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Excelerate Energy Announces Fourth Quarter and Full Year 2022 Results

Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”) today reported its financial results for the fourth quarter and full-year ended December 31, 2022.

RECENT HIGHLIGHTS

  • Reported Net Income of $33.9 million for the fourth quarter and $80.0 million for the full year 2022
  • Reported Adjusted Net Income of $34.1 million for the fourth quarter and $108.7 million for the full year 2022
  • Reported Adjusted EBITDAR of $98.0 million for the fourth quarter and $331.1 million for the full year 2022
  • Executed 20-year Sales and Purchase Agreement for 0.7 MTPA of LNG with Venture Global in February 2023
  • Closed on an amended $600 million senior secured credit facility in March 2023
  • Deployed the FSRU Exemplar to Finland in December; sold partial commissioning LNG cargo into Finland
  • Commenced time charter with the Federal Republic of Germany for the FSRU Excelsior in February 2023
  • Extended time charter with Dubai Supply Authority (DUSUP) for the FSRU Explorer by five years from Q4 2025
  • Excelerate Board declared a quarterly dividend of $0.025 per share, payable on April 27, 2023

2023 GUIDANCE

  • Expect full year 2023 Adjusted EBITDA to range between $320 million and $340 million

CEO COMMENT

“Our full-year 2022 results underscore the strength of the Excelerate Energy business model,” said President and Chief Executive Officer Steven Kobos. “We delivered an exceptional financial performance for the year while navigating one of the most severe global energy market disruptions in recent times. As this past year has shown, having flexible access to cleaner and more reliable energy has never been more important. At Excelerate, we take pride in leveraging our FSRU fleet to meet our customers’ needs while supporting the decarbonization efforts of countries around the globe.

Looking ahead, we are positioned to build on this strong momentum. We will continue to capitalize on near-term growth catalysts, fueled by the increased demand for LNG. We will evaluate opportunities to scale our business over the long-term to drive greater value for shareholders and customers.”

FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS

 

For the three months ended

 

 

For the full year ended

 

 

December 31,

 

 

September 30,

 

 

December 31,

 

 

December 31,

 

(in millions)

2022

 

 

2022

 

 

2022

 

 

2021

 

Revenues

$

455.1

 

 

$

803.3

 

 

$

2,473.0

 

 

$

888.6

 

Operating Income

$

58.4

 

 

$

49.9

 

 

$

186.7

 

 

$

139.3

 

Net Income

$

33.9

 

 

$

37.3

 

 

$

80.0

 

 

$

41.2

 

Adjusted Net Income (1)

$

34.1

 

 

$

38.6

 

 

$

108.7

 

 

$

55.2

 

Adjusted EBITDA (1)

$

89.0

 

 

$

77.5

 

 

$

294.9

 

 

$

262.1

 

Adjusted EBITDAR (1)

$

98.0

 

 

$

86.4

 

 

$

331.1

 

 

$

291.1

 

Earnings Per Share (diluted)

$

0.25

 

 

$

0.34

 

 

$

0.51

 

 

 

 

(1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below.

Adjusted EBITDA and Adjusted EBITDAR for the fourth quarter of 2022 increased over the prior quarter primarily due to the commencement of the Finland charter and margins related to gas sales in Finland. For the year, Adjusted EBITDA and Adjusted EBITDAR increased over the prior period primarily due to the contribution from a full year of gas sales at the Bahia terminal in Brazil, which was partially offset by a decrease in LNG cargo sales and sub-charters, as well as an increase in selling, general, and administrative expenses to support our transition to a public company structure.

KEY COMMERCIAL UPDATES

Venture Global SPA

In February 2023, Excelerate executed a 20-year Sales and Purchase Agreement (SPA) with Venture Global. Under the SPA, Excelerate will purchase 0.7 million tonnes per annum (MTPA) of LNG on a free on board (FOB) basis from Venture Global’s Plaquemines LNG Phase 2 project in Plaquemines, Louisiana. This strategic partnership with Venture Global is an important step for Excelerate as the Company continues to execute its growth strategy. Building a diversified LNG supply portfolio will allow Excelerate to offer more flexible and cost-effective products to both existing and new customers in its downstream markets.

