Excelerate Energy Announces Fourth Quarter and Full Year 2022 Results
Excelerate Energy reported fourth-quarter net income of $33.9 million and full-year net income of $80.0 million for 2022. Adjusted net income was $34.1 million for Q4 and $108.7 million for the year. The company executed a 20-year Sales and Purchase Agreement with Venture Global for 0.7 MTPA of LNG in February 2023 and closed a $600 million credit facility. Notable developments include deploying FSRU Exemplar to Finland and extending the charter for FSRU Explorer by five years. The Board declared a quarterly dividend of $0.025 per share, payable April 27, 2023. Guidance for 2023 Adjusted EBITDA is $320 million to $340 million.
- Q4 2022 net income increased to $33.9 million from $37.3 million QoQ.
- Full-year adjusted net income rose to $108.7 million from $55.2 million YoY.
- Executed a significant 20-year LNG supply agreement with Venture Global.
- Strengthened liquidity with a $600 million senior secured credit facility.
- Quarterly dividend declared, enhancing shareholder value.
- Overall revenues decreased to $455.1 million in Q4 2022 from $803.3 million in Q3 2022.
- Reported decline in LNG cargo sales and sub-charters.
- Increased selling, general, and administrative expenses negatively impacted net income.
RECENT HIGHLIGHTS
-
Reported Net Income of
$33.9 million $80.0 million -
Reported Adjusted Net Income of
$34.1 million $108.7 million -
Reported Adjusted EBITDAR of
$98.0 million $331.1 million -
Executed 20-year Sales and Purchase Agreement for 0.7 MTPA of LNG with Venture Global in
February 2023 -
Closed on an amended
$600 million March 2023 -
Deployed the FSRU Exemplar to
Finland in December; sold partial commissioning LNG cargo intoFinland -
Commenced time charter with the
Federal Republic of Germany for the FSRU Excelsior inFebruary 2023 -
Extended time charter with
Dubai Supply Authority (DUSUP) for the FSRU Explorer by five years from Q4 2025 -
Excelerate Board declared a quarterly dividend of
$0.02 5April 27, 2023
2023 GUIDANCE
-
Expect full year 2023 Adjusted EBITDA to range between
$320 million $340 million
CEO COMMENT
“Our full-year 2022 results underscore the strength of the
Looking ahead, we are positioned to build on this strong momentum. We will continue to capitalize on near-term growth catalysts, fueled by the increased demand for LNG. We will evaluate opportunities to scale our business over the long-term to drive greater value for shareholders and customers.”
FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS
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For the full year ended |
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(in millions) |
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
||||
Revenues |
$ |
455.1 |
|
|
$ |
803.3 |
|
|
$ |
2,473.0 |
|
|
$ |
888.6 |
|
Operating Income |
$ |
58.4 |
|
|
$ |
49.9 |
|
|
$ |
186.7 |
|
|
$ |
139.3 |
|
Net Income |
$ |
33.9 |
|
|
$ |
37.3 |
|
|
$ |
80.0 |
|
|
$ |
41.2 |
|
Adjusted Net Income (1) |
$ |
34.1 |
|
|
$ |
38.6 |
|
|
$ |
108.7 |
|
|
$ |
55.2 |
|
Adjusted EBITDA (1) |
$ |
89.0 |
|
|
$ |
77.5 |
|
|
$ |
294.9 |
|
|
$ |
262.1 |
|
Adjusted EBITDAR (1) |
$ |
98.0 |
|
|
$ |
86.4 |
|
|
$ |
331.1 |
|
|
$ |
291.1 |
|
Earnings Per Share (diluted) |
$ |
0.25 |
|
|
$ |
0.34 |
|
|
$ |
0.51 |
|
|
— |
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|
(1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below. |
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Adjusted EBITDA and Adjusted EBITDAR for the fourth quarter of 2022 increased over the prior quarter primarily due to the commencement of the
KEY COMMERCIAL UPDATES
Venture Global SPA
In
In
In
Dubai
In
In
LIQUIDITY AND CAPITAL RESOURCES
In March, the Company closed on an amended and restated
As of
On
2023 FINANCIAL OUTLOOK
For the full year 2023, the Company expects Adjusted EBITDA to range between
Actual results may differ materially from the Company’s outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.
