Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Excelerate Energy Announces Third Quarter 2022 Results


Excelerate Energy, Inc. (NYSE: EE) (the "Company" or "Excelerate") today reported its financial results for the third quarter ended September 30, 2022.

RECENT HIGHLIGHTS

CEO COMMENT

"Excelerate Energy delivered another great quarter, demonstrating the strength of our flexible business model against the backdrop of the most significant energy market disruption in decades," said President and Chief Executive Officer Steven Kobos. "We are successfully executing our strategy to deploy our flexible LNG infrastructure and pursue downstream opportunities to expand our reach in both new and existing markets. As a result, we remain positioned well for growth and to deliver sustained value creation for shareholders over the long-term.

"Flexible access to LNG continues to play a critical role in providing cleaner and more reliable energy to countries across the globe," continued Kobos. "Our portfolio approach to managing our FSRU fleet provides us with a unique ability to deliver the best solutions that scale with our customers' needs in both developed and emerging markets. We look forward to continuing to help countries bolster their energy security and achieve their decarbonization goals."

THIRD QUARTER 2022 FINANCIAL RESULTS

 

For the three months ended

 

September 30,

 

 

June 30,

 

 

September 30,

(in millions)

2022

 

 

2022

 

 

2021

Revenues

$

803.3

 

 

$

622.9

 

 

$

192.1

Operating Income

$

49.9

 

 

$

39.3

 

 

$

25.7

Net Income/(Loss)

$

37.3

 

 

$

(4.0

)

 

$

1.4

Adjusted Net Income (1)

$

38.6

 

 

$

20.4

 

 

$

6.9

Adjusted EBITDA (1)

$

77.5

 

 

$

66.1

 

 

$

58.2

Adjusted EBITDAR (1)

$

86.4

 

 

$

75.2

 

 

$

65.3

Earnings (Loss) Per Share (diluted)

$

0.34

 

 

$

(0.08

)

 

 

(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 increased over the second quarter of 2022, primarily due to the one-time charge in second quarter related to the early extinguishment of the Excellence lease as part of the IPO-related FSRU acquisition, in addition to the Adjusted EBITDA variance drivers below.

Adjusted EBITDA and Adjusted EBITDAR for the third quarter of 2022 increased over the prior quarter due to lower idle fuel costs, lower repair and maintenance expenses, and higher margins from the Bahia Blanca seasonal charter in Argentina. This was partially offset by an increase in selling, general, and administrative expenses, primarily driven by higher consulting costs to support the Company's transition to a public company structure, along with higher expenses related to business development and marketing activities.

KEY PROJECT UPDATES

Finland

The Finland charter hire commenced on October 1, 2022, and the FSRU Exemplar is currently undergoing customer requested winterization upgrades during a technical stop at the Navantia shipyard in Ferrol, Spain. Excelerate and Gasgrid Finland previously announced an executed 10-year, time charter party agreement for Excelerate to provide LNG regasification services, which are expected to commence in the fourth quarter of 2022.

Germany

In October 2022, Excelerate signed a five-year charter contract with the German government for the FSRU Excelsior. The Excelsior is expected to provide regasification services at Germany's planned LNG import terminal which is being developed at the port of Wilhelmshaven by Tree Energy Solutions, E.ON, and ENGIE. Excelerate previously announced that the Company and ENGIE signed a term sheet for the deployment of an FSRU to provide flexible and secure LNG regasification capacity for Germany as it continues to seek alternatives to Russian pipeline gas supply.

HHI Newbuild FSRU

In October 2022, Excelerate signed a binding Shipbuilding Contract with Hyundai Heavy Industries Co., Ltd. ("HHI") for a new FSRU to be delivered in June 2026. The state-of-the-art FSRU will be equipped with HHI's proprietary LNG regasification system, dual fuel engines, selective catalytic reduction system, best-in-class containment system and boil-off gas management, and other innovative technologies which will drive improved performance and efficiency while lowering emissions. With this newbuild order, Excelerate now has eleven FSRUs in operation or under construction.

Bahia Blanca

The FSRU Exemplar completed its seasonal regasification charter at the Bahia Blanca GasPort in Argentina on August 31, 2022. During this period, the Exemplar provided critical security of supply for Argentina by receiving and re-gasifying twelve LNG cargos.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2022, Excelerate had $345.7 million in cash and cash equivalents. As of September 30, 2022, the Company had letters of credit issued of $40 million and no outstanding borrowings under its $350 million senior secured revolving credit facility.

