Excelerate Energy Inc. (NYSE:EE) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET

Company Participants

Craig Hicks - VP, IR

Steven Kobos - President and CEO

Dana Armstrong - EVP and CFO

Daniel Bustos - CCO

Conference Call Participants

Chris Robertson - Deutsche Bank

Jeremy Tonet - JPMorgan

Michael Blum - Wells Fargo

Zack Van Everen - Tudor, Pickering & Holt

Craig Shere - Tuohy Brothers

Operator

Hello and welcome to the Excelerate Energy Third Quarter 2023 Earnings Conference Call. My name is Elliot and I'll be coordinating you your call today. [Operator Instructions]

I'd now like to hand over to Craig Hicks, Vice President of Investor Relations and ESG. The floor is yours. Please go ahead.

Craig Hicks

Good morning everyone. Thank you for joining Excelerate Energy's third quarter 2023 financial results call. Participating on the call today are Steven Kobos, President and Chief Executive Officer; and Dana Armstrong, Executive Vice President and Chief Financial Officer.

Our third quarter 2020 results press release and presentation were released yesterday afternoon and can be found on our website at ir.excelerateenergy.com. I would like to remind everyone that we will be making forward-looking statements on this call that involve a number of risks and uncertainties.

Our actual results may differ materially from those expressed in these forward-looking statements, and we make no obligation to update or revise them. Today's remarks will also refer to certain non-GAAP financial measures. We have provided a reconciliation to the most directly comparable GAAP financial measures at the back of the presentation.

Now, I'd like to turn the call over to Steven Kobos, Chief Executive Officer of Excelerate Energy.

Steven Kobos

Thanks Craig and good morning, everyone. Today, I'm going to talk about our financial and operational performance during the quarter, our recent commercial updates, and our growth strategy. Then I'll pass the call over to Dana, who will provide more detail on our financial results for the quarter.

Let's just start by talking about who we are as a company. Excelerate Energy is a leading provider of flexible LNG infrastructure and integrated solutions. We enhance energy security for countries around the world and we help them to transition to a clean energy future.

These fundamental tenets of who we are remain unchanged. We've got a geographically diverse and resilient business model designed to deliver predictable earnings results, which is exactly what we did.

Excelerate reported very strong financial results in the third quarter. Our adjusted EBITDA came in at $107 million, and net income was close to $47 million. The results we delivered during the quarter were driven primarily by higher revenues in our core regasification business, outperformance of our gas sales contracts in Brazil and lower-than-anticipated expenses across the fleet.