Liberty Oilfield Services Inc. Announces Fourth Quarter and Full Year 2018 Financial and Operational Results DENVER
Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”)
announced today fourth quarter and full year 2018 financial and
operational results.
Summary Results and Highlights
-
Revenue of $2.155 billion and net income1 of $249 million,
or $1.81 fully diluted earnings per share, for the year ended
December 31, 2018
-
Adjusted EBITDA2 of $438 million and Adjusted EBITDA per
average active fleet of $20.6 million for the year ended December 31,
2018
-
Revenue of $473 million and net income1 of $34 million, or
$0.27 fully diluted earnings per share, for the quarter ended
December 31, 2018
-
Adjusted EBITDA2 of $72 million and annualized Adjusted
EBITDA per average active fleet of $13.0 million for the quarter ended
December 31, 2018
“We are very pleased with our strong 2018 results. We had significant
growth in all key metrics including revenue up 45% to $2.155 billion,
Adjusted EBITDA2 up 56% to $438 million and net income before
taxes up 72% to $289 million. Strong cash generation in 2018 enabled us
to continue the organic growth of our asset base and return $95 million
of cash to shareholders in the form of quarterly dividends,
distributions and the repurchase of 4% of our total outstanding shares.
All of this was achieved while reducing our net debt to only $3 million
at year end. Liberty was built for long-term success, with a focus on
superior returns on invested capital, maintaining a strong balance sheet
and investing for the future. Liberty demonstrated this focus in 2018 by
delivering a Pre-Tax Return on Capital Employed (“ROCE”)3
of 39% in a year of strong growth, while generating significant free
cash flow and returning cash to shareholders. The Liberty team continues
to focus on driving technology innovations and high efficiency
operations which are a win for Liberty and a win for our customers,”
commented Chris Wright, Chief Executive Officer.
Outlook
Working in concert with customers, Liberty continues to drive innovation
and operational efficiency across the entire fleet. This performance
translates to strong demand for Liberty's high efficiency fleets that
deliver differential frac services. Premium service quality, coupled
with basin and customer diversity, provides the Company the opportunity
to continue generating strong returns on capital employed regardless of
how the market unfolds in 2019.
“The fourth quarter of 2018 was challenging from a fleet utilization
perspective. A number of customers made last-minute decisions to defer
completions in the fourth quarter due to a combination of capital budget
and cash flow management decisions brought on in part by the rapid drop
in the commodity price in November and December. While this was
disruptive to our fourth quarter work calendar, we believe the focus on
capital discipline by operators is ultimately a positive factor for the
service industry as we move towards a sustainable production environment
that could ultimately lead to less volatile activity levels and perhaps
even a steadier commodity price,” commented Mr. Wright.
The rate of change of service pricing is driven by the speed at which
fleets are pushed from actively working to searching for work. There was
an oversupply of staffed frac fleets entering the fourth quarter which,
combined with the additional reduction in customer activity, led to a
reduction of pricing for frac services. We believe that approximately
20% of the frac fleets that were active in the summer of 2018 are now
either idle or in the process of being idled.
The fourth quarter customer project deferrals provided Liberty a solid
backdrop for utilization at the start of 2019. We are currently
projecting sequential revenue growth in the first quarter in the
single-digit percentage range and adjusted EBITDA to be approximately
flat as increased utilization is offset by pricing decreases. Our
customers are still finalizing budgets for 2019 due to the rapid
commodity price decline at the end of 2018 and we expect to have a much
clearer picture of full year 2019 completions demand by the end of the
first quarter. Utilization of our frac fleets is expected to remain
strong due to the partnerships we have forged with our customers, but
the potential timing of price improvement is not clear at this point.
We are focused on generating strong returns on capital and free cash
flow in 2019, while continuing to invest in technology and growing our
competitive advantage. We expect capital expenditures in 2019 to be
approximately $175 million, which includes $65 million for the
completion of the deferred fleets 23 and 24, $65 million of maintenance
capital and about $45 million for technology, fleet efficiency
improvements, facilities and general capital. While we are taking
delivery of the final equipment for fleets 23 and 24 in early 2019, they
will not be deployed without the correct combination of strategic
customer demand and market dynamics. We may end 2019 with one or both
fleets still awaiting deployment.
“Liberty’s strong financial results, favorable long-term outlook and
strong balance sheet, support our balanced strategy of growth and
returning capital to our stockholders. Liberty is committed to creating
long-term stockholder value via compounding shareholder value by
reinvesting cash flow at high rates of return and returning cash to
shareholders as appropriate. We are excited by the growth opportunities
in front of us and the positive long-term outlook for the shale
revolution and the benefits that this brings to our industry and the
country as a whole,” concluded Mr. Wright.
