What changed in Excelerate Energy, Inc.'s 10-K — 2022 vs 2023
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Paragraph-level year-over-year comparison of Excelerate Energy, Inc.'s 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.
+336 added−312 removedSource: 10-K (2024-02-29) vs 10-K (2023-03-29)
Top changes in Excelerate Energy, Inc.'s 2023 10-K
336 paragraphs added · 312 removed · 245 edited across 1 sections
- Item 7A. Quantitative and Qualitative Disclosures About Market Risk+336 / −312 · 245 edited
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
245 edited+91 added−67 removed174 unchanged
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market Risk — interest-rate, FX, commodity exposure
245 edited+91 added−67 removed174 unchanged
2022 filing
2023 filing
Biggest changeConsolidated Statements of Changes i n Equity For the Years Ended December 31, 2022, 2021 and 2020 Non- Related Accumulated controlling Additional party other Non- interest – Class A Common Stock Class B Common Stock paid-in Equity Retained note comprehensive controlling ENE Total (In thousands, except shares) Shares Amount Shares Amount capital interest earnings receivable income (loss) interest Onshore equity Balance at January 1, 2020 — $ — — $ — $ — $ 863,750 $ — $ — $ ( 9,528 ) $ 9,905 $ ( 118,834 ) $ 745,293 Net income (loss) — — — — — 38,753 — — — 2,622 ( 8,484 ) 32,891 Other comprehensive loss — — — — — — — — ( 5,433 ) — — ( 5,433 ) Contributions — — — — — 6,000 — — — — — 6,000 Distributions — — — — — ( 6,404 ) — — — ( 1,186 ) — ( 7,590 ) Balance at December 31, 2020 — $ — — $ — $ — $ 902,099 $ — $ — $ ( 14,961 ) $ 11,341 $ ( 127,318 ) $ 771,161 Net income (loss) — — — — — 41,118 — — — 3,035 ( 2,964 ) 41,189 Related party note receivable — — — — — — — ( 6,759 ) — — — ( 6,759 ) Other comprehensive income — — — — — — — — 5,783 — — 5,783 Contributions — — — — — 192,552 — — — — — 192,552 Balance at December 31, 2021 — $ — — $ — $ — $ 1,135,769 $ — $ ( 6,759 ) $ ( 9,178 ) $ 14,376 $ ( 130,282 ) $ 1,003,926 Net income (loss) prior to IPO — — — — — 12,950 — — — ( 816 ) ( 237 ) 11,897 Related party note receivable — — — — — — — 6,759 — — — 6,759 Pre-IPO capital contribution — — — — 1,574 — — — — — — 1,574 Effect of reorganization transactions — — 82,021,389 82 — ( 1,148,719 ) — — 2,820 1,145,817 — — Issuance of common stock – IPO 18,400,000 18 — — 408,272 — — — — — — 408,290 Vessel acquisition 7,854,167 8 — — 188,492 — — — — — — 188,500 Tax receivable agreement — — — — ( 14,938 ) — — — — — — ( 14,938 ) Long-term incentive compensation — — — — 232 — — — — 724 — 956 Other comprehensive income — — — — — — — — 6,873 3,577 — 10,450 Class A dividends paid – $ 0.05 per share — — — — — — ( 1,314 ) — — — — ( 1,314 ) EELP distributions to Class B interests — — — — — — — — — ( 4,101 ) — ( 4,101 ) Minority Owner Contribution – Albania Power Project — — — — — — — — — 3,832 — 3,832 Effect of ENE Onshore Merger — — — — ( 118,911 ) — — — — — 131,678 12,767 Net income (loss) subsequent to IPO — — — — — — 13,323 — — 55,935 ( 1,159 ) 68,099 Balance at December 31, 2022 26,254,167 $ 26 82,021,389 $ 82 $ 464,721 $ — $ 12,009 $ — $ 515 $ 1,219,344 $ — $ 1,696,697 The accompanying notes are an integral part of these consolidated financial statements.
Biggest changeConsolidated Statements of Changes i n Equity For the Years Ended December 31, 2023, 2022 and 2021 Non- Issued Related Accumulated controlling Class A Class B Additional party other Non- interest – Common Stock Common Stock Equity Retained paid-in note comprehensive Treasury controlling ENE Total (In thousands, except shares) Shares Amount Shares Amount interest earnings capital receivable income (loss) stock interest Onshore equity Balance at January 1, 2021 — $ — — $ — $ 902,099 $ — $ — $ — $ ( 14,961 ) $ — $ 11,341 $ ( 127,318 ) $ 771,161 Net income (loss) — — — — 41,118 — — — — — 3,035 ( 2,964 ) 41,189 Related party note receivable — — — — — — — ( 6,759 ) — — — — ( 6,759 ) Other comprehensive income — — — — — — — — 5,783 — — — 5,783 Contributions — — — — 192,552 — — — — — — — 192,552 Balance at December 31, 2021 — $ — — $ — $ 1,135,769 $ — $ — $ ( 6,759 ) $ ( 9,178 ) $ — $ 14,376 $ ( 130,282 ) $ 1,003,926 Net income (loss) prior to IPO — — — — 12,950 — — — — — ( 816 ) ( 237 ) 11,897 Related party note receivable — — — — — — — 6,759 — — — — 6,759 Pre-IPO capital contribution — — — — — — 1,574 — — — — — 1,574 Effect of reorganization transactions — — 82,021,389 82 ( 1,148,719 ) — — — 2,820 — 1,145,817 — — Issuance of common stock – IPO 18,400,000 18 — — — — 408,272 — — — — — 408,290 Vessel acquisition 7,854,167 8 — — — — 188,492 — — — — — 188,500 Tax receivable agreement — — — — — — ( 14,938 ) — — — — — ( 14,938 ) Long-term incentive compensation — — — — — — 232 — — — 724 — 956 Other comprehensive income — — — — — — — — 6,873 — 3,577 — 10,450 Class A dividends – $ 0.05 per share — — — — — ( 1,314 ) — — — — — — ( 1,314 ) EELP distributions to Class B interests — — — — — — — — — — ( 4,101 ) — ( 4,101 ) Minority owner contribution – Albania Power Project — — — — — — — — — — 3,832 — 3,832 Effect of ENE Onshore Merger — — — — — — ( 118,911 ) — — — — 131,678 12,767 Net income (loss) subsequent to IPO — — — — — 13,323 — — — — 55,935 ( 1,159 ) 68,099 Balance at December 31, 2022 26,254,167 $ 26 82,021,389 $ 82 $ — $ 12,009 $ 464,721 $ — $ 515 $ — $ 1,219,344 $ — $ 1,696,697 Net income — — — — — 30,412 — — — — 96,432 — 126,844 Other comprehensive loss — — — — — — — — ( 10 ) — ( 13 ) — ( 23 ) Long-term incentive compensation — — — — — — 882 — — — 2,757 — 3,639 Class A dividends – $ 0.10 per share — — — — — ( 2,667 ) — — — — — — ( 2,667 ) EELP distributions to Class B interests — — — — — — — — — — ( 8,203 ) — ( 8,203 ) Minority owner contribution – Albania Power Project — — — — — — — — — — 1,566 — 1,566 Distributions — — — — — — — — — — ( 7,975 ) — ( 7,975 ) Restricted stock units vested 32,937 — — — — — — — — ( 472 ) — — ( 472 ) Shares withheld for taxes ( 3,077 ) — — — — — ( 52 ) — — — — — ( 52 ) Balance at December 31, 2023 26,284,027 $ 26 82,021,389 $ 82 $ — $ 39,754 $ 465,551 $ — $ 505 $ ( 472 ) $ 1,303,908 $ — $ 1,809,354 The accompanying notes are an integral part of these consolidated financial statements.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
