2024-07-18 16:52:09 ET
Liberty Energy Inc. (LBRT)
Q2 2024 Earnings Conference Call
July 18, 2024 10:00 ET
Company Participants
Anjali Voria - Director of Investor Relations
Chris Wright - Chief Executive Officer
Michael Stock - Chief Financial Officer
Ron Gusek - President
Conference Call Participants
Scott Gruber - Citigroup
Marc Bianchi - TD Cowen
Arun Jayaram - J.P. Morgan
Jeffrey LeBlanc - Tudor, Pickering, Holt & Co.
Stephen Gengaro - Stifel
Waqar Syed - ATB Capital Markets
Derek Podhaizer - Barclays
Neil Mehta - Goldman Sachs
Tom Curran - Seaport Research Partners
Keith MacKey - RBC Capital Markets
Presentation
Operator
Welcome to the Liberty Energy Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. Please note, this event is being recorded.
I would now like to turn the conference over to Anjali Voria, Director of Investor Relations. Please go ahead.
Anjali Voria
Thank you, Gary. Good morning and welcome to the Liberty Energy Second Quarter 2024 Earnings Call. Joining us on the call are Chris Wright, Chief Executive Officer; Ron Gusek, President; and Michael Stock, Chief Financial Officer.
Before we begin, I would like to remind all participants that some of our comments today may include forward-looking statements reflecting the company's views about future prospects, revenues, expenses or profits. These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in our earnings release and other public filings. Our comments today also include non-GAAP financial and operational measures. These not measures include EBITDA, adjusted EBITDA, adjusted net income, adjusted net income per diluted share and adjusted pre-tax return on capital employed are not a substitute for GAAP measures and may not be comparable to similar measures of other companies. A reconciliation of net income to EBITDA and adjusted EBITDA, net income to adjusted net income and adjusted net income per diluted share and the calculation of adjusted pre-tax return on capital employed as discussed on this call are available on our Investor Relations website.
I will now turn the call over to Chris.
Chris Wright
Thanks, Anjali. Good morning everyone and thank you for joining us to discuss our second quarter 2024 operational and financial results. Before we begin, I'd like to recognize our Houston-based colleagues that were impacted by Hurricane Beryl. Many were left for several days without power but they rose to the occasion to meet the needs of our business and support each other and the broader community with remarkable resonance. I want to thank them for their exceptional efforts.
In the second quarter, Liberty delivered strong operating and financial performance, demonstrating the value of Liberty's competitive advantage. Revenue of $1.2 billion and adjusted EBITDA of $273 million grew by 8% and 12% sequentially, respectively, while industry drilling and completions activity modestly softened over the same period. Record average daily pumping efficiencies and record safety performance, coupled with increased utilization of our fleet underpinned the strong results....
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Liberty Energy Inc. (LBRT) Q2 2024 Earnings Call Transcript