Financial Data and Key Metrics Changes - In Q4 2024, the company reported revenue of $455 million and adjusted EBITDA of $71 million, down from $575 million and $135 million in Q3 2024 respectively [17][42] - For the full year 2024, total revenue was $2.19 billion with adjusted EBITDA of $501 million, maintaining an adjusted EBITDA margin of 23% [17][43] - Free cash flow for Q4 was $54 million, an increase from $31 million in Q3, totaling $185 million for the full year [20][44] Business Line Data and Key Metrics Changes - Stimulation services revenue decreased to $384 million in Q4 from $507 million in Q3, with adjusted EBITDA dropping to $54 million from $113 million [44][45] - Proppant Production segment generated $47 million in revenue in Q4, down from $53 million in Q3, with adjusted EBITDA of $14 million compared to $17 million in the previous quarter [46][48] - Manufacturing segment revenues remained flat at $62 million in Q4, with adjusted EBITDA increasing to $3 million from near break-even in Q3 [51][52] Market Data and Key Metrics Changes - The North American completions industry faced challenges in Q4 due to budget constraints, holiday shutdowns, and adverse weather conditions [17][21] - The company noted a significant improvement in activity in the Stimulation business since the end of 2024, with the highest number of active fleets since mid-2024 [26][27] - The Haynesville market is expected to see increased activity due to improved gas prices, with the company holding the largest Proppant footprint in the region [19][20] Company Strategy and Development Direction - The company continues to execute a differentiated commercial strategy by partnering with operators who prioritize integrated, efficient solutions [10][22] - The launch of Livewire Power marks a strategic step in the power generation market, focusing on the demand for power in remote locations [15][23] - The company is committed to innovation, investing in next-generation pumps and software platforms to maintain industry leadership [16][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in surpassing Q3 2024 efficiency records in the Stimulation business, despite challenges [13][21] - The company anticipates marginal growth in the frac market throughout 2025, with a focus on long-term customer relationships over short-term pricing gains [28][68] - Management highlighted the importance of maintaining a disciplined approach to capital allocation and managing asset portfolios [20][57] Other Important Information - The company generated $54 million of free cash flow in Q4 and $185 million for the full year, indicating strong cash generation capabilities [20][44] - Total cash and cash equivalents at year-end were approximately $15 million, with total liquidity of about $81 million [56] - The company repaid approximately $157 million of long-term debt in 2024 and plans to continue using free cash flow for deleveraging [57] Q&A Session Summary Question: Activity improvement in Stimulation and Proppant - Management noted that the start of the year has seen a nice pickup in activity, with operators returning to work and increasing volumes [66][67] Question: Livewire business ramp-up and CapEx guidance - Management indicated that internal demand is the priority for Livewire, with capital investments focused on projects that meet economic return thresholds [69][72] Question: Frac supply-demand dynamics and asset attrition - Management discussed the accelerated attrition of older assets due to high utilization rates, leading to a tighter supply-demand balance [83][85] Question: Current pricing dynamics - Management refrained from providing specific pricing details but emphasized a focus on long-term customer relationships over short-term pricing strategies [90][91] Question: Electrification of frac fleets and power allocation - Management acknowledged the careful consideration of resource allocation to sustain both oilfield services and other market demands without compromising customer commitments [100][101]