In connection with the IPO, EELP purchased two vessels previously leased and accounted for as related party finance leases. In 2018, EELP entered into an agreement with a customer to lease the Excellence vessel with the vessel transferring ownership to the customer at the conclusion of the agreement for no additional consideration.
In connection with the IPO, EELP purchased two vessels previously leased and accounted for as related party finance leases. In 2018, EELP entered into an agreement with a customer to lease Excellence with the vessel transferring ownership to the customer at the conclusion of the agreement for no additional consideration.
Stock options were granted to certain employees of Excelerate and vest over five years and expire ten years from the date of grant. The Company also issued restricted stock units to directors that vest ratably over either one or three years .
Stock options were granted to certain employees of Excelerate and vest over five years and expire ten years from the date of grant. The Company also issued restricted stock units to directors and certain employees that vest ratably over either one or three years .
Certain time charter party agreements with customers allow an option to extend the contract. Agreements which include renewal and termination options are included in the lease term if we believe they are “reasonably certain” to be exercised by the lessee or if an option to extend is controlled by the Company.
Certain time charter party (“TCP”) agreements with customers allow an option to extend the contract. Agreements which include renewal and termination options are included in the lease term if we believe they are “reasonably certain” to be exercised by the lessee or if an option to extend is controlled by the Company.
The ENE Lateral Facility was most recently amended on August 31, 2021 to make certain changes to the final payment date, including removing KFMC’s ability to demand repayment. The $ 57.2 million remaining on the ENE Lateral Facility was repaid in full, and the ENE Lateral Note terminated in connection with the Northeast Gateway Contribution.
The ENE Lateral Facility was most recently amended on August 31, 2021 to make certain changes to the final payment date, including removing KFMC’s ability to demand repayment. The $ 57.2 million remaining on the ENE Lateral Facility was repaid in full, and the ENE Lateral Facility terminated in connection with the Northeast Gateway Contribution.
To manage credit risk associated with the interest rate hedges, the Company selected counterparties based on their credit ratings and limits the exposure to any single counterparty. The counterparties to the derivative contracts are major financial institutions with investment grade credit ratings. The Company periodically monitors the credit risk of the counterparties and adjusts the hedging position as appropriate.
To manage credit risk associated with the interest rate hedges, the Company selected counterparties based on their credit ratings and limits the exposure to any single counterparty. The counterparties to our derivative contracts are major financial institutions with investment grade credit ratings. The Company periodically monitors the credit risk of the counterparties and adjusts the hedging position as appropriate.
This was further amended in November 2022 to increase the borrowing limit to $ 17.6 million. Kaiser obtained a letter of credit under the Kaiser Credit Line on behalf of Excelerate Energy Development DMCC for the benefit of Engro Elengy Terminal (Private) Limited in the amount of $ 20 million.
This was further amended in November 2022 to increase the borrowing limit to $ 17.6 million. Kaiser obtained a letter of credit under the Kaiser Credit Line on behalf of Excelerate Energy Development DMCC for the benefit of Engro Elengy Terminal (Private) Limited in the amount of $ 20.0 million.
Such net tax effects on temporary differences are reflected on the our consolidated balance sheets as deferred tax assets and liabilities. We record valuation allowances to reflect the estimated amount of certain deferred tax assets that, more likely than not, will not be realized.
Such net tax effects on temporary differences are reflected on the consolidated balance sheets as deferred tax assets and liabilities. We record valuation allowances to reflect the estimated amount of certain deferred tax assets that, more likely than not, will not be realized.
However, several of Kaiser’s close family members are on the board of directors of the Foundation and for the purposes of these accounts, where transactions with the Foundation occur, they are reported as related party transactions. As of December 31, 2022, the Company had no outstanding balance with the Foundation.
However, several of Kaiser’s close family members are on the board of directors of the Foundation and for the purposes of these accounts, where transactions with the Foundation occur, they are reported as related party transactions. As of December 31, 2023, and December 31, 2022, the Company had no outstanding balance with the Foundation.