On November 8, 2022, Excelerate's Board of Directors (the "Board") approved a quarterly dividend equal to $0.025 per share of Class A common stock, which will be paid on December 14, 2022, to shareholders of record at the close of business on November 22, 2022.

2022 FINANCIAL OUTLOOK

Excelerate is increasing its full year 2022 guidance range. Adjusted EBITDA is now expected to range between $264 million and $274 million. The previous range was between $249 million and $269 million. In addition, the Company now expects full year 2022 Adjusted EBITDAR to range between $300 million and $310 million. The previous range was between $285 million and $305 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.

INVESTOR CONFERENCE CALL AND WEBCAST

The Excelerate management team will host a conference call for investors and analysts at 8:30 am Eastern Time (7:30 a.m. Central Time) on Thursday, November 10, 2022. 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 U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.

USE OF NON-GAAP FINANCIAL MEASURES

The Company reports financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate's financial information presented in accordance with U.S. GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate's future results, cash flows or leverage will be unaffected by other nonrecurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company's 2022 Financial Outlook, in the section titled "Non-GAAP Reconciliation" below.

Adjusted Gross Margin

The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less direct cost of sales and operating expenses, excluding depreciation and amortization, to measure its 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 its assets. The Company's 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 the Company believes it is a useful indicator of its operating performance. The Company defines Adjusted EBITDA, a non-GAAP measure, as net income before interest, income taxes, depreciation and amortization, 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, the Company revised the definition of Adjusted EBITDA to adjust for the impact of long-term incentive compensation expense, which the Company 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 the Company's ongoing operating performance.

Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental disclosure because the Company believes it is a valuation measure commonly used by financial statement users to more effectively compare the results of its operations from period to period and against other companies without regard to its financing methods or capital structure. The Company defines Adjusted EBITDAR, a non-GAAP measure, 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 its business.

Adjusted Net Income

The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income (loss) 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 Excelerate and its 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 Excelerate's 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 Excelerate operates, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "believe," "consider," "contemplate," "continue," "could," "estimate," "expect," "may," "intend," "plan," "potential," "predict," "project," "should," "target," "will," "would," "shall," "should," "anticipate," "opportunity" or the negative thereof or other variations thereon or comparable terminology. These statements appear throughout this press release and include, but are not limited to, statements regarding Excelerate's plans, objectives, expectations and intentions.

You should not rely on forward-looking statements as predictions of future events. Excelerate has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect its 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. 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, Excelerate operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, for example the invasion of Ukraine by Russia, and it is not possible for Excelerate to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The unprecedented nature of the Covid-19 pandemic 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 "Excelerate believes" and similar statements reflect Excelerate's beliefs and opinions on the relevant subject. These statements are based on information available to Excelerate as of the date of this press release. And while Excelerate believes that information provides a reasonable basis for these statements, that information may be limited or incomplete. Excelerate's statements should not be read to indicate that it has 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. Excelerate undertakes 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. Excelerate may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Excelerate's 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,

 

 

 

2022

 

 

2022

 

 

2021

 

 

 

(In thousands, except share and per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

 

FSRU and terminal services

 

$

115,346

 

 

$

110,072

 

 

$

116,578

 

Gas sales

 

 

687,915

 

 

 

512,857

 

 

 

75,563

 

Total revenues

 

 

803,261

 

 

 

622,929

 

 

 

192,141

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of revenue and vessel operating expenses

 

 

50,258

 

 

 

58,673

 

 

 

44,785

 

Direct cost of gas sales

 

 

658,320

 

 

 

485,023

 

 

 

78,536

 

Depreciation and amortization

 

 

24,648

 

 

 

24,296

 

 

 

26,074

 

Selling, general and administrative expenses

 

 

18,778

 

 

 

13,064

 

 

 

11,518

 

Restructuring, transition and transaction expenses

 

 

1,345

 

 

 

2,582

 

 

 

5,548

 

Total operating expenses

 

 

753,349

 

 

 

583,638

 

 

 

166,461

 

Operating income

 

 

49,912

 

 

 

39,291

 

 

 

25,680

 

Other income (expense)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(9,454

)

 

 

(7,800

)

 

 

(7,595

)

Interest expense ? related party

 

 

(4,235

)

 

 

(5,493

)

 

 

(12,390

)

Earnings from equity method investment

 

 

625

 

 

 

732

 

 

 

817

 

Early extinguishment of lease liability on vessel acquisition

 

 

?