INVESTOR CONFERENCE CALL AND WEBCAST
The
ABOUT
USE OF NON-GAAP FINANCIAL MEASURES
The Company reports financial results in accordance with accounting principles generally accepted in
Adjusted Gross Margin
We use Adjusted Gross Margin, a non-GAAP financial measure, which we define as revenues less direct cost of sales and operating expenses, excluding depreciation and amortization, to measure our operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight on profitability and true operating performance excluding the implications of the historical cost basis of our assets. Our computation of Adjusted Gross Margin may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.
Adjusted EBITDA and Adjusted EBITDAR
Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because we believe it is a useful indicator of our operating performance. We define Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. In the second quarter of 2022, we revised the definition of Adjusted EBITDA to adjust for the impact of non-cash long-term incentive compensation expense, which we did not have prior to becoming a public company, and the early extinguishment of lease liability related to the acquisition of the Excellence vessel, as management believes such items do not directly reflect our ongoing operating performance.
Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental disclosure because we believe it is a valuation measure commonly used by financial statement users to more effectively compare the results of our operations from period to period and against other companies without regard to our financing methods or capital structure. We define Adjusted EBITDAR as Adjusted EBITDA adjusted to eliminate the effects of rental expenses for vessels and other infrastructure, which are normal, recurring cash operating expenses necessary to operate our business.
Adjusted Net Income
The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income plus the early extinguishment of lease liability related to the acquisition of the Excellence vessel and restructuring, transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight on profitability excluding the impact of non-recurring charges related to our IPO. The Company's computation of Adjusted Net Income may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.
The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. These measures have limitations as certain excluded items are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA and Adjusted EBITDAR. Adjusted EBITDAR should not be viewed as a measure of overall performance or considered in isolation or as an alternative to net income because it excludes rental expenses for vessels and other infrastructure, which is a normal, recurring cash operating expense that is necessary to operate the Company's business. The Company's presentation of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. The Company's computations of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, each of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income has significant limitations which affect its use as an indicator of its profitability and valuation, and you are cautioned not to place undue reliance on this information.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements about
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including, without limitation, those identified in this press release as well as the following: customers’ contract termination rights or failure to perform their contractual obligations; risks and technical complexities inherent in operating the Company’s floating storage and regasification units (“FSRUs”) and other infrastructure assets; unforeseen delays, cancellations, expenses or other complications in developing the Company’s projects; regasification terminal or other facility failures; the Company’s need for substantial capital expenditures to maintain or replace FSRUs, terminals or other associated assets; reliance on third parties, including engineering, procurement and construction contractors; officer and crew shortages; the Company’s ability to maintain