Excelerate Energy(EE) - 2024 Q4 - Annual Results

Financial Performance - Excelerate Energy reported a net income of $46.1 million for Q4 2024 and $153.0 million for the full year 2024, representing an increase from $126.8 million in 2023[7][3]. - Adjusted EBITDA for Q4 2024 was $91.6 million, with a full year total of $348.2 million, slightly up from $346.8 million in 2023[7][3]. - Revenues for Q4 2024 were $274.6 million, compared to $193.4 million in Q3 2024, while full year revenues decreased to $851.4 million from $1,159.0 million in 2023[3][7]. - The increase in net income and Adjusted EBITDA for 2024 was primarily due to charter rate increases and a full year of earnings from the FSRU Excelsior[5][6]. - For the three months ended December 31, 2024, total revenues were $274,572,000, a significant increase from $193,419,000 for the previous quarter[26]. - Net income for the year ended December 31, 2024, was $153,034,000, compared to $126,844,000 for the previous year, representing a year-over-year growth of approximately 20.5%[30]. - Operating income for the year ended December 31, 2024, was $214,995,000, compared to $210,605,000 for the previous year, indicating a stable performance[26]. - Cash flows from operating activities for the year ended December 31, 2024, were $244,437,000, an increase from $231,885,000 in the previous year[30]. - The company’s net income attributable to shareholders for the year ended December 31, 2024, was $32,878,000, up from $30,412,000 in the previous year[26]. - For the three months ended December 31, 2024, net income was $46,071,000, an increase from $45,546,000 in the previous quarter[34]. - Adjusted EBITDA for the full year ended December 31, 2024, was $348,195,000, slightly up from $346,822,000 in the previous year[34]. Future Projections - The company expects full year 2025 Adjusted EBITDA to range between $340 million and $360 million, with maintenance Capex projected between $60 million and $70 million[8][11]. - The company projects Adjusted EBITDA for 2025E to be between $340,000,000 and $360,000,000[34]. - The company expects interest expense for 2025E to be between $50,000,000 and $60,000,000[34]. Operational Insights - Excelerate's operational performance was impacted by higher operating costs related to scheduled maintenance in Q4 2024[6][5]. - The transition of the FSRU Sequoia to a time charter party agreement in Q1 2024 partially offset earnings growth in 2024[5][6]. - The company plans to focus on expanding its fleet and optimizing its LNG supply portfolio in 2025[2][11]. Shareholder Returns - The company declared a quarterly cash dividend of $0.06 per share, payable on March 27, 2025[10][7]. - The company repurchased $50,000,000 of Class A Common Stock during the year, reflecting a commitment to returning value to shareholders[30]. Financial Position - Excelerate's cash and cash equivalents stood at $537.5 million as of December 31, 2024, with $327.2 million of undrawn capacity available under its revolver[9][11]. - The company’s total assets as of December 31, 2024, were $2,883,215,000, a slight increase from $2,860,379,000 as of December 31, 2023[28]. - Current liabilities increased to $216,104,000 as of December 31, 2024, compared to $203,756,000 as of December 31, 2023[28]. - The weighted average shares outstanding for basic shares was 24,187,118 for the three months ended December 31, 2024[26]. Expenses - The company reported an adjusted gross margin of $408,082,000 for the full year ended December 31, 2024, slightly down from $412,404,000 in the previous year[33]. - Interest expense for the three months ended December 31, 2024, was $14,818,000, down from $15,122,000 in the previous quarter[34]. - Provision for income taxes for the full year ended December 31, 2024, was $26,099,000, compared to $33,247,000 in the previous year[34]. - Long-term incentive compensation expense for the full year ended December 31, 2024, was $7,245,000, significantly higher than $3,639,000 in the previous year[34]. - Depreciation and amortization expense for the full year ended December 31, 2024, was $98,939,000, down from $114,323,000 in the previous year[34]. - Accretion expense for the full year ended December 31, 2024, was $1,856,000, compared to $1,774,000 in the previous year[34]. - The company has not reconciled the Adjusted EBITDA outlook to net income due to the difficulty in estimating income taxes with precision[34].