everyone. morning Good
fleet for As already visibility pandemic, call prior of in to very being earnings XXXX the the our Chris XXXX but fully all entering February of XXth current our a favorable were results conditions discussed, fleets challenged deliver solid were with we XXXX. industry our to proud utilized XXXX, solid emergence into on and COVID outlook XX and
However, landscape for services all and that crushed has oil oil the the black domestic gas have -- affected. event and global price oil and gas swan oil crush now and across basins oil demand been frac demand --
by we Regrettably, frac earlier present company's had that our through these first and -- are announced incredible reduced by The the the team of for count that has time Liberty the this been in we we XX% measures. first truly and Liberty and family to shown we members. lay has Liberty dramatic history, staffed off month separated and tough toll the implementation understanding humbled employees the professionalism on fleet
the the the owed Liberty of start of hard entire everything to the mind, celebrating work quarter, With achievements by that let which team. in me remarkable first
Our utilized first XX fleets included were schedule fully of a mid-March. quarter that active through
pumped operations to We new proppant Our amount in the a heights. record previous percentage company stages best. pushed a quarter, increase from double-digit team and of efficiency first our
in net diluted share the of XXXX, in For million the quarter. to loss the the fourth was $XXX first $X.XX from fourth first increased to diluted of compared compared quarter, tax income XXXX. loss million share in million increased $XXX share of after of per a per the net quarter fourth net to fully a $XX income in to the first Net quarter of per quarter, quarter XXXX. in $X million revenue $X.XX Fully XX%
quarter increased First $XX to compared million EBITDA XX% million in from the adjusted the was quarter fourth annualized quarter. adjusted $X first fourth and quarter fleet million in EBITDA $X per $XX the million to in
expense million receivable million million and million income ERP one-time quarter and associated noncash first $X.X expense and to totaled General $X accounts expense quarter. $XX X% first Net implementation or was $X stock-based expense and million, totaled the the fees of $X.X of included compensation related costs administrative the software of interest for for allowances. and revenues million $X.X tax
we strong a liquidity position was million. available growth credit liquidity facility million, a receivable. of million on which the of from to and our therefore cash under due with quarter $XX quarter accounts ABL end, $XXX the with the borrowings facility $XXX ended $XXX was revenue quarter fourth We drawn and balance down including total At million no had in
close frac In swiftly. Chris and likelihood decline customers industry-wide of early macroeconomic issues our activity discussions discussed to a with precipitous that in the after the about we due March, acted
be view in and did industry executive most staff began earlier last workforce. announcement a the will March during XXXX the our a the for made we fast month the with conditions to conditions fleets cut substantial the necessity of but incredibly we deterioration reductions pay, downturn, the in that number As to the and led reduce regarding the of in this we challenging frac to
weather challenges to this on sheet strength. management opportunities successfully of well-positioned the We business to possible balance future. sure other could ahead to side wide cash liquidity and in Liberty the that range economic us unprecedented focused of navigate To emerge maintaining and challenge, take conservation, protecting stronger and through of on we make a advantage wanted the
fleet to at the in XX year reduced will frac now for and with we we by the We quarter. below workforce this nearly remain XX anticipate fleets drops have during activity and second staff flexible frac unfortunately of costs when had furloughs XX balance First, staff early our April our the XX% reduce cutting fleets.
we have parallel We to base to quickly we cost that believe XXXX manage our didn't frac further anticipated we foresee with structurally adjusted activity furloughs will very in result, by outlook. demand. challenging moment, at but staff our fleet a with count customer As of operations direct the utilizing near-term cost market align cuts will adjust the that our
savings cost from annualized force expect million of We $XXX in reduction measures.
suspended plus our reduced cash XXX(k) QX the forward variable reduced from with we match other executive our team compensation salaries for going compensation employees Second, base directors. and and and salaried
We of million over measures. expect cost annualized an these savings from $XX
incurred quarter midpoint over a such technology this reduction as and the Third, of approximately to on majority of month, XX% to of engines the expenditures of announced approximately fuel our $XX $XXX in to of our and XXXX, our million the our a which $XX includes delivery fleet. pumps dual XXth to capital expenditures commitments. is range be was that prior million in This of the maintenance-only for we fleet moved that XXXX were Earlier below $XX expected delivery previously mode was previous million. capital four planned enhancement tier guidance first a million, capital used after of which we
our This on second second primarily while dollar capital The with maintenance returns to also will of enable keenly capital who fleet will XXXX customers some consist quarter costs. will each provide strategy best-in-class on prioritizing half for XXXX this costs technologies focused are of expenditures associated us spending. fleet capital the include of -- of
demand solidify Customer current in superior and with the customers. for relationships provides increased further us climate strategic services opportunity to with long-term have an
we dividend. Fourth, our suspended
uncertain this further dividends core million. and believe sheet and prudent cash to business for to During X, liberty resuming look to conditions stockholders the suspension stockholders LLC temporary adjust protect distributions warrant payments of paid Disciplined -- common company quarterly towards ended quarter against unitholders, a dividend conservation XXXX, is allocation cash XX, $X.X to reinstatement. the We approximately we of unitholders is dividends for when of our this appropriate. a backdrop. quarterly distributions measure April forward balance announced A we our and principle deployment capital Liberty and On March until Class strategy capital future
working Fifth, the has has our customers. costs our our as suppliers oil to always This is reduce with partnership do together. a we of had is supply partners the we an and running but the downturn business. this are in working stressful with on for industry our industry, chain that with supplier mentality thrived gas whole always Liberty
accounting tough sand Our a This such, providers. and like partners together with. across it the is supply as And company service our rely work legal work or chain on as and our mentality come table times in on view same the is through partners Liberty savings. can cost these, whether they productively times to we
range We are the cost line. depending XX% XX% on reductions from will expecting to that input specific cost
frame. in plans Corporate Sixth, cost measure will beginning the second of future G&A the are current up will calendar furlough flexibility these a the and furlough and by the work allow early we to storms levels as third temporary field XX% in as down and what we our react front personnel employee implemented be reduce late us during quarter at furloughs quarter have of take to reduced preparing will in steps the or we from Liberty the weather to worst the downturn, demands corporate We that schedule fleets time to of opportunities. the the April, be and portion us will almost the believe of the office. this of up quickly demands. set advantage cost successful adjust to believe structure Operationally, to frac
cash positive remainder project We managing business we are for than of of the XXXX the year free end the cash greater at and with end the quarter. the balance pursuing strategy a to flow a first
the created market in imbalance the oil supply has for discussed, and demand Chris As fracs. a challenging
are disciplined shareholders, downturn. growth to protect us our strategy unprecedented to but to an We committed returning the of first business capital requires and this in
The confident remain through to the actions are uncertain, the duration that downturn. have depth we taken manage necessary and we but
and demand providing to deeply higher well customers more work engineering react strong with quickly with frac In the best-in-class Importantly, challenging emerge to more in take we opportunity our a positioned of relationships the solutions being a times, these strong to diligently and are rebound will focused on in expect position to we this activity. and favorable market our service domestic We're on foundation entrenched operators. share a energy industry. with
And with I before for we back turn Chris now Q&A. that, open will call to the