Liberty Energy (LBRT) 10-Q 20 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 18, 2022
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38081
Entity Registrant Name	LIBERTY ENERGY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4891595
Entity Address, Address Line One	950 17th Street
Entity Address, Address Line Two	Suite 2400
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	515-2800
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	LBRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Amendment Flag	false
Entity Central Index Key	0001694028
Current Fiscal Year End Date	--12-31
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		182,158,820
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		325,902

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 24,045	$ 19,998
Accounts receivable—trade, net of allowances for credit losses of $884 and $884, respectively	480,714	298,531
Accounts receivable—related party	10,307	0
Unbilled revenue (including amounts from related parties of $26,119 and $0, respectively)	200,144	108,923
Inventories	185,647	134,593
Prepaid and other current assets	95,204	68,332
Total current assets	996,061	630,377
Property and equipment, net	1,295,189	1,199,287
Finance lease right-of-use assets	31,812	18,201
Operating lease right-of-use assets	103,165	109,899
Other assets	98,669	82,289
Deferred tax assets	262	607
Total assets	2,525,158	2,040,660
Current liabilities:
Accounts payable (including payables to related parties of $3,807 and $2,732, respectively)	378,480	288,801
Accrued liabilities (including amounts due to related parties of $1,121 and $1,142, respectively)	286,504	235,115
Deferred revenue	976	4,552
Current portion of long-term debt, net of discount of $734 and $743, respectively	1,016	1,007
Current portion of finance lease liabilities	8,694	8,743
Current portion of operating lease liabilities	29,187	31,029
Total current liabilities	704,857	569,247
Long-term debt, net of discount of $721 and $1,270, respectively, less current portion	252,682	121,445
Deferred tax liability	563	563
Payable pursuant to tax receivable agreements	70,788	37,555
Noncurrent portion of finance lease liabilities	15,862	4,445
Noncurrent portion of operating lease liabilities	72,968	76,966
Total liabilities	1,117,720	810,221
Commitments & contingencies (Note 15)
Stockholders’ equity:
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	0	0
Common Stock:
Additional paid in capital	1,320,731	1,367,642
Retained earnings (accumulated deficit)	90,779	(155,954)
Accumulated other comprehensive loss	(8,595)	(306)
Total stockholders’ equity	1,404,740	1,213,242
Non-controlling interest	2,698	17,197
Total equity	1,407,438	1,230,439
Total liabilities and equity	2,525,158	2,040,660
Class A, $0.01 par value, 400,000,000 shares authorized and 182,158,820 issued and outstanding as of September 30, 2022 and 183,385,111 issued and outstanding as of December 31, 2021
Common Stock:
Common stock, par value $0.01	1,822	1,834
Class B, $0.01 par value, 400,000,000 shares authorized and 325,902 issued and outstanding as of September 30, 2022 and 2,632,347 issued and outstanding as of December 31, 2021
Common Stock:
Common stock, par value $0.01	$ 3	$ 26

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowance for bad debts	$ 884	$ 884
Unbilled receivables, related parties	26,119	0
Accounts payable, related parties	3,807	2,732
Accrued liabilities, related parties	1,121	1,142
Current portion of long-term debt, discount	734	743
Long-term debt, discount	$ 721	$ 1,270
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	182,158,820	183,385,111
Common stock, shares outstanding (in shares)	182,158,820	183,385,111
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	325,902	2,632,347
Common stock, shares outstanding (in shares)	325,902	2,632,347

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Revenue	$ 1,122,453	$ 646,714	$ 2,834,304	$ 1,778,854
Revenue—related parties	65,794	7,013	89,332	8,193
Total revenue	1,188,247	653,727	2,923,636	1,787,047
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	874,453	593,683	2,258,190	1,614,574
General and administrative	50,473	32,281	130,953	88,043
Transaction, severance, and other costs	1,767	1,556	5,293	12,173
Depreciation, depletion, and amortization	82,848	65,852	234,815	191,122
Gain on disposal of assets	(4,277)	(79)	(3,041)	(1,076)
Total operating costs and expenses	1,005,264	693,293	2,626,210	1,904,836
Operating income (loss)	182,983	(39,566)	297,426	(117,789)
Other expense (income):
Loss (gain) on remeasurement of liability under tax receivable agreements	28,900	(4,947)	33,233	(8,252)
Gain on investments	(2,525)	0	(2,525)	0
Interest expense, net	6,773	4,007	15,959	11,528
Total other expense (income)	33,148	(940)	46,667	3,276
Net income (loss) before income taxes	149,835	(38,626)	250,759	(121,065)
Income tax expense	2,572	753	3,637	9,402
Net income (loss)	147,263	(39,379)	247,122	(130,467)
Less: Net income (loss) attributable to non-controlling interests	310	(489)	389	(6,812)
Net income (loss) attributable to Liberty Energy Inc. stockholders	$ 146,953	$ (38,890)	$ 246,733	$ (123,655)
Net income (loss) attributable to Liberty Energy Inc. stockholders per common share:
Basic (in dollars per share)	$ 0.79	$ (0.22)	$ 1.33	$ (0.72)
Diluted (in dollars per share)	$ 0.78	$ (0.22)	$ 1.30	$ (0.72)
Weighted average common shares outstanding:
Basic (in shares)	185,508	178,311	185,414	171,402
Diluted (in shares)	189,907	178,311	190,465	171,402

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 147,263	$ (39,379)	$ 247,122	$ (130,467)
Other comprehensive (loss) income
Foreign currency translation	(6,343)	(2,287)	(8,299)	411
Comprehensive income (loss)	140,920	(41,666)	238,823	(130,056)
Comprehensive income (loss) attributable to non-controlling interest	299	(513)	379	(6,592)
Comprehensive income (loss) attributable to Liberty Energy Inc.	$ 140,621	$ (41,153)	$ 238,444	$ (123,464)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Additional Paid in Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Common Class A	Common Class A Common Stock	Common Class B	Common Class B Common Stock
Beginning balance (in shares) at Dec. 31, 2020								157,952,000		21,550,000
Beginning balance at Dec. 31, 2020	$ 1,310,043	$ 1,150,637	$ 1,125,554	$ 23,288	$ 0	$ 159,406		$ 1,579		$ 216
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)								19,690,000		(19,690,000)
Exchange of Class B Common Stock for Class A Common Stock	0	142,204	142,204			(142,204)		$ 197		$ (197)
Offering Costs	(1,013)	(938)	(938)			(75)
Other distributions and advance payments to non-controlling interest unitholders	1,372					1,372
Stock-based compensation expense	15,091	14,335	14,335			756
Vesting of restricted stock units (shares)								668,000
Vesting of restricted stock units	(3,585)	(3,075)	(3,082)			(510)		$ 7
Restricted stock and RSU forfeitures	2	2		2
Currency translation adjustment	411	191			191	220
Net income (loss)	(130,467)	(123,655)		(123,655)		(6,812)
Ending balance (in shares) at Sep. 30, 2021								178,310,000		1,860,000
Ending balance at Sep. 30, 2021	1,191,854	1,179,701	1,278,073	(100,365)	191	12,153		$ 1,783		$ 19
Beginning balance (in shares) at Jun. 30, 2021								178,310,000		1,860,000
Beginning balance at Jun. 30, 2021	1,229,434	1,216,812	1,274,031	(61,475)	2,454	12,622		$ 1,783		$ 19
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering Costs	(159)	(159)	(159)
Stock-based compensation expense	4,245	4,201	4,201			44
Currency translation adjustment	(2,287)	(2,263)			(2,263)	(24)
Net income (loss)	(39,379)	(38,890)		(38,890)		(489)
Ending balance (in shares) at Sep. 30, 2021								178,310,000		1,860,000
Ending balance at Sep. 30, 2021	1,191,854	1,179,701	1,278,073	(100,365)	191	12,153		$ 1,783		$ 19
Beginning balance (in shares) at Dec. 31, 2021							183,385,111	183,385,000	2,632,347	2,632,000
Beginning balance at Dec. 31, 2021	1,230,439	1,213,242	1,367,642	(155,954)	(306)	17,197		$ 1,834		$ 26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)								2,306,000		(2,306,000)
Exchange of Class B Common Stock for Class A Common Stock	0	15,817	15,817			(15,817)		$ 23		$ (23)
Offering Costs	(79)	(79)	(79)
Other distributions and advance payments to non-controlling interest unitholders	924					924
Share repurchases (shares)								(4,702,000)
Share repurchases	(70,094)	(70,034)	(69,987)			(60)		$ (47)
Stock-based compensation expense	17,126	17,031	17,031			95
Vesting of restricted stock units (shares)								1,170,000
Vesting of restricted stock units	0	20	8			(20)		$ 12
Tax withheld on vesting of restricted stock units	(9,701)	(9,701)	(9,701)
Currency translation adjustment	(8,299)	(8,289)			(8,289)	(10)
Net income (loss)	247,122	246,733		246,733		389
Ending balance (in shares) at Sep. 30, 2022							182,158,820	182,159,000	325,902	326,000
Ending balance at Sep. 30, 2022	1,407,438	1,404,740	1,320,731	90,779	(8,595)	2,698		$ 1,822		$ 3
Beginning balance (in shares) at Jun. 30, 2022								186,859,000		326,000
Beginning balance at Jun. 30, 2022	1,330,016	1,327,569	1,384,134	(56,174)	(2,263)	2,447		$ 1,869		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Offering Costs	485	485	485
Share repurchases (shares)								(4,702,000)
Share repurchases	(70,094)	(70,034)	(69,987)			(60)		$ (47)
Stock-based compensation expense	6,112	6,100	6,100			12
Vesting of restricted stock units (shares)								2,000
Vesting of restricted stock units	0	0	0			0		$ 0
Tax withheld on vesting of restricted stock units	(1)	(1)	(1)
Currency translation adjustment	(6,343)	(6,332)			(6,332)	(11)
Net income (loss)	147,263	146,953		146,953		310
Ending balance (in shares) at Sep. 30, 2022							182,158,820	182,159,000	325,902	326,000
Ending balance at Sep. 30, 2022	$ 1,407,438	$ 1,404,740	$ 1,320,731	$ 90,779	$ (8,595)	$ 2,698		$ 1,822		$ 3