Finland

In December 2022, the FSRU Exemplar arrived at the port of Inkoo, Finland with a partial cargo of liquefied natural gas (LNG) which served as the commissioning cargo for the terminal. Excelerate, through its Finnish gas marketing subsidiary, Excelerate Finland Gas Marketing Oy (“Excelerate Finland”), executed an agreement for the sale of commissioning volumes and regasification capacity rights during the commissioning phase. The Exemplar’s charter hire commenced October 1, 2022.

Excelerate and Gasgrid Finland Oy (“Gasgrid Finland”) previously announced an executed 10-year, time charter party agreement for Excelerate to provide LNG regasification services.

Germany

In October 2022, Excelerate signed a five-year charter agreement with the Federal Republic of Germany 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. The charter hire for the Excelsior commenced in February 2023. The FSRU will be temporarily deployed to provide seasonal regasification service at the Bahia Blanca GasPort terminal in Argentina before returning to the German charter in the third quarter of 2023.

Dubai

In February 2023, Excelerate reached an agreement with Dubai Supply Authority ("DUSUP") to extend its Time Charter Agreement for the FSRU Explorer. Prior to this agreement, the FSRU Explorer contract was due to end in the fourth quarter of 2025. Under the terms of the new agreement, the time charter period will be extended by an additional five years from the end of the existing contract in the fourth quarter of 2025.

Argentina

In March 2023, Excelerate was awarded a seasonal charter for the FSRU Excelsior at the Bahia Blanca GasPort terminal in Argentina. The Excelsior, which is currently being chartered by the German government, will be placed on a suspension agreement while it is temporarily deployed to Bahia Blanca to provide regasification services during the Argentina winter. Immediately after the Argentina winter season, the Excelsior will resume its original charter with the German government.

LIQUIDITY AND CAPITAL RESOURCES

In March, the Company closed on an amended and restated $600 million senior secured credit facility, consisting of a $350 million revolving credit facility and a $250 million Term Loan (the “Facility”). Proceeds from the Term Loan will be used to purchase the FSRU Sequoia, which is currently under a bare boat charter with a third party until mid-2025. Excelerate gave notice to the vessel owner regarding its intent to exercise its purchase option following the closing of the Facility. Proceeds from the revolving credit facility are expected to be used primarily for letters of credit, working capital, and other general corporate purposes.

As of December 31, 2022, Excelerate had $516.7 million in cash and cash equivalents, $40 million of letters of credit issued, and no outstanding borrowings under its $350 million senior secured revolving credit facility.

On March 23, 2023, 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 April 27, 2023, to shareholders of record at the close of business on April 12, 2023.

2023 FINANCIAL OUTLOOK

For the full year 2023, the Company expects Adjusted EBITDA to range between $320 million and $340 million. Following the anticipated purchase of the FSRU Sequoia in the second quarter of 2023, the Company will no longer incur rental expense for the Sequoia bareboat charter. The Company will cease reporting Adjusted EBITDAR in 2023. Maintenance capex for 2023 is expected to range between $15 million and $35 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 a.m. Eastern Time (7:30 a.m. Central Time) on Tuesday, March 28, 2023. 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, 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

We use Adjusted Gross Margin, a non-GAAP financial measure, which we define as revenues less direct cost of sales and operating expenses, excluding depreciation and amortization, to measure our operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight on profitability and true operating performance excluding the implications of the historical cost basis of our assets. Our computation of Adjusted Gross Margin may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.

Adjusted EBITDA and Adjusted EBITDAR

Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because we believe it is a useful indicator of our operating performance. We define Adjusted EBITDA as net income before interest, income taxes, depreciation and amortization, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. In the second quarter of 2022, we revised the definition of Adjusted EBITDA to adjust for the impact of non-cash long-term incentive compensation expense, which we did not have prior to becoming a public company, and the early extinguishment of lease liability related to the acquisition of the Excellence vessel, as management believes such items do not directly reflect our ongoing operating performance.

Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental disclosure because we believe it is a valuation measure commonly used by financial statement users to more effectively compare the results of our operations from period to period and against other companies without regard to our financing methods or capital structure. We define Adjusted EBITDAR as Adjusted EBITDA adjusted to eliminate the effects of rental expenses for vessels and other infrastructure, which are normal, recurring cash operating expenses necessary to operate our business.

