Excelerate Energy Reports Strong Full Year 2023 Results and Announces New $50 Million Share Repurchase Program
- Strong financial results for Excelerate Energy, Inc. in 2023 with net income of $126.8 million for the full year.
- Reported adjusted EBITDA of $346.8 million for the full year 2023.
- Secured a long-term contract with QatarEnergy for LNG supply in Bangladesh.
- Authorized $50 million in stock repurchases and declared a quarterly dividend of $0.025 per share.
- CEO Steven Kobos highlighted the company's focus on growth and shareholder returns in 2024.
- None.
Insights
The reported net income and Adjusted EBITDA from Excelerate Energy are critical indicators of the company's profitability and operational efficiency. The net income of $126.8 million for the full year and $20.0 million for the fourth quarter signifies robust performance, especially when considering the volatile energy market. The Adjusted EBITDA figures provide insight into the company's earning potential before interest, taxes, depreciation and amortization, which is a key metric for investors to assess a company's financial health. The authorization of a $50 million Class A common stock repurchase program indicates confidence in the company's intrinsic value and a shareholder-friendly capital allocation policy.
The declaration of a quarterly dividend, albeit modest, is a signal of the company's commitment to providing returns to shareholders and the sustainability of its cash flows. However, the projected range for 2024 Adjusted EBITDA suggests a potential contraction compared to 2023, which could indicate expected headwinds or conservative guidance. Investors should monitor the capital expenditure forecasts, as they reflect the company's investment in growth and maintenance, which are essential for long-term sustainability.
The long-term contract with QatarEnergy to purchase 0.85 to 1.0 MTPA of LNG on a delivered ex-ship basis in Bangladesh is a strategic move for Excelerate Energy. This deal not only secures a steady supply of LNG but also strengthens Excelerate's position in the Asian energy market, which is of particular interest given Asia's growing energy demand. The duration of the contract (15 years) provides a clear visibility of revenue streams well into the future, which is favorable for the company's valuation.
Moreover, the focus on the core regasification business and contracts in Brazil indicates a targeted approach to market selection and service offering. The energy sector, particularly LNG, is subject to geopolitical, supply and demand risks, so Excelerate's integrated strategy and diversified portfolio could mitigate some of these risks. The emphasis on executing growth strategy and optimizing the business to deliver superior returns suggests a proactive management approach to navigate the complexities of the global energy market.
RECENT HIGHLIGHTS
-
Reported Net Income of
$126.8 million $20.0 million -
Reported Adjusted EBITDA of
$346.8 million $71.4 million -
Secured supply for previously announced Petrobangla SPA by executing a long-term contract to purchase 0.85 to 1.0 MTPA of LNG from QatarEnergy on a delivered ex-ship basis in
Bangladesh for 15 years, beginning January 2026 -
Authorized up to
$50 million -
Declared a quarterly dividend of
$0.02 5
CEO COMMENT
“Excelerate Energy delivered an exceptionally strong year of financial results in 2023. The consistent earnings contribution from our core regasification business and the solid performance of our contracts in
Kobos continued, “In 2024, Excelerate Energy is committed to moving from strategy to action. We remain focused on executing our growth strategy and optimizing our business to deliver superior returns for our shareholders. Additionally, we will be using our balance sheet to return capital to shareholders through a new
2024 GUIDANCE
-
Full year 2024 Adjusted EBITDA expected to range between
$315 million $335 million -
Committed Growth Capex, which is defined as capital allocated and committed to specific investments currently in execution, is expected to range between
$70 million $80 million -
Maintenance Capex expected to range between
$50 million $60 million
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.
