Excelerate Energy(EE)2025-05-08 21:02Financial Performance - Total revenues for the three months ended March 31, 2025, increased to $315,090,000, up 57.4% from $200,113,000 in the same period of 2024[16] - Net income attributable to shareholders for Q1 2025 was $11,387,000, representing an 80.5% increase compared to $6,324,000 in Q1 2024[16] - Operating income for the three months ended March 31, 2025, was $65,716,000, compared to $45,159,000 in Q1 2024, reflecting a growth of 45.5%[16] - Comprehensive income attributable to shareholders for Q1 2025 was $10,975,000, compared to $6,871,000 in Q1 2024, reflecting a 60.9% increase[18] - For the three months ended March 31, 2025, net income was $52.123 million, a 85.1% increase compared to $28.140 million in the same period of 2024[22] - The diluted earnings per share for the three months ended March 31, 2025, was $0.46, compared to $0.24 for the same period in 2024[73] Cash and Liquidity - Cash and cash equivalents as of March 31, 2025, were $619,469,000, an increase of 15.2% from $537,522,000 at the end of 2024[15] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $637.605 million, up from $596.652 million at the end of Q1 2024[22] - Net cash provided by operating activities for Q1 2025 was $154.809 million, significantly higher than $64.661 million in Q1 2024[22] - The Company had $350.0 million of undrawn capacity available under the EE Revolver[59] Assets and Liabilities - Total current assets as of March 31, 2025, were $779,819,000, up from $754,279,000 at the end of 2024, indicating a growth of 3.4%[15] - The company’s total assets increased to $2,917,443,000 as of March 31, 2025, from $2,883,215,000 at the end of 2024, a growth of 1.2%[15] - The total long-term debt, net as of March 31, 2025, was $275.638 million, a decrease from $286.760 million as of December 31, 2024, reflecting a reduction of about 3.9%[48] - The current portion of long-term debt remained stable at $46,993,000 as of March 31, 2025, compared to $46,793,000 at the end of 2024[15] Revenue Sources - The company reported a significant increase in gas sales, reaching $166,725,000 in Q1 2025, compared to $43,119,000 in Q1 2024, marking a growth of 286.5%[16] - Revenue from leases was $132.78 million, slightly up from $132.15 million year-over-year, with operating lease income contributing $115.93 million[82] - Gas sales revenue surged to $166.73 million, compared to $43.12 million in the prior year, reflecting a significant increase in demand[81] Strategic Initiatives - Excelerate Energy is in the process of acquiring a business in Jamaica for an initial purchase price of $1.055 billion, expected to close in Q2 2025[25][26] - The company plans to utilize cash reserves for the pending acquisition and ongoing operational needs, reflecting a strategic focus on growth and expansion[25][26] - The company signed a 15-year LNG sale and purchase agreement with Petrobangla, expected to deliver 0.85 million tonnes per annum starting in 2026, increasing to 1.0 MTPA from 2028[91] Stock and Equity - The Company repurchased 2,473,787 shares of its Class A Common Stock at a weighted average price of $20.41 per share during the year ended December 31, 2024, totaling approximately $50.0 million[72] - A cash dividend of $0.06 per share of Class A Common Stock was declared for the quarter ended March 31, 2025, payable on June 5, 2025[123] - The company completed an equity offering of 6,956,522 shares at a public offering price of $26.50 per share, resulting in net proceeds of approximately $201.9 million after expenses[120] Expenses and Costs - The company reported depreciation and amortization expenses of $21.643 million for Q1 2025, slightly down from $22.910 million in Q1 2024[22] - The Company reported a depreciation expense of $20.8 million for the three months ended March 31, 2025, compared to $22.0 million for the same period in 2024, indicating a decrease of approximately 5.5%[45] - The company reported total lease costs of $4.25 million for Q1 2025, down from $4.64 million in Q1 2024[80] Market Risks - The company is exposed to market risks including interest rates, natural gas and LNG prices, and foreign currency exchange rates, and may utilize derivative instruments to manage these risks[205] - The company has no financial commodity derivative instruments as of March 31, 2025, to mitigate commodity price risk associated with LNG purchases[208] Taxation - The provision for income taxes for the three months ended March 31, 2025, was $6.0 million, down from $6.9 million in 2024, with an effective tax rate of 10.4% compared to 19.7%[106]