Excelerate Energy Inc (EE) 2023 Q3 法說會逐字稿

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.

您好，歡迎參加 Excelerate Energy 2023 年第三季財報電話會議。我叫艾利歐特，今天我將協調您的通話。

(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.

（操作員指示）我現在想將工作交給投資者關係和 ESG 副總裁 Craig Hicks。地板是你的。請繼續。

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.

大家，早安。感謝您參加 Excelerate Energy 的 2023 年第三季財務業績電話會議。總裁兼執行長 Steven Kobos 參加了今天的電話會議；執行副總裁兼財務長 Dana Armstrong。

Our third quarter 2023 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.

我們的 2023 年第三季業績新聞稿和簡報於昨天下午發布，可在我們的網站 ir.excelerateenergy.com 上找到。我想提醒大家，我們將在這次電話會議上做出前瞻性聲明，其中涉及許多風險和不確定性。我們的實際結果可能與這些前瞻性陳述中所表達的結果有重大差異，我們沒有義務更新或修改它們。今天的演講也將提及某些非公認會計準則財務指標。我們在簡報的後面提供了最直接可比較的公認會計準則財務指標的調節表。

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

現在我想將電話轉給 Excelerate Energy 執行長 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.

謝謝克雷格，大家早安。今天，我將討論我們本季的財務和營運業績、我們最近的商業更新和我們的成長策略。然後我會將電話轉給達納，他將提供有關本季度財務業績的更多詳細資訊。

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.

讓我們先談談我們作為一家公司是誰。 Excelerate Energy 是靈活液化天然氣基礎設施和整合解決方案的領先供應商。我們加強世界各國的能源安全，並幫助他們過渡到清潔能源的未來。我們的這些基本原則保持不變。我們擁有一個地域多元化且具彈性的商業模式，旨在提供可預測的獲利結果，而這正是我們所做的。

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.

Excelerate 報告了第三季非常強勁的財務業績。我們調整後的 EBITDA 為 1.07 億美元，淨利潤接近 4,700 萬美元。我們在本季交付的業績主要是由於我們核心再氣化業務的收入增加、巴西天然氣銷售合約的出色表現以及整個船隊的費用低於預期。

Our FSRU and terminal services business, which is underpinned by stable long-term contracts, is the cornerstone of our business model. It consistently generates positive cash flow and gives us the financial flexibility to execute our growth strategy. Our strong performance year-to-date has given us the confidence to increase our full year adjusted EBITDA guidance to $340 million to $350 million. And on November 7, the Excelerate Board of Directors declared another $0.025 dividend per share to shareholders of record as of November 28.

我們的 FSRU 和終端服務業務以穩定的長期合約為基礎，是我們業務模式的基石。它持續產生正現金流，並為我們提供執行成長策略的財務靈活性。今年迄今為止的強勁表現使我們有信心將全年調整後 EBITDA 指引提高至 3.4 億美元至 3.5 億美元。 11 月 7 日，Excelerate 董事會宣布向截至 11 月 28 日登記在冊的股東再發放每股 0.025 美元的股息。

In addition to delivering another quarter of strong earnings results, we optimized our near-term and long-term financial position by executing 2 new commercial agreements. On October 17, we signed a 10-year contract with Petrobras to charter the FSRU Sequoia. This agreement demonstrates our commitment to help enhance Brazil's energy security. It is an important step in furthering our long-term sustainable growth plan in South America. Earlier this week, we signed a long-term LNG sale and purchase agreement, or SPA, with Petrobangla. This long-term SPA is a significant milestone for Excelerate. It represents the next phase of our plan to integrate our business in Bangladesh.

除了再創一個季度強勁的獲利業績之外，我們還透過執行兩項新的商業協議優化了我們的短期和長期財務狀況。 10 月 17 日，我們與巴西國家石油公司簽署了為期 10 年的 FSRU Sequoia 租用合約。該協議表明了我們對幫助加強巴西能源安全的承諾。這是推進我們在南美洲的長期永續成長計畫的重要一步。本週早些時候，我們與 Petrobangla 簽署了長期液化天然氣銷售和購買協議 (SPA)。此次長期 SPA 對 Excelerate 來說是一個重要的里程碑。它代表了我們整合孟加拉國業務計劃的下一階段。

On the operations front, the FSRU Excelsior completed its seasonal service at the Bahia Blanca GasPort in Argentina at the end of August. Now the Excelsior is back on hire with the German government. It's currently at the Navantia shipyard in Spain for customer-requested technical upgrades. Beyond that, the construction of our newbuild FSRU, Hull 3407 with Hyundai Heavy Industries is making great progress and remains on track for delivery in June '26.