FOURTH QUARTER AND FULL YEAR 2023 FINANCIAL RESULTS |
|||||||||||||||
|
For the three months ended |
|
|
For the full year ended |
|
||||||||||
(in millions) |
December 31, 2023 |
|
|
September 30, 2023 |
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
||||
Revenues |
$ |
240.1 |
|
|
$ |
275.5 |
|
|
$ |
1,159.0 |
|
|
$ |
2,473.0 |
|
Operating Income |
$ |
39.9 |
|
|
$ |
67.5 |
|
|
$ |
210.6 |
|
|
$ |
186.7 |
|
Net Income |
$ |
20.0 |
|
|
$ |
46.5 |
|
|
$ |
126.8 |
|
|
$ |
80.0 |
|
Adjusted Net Income (1) |
$ |
20.0 |
|
|
$ |
46.5 |
|
|
$ |
126.8 |
|
|
$ |
108.7 |
|
Adjusted EBITDA (1) |
$ |
71.4 |
|
|
$ |
106.9 |
|
|
$ |
346.8 |
|
|
$ |
296.4 |
|
Earnings Per Share (diluted) |
$ |
0.14 |
|
|
$ |
0.40 |
|
|
$ |
1.11 |
|
|
$ |
0.51 |
|
(1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below. |
|||||||||||||||
Net Income and Adjusted EBITDA for the full year 2023 increased primarily due to new charters in
Net Income and Adjusted EBITDA in the fourth quarter decreased sequentially from the third quarter of 2023 primarily due to drydocking expenses related to the FSRU Excellence, spot LNG cargo sales during the third quarter that did not reoccur in the fourth quarter, and planned vessel repairs and maintenance in the fourth quarter.
KEY COMMERCIAL UPDATES
QatarEnergy
In January 2024, Excelerate signed a 15-year LNG Sales and Purchase Agreement (“SPA”) with QatarEnergy. Under the agreement, Excelerate will purchase 0.85 to 1.0 million tonnes per annum ("MTPA") of LNG from QatarEnergy on a delivered ex-ship basis beginning in January 2026. Excelerate will purchase 0.85 MTPA of LNG in 2026 and 2027 and 1.0 MTPA from 2028 to 2040. The contract is expected to provide reliable LNG supply for Excelerate’s previously announced SPA with Petrobangla in
In November 2023, Excelerate signed a long-term LNG SPA with Petrobangla. Under the agreement, Petrobangla has agreed to purchase 0.85 to 1.0 MTPA of LNG from Excelerate for a term of 15 years beginning in January 2026. Excelerate will deliver 0.85 MTPA of LNG in 2026 and 2027 and 1 MTPA from 2028 to 2040. The take-or-pay LNG volumes are expected to be delivered through Excelerate’s two existing FSRUs, Excellence and Summit LNG, in
Capital Deployment Plan
For the full year 2024, Excelerate expects committed growth capex, which is defined as capital allocated and committed to specific investments currently in execution, to range between
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2023, Excelerate had
On February 22, 2024, Excelerate’s Board of Directors approved a quarterly cash dividend equal to
SHARE REPURCHASE PROGRAM
The Excelerate Board of Directors has authorized a share repurchase program under which the Company may repurchase up to
INVESTOR CONFERENCE CALL AND WEBCAST
The Excelerate management team will host a conference call for investors and analysts at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, February 29, 2024. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company’s website at www.excelerateenergy.com. An archived replay of the call and a copy of the presentation will be on the website following the call.
ABOUT EXCELERATE ENERGY
Excelerate Energy, Inc. is a
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
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 expense, income taxes, depreciation and amortization, accretion, 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 first quarter of 2023, we revised the definition of Adjusted EBITDA to adjust for the impact of non-cash accretion expense, which results in a metric that is consistent with how management will review performance going forward. Management believes accretion expense does not directly reflect our ongoing operating performance.
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 Excellence, 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 adjusts net income for the items listed above to arrive at Adjusted EBITDA 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 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. The Company's presentation of Adjusted EBITDA 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 and Adjusted Net Income may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, each of Adjusted EBITDA 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, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate Energy, Inc. (“Excelerate,” and together with its subsidiaries “we,” “us,” “our” or the “Company”) and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding our future results of operations or financial condition, business strategy and plans, expansion plans and strategy, economic conditions, both generally and in particular in the regions in which we operate or plan to operate, objectives of management for future operations, and our share repurchase program are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “consider,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “plan,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions.
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, but not limited to, the following: unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or project cancellation; the competitive market for liquified natural gas (“LNG”) regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; our need for substantial expenditures to maintain and replace, over the long-term, the operating capacity of our assets; our ability to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services; our ability to access financing on favorable terms; our debt level and finance lease liabilities, which may limit our flexibility in obtaining additional financing, or refinancing credit facilities upon maturity; our financing agreements, which include financial restrictions and covenants and are secured by certain of our vessels; our ability to enter into or extend contracts with customers and our customers’ failure to perform their contractual obligations; our ability to purchase or receive physical delivery of LNG in sufficient quantities to satisfy our delivery and sales obligations under gas sales agreements and/or LNG sales agreements or at attractive prices; our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain; risks associated with conducting business in foreign countries, including political, legal, and economic risk; the technical complexity of our floating storage and regasification units (“FSRUs”) and LNG import terminals and related operational problems; the risks inherent in operating our FSRUs and other LNG infrastructure assets; customer termination rights in our contracts; adverse effects on our operations due to disruption of third-party facilities; infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, safety and terrorism; acts of terrorism, war or political or civil unrest; compliance with various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws that affect our operations; our ability to pay dividends on our Class A common stock; and other risks, uncertainties and factors set forth in any of our filings with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements.