customer and supplier relationships and to source new suppliers; the Company’s ability to connect with third-party infrastructure; the Company’s ability to purchase or receive delivery of sufficient quantities of liquified natural gas (“LNG”) to satisfy contractual obligations and exposure to commodity price risk; changes in the demand for and price of LNG; the competitive market for LNG regasification services and fluctuations in hire rates for FSRUs; community and political group resistance to existing and new LNG and natural gas infrastructure due to concerns about the environment, safety and terrorism; access to financing sources on favorable terms; the Company’s debt level and finance lease liabilities that could limit its flexibility to obtain additional financing or refinance existing debt; catastrophic events, political tensions, conflicts and wars (such as the ongoing
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, such as the
The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
Consolidated Statements of Income |
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For the full year ended |
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2022 |
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2022 |
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2022 |
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2021 |
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(In thousands, except share and per share amounts) |
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Revenues |
|
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FSRU and terminal services |
|
$ |
122,147 |
|
|
$ |
115,346 |
|
|
$ |
445,157 |
|
|
$ |
468,030 |
|
Gas sales |
|
|
332,963 |
|
|
|
687,915 |
|
|
|
2,027,816 |
|
|
|
420,525 |
|
Total revenues |
|
|
455,110 |
|
|
|
803,261 |
|
|
|
2,472,973 |
|
|
|
888,555 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
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Cost of revenue and vessel operating expenses (exclusive of items below) |
|
|
50,201 |
|
|
|
50,258 |
|
|
|
209,195 |
|
|
|
192,723 |
|
Direct cost of gas sales |
|
|
300,086 |
|
|
|
658,320 |
|
|
|
1,906,781 |
|
|
|
390,518 |
|
Depreciation and amortization |
|
|
24,626 |
|
|
|
24,648 |
|
|
|
97,313 |
|
|
|
104,908 |
|
Selling, general and administrative expenses |
|
|
21,623 |
|
|
|
18,778 |
|
|
|
66,099 |
|
|
|
47,088 |
|
Restructuring, transition and transaction expenses |
|
|
220 |
|
|
|
1,345 |
|
|
|
6,900 |
|
|
|
13,974 |
|
Total operating expenses |
|
|
396,756 |
|
|
|
753,349 |
|
|
|
2,286,288 |
|
|
|
749,211 |
|
Operating income |
|
|
58,354 |
|
|
|
49,912 |
|
|
|
186,685 |
|
|
|
139,344 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense |
|
|
(9,619 |
) |
|
|
(9,454 |
) |
|
|
(33,927 |
) |
|
|
(31,892 |
) |
Interest expense – related party |
|
|
(3,711 |
) |
|
|
(4,235 |
) |
|
|
(25,612 |
) |
|
|
(48,922 |
) |
Earnings from equity method investment |
|
|
563 |
|
|
|
625 |
|
|
|
2,698 |
|
|
|
3,263 |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
— |
|
|
|
— |
|
|
|
(21,834 |
) |
|
|
— |
|
Other income, net |
|
|
4,857 |
|
|
|
657 |
|
|
|
312 |
|
|
|
564 |
|
Income before income taxes |
|
|
50,444 |
|
|
|
37,505 |
|
|
|
108,322 |
|
|
|
62,357 |
|
Provision for income taxes |
|
|
(16,574 |
) |
|
|
(233 |
) |
|
|
(28,326 |
) |
|
|
(21,168 |
) |
Net income |
|
|
33,870 |
|
|
|
37,272 |
|
|
|
79,996 |
|
|
|
41,189 |
|
Less net income attributable to non-controlling interest |
|
|
28,195 |
|
|
|
28,571 |
|
|
|
55,119 |
|
|
|
3,035 |
|
Less net loss attributable to non-controlling interest – ENE Onshore |
|
|
(851 |
) |
|
|
(127 |
) |
|
|
(1,396 |
) |
|
|
(2,964 |
) |
Less pre-IPO net income attributable to EELP |
|
|
— |
|
|
|
— |
|
|
|
12,950 |
|
|
|
41,118 |
|
Net income attributable to shareholders |
|
$ |
6,526 |
|
|
$ |
8,828 |
|
|
$ |
13,323 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income per common share – basic |
|
$ |
0.25 |
|
|
$ |
0.34 |
|
|
$ |
0.51 |
|
|
$ |
— |
|
Net income per common share – diluted |
|
$ |
0.25 |
|
|
$ |
0.34 |
|
|
$ |
0.51 |
|
|
$ |
— |
|
Weighted average shares outstanding – basic |