 

 

 

(21,834

)

 

 

?

 

Other income (expense), net

 

 

657

 

 

 

(1,086

)

 

 

93

 

Income before income taxes

 

 

37,505

 

 

 

3,810

 

 

 

6,605

 

Provision for income taxes

 

 

(233

)

 

 

(7,800

)

 

 

(5,228

)

Net income (loss)

 

 

37,272

 

 

 

(3,990

)

 

 

1,377

 

Less net income (loss) attributable to non-controlling interest

 

 

28,571

 

 

 

(831

)

 

 

891

 

Less net income (loss) attributable to non-controlling interest ? ENE Onshore

 

 

(127

)

 

 

(181

)

 

 

(1,412

)

Less pre-IPO net income (loss) attributable to EELP

 

 

?

 

 

 

(947

)

 

 

1,898

 

Net income (loss) attributable to shareholders

 

$

8,828

 

 

$

(2,031

)

 

$

?

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share ? basic

 

$

0.34

 

 

$

(0.08

)

 

$

?

 

Net income (loss) per common share ? diluted

 

$

0.34

 

 

$

(0.08

)

 

$

?

 

Weighted average shares outstanding ? basic

 

 

26,254,167

 

 

 

26,254,167

 

 

 

?

 

Weighted average shares outstanding ? diluted

 

 

26,260,861

 

 

 

26,254,167

 

 

 

?

 

Excelerate Energy, Inc.

Consolidated Balance Sheets

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

(In thousands)

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

345,682

 

 

$

72,786

 

Current portion of restricted cash

 

 

3,458

 

 

 

2,495

 

Accounts receivable, net

 

 

326,260

 

 

 

260,535

 

Accounts receivable, net ? related party

 

 

2,496

 

 

 

11,140

 

Inventories

 

 

244,869

 

 

 

105,020

 

Current portion of net investments in sales-type leases

 

 

12,759

 

 

 

12,225

 

Other current assets

 

 

20,499

 

 

 

26,194

 

Total current assets

 

 

956,023

 

 

 

490,395

 

Restricted cash

 

 

17,907

 

 

 

15,683

 

Property and equipment, net

 

 

1,417,570

 

 

 

1,433,169

 

Operating lease right-of-use assets

 

 

84,786

 

 

 

106,225

 

Net investments in sales-type leases

 

 

403,438

 

 

 

412,908

 

Investment in equity method investee

 

 

21,267

 

 

 

22,051

 

Deferred tax assets

 

 

51,155

 

 

 

939

 

Other assets

 

 

29,320

 

 

 

19,366

 

Total assets

 

$

2,981,466

 

 

$

2,500,736

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

367,713

 

 

$

303,651

 

Accounts payable to related party

 

 

345

 

 

 

7,937

 

Accrued liabilities and other liabilities

 

 

74,262

 

 

 

105,034

 

Current portion of deferred revenue

 

 

14,279

 

 

 

9,653

 

Current portion of long-term debt

 

 

20,670

 

 

 

19,046

 

Current portion of long-term debt ? related party

 

 

7,514

 

 

 

7,096

 

Current portion of operating lease liabilities

 

 

32,110

 

 

 

30,215

 

Current portion of finance lease liabilities

 

 

19,999

 

 

 

21,903

 

Current portion of finance lease liabilities ? related party

 

 

?

 

 

 

15,627

 

Total current liabilities

 

 

536,892

 

 

 

520,162

 

Derivative liabilities

 

 

?

 

 

 

2,999

 

Long-term debt, net

 

 

199,295

 

 

 

214,369

 

Long-term debt, net ? related party

 

 

192,836

 

 

 

191,217

 

Operating lease liabilities

 

 

55,692

 

 

 

77,936

 

Finance lease liabilities

 

 

215,332

 

 

 

229,755

 

Finance lease liabilities ? related party

 

 

?

 

 

 

210,992

 

TRA liability

 

 

76,654

 

 

 

?

