Liberty Energy (LBRT) - 2025 Q1 - Quarterly Report

Revenue and Income - Revenue decreased by $95.7 million, or 9$977.5 million for Q1 2025 compared to $1.1 billion for Q1 2024[129] - Operating income fell by$97.3 million to $18.2 million for Q1 2025 compared to$115.4 million for Q1 2024[128] - Net income decreased by $61.8 million to$20.1 million for Q1 2025 compared to $81.9 million for Q1 2024[128] - EBITDA for the three months ended March 31, 2025, was$165.2 million, a decrease of $73.4 million from$238.6 million in the same period of 2024[140] - Adjusted EBITDA for the three months ended March 31, 2025, was $168.2 million, down$76.6 million from $244.8 million in the prior year[140] Expenses - Cost of services decreased by$21.1 million, or 3%, to $761.6 million for Q1 2025 compared to$782.7 million for Q1 2024[130] - General and administrative expenses increased by 24% to $65.8 million for Q1 2025 compared to$53.0 million for Q1 2024[131] Cash Flow and Investments - Net cash provided by operating activities increased by $32.7 million to$192.1 million for the three months ended March 31, 2025, compared to $159.4 million for the same period in 2024[148] - Cash and cash equivalents increased by$4.1 million to $24.1 million as of March 31, 2025, from$20.0 million as of December 31, 2024[142] - Net cash used in investing activities was $106.2 million for the three months ended March 31, 2025, compared to$142.0 million in the same period of 2024, primarily due to proceeds from the sale of common shares and assets[149] - The Company acquired IMG Energy Solutions for approximately $15.2 million during the three months ended March 31, 2025[149] Acquisitions and New Initiatives - The company completed the acquisition of IMG Energy Solutions for approximately$19.6 million on March 3, 2025[123] - Liberty Power Innovations LLC was launched in early 2023 to support the transition to natural gas fueled technologies[122] Market Conditions and Expectations - The average WTI price for Q1 2025 was $71.78 per barrel, down from$77.50 per barrel in Q1 2024[127] - The average Henry Hub price for Q1 2025 was $4.14 per MMBtu, up from$2.44 per MMBtu in Q1 2024[127] - The company expects modest production growth for 2025, with natural gas fundamentals anticipated to be more favorable due to rising LNG export capacity demand[126] Financing and Credit - As of March 31, 2025, the Company had a revolving line of credit of up to $525.0 million, with$210.0 million outstanding and $139.9 million of remaining availability[143] - The Company expanded its equipment lease facilities, resulting in the addition of$27.7 million in new finance lease obligations during the three months ended March 31, 2025[151] Taxation - The effective global income tax rate for the three months ended March 31, 2025, was 28%, compared to 24% for the same period in 2024[154] Shareholder Actions - The Company repurchased and retired shares of Class A Common Stock for $24.0 million during the three months ended March 31, 2025[146]