Adjusted Net Income

The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income plus the early extinguishment of lease liability related to the acquisition of the Excellence vessel and restructuring, transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight on profitability excluding the impact of non-recurring charges related to our IPO. The Company's computation of Adjusted Net Income may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.

The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. These measures have limitations as certain excluded items are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA and Adjusted EBITDAR. Adjusted EBITDAR should not be viewed as a measure of overall performance or considered in isolation or as an alternative to net income because it excludes rental expenses for vessels and other infrastructure, which is a normal, recurring cash operating expense that is necessary to operate the Company's business. The Company's presentation of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. The Company's computations of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, each of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income has significant limitations which affect its use as an indicator of its profitability and valuation, and you are cautioned not to place undue reliance on this information.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements about Excelerate Energy, Inc. (“Excelerate,” “Company,” “we,” “us,” and “our”) 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, and objectives of management for future operations, 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,” “would,” or the negative thereof or other variations thereon or comparable terminology. These statements are based on information available to us as of the date of this press release. And 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.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including, without limitation, those identified in this press release as well as the following: customers’ contract termination rights or failure to perform their contractual obligations; risks and technical complexities inherent in operating the Company’s floating storage and regasification units (“FSRUs”) and other infrastructure assets; unforeseen delays, cancellations, expenses or other complications in developing the Company’s projects; regasification terminal or other facility failures; the Company’s need for substantial capital expenditures to maintain or replace FSRUs, terminals or other associated assets; reliance on third parties, including engineering, procurement and construction contractors; officer and crew shortages; the Company’s ability to maintain customer and supplier relationships and to source new suppliers; the Company’s ability to connect with third-party infrastructure; the Company’s ability to purchase or receive delivery of sufficient quantities of liquified natural gas (“LNG”) to satisfy contractual obligations and exposure to commodity price risk; changes in the demand for and price of LNG; the competitive market for LNG regasification services and fluctuations in hire rates for FSRUs; community and political group resistance to existing and new LNG and natural gas infrastructure due to concerns about the environment, safety and terrorism; access to financing sources on favorable terms; the Company’s debt level and finance lease liabilities that could limit its flexibility to obtain additional financing or refinance existing debt;  catastrophic events, political tensions, conflicts and wars (such as the ongoing Russia-Ukraine war), health crises and pandemics; volatility of the global financial markets and uncertain economic conditions, including the impact of increased inflation and related governmental monetary policies; and the other risks, uncertainties and other factors identified under "Risk Factors" and elsewhere in the Company’s filings with Securities and Exchange Commission. 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, such as the Russia-Ukraine war, 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. The volatility of the global financial markets and uncertain economic conditions, such as energy costs, geopolitical issues and supply chain disruptions, 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.

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,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2021

 

 

 

(In thousands, except share and per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

FSRU and terminal services

 

$

122,147

 

 

$

115,346

 

 

$

445,157

 

 

$

468,030

 

Gas sales

 

 

332,963

 

 

 

687,915

 

 

 

2,027,816

 

 

 

420,525

 

Total revenues

 

 

455,110

 

 

 

803,261

 

 

 

2,472,973

 

 

 

888,555

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue and vessel operating expenses (exclusive of items below)

 

 

50,201

 

 

 

50,258

 

 

 

209,195

 

 

 

192,723

 

Direct cost of gas sales

 

 

300,086

 

 

 

658,320

 

 

 

1,906,781

 

 

 

390,518

 

Depreciation and amortization

 

 

24,626

 

 

 

24,648

 

 

 

97,313

 

 

 

104,908

 

Selling, general and administrative expenses

 

 

21,623

 

 

 

18,778

 

 

 

66,099

 

 

 

47,088

 

Restructuring, transition and transaction expenses

 

 

220

 

 

 

1,345

 

 

 

6,900

 

 

 

13,974

 

Total operating expenses

 

 

396,756

 

 

 

753,349

 

 

 

2,286,288

 

 

 

749,211

 

Operating income

 

 

58,354

 

 

 

49,912

 

 

 

186,685

 

 

 

139,344

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(9,619

)

 

 

(9,454

)

 

 

(33,927

)

 

 

(31,892

)

Interest expense – related party

 

 

(3,711

)

 

 

(4,235

)

 

 

(25,612

)

 

 

(48,922

)

Earnings from equity method investment

 

 

563

 

 

 

625

 

 

 

2,698

 

