Workflow
Excelerate Energy(EE) - 2024 Q2 - Quarterly Results
EEExcelerate Energy(EE)2024-08-07 21:02

Financial Performance - Reported Net Income of 33.3millionforQ22024,anincreasefrom33.3 million for Q2 2024, an increase from 28.1 million in Q1 2024 and 29.6millioninQ22023[2]−AdjustedEBITDAforQ22024was29.6 million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was 89.0 million, up from 75.4millioninQ12024and75.4 million in Q1 2024 and 88.6 million in Q2 2023[4] - Revenues for Q2 2024 were 183.3million,adecreasefrom183.3 million, a decrease from 200.1 million in Q1 2024 and 432.4millioninQ22023[4]−Netincomeattributabletoshareholdersincreasedto432.4 million in Q2 2023[4] - Net income attributable to shareholders increased to 6,672,000 in Q2 2024, up from 6,324,000inQ22023,representinganincreaseof5.56,324,000 in Q2 2023, representing an increase of 5.5%[20] - Operating income for Q2 2024 was 49,881,000, compared to 45,159,000inQ22023,reflectingagrowthof6.045,159,000 in Q2 2023, reflecting a growth of 6.0%[20] - Total revenues for Q2 2024 were 183,333,000, a decrease of 8.3% from 200,113,000inQ22023[20]−AdjustedgrossmarginforQ22024was200,113,000 in Q2 2023[20] - Adjusted gross margin for Q2 2024 was 105,581,000, compared to 89,621,000inQ22023,indicatingagrowthof18.089,621,000 in Q2 2023, indicating a growth of 18.0%[24] - Net cash provided by operating activities for the six months ended June 30, 2024, was 155,040,000, significantly higher than 24,479,000forthesameperiodin2023[23]CashandAssets−AsofJune30,2024,Exceleratehad24,479,000 for the same period in 2023[23] Cash and Assets - As of June 30, 2024, Excelerate had 609 million in cash and cash equivalents, with 349.9millionofundrawncapacityunderitsrevolver[7]−Cashandcashequivalentsincreasedto349.9 million of undrawn capacity under its revolver[7] - Cash and cash equivalents increased to 609,082,000 as of June 30, 2024, from 555,853,000attheendof2023,markingariseof9.5555,853,000 at the end of 2023, marking a rise of 9.5%[21] - Total assets as of June 30, 2024, were 2,867,432,000, slightly up from 2,860,379,000attheendof2023[21]−Currentliabilitiesdecreasedto2,860,379,000 at the end of 2023[21] - Current liabilities decreased to 205,021,000 as of June 30, 2024, from 203,756,000attheendof2023[21]ExpensesandProjections−TheincreaseinnetincomeandAdjustedEBITDAforQ22024wasprimarilyduetocharterrateincreasesexecutedduring2023andincreasedinterestincome[5]−Maintenancecapitalexpendituresfor2024arestillexpectedtorangebetween203,756,000 at the end of 2023[21] Expenses and Projections - The increase in net income and Adjusted EBITDA for Q2 2024 was primarily due to charter rate increases executed during 2023 and increased interest income[5] - Maintenance capital expenditures for 2024 are still expected to range between 50 million and 60million[8]−Interestexpensedecreasedto60 million[8] - Interest expense decreased to 15,476,000 from 17,072,000year−over−year[25]−Provisionforincometaxesincreasedto17,072,000 year-over-year[25] - Provision for income taxes increased to 7,427,000 from 6,901,000year−over−year[25]−Depreciationandamortizationexpenseroseto6,901,000 year-over-year[25] - Depreciation and amortization expense rose to 30,400,000 from 22,910,000year−over−year[25]−Long−termincentivecompensationexpenseincreasedto22,910,000 year-over-year[25] - Long-term incentive compensation expense increased to 1,920,000 from 1,377,000year−over−year[25]−Thecompanyanticipatesinterestexpensefor2024Etobeapproximately1,377,000 year-over-year[25] - The company anticipates interest expense for 2024E to be approximately 65,000,000[25] - Depreciation and amortization expense for 2024E is estimated to be around 106,000,000[25]FutureDevelopments−Thecompanysignedatermsheettoco−developagreenfieldLNGimportterminalinnorthernVietnamwithatotalimportcapacityof1.2milliontonnesperannum[6]−ThefirstphaseoftheNorthernVietnamLNGTerminalisexpectedtohaveacapacityof0.7MTPAandcommenceoperationsin2027[6]−Full−yearguidanceforAdjustedEBITDAhasbeenraisedtoarangeof106,000,000[25] Future Developments - The company signed a term sheet to co-develop a greenfield LNG import terminal in northern Vietnam with a total import capacity of 1.2 million tonnes per annum[6] - The first phase of the Northern Vietnam LNG Terminal is expected to have a capacity of 0.7 MTPA and commence operations in 2027[6] - Full-year guidance for Adjusted EBITDA has been raised to a range of 320 million to 340millionfor2024[8]−Thecompanyprojects2024AdjustedEBITDAinarangeof340 million for 2024[8] - The company projects 2024 Adjusted EBITDA in a range of 320 million to 340million[25]−Incomebeforeincometaxesforthe2024Elowcaseisprojectedat340 million[25] - Income before income taxes for the 2024E low case is projected at 141,000,000[25]