EE Excelerate Energy Inc

Excelerate Energy, Inc. (NYSE: EE) (Excelerate or the Company) today reported its financial results for the fourth quarter ended December 31, 2024.

RECENT HIGHLIGHTS

• Reported Net Income of $46.1 million for the fourth quarter and $153.0 million for the full year 2024
• Reported Adjusted EBITDA of $91.6 million for the fourth quarter and $348.2 million for the full year 2024
• Declared a quarterly cash dividend of $0.06 per share, payable on March 27, 2025

CEO COMMENT

“2024 was an exceptional year for Excelerate. We delivered record full year financial results while maintaining our standard of operational excellence,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “Our continued success, driven largely by the performance of our core regasification business, has positioned us as the industry leader in FSRUs and downstream LNG infrastructure. As a U.S. LNG company with a global presence, we remain well positioned to connect growing global LNG supply to attractive demand centers around the world.”

Kobos continued, “In 2025, we will continue to focus on expanding our fleet, optimizing our LNG supply portfolio, and pursuing strategic investments in both FSRU-based import terminals and downstream LNG infrastructure. We are committed to executing our growth strategy, and we look forward to announcing key initiatives that will drive value creation for our shareholders in the near and mid-term.”

2025 GUIDANCE

• Full year 2025 Adjusted EBITDA expected to range between $340 million and $360 million
• Maintenance Capex expected to range between $60 million and $70 million
• Committed Growth Capital, which is defined as capital allocated and committed to specific investments for previously approved capital projects, is expected to range between $65 million and $75 million

FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS

 

For the three months ended

 

 

For the full year ended

 

(In millions, except per share amounts)

December 31,

2024

 

 

September 30,

2024

 

 

December 31,

2024

 

 

December 31,

2023

 

Revenues

$

274.6

 

 

$

193.4

 

 

$

851.4

 

 

$

1,159.0

 

Operating Income

$

60.2

 

 

$

59.7

 

 

$

215.0

 

 

$

210.6

 

Net Income

$

46.1

 

 

$

45.5

 

 

$

153.0

 

 

$

126.8

 

Adjusted EBITDA (1)

$

91.6

 

 

$

92.3

 

 

$

348.2

 

 

$

346.8

 

Earnings Per Share (diluted)

$

0.40

 

 

$

0.35

 

 

$

1.27

 

 

$

1.11

 

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

Net Income and Adjusted EBITDA for the full year 2024 increased primarily due to various charter rate increases and a full year of earnings for the FSRU Excelsior, partially offset by the transition of the FSRU Sequoia to a time charter party agreement in the first quarter of 2024. Net income also increased due to lower depreciation expense driven by an update to the Company's FSRU useful life assumption in the fourth quarter of 2023.

Net Income and Adjusted EBITDA for the fourth quarter of 2024 were essentially flat to the third quarter of 2024 primarily due to higher operating costs related to scheduled maintenance offset by further optimization of LNG cargo sales.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2024, Excelerate had $537.5 million in cash and cash equivalents and the Company had issued $22.8 million in letters of credit under its revolver. All of the $327.2 million of undrawn capacity under the revolver was available for additional borrowings as of December 31, 2024.

On February 20, 2025, Excelerate’s Board of Directors approved a quarterly cash dividend equal to $0.06 per share, or $0.24 per share on an annualized basis, of Class A common stock. The dividend is payable on March 27, 2025, to Class A common stockholders of record as of the close of business on March 12, 2025.

2025 FINANCIAL OUTLOOK

The Company expects Adjusted EBITDA to range between $340 million and $360 million for the full year 2025. Maintenance Capex for 2025 is expected to range between $60 million and $70 million. Committed Growth Capital is expected to range between $65 million and $75 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 Thursday, February 27, 2025. 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 a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, 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 non-recurring 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 2024 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

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 expense, income taxes, depreciation and amortization, accretion, 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.

We adjust net income for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA 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 our operating performance or liquidity. This measure has 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. Our presentation of Adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, Adjusted EBITDA has significant limitations which affect its use as an indicator of our 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, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate Energy, Inc. (“Excelerate,” and together with its subsidiaries “we,” “us,” “our” or the “Company”) 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 or plan to operate, objectives of management for future operations, and our share repurchase program, 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,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions.

