Excelerate Energy Reports Strong Third Quarter 2024 Results, Raises and Narrows Full Year Adjusted EBITDA Guidance
Excelerate Energy (NYSE: EE) reported strong Q3 2024 results with net income of $45.5 million and Adjusted EBITDA of $92.3 million. The company raised and narrowed its full-year 2024 Adjusted EBITDA guidance to between $335-345 million. The board approved a quarterly cash dividend of $0.06 per share, representing a 140% increase from the prior quarter. During Q3, Excelerate signed medium-term agreements for 0.65 million tonnes of LNG purchases and sales in the Atlantic Basin region, and formed a strategic partnership with PTSC for LNG imports into Vietnam.
Excelerate Energy (NYSE: EE) ha riportato risultati solidi per il terzo trimestre del 2024, con un utile netto di 45,5 milioni di dollari e un EBITDA rettificato di 92,3 milioni di dollari. L'azienda ha aggiornato al ribasso le previsioni del full-year 2024 per l'EBITDA rettificato, ora fissate tra 335 e 345 milioni di dollari. Il consiglio ha approvato un dividendo in contante trimestrale di 0,06 dollari per azione, pari a un aumento del 140% rispetto al trimestre precedente. Durante il terzo trimestre, Excelerate ha firmato contratti a medio termine per acquisti e vendite di 0,65 milioni di tonnellate di LNG nella regione dell'Atlante e ha formato una partnership strategica con PTSC per importazioni di LNG in Vietnam.
Excelerate Energy (NYSE: EE) reportó resultados sólidos para el tercer trimestre de 2024, con un ingreso neto de 45,5 millones de dólares y un EBITDA ajustado de 92,3 millones de dólares. La compañía ajustó y redujo su guía de EBITDA ajustado para todo el año 2024 a entre 335 y 345 millones de dólares. La junta aprobó un dividendo en efectivo trimestral de 0,06 dólares por acción, lo que representa un aumento del 140% respecto al trimestre anterior. Durante el tercer trimestre, Excelerate firmó acuerdos a mediano plazo para compras y ventas de 0,65 millones de toneladas de GNL en la región del Atlántico y formó una asociación estratégica con PTSC para las importaciones de GNL a Vietnam.
Excelerate Energy (NYSE: EE)는 2024년 3분기 강력한 실적을 보고했으며, 순이익 4,550만 달러와 조정 EBITDA 9,230만 달러를 기록했습니다. 회사는 2024년 전체 연도 조정 EBITDA 가이드를 3억 3,500만 달러에서 3억 4,500만 달러로 상향 조정했습니다. 이사회는 주당 0.06달러의 분기 배당금을 승인했으며, 이는 전 분기 대비 140% 증가한 수치입니다. 3분기 동안 Excelerate는 대서양 유역에서 65만 톤의 LNG 구매 및 판매를 위한 중기 계약을 체결하고, 베트남으로의 LNG 수입을 위해 PTSC와 전략적 파트너십을 형성했습니다.
Excelerate Energy (NYSE: EE) a annoncé des résultats solides pour le troisième trimestre 2024, avec un revenu net de 45,5 millions de dollars et un EBITDA ajusté de 92,3 millions de dollars. L'entreprise a relevé et affiné ses prévisions d'EBITDA ajusté pour l'ensemble de l'année 2024 entre 335 et 345 millions de dollars. Le conseil d'administration a approuvé un dividende en espèces trimestriel de 0,06 dollar par action, représentant une augmentation de 140% par rapport au trimestre précédent. Au cours du troisième trimestre, Excelerate a signé des accords à moyen terme pour l'achat et la vente de 0,65 million de tonnes de GNL dans la région de l'Atlantique et a formé un partenariat stratégique avec PTSC pour les importations de GNL au Vietnam.
Excelerate Energy (NYSE: EE) berichtete über starke Ergebnisse im 3. Quartal 2024 mit einem Nettoeinkommen von 45,5 Millionen Dollar und einem bereinigten EBITDA von 92,3 Millionen Dollar. Das Unternehmen hat seine Prognose für das bereinigte EBITDA für das gesamte Jahr 2024 auf zwischen 335 und 345 Millionen Dollar angehoben und eingegrenzt. Der Vorstand genehmigte eine vierteljährliche Bardividende von 0,06 Dollar pro Aktie, was einem Zuwachs von 140% im Vergleich zum vorherigen Quartal entspricht. Im 3. Quartal hat Excelerate mittel- bis langfristige Verträge über den Kauf und Verkauf von 0,65 Millionen Tonnen LNG in der Atlantikregion unterzeichnet und eine strategische Partnerschaft mit PTSC für LNG-Importe nach Vietnam gebildet.
