[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) [Q2 2024 Performance Overview](index=1&type=section&id=Q2%202024%20Performance%20Overview) The company demonstrated strong performance with sequential growth in revenue and Adjusted EBITDA, driven by record operational efficiencies and shareholder returns Q2 2024 Key Metrics | Metric | Value | | :--- | :--- | | Revenue | $1.2 billion (8% sequential increase) | | Net Income | $108 million | | Fully Diluted EPS | $0.64 | | Adjusted EBITDA | $273 million (12% sequential increase) | | TTM Adjusted Pre-Tax ROCE | 28% | - Distributed **$41 million to shareholders** in Q2 through a combination of share repurchases ($30 million) and cash dividends ($12 million)[14](index=14&type=chunk)[5](index=5&type=chunk)[7](index=7&type=chunk) - Achieved significant operational milestones, including **record pumping efficiencies**, **record safety performance**, and the deployment of the Sentinel AI-powered logistics platform, which **reduced proppant delivery downtime by 90%**[14](index=14&type=chunk)[15](index=15&type=chunk) - Advanced next-generation fleet technologies by achieving the **highest diesel displacement in company history** with natural gas-fueled digiFleets and commencing Liberty Power Innovations (LPI) operations[14](index=14&type=chunk)[15](index=15&type=chunk) [Financial Results](index=3&type=section&id=Financial%20Results) [Q2 2024 Performance Summary](index=3&type=section&id=Q2%202024%20Performance%20Summary) The company reported $1.2 billion in revenue and $273 million in Adjusted EBITDA, showing strong sequential growth despite a slight year-over-year decline Q2 2024 Financial Performance vs. Prior Periods | Financial Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Revenue | $1.2B | $1.1B | $1.2B | | Net Income | $108M | $82M | $153M | | Adjusted Net Income | $103M | $82M | $153M | | Adjusted EBITDA | $273M | $245M | $311M | | Diluted EPS | $0.64 | $0.48 | $0.87 | | Adjusted Diluted EPS | $0.61 | $0.48 | $0.87 | [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2024, the company maintained a solid liquidity position with $30 million in cash and $271 million in total available liquidity Liquidity Position as of June 30, 2024 | Metric | Amount | | :--- | :--- | | Cash on Hand | $30 million | | Total Debt | $147 million | | Total Liquidity | $271 million | [Detailed Financial Statements](index=6&type=section&id=Detailed%20Financial%20Statements) The statements detail Q2 2024 operating income of $141.8 million on revenue of $1.16 billion, with total assets growing to $3.24 billion [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2024, the company generated $1.16 billion in revenue and $108.4 million in net income, with a diluted EPS of $0.64 Statement of Operations Highlights (Q2 2024 vs Q2 2023, in thousands) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Revenue | $1,159,884 | $1,194,988 | | Operating Income | $141,833 | $206,478 | | Net Income | $108,421 | $152,671 | | Diluted EPS | $0.64 | $0.87 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets stood at $3.24 billion, supported by $1.94 billion in total stockholders' equity Balance Sheet Highlights (in thousands) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $1,002,312 | $954,254 | | Total Assets | $3,241,355 | $3,033,557 | | Total Liabilities | $1,304,460 | $1,192,149 | | Total Stockholders' Equity | $1,936,895 | $1,841,408 | [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The company reconciled Q2 2024 Net Income of $108.4 million to an Adjusted EBITDA of $273.3 million after key adjustments Reconciliation of Net Income to Adjusted EBITDA (Q2 2024, in thousands) | Line Item | Amount | | :--- | :--- | | Net income | $108,421 | | D&A | $123,305 | | Interest expense, net | $8,063 | | Income tax expense | $32,550 | | **EBITDA** | **$272,339** | | Stock-based compensation | $6,870 | | Other adjustments | ($5,953) | | **Adjusted EBITDA** | **$273,256** | - The company achieved an **Adjusted Pre-Tax Return on Capital Employed (ROCE) of 28%** for the twelve months ended June 30, 2024[30](index=30&type=chunk) [Business Outlook](index=2&type=section&id=Business%20Outlook) [Market Conditions and Company Expectations](index=2&type=section&id=Market%20Conditions%20and%20Company%20Expectations) Liberty anticipates stable financial performance in H2 2024, well-positioned to capitalize on E&P consolidation and demand for low-emission services - The company expects its financial performance in the second half of 2024 to be **similar to the first half**, even as overall North American completions activity is anticipated to soften modestly[5](index=5&type=chunk) - **Long-term natural gas demand is expected to rise**, driven by new LNG export facilities and growth in power demand, which should eventually lead to firmer prices[3](index=3&type=chunk) - The trend of **E&P operator