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 147,263,000	$ (39,379,000)	$ 247,122,000	$ (130,467,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization			234,815,000	191,122,000
Gain on disposal of assets	(4,277,000)	(79,000)	(3,041,000)	(1,076,000)
Inventory write-down	1,700,000		1,724,000	0	$ 0
Non-cash lease expense			3,085,000	2,834,000
Stock-based compensation expense			17,126,000	15,091,000
Deferred income tax expense			316,000	6,124,000
Loss (gain) on remeasurement of liability under tax receivable agreements			33,233,000	(8,252,000)
Other non-cash (income) expense, net			(1,007,000)	2,449,000
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue			(250,471,000)	(121,282,000)
Accounts receivable and unbilled revenue—related party			(36,295,000)	0
Inventories			(56,472,000)	(6,878,000)
Other assets			(31,030,000)	(5,001,000)
Deferred revenue			(3,476,000)	0
Accounts payable and accrued liabilities			143,986,000	135,981,000
Accounts payable and accrued liabilities—related party			(4,696,000)	0
Initial payment of operating lease liability			(2,309,000)	(503,000)
Net cash provided by operating activities			292,610,000	80,142,000
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress			(326,960,000)	(123,008,000)
Investment in sand logistics			(6,721,000)	0
Investment in Fervo Energy Company and Natron Energy, Inc.			(15,000,000)	0
Proceeds from sale of assets			14,806,000	3,689,000
Net cash used in investing activities			(333,875,000)	(119,319,000)
Cash flows from financing activities:
Proceeds from borrowings on line-of-credit			543,000,000	100,000,000
Repayments of borrowings on line-of-credit			(411,000,000)	(84,000,000)
Repayments of borrowings on term loan			(1,313,000)	(1,313,000)
Payments on finance lease obligations			(4,791,000)	(6,144,000)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting			(148,000)	(168,000)
Other distributions and advance payments to non-controlling interest unitholders			924,000	1,372,000
Share repurchases			(70,094,000)	0
Tax withholding on restricted stock unit vesting			(9,701,000)	(3,585,000)
Payments of equity issuance costs			(557,000)	(1,013,000)
Payments of debt issuance costs			(678,000)	0
Net cash provided by financing activities			45,642,000	5,149,000
Net increase (decrease) in cash and cash equivalents before translation effect			4,377,000	(34,028,000)
Translation effect on cash			(330,000)	(245,000)
Cash and cash equivalents—beginning of period			19,998,000	68,978,000	68,978,000
Cash and cash equivalents—end of period	$ 24,045,000	$ 34,705,000	24,045,000	34,705,000	$ 19,998,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes			6,502,000	0
Cash paid for interest			13,622,000	9,686,000
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities			83,298,000	25,484,000
Capital expenditures reclassified from prepaid and other current assets			$ 12,445,000	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Liberty Energy Inc., formerly known as Liberty Oilfield Services Inc. (the “Company”) was incorporated as a Delaware corporation on December 21, 2016, to become a holding corporation for Liberty Oilfield Services New HoldCo LLC (“Liberty LLC”) and its subsidiaries upon completion of a corporate reorganization (the “Corporate Reorganization”) and planned initial public offering of the Company (“IPO”). On April 19, 2022, the stockholders of the Company approved an amendment to the Company’s Amended and Restated Certificate of Incorporation for the purpose of changing the Company’s name from “Liberty Oilfield Services Inc.” to “Liberty Energy Inc.” and thereafter, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation to reflect the new name, effective April 25, 2022. The Company has no material assets other than its ownership of units in Liberty LLC (“Liberty LLC Units”). Please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 22, 2022 (the “Annual Report”) for additional information on the Corporate Reorganization and IPO that were completed on January 17, 2018. The Company, together with its subsidiaries, is a leading integrated oilfield services and technology company focused on providing innovative hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production (“E&P”) companies in North America. We offer customers hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, data analytics, related goods (including our sand mine operations), and technologies that will facilitate lower emission completions, thereby helping our customers reduce their emissions profile. Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of September 30, 2022 and December 31, 2021, and the results of operations, cash flows, and changes in equity of the Company as of and for the three and nine months ended September 30, 2022 and 2021. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2022. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. The Company’s operations are organized into a single reportable segment, which consists of hydraulic fracturing and related goods and services.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Reclassifications Certain amounts in the prior period financial statements have been reclassified from interest income to interest expense, net in the accompanying unaudited condensed consolidated statements of operation to conform to the presentation of the current period financial statements. Additionally, amounts in the prior period financial statements have been reclassified from provision for credit losses to other non-cash (income) expense, net in the accompanying unaudited condensed consolidated statement of cash flows to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net income or loss.

The PropX Acquisition

The PropX Acquisition	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
The PropX Acquisition	The PropX Acquisition On October 26, 2021, the Company entered into the certain Unit Purchase Agreement (the “Transaction Agreement”) with Proppant Express Investments, LLC to acquire the assets and liabilities of Proppant Express Solutions, LLC (“PropX”), which provides last-mile proppant delivery solutions, including proppant handling equipment and logistics software across North America (the “PropX Acquisition”). PropX was acquired in exchange for $11.9 million in cash and 3,405,526 shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”) and 2,441,010 shares of the Company’s Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”, and together with the Class A Common Stock, the “Common Stock”), for total consideration of $103.0 million based on the October 26, 2021 closing price of Class A Common Stock of $15.58. In connection with the issuance of 2,441,010 shares of Class B Common Stock, Liberty LLC also issued 2,441,010 Liberty LLC Units to the Company. The Liberty LLC Units are redeemable for an equivalent number of shares of Class A Common Stock at any time, at the election of the shareholder. The Company accounted for the PropX Acquisition using the acquisition method of accounting. The aggregate purchase price noted above was allocated to the major categories of assets acquired and liabilities assumed based upon their estimated fair value at the date of the acquisition. The estimated fair values of certain assets and liabilities require significant judgments and estimates. The majority of the measurements of assets acquired and liabilities assumed, are based on inputs that are not observable in the market and thus represent Level 3 inputs. In accordance with ASC Topic 805, an acquirer is allowed a period, referred to as the measurement period, in which to complete its accounting for the transaction. Such measurement period ends at the earliest date that the acquirer a) receives the information necessary or b) determines that it cannot obtain further information, and such period may not exceed one year. As the PropX Acquisition closed on October 26, 2021 the Company completed the purchase price allocation, particularly as it relates to current assets and current liabilities, during the nine months ended September 30, 2022. The following table summarizes the fair value of the consideration transferred in the PropX Acquisition and the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed as of October 26, 2021, the date of the closing of the PropX Acquisition: ($ in thousands) Total Purchase Consideration: Consideration $ 103,023 Cash and cash equivalents $ 53 Accounts receivable and unbilled revenue 4,089 Inventory 8 Prepaid and other current assets 1,722 Property and equipment (1) 94,137 Intangible assets (included in other assets in the accompanying consolidated balance sheet as of December 31, 2021) (2) 7,100 Total identifiable assets acquired 107,109 Accounts payable 2,152 Accrued liabilities 1,934 Total liabilities assumed 4,086 Total purchase consideration $ 103,023 (1) Useful lives average of 10 years, see Note 5—Property and Equipment (2) Definite lived intangibles with an amortization period ranging from seven Transaction costs, costs associated with issuing additional equity and integration costs were recognized separately from the acquisition of assets and assumptions of liabilities in the PropX Acquisition. Transaction costs consist of legal and professional fees. Integration costs consist of expenses incurred to integrate PropX’s operations, aligning accounting processes and procedures, and integrating its enterprise resource planning system with those of the Company. Merger and integration costs are expensed as incurred, and equity offering costs were recorded as a reduction to additional paid in capital.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: September 30, December 31, ($ in thousands) 2022 2021 Proppants $ 31,156 $ 23,413 Chemicals 20,139 17,996 Maintenance parts 134,352 93,184 $ 185,647 $ 134,593