- Net income increased sequentially from Q2 2024
- Adjusted EBITDA guidance raised for full year 2024 ($335-345 million)
- Quarterly dividend increased by 140% to $0.06 per share
- Strong liquidity position with $608.4 million in cash and cash equivalents
- Secured new medium-term LNG agreements for 0.65 million tonnes
- Year-over-year decrease in Q3 revenues from $275.5M to $193.4M
- Year-over-year decline in Q3 net income from $46.5M to $45.5M
- Adjusted EBITDA decreased from $106.9M in Q3 2023 to $92.3M in Q3 2024
Insights
The Q3 results demonstrate robust financial performance with
Key positives include:
- Raised FY2024 Adjusted EBITDA guidance to
$335-345M - Solid liquidity position with
$608.4M cash and$349.9M available credit - New medium-term LNG agreements for 0.65M tonnes
-- Quarterly Cash Dividend Increased
RECENT HIGHLIGHTS
-
Reported Net Income of
for the third quarter$45.5 million -
Reported Adjusted EBITDA of
for the third quarter$92.3 million -
Raised and narrowed Full Year 2024 Adjusted EBITDA guidance, now expected to range between
and$335 million $345 million -
Declared a quarterly cash dividend of
per share, or$0.06 per share on an annualized basis, representing a$0.24 140% increase from the prior quarter, payable on December 5, 2024
CEO COMMENT
“Excelerate delivered another quarter of solid financial and operational performance. Our ability to deliver consistent results and generate strong cash flow is driven by the high quality of our FSRU and terminals business,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “Our core regasification business provides us with the financial foundation necessary to execute our growth strategy.”
Kobos continued, “As a US LNG company with a global presence, we are focused on expanding our reach in both new and existing markets around the world. We continue to execute a disciplined capital allocation plan with the aim of driving value creation for our shareholders.”
THIRD QUARTER 2024 FINANCIAL RESULTS
|
For the three months ended |
|
|||||||||
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|||
(in millions, except per share amounts) |
2024 |
|
|
2024 |
|
|
2023 |
|
|||
Revenues |
$ |
193.4 |
|
|
$ |
183.3 |
|
|
$ |
275.5 |
|
Operating Income |
$ |
59.7 |
|
|
$ |
49.9 |
|
|
$ |
67.5 |
|
Net Income |
$ |
45.5 |
|
|
$ |
33.3 |
|
|
$ |
46.5 |
|
Adjusted EBITDA (1) |
$ |
92.3 |
|
|
$ |
89.0 |
|
|
$ |
106.9 |
|
Earnings Per Share (diluted) |
$ |
0.35 |
|
|
$ |
0.26 |
|
|
$ |
0.40 |
|
(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 for the third quarter of 2024 increased sequentially from the last quarter primarily due to lower operating costs across several regasification projects, higher gas sales margins and lower depreciation expense. Adjusted EBITDA increased sequentially primarily due to the lower operating costs and higher gas sales margins.
Net Income and Adjusted EBITDA for the third quarter of 2024 decreased from the prior year third quarter primarily due to the transition of the FSRU Sequoia to a time charter party agreement in the first quarter of 2024, increased costs primarily related to business development activities, and a decrease in other gas sales opportunities, partially offset by higher interest income.
KEY COMMERCIAL UPDATES
LNG Supply Portfolio
In the third quarter of 2024, Excelerate signed medium-term agreements for LNG purchases and sales in one of the Atlantic Basin regions in which we do business. In the aggregate over the terms of these agreements, we will purchase and sell approximately 0.65 million tonnes of LNG, the pricing of which will be based on a major European natural gas index. We expect that, under these agreements, the first purchase will be made during the fourth quarter of 2024.
In September 2024, Excelerate and PetroVietnam Technical Services Corporation (PTSC) signed a strategic partnership agreement to jointly study FSRU-based technical solutions for LNG imports into
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2024, Excelerate had
On October 31, 2024, Excelerate’s Board of Directors approved a quarterly cash dividend equal to
2024 FINANCIAL OUTLOOK
Excelerate is raising and narrowing its full year guidance for Adjusted EBITDA. The Company now 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 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, November 7, 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.