|
|
26,254,167 |
|
|
|
26,254,167 |
|
|
|
26,254,167 |
|
|
|
— |
|
Weighted average shares outstanding – diluted |
|
|
26,267,768 |
|
|
|
26,260,861 |
|
|
|
26,262,107 |
|
|
|
— |
|
Consolidated Balance Sheets |
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ASSETS |
|
(In thousands) |
|
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Current assets |
|
|
|
|
|
|
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Cash and cash equivalents |
|
$ |
516,659 |
|
|
$ |
72,786 |
|
Current portion of restricted cash |
|
|
2,614 |
|
|
|
2,495 |
|
Accounts receivable, net |
|
|
79,694 |
|
|
|
260,535 |
|
Accounts receivable, net – related party |
|
|
2,595 |
|
|
|
11,140 |
|
Inventories |
|
|
173,603 |
|
|
|
105,020 |
|
Current portion of net investments in sales-type leases |
|
|
13,344 |
|
|
|
12,225 |
|
Other current assets |
|
|
35,026 |
|
|
|
26,194 |
|
Total current assets |
|
|
823,535 |
|
|
|
490,395 |
|
Restricted cash |
|
|
18,698 |
|
|
|
15,683 |
|
Property and equipment, net |
|
|
1,455,683 |
|
|
|
1,433,169 |
|
Operating lease right-of-use assets |
|
|
78,611 |
|
|
|
106,225 |
|
Net investments in sales-type leases |
|
|
399,564 |
|
|
|
412,908 |
|
Investment in equity method investee |
|
|
24,522 |
|
|
|
22,051 |
|
Deferred tax assets, net |
|
|
39,867 |
|
|
|
939 |
|
Other assets |
|
|
26,342 |
|
|
|
19,366 |
|
Total assets |
|
$ |
2,866,822 |
|
|
$ |
2,500,736 |
|
LIABILITIES AND EQUITY |
|
|
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Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
94,770 |
|
|
$ |
303,651 |
|
Accounts payable to related party |
|
|
2,054 |
|
|
|
7,937 |
|
Accrued liabilities and other liabilities |
|
|
66,888 |
|
|
|
105,034 |
|
Current portion of deferred revenue |
|
|
144,807 |
|
|
|
9,653 |
|
Current portion of long-term debt |
|
|
20,913 |
|
|
|
19,046 |
|
Current portion of long-term debt – related party |
|
|
7,661 |
|
|
|
7,096 |
|
Current portion of operating lease liabilities |
|
|
33,612 |
|
|
|
30,215 |
|
Current portion of finance lease liabilities |
|
|
20,804 |
|
|
|
21,903 |
|
Current portion of finance lease liabilities – related party |
|
|
— |
|
|
|
15,627 |
|
Total current liabilities |
|
|
391,509 |
|
|
|
520,162 |
|
Long-term debt, net |
|
|
193,396 |
|
|
|
214,369 |
|
Long-term debt, net – related party |
|
|
180,772 |
|
|
|
191,217 |
|
Operating lease liabilities |
|
|
48,373 |
|
|
|
77,936 |
|
Finance lease liabilities |
|
|
210,354 |
|
|
|
229,755 |
|
Finance lease liabilities – related party |
|
|
— |
|
|
|
210,992 |
|
TRA liability |
|
|
72,951 |
|
|
|
— |
|
Asset retirement obligations |
|
|
39,823 |
|
|
|
34,929 |
|
Long-term deferred revenue |
|
|
32,947 |
|
|
|
14,451 |
|
Derivative liabilities |
|
|
— |
|
|
|
2,999 |
|
Total liabilities |
|
$ |
1,170,125 |
|
|
$ |
1,496,810 |
|
Commitments and contingencies |
|
|
|
|
|
|
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Class A Common Stock ( |
|
$ |
26 |
|
|
$ |
— |
|
Class B Common Stock ( |
|
|
82 |
|
|
|
— |
|
Additional paid-in capital |
|
|
464,721 |
|
|
|
— |
|
Equity interest |
|
|
— |
|
|
|
1,135,769 |
|
Retained earnings |
|
|
12,009 |
|
|
|
— |
|
Related party note receivable |
|
|
— |
|
|
|
(6,759 |
) |
Accumulated other comprehensive income (loss) |
|
|
515 |
|
|
|
(9,178 |
) |
Non-controlling interest |
|
|
1,219,344 |
|
|
|
14,376 |
|
Non-controlling interest – ENE Onshore |
|
|
— |
|
|
|
(130,282 |
) |
Total equity |
|
$ |
1,696,697 |
|
|
$ |
1,003,926 |
|
Total liabilities and equity |
|
$ |
2,866,822 |
|
|
$ |
2,500,736 |
|
Consolidated Statements of Cash Flows |
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For the year ended |
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|
|
|
|
|
|
|
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Cash flows from operating activities |
|
(In thousands) |
|
|||||
Net income |
|
$ |
79,996 |
|
|
$ |
41,189 |
|
Adjustments to reconcile net income to net cash from operating activities |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
97,313 |
|
|
|
104,908 |
|
Amortization of operating lease right-of-use assets |
|
|
31,699 |
|
|
|
23,496 |
|