 

 

3,263

 

Early extinguishment of lease liability on vessel acquisition

 

 

 

 

 

 

 

 

(21,834

)

 

 

 

Other income, net

 

 

4,857

 

 

 

657

 

 

 

312

 

 

 

564

 

Income before income taxes

 

 

50,444

 

 

 

37,505

 

 

 

108,322

 

 

 

62,357

 

Provision for income taxes

 

 

(16,574

)

 

 

(233

)

 

 

(28,326

)

 

 

(21,168

)

Net income

 

 

33,870

 

 

 

37,272

 

 

 

79,996

 

 

 

41,189

 

Less net income attributable to non-controlling interest

 

 

28,195

 

 

 

28,571

 

 

 

55,119

 

 

 

3,035

 

Less net loss attributable to non-controlling interest – ENE Onshore

 

 

(851

)

 

 

(127

)

 

 

(1,396

)

 

 

(2,964

)

Less pre-IPO net income attributable to EELP

 

 

 

 

 

 

 

 

12,950

 

 

 

41,118

 

Net income attributable to shareholders

 

$

6,526

 

 

$

8,828

 

 

$

13,323

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share – basic

 

$

0.25

 

 

$

0.34

 

 

$

0.51

 

 

$

 

Net income per common share – diluted

 

$

0.25

 

 

$

0.34

 

 

$

0.51

 

 

$

 

Weighted average shares outstanding – basic

 

 

26,254,167

 

 

 

26,254,167

 

 

 

26,254,167

 

 

 

 

Weighted average shares outstanding – diluted

 

 

26,267,768

 

 

 

26,260,861

 

 

 

26,262,107

 

 

 

 

 

Excelerate Energy, Inc.

Consolidated Balance Sheets

 

 

 

December 31, 2022

 

 

December 31, 2021

 

ASSETS

 

(In thousands)

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

516,659

 

 

$

72,786

 

Current portion of restricted cash

 

 

2,614

 

 

 

2,495

 

Accounts receivable, net

 

 

79,694

 

 

 

260,535

 

Accounts receivable, net – related party

 

 

2,595

 

 

 

11,140

 

Inventories

 

 

173,603

 

 

 

105,020

 

Current portion of net investments in sales-type leases

 

 

13,344

 

 

 

12,225

 

Other current assets

 

 

35,026

 

 

 

26,194

 

Total current assets

 

 

823,535

 

 

 

490,395

 

Restricted cash

 

 

18,698

 

 

 

15,683

 

Property and equipment, net

 

 

1,455,683

 

 

 

1,433,169

 

Operating lease right-of-use assets

 

 

78,611

 

 

 

106,225

 

Net investments in sales-type leases

 

 

399,564

 

 

 

412,908

 

Investment in equity method investee

 

 

24,522

 

 

 

22,051

 

Deferred tax assets, net

 

 

39,867

 

 

 

939

 

Other assets

 

 

26,342

 

 

 

19,366

 

Total assets

 

$

2,866,822

 

 

$

2,500,736

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

94,770

 

 

$

303,651

 

Accounts payable to related party

 

 

2,054

 

 

 

7,937

 

Accrued liabilities and other liabilities

 

 

66,888

 

 

 

105,034

 

Current portion of deferred revenue

 

 

144,807

 

 

 

9,653

 

Current portion of long-term debt

 

 

20,913

 

 

 

19,046

 

Current portion of long-term debt – related party

 

 

7,661

 

 

 

7,096

 

Current portion of operating lease liabilities

 

 

33,612

 

 

 

30,215

 

Current portion of finance lease liabilities

 

 

20,804

 

 

 

21,903

 

Current portion of finance lease liabilities – related party

 

 

 

 

 

15,627

 

Total current liabilities

 

 

391,509

 

 

 

520,162

 

Long-term debt, net

 

 

193,396

 

 

 

214,369

 

Long-term debt, net – related party

 

 

180,772

 

 

 

191,217

 

Operating lease liabilities

 

 

48,373

 

 

 

77,936

 

Finance lease liabilities

 

 

210,354

 

 

 

229,755

 

Finance lease liabilities – related party

 

 

 

 

 

210,992

 

TRA liability

 

 

72,951

 

 

 

 

Asset retirement obligations

 

 

39,823

 

 

 

34,929

 

