Liberty Energy Inc
For the period ended Sep 30, 2024. Filed Oct 17, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 17, 2024
LBRT$12.49-3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(Dollars in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $264,117 | $464,025 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation, depletion, and amortization | 372,886 | 303,093 |
| Loss (gain) on disposal of assets | 6,105 | (6,981) |
| Stock-based compensation expense | 22,318 | 23,738 |
| Unrealized gain on investments, net | (4,474) | — |
| Cash return on equity method investment | 3,153 | — |
| Other non-cash items, net | (202) | 3,303 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable and unbilled revenue | (33,951) | (120,554) |
| Accounts receivable and unbilled revenue—related party | 41,471 | (6,273) |
| Inventories | 6,276 | 461 |
| Prepaid and other assets | (40,698) | (43,335) |
| Accounts payable and accrued liabilities | 16,320 | 105,426 |
| Initial payment of operating lease liability | (1,239) | (3,062) |
| Net cash provided by operating activities | 652,082 | 719,841 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment and construction in-progress | (447,542) | (465,212) |
| Investment in Tamboran Resources Corporation, Empire Energy Group Ltd., Falcon Oil & Gas Ltd. (2024), and Oklo Inc. (2023) | (16,056) | (10,000) |
| Acquisition of Siren Energy, net of cash received | — | (75,656) |
| Proceeds from sale of assets | 8,633 | 22,433 |
| Net cash used in investing activities | (454,965) | (528,435) |
| Cash flows from financing activities: | ||
| Proceeds from borrowings on line-of-credit | 1,671,000 | 873,000 |
| Repayments of borrowings on line-of-credit | (1,688,000) | (765,000) |
| Repayments of borrowings on term loan | — | (104,716) |
| Payments on finance lease obligations | (34,446) | (10,483) |
| Class A Common Stock dividends and dividend equivalents upon restricted stock vesting | (35,308) | (26,011) |
| Payments of payables pursuant to tax receivable agreements | (5,189) | — |
| Share repurchases | (99,094) | (164,021) |
| Tax withholding on restricted stock units | (19,767) | (9,320) |
| Payments of equity issuance costs | — | (223) |
| Payments of debt issuance costs | — | (1,566) |
| Net cash used in financing activities | (210,804) | (208,340) |
| Net decrease in cash and cash equivalents before translation effect | (13,687) | (16,934) |
| Translation effect on cash | (85) | (139) |
| Cash and cash equivalents—beginning of period | 36,784 | 43,676 |
| Cash and cash equivalents—end of period | $23,012 | $26,603 |
Condensed Consolidated Statements of Cash Flows (cont.)
(Dollars in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosure of cash flow information: | ||
| Net cash paid for income taxes | $40,241 | $56,174 |
| Cash paid for interest | $25,174 | $19,518 |
| Non-cash investing and financing activities: | ||
| Capital expenditures included in accounts payable and accrued liabilities | $131,517 | $112,893 |
| Capital expenditures reclassified from prepaid and other current assets | $52,610 | $34,413 |
| Capital expenditures reclassified from finance lease right-of-use assets | $6,894 | $— |
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