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Press Release: Liberty Oilfield Services Inc. -2-

· 02/04/2021 16:44
Liberty Oilfield Services Inc. Selected Financial Data (unaudited) Three Months Ended Year Ended ------------------------------- ------------------------ December September December 31, 30, 31, December 31, --------- --------- --------- ------------------------ 2020 2020 2019 2020 2019 --------- --------- --------- ---------- ------------ Statement of (amounts in thousands, except for per share and fleet Operations Data: data) Revenue $ 257,586 $ 147,495 $ 397,971 $ 965,787 $1,990,346 Costs of services, excluding depreciation and amortization shown separately 236,510 139,237 344,430 857,981 1,621,180 General and administrative 20,114 17,307 26,210 84,098 97,589 Transaction, severance and other costs 9,395 2,609 -- 21,061 -- Depreciation and amortization 45,826 44,496 44,299 180,084 165,379 Loss (gain) on disposal of assets 109 (752) 1,359 (411) 2,601 --------- --------- --------- ---------- ---------- Total operating expenses 311,954 202,897 416,298 1,142,813 1,886,749 Operating (loss) income (54,368) (55,402) (18,327) (177,026) 103,597 Interest expense, net 3,646 3,595 3,176 14,505 14,681 --------- --------- --------- ---------- ---------- Net (loss) income before taxes (58,014) (58,997) (21,503) (191,531) 88,916 Income tax (benefit) expense (9,783) (9,972) (3,095) (30,857) 14,052 --------- --------- --------- ---------- ---------- Net (loss) income (48,231) (49,025) (18,408) (160,674) 74,864 Less: Net (loss) income attributable to noncontrolling interests (11,201) (14,523) (6,260) (45,091) 35,861 --------- --------- --------- ---------- ---------- Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders $(37,030) $(34,502) $(12,148) $(115,583) $ 39,003 ======== ======== ======== ========= ========= Net (loss) income attributable to Liberty Oilfield Services Inc. stockholders per common share: Basic $ (0.41) $ (0.41) $ (0.15) $ (1.36) $ 0.54 Diluted $ (0.41) $ (0.41) $ (0.15) $ (1.36) $ 0.53 ======== ======== ======== ========= ========= Weighted average common shares outstanding: Basic 91,026 84,937 79,182 85,242 72,334 Diluted (1) 91,026 84,937 79,182 85,242 105,256 Other Financial and Operational Data Capital expenditures (2) $ 23,961 $ 12,281 $ 56,211 $ 82,414 $ 181,613 Adjusted EBITDA (3) $ 7,124 $ 1,396 $ 33,770 $ 57,899 $ 290,741 Average Active Fleets (4) 15.8 9.4 23.0 13.2 22.8 Annualized Adjusted EBITDA per Average Active Fleet (5) $ 1,789 $ 589 $ 5,825 $ 4,386 $ 12,752 1. In accordance with U.S. GAAP, diluted weighted average common shares outstanding for the three months ended December 31, and September 30, 2020, and December 31, 2019, exclude weighted average shares of Class B common stock (21,970, 27,763, and 32,993, respectively), restricted shares (79, 235, and 349, respectively) and restricted stock units (2,507, 2,458, and 2,066, respectively) outstanding during the period. For the year ended December 31, 2020, diluted weighted average common shares outstanding excludes the weighted average shares of Class B common stock (27,427), restricted shares (207) and restricted stock units (2,460) outstanding during the period. For the year ended December 31, 2019, diluted weighted average common shares outstanding excludes the weighted average shares of Class B common stock (9,057) exchanged during the period (share counts presented in 000's). 2. Capital expenditures presented above are shown on an as incurred basis, including capital expenditures in accounts payable and accrued liabilities. 3. Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled "Reconciliation and Calculation of Non-GAAP Financial and Operational Measures" below. 4. Average Active Fleets is calculated as the daily average of the number of active fleets for the period presented. 5. Annualized Adjusted EBITDA per Average Active Fleet is calculated as Adjusted EBITDA for the year, or respective quarter annualized, divided by the Average Active Fleets, as defined above. Liberty Oilfield Services Inc. Condensed Consolidated and Combined Balance Sheets1. Net income/loss attributable to controlling and noncontrolling interests. 2. "Adjusted EBITDA" is not presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). Please see the supplemental financial information in the table under "Reconciliation of Net Income to EBITDA and Adjusted EBITDA" at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.

Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyfrac.com.

Non-GAAP Financial Measures

This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.

Forward-Looking and Cautionary Statements

The information above includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as "may, " "expect," "estimate," "outlook," "project," "plan," "position," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "likely," "should," "could," and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in "Item 1A. Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC on February 27, 2020 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.

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February 04, 2021 16:44 ET (21:44 GMT)