Liberty Energy Inc. Files 10-Q for Q1 2024

TL;DR

<b>Liberty Energy Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and position.</b>

AI Summary

Liberty Energy Inc. (LBRT) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. Liberty Energy Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's former name was Liberty Oilfield Services Inc., with a name change effective January 9, 2017. The filing includes data for periods ending December 31, 2023, March 31, 2024, and December 31, 2022. Key financial statement components like Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for various periods.

Why It Matters

For investors and stakeholders tracking Liberty Energy Inc., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for Liberty Energy Inc., crucial for assessing the company's performance in the oil and gas services sector. Understanding the detailed financial statements and disclosures in this filing is essential for evaluating Liberty Energy's financial health, profitability, and strategic direction in the current market environment.

Risk Assessment

Risk Level: low — Liberty Energy Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events beyond typical business disclosures.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Liberty Energy's Q1 2024 performance and compare it to previous periods.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q covers the period ending on this date.)
• 2024-04-18 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 1231 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

• Liberty Energy Inc. (company) — Filer of the 10-Q report.
• Liberty Oilfield Services Inc. (company) — Former name of Liberty Energy Inc.
• 2024-03-31 (date) — End of the reporting period for the 10-Q.
• 2024-04-18 (date) — Filing date of the 10-Q.
• 2023-12-31 (date) — Previous period end date referenced in the filing.
• 2022-12-31 (date) — Prior year period end date referenced in the filing.

FAQ

Industry Context

Liberty Energy Inc. operates in the oil and gas field services sector, providing services to exploration and production companies.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Examine any disclosures related to debt, equity, and cash flow.
3. Compare key financial metrics to the previous quarter and the same quarter last year.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-18: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, following previous filings such as the 2023 10-K and prior quarterly reports.

Key Financial Figures

• $0.01 — tered Class A Common Stock, par value $0.01 LBRT New York Stock Exchange Indicate

Filing Documents

• lbrt-20240331.htm (10-Q) — 859KB
• a311certq124.htm (EX-31) — 7KB
• a312certq124.htm (EX-31) — 7KB
• a321certq124.htm (EX-32) — 4KB
• a322certq124.htm (EX-32) — 4KB
• ex95miningdisclosuresq12024.htm (EX-95) — 19KB
• 0001694028-24-000031.txt (&nbsp;) — 5973KB
• lbrt-20240331.xsd (EX-101.SCH) — 46KB
• lbrt-20240331_cal.xml (EX-101.CAL) — 85KB
• lbrt-20240331_def.xml (EX-101.DEF) — 255KB
• lbrt-20240331_lab.xml (EX-101.LAB) — 624KB
• lbrt-20240331_pre.xml (EX-101.PRE) — 441KB
• lbrt-20240331_htm.xml (XML) — 653KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Changes in Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3. Quantitative and Qualitative Disclosure about Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II OTHER INFORMATION 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

SIGNATURES

SIGNATURES 29 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Quarterly Report") and certain other communications made by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange of 1934, as amended (the "Exchange Act"), including, among others, expected performance, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, future global economic conditions, the impact of the Russian invasion of Ukraine, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, in addition to other estimates, and beliefs. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We may use the words "estimate," "outlook," "project," "forecast," "position," "potential," "likely," "believe," "anticipate," "assume," "plan," "expect," "intend," "achievable," "may," "will," "continue," "should," "could" and similar expressions to help identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. We cannot assure you that our assumptions and expectations will prove to be correct. Important factors, many of which are beyond our control, could cause our actual results to differ materially from those indicated or implied by forward-looking statements, including but not limited to the risks and uncertainties described in our most recently filed Annual Report for the year ended December 31, 2023, this Quarterly Report, and other filings that we make with the U.S. Securities Exchange Commission (the "SEC"). We undertake no intention or obligation to update or revise any forward-looking statements, except as required by law, whether as a result of new inform

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) LIBERTY ENERGY INC. Condensed Consolidated Balance Sheets (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 23,788 $ 36,784 Accounts receivable, net of allowances for credit losses of $ 939 and $ 939 , respectively 429,819 381,185 Accounts receivable—related party — 17,345 Unbilled revenue (including amounts from related parties of $ 51 and $ 13,379 , respectively) 219,389 188,940 Inventories 210,060 205,865 Prepaid and other current assets 94,952 124,135 Total current assets 978,008 954,254 Property and equipment, net 1,694,232 1,645,368 Finance lease right-of-use assets 195,955 182,319 Operating lease right-of-use assets 88,485 92,640 Other assets (including amounts from related parties of $ 0 and $ 14,785 , respectively) 140,939 158,976 Total assets $ 3,097,619 $ 3,033,557 Liabilities and Equity Current liabilities: Accounts payable $ 315,998 $ 293,733 Accrued liabilities 234,895 261,066 Income taxes payable — 12,060 Current portion of payable pursuant to tax receivable agreements 37,444 5,170 Current portion of finance lease liabilities 46,146 39,867 Current portion of operating lease liabilities 27,882 27,528 Total current liabilities 662,365 639,424 Long-term debt 166,000 140,000 Deferred tax liability 102,340 102,340 Payable pursuant to tax receivable agreements 75,027 112,471 Noncurrent portion of finance lease liabilities 147,578 133,654 Noncurrent portion of operating lease liabilities 59,825 64,260 Total liabilities 1,213,135 1,192,149 Commitments & contingencies (Note 14) Stockholders' equity: Preferred Stock, $ 0.01 par value, 10,000 shares authorized and none issued and outstanding — — Common Stock: Class A, $ 0.01 par value, 400,000,000 shares authorized and 165,201,928 issued and outstanding as of March 31, 2024 and 166,610,199 issued and outstanding as of December 31, 2023 1,652 1,66

View Full Filing

View this 10-Q filing on SEC EDGAR