Excelerate Energy(EE) - 2024 Q3 - Quarterly Results

Financial Performance - Reported Net Income of $45.5 million for Q3 2024, an increase from $33.3 million in Q2 2024[2] - Adjusted EBITDA for Q3 2024 was $92.3 million, up from $89.0 million in Q2 2024[2] - Full Year 2024 Adjusted EBITDA guidance raised to a range of $335 million to $345 million[2] - Revenues for Q3 2024 were $193.4 million, compared to $183.3 million in Q2 2024[3] - Operating Income for Q3 2024 was $59.7 million, up from $49.9 million in Q2 2024[3] - Total revenues for Q3 2024 reached $193.4 million, a 5.9% increase from $183.3 million in Q3 2023[24] - Operating income increased to $59.7 million, up 19.4% from $49.9 million in the same period last year[24] - Net income attributable to shareholders was $8.96 million, compared to $6.67 million in Q3 2023, representing a 34.3% increase[24] - Basic net income per common share rose to $0.36, up from $0.27 in Q3 2023, reflecting a 33.3% increase[24] - Net income for the three months ended September 30, 2024, was $45,546,000, compared to $33,277,000 for the same period in 2023, representing a year-over-year increase of approximately 37%[29] - Adjusted EBITDA for the three months ended September 30, 2024, was $92,289,000, compared to $88,963,000 for the same period in 2023, showing a growth of about 3%[29] Cash and Assets - As of September 30, 2024, Excelerate had $608.4 million in cash and cash equivalents[7] - Cash and cash equivalents increased to $608.4 million as of September 30, 2024, compared to $555.9 million at the end of 2023[25] - Total assets slightly increased to $2.86 billion from $2.86 billion at the end of 2023[25] - Total equity rose to $1.88 billion, up from $1.81 billion at the end of 2023[26] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $194.8 million, compared to $195.3 million in the same period last year[27] Dividends and Stock - Quarterly cash dividend increased by 140% to $0.06 per share, payable on December 5, 2024[2] - The company repurchased $27.2 million of Class A Common Stock during the quarter[27] Expenses and Provisions - Interest expense decreased to $15,122,000 in the latest quarter from $15,476,000 in the prior year, reflecting a reduction of approximately 2%[29] - Provision for income taxes was $6,158,000 for the three months ended September 30, 2024, down from $7,427,000 in the same period last year, indicating a decrease of about 17%[29] - Depreciation and amortization expense decreased to $23,031,000 from $30,400,000 year-over-year, a reduction of approximately 24%[29] - Long-term incentive compensation expense increased to $1,966,000 from $1,920,000, reflecting a rise of about 2%[29] Strategic Initiatives - Excelerate signed medium-term agreements for LNG purchases and sales totaling approximately 0.65 million tonnes[5] - Strategic partnership with PetroVietnam Technical Services Corporation established to explore LNG import solutions in Vietnam[6] Future Outlook - Committed Growth Capital for 2024 expected to range between $70 million and $80 million[9] - The company provided an outlook for 2024E Adjusted EBITDA with a low case of $335,000,000 and a high case of $345,000,000[29] - Income before income taxes for the 2024E forecast is estimated to be between $162,000,000 and $181,000,000[29] - The company reported an increase in accretion expense to $466,000 from $463,000 year-over-year, a slight increase of about 1%[29] - The company has not reconciled the Adjusted EBITDA to net income due to the complexity of estimating without unreasonable effort[29]