 

Asset retirement obligations

 

 

36,043

 

 

 

34,929

 

Other long-term liabilities

 

 

18,951

 

 

 

14,451

 

Total liabilities

 

$

1,331,695

 

 

$

1,496,810

 

Commitments and contingencies

 

 

 

 

 

 

Class A Common Stock ($0.001 par value, 300,000,000 shares authorized and 26,254,167 shares issued and outstanding as of September 30, 2022; no shares authorized, issued or outstanding as of December 31, 2021)

 

$

26

 

 

$

?

 

Class B Common Stock ($0.001 par value, 150,000,000 shares authorized and 82,021,389 shares issued and outstanding as of September 30, 2022; no shares authorized, issued or outstanding as of December 31, 2021)

 

 

82

 

 

 

?

 

Additional paid-in capital

 

 

583,997

 

 

 

?

 

Equity interest

 

 

?

 

 

 

1,135,769

 

Retained earnings

 

 

4,090

 

 

 

?

 

Related party note receivable

 

 

?

 

 

 

(6,759

)

Accumulated other comprehensive loss

 

 

135

 

 

 

(9,178

)

Non-controlling interest

 

 

1,192,268

 

 

 

14,376

 

Non-controlling interest ? ENE Onshore

 

 

(130,827

)

 

 

(130,282

)

Total equity

 

$

1,649,771

 

 

$

1,003,926

 

Total liabilities and equity

 

$

2,981,466

 

 

$

2,500,736

 

Excelerate Energy, Inc.

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

For the nine months ended

 

 

 

September 30, 2022

 

 

September 30, 2021

 

Cash flows from operating activities

 

(In thousands)

 

Net income

 

$

46,126

 

 

$

42,977

 

Adjustments to reconcile net income to net cash from operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

72,687

 

 

 

78,320

 

Amortization of operating lease right-of-use assets

 

 

23,376

 

 

 

17,123

 

ARO accretion expense

 

 

1,114

 

 

 

1,067

 

Amortization of debt issuance costs

 

 

1,826

 

 

 

1,096

 

Deferred income taxes

 

 

(10,584

)

 

 

?

 

Share of net earnings in equity method investee

 

 

(2,135

)

 

 

(2,431

)

Distributions from equity method investee

 

 

4,950

 

 

 

?

 

Long-term incentive compensation expense

 

 

598

 

 

 

?

 

Early extinguishment of lease liability on vessel acquisition

 

 

21,834

 

 

 

?

 

Non-cash restructuring expense

 

 

1,574

 

 

 

?

 

(Gain)/loss on non-cash items

 

 

158

 

 

 

?

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(56,155

)

 

 

(10,255

)

Inventories

 

 

(139,849

)

 

 

15,528

 

Other current assets and other assets

 

 

(5,003

)

 

 

(7,256

)

Accounts payable and accrued liabilities

 

 

25,096

 

 

 

9,202

 

Derivative liabilities

 

 

3,649

 

 

 

322

 

Current portion of deferred revenue

 

 

4,626

 

 

 

(61

)

Net investments in sales-type leases

 

 

8,935

 

 

 

7,477

 

Operating lease assets and liabilities

 

 

(22,286

)

 

 

(16,316

)

Other long-term liabilities

 

 

3,687

 

 

 

(6,217

)

Net cash provided by (used in) operating activities

 

$

(15,776

)

 

$

130,576

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(63,874

)

 

 

(30,837

)

Net cash used in investing activities

 

$

(63,874

)

 

$

(30,837

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issuance of common stock, net

 

 

412,183

 

 

 

?

 

Proceeds from long-term debt ? related party

 

 

652,800

 

 

 

39,500

 

Repayments of long-term debt ? related party

 

 

(651,393

)

 

 

(5,298

)

Repayments of long-term debt

 

 

(14,326

)

 

 

(21,118

)

Proceeds from revolving credit facility

 

 

140,000

 

 

 

?

 

Repayments of revolving credit facility

 

 

(140,000

)

 

 

?

 

Payment of debt issuance costs

 

 

(5,951

)

 

 

?

 

Related party note receivables

 

 

?

 

 

 

(88,500

)

Collections of related party note receivables

 

 

6,600

 

 

 

?

 

Settlement of finance lease liability ? related party

 

 

(25,000

)

 

 

?

 

Principal payments under finance lease liabilities

 

 

(16,326

)

 

 

(26,993

)

Principal payments under finance lease liabilities ? related party

 

 

(2,912

)

 

 

(11,611

)

Dividends paid

 

 

(656

)

 

 

?

