Navigator Holdings Ltd. (NYSE:NVGS) Q1 2024 Earnings Conference Call May 16, 2024 10:00 AM ET

Company Participants

Randy Giveans - Executive Vice President, Investor Relations & Business Development
Mads Peter Zacho - Chief Executive Officer
Gary Chapman - Chief Financial Officer
Oeyvind Lindeman - Chief Commercial Officer

Conference Call Participants

Omar Nokta - Jefferies
Frank Galanti - Stifel
Climent Molins - Value Investor's Edge

Randy Giveans

[Starts Abruptly]

On today’s call we have Mads Peter Zacho, Chief Executive Officer; Gary Chapman, Chief Financial Officer; Oeyvind Lindeman, Chief Commercial Officer and myself Randy Giveans, Executive Vice President of Investor Relations and Business Development in North America.

I must advise you that this conference call is being recorded today. As we conduct today's presentation, we'll be making various forward-looking statements. These statements include, but are not limited to, the future expectations, plans, and prospects from both a financial and operational perspective and are based on management assumptions, forecasts, and expectations as of today's date, and are as such subject to material risks and uncertainties.

Actual results may differ significantly from our forward-looking information and financial forecast. Additional information about these factors and assumptions are included in our annual and quarterly reports filed with the Securities and Exchange Commission.

With that, I will now pass the floor to Mads Peter Zacho, the company's CEO. Please go ahead, Mads.

Mads Peter Zacho

Thank you, and good morning. Thank you all for logging into this Navigator Gas earnings call for Q1 2024. Yes, I will as always begin with a quick review of the main data points relating to the first quarter of ‘24. And then I'll talk over the outlook for the year. Gary Oeyvind and Randy will follow-up in a couple of minutes with more detail on our business drivers and results.

Also this time, we can present robust revenues for the past quarter with operating revenues almost equal to same period in 2023. The mix is different, though, in that it was driven by higher time charter rates. I'll say a little bit more about that in a minute.

Adjusted EBITDA for Q1 set a new record at $74 million, well above the EBITDA of $69 million same period last year. Adjusted net income came in at $23 million. Our cash position remained solid even after we repaid on debt facilities on our credit revolver, and we also continued deploying capital into our ethylene terminal expansion.