In connection with the IPO, this letter of credit was replaced with a letter of credit obtained under the EE Revolver in April 2022. Kaiser obtained a letter of credit under the Kaiser Credit Line on behalf of Excelerate Energy Bangladesh Ltd. for the benefit of Bangladesh Oil, Gas & Mineral Corporation in the amount of $ 20 million.
In connection with the IPO, this letter of credit was replaced with a letter of credit obtained under the EE Revolver in April 2022. Kaiser obtained a letter of credit under the Kaiser Credit Line on behalf of Excelerate Energy Bangladesh Ltd. for the benefit of Bangladesh Oil, Gas & Mineral Corporation in the amount of $ 20.0 million.
As of December 31, 2020, one of our wholly owned subsidiaries, ENE Lateral, was the provider of a promissory note to ENE Onshore in the amount of $ 102 million and used capacity rights in a pipeline secured by ENE Onshore from a third party.
As of December 31, 2020, one of our wholly owned subsidiaries, ENE Lateral, was the provider of a promissory note to ENE Onshore in the amount of $ 102.0 million and used capacity rights in a pipeline secured by ENE Onshore from a third party.
In November 2021, ENE Onshore received an equity contribution sufficient to allow it to remit payment to KFMC of the then-outstanding KFMC-ENE Onshore Note balance, and KFMC and ENE Onshore subsequently entered into an amended and restated note allowing a maximum commitment of $ 25 million.
In November 2021, ENE Onshore received an equity contribution sufficient to allow it to remit payment to KFMC of the then-outstanding KFMC-ENE Onshore Note balance, and KFMC and ENE Onshore subsequently entered into an amended and restated note allowing a maximum commitment of $ 25.0 million.
If the performance obligations are expected to be satisfied during the next 12 months, the contract liabilities are classified within current portion of deferred revenue on the consolidated balance sheets. Amounts to be recognized in revenue after 12 months are recorded in long-term deferred revenue.
If the performance obligations are expected to be satisfied during the next 12 months, the contract liabilities are classified within current portion of deferred revenue on the consolidated balance sheets. Amounts to be recognized in revenue after 12 months are recorded in other long-term liabilities.
The impact of credit risk, as well as the ability of each party to fulfill its obligations under the derivative financial instruments, is considered in determining the fair value of the contracts. Credit risk has not had a significant effect on the fair value of the derivative instruments.
The impact of credit risk, as well as the ability of each party to fulfill its obligations under our derivative financial instruments, is considered in determining the fair value of the contracts. Credit risk has not had a significant effect on the fair value of our derivative instruments.
The unused portion of the EE Revolver is subject to an unused commitment fee calculated at a rate per annum ranging from 0.375 % to 0.50 % based on EELP's consolidated total leverage ratio.
The unused portion of the EE Revolver commitments is subject to an unused commitment fee calculated at a rate per annum ranging from 0.375 % to 0.50 % based on EELP's consolidated total leverage ratio.
(3) Index to Exhibits The exhibits required to be filed or furnished pursuant to Item 601 of Regulation S-K are set forth below. 70 Exhibit Number Description 2.1 Securities Purchase Agreement, dated as of April 8, 2022, by and between Maya Maritime LLC and Excelerate Energy Limited Partnership (Incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on April 18, 2022 ) 3.1 Amended and Restated Certificate of Incorporation of Excelerate Energy, Inc.
(3) Index to Exhibits The exhibits required to be filed or furnished pursuant to Item 601 of Regulation S-K are set forth below. 62 Exhibit Number Description 2.1 Securities Purchase Agreement, dated as of April 8, 2022, by and between Maya Maritime LLC and Excelerate Energy Limited Partnership (Incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed on April 18, 2022 ) 3.1 Amended and Restated Certificate of Incorporation of Excelerate Energy, Inc.
The offsetting asset retirement cost is recorded as an increase to the carrying value of the associated property and equipment on the consolidated balance sheets and depreciated over the estimated useful life of the asset.
The offsetting asset retirement cost is recorded as an increase to the carrying value of the associated property and equipment, net on the consolidated balance sheets and depreciated over the estimated useful life of the asset.
Revolving Credit Facility and Term Loan Facility On April 18, 2022, EELP entered into a senior secured revolving credit agreement (“Credit Agreement”), by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to which the lenders and issuing banks thereunder made available a revolving credit facility (the “EE Revolver”), including a letter of credit sub-facility, to EELP.
Revolving Credit Facility and Term Loan Facility On April 18, 2022, EELP entered into a senior secured revolving credit agreement, by and among EELP, as borrower, Excelerate, as parent, the lenders party thereto, the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, pursuant to which the lenders and issuing banks thereunder made available a revolving credit facility (the “EE Revolver”), including a letter of credit sub-facility, to EELP.
The information required by this item is incorporated herein by reference to the 2023 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2022. Ite m 14. Principal Accounting Fees and Services. Our independent registered public accounting firm is PricewaterhouseCoopers LLP , Houston, Texas.
The information required by this item is incorporated herein by reference to the 2024 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2023. Ite m 14. Principal Accounting Fees and Services. Our independent registered public accounting firm is PricewaterhouseCoopers LLP , Houston, Texas.
Derivatives Accounted for as Cash Flow Hedges The Company’s cash flow hedges include interest rate swaps that are hedges of variability in forecasted interest payments due to changes in the interest rate on LIBOR-based borrowings, a summary which includes the following designations: • In 2018, the Company entered into two long-term interest rate swap agreements with a major financial institution.
Derivatives Accounted for as Cash Flow Hedges The Company’s cash flow hedges include interest rate swaps that are hedges of variability in forecasted interest payments due to changes in the interest rate on SOFR-based borrowings, a summary which includes the following designations: • In 2018, the Company entered into two long-term interest rate swap agreements with a major financial institution.