ARO accretion expense |
|
|
1,494 |
|
|
|
1,430 |
|
Amortization of debt issuance costs |
|
|
2,664 |
|
|
|
1,394 |
|
Deferred income taxes |
|
|
2,255 |
|
|
|
(966 |
) |
Share of net earnings in equity method investee |
|
|
(2,698 |
) |
|
|
(3,263 |
) |
Distributions from equity method investee |
|
|
4,950 |
|
|
|
— |
|
Long-term incentive compensation expense |
|
|
956 |
|
|
|
— |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
21,834 |
|
|
|
— |
|
Non-cash restructuring expense |
|
|
1,574 |
|
|
|
— |
|
(Gain)/loss on other operating |
|
|
(2,224 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
197,903 |
|
|
|
(247,174 |
) |
Inventories |
|
|
(68,583 |
) |
|
|
(82,667 |
) |
Other current assets and other assets |
|
|
(22,826 |
) |
|
|
(17,792 |
) |
Accounts payable and accrued liabilities |
|
|
(258,281 |
) |
|
|
341,339 |
|
Derivative liabilities |
|
|
3,083 |
|
|
|
445 |
|
Current portion of deferred revenue |
|
|
135,154 |
|
|
|
(2,329 |
) |
Net investments in sales-type leases |
|
|
12,225 |
|
|
|
10,229 |
|
Operating lease assets and liabilities |
|
|
(30,252 |
) |
|
|
(22,436 |
) |
Other long-term liabilities |
|
|
16,854 |
|
|
|
(6,190 |
) |
Net cash provided by operating activities |
|
$ |
225,090 |
|
|
$ |
141,613 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(119,267 |
) |
|
|
(36,091 |
) |
Net cash used in investing activities |
|
$ |
(119,267 |
) |
|
$ |
(36,091 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from issuance of common stock, net |
|
|
412,148 |
|
|
|
— |
|
Proceeds from long-term debt – related party |
|
|
654,000 |
|
|
|
118,309 |
|
Repayments of long-term debt – related party |
|
|
(653,409 |
) |
|
|
(82,153 |
) |
Repayments of long-term debt |
|
|
(20,311 |
) |
|
|
(29,214 |
) |
Proceeds from revolving credit facility |
|
|
140,000 |
|
|
|
— |
|
Repayments of revolving credit facility |
|
|
(140,000 |
) |
|
|
— |
|
Payment of debt issuance costs |
|
|
(5,951 |
) |
|
|
(1,188 |
) |
Related party note receivables |
|
|
— |
|
|
|
(200,500 |
) |
Collections of related party note receivables |
|
|
6,600 |
|
|
|
122,338 |
|
Settlement of finance lease liability – related party |
|
|
(25,000 |
) |
|
|
— |
|
Principal payments under finance lease liabilities |
|
|
(20,499 |
) |
|
|
(36,262 |
) |
Principal payments under finance lease liabilities – related party |
|
|
(2,912 |
) |
|
|
(15,427 |
) |
Dividends paid |
|
|
(1,313 |
) |
|
|
— |
|
Distributions |
|
|
(4,101 |
) |
|
|
— |
|
Contributions |
|
|
1,932 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
$ |
341,184 |
|
|
$ |
(124,097 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
447,007 |
|
|
|
(18,575 |
) |
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
||
Beginning of period |
|
$ |
90,964 |
|
|
$ |
109,539 |
|
End of period |
|
$ |
537,971 |
|
|
$ |
90,964 |
|
|
Non-GAAP Reconciliation |
|
The following table presents a reconciliation of adjusted gross margin to the GAAP financial measures of gross margin for each of the period indicated. |
|
|
For the three months ended |
|
|
For the full year ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
(In thousands) |
|
|||||||||||||
FSRU and terminal services revenues |
|
$ |
122,147 |
|
|
$ |
115,346 |
|
|
$ |
445,157 |
|
|
$ |
468,030 |
|
Gas sales revenues |
|
|
332,963 |
|
|
|
687,915 |
|
|
|
2,027,816 |
|
|
|
420,525 |
|
Cost of revenue and vessel operating expenses |
|
|
(50,201 |
) |
|
|
(50,258 |
) |
|
|
(209,195 |
) |
|
|
(192,723 |
) |
Direct cost of gas sales |
|
|
(300,086 |
) |
|
|
(658,320 |
) |
|
|
(1,906,781 |
) |
|
|
(390,518 |
) |
Depreciation and amortization expense |
|
|
(24,626 |
) |
|
|
(24,648 |
) |
|
|
(97,313 |
) |
|
|
(104,908 |
) |
Gross Margin |
|
$ |
80,197 |
|
|
$ |
70,035 |
|
|
$ |
259,684 |
|
|
$ |
200,406 |
|
Depreciation and amortization expense |
|
|
24,626 |
|
|
|
24,648 |
|
|
|
97,313 |
|
|
|
104,908 |
|
Adjusted Gross Margin |
|
$ |
104,823 |
|
|
$ |
94,683 |
|
|
$ |
356,997 |
|
|
$ |
305,314 |
|
The following table presents a reconciliation of Adjusted EBITDA and Adjusted EBITDAR to the GAAP financial measures of net income for each of the period indicated.
