in distributed power systems, opportunistically augments LPI with power plant EPC management and PJM utility market expertise. We are excited by the opportunity ahead to expand in these key growth areas,” continued Mr. Gusek.
Share Repurchase Program
During the quarter ended March 31, 2025, Liberty repurchased and retired 1,546,138 shares of Class A common stock at an average of
Liberty has cumulatively repurchased and retired
The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through the authorization period.
Cash Dividend
During the quarter ended March 31, 2025, the Company paid a quarterly cash dividend of
On April 15, 2025, the Board declared a cash dividend of
Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.
First Quarter Results
For the first quarter of 2025, revenue was
Net income (after taxes) totaled
Adjusted Net Income3 (after taxes) totaled
Adjusted EBITDA1 of
Fully diluted earnings per share was
Adjusted Net Income per Diluted Share3 of
Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.
Balance Sheet and Liquidity
As of March 31, 2025, Liberty had cash on hand of
Conference Call
Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, April 17, 2025. Presenting Liberty’s results will be Ron Gusek, Chief Executive Officer, and Michael Stock, Chief Financial Officer.
Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 6508118. The replay will be available until April 24, 2025.
About Liberty
Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in
1 “Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in |
2 Adjusted Pre-Tax Return on Capital Employed is a non- |
3 “Adjusted Net Income” and “Adjusted Net Income per Diluted Share” are not presented in accordance with |
Non-GAAP Financial Measures
This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Diluted Share, and Adjusted Pre-Tax Return on Capital Employed (“ROCE”). We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock-based compensation, new fleet or new basin start-up costs, fleet lay-down costs, gain or loss on the disposal of assets, gain or loss on investments, net, bad debt reserves, transaction and other costs, the loss or gain on remeasurement of liability under our tax receivable agreements, and other non-recurring expenses that management does not consider in assessing ongoing performance.
Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion, and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under
We present Adjusted Net Income and Adjusted Net Income per Diluted Share because we believe such measures provide useful information to investors regarding our operating performance by excluding the after-tax impacts of unusual or one-time benefits or costs, including items such as gain or loss on investments, net and transaction and other costs, primarily because management views the excluded items to be outside of our normal operating results. We define Adjusted Net Income as net income after eliminating the effects of such excluded items and Adjusted Net Income per Diluted Share as Adjusted Net Income divided by the number of weighted average diluted shares outstanding. Management analyzes net income without the impact of these items as an indicator of performance to identify underlying trends in our business.
We define ROCE as the ratio of adjusted pre-tax net income (adding back income tax and certain adjustments that include tax receivable agreement impacts, gain or loss on investments, net, and transaction and other costs, when applicable) for the twelve months ended March 31, 2025 to Average Capital Employed. Average Capital Employed is the simple average of total capital employed (both debt and equity) as of March 31, 2025 and March 31, 2024. ROCE is presented based on our management’s belief that this non-GAAP measure is useful information to investors when evaluating our profitability and the efficiency with which management has employed capital over time. Our management uses ROCE for that purpose. ROCE is not a measure of financial performance under
Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with
Forward-Looking and Cautionary Statements
The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expected growth from recent acquisitions, expected performance, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, outlook for the power industry, future global economic conditions, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 6, 2025 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.