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: Estimated September 30, December 31, ($ in thousands) 2022 2021 Land N/A $ 29,384 $ 33,812 Field services equipment 2-7 1,817,333 1,579,420 Vehicles 4-7 61,674 61,282 Lease Equipment 10 90,897 64,770 Buildings and facilities 5-30 133,607 148,555 Mineral reserves >25 76,823 76,823 Office equipment and furniture 2-7 8,826 8,218 2,218,544 1,972,880 Less accumulated depreciation and depletion (1,073,092) (863,194) 1,145,452 1,109,686 Construction in-progress N/A 149,737 89,601 $ 1,295,189 $ 1,199,287 Depreciation expense for the three months ended September 30, 2022 and 2021 was $77.5 million and $61.1 million, respectively. During the nine months ended September 30, 2022 and 2021, the Company recognized depreciation expense of $219.9 million and $175.9 million, respectively. Depletion expense for the three months ended September 30, 2022 and 2021was $0.3 million and $0.3 million, respectively. Depletion expense for the nine months ended September 30, 2022 and 2021 was $0.9 million and $1.0 million, respectively. As of September 30, 2022 and December 31, 2021, the Company concluded that no triggering events that could indicate possible impairment of property and equipment had occurred, other than related to the assets held for sale discussed below. As of September 30, 2022, the Company classified $2.5 million of land and $11.4 million of buildings, net of accumulated depreciation, of two properties that it intends to sell within the next year, and that meets the held for sale criteria, to assets held for sale, included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheet. The Company estimates that the carrying value of the assets were greater than the fair value less the estimated costs to sell, and therefore recorded a $2.7 million loss during the nine months ended September 30, 2022, included as a component of gain on disposal of assets in the accompanying unaudited condensed consolidated statements of operations.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 1,590 $ 1,213 $ 3,796 $ 4,565 Interest on lease liabilities 453 347 1,066 1,318 Operating lease cost 10,675 12,869 32,809 29,702 Variable lease cost 1,337 1,273 3,473 3,116 Short-term lease costs 2,121 1,479 5,113 3,483 Total lease cost $ 16,176 $ 17,181 $ 46,257 $ 42,184 Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Cash paid for amounts included in measurement of liabilities: Operating leases $ 10,170 $ 12,136 $ 32,065 $ 27,420 Finance leases 2,548 2,064 5,857 7,099 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 3,323 10,999 22,693 70,205 Finance leases 8,409 — 14,742 — During the nine months ended September 30, 2022, the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. In connection with the amendments, the Company wrote-off operating lease right-of-use assets of $0.2 million and liabilities of $0.1 million. Additionally, the Company recognized finance lease right-of-use assets of $2.7 million and liabilities of $2.7 million. During the nine months ended September 30, 2021, the Company amended certain finance leases, the change in terms of which caused the leases to be reclassified to operating leases. In connection with the amendments the Company wrote-off finance lease right-of-use assets of $13.7 million and liabilities of $10.6 million. Additionally, the Company recognized operating lease right-of-use assets of $11.8 million and liabilities of $8.8 million. There was no gain or loss recognized as a result of these amendments. Lease terms and discount rates as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Weighted-average remaining lease term: Operating leases 4.9 years 5.2 years Finance leases 3.0 years 1.5 years Weighted-average discount rate: Operating leases 4.5 % 4.2 % Finance leases 8.0 % 8.6 % Future minimum lease commitments as of September 30, 2022 are as follows: ($ in thousands) Finance Operating Remainder of 2022 $ 2,204 $ 9,330 2023 9,610 30,228 2024 4,799 23,758 2025 4,910 21,430 2026 6,709 10,384 Thereafter — 19,074 Total lease payments 28,232 114,204 Less imputed interest (3,676) (12,049) Total Liability $ 24,556 $ 102,155 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of September 30, 2022 is $12.9 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers and conveyor belts to customers through PropX. PropX leases to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2022 and December 31, 2021 were as follows: ($ in thousands) September 30, 2022 December 31, 2021 Equipment leased to others - at original cost $ 90,897 $ 64,770 Less: Accumulated depreciation (8,288) (1,377) Equipment leased to others - net $ 82,609 $ 63,393 Future payments receivable for operating leases commenced and committed but not delivered as of September 30, 2022 are as follows: ($ in thousands) Remainder of 2022 $ 4,126 2023 16,704 2024 9,218 2025 1,051 2026 — Thereafter — Total $ 31,099 Revenues from operating leases for the three and nine months ended September 30, 2022 were $6.7 million and $18.4 million, respectively. There was no revenue from operating leases for the three and nine months ended September 30, 2021.
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 1,590 $ 1,213 $ 3,796 $ 4,565 Interest on lease liabilities 453 347 1,066 1,318 Operating lease cost 10,675 12,869 32,809 29,702 Variable lease cost 1,337 1,273 3,473 3,116 Short-term lease costs 2,121 1,479 5,113 3,483 Total lease cost $ 16,176 $ 17,181 $ 46,257 $ 42,184 Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Cash paid for amounts included in measurement of liabilities: Operating leases $ 10,170 $ 12,136 $ 32,065 $ 27,420 Finance leases 2,548 2,064 5,857 7,099 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 3,323 10,999 22,693 70,205 Finance leases 8,409 — 14,742 — During the nine months ended September 30, 2022, the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. In connection with the amendments, the Company wrote-off operating lease right-of-use assets of $0.2 million and liabilities of $0.1 million. Additionally, the Company recognized finance lease right-of-use assets of $2.7 million and liabilities of $2.7 million. During the nine months ended September 30, 2021, the Company amended certain finance leases, the change in terms of which caused the leases to be reclassified to operating leases. In connection with the amendments the Company wrote-off finance lease right-of-use assets of $13.7 million and liabilities of $10.6 million. Additionally, the Company recognized operating lease right-of-use assets of $11.8 million and liabilities of $8.8 million. There was no gain or loss recognized as a result of these amendments. Lease terms and discount rates as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Weighted-average remaining lease term: Operating leases 4.9 years 5.2 years Finance leases 3.0 years 1.5 years Weighted-average discount rate: Operating leases 4.5 % 4.2 % Finance leases 8.0 % 8.6 % Future minimum lease commitments as of September 30, 2022 are as follows: ($ in thousands) Finance Operating Remainder of 2022 $ 2,204 $ 9,330 2023 9,610 30,228 2024 4,799 23,758 2025 4,910 21,430 2026 6,709 10,384 Thereafter — 19,074 Total lease payments 28,232 114,204 Less imputed interest (3,676) (12,049) Total Liability $ 24,556 $ 102,155 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of September 30, 2022 is $12.9 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers and conveyor belts to customers through PropX. PropX leases to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2022 and December 31, 2021 were as follows: ($ in thousands) September 30, 2022 December 31, 2021 Equipment leased to others - at original cost $ 90,897 $ 64,770 Less: Accumulated depreciation (8,288) (1,377) Equipment leased to others - net $ 82,609 $ 63,393 Future payments receivable for operating leases commenced and committed but not delivered as of September 30, 2022 are as follows: ($ in thousands) Remainder of 2022 $ 4,126 2023 16,704 2024 9,218 2025 1,051 2026 — Thereafter — Total $ 31,099 Revenues from operating leases for the three and nine months ended September 30, 2022 were $6.7 million and $18.4 million, respectively. There was no revenue from operating leases for the three and nine months ended September 30, 2021.
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 1,590 $ 1,213 $ 3,796 $ 4,565 Interest on lease liabilities 453 347 1,066 1,318 Operating lease cost 10,675 12,869 32,809 29,702 Variable lease cost 1,337 1,273 3,473 3,116 Short-term lease costs 2,121 1,479 5,113 3,483 Total lease cost $ 16,176 $ 17,181 $ 46,257 $ 42,184 Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Cash paid for amounts included in measurement of liabilities: Operating leases $ 10,170 $ 12,136 $ 32,065 $ 27,420 Finance leases 2,548 2,064 5,857 7,099 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 3,323 10,999 22,693 70,205 Finance leases 8,409 — 14,742 — During the nine months ended September 30, 2022, the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. In connection with the amendments, the Company wrote-off operating lease right-of-use assets of $0.2 million and liabilities of $0.1 million. Additionally, the Company recognized finance lease right-of-use assets of $2.7 million and liabilities of $2.7 million. During the nine months ended September 30, 2021, the Company amended certain finance leases, the change in terms of which caused the leases to be reclassified to operating leases. In connection with the amendments the Company wrote-off finance lease right-of-use assets of $13.7 million and liabilities of $10.6 million. Additionally, the Company recognized operating lease right-of-use assets of $11.8 million and liabilities of $8.8 million. There was no gain or loss recognized as a result of these amendments. Lease terms and discount rates as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Weighted-average remaining lease term: Operating leases 4.9 years 5.2 years Finance leases 3.0 years 1.5 years Weighted-average discount rate: Operating leases 4.5 % 4.2 % Finance leases 8.0 % 8.6 % Future minimum lease commitments as of September 30, 2022 are as follows: ($ in thousands) Finance Operating Remainder of 2022 $ 2,204 $ 9,330 2023 9,610 30,228 2024 4,799 23,758 2025 4,910 21,430 2026 6,709 10,384 Thereafter — 19,074 Total lease payments 28,232 114,204 Less imputed interest (3,676) (12,049) Total Liability $ 24,556 $ 102,155 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of September 30, 2022 is $12.9 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers and conveyor belts to customers through PropX. PropX leases to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2022 and December 31, 2021 were as follows: ($ in thousands) September 30, 2022 December 31, 2021 Equipment leased to others - at original cost $ 90,897 $ 64,770 Less: Accumulated depreciation (8,288) (1,377) Equipment leased to others - net $ 82,609 $ 63,393 Future payments receivable for operating leases commenced and committed but not delivered as of September 30, 2022 are as follows: ($ in thousands) Remainder of 2022 $ 4,126 2023 16,704 2024 9,218 2025 1,051 2026 — Thereafter — Total $ 31,099 Revenues from operating leases for the three and nine months ended September 30, 2022 were $6.7 million and $18.4 million, respectively. There was no revenue from operating leases for the three and nine months ended September 30, 2021.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following: ($ in thousands) September 30, 2022 December 31, 2021 Accrued vendor invoices $ 116,859 $ 109,903 Operations accruals 93,979 64,707 Accrued benefits and other 75,666 60,505 $ 286,504 $ 235,115

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: September 30, December 31, ($ in thousands) 2022 2021 Term Loan outstanding $ 105,153 $ 106,465 Revolving Line of Credit 150,000 18,000 Deferred financing costs and original issue discount (1,455) (2,013) Total debt, net of deferred financing costs and original issue discount $ 253,698 $ 122,452 Current portion of long-term debt, net of discount $ 1,016 $ 1,007 Long-term debt, net of discount and current portion 252,682 121,445 Total debt, net of deferred financing costs and original issue discount $ 253,698 $ 122,452 On September 19, 2017, the Company entered into two credit agreements, a revolving line of credit up to $250.0 million, subsequently increased to $425.0 million, see below, (the “ABL Facility”) and a $175.0 million term loan (the “Term Loan Facility”, and together with the ABL Facility the “Credit Facilities”). On July 18, 2022, the Company entered into an amendment to the ABL Facility (the “Seventh ABL Amendment”). The Seventh ABL Amendment amended certain terms, provisions and covenants of the ABL Facility, including among other things: (i) increasing the maximum borrowing amount by $75.0 million to $425.0 million, subject to certain borrowing base limitations based on percentage of eligible accounts receivable and inventory, (ii) modifying certain covenant and reporting-related baskets, and (iii) replacing LIBOR with the secured overnight financing rate (“SOFR”) as the interest rate benchmark. On August 12, 2022, the Company entered into an amendment to the Term Loan Facility (the “Sixth Term Loan Amendment”). The Sixth Term Loan Amendment amended certain terms, provisions and covenants of the Term Loan Facility, including among other things: (i) a waiver of the fixed charge coverage ratio requirements for up to $100.0 million of restricted payments made in connection with the Company’s 2022 stock repurchase program for its common stock; (ii) the addition of a minimum liquidity requirement of $150.0 million in order to make selected restricted payments, including those made under the 2022 stock repurchase program; (iii) the modification of certain covenant and reporting-related terms, including an increase in the allowance for permitted purchase money indebtedness from $50.0 million to $70.0 million; (iv) the addition of a prepayment premium of 1.0% through the first anniversary of the Sixth Term Loan Amendment effective date; and (v) the addition and modification of several provisions to replace LIBOR with SOFR as the interest rate benchmark. The weighted average interest rate on all borrowings outstanding as of September 30, 2022 and December 31, 2021 was 7.0% and 7.9%, respectively. ABL Facility Under the terms of the ABL Facility, up to $425.0 million may be borrowed, subject to certain borrowing base limitations based on a percentage of eligible accounts receivable and inventory. As of September 30, 2022, the borrowing base was calculated to be $425.0 million, and the Company had $150.0 million outstanding in addition to a letter of credit in the amount of $1.4 million, with $273.6 million of remaining availability. Borrowings under the ABL Facility bear interest at SOFR or a base rate, plus an applicable SOFR margin of 1.5% to 2% or base rate margin of 0.5% to 1%, as defined in the ABL Facility credit agreement. Additionally, borrowings as of September 30, 2022 incurred interest at a weighted average rate of 4.8%. The average monthly unused commitment is subject to an unused commitment fee of 0.25% to 0.375%. Interest and fees are payable in arrears at the end of each month, or, in the case of SOFR loans, at the end of each interest period. The ABL Facility matures on the earlier of (i) October 22, 2026 and (ii) to the extent the debt under the Term Loan Facility remains outstanding, 90 days prior to the final maturity of the Term Loan Facility, which matures on September 19, 2024. Borrowings under the ABL Facility are collateralized by accounts receivable and inventory, and further secured by the Company, Liberty LLC, and R/C IV Non-U.S. LOS Corp., a Delaware corporation and a subsidiary of the Company, as parent guarantors. Term Loan Facility The Term Loan Facility provides for a $175.0 million term loan, of which $105.2 million remained outstanding as of September 30, 2022. Amounts outstanding bear interest at SOFR or a base rate, plus an applicable margin of 7.625% or 6.625%, respectively, and borrowings as of September 30, 2022 incurred interest at a rate of 10.18%. The Company is required to make quarterly principal payments of 1% per annum of the outstanding principal balance, commencing on December 31, 2017, with final payment due at maturity on September 19, 2024. The Term Loan Facility is collateralized by the fixed assets of LOS and its subsidiaries, and is further secured by the Company, Liberty LLC, and R/C IV Non-U.S. LOS Corp., a Delaware corporation and a subsidiary of the Company, as parent guarantors. The Credit Facilities include certain non-financial covenants, including but not limited to restrictions on incurring additional debt and certain distributions. Moreover, the ability of the Company to incur additional debt and to make distributions is dependent on maintaining a maximum leverage ratio. The Term Loan Facility requires mandatory prepayments upon certain dispositions of property or issuance of other indebtedness, as defined, and annually a percentage of excess cash flow (25% to 50%, depending on leverage ratio, of consolidated net income less capital expenditures and other permitted payments, commencing with the year ending December 31, 2018). Certain mandatory prepayments and optional prepayments are subject to a prepayment premium of 1% of the prepaid principal declining to 0% after the first anniversary of the Sixth Term Loan Amendment effective date. The Credit Facilities are not subject to financial covenants unless liquidity, as defined in the respective credit agreements, drops below a specific level. Under the ABL Facility, the Company is required to maintain a minimum fixed charge coverage ratio, as defined in the credit agreement governing the ABL Facility, of 1.0 to 1.0 for each period if excess availability is less than 10% of the borrowing base or $12.5 million, whichever is greater. Under the Term Loan Facility, the Company is required to maintain a minimum fixed charge coverage ratio, as defined, of 1.2 to 1.0 for each trailing twelve-month period if the Company’s liquidity, as defined, is less than $25.0 million for at least five The Company was in compliance with these covenants as of September 30, 2022. Maturities of debt are as follows: ($ in thousands) Remainder of 2022 $ 438 2023 $ 1,750 2024 $ 252,965 2025 $ — 2026 $ — $ 255,153