The information required by this item is incorporated herein by reference to the 2023 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2022. It em 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The information required by this item is incorporated herein by reference to the 2024 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2023. It em 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
Gas sales revenues are recognized at the point in time each unit of natural gas or LNG cargo is transferred to the control of the customer.
Gas sales revenues are recognized at the point in time each unit of natural gas or LNG is transferred to the control of the customer.
Capitalization of costs incurred during drydocking Generally, the Company is required to drydock each of the vessels every five years , but vessels older than 15 years of age require a shorter duration drydocking or in-situ bottom survey every two and a half years . Costs incurred related to routine repairs and maintenance performed during drydocking are expensed.
Capitalization of costs incurred during drydocking Generally, the Company is required to drydock each of the vessels every five years , but vessels older than 15 years of age require a shorter duration drydocking or in place bottom survey every two and a half years . Costs incurred related to routine repairs and maintenance performed during drydocking are expensed.
Other items included in accounts receivable, net represent receivables associated with leases, which are accounted for in accordance with the leasing standard. There were no write-downs of trade receivables for lease or time charter services or contract assets for the years ended December 31, 2022, 2021 and 2020.
Other items included in accounts receivable, net represent receivables associated with leases, which are accounted for in accordance with the leasing standard. There were no write-downs of trade receivables for lease or time charter services or contract assets for the years ended December 31, 2023, 2022 and 2021.
Form 10-K Summary None. 72 SIG NATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Excelerate Energy, Inc.
Form 10-K Summary None. 64 SIG NATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Excelerate Energy, Inc.
As such, for purposes of financial reporting under GAAP during the years ended December 31, 2022, 2021 and 2020 , the Company operated as a single operating and reportable segment. Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
As such, for purposes of financial reporting under GAAP during the years ended December 31, 2023, 2022 and 2021 , the Company operated as a single operating and reportable segment. Revenue recognition The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Revenue allocated to drydocking are deferred and recognized when the drydocking service is complete and presented within other long-term liabilities in the consolidated balance sheets. Gas sales As part of its operations, the Company sells natural gas and LNG generally through its use of its FSRU fleet and terminals.
Revenue allocated to drydocking is deferred and recognized when the drydocking service is complete. The deferred drydock revenue is presented within other long-term liabilities in the consolidated balance sheets. Gas sales As part of its operations, the Company sells natural gas and LNG generally through its use of its FSRU fleet and terminals.
The information required by this item is incorporated herein by reference to the 2023 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2022. It em 13. Certain Relationships and Related Transactions, and Director Independence.
The information required by this item is incorporated herein by reference to the 2024 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2023. It em 13. Certain Relationships and Related Transactions, and Director Independence.
The Company engages third parties to perform the drydocking, but the Company is deemed to be the principal of the transaction as it does not transfer any risk to the third parties, therefore the Company recognizes drydock revenue on a gross basis. The Company allocated a portion of the contract revenues to the performance obligation for future drydocking costs.
The Company engages third parties to perform the drydocking, but the Company is deemed to be the principal of the transaction as it does not transfer any risk to the third parties, therefore the Company recognizes drydock revenue on a gross basis. The Company allocates a portion of the contract revenues to the performance obligation for future drydocking costs.
The LTI Plan allows for the grant of up to 10.8 million shares, stock options, stock appreciation rights, alone or in conjunction with other awards; restricted stock and restricted stock units; incentive bonuses, which may be paid in cash, stock or a combination thereof; and other stock-based awards.
The LTI Plan allows for the grant of up to 10.8 million shares, stock options, stock appreciation rights, alone or in conjunction with other awards; restricted stock and restricted stock units including performance units; incentive bonuses, which may be paid in cash, stock or a combination thereof; and other stock-based awards.
Based on certain assumptions, including no material changes in the relevant tax law and that we earn sufficient taxable income to realize the full tax benefits that are the subject of the TRA, we expect that future payments to the TRA Beneficiaries (not including Excelerate) will equal $ 76.7 million in the aggregate, although the actual future payments to the TRA Beneficiaries will vary based on the factors discussed in “Certain Relationships and Related Person Transactions—Proposed Transactions with Excelerate Energy, Inc—Tax Receivable Agreement” in the Prospectus and estimating the amount of payments that may be made under the TRA is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors and future events.
Based on certain assumptions, including no material changes in the relevant tax law and that we earn sufficient taxable income to realize the full tax benefits that are the subject of the TRA, we expect that future payments to the TRA Beneficiaries (not including Excelerate) will equal $ 73.1 million in the aggregate, although the actual future payments to the TRA Beneficiaries will vary based on the factors discussed in “Certain Relationships and Related Person Transactions—Proposed Transactions with Excelerate Energy, Inc—Tax Receivable Agreement” in the Prospectus and estimating the amount of payments that may be made under the TRA is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors and future events.
In connection with the Northeast Gateway Contribution, the NEG Services Agreement was amended on September 17, 2021 to remove and release ENE Onshore as a party. Under the NEG Services Agreement, the NEG Entities made payments to EELP of approximately $ 0.5 million in 2020 and $ 0.4 million in 2021.
In connection with the Northeast Gateway Contribution, the NEG Services Agreement was amended on September 17, 2021 to remove and release ENE Onshore as a party. Under the NEG Services Agreement, the NEG Entities made payments to EELP of approximately $ 0.4 million in 2021.
Restructuring, transition and transaction expenses We incurred restructuring, transition and transaction expenses during the years ended December 31, 2022 and 2021, related to consulting, legal, and audit costs incurred as part of and in preparation for the IPO Transaction . There were no restructuring, transition or transaction expenses incurred during the year ended December 31, 2020.
Restructuring, transition and transaction expenses We incurred restructuring, transition and transaction expenses during the years ended December 31, 2022 and 2021, related to consulting, legal, and audit costs incurred as part of and in preparation for the IPO Transaction . There were no restructuring, transition or transaction expenses incurred during the year ended December 31, 2023 .