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 described under “Risk Factors” in Excelerate’s Annual Report on Form 10‐K for the year ended December 31, 2023, our other filings with the Securities and Exchange Commission (the “SEC”), and those identified in this press release, including, but not limited to, the following: unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or existing or anticipated project cancellations; the competitive market for liquefied natural gas (“LNG”) regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; our need for substantial expenditures to maintain and replace, over the long-term, the operating capacity of our assets; risks associated with conducting business outside of the United States, including political, legal and economic risk; our ability to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services; our ability to access financing on favorable terms; our debt level and finance lease liabilities, which may limit our flexibility in obtaining additional financing, or refinancing credit facilities upon maturity; our financing agreements, which include financial restrictions and covenants and are secured by certain of our vessels; our ability to enter into or extend contracts with customers and our customers’ failure to perform their contractual obligations; our ability to purchase or receive physical delivery of LNG in sufficient quantities to satisfy our delivery and sales obligations under gas sales agreements and/or LNG sales agreements or at attractive prices; our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain; the technical complexity of our floating storage and regasification units (“FSRUs”) and LNG import terminals and related operational problems; the risks inherent in operating our FSRUs and other LNG infrastructure assets; customer termination rights in our contracts; adverse effects on our operations due to disruption of third-party facilities; infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, safety and terrorism; shortages of qualified officers and crew impairing our ability to operate or increasing the cost of crewing our vessels; acts of terrorism, war or political or civil unrest; compliance with various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws that affect our operations; and other risks, uncertainties and factors set forth in any of our filings with the SEC. These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. 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, 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. For example, the current global economic uncertainty and geopolitical climate, including international wars and conflicts, and world or regional health events, including pandemics and epidemics and governmental and third-party responses thereto, 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.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, 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. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these 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 (Unaudited)

 

 

 

For the three months ended

 

 

For the full year ended

 

 

 

December 31,

2024

 

 

September 30,

2024

 

 

December 31,

2024

 

 

December 31,

2023

 

 

 

(In thousands, except share and per share amounts)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

FSRU and terminal services

 

$

154,044

 

 

$

150,139

 

 

$

612,164

 

 

$

506,810

 

Gas sales

 

 

120,528

 

 

 

43,280

 

 

 

239,273

 

 

 

652,153

 

Total revenues

 

 

274,572

 

 

 

193,419

 

 

 

851,437

 

 

 

1,158,963

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

52,987

 

 

 

45,431

 

 

 

215,610

 

 

 

228,165

 

Direct cost of gas sales

 

 

115,294

 

 

 

41,399

 

 

 

227,745

 

 

 

518,394

 

Depreciation and amortization

 

 

22,598

 

 

 

23,031

 

 

 

98,939

 

 

 

114,323

 

Selling, general and administrative expenses

 

 

23,477

 

 

 

23,819

 

 

 

94,148

 

 

 

87,476

 

Total operating expenses

 

 

214,356

 

 

 

133,680

 

 

 

636,442

 

 

 

948,358

 

Operating income

 

 

60,216

 

 

 

59,739

 

 

 

214,995

 

 

 

210,605

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(11,451

)

 

 

(11,711

)

 

 

(47,365

)

 

 

(52,468

)

Interest expense – related party

 

 

(3,367

)

 

 

(3,411

)

 

 

(13,657

)

 

 

(14,527

)

Earnings from equity method investment

 

 

562

 

 

 

562

 

 

 

2,247

 

 

 

883

 

Other income, net

 

 

5,724

 

 

 

6,525

 

 

 

22,913

 

 

 

15,598

 

Income before income taxes

 

 

51,684

 

 

 

51,704

 

 

 

179,133

 

 

 

160,091

 

Provision for income taxes

 

 

(5,613

)

 

 

(6,158

)

 

 

(26,099

)

 

 

(33,247

)

Net income

 

 

46,071

 

 

 

45,546

 

 

 

153,034

 

 

 

126,844

 

Less net income attributable to non-controlling interest

 

 

35,144

 

 

 

36,591

 

 

 

120,156

 

 

 

96,432

 

Net income attributable to shareholders

 

$

10,927

 

 

$

8,955

 

 

$

32,878

 

 

$

30,412

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share – basic

 

$

0.45

 

 

$

0.36

 

 

$

1.29

 

 

$

1.16

 

Net income per common share – diluted

 

$

0.40

 

 

$

0.35

 

 

$

1.27

 

 

$

1.11

 

Weighted average shares outstanding – basic

 

 

24,187,118

 

 

 

25,009,326

 

 

 

25,400,181

 

 

 

26,256,104

 

Weighted average shares outstanding – diluted

 

 

106,960,126

 

 

 

25,468,541

 

 

 

25,844,735

 

 

 

108,299,587

 

Excelerate Energy, Inc.