consolidation is increasing demand for service partners** that can deliver superior performance and technical solutions, playing to Liberty's strengths[4](index=4&type=chunk) - The frac industry has seen a moderation in activity, and the **attrition of older equipment may lead to tightness for quality frac crews in 2025**[18](index=18&type=chunk) [Shareholder Returns](index=2&type=section&id=Shareholder%20Returns) [Share Repurchase Program](index=2&type=section&id=Share%20Repurchase%20Program) In Q2 2024, the company repurchased $30 million in shares, with $362 million remaining under its current authorization Q2 2024 Share Repurchase Activity | Metric | Value | | :--- | :--- | | Shares Repurchased | 1,319,885 | | Average Price | $22.39 per share | | Total Cost | ~$30 million | | % of Shares Outstanding | 0.8% | - Since the program began on July 25, 2022, Liberty has cumulatively repurchased and retired **13.2% of its shares outstanding**[5](index=5&type=chunk) - The total remaining authorization for future share repurchases is approximately **$362 million**[5](index=5&type=chunk) [Cash Dividend](index=3&type=section&id=Cash%20Dividend) The company paid a quarterly cash dividend of $0.07 per share, totaling approximately $12 million in Q2 2024, and approved a similar dividend for Q3 - Paid a quarterly cash dividend of **$0.07 per share** of Class A common stock, totaling approximately **$12 million** in Q2 2024[7](index=7&type=chunk) - On July 16, 2024, the Board declared a subsequent cash dividend of **$0.07 per share**, payable on September 20, 2024[21](index=21&type=chunk) [Supplementary Information](index=3&type=section&id=Supplementary%20Information) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Liberty will host a conference call on July 18, 2024, to discuss its second-quarter results, with access details provided for live and replay viewing - A conference call to discuss Q2 2024 results is scheduled for **Thursday, July 18, 2024, at 10:00 a.m. Eastern Time**[11](index=11&type=chunk) - Participation details, including dial-in numbers and a webcast link, are available, with a **replay accessible until July 25, 2024**[33](index=33&type=chunk) [About Liberty & Non-GAAP Measures](index=4&type=section&id=About%20Liberty%20%26%20Non-GAAP%20Measures) Liberty is a leading North American energy services firm that utilizes non-GAAP financial measures to provide a clearer assessment of its performance - Liberty is a Denver-based energy services firm founded in 2011, focused on **next-generation technology** for unconventional resource development[25](index=25&type=chunk) - The report uses non-GAAP measures like **Adjusted EBITDA, Adjusted Net Income, and ROCE** to help investors compare operating performance on a consistent basis[12](index=12&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements based on current expectations that are subject to risks and uncertainties which could cause different actual results - The document contains **forward-looking statements** concerning business strategy, future performance, and market outlook, which are not guarantees of future results[35](index=35&type=chunk) - Readers are cautioned that **actual results may differ materially** from those implied by forward-looking statements due to various factors beyond the company's control[35](index=35&type=chunk)

Highlights of Q1 Earnings In the last reported quarter, the Denver, CO-based oilfield service company's earnings missed the consensus mark. LBRT reported an earnings per share of 48 cents, which was 6 cents lower than the Zacks Consensus Estimate. This was primarily due to poor equipment and services execution and lower activity in the reported quarter. Revenues of $1.07 billion also missed the Zacks Consensus Estimate by 0.9%. LBRT's earnings beat the Zacks Consensus Estimate in one of the trailing four qu ...

Investors in Liberty Energy Inc. (LBRT) need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 20, 2024 $12 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could al ...

The market expects Liberty Oilfield Services (LBRT) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management ...

As part of its shareholder return policy, LBRT repurchased shares worth $30 million at an average price of $20.36 per share during the reported quarter. Costs and Expenses LBRT reported total costs and expenses of $957.7 million in the first quarter, down 7.65% from the year-ago quarter's level. The figure was also higher than our projection of $950.4 million. It has been about a month since the last earnings report for Liberty Oilfield Services (LBRT) . Shares have added about 4.1% in that time frame, unde ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q OR Title of each class Trading symbol(s) Name of each exchange on which registered If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of ...