The agreement also requires that a 3-month debt service reserve be funded and that the value of the vessel equal or exceed 110 % of the remaining amount outstanding, in addition to other affirmative and negative covenants customary for vessel financings.
The agreement also requires that a three-month debt service reserve be funded and that the value of the vessel equal or exceed 110 % of the remaining amount outstanding, in addition to other affirmative and negative covenants customary for vessel financings.
The KFMC Note was further amended in October 2021 to increase the maximum aggregate principal amount from $ 100 million to $ 250 million . Upon consummation of the IPO, the KFMC Note was replaced by the EE Revolver, as discussed in Note 10 – Long-term debt.
The KFMC Note was further amended in October 2021 to increase the maximum aggregate principal amount from $ 100.0 million to $ 250.0 million . Upon consummation of the IPO, the KFMC Note was replaced by the EE Revolver, as discussed in Note 10 – Long-term debt, net.
No additional amounts were drawn on the Accounts Receivable Note and the Accounts Receivable Note was terminated on November 4, 2021.
No additional amounts were drawn on the Accounts Receivable Note and it was terminated on November 4, 2021.
The loan agreements also require that a 6-month debt service reserve amount be funded and that an off-hire reserve amount be funded monthly to cover operating expenses and debt service while the vessel is away during drydock major maintenance.
The loan agreements also require that a six-month debt service reserve amount be funded and that an off-hire reserve amount be funded monthly to cover operating expenses and debt service while the vessel is away during drydock major maintenance.
T he Company recognizes the tax benefit from an uncertain tax provision only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position.
The Company recognizes the tax benefit from an uncertain tax provision only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the tax position.
If a distribution is authorized, such distribution will be made to the holders of Class A interests and Class B interests on a pro rata basis in accordance with the number of interests held by such holder. Dividends and Distributions During the year ended December 31, 2022, EELP declared and paid distributions to all interest holders, including Excelerate.
If a distribution is authorized, such distribution will be made to the holders of Class A interests and Class B interests on a pro rata basis in accordance with the number of interests held by such holder. Dividends and Distributions During the years ended December 31, 2023 and 2022, EELP declared and paid distributions to all interest holders, including Excelerate.
F- 7 Excelerate Energy, Inc. Notes to Consolidated Financial Statements 1. Gen eral business information Excelerate Energy, Inc. (“Excelerate” and together with its subsidiaries, “we,” “us,” “our” or the “Company”) offers flexible liquefied natural gas (“LNG”) solutions, providing integrated services along the LNG value chain.
F- 8 Index to Financial Statements Excelerate Energy, Inc. Notes to Consolidated Financial Statements 1. Gen eral business information Excelerate Energy, Inc. (“Excelerate” and together with its subsidiaries, “we,” “us,” “our” or the “Company”) offers flexible liquefied natural gas (“LNG”) solutions, providing integrated services along the LNG value chain.
The Company’s policy is to recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the consolidated financial statements. For the year ended December 31, 2022, the Company did not have any payments of interest and penalties associated with uncertain tax positions.
The Company’s policy is to recognize accrued interest and penalties related to uncertain tax positions in income tax expense in the consolidated financial statements. For the years ended December 31, 2023 and 2022, the Company did not have any payments of interest and penalties associated with uncertain tax positions.
The difference between the consideration given to acquire the Excellence vessel and the historical finance lease liability resulted in a $ 21.8 million early extinguishment of lease liability loss on our consolidated statements of income. Newbuild FSRU Effective October 4, 2022, Excelerate entered into a shipbuilding contract with Hyundai Heavy Industries Co., Ltd.
The difference between the consideration given to acquire Excellence and the historical finance lease liability resulted in a $ 21.8 million early extinguishment of lease liability loss on our consolidated statements of income. Newbuild FSRU Effective October 4, 2022, Excelerate entered into a shipbuilding contract (“the Newbuild Agreement”) with HD Hyundai Heavy Industries Co., Ltd.
As of December 31, 2022 and 2021, the Company did not have any lease agreements with residual value guarantees or material restrictions or covenants.
As of December 31, 2023 and 2022, the Company did not have any lease agreements with residual value guarantees or material restrictions or covenants.
In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848) – Scope (“ASU 2021-01”),” which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform.
In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848) – Scope” (“ASU 2021-01”), which permits entities to apply optional expedients in Topic 848 to derivative instruments modified because of discounting transition resulting from reference rate reform.
Other Information. None. It em 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. 68 PART III It em 10. Directors, Executive Officers and Corporate Governance. The information required by this item is incorporated herein by reference to the 2023 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2022.
It em 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. 60 PART III It em 10. Directors, Executive Officers and Corporate Governance. The information required by this item is incorporated herein by reference to the 2024 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2023.
Class A Common Stock The Class A Common Stock outstanding represents 100 % of the rights of the holders of all classes of our outstanding common stock to share in distributions from Excelerate , except for the right of Class B stockholders to receive the par value of the Class B Common Stock upon our liquidation, dissolution or winding up or an exchange of Class B interests of EELP.
Notes to Consolidated Financial Statements Class A Common Stock The Class A Common Stock outstanding represents 100 % of the rights of the holders of all classes of our outstanding common stock to share in distributions from Excelerate , except for the right of Class B stockholders to receive the par value of the Class B Common Stock upon our liquidation, dissolution or winding up or an exchange of Class B interests of EELP.
Leases Lessee arrangements Finance leases Certain enforceable vessel charters and pipeline capacity agreements are classified as finance leases, and the right-of-use assets are included in property and equipment. Lease obligations are recognized based on the rate implicit in the lease or the Company’s incremental borrowing rate at lease commencement.
Leases Lessee arrangements Finance leases Certain enforceable vessel charters and pipeline capacity agreements are classified as finance leases, and the right-of-use assets are included in property and equipment, net on the consolidated balance sheets. Lease obligations are recognized based on the rate implicit in the lease or the Company’s incremental borrowing rate at lease commencement.
