Liberty Energy (LBRT) - 2024 Q4 - Annual Results

Financial Performance - Full year revenue for 2024 was $4.3 billion, a decrease of 9% from $4.7 billion in 2023[18] - Net income for 2024 was $316 million, or $1.87 fully diluted EPS, down from $556 million and $3.15 EPS in 2023[18] - Adjusted EBITDA for 2024 was $922 million, a 24% decrease from $1.2 billion in 2023[18] - Fourth quarter revenue was $944 million, a 12% decrease from $1.1 billion in Q4 2023[21] - Fourth quarter net income was $52 million, compared to $92 million in Q4 2023[21] - Revenue for the three months ended December 31, 2024, was $943,574,000, a decrease of 12.2% compared to $1,074,958,000 for the same period in 2023[40] - Adjusted EBITDA for the year ended December 31, 2024, was $921,593,000, down 24.0% from $1,213,068,000 in 2023[40] - Net income attributable to Liberty Energy Inc. stockholders for the year ended December 31, 2024, was $316,010,000, a decline of 43.3% from $556,317,000 in 2023[40] - Basic net income per share for the three months ended December 31, 2024, was $0.32, compared to $0.55 for the same period in 2023, representing a decrease of 41.8%[40] - Net income for the year ended December 31, 2024, was $316,010 million, a decrease of 43% compared to $556,408 million in 2023[46] - Adjusted Net Income for the year ended December 31, 2024, was $277,416 million, down from $557,962 million in 2023, reflecting a 50% decline[46] - Net income per diluted share for the year ended December 31, 2024, was $1.87, a decrease from $3.15 in 2023[46] - Adjusted Net Income per Diluted Share for the year ended December 31, 2024, was $1.64, down from $3.16 in 2023[46] Shareholder Returns - The company repurchased 6.3 million shares in 2024, representing 3.8% of shares outstanding, for approximately $127 million[13] - Liberty raised its quarterly cash dividend by 14% to $0.08 per share starting in Q4 2024[5] Operational Highlights - The company expects to deploy an additional 400 MW of power generation by the end of 2026, with deployments commencing later this year[6] - Liberty achieved a record of 7,143 pumping hours on a single fleet in 2024, averaging nearly 600 hours per month[5] Liquidity and Capital Structure - Total liquidity as of December 31, 2024, was $135 million, including cash on hand of $20 million and total debt of $191 million[23] - Total assets increased to $3,296,394,000 as of December 31, 2024, from $3,033,557,000 as of December 31, 2023, reflecting a growth of 8.7%[43] - Capital expenditures for the year ended December 31, 2024, were $627,057,000, an increase of 8.8% compared to $576,389,000 in 2023[40] - Total debt, net of discount, as of December 31, 2024, was $190,500 million, an increase from $140,000 million in 2023[47] Investment Performance - The company reported a net loss on unrealized investments of $49,227,000 for the year ended December 31, 2024[45] - Adjusted Pre-tax Return on Capital Employed for the twelve months ended December 31, 2024, was 17%[47] - Cash Return on Capital Invested for the twelve months ended December 31, 2024, was 21%[49] - Total Gross Capital Invested as of December 31, 2024, was $4,642,640 million, an increase from $3,963,213 million in 2023[49] - Adjusted EBITDA for the year ended December 31, 2024, was $1,213,068 million, compared to $860,267 million in 2023, representing a 41% increase[51] Cost Management - The total operating expenses for the three months ended December 31, 2024, were $918,650,000, a decrease of 3.4% from $951,204,000 in the same period of 2023[40] - The company expects future growth driven by recent acquisitions and improvements in operating procedures and technology[37]