What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2022-02-22 compared with 2021-02-24 · 5 added, 65 removed, 26 unchanged (73% of the section changed)

8 unchanged sentences

Dividend Policy

The Company paid quarterly cash dividends of $ 0.05 per share of Class A Common Stock on March 20, 2020 to shareholders of record as of March 6, 2020, respectively.

Although the Company has previously paid quarterly cash dividends to stockholders of Class A Common Stock, in 2020, the Company suspended future quarterly dividends until business conditions warrant reinstatement.

As a result, the Company did not pay any dividends in the year ended December 31, 2021.

The declaration of dividends is subject to approval by the Board and to the Board’s continuing determination that such declaration of dividends is in the best interests of the Company and its stockholders.

1 unchanged sentence

We are not required to pay dividends, and our stockholders will not be guaranteed, or have contractual or other rights to receive, dividends.

On April 2, 2020 the Company suspended future quarterly dividends until business conditions warrant reinstatement.

Recent Sales of Unregistered Equity Securities

We had no sales of unregistered equity securities during the period covered by this Annual Report that were not previously reported in a Current Report on Form 8-K.

We had no sales of unregistered equity securities during the period covered by this Annual Report that were not previously reported in a Current Report on Form 8-K (or on Form 10-Q in lieu of Form 8-K).

Purchase of Equity Securities By the Issuer and Affiliated Purchasers

2 unchanged sentences

During the year ended December 31, 2021, the Company did not purchase any shares of Class A Common Stock.

As of December 31, 2020, $ 98.7 million remained authorized for future repurchases of Class A Common Stock under the share repurchase program, however effective February 1, 2021, no amounts are authorized for future repurchases.

As of December 31, 2021, no amounts remained authorized for future repurchases of Class A Common Stock under the share repurchase program.

Stock Performance Graph

3 unchanged sentences

The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that we specifically incorporate it by reference into such filing.

For Year Ended 2018 For the Year Ended 2019 For the Year Ended 2020

For Year Ended 2018 For the Year Ended 2019 For the Year Ended 2020 For the Year Ended 2021

Liberty Oilfield Services, Inc.

2 unchanged sentences

Philadelphia Oil Service Index 100.00 95.91 49.91 50.37 48.48 20.67 27.45 39.47 32.65

Selected Consolidated Financial Data

The selected financial data set forth below was derived from our audited consolidated and combined financial statements and should be read in conjunction with “Item 1A.

Risk Factors,” “Item 7.

Management Discussion and Analysis of Financial Condition and Results of Operations” and our audited consolidated and combined financial statements included in “Item 8.

Financial Statements and Supplementary Data.”

2020 2019 2018 2017 2016

(in thousands, except per share and fleet data)

Statement of Operations Data:

Revenue $ 965,787 $ 1,972,073 $ 2,132,032 $ 1,465,133 $ 356,890

Revenue—related parties — 18,273 23,104 24,722 17,883

Total revenue 965,787 1,990,346 2,155,136 1,489,855 374,773

Operating costs and expenses:

Cost of services (exclusive of depreciation and amortization shown separately below) 857,981 1,621,180 1,628,753 1,147,008 354,729

General and administrative 84,098 97,589 98,420 80,089 35,789

Transaction, severance and other costs 21,061 — 632 — —

Depreciation and amortization of intangible assets 180,084 165,379 125,110 81,473 41,362

(Gain) loss on disposal of assets (411) 2,601 (4,342) 148 (2,673)

Total operating costs and expenses 1,142,813 1,886,749 1,848,573 1,308,718 429,207

Operating (loss) income (177,026) 103,597 306,563 181,137 (54,434)

Interest expense, net 14,505 14,681 17,145 12,636 6,126

Net (loss) income before income taxes (191,531) 88,916 289,418 168,501 (60,560)

Income tax (benefit) expense (30,857) 14,052 40,385 — —

Net (loss) income (160,674) 74,864 249,033 168,501 (60,560)

Net income (loss) attributable to Predecessor, prior to Corporate Reorganization — — 8,705 168,501 (60,560)

Net (loss) income attributable to non-controlling interests (45,091) 35,861 113,979 — —

Net (loss) income attributable to Liberty Oilfield Services Inc.

stockholders $ (115,583) $ 39,003 $ 126,349 $ — $ —

Net Income Per Share Data (1):

Net (loss) income attributable to Liberty Oilfield Services Inc.

stockholders per common share

Basic $ (1.36) $ 0.54 1.84

Diluted $ (1.36) $ 0.53 1.81

Weighted average common shares outstanding

Basic 85,242 72,334 68,838

Diluted (2) 85,242 105,256 117,838

Statement of Cash Flows Data:

Cash flows provided by (used in) operating activities $ 85,425 $ 261,100 $ 351,258 $ 195,109 $ (40,708)

Cash flows used in investing activities (100,269) (194,347) (255,492) (310,043) (96,351)

Cash flows (used in) provided by financing activities (28,868) (57,375) (8,775) 119,771 148,543

Other Financial Data:

Capital expenditures $ 103,637 $ 195,173 $ 258,835 $ 311,794 $ 102,428

EBITDA (3) $ 3,058 $ 268,976 $ 431,673 $ 262,610 $ (13,072)

Adjusted EBITDA (3) $ 57,899 $ 290,741 $ 443,684 $ 280,728 $ (5,588)

Average Active Fleets (4) 13.2 22.8 21.3 15.1 7.4

Adjusted EBITDA per Average Active Fleet (5) $ 4,386 $ 12,752 $ 20,830 $ 18,591 $ (755)

Balance Sheet Data (at end of period):

Total assets $ 1,889,942 $ 1,283,429 $ 1,116,501 $ 852,103 $ 451,845

Long-term debt (including current portion) 105,775 106,140 106,524 196,357 103,805

Total liabilities 579,899 501,937 375,687 416,851 222,873

Redeemable common units (6) — — — 42,486 —

Total equity or member equity 1,310,043 781,492 740,814 392,766 228,972

(1) Net Income Per Share Data above reflects the net income to Class A Common Stock and net income per share for the period indicated based on a weighted average number of Class A Common Stock outstanding for period subsequent to the Corporate Reorganization on January 17, 2018.

(2) In accordance with generally accepted accounting principals in the United States (“GAAP”), diluted weighted average common shares outstanding for the year ended December 31, 2020, diluted weighted average common shares outstanding exclude 27,427 weighted average shares of Class B Common Stock, 207 weighted average shares of restricted stock, and 2,460 weighted average shares of restricted stock units.

For the year ended December 31, 2019, excludes 9,057 weighted average shares of Class B Common Stock exchanged during the period (share counts presented in 000’s).

(3) EBITDA and Adjusted EBITDA are non-GAAP financial measures.

For definitions of EBITDA and Adjusted EBITDA and a reconciliation of each to our most directly comparable financial measure calculated and presented in accordance with GAAP, please read “Item 7.

Management's Discussion and Analysis of Financial Conditions and Results of Operations—Comparison of Non-GAAP Financial Measures.”

(4) Average Active Fleets is calculated as the daily average of the active fleets for the period presented.

(5) Adjusted EBITDA per Average Active Fleet is calculated as Adjusted EBITDA for the period divided by the Average Active Fleets, as defined above.

(6) The redeemable common units were deemed extinguished and satisfied in full in the Corporate Reorganization.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity