Liberty Energy Inc. (NYSE:LBRT) Q3 2023 Earnings Conference Call October 19, 2023 10:00 AM ET

Company Participants

Anjali Voria - Strategic Finance and IR Lead

Chris Wright - CEO

Ron Gusek - President

Michael Stock - CFO

Conference Call Participants

Stephen Gengaro - Stifel

Roger Read - Wells Fargo

Derek Podhaizer - Barclays

Luke Lemoine - Piper Sandler

Waqar Syed - ATB Capital Markets

Arun Jayaram - JPMorgan

Neil Mehta - Goldman Sachs

Marc Bianchi - TD Cowen

Keith MacKey - RBC Capital Markets

Dan Kutz - Morgan Stanley

Saurabh Pant - Bank of America

John Daniel - Daniel Energy

Operator

Good morning, and welcome to the Liberty Energy Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Anjali Voria, Strategic Finance and Investor Relations Lead. Please go ahead.

Anjali Voria

Thank you, Gary. Good morning, and welcome to the Liberty Energy third quarter 2023 earnings conference 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 profit. 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, adjusted pre-tax return on capital employed and cash return on invested capital 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 pre-tax return on capital employed and cash return on capital invested as discussed on this call are available on the Investors section of our website.

I will now turn the call over to Chris.

Chris Wright

Thanks, Anj. Good morning, everyone. And thank you for joining us to discuss our third quarter 2023 operational and financial results.

Liberty delivered excellent quarterly financial results reflecting outstanding operational execution, focused customer engagement and agility across a softer North American frac market. Record pumping efficiencies drove sequential growth in revenue and adjusted EBITDA while electing to idle a fleet during the quarter in response to softer market conditions.