How did Liberty Energy's revenue and expenses trend in Q4 2024?

**Liberty Energy's revenue and expenses in Q4 2024 showed a decline in revenue with a slight increase in expenses compared to the previous quarter.**

1. **Revenue Trend**:
- Liberty Energy's revenue in Q4 2024 was down low double digits compared to the same period in the previous year.
- The company experienced a decline in revenue due to low double-digit activity, which was partly offset by pricing adjustments.
2. **Expense Trend**:
- Despite the revenue decline, the company's expenses increased slightly, primarily due to the need to maintain a strong service offering and the introduction of new technologies.
- The increase in expenses was driven by factors such as the cost of maintaining a reliable service fleet and the investment in digital technologies.
3. **Capital Expenditure**:
- Liberty Energy continued to invest in capital projects, with plans to bring 4 to 5 Digi fleets into the market, representing about 10% to 15% growth in Digi technologies.
- The company also anticipated increased investment in the completions business and natural gas delivery infrastructure.
4. **EBITDA and Profitability**:
- The adjusted EBITDA for Q4 2024 was expected to be slightly higher than the previous quarter, despite the revenue drop, due to cost management and efficiency gains.
- Net income for the quarter was not provided, but the company emphasized maintaining profitability and returning value to shareholders through share repurchases and dividends.

In summary, Liberty Energy faced a challenging revenue environment in Q4 2024 due to lower activity levels, but managed to increase expenses to maintain service quality and invest in growth areas, which helped in sustaining profitability.