|
|
For the three months ended |
|
|
For the full year ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
(In thousands) |
|
|||||||||||||
Net income |
|
$ |
33,870 |
|
|
$ |
37,272 |
|
|
$ |
79,996 |
|
|
$ |
41,189 |
|
Interest expense |
|
|
13,330 |
|
|
|
13,689 |
|
|
|
59,539 |
|
|
|
80,814 |
|
Provision for income taxes |
|
|
16,574 |
|
|
|
233 |
|
|
|
28,326 |
|
|
|
21,168 |
|
Depreciation and amortization expense |
|
|
24,626 |
|
|
|
24,648 |
|
|
|
97,313 |
|
|
|
104,908 |
|
Restructuring, transition and transaction expenses |
|
|
220 |
|
|
|
1,345 |
|
|
|
6,900 |
|
|
|
13,974 |
|
Long-term incentive compensation expense |
|
|
358 |
|
|
|
328 |
|
|
|
956 |
|
|
|
— |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
— |
|
|
|
— |
|
|
|
21,834 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
88,978 |
|
|
$ |
77,515 |
|
|
$ |
294,864 |
|
|
$ |
262,053 |
|
Vessel and infrastructure rent expense |
|
|
9,068 |
|
|
|
8,920 |
|
|
|
36,233 |
|
|
|
28,998 |
|
Adjusted EBITDAR |
|
$ |
98,046 |
|
|
$ |
86,435 |
|
|
$ |
331,097 |
|
|
$ |
291,051 |
|
The following table presents a reconciliation of Adjusted Net Income to the GAAP financial measures of net income for each of the period indicated.
|
|
For the three months ended |
|
|
For the full year ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
(In thousands) |
|
|||||||||||||
Net income |
|
$ |
33,870 |
|
|
$ |
37,272 |
|
|
$ |
79,996 |
|
|
$ |
41,189 |
|
Add back (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring, transition and transaction expenses |
|
|
220 |
|
|
|
1,345 |
|
|
|
6,900 |
|
|
|
13,974 |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
— |
|
|
|
— |
|
|
|
21,834 |
|
|
|
— |
|
Adjusted net income |
|
$ |
34,090 |
|
|
$ |
38,617 |
|
|
$ |
108,730 |
|
|
$ |
55,163 |
|
|
|
2023E |
|
|
2023E |
|
||
(In millions) |
|
Low Case |
|
|
High Case |
|
||
Income before income taxes |
|
$ |
141 |
|
|
$ |
171 |
|
Interest expense |
|
|
69 |
|
|
|
64 |
|
Depreciation and amortization expense |
|
|
105 |
|
|
|
100 |
|
Restructuring, transition and transaction expenses |
|
|
— |
|
|
|
2 |
|
Long-term incentive compensation expense |
|
|
5 |
|
|
|
3 |
|
Adjusted EBITDA |
|
|
320 |
|
|
|
340 |
|
Note: We have not reconciled the Adjusted EBITDA and Adjusted EBITDAR outlook to net income, the most comparable measure, because it is not possible to estimate, without unreasonable effort, our income taxes with the level of required precision. Accordingly, we have reconciled these non-GAAP measures to our estimated income before taxes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230327005664/en/
Investors
Craig.Hicks@excelerateenergy.com
Media
FGS Global
Excelerate@fgsglobal.com
or
media@excelerateenergy.com
Source:
FAQ
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