2018 Full Year Results
For the year ended December 31, 2018, revenue grew 45% to $2.2 billion
compared to $1.5 billion in 2017.
Net income1 totaled $249 million for the year ended
December 31, 2018 compared to net income of $169 million for the year
ended December 31, 2017. Current year results include income tax expense
of $40 million. Liberty was not subject to income tax prior to its
initial public offering.
Adjusted EBITDA2 increased 56% to $438 million in the year
ended December 31, 2018 compared to $281 million in 2017. Annualized
Adjusted EBITDA per average active fleet increased to $20.6 million for
the year ended December 31, 2018, compared to $18.6 million for the year
ended December 31, 2017. Please refer to the reconciliation of Adjusted
EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this
earnings release.
For the year ended December 31, 2018, ROCE was 39%. Please refer to the
calculation of ROCE at the end of this earnings release.
Fourth Quarter Results
For the fourth quarter of 2018, revenue decreased 15% to $473 million
from $559 million in the third quarter of 2018.
Net income1 totaled $34 million for the fourth quarter of
2018 compared to net income1 of $66 million in the third
quarter of 2018.
Adjusted EBITDA2 decreased 39% to $72 million from $117
million in the third quarter. Annualized Adjusted EBITDA per average
active fleet decreased to $13.0 million in the fourth quarter compared
to $21.2 million in the third quarter. Please refer to the
reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a
GAAP measure) in this earnings release.
Balance Sheet and Liquidity
As of December 31, 2018, Liberty had cash on hand of $103 million and
total debt of $107 million, net of deferred financing costs and original
issue discount. There were no borrowings drawn on the ABL credit
facility, and total liquidity, including availability under the credit
facility, was $328 million.
Quarterly Cash Dividend
Commencing in the third quarter of 2018, Liberty paid a quarterly cash
dividend of $0.05 per share of Class A common stock. During the year
ended December 31, 2018 the Company paid $7 million in aggregate to
shareholders. Liberty Oilfield Services New HoldCo LLC (Liberty LLC)
also paid quarterly distributions of $0.05 per unit, for total dividends
and distributions $12 million.
Liberty announced on January 22, 2019 a cash dividend of $0.05 per share
of Class A common stock, to be paid on March 20, 2019 to holders of
record as of March 6, 2019. A distribution of $0.05 per unit has also
been approved for holders of units in Liberty LLC, which will use the
same record and payment date.
Future declarations of quarterly cash dividends are subject to approval
by the Board of Directors and to the Board’s continuing determination
that the declarations of dividends are in the best interests of Liberty
and its stockholders. Future dividends may be adjusted at the Board’s
discretion based on market conditions and capital availability.
Repurchase of Common Stock
On September 10, 2018 the Board approved a $100 million share repurchase
plan. During the year ended December 31, 2018, Liberty repurchased and
retired 4,593,855 shares of Class A common stock for $83 million. The
total remaining authorization for future common share repurchases as of
December 31, 2018 was $17 million, all of which was used for repurchases
in January of 2019.
On January 22, 2019 the Board approved an additional $100 million share
repurchase plan which expires on January 31, 2021.
Conference Call
Liberty will host a conference call to discuss the results at 8:00 a.m.
Mountain Time (10:00 a.m. Eastern Time) on Wednesday, February 6, 2019.
Presenting Liberty’s results will be Chris Wright, Chief Executive
Officer, Ron Gusek, President, and Michael Stock, Chief Financial
Officer.
Individuals wishing to participate in the conference call should dial
(833) 255-2827, or for international callers (412) 902-6704.
Participants should ask to join Liberty's call. A live webcast will be
available at http://investors.libertyfrac.com.
The webcast can be accessed for 90 days following the call. A telephone
replay will be available shortly after the call and can be accessed by
dialing (877) 344-7529, or for international callers (412) 317-0088. The
passcode for the replay is 10127339. The replay will be available until
February 13, 2019.
About Liberty
Liberty is an independent provider of hydraulic fracturing services to
onshore oil and natural gas exploration and production companies in
North America. Liberty was founded in 2011 with a relentless focus on
improving tight-oil completions, and an emphasis on customer
partnerships and technology to find innovative answers to frac
optimization. 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,” “project,” “plan,” “believe,” “intend,”
“achievable,” “anticipate,” “will,” “continue,” “potential,” “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, 2017 as filed with
the SEC on March 23, 2018 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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1
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Net income attributable to predecessor, controlling and
noncontrolling interests.
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2
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“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.
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3
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Pre-Tax Return on Capital Employed (“ROCE”) is an operational
measure. Please see the supplemental financial information in the
table under “Calculation of Pre-Tax Return on Capital Employed” at
the end of this earnings release for a calculation of this measure.