The information required by this item is incorporated herein by reference to the 2023 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2022. 69 PART IV It em 15. Exhibits, Financial Statement Schedules.
The information required by this item is incorporated herein by reference to the 2024 Proxy Statement, which will be filed with the SEC not later than 120 days subsequent to December 31, 2023. 61 PART IV It em 15. Exhibits, Financial Statement Schedules.
In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which extended the effective date of the original guidance to December 31, 2024.
In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, which extended the effective date of the original guidance to December 31, 2024.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
For all international entities, foreign currency transactions are translated into US dollars, using exchange rates at the dates of the transactions or using the average exchange rate prevailing during the period.
For all international entities, foreign currency transactions are translated into U.S. dollars, using exchange rates at the dates of the transactions or using the average exchange rate prevailing during the period.
Short-term and variable lease expenses are presented within cost of revenue and vessel operating expenses and general and administrative expenses in the consolidated statements of income. For those leases classified as operating leases, the lease obligation and right-of-use asset are presented as operating lease liabilities and operating lease right-of-use assets in the consolidated balance sheets.
Short-term and variable lease expenses are presented within cost of revenue and vessel operating expenses and SG&A expenses in the consolidated statements of income. For those leases classified as operating leases, the lease obligation and right-of-use asset are presented as operating lease liabilities and operating lease right-of-use assets in the consolidated balance sheets.
The underlying asset is derecognized and the net investment in the lease is recorded. The net investment in the lease is increased by interest income and decreased by payments collected. As of December 31, 2022, the Company has two sales-type leases (for the Summit and Excellence vessels).
The underlying asset is derecognized and the net investment in the lease is recorded. The net investment in the lease is increased by interest income and decreased by payments collected. As of December 31, 2023, the Company has two sales-type leases (for Summit LNG and Excellence ).
ENE Onshore Merger I n October 2022, EE Holdings, the indirect sole member of ENE Onshore, and EELP, the sole member of ENE Lateral, entered into the ENE Onshore Merger, effective October 31, 2022. ENE Lateral was the surviving entity and ENE Onshore ceased to exist as a separate entity.
Notes to Consolidated Financial Statements ENE Onshore Merger I n October 2022, EE Holdings, the indirect sole member of ENE Onshore, and EELP, the sole member of ENE Lateral, entered into the ENE Onshore Merger, effective October 31, 2022. ENE Lateral was the surviving entity and ENE Onshore ceased to exist as a separate entity.
Contract liabilities from advance payments in excess of revenue recognized from services as of December 31, 2022 and December 31, 2021 were $ 134.3 million and $ 1.5 million , respectively.
Contract liabilities from advance payments in excess of revenue recognized from services as of December 31, 2023 and December 31, 2022 were $ 1.1 million and $ 134.3 million , respectively.
See further discussion of the Foundation Vessels in Note 8 – Property and equipment. Following the IPO and as of December 31, 2022, Kaiser owned directly or indirectly the remaining approximately 75.8 % of the ownership interests in EELP.
See further discussion of the Foundation Vessels in Note 8 – Property and equipment, net. Following the IPO, Kaiser owned directly or indirectly the remaining approximately 75.8 % of the ownership interests in EELP. As of December 31, 2023, Kaiser owned directly or indirectly approximately 75.7 % of the ownership interests in EELP.
Long-Term Incentive Plan (Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed on April 18, 2022) 10.6 Excelerate Energy, Inc. Executive Severance Plan (Incorporated by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed on April 18, 2022) 10.7 Excelerate Energy, Inc.
Long-Term Incentive Plan (Incorporated by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed on April 18, 2022) 10.6 Form of Excelerate Energy, Inc.
We are exposed to changes in interest rates on our other debt facilities as well as the portion of our external bank loans that remain unhedged. We may enter into additional derivative instruments to manage our exposure to interest rates. As of December 31, 2022, the fair value of our interest rate swaps was $2.3 million.
We are exposed to changes in interest rates on our other debt facilities as well as the portion of our external bank loans that remain unhedged. We may enter into additional derivative instruments to manage our exposure to interest rates. As of December 31, 2023, the fair value of our interest rate swaps was $1.4 million.
The lease of the vessel, represents the use of the vessel without any associated performance obligations or warranties, is accounted for in accordance with the provisions of Accounting Standards Codification 842, Leases (“ASC 842”). Leases are classified based upon defined criteria either as a sales-type, direct financing, or an operating lease.
The lease of the vessel represents the use of the asset without any associated performance obligations or warranties and is accounted for in accordance with the provisions of ASC 842, Leases (“ASC 842”). Leases are classified based upon defined criteria either as a sales-type, direct financing, or an operating lease.
The following tables present the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of income and comprehensive income for the years ended December 31, 2022, 2021 and 2020 (in thousands): Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Years ended December 31, Derivatives Designated in Cash Flow Hedging Relationship 2022 2021 2020 Interest rate swaps $ 4,946 $ 2,209 $ ( 4,837 ) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Years ended December 31, Derivatives Designated in Cash Flow Hedging Relationship Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2022 2021 2020 Interest rate swaps Interest expense $ ( 507 ) $ ( 1,116 ) $ ( 1,651 ) The amount of gain (loss) recognized in other comprehensive income as of December 31, 2022 and expected to be reclassified within the next 12 months is $ 0.4 million . 6.
The following tables present the gains and losses from the Company’s derivative instruments designated in a cash flow hedging relationship recognized in the consolidated statements of income and comprehensive income for the years ended December 31, 2023, 2022 and 2021 (in thousands): Derivatives Designated in Cash Flow Hedging Relationship Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Years ended December 31, 2023 2022 2021 Interest rate swaps $ 4,530 $ 4,946 $ 2,209 Derivatives Designated in Cash Flow Hedging Relationship Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Years ended December 31, 2023 2022 2021 Interest rate swaps Interest expense $ 5,021 $ ( 507 ) $ ( 1,116 ) The amount of gain (loss) recognized in other comprehensive income as of December 31, 2023 and expected to be reclassified within the next 12 months is $ 2.7 million .