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. For example, the current global economic uncertainty and geopolitical climate, including international wars, may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
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.
Excelerate Energy, Inc. Consolidated Statements of Income |
||||||||||||||||
|
|
For the three months ended |
|
|
For the full year ended |
|
||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
||||
|
|
(In thousands, except share and per share amounts) |
|
|||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
FSRU and terminal services |
|
$ |
129,594 |
|
|
$ |
133,177 |
|
|
$ |
506,810 |
|
|
$ |
445,157 |
|
Gas sales |
|
|
110,470 |
|
|
|
142,294 |
|
|
|
652,153 |
|
|
|
2,027,816 |
|
Total revenues |
|
|
240,064 |
|
|
|
275,471 |
|
|
|
1,158,963 |
|
|
|
2,472,973 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue and vessel operating expenses (exclusive of items below) |
|
|
71,519 |
|
|
|
49,190 |
|
|
|
228,165 |
|
|
|
209,195 |
|
Direct cost of gas sales |
|
|
79,407 |
|
|
|
106,109 |
|
|
|
518,394 |
|
|
|
1,906,781 |
|
Depreciation and amortization |
|
|
25,197 |
|
|
|
33,161 |
|
|
|
114,323 |
|
|
|
97,313 |
|
Selling, general and administrative expenses |
|
|
24,083 |
|
|
|
19,513 |
|
|
|
87,476 |
|
|
|
66,099 |
|
Restructuring, transition and transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,900 |
|
Total operating expenses |
|
|
200,206 |
|
|
|
207,973 |
|
|
|
948,358 |
|
|
|
2,286,288 |
|
Operating income |
|
|
39,858 |
|
|
|
67,498 |
|
|
|
210,605 |
|
|
|
186,685 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(13,108 |
) |
|
|
(13,926 |
) |
|
|
(52,468 |
) |
|
|
(33,927 |
) |
Interest expense – related party |
|
|
(3,750 |
) |
|
|
(3,592 |
) |
|
|
(14,527 |
) |
|
|
(25,612 |
) |
Earnings (loss) from equity method investment |
|
|
625 |
|
|
|
(550 |
) |
|
|
883 |
|
|
|
2,698 |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,834 |
) |
Other income, net |
|
|
4,163 |
|
|
|
5,263 |
|
|
|
15,598 |
|
|
|
312 |
|
Income before income taxes |
|
|
27,788 |
|
|
|
54,693 |
|
|
|
160,091 |
|
|
|
108,322 |
|
Provision for income taxes |
|
|
(7,744 |
) |
|
|
(8,188 |
) |
|
|
(33,247 |
) |
|
|
(28,326 |
) |
Net income |
|
|
20,044 |
|
|
|
46,505 |
|
|
|
126,844 |
|
|
|
79,996 |
|
Less net income attributable to non-controlling interest |
|
|
16,336 |
|
|
|
32,613 |
|
|
|
96,432 |
|
|
|
55,119 |
|
Less net loss attributable to non-controlling interest – ENE Onshore |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,396 |
) |
Less pre-IPO net income attributable to EELP |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,950 |
|
Net income attributable to shareholders |
|
$ |
3,708 |
|
|
$ |
13,892 |
|
|
$ |
30,412 |
|
|
$ |
13,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per common share – basic |
|
$ |
0.14 |
|
|
$ |
0.53 |
|
|
$ |
1.16 |
|
|
$ |
0.51 |
|
Net income per common share – diluted |
|
$ |
0.14 |
|
|
$ |
0.40 |
|
|
$ |
1.11 |
|
|
$ |
0.51 |
|
Weighted average shares outstanding – basic |
|
|
26,261,774 |
|
|
|
26,254,243 |
|
|
|
26,256,104 |
|
|
|
26,254,167 |
|
Weighted average shares outstanding – diluted |
|
|
26,271,362 |
|
|
|
108,295,819 |
|
|
|
108,299,587 |
|
|
|
26,262,107 |
|
Excelerate Energy, Inc. Consolidated Balance Sheets |