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The fair values of the Company’s assets and liabilities represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction on the reporting date. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability on the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company discloses the fair values of its assets and liabilities according to the quality of valuation inputs under the following hierarchy: • Level 1 Inputs: Quoted prices (unadjusted) in an active market for identical assets or liabilities. • Level 2 Inputs: Inputs other than quoted prices that are directly or indirectly observable. • Level 3 Inputs: Unobservable inputs that are significant to the fair value of assets or liabilities. The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborating market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborating market data is no longer available. Transfers occur at the end of the reporting period. There were no transfers into or out of Levels 1, 2, and 3 during the nine months ended September 30, 2022 and 2021. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, accounts payable, accrued liabilities, long-term debt, and finance and operating lease obligations. These financial instruments do not require disclosure by level. The carrying values of all of the Company’s financial instruments included in the accompanying unaudited condensed consolidated balance sheets approximated or equaled their fair values on September 30, 2022 and December 31, 2021. • The carrying values of cash and cash equivalents, accounts receivable and accounts payable (including accrued liabilities) approximated fair value on September 30, 2022 and December 31, 2021, due to their short-term nature. • The carrying value of amounts outstanding under long-term debt agreements with variable rates approximated fair value on September 30, 2022 and December 31, 2021, as the effective interest rates approximated market rates. Nonrecurring Measurements Certain assets and liabilities are measured at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but may be subject to fair value adjustments in certain circumstances. These assets and liabilities include those acquired through the PropX Acquisition, which are required to be measured at fair value on the acquisition date in accordance with ASC Topic 805 . See Note 3—The PropX Acquisition. As of September 30, 2022, the Company recorded $2.5 million of land and $11.4 million of buildings of two properties that met the held for sale criteria, to assets held for sale at a total fair value of $11.2 million, which are included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheet. The Company estimated the fair value of the properties based on a purchase and sale agreement and a communicated selling price, which are Level 3 inputs. Recurring Measurements The fair values of the Company’s cash equivalents measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts. As of September 30, 2022 and December 31, 2021, the Company had cash equivalents, measured at fair value, of $0.3 million and $0.3 million, respectively. Nonfinancial assets The Company estimates fair value to perform impairment tests as required on long-lived assets. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3 in the event that such assets were required to be measured and recorded at fair value within the unaudited condensed consolidated financial statements. No such measurements were required as of September 30, 2022 and December 31, 2021 as no triggering event was identified. Credit Risk The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents and trade receivables. The Company’s cash and cash equivalent balances on deposit with financial institutions total $24.0 million and $20.0 million as of September 30, 2022 and December 31, 2021, respectively, which exceeded FDIC insured limits. The Company regularly monitors these institutions’ financial condition. The majority of the Company’s customers have payment terms of 45 days or less. As of September 30, 2022 and December 31, 2021, customer A accounted for 10.5% and 11.8%, respectively, of total consolidated accounts receivable and unbilled revenue. During the three and nine months ended September 30, 2022 and 2021, no customers accounted for 10% of consolidated revenues. The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers. As of September 30, 2022 and December 31, 2021, the Company had $0.9 million in allowance for credit losses as follows: ($ in thousands) Allowance for credit losses at December 31, 2021 $ 884 Credit Losses: Current period provision — Amounts written off — Allowance for credit losses at September 30, 2022 $ 884

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Equity	Equity Restricted Stock Units Restricted stock units (“RSUs”) granted pursuant to the Long Term Incentive Plan (“LTIP”), if they vest, will be settled in shares of the Company’s Class A Common Stock. RSUs were granted with vesting terms up to five years. Changes in non-vested RSUs outstanding under the LTIP during the nine months ended September 30, 2022 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2021 2,741,061 $ 11.04 Granted 1,726,959 12.90 Vested (1,350,246) 11.00 Forfeited (103,539) 10.23 Outstanding at September 30, 2022 3,014,235 $ 12.15 Performance Restricted Stock Units Performance restricted stock units (“PSUs”) granted pursuant to the LTIP, if they vest, will be settled in shares of the Company’s Class A Common Stock. PSUs were granted with a three year cliff vesting schedule, subject to a performance target compared to an index of competitors ’ results over the three year period as designated in the award. The Company records compensation expense based on the Company’s best estimate of the number of PSUs that will vest at the end of the performance period. If such performance targets are not met, or are not expected to be met, no compensation expense is recognized and any recognized compensation expense is reversed. Changes in non-vested PSUs outstanding under the LTIP during the nine months ended September 30, 2022 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2021 1,306,945 $ 12.45 Granted 412,920 12.47 Vested (329,277) 14.93 Forfeited — — Outstanding at September 30, 2022 1,390,588 $ 11.87 Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations. The Company recognized stock-based compensation expense of $6.1 million and $17.1 million for the three and nine months ended September 30, 2022, respectively. The Company recognized stock-based compensation of $4.2 million and $15.1 million for the three and nine months ended September 30, 2021, respectively. There was approximately $36.2 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of September 30, 2022. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of two years . Dividends On April 2, 2020, the Company suspended future quarterly dividends until business conditions warrant reinstatement. As of September 30, 2022 dividends had not been reinstated by the Company. Subsequent to quarter end, the Company reinstated a quarterly dividend of $0.05 per share of Class A Common Stock, refer to Note 17—Subsequent Events for more information. As of September 30, 2022 and December 31, 2021, the Company had $0.1 million and $0.2 million of dividends payable related to RSUs to be paid upon vesting, respectively. Dividends related to forfeited RSUs will be forfeited. Share Repurchase Program On July 25, 2022, the Company’s Board of Directors authorized and the Company announced a share repurchase program that allows the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through and including July 31, 2024. The shares may be repurchased from time to time in open market or privately negotiated transactions or by other means in accordance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A Common Stock, the market price of the Company’s Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through July 2024. During the nine months ended September 30, 2022, Liberty LLC purchased and retired 4,702,166 LLC Units from the Company for $70.1 million, and the Company repurchased and retired 4,702,166 shares of Class A Common Stock for $70.1 million or $14.91 average price per share including commissions, under the share repurchase program. As of September 30, 2022, $180.0 million remained authorized for future repurchases of Class A Common Stock under the share repurchase program.

Net Income (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income (Loss) per Share Basic net income (loss) per share measures the performance of an entity over the reporting period. Diluted net income (loss) per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding restricted stock and RSUs. The following table reflects the allocation of net income (loss) to common stockholders and net loss per share computations for the periods indicated based on a weighted average number of common stock outstanding: Three Months Ended Nine Months Ended (In thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Basic Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 146,953 $ (38,890) $ 246,733 $ (123,655) Denominator: Basic weighted average common shares outstanding 185,508 178,311 185,414 171,402 Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.79 $ (0.22) $ 1.33 $ (0.72) Diluted Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 146,953 $ (38,890) $ 246,733 $ (123,655) Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock 258 — 389 — Diluted net income (loss) attributable to Liberty Energy Inc. stockholders $ 147,211 $ (38,890) $ 247,122 $ (123,655) Denominator: Basic weighted average shares outstanding 185,508 178,311 185,414 171,402 Effect of dilutive securities: Restricted stock units 326 — 910 — Class B Common Stock 4,073 — 4,141 — Diluted weighted average shares outstanding 189,907 178,311 190,465 171,402 Diluted net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.78 $ (0.22) $ 1.30 $ (0.72) In accordance with GAAP, diluted weighted average common shares presented above do not include certain weighted average shares of Class B Common Stock and restricted stock units, because to do so would have had an antidilutive effect, as follows: Three Months Ended Nine Months Ended (In thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Weighted average shares of Class B Common Stock — 1,860 — 8,558 Weighted average shares of restricted stock units — 3,256 — 3,470