For assets and liabilities measured on a non-recurring basis during the year, separate quantitative disclosures about the fair value measurements would be required for each major category. The Company did no t record an impairment on the equity investments or long-lived assets during the years ended December 31, 2022, 2021 and 2020 . 4.
For assets and liabilities measured on a non-recurring basis during the year, separate quantitative disclosures about the fair value measurements would be required for each major category. The Company did no t record any material impairments on the equity investments or long-lived assets during the years ended December 31, 2023, 2022 and 2021 . 4.
Date: March 28, 2023 By: /s/ Dana Armstrong Dana Armstrong Executive Vice President and Chief Financial Officer (Principal Financial Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report had been signed by the following persons on behalf of the registrant and in the capacities indicated on March 28, 2023.
Date: February 29, 2024 By: /s/ Dana Armstrong Dana Armstrong Executive Vice President and Chief Financial Officer (Principal Financial Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report had been signed by the following persons on behalf of the registrant and in the capacities indicated on February 29, 2024.
As a result of the IPO Transaction, the presentation of earnings per share for the periods prior to the IPO Transaction is not meaningful and only earnings per share for periods subsequent to the IPO Transaction are presented herein. See Note 14 – Earnings per share for additional information. F- 15 Excelerate Energy, Inc.
As a result of the IPO Transaction, the presentation of earnings per share for the periods prior to the IPO Transaction is not meaningful and only earnings per share for periods subsequent to the IPO Transaction are presented herein. See Note 14 – Earnings per share for additional information.
The Builder is expected to deliver the vessel in 2026. Our future payment commitments related to the Newbuild Agreement are expected to be approximately $ 50.0 million in 2024 and $ 250.0 million in 2025-2026. 9.
Our future payment commitments related to the Newbuild Agreement are expected to be approximately $ 50.0 million in 2024 and $ 250.0 million in 2025-2026. 9.
GBK Corporation, an affiliate of Kaiser, issued a guarantee dated August 19, 2011, in respect of all payment and performance obligations owed by Excelerate Energy Brazil, LLC and Excelerate Energy Servicos de Regaseficacao Ltda to Petroleo Brasileiro S.A. under an operation and services agreement and time charter party, which guarantee is subject to a cap of $ 55 million on certain indemnification obligations.
GBK Corporation, an affiliate of Kaiser, issued a guarantee dated August 19, 2011, in respect of all payment and performance obligations owed by Excelerate Energy Brazil, LLC and Excelerate Energy Servicos de Regaseficacao Ltda to Petróleo Brasileiro S.A. under an operation and services agreement and TCP agreement, which guarantee is subject to a cap of $ 55.0 million on certain indemnification obligations.
Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Excelerate Energy, Inc. and its subsidiaries (the “Company”) as of December 31, 2022 and 2021, and the related consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “consolidated financial statements”).
Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Excelerate Energy, Inc. and its subsidiaries (the “Company”) as of December 31, 2023 and 2022, and the related consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “consolidated financial statements”).
If EE Holdings were to have exchanged all of its EELP interests as of the balance sheet date, we would recognize a liability for payments under the TRA of approximately $ 420.4 million , assuming (i) that EE Holdings exchanged all of its EELP interests using EE’s December 31, 2022 closing market price of $ 25.05 per s hare of Class A Common Stock, (ii) no material changes in relevant tax law, (iii) a constant combined effective income tax rate of 21 % and (iv) that we have sufficient taxable income in each year to realize on a current basis the increased depreciation, amortization and other tax benefits that are the subject of the TRA.
If EE Holdings were to have exchanged all of its EELP interests as of the balance sheet date, we would recognize a liability for payments under the TRA of approximately $ 190.8 million, assuming (i) that EE Holdings exchanged all of its EELP interests using EE’s December 31, 2023 closing market price of $ 15.46 per share of Class A Common Stock, (ii) no material changes in relevant tax law, (iii) a constant combined effective income tax rate of 21.0 % and (iv) that we have sufficient taxable income in each year to realize on a current basis the increased depreciation, amortization and other tax benefits that are the subject of the TRA.
Foreign exchange gains/(losses) amounted to $( 7.2 ) million , $ 0.1 million and $( 1.3 ) million for the years ended December 31, 2022, 2021 and 2020 , respectively.
Foreign exchange gains/(losses) amounted to $( 4.1 ) million , $( 7.2 ) million and $ 0.1 million for the years ended December 31, 2023, 2022 and 2021 , respectively.
Excelerate was formed as a holding company to own, as its sole material asset, a controlling equity interest in Excelerate Energy Limited Partnership (“EELP”), a Delaware limited partnership formed in December 2003 by George B. Kaiser (together with his affiliates other than the Company, “Kaiser”).
Excelerate was incorporated on September 10, 2021 as a Delaware corporation and formed as a holding company to own, as its sole material asset, a controlling equity interest in Excelerate Energy Limited Partnership (“EELP”), a Delaware limited partnership formed in December 2003 by George B. Kaiser (together with his affiliates other than the Company, “Kaiser”).