||||||||
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
||
ASSETS |
|
(In thousands) |
|
|||||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
555,853 |
|
|
$ |
516,659 |
|
Current portion of restricted cash |
|
|
2,655 |
|
|
|
2,614 |
|
Accounts receivable, net |
|
|
97,285 |
|
|
|
82,289 |
|
Inventories |
|
|
2,946 |
|
|
|
173,603 |
|
Current portion of net investments in sales-type leases |
|
|
16,463 |
|
|
|
13,344 |
|
Other current assets |
|
|
24,410 |
|
|
|
35,026 |
|
Total current assets |
|
|
699,612 |
|
|
|
823,535 |
|
Restricted cash |
|
|
13,950 |
|
|
|
18,698 |
|
Property and equipment, net |
|
|
1,649,779 |
|
|
|
1,455,683 |
|
Operating lease right-of-use assets |
|
|
6,287 |
|
|
|
78,611 |
|
Net investments in sales-type leases |
|
|
383,547 |
|
|
|
399,564 |
|
Investment in equity method investee |
|
|
21,269 |
|
|
|
24,522 |
|
Deferred tax assets, net |
|
|
42,948 |
|
|
|
39,867 |
|
Other assets |
|
|
42,987 |
|
|
|
26,342 |
|
Total assets |
|
$ |
2,860,379 |
|
|
$ |
2,866,822 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
13,761 |
|
|
$ |
96,824 |
|
Accrued liabilities and other liabilities |
|
|
88,052 |
|
|
|
66,888 |
|
Current portion of deferred revenue |
|
|
27,169 |
|
|
|
144,807 |
|
Current portion of long-term debt |
|
|
42,614 |
|
|
|
20,913 |
|
Current portion of long-term debt – related party |
|
|
8,336 |
|
|
|
7,661 |
|
Current portion of operating lease liabilities |
|
|
1,744 |
|
|
|
33,612 |
|
Current portion of finance lease liabilities |
|
|
22,080 |
|
|
|
20,804 |
|
Total current liabilities |
|
|
203,756 |
|
|
|
391,509 |
|
Long-term debt, net |
|
|
333,367 |
|
|
|
193,396 |
|
Long-term debt, net – related party |
|
|
171,693 |
|
|
|
180,772 |
|
Operating lease liabilities |
|
|
5,005 |
|
|
|
48,373 |
|
Finance lease liabilities |
|
|
189,807 |
|
|
|
210,354 |
|
TRA liability |
|
|
67,061 |
|
|
|
72,951 |
|
Asset retirement obligations |
|
|
41,834 |
|
|
|
39,823 |
|
Other long-term liabilities |
|
|
38,502 |
|
|
|
32,947 |
|
Total liabilities |
|
$ |
1,051,025 |
|
|
$ |
1,170,125 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Class A Common Stock ( |
|
$ |
26 |
|
|
$ |
26 |
|
Class B Common Stock ( |
|
|
82 |
|
|
|
82 |
|
Additional paid-in capital |
|
|
465,551 |
|
|
|
464,721 |
|
Retained earnings |
|
|
39,754 |
|
|
|
12,009 |
|
Accumulated other comprehensive income |
|
|
505 |
|
|
|
515 |
|
Treasury stock (20,624 shares as of December 31, 2023 and no shares as of December 31, 2022) |
|
|
(472 |
) |
|
|
— |
|
Non-controlling interest |
|
|
1,303,908 |
|
|
|
1,219,344 |
|
Total equity |
|
$ |
1,809,354 |
|
|
$ |
1,696,697 |
|
Total liabilities and equity |
|
$ |
2,860,379 |
|
|
$ |
2,866,822 |
|
Excelerate Energy, Inc. Consolidated Statements of Cash Flows |
||||||||
|
|
For the year ended |
|
|||||
|
|
December 31, 2023 |
|
|
December 31, 2022 |
|
||
Cash flows from operating activities |
|
(In thousands) |
|
|||||
Net income |
|
$ |
126,844 |
|
|
$ |
79,996 |
|
Adjustments to reconcile net income to net cash from operating activities |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
114,323 |
|
|
|
97,313 |
|
Amortization of operating lease right-of-use assets |
|
|
14,663 |
|
|
|
31,699 |
|
ARO accretion expense |
|
|
1,774 |
|
|
|
1,494 |
|
Amortization of debt issuance costs |