Consolidated Balance Sheets (Unaudited)

 

 

 

December 31, 2024

 

 

December 31, 2023

 

ASSETS

 

(In thousands)

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

537,522

 

 

$

555,853

 

Current portion of restricted cash

 

 

2,612

 

 

 

2,655

 

Accounts receivable, net

 

 

119,960

 

 

 

97,285

 

Current portion of net investments in sales-type leases

 

 

43,471

 

 

 

16,463

 

Other current assets

 

 

50,714

 

 

 

27,356

 

Total current assets

 

 

754,279

 

 

 

699,612

 

Restricted cash

 

 

14,361

 

 

 

13,950

 

Property and equipment, net

 

 

1,622,896

 

 

 

1,649,779

 

Net investments in sales-type leases

 

 

376,814

 

 

 

383,547

 

Investment in equity method investee

 

 

19,295

 

 

 

21,269

 

Deferred tax assets, net

 

 

27,559

 

 

 

42,948

 

Other assets

 

 

68,011

 

 

 

49,274

 

Total assets

 

$

2,883,215

 

 

$

2,860,379

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

7,135

 

 

$

13,761

 

Accrued liabilities and other liabilities

 

 

71,573

 

 

 

89,796

 

Current portion of deferred revenue

 

 

58,185

 

 

 

27,169

 

Current portion of long-term debt

 

 

46,793

 

 

 

42,614

 

Current portion of long-term debt – related party

 

 

8,943

 

 

 

8,336

 

Current portion of finance lease liabilities

 

 

23,475

 

 

 

22,080

 

Total current liabilities

 

 

216,104

 

 

 

203,756

 

Long-term debt, net

 

 

286,760

 

 

 

333,367

 

Long-term debt, net – related party

 

 

161,952

 

 

 

171,693

 

Finance lease liabilities

 

 

167,908

 

 

 

189,807

 

TRA liability

 

 

58,736

 

 

 

67,061

 

Asset retirement obligations

 

 

43,690

 

 

 

41,834

 

Long-term deferred revenue

 

 

27,722

 

 

 

29,098

 

Other long-term liabilities

 

 

31,842

 

 

 

14,409

 

Total liabilities

 

$

994,714

 

 

$

1,051,025

 

Commitments and contingencies

 

 

 

 

 

 

Class A Common Stock ($0.001 par value, 300,000,000 shares authorized, 26,432,131 shares issued as of December 31, 2024 and 26,284,027 shares issued as of December 31, 2023)

 

$

26

 

 

$

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, 2024 and December 31, 2023)

 

 

82

 

 

 

82

 

Additional paid-in capital

 

 

467,429

 

 

 

465,551

 

Retained earnings

 

 

72,322

 

 

 

39,754

 

Accumulated other comprehensive income

 

 

502

 

 

 

505

 

Treasury stock (2,564,058 shares as of December 31, 2024 and 20,624 shares as of December 31, 2023)

 

 

(52,375

)

 

 

(472

)

Non-controlling interest

 

 

1,400,515

 

 

 

1,303,908

 

Total equity

 

$

1,888,501

 

 

$

1,809,354

 

Total liabilities and equity

 

$

2,883,215

 

 

$

2,860,379

 

Excelerate Energy, Inc.

Consolidated Statements of Cash Flows (Unaudited)

 

 

For the year ended

 

 

 

December 31, 2024

 

 

December 31, 2023

 

Cash flows from operating activities

 

(In thousands)

 

Net income

 

 

153,034

 

 

$

126,844

 

Adjustments to reconcile net income to net cash from operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

98,939

 

 

 

114,323

 

Amortization of operating lease right-of-use assets

 

 

2,005

 

 

 

14,663

 

ARO accretion expense

 

 

1,856

 

 

 

1,774

 

Amortization of debt issuance costs

 

 

3,392

 

 

 

6,377

 

Deferred income taxes

 

 

3,818

 

 

 

(3,321

)

Share of net earnings in equity method investee

 

 

(2,247

)

 

 

(883

)

Distributions from equity method investee

 

 

1,800

 

 

 

4,725

 

Long-term incentive compensation expense

 

 

7,228

 

 

 

3,639

 

(Gain)/loss on non-cash items

 

 

(44

)

 

 

1,001

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(21,146

)

 

 

(20,993

)

Other current assets and other assets

 

 

(49,256

)

 

 

156,470

 

Accounts payable and accrued liabilities

 

 

(25,285

)

 

 

(61,585

)

Current portion of deferred revenue

 

 

31,016

 

 

 

(117,638

)

Net investments in sales-type leases

 

 

25,715

 

 

 

12,898

 

Tax receivable agreement liability

 

 

(3,433

)

 

 

(5,890

)

Other long-term liabilities

 

 

17,045

 

 

 

(519

)

Net cash provided by operating activities

 

$

244,437

 

 

$

231,885

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(113,257

)

 

 