The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA 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 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. This measure has 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 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 may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, Adjusted EBITDA 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 existing or anticipated project cancellations; 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 operations outside of
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 and conflicts, and world or regional health events, including pandemics and epidemics and governmental and third-party responses thereto, 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 the statements provided herein are supported by information obtained in a reasonable manner, 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 (Unaudited) |
||||||||||||
|
|
For the three months ended |
|
|||||||||
|
|
September 30, |
|
|
June 30, |
|
|
September 30, |
|
|||
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|||
|
|
(In thousands, except share and per share amounts) |
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||
FSRU and terminal services |
|
$ |
150,139 |
|
|
$ |
150,987 |
|
|
$ |
133,177 |
|
Gas sales |
|
|
43,280 |
|
|
|
32,346 |
|
|
|
142,294 |
|
Total revenues |
|
|
193,419 |
|
|
|
183,333 |
|
|
|
275,471 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|||
Cost of revenue and vessel operating expenses (exclusive of items below) |
|
|
45,431 |
|
|
|
46,579 |
|
|
|
49,190 |
|
Direct cost of gas sales |
|
|
41,399 |
|
|
|
31,173 |
|
|
|
106,109 |
|
Depreciation and amortization |
|
|
23,031 |
|
|
|
30,400 |
|
|
|
33,161 |
|
Selling, general and administrative expenses |
|
|
23,819 |
|
|
|
25,300 |
|
|
|
19,513 |
|
Total operating expenses |
|
|
133,680 |
|
|
|
133,452 |
|
|
|
207,973 |
|
Operating income |
|
|
59,739 |
|
|
|
49,881 |
|
|
|
67,498 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|||
Interest expense |
|
|
(11,711 |
) |
|
|
(12,057 |
) |
|
|
(13,926 |
) |
Interest expense – related party |
|
|
(3,411 |
) |
|
|
(3,419 |
) |
|
|
(3,592 |
) |
Earnings (loss) from equity method investment |
|
|
562 |
|
|
|
592 |
|
|
|
(550 |
) |
Other income, net |
|
|
6,525 |
|
|
|
5,707 |
|
|
|
5,263 |
|
Income before income taxes |
|
|
51,704 |
|
|
|
40,704 |
|
|
|
54,693 |
|
Provision for income taxes |
|
|
(6,158 |
) |
|
|
(7,427 |
) |
|
|
(8,188 |
) |
Net income |
|
|
45,546 |
|
|
|
33,277 |
|
|
|
46,505 |
|
Less net income attributable to non-controlling interest |
|
|
36,591 |
|
|
|
26,605 |
|
|
|
32,613 |
|
Net income attributable to shareholders |
|
$ |
8,955 |
|
|
$ |
6,672 |
|
|
$ |
13,892 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income per common share – basic |
|
$ |
0.36 |
|
|
$ |
0.27 |
|
|
$ |
0.53 |
|
Net income per common share – diluted |
|
$ |
0.35 |
|
|
$ |
0.26 |
|
|
$ |
0.40 |
|
Weighted average shares outstanding – basic |
|
|
25,009,326 |
|
|
|
25,175,057 |
|
|
|
26,254,243 |
|
Weighted average shares outstanding – diluted |
|
|
25,468,541 |
|
|
|
25,338,067 |
|
|
|
108,295,819 |
|
Excelerate Energy, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
|
|
(Unaudited) |
|
|
|
|
||
ASSETS |
|
(In thousands) |
|
|||||
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
608,447 |
|
|
$ |
555,853 |
|
Current portion of restricted cash |
|
|
3,625 |
|
|
|
2,655 |
|
Accounts receivable, net |
|
|
81,506 |
|
|
|
97,285 |
|
Current portion of net investments in sales-type leases |
|
|