|
|
6,377 |
|
|
|
2,664 |
|
Deferred income taxes |
|
|
(3,321 |
) |
|
|
2,255 |
|
Share of net earnings in equity method investee |
|
|
(883 |
) |
|
|
(2,698 |
) |
Distributions from equity method investee |
|
|
4,725 |
|
|
|
4,950 |
|
Long-term incentive compensation expense |
|
|
3,639 |
|
|
|
956 |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
— |
|
|
|
21,834 |
|
Non-cash restructuring expense |
|
|
— |
|
|
|
1,574 |
|
(Gain)/loss on non-cash items |
|
|
1,001 |
|
|
|
(2,224 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(20,993 |
) |
|
|
197,903 |
|
Inventories |
|
|
169,655 |
|
|
|
(68,583 |
) |
Other current assets and other assets |
|
|
(12,160 |
) |
|
|
(22,826 |
) |
Accounts payable and accrued liabilities |
|
|
(54,079 |
) |
|
|
(258,281 |
) |
Current portion of deferred revenue |
|
|
(117,638 |
) |
|
|
135,154 |
|
Net investments in sales-type leases |
|
|
12,898 |
|
|
|
12,225 |
|
Operating lease assets and liabilities |
|
|
(14,801 |
) |
|
|
(30,252 |
) |
Tax receivable agreement liability |
|
|
(5,890 |
) |
|
|
— |
|
Other long-term liabilities |
|
|
5,751 |
|
|
|
19,937 |
|
Net cash provided by operating activities |
|
$ |
231,885 |
|
|
$ |
225,090 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(312,735 |
) |
|
|
(119,267 |
) |
Sales of property and equipment |
|
|
4,101 |
|
|
|
— |
|
Net cash used in investing activities |
|
$ |
(308,634 |
) |
|
$ |
(119,267 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from issuance of common stock, net |
|
|
— |
|
|
|
412,148 |
|
Proceeds from long-term debt – related party |
|
|
— |
|
|
|
654,000 |
|
Repayments of long-term debt – related party |
|
|
(8,404 |
) |
|
|
(653,409 |
) |
Repayments of long-term debt |
|
|
(21,996 |
) |
|
|
(20,311 |
) |
Proceeds from revolving credit facility |
|
|
— |
|
|
|
140,000 |
|
Repayments of revolving credit facility |
|
|
— |
|
|
|
(140,000 |
) |
Proceeds from Term Loan Facility |
|
|
250,000 |
|
|
|
— |
|
Repayments of Term Loan Facility |
|
|
(64,570 |
) |
|
|
— |
|
Payment of debt issuance costs |
|
|
(7,660 |
) |
|
|
(5,951 |
) |
Collections of related party note receivables |
|
|
— |
|
|
|
6,600 |
|
Settlement of finance lease liability – related party |
|
|
— |
|
|
|
(25,000 |
) |
Principal payments under finance lease liabilities |
|
|
(20,619 |
) |
|
|
(20,499 |
) |
Principal payments under finance lease liabilities – related party |
|
|
— |
|
|
|
(2,912 |
) |
Cash paid for withholding taxes |
|
|
(52 |
) |
|
|
— |
|
Dividends paid |
|
|
(2,626 |
) |
|
|
(1,313 |
) |
Distributions |
|
|
(16,178 |
) |
|
|
(4,101 |
) |
Minority owner contribution – Albania Power Project |
|
|
3,462 |
|
|
|
1,932 |
|
Net cash provided by financing activities |
|
$ |
111,357 |
|
|
$ |
341,184 |
|
|
|
|
|
|
|
|
||
Effect of exchange rate on cash, cash equivalents, and restricted cash |
|
|
(121 |
) |
|
|
— |
|
|
|
|
|
|
|
|
||
Net increase in cash, cash equivalents and restricted cash |
|
|
34,487 |
|
|
|
447,007 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
||
Beginning of period |
|
$ |
537,971 |
|
|
$ |
90,964 |
|
End of period |
|
$ |
572,458 |
|
|
$ |
537,971 |
|
Excelerate Energy, Inc. 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 |
|
||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
||||
|
|