Long-term deferred revenue

 

 

32,947

 

 

 

14,451

 

Derivative liabilities

 

 

 

 

 

2,999

 

Total liabilities

 

$

1,170,125

 

 

$

1,496,810

 

Commitments and contingencies

 

 

 

 

 

 

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

 

 

82

 

 

 

 

Additional paid-in capital

 

 

464,721

 

 

 

 

Equity interest

 

 

 

 

 

1,135,769

 

Retained earnings

 

 

12,009

 

 

 

 

Related party note receivable

 

 

 

 

 

(6,759

)

Accumulated other comprehensive income (loss)

 

 

515

 

 

 

(9,178

)

Non-controlling interest

 

 

1,219,344

 

 

 

14,376

 

Non-controlling interest – ENE Onshore

 

 

 

 

 

(130,282

)

Total equity

 

$

1,696,697

 

 

$

1,003,926

 

Total liabilities and equity

 

$

2,866,822

 

 

$

2,500,736

 

Excelerate Energy, Inc.

Consolidated Statements of Cash Flows

 

 

 

For the year ended

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Cash flows from operating activities

 

(In thousands)

 

Net income

 

$

79,996

 

 

$

41,189

 

Adjustments to reconcile net income to net cash from operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

97,313

 

 

 

104,908

 

Amortization of operating lease right-of-use assets

 

 

31,699

 

 

 

23,496

 

ARO accretion expense

 

 

1,494

 

 

 

1,430

 

Amortization of debt issuance costs

 

 

2,664

 

 

 

1,394

 

Deferred income taxes

 

 

2,255

 

 

 

(966

)

Share of net earnings in equity method investee

 

 

(2,698

)

 

 

(3,263

)

Distributions from equity method investee

 

 

4,950

 

 

 

 

Long-term incentive compensation expense

 

 

956

 

 

 

 

Early extinguishment of lease liability on vessel acquisition

 

 

21,834

 

 

 

 

Non-cash restructuring expense

 

 

1,574

 

 

 

 

(Gain)/loss on other operating

 

 

(2,224

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

197,903

 

 

 

(247,174

)

Inventories

 

 

(68,583

)

 

 

(82,667

)

Other current assets and other assets

 

 

(22,826

)

 

 

(17,792

)

Accounts payable and accrued liabilities

 

 

(258,281

)

 

 

341,339

 

Derivative liabilities

 

 

3,083

 

 

 

445

 

Current portion of deferred revenue

 

 

135,154

 

 

 

(2,329

)

Net investments in sales-type leases

 

 

12,225

 

 

 

10,229

 

Operating lease assets and liabilities

 

 

(30,252

)

 

 

(22,436

)

Other long-term liabilities

 

 

16,854

 

 

 

(6,190

)

Net cash provided by operating activities

 

$

225,090

 

 

$

141,613

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(119,267

)

 

 

(36,091

)

Net cash used in investing activities

 

$

(119,267

)

 

$

(36,091

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from issuance of common stock, net

 

 

412,148

 

 

 

 

Proceeds from long-term debt – related party

 

 

654,000

 

 

 

118,309

 

Repayments of long-term debt – related party

 

 

(653,409

)

 

 

(82,153

)

Repayments of long-term debt

 

 

(20,311

)

 

 

(29,214

)

Proceeds from revolving credit facility

 

 

140,000

 

 

 

 

Repayments of revolving credit facility

 

 

(140,000

)

 

 

 

Payment of debt issuance costs

 

 

(5,951

)

 

 

(1,188

)

Related party note receivables

 

 

 

 

 

(200,500

)

Collections of related party note receivables

 

 

6,600

 

 

 

122,338

 

Settlement of finance lease liability – related party

 

 

(25,000

)

 

 

 

Principal payments under finance lease liabilities

 

 

(20,499

)

 

 

(36,262

)

Principal payments under finance lease liabilities – related party

 

 

(2,912

)

 

 

(15,427

)

Dividends paid

 

 

(1,313

)

 

 

 

Distributions

 

 

(4,101

)

 

 

 

Contributions

 

 

1,932

 

 

 

 

Net cash provided by (used in) financing activities

 

$

341,184

 

 

$

(124,097

)

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

 

 

447,007

 

 

 

(18,575

)

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

$

90,964

 

 

$

109,539

 

