Liberty Energy Inc. (NYSE:LBRT) Q1 2023 Earnings Conference Call April 20, 2023 10:00 AM ET

Company Participants

Anjali Voria - Head of IR

Chris Wright - Chief Executive Officer

Ron Gusek - President

Michael Stock - Chief Financial Officer

Conference Call Participants

Derek Podhaizer - Barclays

Neil Mehta - Goldman Sachs

Marc Bianchi - Cowen

Stephen Gengaro - Stifel

Keith MacKey - RBC Capital Markets

Luke Lemoine - Piper Sandler

Scott Gruber - Citigroup

Roger Read - Wells Fargo

Tom Curran - B. Riley FBR

Saurabh Pant - Bank of America

John Daniel - Daniel Energy Partners

Operator

Welcome to Liberty 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 like to turn the conference over to Anjali Voria, Strategic Finance and Investor Relation Lead. Please go ahead.

Anjali Voria

Thank you, Nick. Good morning, and welcome to the Liberty Energy First Quarter 2023 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 view 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 non-GAAP measures, including EBITDA, adjusted EBITDA, and adjusted pretax return on capital employed and cash 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 and the calculation of adjusted pretax return on capital employed as discussed on this call are presented in the company's earnings release, which is available on the Investors Section of its website.

I will turn the call over to Chris.

Chris Wright

Thanks, Anj. Good morning, everyone, and thank you for joining us for our first quarter 2023 operational and financial results.

Liberty delivered an outstanding first quarter, with Adjusted EBITDA of $330 million and fully diluted earnings per share of $0.90, navigating volatile oil prices resulting from financial sector stresses that sent ripples across the energy sector. This was our fourth consecutive quarter of record profitability, which is reflected in our trailing 12-month adjusted pre-tax return on capital employed of 43%.