Liberty Energy Inc. |
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Selected Financial Data |
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(unaudited) |
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|
|
Three Months Ended |
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|
|
March 31, |
|
December 31, |
|
March 31, |
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|
|
2025 |
|
2024 |
|
2024 |
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Statement of Operations Data: |
|
(amounts in thousands, except for per share data) |
||||||||||
Revenue |
|
$ |
977,461 |
|
|
$ |
943,574 |
|
|
$ |
1,073,125 |
|
Costs of services, excluding depreciation, depletion, and amortization shown separately |
|
|
761,616 |
|
|
|
741,754 |
|
|
|
782,680 |
|
General and administrative (1) |
|
|
65,775 |
|
|
|
56,174 |
|
|
|
52,986 |
|
Transaction and other costs |
|
|
811 |
|
|
|
— |
|
|
|
— |
|
Depreciation, depletion, and amortization |
|
|
127,742 |
|
|
|
132,164 |
|
|
|
123,186 |
|
Loss (gain) on disposal of assets, net |
|
|
3,345 |
|
|
|
(11,442 |
) |
|
|
(1,160 |
) |
Total operating expenses |
|
|
959,289 |
|
|
|
918,650 |
|
|
|
957,692 |
|
Operating income |
|
|
18,172 |
|
|
|
24,924 |
|
|
|
115,433 |
|
Loss on remeasurement of liability under tax receivable agreements |
|
|
— |
|
|
|
3,210 |
|
|
|
— |
|
Gain on investments, net |
|
|
(19,288 |
) |
|
|
(44,753 |
) |
|
|
— |
|
Interest expense, net |
|
|
9,543 |
|
|
|
8,499 |
|
|
|
7,063 |
|
Net income before taxes |
|
|
27,917 |
|
|
|
57,968 |
|
|
|
108,370 |
|
Income tax expense |
|
|
7,806 |
|
|
|
6,075 |
|
|
|
26,478 |
|
Net income |
|
|
20,111 |
|
|
|
51,893 |
|
|
|
81,892 |
|
Net income per common share: |
|
|
|
|
|
|
||||||
Basic |
|
$ |
0.12 |
|
|
$ |
0.32 |
|
|
$ |
0.49 |
|
Diluted |
|
$ |
0.12 |
|
|
$ |
0.31 |
|
|
$ |
0.48 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
||||||
Basic |
|
|
161,938 |
|
|
|
162,856 |
|
|
|
166,325 |
|
Diluted |
|
|
165,784 |
|
|
|
167,163 |
|
|
|
171,441 |
|
|
|
|
|
|
|
|
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Other Financial and Operational Data |
|
|
|
|
|
|
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Capital expenditures (2) |
|
$ |
120,878 |
|
|
$ |
188,148 |
|
|
$ |
141,993 |
|
Adjusted EBITDA (3) |
|
$ |
168,150 |
|
|
$ |
155,740 |
|
|
$ |
244,786 |
|
| _______________ | ||
(1) |
General and administrative costs for the three months ended March 31, 2025 include |
|
(2) |
Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisitions, net of proceeds from the sales of assets. |
|
(3) |
Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below. |
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Liberty Energy Inc. |
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Condensed Consolidated Balance Sheets |
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(unaudited, amounts in thousands) |
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|
March 31, |
|
December 31, |
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|
2025 |
|
2024 |
||||
Assets |
|
||||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
24,100 |
|
|
$ |
19,984 |
|
Accounts receivable and unbilled revenue |
|
544,274 |
|
|
|
539,856 |
|
Inventories |
|
202,865 |
|
|
|
203,469 |
|
Prepaids and other current assets |
|
87,271 |
|
|
|
85,214 |
|
Total current assets |
|
858,510 |
|
|
|
848,523 |
|
Property and equipment, net |
|
1,926,060 |
|
|
|
1,890,998 |
|
Operating and finance lease right-of-use assets |
|
370,501 |
|
|
|
356,435 |
|
Other assets |
|
131,382 |
|
|
|
119,402 |
|
Investment in equity securities |
|
69,369 |
|
|
|
81,036 |
|
Total assets |
$ |
3,355,822 |
|
|
$ |
3,296,394 |
|
Liabilities and Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
613,278 |
|
|
$ |
571,305 |
|
Current portion of operating and finance lease liabilities |
|
103,281 |
|
|
|
95,218 |
|
Total current liabilities |
|
716,559 |
|
|
|
666,523 |
|
Long-term debt |
|
210,000 |
|
|
|
190,500 |
|
Long-term operating and finance lease liabilities |
|
250,243 |
|
|
|
247,888 |
|
Deferred tax liability |
|
137,728 |
|
|
|
137,728 |
|
Payable pursuant to tax receivable agreements |
|