(312,735

)

Sales of property and equipment

 

 

—

 

 

 

4,101

 

Net cash used in investing activities

 

$

(113,257

)

 

$

(308,634

)

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Repurchase of Class A Common Stock

 

 

(50,000

)

 

 

—

 

Cash received for stock options exercised

 

 

223

 

 

 

—

 

Proceeds from Term Loan Facility

 

 

—

 

 

 

250,000

 

Repayments of long-term debt

 

 

(44,568

)

 

 

(86,566

)

Repayments of long-term debt – related party

 

 

(9,134

)

 

 

(8,404

)

Payment of debt issuance costs

 

 

—

 

 

 

(7,660

)

Principal payments under finance lease liabilities

 

 

(20,504

)

 

 

(20,619

)

Taxes withheld for long-term incentive compensation

 

 

(400

)

 

 

(52

)

Dividends paid

 

 

(3,361

)

 

 

(2,626

)

Distributions

 

 

(22,537

)

 

 

(16,178

)

Minority owner contribution – Albania Power Project

 

 

1,257

 

 

 

3,462

 

Net cash provided by (used in) financing activities

 

$

(149,024

)

 

$

111,357

 

 

 

 

 

 

 

 

Effect of exchange rate on cash, cash equivalents, and restricted cash

 

 

(119

)

 

 

(121

)

 

 

 

 

 

 

 

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

 

 

(17,963

)

 

 

34,487

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

$

572,458

 

 

$

537,971

 

End of period

 

$

554,495

 

 

$

572,458

 

Excelerate Energy, Inc. Non-GAAP Reconciliation (Unaudited)

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,

2024

 

 

September 30,

2024

 

 

December 31,

2024

 

 

December 31,

2023

 

 

 

(In thousands)

 

FSRU and terminal services revenues

 

$

154,044

 

 

$

150,139

 

 

$

612,164

 

 

$

506,810

 

Gas sales revenues

 

 

120,528

 

 

 

43,280

 

 

 

239,273

 

 

 

652,153

 

Cost of revenue and vessel operating expenses

 

 

(52,987

)

 

 

(45,431

)

 

 

(215,610

)

 

 

(228,165

)

Direct cost of gas sales

 

 

(115,294

)

 

 

(41,399

)

 

 

(227,745

)

 

 

(518,394

)

Depreciation and amortization expense

 

 

(22,598

)

 

 

(23,031

)

 

 

(98,939

)

 

 

(114,323

)

Gross Margin

 

$

83,693

 

 

$

83,558

 

 

$

309,143

 

 

$

298,081

 

Depreciation and amortization expense

 

 

22,598

 

 

 

23,031

 

 

 

98,939

 

 

 

114,323

 

Adjusted Gross Margin

 

$

106,291

 

 

$

106,589

 

 

$

408,082

 

 

$

412,404

 

The following table presents a reconciliation of Adjusted EBITDA 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,

2024

 

 

September 30,

2024

 

 

December 31,

2024

 

 

December 31,

2023

 

 

 

(In thousands)

 

Net income

 

$

46,071

 

 

$

45,546

 

 

$

153,034

 

 

$

126,844

 

Interest expense

 

 

14,818

 

 

 

15,122

 

 

 

61,022

 

 

 

66,995

 

Provision for income taxes

 

 

5,613

 

 

 

6,158

 

 

 

26,099

 

 

 

33,247

 

Depreciation and amortization expense

 

 

22,598

 

 

 

23,031

 

 

 

98,939

 

 

 

114,323

 

Accretion expense

 

 

472

 

 

 

466

 

 

 

1,856

 

 

 

1,774

 

Long-term incentive compensation expense

 

 

1,982

 

 

 

1,966

 

 

 

7,245

 

 

 

3,639

 

Adjusted EBITDA

 

$

91,554

 

 

$

92,289

 

 

$

348,195

 

 

$

346,822

 

 

 

2025E

 

 

2025E

 

(In millions)

 

Low Case

 

 

High Case

 

Income before income taxes

 

$

178

 

 

$

214

 

Interest expense

 

 

60

 

 

 

50

 

Depreciation and amortization expense

 

 

91

 

 

 

81

 

Long-term incentive compensation expense

 

 

9

 

 

 

13

 

Accretion expense

 

 

2

 

 

 

2

 

Adjusted EBITDA

 

$

340

 

 

$

360

 

Note: We have not reconciled the Adjusted EBITDA 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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250226605344/en/

Investors Craig Hicks Excelerate Energy Craig.Hicks@excelerateenergy.com

Media Stephen Pettibone / Frances Jeter FGS Global Excelerate@fgsglobal.com or media@excelerateenergy.com