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Press Release: Liberty Oilfield Services Inc. -3-

· 02/04/2021 16:44
CONTACT: Michael Stock(unaudited, amounts in thousands) December 31, (1) December 31, ------------------ ---------------- 2020 2019 ------------------ ---------------- Assets Current assets: Cash and cash equivalents $ 68,978 $ 112,690 Accounts receivable and unbilled revenue 313,949 252,910 Inventories 118,568 88,547 Prepaids and other current assets 65,638 34,827 ------------------ -------------- Total current assets 567,133 488,974 ------------------ -------------- Property and equipment, net 1,120,950 651,703 Operating and finance lease right-of-use assets 114,611 108,413 Deferred tax asset 5,360 -- Other assets 81,888 34,339 ------------------ -------------- Total assets $ 1,889,942 $ 1,283,429 ============== ========== Liabilities and Equity Current liabilities: Accounts payable $ 193,338 $ 117,613 Accrued liabilities 118,383 108,954 Current portion of operating and finance lease liabilities 44,061 39,519 Current portion of long-term debt, net of discount 364 409 ------------------ -------------- Total current liabilities 356,146 266,495 Long-term debt, net of discount 105,411 105,731 Long-term operating and finance lease liabilities 61,748 61,571 Deferred tax liability -- 19,659 Payable pursuant to tax receivable agreement 56,594 48,481 ------------------ -------------- Total liabilities 579,899 501,937 ------------------ -------------- Stockholders' equity: Common Stock 1,795 1,126 Additional paid in capital 1,125,554 410,596 Retained earnings 23,288 143,105 ------------------ -------------- Total stockholders' equity 1,150,637 554,827 Noncontrolling interest 159,406 226,665 ------------------ -------------- Total Equity 1,310,043 781,492 ------------------ -------------- Total liabilities and equity $ 1,889,942 $ 1,283,429 ============== ========== 1. In accordance with ASC Topic 805 - Business Combinations, an acquirer is allowed a period, referred to as the measurement period, in which to complete its accounting for the transaction. Such measurement period ends at the earliest date that the acquirer a) receives the information necessary or b) determines that it cannot obtain further information, and such period may not exceed one year. As the OneStim(R) transaction closed on December 31, 2020, the Company is in the process of completing the initial purchase price allocation. The condensed consolidated balance sheet as of December 31, 2020 reflects the Company's current estimate of its initial purchase price allocation. Liberty Oilfield Services Inc. Reconciliation and Calculation of Non-GAAP Financial and Operational Measures (unaudited, amounts in thousands) Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three Months Ended Year Ended ------------------------------- ---------------------- December September December 31, 30, 31, December 31, --------- --------- --------- ---------------------- 2020 2020 2019 2020 2019 --------- --------- --------- ---------- ---------- Net (loss) income $(48,231) $(49,025) $(18,408) $(160,674) $ 74,864 Depreciation and amortization 45,826 44,496 44,299 180,084 165,379 Interest expense, net 3,646 3,595 3,176 14,505 14,681 Income tax (benefit) expense (9,783) (9,972) (3,095) (30,857) 14,052 --------- --------- --------- ---------- -------- EBITDA $ (8,542) $(10,906) $ 25,972 $ 3,058 $268,976 Stock based compensation expense 4,245 4,487 3,599 17,139 13,592 Fleet start-up and lay-down costs 1,718 5,958 1,787 12,175 4,519 Asset acquisition costs 6,997 1,500 -- 8,497 -- Loss (gain) on disposal of assets 109 (752) 1,359 (411) 2,601 Provision for credit losses 199 -- 1,053 4,877 1,053 Non-recurring payroll expense 2,398 -- -- 2,398 -- Severance and related costs -- 1,109 -- 10,166 -- --------- --------- --------- ---------- -------- Adjusted EBITDA $ 7,124 $ 1,396 $ 33,770 $ 57,899 $290,741 ======== ======== ======== ========= ======= Calculation of Pre-Tax Return on Capital Employed Twelve Months Ended -------------------------- December 31, 2020 -------------------------- 2020 2019 -------------- ---------- Net loss $(160,674) Add back: Income tax benefit (30,857) ---------- Pre-tax net loss $(191,531) Capital Employed Total debt, net of discount $ 105,775 $106,140 Total equity 1,310,043 781,492 ---------- -------- Total Capital Employed $1,415,818 $887,632 ========= ======= Average Capital Employed (1) $1,151,725 Pre-Tax Return on Capital Employed (2) (17)% 1. Average Capital Employed is the simple average of Total Capital Employed as of December 31, 2020 and 2019. 2. Pre-tax Return on Capital Employed is the ratio of pre-tax net income for the twelve months ended December 31, 2020 to Average Capital Employed.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006115/en/

Chief Financial Officer

303-515-2851

IR@libertyfrac.com

(END) Dow Jones Newswires

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