2023-01-26 00:18:00

Liberty Energy Inc. Announces Fourth Quarter and Full Year 2022 Financial and Operational Results

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Benzinga
By Business Wire

Liberty Energy Inc. LBRT "Liberty" or the "Company"))) announced today fourth quarter and full year 2022 financial and operational results.

Summary Results and Highlights

  • Revenue of $4.1 billion, a 68% increase over the prior year, and net income1 of $400 million, or $2.11 fully diluted earnings per share, for the year ended December 31, 2022
  • Adjusted EBITDA2 of $860 million for the year ended December 31, 2022
  • Fourth quarter revenue of $1.2 billion, a 3% sequential increase, and net income1 of $153 million, or $0.82 fully diluted earnings per share, for the quarter ended December 31, 2022
  • Adjusted EBITDA2 of $295 million for the quarter ended December 31, 2022, a 7% sequential increase
  • Initiated the commercial deployment of high-performance, low-emission digiFrac pumps, the industry's first purpose-built fully integrated electric frac pump with high power density
  • Returned $134 million to shareholders in the second half of 2022 through a combination of share repurchases and a quarterly cash dividend reinstated in the fourth quarter of 2022
  • Repurchased 4.4% of outstanding shares at an average price of $15.29, or $125 million in total, since July 2022
  • Increased share repurchase authorization to $500 million, with $375 million of authorization remaining

"Liberty achieved outstanding returns in 2022 with the highest earnings per share in company history. Full-year Adjusted Pre-Tax Return on Capital Employed ("ROCE")3 and Cash Return on Capital Invested ("CROCI")4 were each at 31%, and both accelerated as the year progressed. These results demonstrate the enhanced earnings power of our diversified platform and technology portfolio and the profitability potential over the longer duration cycle ahead," commented Chris Wright, Chief Executive Officer. "Our strong conviction in the outlook and growing free cash flow led us to launch and expand a sector-leading return of capital strategy in 2022 with a share repurchase program and the reinstatement of our quarterly cash dividend. During the second half of 2022, we returned a combined $134 million in share repurchases and dividend payments to shareholders, retiring 4.4% of outstanding shares. Our confidence continues today spurring us to double the size of our share repurchase authorization.

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