 

Contribution

 

 

2,765

 

 

 

?

 

Distributions

 

 

(2,051

)

 

 

(113

)

Net cash provided by (used in) financing activities

 

$

355,733

 

 

$

(114,133

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

276,083

 

 

 

(14,394

)

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

$

90,964

 

 

$

109,539

 

End of period

 

$

367,047

 

 

$

95,145

 

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 periods indicated.

 

 

 

For the three months ended

 

 

 

September 30, 2022

 

 

June 30, 2022

 

 

September 30, 2021

 

 

 

(In thousands)

 

FSRU and terminal services revenues

 

$

115,346

 

 

$

110,072

 

 

$

116,578

 

Gas sales revenues

 

 

687,915

 

 

 

512,857

 

 

 

75,563

 

Cost of revenue and vessel operating expenses

 

 

(50,258

)

 

 

(58,673

)

 

 

(44,785

)

Direct cost of gas sales

 

 

(658,320

)

 

 

(485,023

)

 

 

(78,536

)

Depreciation and amortization expense

 

 

(24,648

)

 

 

(24,296

)

 

 

(26,074

)

Gross Margin

 

$

70,035

 

 

$

54,937

 

 

$

42,746

 

Depreciation and amortization expense

 

 

24,648

 

 

 

24,296

 

 

 

26,074

 

Adjusted Gross Margin

 

$

94,683

 

 

$

79,233

 

 

$

68,820

 

The following table presents a reconciliation of Adjusted EBITDA and Adjusted EBITDAR to the GAAP financial measure of net income (loss) for each of the periods indicated.

 

 

 

For the three months ended

 

 

 

September 30, 2022

 

 

June 30, 2022

 

 

September 30, 2021

 

 

 

(In thousands)

 

Net income (loss)

 

$

37,272

 

 

$

(3,990

)

 

$

1,377

 

Interest expense

 

 

13,689

 

 

 

13,293

 

 

 

19,985

 

Provision for income taxes

 

 

233

 

 

 

7,800

 

 

 

5,228

 

Depreciation and amortization expense

 

 

24,648

 

 

 

24,296

 

 

 

26,074

 

Restructuring, transition and transaction expenses

 

 

1,345

 

 

 

2,582

 

 

 

5,548

 

Long-term incentive compensation expense

 

 

328

 

 

 

270

 

 

 

?

 

Early extinguishment of lease liability on vessel acquisition

 

 

?

 

 

 

21,834

 

 

 

?

 

Adjusted EBITDA

 

$

77,515

 

 

$

66,085

 

 

$

58,212

 

Vessel and infrastructure rent expense

 

 

8,920

 

 

 

9,151

 

 

 

7,098

 

Adjusted EBITDAR

 

$

86,435

 

 

$

75,236

 

 

$

65,310

 

The following table presents a reconciliation of Adjusted Net Income to the GAAP financial measure of net income (loss) for each of the periods indicated.

 

 

 

For the three months ended

 

 

 

September 30, 2022

 

 

June 30, 2022

 

 

September 30, 2021

 

 

 

(In thousands)

 

Net income (loss)

 

$

37,272

 

 

$

(3,990

)

 

$

1,377

 

Add back (deduct):

 

 

 

 

 

 

 

 

 

Restructuring, transition and transaction expenses

 

 

1,345

 

 

 

2,582

 

 

 

5,548

 

Early extinguishment of lease liability on vessel acquisition

 

 

?

 

 

 

21,834

 

 

 

?

 

Adjusted net income

 

$

38,617

 

 

$

20,426

 

 

$

6,925

 

 

 

2022E

 

 

2022E

 

(In millions)

 

Low Case

 

 

High Case

 

Income before income taxes

 

$

71

 

 

$

89

 

Interest expense

 

 

61

 

 

 

59

 

Depreciation and amortization expense

 

 

99

 

 

 

97

 

Long-term incentive compensation expense

 

 

2

 

 

 

1

 

Restructuring, transition and transaction expenses

 

 

9

 

 

 

6

 

Extinguishment of lease liability on FSRU acquisition

 

 

22

 

 

 

22

 

Adjusted EBITDA

 

 

264

 

 

 

274

 

Vessel and infrastructure rent expense

 

 

36

 

 

 

36

 

Adjusted EBITDAR

 

$

300

 

 

$

310

 

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.

 


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