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company is a corporation and is subject to taxation in the United States, Canada and various state, local and provincial jurisdictions. Liberty LLC is treated as a partnership, and its income is passed through to its owners for income tax purposes. Liberty LLC’s members, including the Company, are liable for federal, state and local income taxes based on their share of Liberty LLC’s pass-through taxable income. The Company may distribute cash from foreign subsidiaries to its U.S. parent as business needs arise. The Company has not provided for deferred income taxes on the undistributed earnings from certain foreign subsidiaries, as such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any income and/or withholding tax would not be significant. The effective global income tax rate applicable to the Company for the nine months ended September 30, 2022 was 1.5%, compared to (7.8)%, for the period ended September 30, 2021. The Company’s effective tax rate is less than the statutory federal income tax rate of 21.0% due to the Company’s full valuation allowance on its U.S. net deferred tax assets while calculating income tax expense on Canada operations that are not subject to a valuation allowance. The Company’s effective tax rate is also less than the statutory rate because of the non-controlling interest’s share of Liberty LLC’s pass-through results for federal, state and local income tax reporting, upon which no taxes are payable by the Company. The Company recognized an income tax expense of $2.6 million and $3.6 million during the three and nine months ended September 30, 2022, respectively. The Company recognized an income tax expense of $0.8 million and $9.4 million during the three and nine months ended September 30, 2021, respectively, which included the impact of recording a valuation allowance on a portion of the Company’s net deferred tax assets. Per the Coronavirus Aid, Relief and Economic Security (“CARES”) Act enacted on March 27, 2020, net operating losses (“NOL”) incurred in 2019 and 2020 may be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company has applied for and expects to receive a NOL carryback refund to recover $5.5 million of cash taxes paid by the Company in 2018. This amount has been reflected as a receivable in prepaids and other current assets line item in the accompanying unaudited condensed consolidated balance sheets. The remaining deferred tax asset for net operating losses available for carryforward are presented net of the Company’s valuation allowance. The Company recognized a deferred tax liability in the amount of $0.6 million as of September 30, 2022 and December 31, 2021. The Company also recognized a deferred tax asset related to foreign jurisdictions in the amount of $0.3 million and $0.6 million as of September 30, 2022 and December 31, 2021, respectively. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities, and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The Company evaluated its deferred tax assets as of September 30, 2022 and considered both positive and negative evidence in applying the guidance of ASC 740 Income Taxes (“ASC 740”) related to the realizability of its deferred tax assets. Consistent with the prior quarter, in accordance with ASC 740, the objective negative evidence of remaining in a three year cumulative pre-tax book loss position, primarily due to COVID-19 related losses, outweighed the consideration of the Company’s subjective positive evidence of expected future profitability in evaluating the realizability of its deferred tax assets. The CHIPS and Science Act of 2022 (“CHIPS”) and the Inflation Reduction Act (“IRA”) of 2022 were recently signed into law by President Biden on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The Company is currently evaluating the impact of both CHIPS and IRA, but at present does not expect that any of the provisions included would result in a material impact to the Company’s deferred tax assets, liabilities, or income taxes payable. Tax Receivable Agreements In connection with the IPO, on January 17, 2018, the Company entered into two Tax Receivable Agreements (the “TRAs”) with R/C Energy IV Direct Partnership, L.P. and the then existing owners that continued to own Liberty LLC Units (each such person and any permitted transferee, a “TRA Holder” and together, the “TRA Holders”). The TRAs generally provide for the payment by the Company of 85% of the net cash savings, if any, in U.S. federal, state, and local income tax and franchise tax (computed using simplifying assumptions to address the impact of state and local taxes) that the Company actually realizes (or is deemed to realize in certain circumstances) in periods after the IPO as a result, as applicable to each TRA Holder, of (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s Liberty LLC Units in connection with the IPO or pursuant to the exercise of redemption or call rights, (ii) any net operating losses available to the Company as a result of the Corporate Reorganization, and (iii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the TRAs. During the nine months ended September 30, 2022, exchanges of Liberty LLC Units and shares of Class B Common Stock initially resulted in a net increase of $6.5 million in deferred tax assets, and an increase of $5.5 million, in amounts payable under the TRAs, all of which are subject to the valuation allowance and remeasurement of TRA liability discussed below, and which are recorded through equity. There were no redemptions of Liberty LLC units for the three months ended September 30, 2022. In addition, the Company did not make any TRA payments for the nine months ended September 30, 2022. At September 30, 2022 and December 31, 2021, the Company ’ s liability under the TRAs was $70.8 million and $37.6 million, respectively, all of which is presented as a component of long-term liabilities, and the related deferred tax asset totaled $97.8 million and $91.3 million, respectively, of which a valuation allowance on the net deferred tax asset has been recorded. The Company also remeasured the liability under the TRAs as of September 30, 2022 and recorded a loss on remeasurement of liabilities subject to the TRAs for the nine months ended September 30, 2022 of $33.2 million recorded as part of continuing operations. The increase in the liability under the TRA is primarily driven by increased pre-tax book earnings, current additions of property and equipment and amortization of expected tax benefits that are subject to the valuation allowance, which are expected to be realized in the foreseeable future.

Defined Contribution Plan

Defined Contribution Plan	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a 401(k) defined contribution retirement plan covering eligible employees. The Company has historically made matching contributions at a rate of $1.00 for each $1.00 of employee contribution, subject to a cap of 6% of the employee’s salary and federal limits. Contributions made by the Company wer e $6.8 million and $5.4 million for the three months ended September 30, 2022 and 2021, respectively, and $18.8 million and $13.3 million for the nine months ended September 30, 2022 and 2021, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions OneStim Acquisition and Related Transaction On December 31, 2020 the Company acquired certain assets and liabilities of Schlumberger Technology Corporation (“Schlumberger”) and Schlumberger Canada Limited OneStim® business (“OneStim”), which provides hydraulic fracturing pressure pumping services in onshore United States and Canada (the “OneStim Acquisition”). As of September 30, 2022 Schlumberger owned 23,069,461 shares of Class A Common Stock of the Company, or approximately 12.6% of the issued and outstanding shares of Common Stock. In conjunction with closing the OneStim Acquisition, the Company entered into a transition services agreement with Schlumberger under which Schlumberger provides certain administrative transition services until the Company fully integrates the acquired business. The Company incurred $0.0 million and $5.7 million of fees payable to Schlumberger for such transaction services during the three and nine months ended September 30, 2021. No fees were incurred during the three and nine months ended September 30, 2022. During 2021, a subsidiary of the Company and Schlumberger entered into a property swap agreement under which the Company exchanged with Schlumberger a property acquired in the OneStim Acquisition and $4.9 million in cash for a separate property that the Company will utilize with its existing operations. The Company did not recognize any gain or loss on the transaction. Following the OneStim Acquisition, in the normal course of business, the Company purchases chemicals, proppant and other equipment and maintenance parts from Schlumberger and its subsidiaries. During the three and nine months ended September 30, 2022, total purchases from Schlumberger were approximately $7.4 million and $15.5 million, respectively. During the three and nine months ended September 30, 2021, total purchases from Schlumberger were approximately $6.5 million and $26.4 million, respectively. As of September 30, 2022 amounts due to Schlumberger were $3.8 million and $1.1 million included in accounts payable and accrued liabilities, respectively. As of December 31, 2021 amounts due to Schlumberger were $2.7 million and $1.1 million, included in accounts payable and accrued liabilities, respectively, in the unaudited condensed consolidated balance sheet. Franklin Mountain Energy, LLC Effective on June 15, 2021, Audrey Robertson was appointed to the board of directors of the Company. Ms. Robertson serves as the Chief Financial Officer of Franklin Mountain Energy, LLC (“Franklin Mountain”). During the three and nine months ended September 30, 2022 the Company performed hydraulic fracturing services for Franklin Mountain in the amount of $55.5 million or 4.7% and $79.0 million or 2.7% of the Company’s revenues for such periods, respectively. During the three and nine months ended September 30, 2021 the Company performed hydraulic fracturing services for Franklin Mountain in the amount of $7.0 million or 1.1% and $7.0 million or 0.4% of the Company’s revenues for such periods, respectively. Amounts included in unbilled revenue from Franklin Mountain as of September 30, 2022 and December 31, 2021 were $26.1 million and $0.0 million, respectively. Receivables from Franklin Mountain as of September 30, 2022 and December 31, 2021 were $0.0 million. Liberty Resources LLC Liberty Resources LLC, an oil and gas exploration and production company, and its successor entity (collectively, the “Affiliate”) has certain common ownership and management with the Company. The amounts of the Company’s revenue related to hydraulic fracturing services provided to the Affiliate for the three months ended September 30, 2022 and 2021 was $10.3 million and $0.0 million, respectively, and $10.3 million and $1.2 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and December 31, 2021, there were $10.3 million outstanding accounts receivable with the Affiliate. PropX Acquisition During 2016, Liberty Holdings entered into a future commitment to invest and become a non-controlling minority member in PropX, the provider of proppant logistics equipment. Effective October 26, 2021, the Company completed the purchase of all membership interest in PropX, refer to Note 3—PropX Acquisition for further discussion of the transaction. During the three and nine months ended September 30, 2021, prior to the PropX Acquisition, the Company leased proppant logistics equipment from PropX for $3.2 million and $7.3 million, respectively. R/C IV Liberty Big Box Holdings, L.P., a Riverstone Holdings LLC (“Riverstone”) fund and a former significant stockholder of the Company, held a greater than 10% equity interest in PropX. Christopher Wright, the Chief Executive Officer, Michael Stock, the Chief Financial Officer and Ron Gusek, the President of the Company, held a less than 5% equity interest in PropX through Big Box Proppant Investments LLC. Cary Steinbeck, a director of the Company, served on the PropX board of the directors and held a less than 5% indirect equity interest in PropX. In addition, Brett Staffieri, a Riverstone appointed director, served on the board of the directors of the Company until June 15, 2021 and on the PropX board of directors until the acquisition date. The PropX Acquisition was reviewed and approved by the disinterested members of the Board and pursuant to the Company’s related party transactions policy. Secondary Offering by Selling Stockholder On April 29, 2022, the Company, Liberty LLC, Schlumberger, and BofA Securities, Inc. and J.P. Morgan Securities LLC (together, the “Underwriters”), entered into an underwriting agreement, dated as of April 29, 2022, pursuant to which Schlumberger sold 14,500,000 shares of Class A Common Stock at a price of $15.50 per share to the Underwriters (the “Sale”). The Sale closed on May 3, 2022. Following the Sale, Schlumberger held 35,101,961 shares of Class A Common Stock. The Company did not receive any proceeds from the Sale.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments & Contingencies Purchase Commitments (tons and gallons are not in thousands) The Company enters into purchase and supply agreements to secure supply and pricing of proppants, chemicals, and equipment. As of September 30, 2022 and December 31, 2021, the agreements commit the Company to purchas e 1,664,421 and 89,317 tons, respectively, of proppant through March 31, 2024. Amounts below also include commitments to pay for transport fees on minimum amounts of proppants. Additionally, related proppant transload service commitments extend into 2023. Future proppant, transload, equipment and mancamp commitments are as follows: ($ in thousands) Remainder of 2022 $ 44,491 2023 47,349 2024 4,200 2025 — 2026 — Thereafter — $ 96,040 Certain supply agreements contain a clause whereby in the event that the Company fails to purchase minimum volumes, as defined in the agreement, during a specific time period, a shortfall fee may apply. In circumstances where the Company does not make the minimum purchase required under the contract, the Company and its suppliers have a history of amending such minimum purchase contractual terms and in rare cases does the Company incur shortfall fees. If the Company were unable to make any of the minimum purchases and the Company and its suppliers cannot come to an agreement to avoid such fees, the Company could incur shortfall fees in the amounts of $17.0 million, $9.8 million, and $0.7 million for the remainder of 2022 and the years ended 2023 and 2024, respectively. Based on forecasted levels of activity, the Company does not currently expect to incur significant shortfall fees. Included in the commitments for the remainder of 2022 are $8.5 million of payments expected to be made to Schlumberger, in conjunction with a permissive use agreement provided by Schlumberger, in the fourth quarter of 2022 for the use of certain light duty trucks, heavy tractors and field equipment used to various degrees in frac and wireline operations. The Company is in negotiations with the third-party owner of such equipment to lease or purchase some or all of such aforementioned vehicles and equipment, subject to agreement on terms and conditions. No gain or loss is expected upon consummation of any such agreement. Litigation From time to time, the Company is subject to legal and administrative proceedings, settlements, investigations, claims and actions. The Company’s assessment of the likely outcome of litigation matters is based on its judgment of a number of factors including experience with similar matters, past history, precedents, relevant financial and other evidence and facts specific to the matter. Notwithstanding the uncertainty as to the final outcome, based upon the information currently available, management does not believe any matters in aggregate will have a material adverse effect on its financial position or results of operations.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	9 Months Ended
	Sep. 30, 2022
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Selected Quarterly Financial Data The following tables summarizes consolidated changes in equity for the three months ended September 30, 2022 and 2021: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital (Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2022 186,859 326 $ 1,869 $ 3 $ 1,384,134 $ (56,174) $ (2,263) $ 1,327,569 $ 2,447 $ 1,330,016 Offering Costs — — — — 485 — — 485 — 485 Share repurchases (4,702) (47) (69,987) — (70,034) (60) (70,094) Stock-based compensation expense 6,100 — — 6,100 12 6,112 Vesting of restricted stock units 2 — — — — — — — — Tax withheld on vesting of restricted stock units — — — — (1) — — (1) (1) Currency translation adjustment — — — — — — (6,332) (6,332) (11) (6,343) Net income — — — — — 146,953 — 146,953 310 147,263 Balance—September 30, 2022 182,159 326 $ 1,822 $ 3 $ 1,320,731 $ 90,779 $ (8,595) $ 1,404,740 $ 2,698 $ 1,407,438 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2021 178,310 $ 1,860 $ 1,783 $ 19 $ 1,274,031 $ (61,475) $ 2,454 $ 1,216,812 $ 12,622 $ 1,229,434 Offering Costs — — — — (159) — — (159) — (159) Stock-based compensation expense — — — — 4,201 — — 4,201 44 4,245 Currency translation adjustment — — — — — — (2,263) (2,263) (24) (2,287) Net loss — — — — — (38,890) — (38,890) (489) (39,379) Balance—September 30, 2021 178,310 1,860 1,783 19 1,278,073 (100,365) 191 1,179,701 12,153 $ 1,191,854