42,616 |
|
|
|
16,463 |
|
Other current assets |
|
|
27,781 |
|
|
|
27,356 |
|
Total current assets |
|
|
763,975 |
|
|
|
699,612 |
|
Restricted cash |
|
|
14,413 |
|
|
|
13,950 |
|
Property and equipment, net |
|
|
1,585,595 |
|
|
|
1,649,779 |
|
Net investments in sales-type leases |
|
|
388,120 |
|
|
|
383,547 |
|
Investment in equity method investee |
|
|
19,522 |
|
|
|
21,269 |
|
Deferred tax assets, net |
|
|
34,986 |
|
|
|
42,948 |
|
Other assets |
|
|
57,790 |
|
|
|
49,274 |
|
Total assets |
|
$ |
2,864,401 |
|
|
$ |
2,860,379 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
8,598 |
|
|
$ |
13,761 |
|
Accrued liabilities and other liabilities |
|
|
68,922 |
|
|
|
89,796 |
|
Current portion of deferred revenue |
|
|
29,422 |
|
|
|
27,169 |
|
Current portion of long-term debt |
|
|
46,448 |
|
|
|
42,614 |
|
Current portion of long-term debt – related party |
|
|
8,777 |
|
|
|
8,336 |
|
Current portion of finance lease liabilities |
|
|
23,115 |
|
|
|
22,080 |
|
Total current liabilities |
|
|
185,282 |
|
|
|
203,756 |
|
Long-term debt, net |
|
|
299,206 |
|
|
|
333,367 |
|
Long-term debt, net – related party |
|
|
164,479 |
|
|
|
171,693 |
|
Finance lease liabilities |
|
|
173,520 |
|
|
|
189,807 |
|
TRA liability |
|
|
63,457 |
|
|
|
67,061 |
|
Asset retirement obligations |
|
|
43,217 |
|
|
|
41,834 |
|
Other long-term liabilities |
|
|
52,575 |
|
|
|
43,507 |
|
Total liabilities |
|
$ |
981,736 |
|
|
$ |
1,051,025 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Class A Common Stock ( |
|
|
26 |
|
|
|
26 |
|
Class B Common Stock ( |
|
|
82 |
|
|
|
82 |
|
Additional paid-in capital |
|
|
472,502 |
|
|
|
465,551 |
|
Retained earnings |
|
|
59,715 |
|
|
|
39,754 |
|
Accumulated other comprehensive income (loss) |
|
|
(381 |
) |
|
|
505 |
|
Treasury stock (1,710,378 shares as of September 30, 2024 and 20,624 shares as of December 31, 2023) |
|
|
(29,759 |
) |
|
|
(472 |
) |
Non-controlling interest |
|
|
1,380,480 |
|
|
|
1,303,908 |
|
Total equity |
|
$ |
1,882,665 |
|
|
$ |
1,809,354 |
|
Total liabilities and equity |
|
$ |
2,864,401 |
|
|
$ |
2,860,379 |
|
Excelerate Energy, Inc. |
||||||||
Consolidated Statements of Cash Flows (Unaudited) |
||||||||
|
|
For the nine months ended |
|
|||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||
Cash flows from operating activities |
|
(In thousands) |
|
|||||
Net income |
|
|
106,963 |
|
|
$ |
106,800 |
|
Adjustments to reconcile net income to net cash from operating activities |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
76,341 |
|
|
|
89,126 |
|
Amortization of operating lease right-of-use assets |
|
|
1,300 |
|
|
|
12,006 |
|
ARO accretion expense |
|
|
1,384 |
|
|
|
1,323 |
|
Amortization of debt issuance costs |
|
|
2,258 |
|
|
|
4,875 |
|
Deferred income taxes |
|
|
5,190 |
|
|
|
(5,102 |
) |
Share of net earnings in equity method investee |
|
|
(1,685 |
) |
|
|
(258 |
) |
Distributions from equity method investee |
|
|
1,800 |
|
|
|
4,725 |
|
Long-term incentive compensation expense |
|
|
5,263 |
|
|
|
2,560 |
|
(Gain) loss on non-cash items |
|
|
(44 |
) |
|
|
1,370 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
15,779 |
|
|
|
31,531 |
|
Other current assets and other assets |
|
|
(15,837 |
) |
|
|
143,003 |
|
Accounts payable and accrued liabilities |
|
|
(29,789 |
) |
|
|
(86,847 |
) |
Current portion of deferred revenue |
|
|
2,253 |
|
|
|
(120,374 |
) |
Net investments in sales-type leases |
|
|
15,263 |
|
|
|
10,681 |
|
Other long-term liabilities |
|
|
8,379 |
|
|
|
(145 |
) |
Net cash provided by operating activities |
|
$ |
194,818 |