Liberty Energy Inc. (LBRT) reported first-quarter 2024 earnings of 48 cents per share, which missed the Zacks Consensus Estimate of 54 cents. The bottom line also underperformed the year-ago quarter’s reported figure of 90 cents. This was primarily due to poor equipment and services execution, and lower activity in the reported quarter.Revenues totaled $1.07 billion, which missed the Zacks Consensus Estimate by 0.9%. The top line was also lower than the prior-year quarter’s level of $1.26 billion by 15.08%. ...

Liberty Oilfield Services (LBRT) came out with quarterly earnings of $0.48 per share, missing the Zacks Consensus Estimate of $0.54 per share. This compares to earnings of $0.90 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.11%. A quarter ago, it was expected that this provider of hydraulic fracturing services would post earnings of $0.57 per share when it actually produced earnings of $0.54, delivering a surprise of -5. ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Liberty reported flat Q1 2024 revenue, decreased net income and Adjusted EBITDA, strong capital returns, and record safety, reflecting technology leadership [Q1 2024 Performance Highlights](index=1&type=section&id=Q1%202024%20Performance%20Highlights) Liberty Energy Inc. announced its first quarter 2024 financial and operational results, reporting flat sequential revenue, a decrease in net income and Adjusted EBITDA, but a strong TTM Adjusted Pre-Tax Return on Capital Employed Q1 2024 Key Financial and Operational Highlights | Metric | Value | | :----- | :---- | | Revenue | **$1.1 billion** (flat sequentially) | | Net income | **$82 million** | | Fully diluted EPS | **$0.48** | | Adjusted EBITDA | **$245 million** (**3% decrease sequentially**) | | TTM Adjusted Pre-Tax Return on Capital Employed | **32%** | | Distributed to shareholders | **$42 million** | | Shares repurchased (Q1) | **0.9%** of shares outstanding | | Cumulative shares repurchased (since July 2022) | **12.5%** of shares outstanding | - Achieved record TTM safety performance and operational efficiency[4](index=4&type=chunk) [CEO Commentary & Strategic Vision](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Vision) CEO Chris Wright highlighted Liberty's leadership in technology innovation, service quality, and talent investment, resulting in strong Q1 results despite softening industry activity - Liberty's strong first quarter results demonstrate the continued benefits of leading the industry in **technology innovation**, **service quality** and investment in **talent**[4](index=4&type=chunk) - The operations teams delivered the **highest combined safety performance** and **average daily pumping efficiency** in Liberty's history over the last year[4](index=4&type=chunk) - The company is in a generational shift towards **low emissions**, **capital efficient natural gas fueled technologies**, with digiFleet deployments and Liberty Power Innovations (LPI) supporting customers and benefiting from growing power demand from **AI-driven data centers** and **reshoring industrial activity**[4](index=4&type=chunk) [Shareholder Returns](index=2&type=section&id=Shareholder%20Returns) Liberty increased share repurchase authorization to $750 million, repurchased $30 million in Q1 2024, and maintained a $0.07 quarterly cash dividend [Share Repurchase Program](index=2&type=section&id=Share%20Repurchase%20Program) Liberty's Board increased the share repurchase authorization to $750 million, extending it through July 2026, with $30 million repurchased in Q1 2024, bringing cumulative repurchases to 12.5% of shares outstanding - Board increased Liberty's existing share repurchase authorization to **$750 million**, a **$250 million increase**, and extended the authorization through **July 31, 2026**[5](index=5&type=chunk) Share Repurchase Details | Metric | Q1 2024 | Cumulative (since July 2022) | | :------------------------------------ | :------ | :--------------------------- | | Shares repurchased and retired | **1,480,084** | - | | Average price per share | **$20.36** | - | | Total value of repurchases | **~$30 million** | **~$417 million** (including dividends) | | % of shares outstanding repurchased | **0.9%** | **12.5%** | | Total remaining authorization | **~$392 million** | - | - Repurchases may be conducted through open market transactions, block trades, privately negotiated transactions, derivative transactions, or other means, funded by **cash on hand**, **revolving credit facility**, and **expected free cash flow**[24](index=24&type=chunk) [Cash Dividend](index=2&type=section&id=Cash%20Dividend) Liberty