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Liberty Oilfield Services Inc.
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Selected Financial Data
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(unaudited)
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Three Months Ended
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Year Ended
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December 31,
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September 30,
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December 31,
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December 31,
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2018
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2018
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2017
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2018
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2017
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Statement of Income Data:
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(amounts in thousands, except for per share and fleet data)
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Revenue
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$
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473,115
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$
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558,777
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$
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448,883
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$
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2,155,136
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$
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1,489,855
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Costs of services, excluding depreciation and amortization shown
separately
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377,590
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418,867
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339,315
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1,628,753
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1,147,008
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General and administrative
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25,403
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24,659
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20,738
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99,052
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80,089
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Depreciation and amortization
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34,183
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32,305
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25,642
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125,110
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81,473
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Loss (gain) on disposal of assets
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(5,608
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)
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701
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160
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(4,342
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)
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148
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Total operating expenses
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431,568
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476,532
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385,855
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1,848,573
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1,308,718
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Operating income
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41,547
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82,245
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63,028
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306,563
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181,137
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Interest expense
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(3,463
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)
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(3,648
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)
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(5,347
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)
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(17,145
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)
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(12,636
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)
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Net income before taxes
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38,084
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78,597
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57,681
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289,418
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168,501
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Income tax expense
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4,147
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12,229
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—
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40,385
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—
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Net income
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33,937
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66,368
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57,681
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249,033
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168,501
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Less: Net income attributable to predecessor, prior to Corporate
Reorganization
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—
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—
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57,681
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8,705
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168,501
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Less: Net income attributable to noncontrolling interests
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14,951
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32,275
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—
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113,979
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—
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Net income attributable to Liberty Oilfield Services Inc.
stockholders
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$
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18,986
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$
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34,093
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$
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—
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$
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126,349
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$
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—
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Net income attributable to Liberty Oilfield Services Inc.
stockholders per common share (1):
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Basic
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$
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0.28
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$
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0.50
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$
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1.84
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Diluted
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$
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0.27
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$
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0.49
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$
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1.81
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Weighted average common shares outstanding:
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Basic
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68,881
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68,548
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68,838
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Diluted
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116,109
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118,470
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117,838
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Other Financial and Operational Data
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Capital expenditures (2)
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$
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87,354
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$
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56,054
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$
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60,255
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$
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271,851
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$
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300,793
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Adjusted EBITDA (3)
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$
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71,984
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$
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117,486
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$
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91,753
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$
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438,234
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$
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280,728
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Total Fleets at beginning of period (4)
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22.0
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22.0
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17.0
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19.0
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10.0
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Total Fleets at end of period (4)
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22.0
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22.0
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19.0
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22.0
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19.0
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Average Active Fleets (5)
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22.0
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22.0
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18.0
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21.3
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15.1
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Annualized Adjusted EBITDA per Average Active Fleet (6)
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$
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12,981
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$
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21,187
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$
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20,223
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$
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20,574
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$
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18,591
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________________
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(1)
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Net income attributable to Liberty Oilfield Services Inc.
stockholders per common share for the year ended December 31, 2018
does not include net income attributable to our predecessor, prior
to corporate reorganization.
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(2)
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Capital expenditures presented above are shown on an as incurred
basis, including capital expenditures in accounts payable and
accrued liabilities.
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(3)
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Adjusted EBITDA is a non-GAAP financial measure. See the tables
entitled “Reconciliation and Calculation of Non-GAAP Financial and
Operational Measures” below.
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(4)
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Total Fleets represents the number of deployed and active fleets as
of the designated date.
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(5)
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Average Active Fleets is calculated as the daily average of the
number of active fleets for the period presented.
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(6)
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Annualized Adjusted EBITDA per Average Active Fleet is calculated as
Adjusted EBITDA for the year, or the respective quarter annualized,
divided by the Average Active Fleets, as defined above.
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Liberty Oilfield Services Inc.