67,180 |
|
|
|
74,886 |
|
Total liabilities |
|
1,381,710 |
|
|
|
1,317,525 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
1,608 |
|
|
|
1,619 |
|
Additional paid in capital |
|
965,665 |
|
|
|
977,484 |
|
Retained earnings |
|
1,026,519 |
|
|
|
1,019,517 |
|
Accumulated other comprehensive loss |
|
(19,680 |
) |
|
|
(19,751 |
) |
Total stockholders’ equity |
|
1,974,112 |
|
|
|
1,978,869 |
|
Total liabilities and equity |
$ |
3,355,822 |
|
|
$ |
3,296,394 |
|
Liberty Energy Inc. |
|||||||||||
Reconciliation and Calculation of Non-GAAP Financial and Operational Measures |
|||||||||||
(unaudited, amounts in thousands) |
|||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA |
|||||||||||
|
Three Months Ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2025 |
|
2024 |
|
2024 |
||||||
Net income |
$ |
20,111 |
|
|
$ |
51,893 |
|
|
$ |
81,892 |
|
Depreciation, depletion, and amortization |
|
127,742 |
|
|
|
132,164 |
|
|
|
123,186 |
|
Interest expense, net |
|
9,543 |
|
|
|
8,499 |
|
|
|
7,063 |
|
Income tax expense |
|
7,806 |
|
|
|
6,075 |
|
|
|
26,478 |
|
EBITDA |
$ |
165,202 |
|
|
$ |
198,631 |
|
|
$ |
238,619 |
|
Stock-based compensation expense |
|
18,080 |
|
|
|
10,094 |
|
|
|
7,327 |
|
Gain on investments, net |
|
(19,288 |
) |
|
|
(44,753 |
) |
|
|
— |
|
Loss (gain) on disposal of assets, net |
|
3,345 |
|
|
|
(11,442 |
) |
|
|
(1,160 |
) |
Loss on remeasurement of liability under tax receivable agreements |
|
— |
|
|
|
3,210 |
|
|
|
— |
|
Transaction and other costs |
|
811 |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
$ |
168,150 |
|
|
$ |
155,740 |
|
|
$ |
244,786 |
|
Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share |
|||||||||||
|
Three Months Ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2025 |
|
2024 |
|
2024 |
||||||
Net income |
$ |
20,111 |
|
|
$ |
51,893 |
|
|
$ |
81,892 |
|
Adjustments: |
|
|
|
|
|
||||||
Less: Gain on investments, net |
|
(19,288 |
) |
|
|
(44,753 |
) |
|
|
— |
|
Add back: Transaction and other costs |
|
811 |
|
|
|
— |
|
|
|
— |
|
Total adjustments, before taxes |
|
(18,477 |
) |
|
|
(44,753 |
) |
|
|
— |
|
Income tax expense (benefit) of adjustments |
|
(5,174 |
) |
|
|
(9,582 |
) |
|
|
— |
|
Adjusted Net Income |
$ |
6,808 |
|
|
$ |
16,722 |
|
|
$ |
81,892 |
|
|
|
|
|
|
|
||||||
Diluted weighted average common shares outstanding |
|
165,784 |
|
|
|
167,163 |
|
|
|
171,441 |
|
Net income per diluted share |
$ |
0.12 |
|
|
$ |
0.31 |
|
|
$ |
0.48 |
|
Adjusted Net Income per Diluted Share |
$ |
0.04 |
|
|
$ |
0.10 |
|
|
$ |
0.48 |
|
Calculation of Adjusted Pre-Tax Return on Capital Employed |
|||||||
|
Twelve Months Ended |
||||||
|
March 31, |
||||||
|
2025 |
|
2024 |
||||
Net income |
$ |
254,229 |
|
|
|
||
Add back: Income tax expense |
|
68,589 |
|
|
|
||
Add back: Loss on remeasurement of liability under tax receivable agreements (1) |
|
3,210 |
|
|
|
||
Add back: Transaction and other costs |
|
811 |
|
|
|
||
Less: Gain on investments, net |
|
(68,515 |
) |
|
|
||
Adjusted Pre-tax net income |
$ |
258,324 |
|
|
|
||
Capital Employed |
|
|
|
||||
Total debt |
$ |
210,000 |
|
|
$ |
166,000 |
|
Total equity |
|
1,974,112 |
|
|
|
1,884,484 |
|
Total Capital Employed |
$ |
2,184,112 |
|
|
$ |
2,050,484 |
|
|
|
|
|
||||
Average Capital Employed (2) |
$ |
2,117,298 |
|
|
|
||
Adjusted Pre-Tax Return on Capital Employed (3) |
|
12 |
% |
|
|
||
(1) |
Loss on remeasurement of the liability under tax receivable agreements is a result of a change in the estimated future effective tax rate and should be excluded in the determination of adjusted pre-tax return on capital employed. |
|
(2) |
Average Capital Employed is the simple average of Total Capital Employed as of March 31, 2025 and 2024. |
|
(3) |
Adjusted Pre-tax Return on Capital Employed is the ratio of adjusted pre-tax net income for the twelve months ended March 31, 2025 to Average Capital Employed. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250416673949/en/
Michael Stock
Chief Financial Officer
Anjali Voria, CFA
Director of Investor Relations
303-515-2851
IR@libertyenergy.com
Source: Liberty Energy Inc.
FAQ
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