(In thousands) |
|
|||||||||||||
FSRU and terminal services revenues |
|
$ |
129,594 |
|
|
$ |
133,177 |
|
|
$ |
506,810 |
|
|
$ |
445,157 |
|
Gas sales revenues |
|
|
110,470 |
|
|
|
142,294 |
|
|
|
652,153 |
|
|
|
2,027,816 |
|
Cost of revenue and vessel operating expenses |
|
|
(71,519 |
) |
|
|
(49,190 |
) |
|
|
(228,165 |
) |
|
|
(209,195 |
) |
Direct cost of gas sales |
|
|
(79,407 |
) |
|
|
(106,109 |
) |
|
|
(518,394 |
) |
|
|
(1,906,781 |
) |
Depreciation and amortization expense |
|
|
(25,197 |
) |
|
|
(33,161 |
) |
|
|
(114,323 |
) |
|
|
(97,313 |
) |
Gross Margin |
|
$ |
63,941 |
|
|
$ |
87,011 |
|
|
$ |
298,081 |
|
|
$ |
259,684 |
|
Depreciation and amortization expense |
|
|
25,197 |
|
|
|
33,161 |
|
|
|
114,323 |
|
|
|
97,313 |
|
Adjusted Gross Margin |
|
$ |
89,138 |
|
|
$ |
120,172 |
|
|
$ |
412,404 |
|
|
$ |
356,997 |
|
The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measures of net income for each of the period indicated. |
||||||||||||||||
|
|
For the three months ended |
|
|
For the full year ended |
|
||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
||||
|
|
(In thousands) |
|
|||||||||||||
Net income |
|
$ |
20,044 |
|
|
$ |
46,505 |
|
|
$ |
126,844 |
|
|
$ |
79,996 |
|
Interest expense |
|
|
16,858 |
|
|
|
17,518 |
|
|
|
66,995 |
|
|
|
59,539 |
|
Provision for income taxes |
|
|
7,744 |
|
|
|
8,188 |
|
|
|
33,247 |
|
|
|
28,326 |
|
Depreciation and amortization expense |
|
|
25,197 |
|
|
|
33,161 |
|
|
|
114,323 |
|
|
|
97,313 |
|
Accretion expense |
|
|
451 |
|
|
|
446 |
|
|
|
1,774 |
|
|
|
1,494 |
|
Restructuring, transition and transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,900 |
|
Long-term incentive compensation expense |
|
|
1,079 |
|
|
|
1,129 |
|
|
|
3,639 |
|
|
|
956 |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,834 |
|
Adjusted EBITDA |
|
$ |
71,373 |
|
|
$ |
106,947 |
|
|
$ |
346,822 |
|
|
$ |
296,358 |
|
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 |
|
||||||||||
|
|
December 31,
|
|
|
September 30,
|
|
|
December 31,
|
|
|
December 31,
|
|
||||
|
|
(In thousands) |
|
|||||||||||||
Net income |
|
$ |
20,044 |
|
|
$ |
46,505 |
|
|
$ |
126,844 |
|
|
$ |
79,996 |
|
Add back (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring, transition and transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,900 |
|
Early extinguishment of lease liability on vessel acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,834 |
|
Adjusted net income |
|
$ |
20,044 |
|
|
$ |
46,505 |
|
|
$ |
126,844 |
|
|
$ |
108,730 |
|
|
|
2024E |
|
|
2024E |
|
||
(In millions) |
|
Low Case |
|
|
High Case |
|
||
Income before income taxes |
|
$ |
146 |
|
|
$ |
184 |
|
Interest expense |
|
|
65 |
|
|
|
55 |
|
Depreciation and amortization expense |
|
|
96 |
|
|
|
86 |
|
Long-term incentive compensation expense |
|
|
6 |
|
|
|
9 |
|
Accretion expense |
|
|
2 |
|
|
|
1 |
|
Adjusted EBITDA |
|
$ |
315 |
|
|
$ |
335 |
|
Note: We have not reconciled the Adjusted EBITDA 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/20240228330712/en/
Investors
Craig Hicks
Excelerate Energy
Craig.Hicks@excelerateenergy.com
Media
Stephen Pettibone / Frances Jeter
FGS Global
Excelerate@fgsglobal.com
or
media@excelerateenergy.com
Source: Excelerate Energy, Inc.
FAQ
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