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 18, 2022, the Company’s board of directors approved a quarterly dividend of $0.05 per share of Class A Common Stock, and a distribution of $0.05 per Liberty LLC Unit, to be paid on December 20, 2022 to holders of record as of December 6, 2022. The Company will use the proceeds from the Liberty LLC distribution to pay the dividend. No other significant subsequent events have occurred that would require recognition or disclosure in the unaudited condensed consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of September 30, 2022 and December 31, 2021, and the results of operations, cash flows, and changes in equity of the Company as of and for the three and nine months ended September 30, 2022 and 2021. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2022. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. The Company’s operations are organized into a single reportable segment, which consists of hydraulic fracturing and related goods and services.
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified from interest income to interest expense, net in the accompanying unaudited condensed consolidated statements of operation to conform to the presentation of the current period financial statements. Additionally, amounts in the prior period financial statements have been reclassified from provision for credit losses to other non-cash (income) expense, net in the accompanying unaudited condensed consolidated statement of cash flows to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported net income or loss.

The OneStim Acquisition (Tables

The OneStim Acquisition (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the fair value of the consideration transferred in the PropX Acquisition and the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed as of October 26, 2021, the date of the closing of the PropX Acquisition: ($ in thousands) Total Purchase Consideration: Consideration $ 103,023 Cash and cash equivalents $ 53 Accounts receivable and unbilled revenue 4,089 Inventory 8 Prepaid and other current assets 1,722 Property and equipment (1) 94,137 Intangible assets (included in other assets in the accompanying consolidated balance sheet as of December 31, 2021) (2) 7,100 Total identifiable assets acquired 107,109 Accounts payable 2,152 Accrued liabilities 1,934 Total liabilities assumed 4,086 Total purchase consideration $ 103,023 (1) Useful lives average of 10 years, see Note 5—Property and Equipment (2) Definite lived intangibles with an amortization period ranging from seven

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 30, December 31, ($ in thousands) 2022 2021 Proppants $ 31,156 $ 23,413 Chemicals 20,139 17,996 Maintenance parts 134,352 93,184 $ 185,647 $ 134,593

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following: Estimated September 30, December 31, ($ in thousands) 2022 2021 Land N/A $ 29,384 $ 33,812 Field services equipment 2-7 1,817,333 1,579,420 Vehicles 4-7 61,674 61,282 Lease Equipment 10 90,897 64,770 Buildings and facilities 5-30 133,607 148,555 Mineral reserves >25 76,823 76,823 Office equipment and furniture 2-7 8,826 8,218 2,218,544 1,972,880 Less accumulated depreciation and depletion (1,073,092) (863,194) 1,145,452 1,109,686 Construction in-progress N/A 149,737 89,601 $ 1,295,189 $ 1,199,287

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Lease, Cost	The components of lease expense for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets $ 1,590 $ 1,213 $ 3,796 $ 4,565 Interest on lease liabilities 453 347 1,066 1,318 Operating lease cost 10,675 12,869 32,809 29,702 Variable lease cost 1,337 1,273 3,473 3,116 Short-term lease costs 2,121 1,479 5,113 3,483 Total lease cost $ 16,176 $ 17,181 $ 46,257 $ 42,184
Lessee, Supplemental Cash Flow Information	Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2022 and 2021 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2022 2021 2022 2021 Cash paid for amounts included in measurement of liabilities: Operating leases $ 10,170 $ 12,136 $ 32,065 $ 27,420 Finance leases 2,548 2,064 5,857 7,099 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 3,323 10,999 22,693 70,205 Finance leases 8,409 — 14,742 —
Lease Term and Discount Rate, Lessee	Lease terms and discount rates as of September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 Weighted-average remaining lease term: Operating leases 4.9 years 5.2 years Finance leases 3.0 years 1.5 years Weighted-average discount rate: Operating leases 4.5 % 4.2 % Finance leases 8.0 % 8.6 %
Lessee, Operating Lease, Liability, Maturity	Future minimum lease commitments as of September 30, 2022 are as follows: ($ in thousands) Finance Operating Remainder of 2022 $ 2,204 $ 9,330 2023 9,610 30,228 2024 4,799 23,758 2025 4,910 21,430 2026 6,709 10,384 Thereafter — 19,074 Total lease payments 28,232 114,204 Less imputed interest (3,676) (12,049) Total Liability $ 24,556 $ 102,155
Finance Lease, Liability, Maturity	Future minimum lease commitments as of September 30, 2022 are as follows: ($ in thousands) Finance Operating Remainder of 2022 $ 2,204 $ 9,330 2023 9,610 30,228 2024 4,799 23,758 2025 4,910 21,430 2026 6,709 10,384 Thereafter — 19,074 Total lease payments 28,232 114,204 Less imputed interest (3,676) (12,049) Total Liability $ 24,556 $ 102,155
Carrying Value of Assets Subject to Leases	The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2022 and December 31, 2021 were as follows: ($ in thousands) September 30, 2022 December 31, 2021 Equipment leased to others - at original cost $ 90,897 $ 64,770 Less: Accumulated depreciation (8,288) (1,377) Equipment leased to others - net $ 82,609 $ 63,393
Lessor, Operating Lease, Payment to be Received, Maturity	Future payments receivable for operating leases commenced and committed but not delivered as of September 30, 2022 are as follows: ($ in thousands) Remainder of 2022 $ 4,126 2023 16,704 2024 9,218 2025 1,051 2026 — Thereafter — Total $ 31,099

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: ($ in thousands) September 30, 2022 December 31, 2021 Accrued vendor invoices $ 116,859 $ 109,903 Operations accruals 93,979 64,707 Accrued benefits and other 75,666 60,505 $ 286,504 $ 235,115

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following: September 30, December 31, ($ in thousands) 2022 2021 Term Loan outstanding $ 105,153 $ 106,465 Revolving Line of Credit 150,000 18,000 Deferred financing costs and original issue discount (1,455) (2,013) Total debt, net of deferred financing costs and original issue discount $ 253,698 $ 122,452 Current portion of long-term debt, net of discount $ 1,016 $ 1,007 Long-term debt, net of discount and current portion 252,682 121,445 Total debt, net of deferred financing costs and original issue discount $ 253,698 $ 122,452
Schedule of Maturities of Long-term Debt	Maturities of debt are as follows: ($ in thousands) Remainder of 2022 $ 438 2023 $ 1,750 2024 $ 252,965 2025 $ — 2026 $ — $ 255,153

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Allowance for Doubtful Accounts	As of September 30, 2022 and December 31, 2021, the Company had $0.9 million in allowance for credit losses as follows: ($ in thousands) Allowance for credit losses at December 31, 2021 $ 884 Credit Losses: Current period provision — Amounts written off — Allowance for credit losses at September 30, 2022 $ 884

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Changes in non-vested RSUs outstanding under the LTIP during the nine months ended September 30, 2022 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2021 2,741,061 $ 11.04 Granted 1,726,959 12.90 Vested (1,350,246) 11.00 Forfeited (103,539) 10.23 Outstanding at September 30, 2022 3,014,235 $ 12.15
Schedule of Performance Restricted Stock Units Activity	Changes in non-vested PSUs outstanding under the LTIP during the nine months ended September 30, 2022 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2021 1,306,945 $ 12.45 Granted 412,920 12.47 Vested (329,277) 14.93 Forfeited — — Outstanding at September 30, 2022 1,390,588 $ 11.87

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income (loss) to common stockholders and net loss per share computations for the periods indicated based on a weighted average number of common stock outstanding: Three Months Ended Nine Months Ended (In thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Basic Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 146,953 $ (38,890) $ 246,733 $ (123,655) Denominator: Basic weighted average common shares outstanding 185,508 178,311 185,414 171,402 Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.79 $ (0.22) $ 1.33 $ (0.72) Diluted Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 146,953 $ (38,890) $ 246,733 $ (123,655) Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock 258 — 389 — Diluted net income (loss) attributable to Liberty Energy Inc. stockholders $ 147,211 $ (38,890) $ 247,122 $ (123,655) Denominator: Basic weighted average shares outstanding 185,508 178,311 185,414 171,402 Effect of dilutive securities: Restricted stock units 326 — 910 — Class B Common Stock 4,073 — 4,141 — Diluted weighted average shares outstanding 189,907 178,311 190,465 171,402 Diluted net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.78 $ (0.22) $ 1.30 $ (0.72)
Schedule of Antidilutive Securities	In accordance with GAAP, diluted weighted average common shares presented above do not include certain weighted average shares of Class B Common Stock and restricted stock units, because to do so would have had an antidilutive effect, as follows: Three Months Ended Nine Months Ended (In thousands) September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Weighted average shares of Class B Common Stock — 1,860 — 8,558 Weighted average shares of restricted stock units — 3,256 — 3,470

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Future proppant, transload, equipment and mancamp commitments are as follows: ($ in thousands) Remainder of 2022 $ 44,491 2023 47,349 2024 4,200 2025 — 2026 — Thereafter — $ 96,040

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Tables)	9 Months Ended
	Sep. 30, 2022
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables summarizes consolidated changes in equity for the three months ended September 30, 2022 and 2021: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital (Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2022 186,859 326 $ 1,869 $ 3 $ 1,384,134 $ (56,174) $ (2,263) $ 1,327,569 $ 2,447 $ 1,330,016 Offering Costs — — — — 485 — — 485 — 485 Share repurchases (4,702) (47) (69,987) — (70,034) (60) (70,094) Stock-based compensation expense 6,100 — — 6,100 12 6,112 Vesting of restricted stock units 2 — — — — — — — — Tax withheld on vesting of restricted stock units — — — — (1) — — (1) (1) Currency translation adjustment — — — — — — (6,332) (6,332) (11) (6,343) Net income — — — — — 146,953 — 146,953 310 147,263 Balance—September 30, 2022 182,159 326 $ 1,822 $ 3 $ 1,320,731 $ 90,779 $ (8,595) $ 1,404,740 $ 2,698 $ 1,407,438 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2021 178,310 $ 1,860 $ 1,783 $ 19 $ 1,274,031 $ (61,475) $ 2,454 $ 1,216,812 $ 12,622 $ 1,229,434 Offering Costs — — — — (159) — — (159) — (159) Stock-based compensation expense — — — — 4,201 — — 4,201 44 4,245 Currency translation adjustment — — — — — — (2,263) (2,263) (24) (2,287) Net loss — — — — — (38,890) — (38,890) (489) (39,379) Balance—September 30, 2021 178,310 1,860 1,783 19 1,278,073 (100,365) 191 1,179,701 12,153 $ 1,191,854

