Liberty Energy (LBRT) - 2024 Q3 - Quarterly Report

Revenue and Income - Revenue decreased by $77.3 million, or 6.4$1.1 billion for the three months ended September 30, 2024, compared to $1.2 billion for the same period in 2023[88] - Revenue for the nine months ended September 30, 2024, decreased by$301.4 million, or 8.2%, to $3.4 billion compared to$3.7 billion for the same period in 2023[98] - Operating income decreased by $97.9 million, or 47.7$107.3 million for the three months ended September 30, 2024, compared to $205.2 million for the same period in 2023[87] - Net income decreased by$74.8 million, or 50.3%, to $73.8 million for the three months ended September 30, 2024, compared to$148.6 million for the same period in 2023[87] Expenses - Cost of services decreased by $10.0 million, or 1.2$840.3 million for the three months ended September 30, 2024, compared to $850.2 million for the same period in 2023[89] - Cost of services for the nine months ended September 30, 2024, decreased by$113.4 million, or 4.4%, to $2.5 billion compared to$2.6 billion for the same period in 2023[99] - General and administrative expenses increased by $3.6 million, or 6.5$58.6 million for the three months ended September 30, 2024, compared to $55.0 million for the same period in 2023[90] - General and administrative expenses increased by$3.2 million, or 1.9%, to $169.3 million for the nine months ended September 30, 2024, compared to$166.1 million for the same period in 2023[100] - Depreciation, depletion, and amortization expense increased by $17.4 million, or 16.0$126.4 million for the three months ended September 30, 2024, compared to $108.0 million for the same period in 2023[92] - Depreciation, depletion, and amortization expense rose by$69.8 million, or 23.0%, to $372.9 million for the nine months ended September 30, 2024, compared to$303.1 million for the same period in 2023[102] Cash Flow and Investments - Net cash provided by operating activities was $652.1 million for the nine months ended September 30, 2024, a decrease of$67.8 million compared to $719.8 million for the same period in 2023[114] - Net cash provided by operating activities decreased by$67.8 million to $652.1 million for the nine months ended September 30, 2024, compared to$719.8 million for the same period in 2023[115] - Net cash used in investing activities was $455.0 million for the nine months ended September 30, 2024, down from$528.4 million in the prior year, primarily due to the Siren Acquisition and lower proceeds from asset sales[116] - The Company spent 16.1 million on equity investments in Tamboran Resources Corporation, Empire Energy Group Ltd., and Falcon Oil & Gas Ltd. during the nine months ended September 30, 2024, compared to 10.0 million for Oklo Inc. in the prior year[115] - Net cash used in financing activities increased by $2.5 million to$210.8 million for the nine months ended September 30, 2024, primarily due to increased cash paid for finance leases and dividends[116] Taxation - Income tax expense decreased to $81.2 million for the nine months ended September 30, 2024, with an effective rate of 23.5$151.7 million and an effective rate of 24.6% for the same period in 2023[105] - The effective global income tax rate for the nine months ended September 30, 2024, was 23.5%, down from 24.6% for the same period in 2023[118] - The Company recognized an income tax expense of $81.2 million for the nine months ended September 30, 2024, compared to$151.7 million for the same period in 2023[118] Other Financial Metrics - EBITDA was $741.9 million for the nine months ended September 30, 2024, compared to$939.9 million for the same period in 2023, reflecting a decrease of $198.0 million[110] - Adjusted EBITDA was$765.9 million for the nine months ended September 30, 2024, down from $960.6 million for the same period in 2023, a decrease of$194.7 million[110] Shareholder Activities - The company repurchased and retired shares of Class A Common Stock for $99.1 million during the nine months ended September 30, 2024, under its share repurchase program[113] Foreign Currency and Subsidiary Formation - A foreign currency translation loss of$3.8 million was recorded for the nine months ended September 30, 2024, compared to a loss of $1.6 million for the same period in 2023[121] - The Company formed a subsidiary in Australia during the nine months ended September 30, 2024, which will use the Australian dollar as its functional currency[121] Equipment and Lease Obligations - The Company expanded its equipment lease facilities, resulting in$129.0 million in new finance lease obligations for the nine months ended September 30, 2024[117]