paid a quarterly cash dividend of $0.07 per share in Q1 2024, totaling approximately $12 million, and declared another $0.07 per share dividend for Q2 2024 Cash Dividend Details | Quarter | Dividend per Share | Total Payout (Q1 2024) | Declaration Date | Payment Date | Record Date | | :------ | :----------------- | :--------------------- | :--------------- | :----------- | :---------- | | Q1 2024 | **$0.07** | **~$12 million** | - | - | - | | Q2 2024 | **$0.07** | - | April 16, 2024 | June 20, 2024 | June 6, 2024 | - Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and their continuing determination that the declarations are in the best interests of Liberty and its stockholders, and may be adjusted based on **market conditions** and **capital availability**[25](index=25&type=chunk) [Outlook & Industry Dynamics](index=2&type=section&id=Outlook%20%26%20Industry%20Dynamics) The frac industry remains constructive with steady demand; Liberty anticipates low double-digit sequential revenue growth in Q2 2024 from strategic investments [Industry Outlook](index=2&type=section&id=Industry%20Outlook) The frac industry remains constructive with steady demand, disciplined pricing, and a focus on service quality, with oil prices rallying and natural gas prices expected to strengthen - Frac industry dynamics remain constructive, with relatively **steady demand** focusing service companies on **disciplined pricing** and **quality of service**[9](index=9&type=chunk) - Oil prices have rallied since early in the year due to an **improved global economic outlook**, ongoing **OPEC+ voluntary production cuts**, and rising **geopolitical tensions**[10](index=10&type=chunk) - Natural gas prices have declined considerably but are likely to strengthen in the future with increasing **LNG exports** and surging **domestic power demand**[10](index=10&type=chunk) [Company Outlook](index=2&type=section&id=Company%20Outlook) Liberty is focused on profitable growth through disciplined investment in talent, technology, and equipment, expecting low double-digit sequential revenue growth in Q2 2024 with improved profitability - Focus is on **profitable growth** through disciplined investment in **talent**, **technology**, and **equipment** that leads the industry in efficiency and emissions[11](index=11&type=chunk) - Strategic investment in **digiFleets** and **power and fuel supply through LPI** is expected to deliver **superior returns** over cycles[11](index=11&type=chunk) - For Q2 2024, the company expects **low double-digit sequential growth in revenue** on **stable pricing** and **increased efficiency**, with corresponding improvement in **profitability** and **strong cash flow generation**[12](index=12&type=chunk) [First Quarter Financial Results](index=3&type=section&id=First%20Quarter%20Financial%20Results) Liberty reported Q1 2024 revenue of $1.1 billion, flat sequentially, with decreased net income and Adjusted EBITDA, maintaining $315 million liquidity [Results Overview](index=3&type=section&id=First%20Quarter%20Results%20Overview) Liberty reported Q1 2024 revenue of $1.1 billion, flat sequentially but down 15% year-over-year, with net income of $82 million and Adjusted EBITDA of $245 million Q1 2024 Financial Performance Overview | Metric | Q1 2024 | Q4 2023 | Q1 2023 | YoY Change (Q1 24 vs Q1 23) | QoQ Change (Q1 24 vs Q4 23) | | :---------------- | :------ | :------ | :------ | :-------------------------- | :-------------------------- | | Revenue | **$1.1 billion** | **$1.1 billion** | **$1.3 billion** | **-15%** | **Flat** | | Net Income | **$82 million** | **$92 million** | **$163 million** | **-49.7%** | **-10.9%** | | Fully Diluted EPS | **$0.48** | **$0.54** | **$0.90** | **-46.7%** | **-11.1%** | | Adjusted EBITDA | **$245 million** | **$253 million** | **$330 million** | **-25.8%** | **-3.2%** | [Statement of Operations Data](index=6&type=section&id=Statement%20of%20Operations%20Data) The detailed statement of operations shows Q1 2024 revenue at $1,073,125 thousand, with total operating expenses of $957,692 thousand, leading to an operating income of $115,433 thousand Consolidated Statements of Operations Data (in thousands) | Metric (in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2023 | | :-------------------------------------------------------------------- | :------------- | :---------------- | :------------- | | Revenue | **$1,073,125** | **$1,074,958** | **$1,262,077** | | Costs of services, excluding depreciation, depletion, and amortization | **$782,680** | **$777,251** | **$888,416** | | General