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is comprised of the following for the years ended December 31, 2022, 2021 and 2020: For the years ended December 31, 2022 2021 2020 Statutory rate applied to pre-tax income 21.0 % 21.0 % 21.0 % Foreign rate differential 12.0 % 8.5 % 1.6 % Domestic non-controlled interest/ domestic non-taxable income ( 20.1 %) ( 20.9 %) ( 21.0 %) Early extinguishment of lease liability 4.2 % 0.0 % 0.0 % Permanent items ( 4.0 %) ( 2.2 %) ( 1.1 %) Withholding taxes 13.7 % 22.9 % 28.4 % Uncertain tax positions ( 1.6 %) 2.8 % 0.0 % Audit settlement 0.0 % 2.4 % 0.0 % Foreign tax credit ( 2.8 %) 0.0 % 0.0 % Gain on tax liquidation 1.7 % 0.0 % 0.0 % Other 2.0 % ( 0.6 %) 0.9 % Effective tax rate 26.1 % 33.9 % 29.8 % The effective tax rate for the years ended December 31, 2022, 2021 and 2020 was 26.1 % , 33.9 % and 29.8 %, respectively.
Notes to Consolidated Financial Statements A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is comprised of the following for the years ended years ended December 31, 2023, 2022 and 2021: For the year ended December 31, 2023 2022 2021 Statutory rate applied to pre-tax income 21.0 % 21.0 % 21.0 % Foreign rate differential 5.7 % 12.0 % 8.5 % Domestic non-controlled interest/ domestic non-taxable income ( 15.9 %) ( 20.1 %) ( 20.9 %) Early extinguishment of lease liability 0.0 % 4.2 % 0.0 % Permanent items 1.8 % ( 4.0 %) ( 2.2 %) Withholding taxes 11.5 % 13.7 % 22.9 % Uncertain tax positions 2.6 % ( 1.6 %) 2.8 % Audit settlement 0.0 % 0.0 % 2.4 % Foreign tax credit ( 5.1 %) ( 2.8 %) 0.0 % Gain on tax liquidation 0.0 % 1.7 % 0.0 % Valuation allowance 1.5 % 0.3 % ( 0.7 %) Other ( 2.3 %) 1.7 % 0.1 % Effective tax rate 20.8 % 26.1 % 33.9 % The effective tax rate for the years ended December 31, 2023, 2022 and 2021 was 20.8 % , 26.1 % and 33.9 % , respectively.
In addition, revenue for services recognized in excess of the invoiced amounts, or accrued revenue, outstanding at December 31, 2022 and December 31, 2021, was $ 5.3 million and $ 12.8 million , respectively.
In addition, revenue for services recognized in excess of the invoiced amounts, or accrued revenue, outstanding at December 31, 2023 and December 31, 2022, was $ 4.4 million and $ 5.3 million , respectively.
Derivative financial instruments The following table summarizes the notional values related to the Company’s derivative instruments outstanding at December 31, 2022 (in thousands): December 31, 2022 (1) Interest rate swap $ 64,037 (1) Number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company.
Derivative financial instruments The following table summarizes the notional values related to the Company’s derivative instruments outstanding at December 31, 2023 (in thousands): December 31, 2023 Interest rate swaps (1) $ 243,783 (1) Number of open positions and gross notional values do not measure the Company’s risk of loss, quantify risk or represent assets or liabilities of the Company.
EELP, as a lessor, accounts for the Excellence vessel contract with our customer as a sales-type lease in the consolidated balance sheet in accordance with ASC 842. For more information regarding the purchase of the vessels, see Note 8 – Property and equipment. F- 25 Excelerate Energy, Inc.
EELP, as a lessor, accounts for Excellence contract with our customer as a sales-type lease in the consolidated balance sheet in accordance with ASC 842. For more information regarding the purchase of the vessels, see Note 8 – Property and equipment, net. F- 27 Index to Financial Statements Excelerate Energy, Inc.
The share pool will be increased on January 1st of each calendar year beginning in 2023 by a number of shares equal to 4% of the outstanding shares of Class A Common Stock on the preceding December 31st. The LTI Plan is administered by the Compensation Committee of the Company’s board of directors.
The share pool increases on January 1st of each calendar year by a number of shares equal to 4% of the outstanding shares of Class A Common Stock on the preceding December 31st. The LTI Plan is administered by the Compensation Committee of the Company’s board of directors.
As such, we consolidated the assets and liabilities of ENE Onshore and showed its net loss as non-controlling interest – ENE Onshore on our consolidated statements of comprehensive income for the years ended December 31, 2021 and 2020.
As such, we consolidated the assets and liabilities of ENE Onshore and showed its net loss as non-controlling interest – ENE Onshore on our consolidated statements of comprehensive income for the year ended December 31, 2021 and through October 2022.
The loan agreements also require that the MLNG terminal and project company be insured on a stand-alone basis with property insurance, liability insurance, business interruption insurance and other customary insurance policies. The respective project company must have a quarterly debt service coverage ratio of at least 1.10 to 1 . In 2021, a waiver was obtained for a non-financial covenant.
The loan agreements also require that the MLNG terminal and project company be insured on a stand-alone basis with property insurance, liability insurance, business interruption insurance and other customary insurance policies. The respective project company must have a quarterly debt service coverage ratio of at least 1.10 to 1 .
The contributions are recognized as employee benefit expense when they are due. The Company record ed $ 0.8 million , $ 0.7 million and $ 0.5 million in compensation expense related to the plan during the years ended December 31, 2022, 2021 and 2020 , respectively. 21.
The contributions are recognized as employee benefit expense when they are due. The Company recorded $ 1.0 million , $ 0.8 million and $ 0.7 million in compensation expense related to the plan during the years ended December 31, 2023, 2022 and 2021 , respectively. 21.
Gains or losses due to transactions in foreign currencies are included in “Other income (expense), net” in our consolidated statements of income.
Gains or losses due to transactions in foreign currencies are included in Other income (expense), net in our consolidated statements of income.
The Company’s stock option and restricted stock unit awards both qualify as equity awards and are amortized into “Selling, general and administrative expense” and “Cost of revenue and vessel operating expenses” on the consolidated statements of income on a straight-line basis.
The Company’s stock option and restricted stock unit awards both qualify as equity awards and are amortized into selling, general and administrative expenses and cost of revenue and vessel operating expenses on the consolidated statements of income on a straight-line basis.
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