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Condensed Consolidated and Combined Balance Sheets
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(unaudited, amounts in thousands)
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|
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|
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December 31,
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December 31,
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2018
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2017
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Assets
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Current assets:
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Cash and cash equivalents
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$
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103,312
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$
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16,321
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Accounts receivable and unbilled revenue
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247,961
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258,788
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Inventories
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60,024
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55,524
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Prepaids and other current assets
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49,924
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21,396
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Total current assets
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461,221
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352,029
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Property and equipment, net
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627,053
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|
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494,776
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Other assets
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28,227
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|
|
|
5,298
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Total assets
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$
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1,116,501
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$
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852,103
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Liabilities and Equity
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Current liabilities:
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|
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|
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Accounts payable
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$
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80,490
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|
|
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$
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66,846
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Accrued liabilities
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|
138,861
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153,648
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Current portion of long-term debt, net of discount
|
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|
385
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11
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Total current liabilities
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|
|
219,736
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220,505
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Long-term debt, net of discount
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106,139
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|
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|
196,346
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Deferred tax liability
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|
32,994
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|
—
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Payable pursuant to tax receivable agreement
|
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|
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16,818
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|
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—
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Total liabilities
|
|
|
|
|
375,687
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|
|
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416,851
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|
|
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|
|
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Redeemable common units
|
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|
|
|
—
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|
|
|
42,486
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Member equity
|
|
|
|
|
|
|
|
392,766
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Stockholders' equity:
|
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|
|
|
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Common Stock
|
|
|
|
|
1,136
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|
|
—
|
Additional paid in capital
|
|
|
|
|
312,659
|
|
|
|
—
|
Retained earnings
|
|
|
|
|
119,274
|
|
|
|
—
|
Total stockholders' equity
|
|
|
|
|
433,069
|
|
|
|
—
|
Noncontrolling interest
|
|
|
|
|
307,745
|
|
|
|
—
|
Total Equity
|
|
|
|
|
740,814
|
|
|
|
392,766
|
Total liabilities and equity
|
|
|
|
|
$
|
1,116,501
|
|
|
|
$
|
852,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net income
|
|
|
$
|
33,937
|
|
|
|
$
|
66,368
|
|
|
|
$
|
57,681
|
|
|
|
$
|
249,033
|
|
|
|
$
|
168,501
|
Depreciation and amortization
|
|
|
34,183
|
|
|
|
32,305
|
|
|
|
25,642
|
|
|
|
125,110
|
|
|
|
81,473
|
Interest expense
|
|
|
3,463
|
|
|
|
3,648
|
|
|
|
5,347
|
|
|
|
17,145
|
|
|
|
12,636
|
Income tax expense
|
|
|
4,147
|
|
|
|
12,229
|
|
|
|
—
|
|
|
|
40,385
|
|
|
|
—
|
EBITDA
|
|
|
$
|
75,730
|
|
|
|
$
|
114,550
|
|
|
|
$
|
88,670
|
|
|
|
$
|
431,673
|
|
|
|
$
|
262,610
|
Fleet start-up costs
|
|
|
1,227
|
|
|
|
2,235
|
|
|
|
3,171
|
|
|
|
10,069
|
|
|
|
13,955
|
Asset acquisition costs
|
|
|
635
|
|
|
|
—
|
|
|
|
(498
|
)
|
|
|
632
|
|
|
|
2,470
|
Loss (gain) on disposal of assets
|
|
|
(5,608
|
)
|
|
|
701
|
|
|
|
160
|
|
|
|
(4,342
|
)
|
|
|
148
|
Advisory services fees
|
|
|
—
|
|
|
|
—
|
|
|
|
250
|
|
|
|
202
|
|
|
|
1,545
|
Adjusted EBITDA
|
|
|
$
|
71,984
|
|
|
|
$
|
117,486
|
|
|
|
$
|
91,753
|
|
|
|
$
|
438,234
|
|
|
|
$
|
280,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Pre-Tax Return on Capital Employed
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
December 31, 2018
|
|
|
|
|
|
2018
|
|
|
2017
|
Net income
|
|
|
|
|
$
|
249,033
|
|
|
|
|
Add back: Income tax expense
|
|
|
|
|
40,385
|
|
|
|
|
Pre-tax net income
|
|
|
|
|
$
|
289,418
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Employed
|
|
|
|
|
|
|
|
|
Total debt, net of discount
|
|
|
|
|
$
|
106,524
|
|
|
|
$
|
196,357
|
Redeemable common units
|
|
|
|
|
—
|
|
|
|
42,486
|
Total equity
|
|
|
|
|
740,814
|
|
|
|
392,766
|
Total Capital Employed
|
|
|
|
|
$
|
847,338
|
|
|
|
$
|
631,609
|
|
|
|
|
|
|
|
|
|
Average Capital Employed (1)
|
|
|
|
|
$
|
739,474
|
|
|
|
|
Pre-Tax Return on Capital Employed (2)
|
|
|
|
|
39
|
%
|
|
|
|
(1)
|
|
Average Capital Employed is the simple average of Total Capital
Employed as of December 31, 2018 and 2017.
|
(2)
|
|
Pre-tax Return on Capital Employed is the ratio of pre-tax net
income for the twelve months ended December 31, 2018 to Average
Capital Employed.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190205006004/en/ Copyright Business Wire 2019
Source: Business Wire
(February 5, 2019 - 5:29 PM EST)
News by QuoteMedia
www.quotemedia.com
|