and administrative | **$52,986** | **$55,296** | **$53,036** | | Depreciation, depletion, and amortization | **$123,186** | **$118,421** | **$94,401** | | Total operating expenses | **$957,692** | **$951,204** | **$1,036,957** | | Operating income | **$115,433** | **$123,754** | **$225,120** | | Net income attributable to Liberty Energy Inc. stockholders | **$81,892** | **$92,383** | **$162,655** | | Diluted EPS | **$0.48** | **$0.54** | **$0.90** | | Capital expenditures | **$141,993** | **$133,610** | **$129,654** | [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) As of March 31, 2024, Liberty reported total assets of $3,097,619 thousand and total liabilities of $1,213,135 thousand, with total liquidity of $315 million Consolidated Balance Sheet Data (in thousands) | Metric (in thousands) | March 31, 2024 | December 31, 2023 | | :------------------------------------ | :------------- | :---------------- | | Cash and cash equivalents | **$23,788** | **$36,784** | | Accounts receivable and unbilled revenue | **$649,208** | **$587,470** | | Total current assets | **$978,008** | **$954,254** | | Property and equipment, net | **$1,694,232** | **$1,645,368** | | Total assets | **$3,097,619** | **$3,033,557** | | Accounts payable and accrued liabilities | **$588,337** | **$572,029** | | Total current liabilities | **$662,365** | **$639,424** | | Long-term debt | **$166,000** | **$140,000** | | Total liabilities | **$1,213,135** | **$1,192,149** | | Total stockholders' equity | **$1,884,484** | **$1,841,408** | - Total liquidity, including availability under the credit facility, was **$315 million** as of March 31, 2024[27](index=27&type=chunk) [Company Information](index=3&type=section&id=Company%20Information) This section outlines Liberty Energy's profile, Q1 conference call, non-GAAP measures, forward-looking statements, and investor contact [About Liberty](index=3&type=section&id=About%20Liberty) Liberty is a leading North American energy services firm, founded in 2011, specializing in innovative completion services and technologies for onshore oil and natural gas exploration and production companies - Liberty is a leading North American energy services firm offering innovative suites of **completion services** and **technologies** to onshore oil and natural gas exploration and production companies[29](index=29&type=chunk) - Founded in **2011**, Liberty focuses on developing and delivering **next-generation technology** for the sustainable development of unconventional energy resources[29](index=29&type=chunk) - Liberty is headquartered in **Denver, Colorado**[29](index=29&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call) Liberty hosted a conference call on April 18, 2024, to discuss Q1 results, featuring CEO Chris Wright, President Ron Gusek, and CFO Michael Stock - A conference call to discuss results was hosted on **Thursday, April 18, 2024**, at **8:00 a.m. Mountain Time** (**10:00 a.m. Eastern Time**)[17](index=17&type=chunk) - Presenting Liberty's results were **Chris Wright** (Chief Executive Officer), **Ron Gusek** (President), and **Michael Stock** (Chief Financial Officer)[17](index=17&type=chunk) - A live webcast was available at **http://investors.libertyfrac.com**, and a telephone replay was available until **April 25, 2024**[28](index=28&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section defines non-GAAP financial and operational measures used by Liberty, including EBITDA, Adjusted EBITDA, and Adjusted Pre-Tax Return on Capital Employed (ROCE) - The earnings release includes unaudited non-GAAP financial and operational measures: **EBITDA**, **Adjusted EBITDA**, and **Adjusted Pre-Tax Return on Capital Employed ("ROCE")**[18](index=18&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Adjusted EBITDA is defined as EBITDA adjusted to eliminate effects of items such as **non-cash stock-based compensation**, **new fleet/basin start-up costs**, **asset disposal gains/losses**, **bad debt reserves**, and other **non-recurring expenses**[18](index=18&type=chunk) - ROCE is defined as the ratio of pre-tax net income (adjusted for income tax and tax receivable agreement impacts) for the three months ended March 31, 2024, to Average Capital Employed, which is the simple average of total capital employed as of **March 31, 2024**, and **March 31, 2023**[31](index=31&type=chunk)[34](index=34&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20and%20Cautionary%20Statements) The release contains forward-looking statements regarding expected growth, performance, industry outlook, business