The PropX Acquisition - Narrati

The PropX Acquisition - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 26, 2021	Sep. 30, 2022	Dec. 31, 2021
Common Class A
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common Class B
Business Acquisition [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
PropX
Business Acquisition [Line Items]
Consideration	$ 103,023
PropX | Common Stock
Business Acquisition [Line Items]
Consideration	103,000
PropX | Common Stock | Common Class A
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 11,900
Number of shares issued in business acquisition (in shares)	3,405,526
Common stock, par value (in dollars per share)	$ 0.01
Share price (in dollars per share)	$ 15.58
PropX | Common Stock | Common Class B
Business Acquisition [Line Items]
Number of shares issued in business acquisition (in shares)	2,441,010
Common stock, par value (in dollars per share)	$ 0.01
PropX | Liberty LLC Units
Business Acquisition [Line Items]
Number of shares issued in business acquisition (in shares)	2,441,010

The PropX Acquisition - Assets

The PropX Acquisition - Assets Acquired and Liabilities Assumed (Details) - PropX $ in Thousands	Oct. 26, 2021 USD ($)
Business Acquisition [Line Items]
Consideration	$ 103,023
Cash and cash equivalents	53
Accounts receivable and unbilled revenue	4,089
Inventory	8
Prepaid and other current assets	1,722
Property and equipment	94,137
Intangible assets (included in other assets in the accompanying consolidated balance sheet as of December 31, 2021)	7,100
Total identifiable assets acquired	107,109
Accounts payable	2,152
Accrued liabilities	1,934
Total liabilities assumed	4,086
Total purchase consideration	$ 103,023
Estimated useful lives	10 years
Minimum
Business Acquisition [Line Items]
Definite lived intangibles average amortization period	7 years
Maximum
Business Acquisition [Line Items]
Definite lived intangibles average amortization period	10 years

Inventories (Details)

Inventories (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Inventory [Line Items]
Inventories	$ 185,647,000	$ 185,647,000		$ 134,593,000
Inventory write-down	1,700,000	1,724,000	$ 0	0
Proppants
Inventory [Line Items]
Inventories	31,156,000	31,156,000		23,413,000
Chemicals
Inventory [Line Items]
Inventories	20,139,000	20,139,000		17,996,000
Maintenance parts
Inventory [Line Items]
Inventories	$ 134,352,000	$ 134,352,000		$ 93,184,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,218,544	$ 1,972,880
Less accumulated depreciation and depletion	(1,073,092)	(863,194)
Property and equipment, before construction in-progress, net	1,145,452	1,109,686
Construction in-progress	149,737	89,601
Property and equipment, net	1,295,189	1,199,287
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,384	33,812
Field services equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,817,333	1,579,420
Field services equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Field services equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 61,674	61,282
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Lease Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 90,897	64,770
Estimated useful lives	10 years
Buildings and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 133,607	148,555
Buildings and facilities | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Buildings and facilities | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Mineral reserves
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 76,823	76,823
Estimated useful lives	25 years
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,826	$ 8,218
Office equipment and furniture | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Office equipment and furniture | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property	Sep. 30, 2021 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation	$ 77.5	$ 61.1	$ 219.9	$ 175.9
Depletion	0.3	$ 0.3	0.9	$ 1
Land available-for-sale	2.5		2.5
Real estate, building, held-for-sale	$ 11.4		$ 11.4
Number of property available-for-sale | property	2		2
Loss on sale of properties			$ 2.7

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 1,590	$ 1,213	$ 3,796	$ 4,565
Interest on lease liabilities	453	347	1,066	1,318
Operating lease cost	10,675	12,869	32,809	29,702
Variable lease cost	1,337	1,273	3,473	3,116
Short-term lease costs	2,121	1,479	5,113	3,483
Total lease cost	$ 16,176	$ 17,181	$ 46,257	$ 42,184

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in measurement of liabilities:
Operating leases	$ 10,170	$ 12,136	$ 32,065	$ 27,420
Finance leases	2,548	2,064	5,857	7,099
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	3,323	10,999	22,693	70,205
Finance leases	$ 8,409	$ 0	14,742	0
Operating lease, right of use asset, write off			200
Operating lease, liability, write off			100
Finance lease, right of use asset recognized			2,700
Finance lease, liability, recognized			$ 2,700
Finance lease, right of use asset, write off				13,700
Finance lease, liability, write off				10,600
Operating lease right of use asset recognized				11,800
Operating lease liability recognized				$ 8,800

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rates (Details)	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, weighted average remaining lease term	4 years 10 months 24 days	5 years 2 months 12 days
Finance lease, weighted average remaining lease term	3 years	1 year 6 months
Operating lease, weighted average discount rate	4.50%	4.20%
Finance lease, weighted average discount rate	8%	8.60%

Leases - Finance and Operating

Leases - Finance and Operating Leases Maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Finance
Remainder of 2022	$ 2,204
2023	9,610
2024	4,799
2025	4,910
2026	6,709
Thereafter	0
Total lease payments	28,232
Less imputed interest	(3,676)
Total Liability	24,556
Operating
Remainder of 2022	9,330
2023	30,228
2024	23,758
2025	21,430
2026	10,384
Thereafter	19,074
Total lease payments	114,204
Less imputed interest	(12,049)
Total Liability	102,155
Operating lease, residual value of leased asset	$ 12,900

Leases - Carrying Value of Asse

Leases - Carrying Value of Assets Subject to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Equipment leased to others - at original cost	$ 90,897	$ 64,770
Less: Accumulated depreciation	(8,288)	(1,377)
Equipment leased to others - net	$ 82,609	$ 63,393

Leases - Lessor, Operating Leas

Leases - Lessor, Operating Lease, Payment to be Received, Maturity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Remainder of 2022	$ 4,126		$ 4,126
2023	16,704		16,704
2024	9,218		9,218
2025	1,051		1,051
2026	0		0
Thereafter	0		0
Total	31,099		31,099
Revenue from operating leases	$ 6,700	$ 0	$ 18,400	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued vendor invoices	$ 116,859	$ 109,903
Operations accruals	93,979	64,707
Accrued benefits and other	75,666	60,505
Accrued liabilities	$ 286,504	$ 235,115

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 255,153,000
Deferred financing costs and original issue discount	(1,455,000)	$ (2,013,000)
Total debt, net of deferred financing costs and original issue discount	253,698,000	122,452,000
Current portion of long-term debt, net of discount	1,016,000	1,007,000
Long-term debt, net of discount and current portion	252,682,000	121,445,000
Term Loan outstanding
Debt Instrument [Line Items]
Long-term debt, gross	105,153,000	106,465,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000,000	$ 18,000,000

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)		9 Months Ended
	Aug. 12, 2022 USD ($)	Sep. 30, 2022 USD ($)	Aug. 11, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 19, 2017 USD ($) agreement
Debt Instrument [Line Items]
Long-term debt, gross		$ 255,153,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross		$ 150,000,000		$ 18,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Number of credit agreements | agreement					2
Weighted average interest rate		7%		7.90%
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 250,000,000
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					425,000,000
Line of credit facility, increase in borrowing capacity					75,000,000
Weighted average interest rate		4.80%
Current borrowing capacity		$ 425,000,000
Line of credit, maturity, number of days prior maturity of another facility		90 days
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.25%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.375%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		2%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 175,000,000
Fixed charge coverage ratio requirement, maximum restricted payment	$ 100,000,000
Minimum liquidity requirement, restricted payment	150,000,000
Increase of allowance for permitted purchase money indebtedness	$ 70,000,000		$ 50,000,000
Debt instrument, prepayment premium percentage	1%
Weighted average interest rate		10.18%
Long-term debt, gross		$ 105,200,000
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		7.625%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		6.625%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | Minimum
Debt Instrument [Line Items]
Debt instrument, prepayment premium percentage		0%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | Maximum
Debt Instrument [Line Items]
Debt instrument, prepayment premium percentage		1%
Letter of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount		$ 1,400,000
Remaining borrowing capacity		$ 273,600,000

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Aug. 12, 2022	Dec. 31, 2021	Sep. 19, 2017
Debt Instrument [Line Items]
Long-term debt, gross	$ 255,153,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000,000		$ 18,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	7%		7.90%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 175,000,000
Long-term debt, gross	$ 105,200,000
Weighted average interest rate	10.18%
Line of credit facility, outstanding balance, quarterly principal payments, percent	1%
Debt instrument, prepayment premium percentage		1%
Line of credit facility, covenant compliance, fixed charge coverage ratio	1.2
Line of credit facility, covenant compliance, excess availability threshold, amount	$ 25,000,000
Covenant compliance, threshold, number of consecutive business days	5 days
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | Minimum
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, annual percentage of excess cash flow	25%
Debt instrument, prepayment premium percentage	0%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | Maximum
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, annual percentage of excess cash flow	50%
Debt instrument, prepayment premium percentage	1%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	7.625%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	6.625%
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				250,000,000
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 425,000,000
Weighted average interest rate	4.80%
Line of credit facility, covenant compliance, fixed charge coverage ratio	1
Line of credit facility, covenant compliance, excess availability threshold, percent of borrowing base	10%
Line of credit facility, covenant compliance, excess availability threshold, amount	$ 12,500,000
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Remainder of 2022	$ 438
2023	1,750
2024	252,965
2025	0
2026	0
Long-term debt, gross	$ 255,153

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) property	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land available-for-sale	$ 2,500	$ 2,500
Real estate, building, held-for-sale	$ 11,400	$ 11,400
Number of property available-for-sale | property	2	2
Assets held-for-sale, long lived, fair value disclosure	$ 11,200	$ 11,200
Cash equivalents measured at fair value	300	300	$ 300
Cash balances on deposit with financial institutions	24,045	$ 24,045	19,998
Customer payment terms, period		45 days
Allowance for credit losses	884	$ 884	900
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at December 31, 2021		900
Credit Loss [Abstract]
Current period provision		0
Amounts written off		0
Allowance for credit losses at September 30, 2022	$ 884	$ 884	$ 900
Customer Concentration Risk | Customer A | Accounts Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		10.50%	11.80%
Customer Concentration Risk | Customer A | Total Revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage	0%	0%