End of period

 

$

537,971

 

 

$

90,964

 

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, 2022

 

 

September 30, 2022

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

(In thousands)

 

FSRU and terminal services revenues

 

$

122,147

 

 

$

115,346

 

 

$

445,157

 

 

$

468,030

 

Gas sales revenues

 

 

332,963

 

 

 

687,915

 

 

 

2,027,816

 

 

 

420,525

 

Cost of revenue and vessel operating expenses

 

 

(50,201

)

 

 

(50,258

)

 

 

(209,195

)

 

 

(192,723

)

Direct cost of gas sales

 

 

(300,086

)

 

 

(658,320

)

 

 

(1,906,781

)

 

 

(390,518

)

Depreciation and amortization expense

 

 

(24,626

)

 

 

(24,648

)

 

 

(97,313

)

 

 

(104,908

)

Gross Margin

 

$

80,197

 

 

$

70,035

 

 

$

259,684

 

 

$

200,406

 

Depreciation and amortization expense

 

 

24,626

 

 

 

24,648

 

 

 

97,313

 

 

 

104,908

 

Adjusted Gross Margin

 

$

104,823

 

 

$

94,683

 

 

$

356,997

 

 

$

305,314

 

The following table presents a reconciliation of Adjusted EBITDA and Adjusted EBITDAR to the GAAP financial measures of net income for each of the period indicated.

 

 

For the three months ended

 

 

For the full year ended

 

 

 

December 31, 2022

 

 

September 30, 2022

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

(In thousands)

 

Net income

 

$

33,870

 

 

$

37,272

 

 

$

79,996

 

 

$

41,189

 

Interest expense

 

 

13,330

 

 

 

13,689

 

 

 

59,539

 

 

 

80,814

 

Provision for income taxes

 

 

16,574

 

 

 

233

 

 

 

28,326

 

 

 

21,168

 

Depreciation and amortization expense

 

 

24,626

 

 

 

24,648

 

 

 

97,313

 

 

 

104,908

 

Restructuring, transition and transaction expenses

 

 

220

 

 

 

1,345

 

 

 

6,900

 

 

 

13,974

 

Long-term incentive compensation expense

 

 

358

 

 

 

328

 

 

 

956

 

 

 

 

Early extinguishment of lease liability on vessel acquisition

 

 

 

 

 

 

 

 

21,834

 

 

 

 

Adjusted EBITDA

 

$

88,978

 

 

$

77,515

 

 

$

294,864

 

 

$

262,053

 

Vessel and infrastructure rent expense

 

 

9,068

 

 

 

8,920

 

 

 

36,233

 

 

 

28,998

 

Adjusted EBITDAR

 

$

98,046

 

 

$

86,435

 

 

$

331,097

 

 

$

291,051

 

The following table presents a reconciliation of Adjusted Net Income to the GAAP financial measures of net income for each of the period indicated.

 

 

For the three months ended

 

 

For the full year ended

 

 

 

December 31, 2022

 

 

September 30, 2022

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

(In thousands)

 

Net income

 

$

33,870

 

 

$

37,272

 

 

$

79,996

 

 

$

41,189

 

Add back (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring, transition and transaction expenses

 

 

220

 

 

 

1,345

 

 

 

6,900

 

 

 

13,974

 

Early extinguishment of lease liability on vessel acquisition

 

 

 

 

 

 

 

 

21,834

 

 

 

 

Adjusted net income

 

$

34,090

 

 

$

38,617

 

 

$

108,730

 

 

$

55,163

 

 

 

2023E

 

 

2023E

 

(In millions)

 

Low Case

 

 

High Case

 

Income before income taxes

 

$

141

 

 

$

171

 

Interest expense

 

 

69

 

 

 

64

 

Depreciation and amortization expense

 

 

105

 

 

 

100

 

Restructuring, transition and transaction expenses

 

 

 

 

 

2

 

Long-term incentive compensation expense

 

 

5

 

 

 

3

 

Adjusted EBITDA

 

 

320

 

 

 

340

 

Note: We have not reconciled the Adjusted EBITDA and Adjusted EBITDAR outlook to net income, the most comparable measure, because it is not possible to estimate, without unreasonable effort, our income taxes with the level of required precision. Accordingly, we have reconciled these non-GAAP measures to our estimated income before taxes.

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