strategy, and financial position, which involve assumptions, risks, and uncertainties - The information includes "**forward-looking statements**" concerning expected growth, performance, future operating results, oil and natural gas demand and prices, industry outlook, business strategy, planned capital expenditures, future cash flows, and return of capital to stockholders[19](index=19&type=chunk) - These statements involve certain **assumptions**, **risks**, and **uncertainties**, and actual results may differ materially from those indicated or implied[19](index=19&type=chunk) - Liberty has no obligation to affirm or update such information, except as required by law, and advises readers to consider **risk factors** in its Annual Report on Form 10-K and other SEC filings[19](index=19&type=chunk)[35](index=35&type=chunk) [Contact Information](index=4&type=section&id=Contact) Contact information for investor relations is provided, including Michael Stock (Chief Financial Officer) and Anjali Voria, CFA (Director of Investor Relations) - Contact information for investor relations includes **Michael Stock**, Chief Financial Officer, and **Anjali Voria, CFA**, Director of Investor Relations[20](index=20&type=chunk)[21](index=21&type=chunk) - Investor Relations email: **IR@libertyenergy.com**[1](index=1&type=chunk)[29](index=29&type=chunk) [Supplemental Financial Information](index=6&type=section&id=Supplemental%20Financial%20Information) This section details reconciliations of net income to EBITDA and Adjusted EBITDA, plus the 32% Adjusted Pre-Tax Return on Capital Employed calculation [Reconciliation of Net Income to EBITDA and Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20EBITDA%20and%20Adjusted%20EBITDA) This section provides a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2024, December 31, 2023, and March 31, 2023 Reconciliation of Net Income to EBITDA and Adjusted EBITDA | Metric | March 31, 2024 | December 31, 2023 | March 31, 2023 | | :------------------------------------------------- | :------------- | :---------------- | :------------- | | Net income | **$81,892** | **$92,383** | **$162,746** | | Depreciation, depletion, and amortization | **$123,186** | **$118,421** | **$94,401** | | Interest expense, net | **$7,063** | **$6,364** | **$7,891** | | Income tax expense | **$26,478** | **$26,824** | **$54,483** | | **EBITDA** | **$238,619** | **$243,992** | **$319,521** | | Stock-based compensation expense | **$7,327** | **$9,288** | **$7,178** | | (Gain) loss on disposal of assets | **$(1,160)** | **$(13)** | **$487** | | **Adjusted EBITDA** | **$244,786** | **$252,507** | **$329,885** | [Calculation of Pre-Tax Return on Capital Employed](index=8&type=section&id=Calculation%20of%20Pre-Tax%20Return%20on%20Capital%20Employed) This section details the calculation of Adjusted Pre-Tax Return on Capital Employed (ROCE) for the twelve months ended March 31, 2024, which was 32% Calculation of Adjusted Pre-Tax Return on Capital Employed | Metric | Twelve Months Ended March 31, 2024 | Twelve Months Ended March 31, 2023 | | :----------------------------------------------------------------- | :--------------------------------- | :--------------------------------- | | Net income | **$475,554** | - | | Add back: Income tax expense | **$150,477** | - | | Add back: Gain on remeasurement of liability under tax receivable agreements (1) | **$(1,817)** | - | | **Adjusted Pre-tax net income** | **$624,214** | - | | Total debt | **$166,000** | **$210,000** | | Total equity | **$1,884,484** | **$1,590,119** | | **Total Capital Employed** | **$2,050,484** | **$1,800,119** | | Average Capital Employed (2) | **$1,925,302** | - | | **Adjusted Pre-Tax Return on Capital Employed (3)** | **32%** | - | - Average Capital Employed is the simple average of Total Capital Employed as of **March 31, 2024**, and **March 31, 2023**[34](index=34&type=chunk) - Adjusted Pre-tax Return on Capital Employed is the ratio of pre-tax net income for the twelve months ended March 31, 2024, to **Average Capital Employed**[34](index=34&type=chunk)

Liberty Energy Inc. (LBRT) is set to report first-quarter 2024 earnings on Apr 17, after the closing bell. The Zacks Consensus Estimate for earnings is pegged at 53 cents per share on revenues of $1.08 billion.Let’s delve into the factors that might have influenced LBRT’s performance in the to-be-reported quarter. Before that, it’s worth taking a look at the company’s performance in the last reported quarter.Highlights of Q4 Earnings In the previous reported quarter, the Denver, CO-based oilfield service co ...