Equity - Restricted Stock Units

Equity - Restricted Stock Units and Performance Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation expense	$ 6.1	$ 4.2	$ 17.1	$ 15.1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)			2,741,061
Granted (in shares)			1,726,959
Vested (in shares)			(1,350,246)
Forfeited (in shares)			(103,539)
Outstanding at end of period (in shares)	3,014,235		3,014,235
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)			$ 11.04
Granted (in dollars per share)			12.90
Vested (in dollars per share)			11
Forfeited (in dollars per share)			10.23
Outstanding at end of period (in dollars per share)	$ 12.15		$ 12.15
Vesting period of awards			5 years
Unamortized compensation expense	$ 36.2		$ 36.2
Weighted average remaining vesting period			2 years
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)			1,306,945
Granted (in shares)			412,920
Vested (in shares)			(329,277)
Forfeited (in shares)			0
Outstanding at end of period (in shares)	1,390,588		1,390,588
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)			$ 12.45
Granted (in dollars per share)			12.47
Vested (in dollars per share)			14.93
Forfeited (in dollars per share)			0
Outstanding at end of period (in dollars per share)	$ 11.87		$ 11.87
Vesting period of awards			3 years

Equity - Dividends (Details)

Equity - Dividends (Details) - Common Class A - USD ($) $ / shares in Units, $ in Millions	Oct. 18, 2022	Sep. 30, 2022	Dec. 31, 2021
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend declared (in dollars per share)	$ 0.05
Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends payable		$ 0.1	$ 0.2

Equity - Share Repurchase Progr

Equity - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Jul. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased and retired during period, shares (in shares)	4,702,166
Stock repurchased and retired during period, value	$ 70.1
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares)	180,000,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)		250,000,000
Stock repurchased and retired during period, shares (in shares)	4,702,166
Stock repurchased and retired during period, value	$ 70.1
Stock repurchased and retired during period, average price per share (in dollars per share)	$ 14.91

Net Income (Loss) per Share - E

Net Income (Loss) per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss) attributable to Liberty Energy Inc. stockholders	$ 146,953	$ (38,890)	$ 246,733	$ (123,655)
Denominator, Basic [Abstract]
Basic weighted average common shares outstanding (in shares)	185,508	178,311	185,414	171,402
Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.79	$ (0.22)	$ 1.33	$ (0.72)
Numerator, Diluted [Abstract]
Net income (loss) attributable to Liberty Energy Inc. stockholders	$ 146,953	$ (38,890)	$ 246,733	$ (123,655)
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	258	0	389	0
Diluted net income (loss) attributable to Liberty Energy Inc. stockholders	$ 147,211	$ (38,890)	$ 247,122	$ (123,655)
Denominator, Diluted [Abstract]
Basic weighted average shares outstanding (in shares)	185,508	178,311	185,414	171,402
Effect of dilutive securities:
Restricted stock units (in shares)	326	0	910	0
Class B Common Stock (in shares)	4,073	0	4,141	0
Diluted weighted average shares outstanding (in shares)	189,907	178,311	190,465	171,402
Diluted net income (loss) per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.78	$ (0.22)	$ 1.30	$ (0.72)

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	1,860	0	8,558
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	3,256	0	3,470

Income Taxes (Details)

Income Taxes (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 17, 2018 agreement	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Operating Loss Carryforwards [Line Items]
Effective combined income tax rate				1.50%	(7.80%)
Income tax expense		$ 2,572	$ 753	$ 3,637	$ 9,402
Deferred tax liability		563		563		$ 563
Deferred tax assets		262		262		607
Number of tax receivable agreements | agreement	2
Loss (gain) on remeasurement of liability under tax receivable agreements		28,900	$ (4,947)	33,233	$ (8,252)
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Deferred tax assets		300		300		600
Tax Year 2018
Operating Loss Carryforwards [Line Items]
NOL carryback refund		5,500		5,500
Tax Receivable Agreement
Operating Loss Carryforwards [Line Items]
Deferred tax asset						91,300
Taxes payable		70,800		70,800		$ 37,600
Deferred tax liabilities, net		97,800		97,800
Loss (gain) on remeasurement of liability under tax receivable agreements				33,200
Common Class B | Tax Receivable Agreement | Common Stock
Operating Loss Carryforwards [Line Items]
Deferred tax asset		6,500		6,500
Taxes payable		$ 5,500		$ 5,500

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Contribution Plan Disclosure [Line Items]
Maximum annual contribution per employee, percent			6%
401(k) Defined Contribution Retirement Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution per one dollar of employee contribution			$ 1
Contributions made by the employer	$ 6,800,000	$ 5,400,000	$ 18,800,000	$ 13,300,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 29, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenue—related parties		$ 65,794	$ 7,013	$ 89,332	$ 8,193
Affiliated Entity
Related Party Transaction [Line Items]
Equity interest ownership, percentage				5%
Schlumberger | Affiliated Entity
Related Party Transaction [Line Items]
Payment for property exchange						$ 4,900
Purchases from related party		7,400	6,500	$ 15,500	26,400
Schlumberger | Affiliated Entity | Accounts Payable
Related Party Transaction [Line Items]
Due to related parties		3,800		3,800		2,700
Schlumberger | Affiliated Entity | Accrued Liabilities
Related Party Transaction [Line Items]
Due to related parties		1,100		1,100		1,100
Schlumberger | Transaction Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Fees payable incurred		0	0	0	5,700
Franklin Mountain Energy, LLC | Hydraulic Fracturing Services | Affiliated Entity
Related Party Transaction [Line Items]
Revenue—related parties		$ 55,500	$ 7,000	$ 79,000	$ 7,000
Revenue from related parties, percent of total revenue		4.70%	1.10%	2.70%	0.40%
Receivables from related parties		$ 26,100		$ 26,100		0
Accounts receivable, related parties		0		0		0
Liberty Resources LLC | Hydraulic Fracturing Services | Affiliated Entity
Related Party Transaction [Line Items]
Revenue—related parties		10,300	$ 0	10,300	$ 1,200
Accounts receivable, related parties		$ 10,300		$ 10,300		$ 10,300
Proppant Express Investments, LLC | Administrative Support and Purchase and Lease Proppant Logistics Equipment | Affiliated Entity
Related Party Transaction [Line Items]
Leases from related party			$ 3,200		$ 7,300
R/C IV Liberty Big Box Holdings, L.P. | Affiliated Entity
Related Party Transaction [Line Items]
Equity interest ownership, percentage				10%
Big Box Proppant Investment LLC | Affiliated Entity
Related Party Transaction [Line Items]
Equity interest ownership, percentage				5%
Schlumberger | Common Class A
Related Party Transaction [Line Items]
Sale of stock (in shares)	14,500,000
Sale of stock, price per share (in dollars per share)	$ 15.50
Common stock, shares outstanding (in shares)	35,101,961
Schlumberger | OneStim | Common Class A
Related Party Transaction [Line Items]
Number of shares issued in business acquisition (in shares)				23,069,461
Ownership percentage		12.60%		12.60%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) T	Dec. 31, 2021 T
Schlumberger
Long-term Purchase Commitment [Line Items]
Shortfall fees, remainder of 2022	$ 8.5
Shortfall Fees
Long-term Purchase Commitment [Line Items]
Shortfall fees, remainder of 2022	17
Shortfall fees in 2023	9.8
Shortfall fees in 2024	$ 0.7
Proppants
Long-term Purchase Commitment [Line Items]
Minimum mass required (in tons) | T	1,664,421	89,317

Commitments and Contingencies_2

Commitments and Contingencies - Proppant, Chemical and Rail Car Commitments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 44,491
2023	47,349
2024	4,200
2025	0
2026	0
Thereafter	0
Other commitment	$ 96,040

Selected Quarterly Financial _3

Selected Quarterly Financial Data - Equity Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,330,016	$ 1,229,434	$ 1,230,439	$ 1,310,043
Offering Costs	485	(159)	(79)	(1,013)
Share repurchases	(70,094)		(70,094)
Stock-based compensation expense	6,112	4,245	17,126	15,091
Vesting of restricted stock units	0		0	(3,585)
Tax withheld on vesting of restricted stock units	(1)		(9,701)
Foreign currency translation	(6,343)	(2,287)	(8,299)	411
Net income (loss)	147,263	(39,379)	247,122	(130,467)
Ending balance	1,407,438	1,191,854	1,407,438	1,191,854
Total Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,327,569	1,216,812	1,213,242	1,150,637
Offering Costs	485	(159)	(79)	(938)
Share repurchases	(70,034)		(70,034)
Stock-based compensation expense	6,100	4,201	17,031	14,335
Vesting of restricted stock units	0		20	(3,075)
Tax withheld on vesting of restricted stock units	(1)		(9,701)
Foreign currency translation	(6,332)	(2,263)	(8,289)	191
Net income (loss)	146,953	(38,890)	246,733	(123,655)
Ending balance	1,404,740	1,179,701	1,404,740	1,179,701
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,384,134	1,274,031	1,367,642	1,125,554
Offering Costs	485	(159)	(79)	(938)
Share repurchases	(69,987)		(69,987)
Stock-based compensation expense	6,100	4,201	17,031	14,335
Vesting of restricted stock units	0		8	(3,082)
Tax withheld on vesting of restricted stock units	(1)		(9,701)
Ending balance	1,320,731	1,278,073	1,320,731	1,278,073
(Accumulated Deficit) Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(56,174)	(61,475)	(155,954)	23,288
Net income (loss)	146,953	(38,890)	246,733	(123,655)
Ending balance	90,779	(100,365)	90,779	(100,365)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,263)	2,454	(306)	0
Foreign currency translation	(6,332)	(2,263)	(8,289)	191
Ending balance	(8,595)	191	(8,595)	191
Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,447	12,622	17,197	159,406
Offering Costs				(75)
Share repurchases	(60)		(60)
Stock-based compensation expense	12	44	95	756
Vesting of restricted stock units	0		(20)	(510)
Foreign currency translation	(11)	(24)	(10)	220
Net income (loss)	310	(489)	389	(6,812)
Ending balance	$ 2,698	$ 12,153	$ 2,698	$ 12,153
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			183,385,111
Ending balance (in shares)	182,158,820		182,158,820
Common Class A | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	186,859,000	178,310,000	183,385,000	157,952,000
Beginning balance	$ 1,869	$ 1,783	$ 1,834	$ 1,579
Share repurchases (shares)	(4,702,000)		(4,702,000)
Share repurchases	$ (47)		$ (47)
Vesting of restricted stock units (in shares)	2,000		1,170,000	668,000
Vesting of restricted stock units	$ 0		$ 12	$ 7
Ending balance (in shares)	182,159,000	178,310,000	182,159,000	178,310,000
Ending balance	$ 1,822	$ 1,783	$ 1,822	$ 1,783
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			2,632,347
Ending balance (in shares)	325,902		325,902
Common Class B | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	326,000	1,860,000	2,632,000	21,550,000
Beginning balance	$ 3	$ 19	$ 26	$ 216
Ending balance (in shares)	326,000	1,860,000	326,000	1,860,000
Ending balance	$ 3	$ 19	$ 3	$ 19

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Oct. 18, 2022 $ / shares
Liberty LLC Units
Subsequent Event [Line Items]
Partners' capital, distribution (in dollars per share)	$ 0.05
Common Class A
Subsequent Event [Line Items]
Dividend declared (in dollars per share)	$ 0.05