Excelerate Energy(EE) - 2024 Q2 - Quarterly Results

Financial Performance - Reported Net Income of $33.3 million for Q2 2024, an increase from $28.1 million in Q1 2024 and $29.6 million in Q2 2023[2] - Adjusted EBITDA for Q2 2024 was $89.0 million, up from $75.4 million in Q1 2024 and $88.6 million in Q2 2023[4] - Revenues for Q2 2024 were $183.3 million, a decrease from $200.1 million in Q1 2024 and $432.4 million in Q2 2023[4] - Net income attributable to shareholders increased to $6,672,000 in Q2 2024, up from $6,324,000 in Q2 2023, representing an increase of 5.5%[20] - Operating income for Q2 2024 was $49,881,000, compared to $45,159,000 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 $200,113,000 in Q2 2023[20] - Adjusted gross margin for Q2 2024 was $105,581,000, compared to $89,621,000 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 $24,479,000 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 $349.9 million of undrawn capacity under its revolver[7] - Cash and cash equivalents increased to $609,082,000 as of June 30, 2024, from $555,853,000 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 $2,860,379,000 at the end of 2023[21] - Current liabilities decreased to $205,021,000 as of June 30, 2024, from $203,756,000 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 $60 million[8] - Interest expense decreased to $15,476,000 from $17,072,000 year-over-year[25] - Provision for income taxes increased to $7,427,000 from $6,901,000 year-over-year[25] - Depreciation and amortization expense rose to $30,400,000 from $22,910,000 year-over-year[25] - Long-term incentive compensation expense increased to $1,920,000 from $1,377,000 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] 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 $340 million for 2024[8] - The company projects 2024 Adjusted EBITDA in a range of $320 million to $340 million[25] - Income before income taxes for the 2024E low case is projected at $141,000,000[25]