|
|
$ |
195,274 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(49,706 |
) |
|
|
(304,426 |
) |
Sales of property and equipment |
|
|
— |
|
|
|
4,101 |
|
Net cash used in investing activities |
|
$ |
(49,706 |
) |
|
$ |
(300,325 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Repurchase of Class A Common Stock |
|
|
(27,214 |
) |
|
|
— |
|
Proceeds from Term Loan Facility |
|
|
— |
|
|
|
250,000 |
|
Repayments of long-term debt |
|
|
(31,893 |
) |
|
|
(20,492 |
) |
Repayments of long-term debt – related party |
|
|
(6,773 |
) |
|
|
(6,221 |
) |
Payment of debt issuance costs |
|
|
— |
|
|
|
(7,307 |
) |
Principal payments under finance lease liabilities |
|
|
(15,252 |
) |
|
|
(15,661 |
) |
Taxes withheld for long-term incentive compensation |
|
|
(253 |
) |
|
|
— |
|
Dividends paid |
|
|
(2,067 |
) |
|
|
(1,969 |
) |
Distributions |
|
|
(8,591 |
) |
|
|
(8,153 |
) |
Minority owner contribution – Albania Power Project |
|
|
1,012 |
|
|
|
3,108 |
|
Net cash provided by (used in) financing activities |
|
$ |
(91,031 |
) |
|
$ |
193,305 |
|
|
|
|
|
|
|
|
||
Effect of exchange rate on cash, cash equivalents, and restricted cash |
|
|
(54 |
) |
|
|
(43 |
) |
|
|
|
|
|
|
|
||
Net increase in cash, cash equivalents and restricted cash |
|
|
54,027 |
|
|
|
88,211 |
|
|
|
|
|
|
|
|
||
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
||
Beginning of period |
|
$ |
572,458 |
|
|
$ |
537,971 |
|
End of period |
|
$ |
626,485 |
|
|
$ |
626,182 |
|
Excelerate Energy, Inc.
Non-GAAP Reconciliation (Unaudited)
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 |
|
|||||||||
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2023 |
|
|||
|
|
(In thousands) |
|
|||||||||
FSRU and terminal services revenues |
|
$ |
150,139 |
|
|
$ |
150,987 |
|
|
$ |
133,177 |
|
Gas sales revenues |
|
|
43,280 |
|
|
|
32,346 |
|
|
|
142,294 |
|
Cost of revenue and vessel operating expenses |
|
|
(45,431 |
) |
|
|
(46,579 |
) |
|
|
(49,190 |
) |
Direct cost of gas sales |
|
|
(41,399 |
) |
|
|
(31,173 |
) |
|
|
(106,109 |
) |
Depreciation and amortization expense |
|
|
(23,031 |
) |
|
|
(30,400 |
) |
|
|
(33,161 |
) |
Gross Margin |
|
$ |
83,558 |
|
|
$ |
75,181 |
|
|
$ |
87,011 |
|
Depreciation and amortization expense |
|
|
23,031 |
|
|
|
30,400 |
|
|
|
33,161 |
|
Adjusted Gross Margin |
|
$ |
106,589 |
|
|
$ |
105,581 |
|
|
$ |
120,172 |
|
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 |
|
|||||||||
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2023 |
|
|||
|
|
(In thousands) |
|
|||||||||
Net income |
|
$ |
45,546 |
|
|
$ |
33,277 |
|
|
$ |
46,505 |
|
Interest expense |
|
|
15,122 |
|
|
|
15,476 |
|
|
|
17,518 |
|
Provision for income taxes |
|
|
6,158 |
|
|
|
7,427 |
|
|
|
8,188 |
|
Depreciation and amortization expense |
|
|
23,031 |
|
|
|
30,400 |
|
|
|
33,161 |
|
Accretion expense |
|
|
466 |
|
|
|
463 |
|
|
|
446 |
|
Long-term incentive compensation expense |
|
|
1,966 |
|
|
|
1,920 |
|
|
|
1,129 |
|
Adjusted EBITDA |
|
$ |
92,289 |
|
|
$ |
88,963 |
|
|
$ |
106,947 |
|
|
|
2024E |
|
|
2024E |
|
||
(In millions) |
|
Low Case |
|
|
High Case |
|
||
Income before income taxes |
|
$ |
162 |
|
|
$ |
181 |
|
Interest expense |
|
|
63 |
|
|
|
58 |
|
Depreciation and amortization expense |
|
|
101 |
|
|
|
96 |
|
Accretion expense |
|
|
2 |
|
|
|
2 |
|
Long-term incentive compensation expense |
|
|
7 |
|
|
|
8 |
|
Adjusted EBITDA |
|
$ |
335 |
|
|
$ |
345 |
|
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/20241106575096/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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