在營運方面，FSRU Excelsior 於 8 月底完成了在阿根廷布蘭卡港天然氣港的季節性服務。現在，Excelsior 重新受德國政府僱用。它目前在西班牙的 Navantia 造船廠進行客戶要求的技術升級。除此之外，我們與現代重工合作建造的新建 FSRU Hull 3407 的建造工作正在取得巨大進展，並預計於 26 年 6 月交付。

Finally, in October, we released our inaugural sustainability report, which highlights our 2022 global sustainability activities and environmental performance results. Excelerate has outsized importance in the global energy landscape. Around the world, geopolitical instability, including the ongoing war in Ukraine and the conflict in the Middle East, has highlighted the importance of having flexible energy infrastructure, which is capable both of mitigating the effect of unforeseen events and the intermittency of renewable energy. We are an indispensable energy company in the world we live in.

最後，我們在 10 月發布了首份永續發展報告，重點介紹了我們 2022 年的全球永續發展活動和環境績效成果。 Excelerate 在全球能源格局中具有極為重要的地位。在世界各地，地緣政治不穩定，包括烏克蘭持續的戰爭和中東衝突，凸顯了擁有靈活的能源基礎設施的重要性，這種基礎設施既能夠減輕不可預見事件的影響，又能夠減輕可再生能源的間歇性。我們是我們生活的世界中不可或缺的能源公司。

In Finland, the disruption of the Balticconnector pipeline has raised serious concerns about energy security in the region. Subsea pipeline, which connects Finland and Estonia, is expected to be out through the winter. In the meantime, Finland will continue to rely primarily on our FSRU, the Exemplar, to meet its natural gas needs. Given the disorder that countries around the world are facing, the need for energy security and the essential services that Excelerate provides has never been greater. We believe this will be so for decades to come.

在芬蘭，波羅的海連接器管道的中斷引發了對該地區能源安全的嚴重擔憂。連接芬蘭和愛沙尼亞的海底管道預計將在整個冬季關閉。同時，芬蘭將繼續主要依靠我們的 FSRU（Exemplar）來滿足其天然氣需求。鑑於世界各國面臨的混亂局面，對能源安全和 Excelerate 提供的基本服務的需求從未如此強烈。我們相信未來幾十年都會如此。

Excelerate has a legacy of using its FSRU fleet to strengthen the energy security for customers across its global footprint. As the needs of our customers change, the flexibility of our fleet allows us to offer a variety of integrated services to meet best their needs. On one hand, our FSRUs are used as cost-effective insurance for countries looking to stabilize their energy system or advance their transition to renewable energy. On the other hand, in some markets, our FSRUs operated close to maximum send out regas capacity to deliver base-led natural gas supply to our customers.

Excelerate 擁有利用其 FSRU 船隊加強全球客戶能源安全的傳統。隨著客戶需求的變化，我們機隊的靈活性使我們能夠提供各種綜合服務，以最好地滿足他們的需求。一方面，我們的 FSRU 被用作尋求穩定其能源系統或推進向再生能源過渡的國家的具有成本效益的保險。另一方面，在某些市場，我們的 FSRU 運作接近最大再氣化能力，為我們的客戶提供基地主導的天然氣供應。

For example, this is how our FSRUs are used by our customers in Pakistan and Bangladesh, where future demand for LNG and natural gas is expected to be robust. This shouldn't be a surprise to anyone, given that the combined population of these 2 countries is over 400 million people.

例如，巴基斯坦和孟加拉的客戶就是這樣使用我們的 FSRU 的，這些國家未來對液化天然氣和天然氣的需求預計將會強勁。鑑於這兩個國家的總人口超過 4 億，這對任何人來說都不應該感到驚訝。

Higher utilization markets are an important part of our growth strategy. They create opportunities for long-term infrastructure uplift from LNG and gas sales through our terminals. Regardless of how our customers utilize our services, the fixed fee revenues from our FSRUs and terminals create an exceptionally strong foundation for sustainable growth. Our recently announced long-term charter agreement with Petrobras is a great example of how valuable security of supply can be for our customers.

更高利用率的市場是我們成長策略的重要組成部分。它們透過我們的終端銷售液化天然氣和天然氣，為長期基礎設施建設創造機會。無論我們的客戶如何使用我們的服務，我們的 FSRU 和碼頭的固定費用收入都為永續成長奠定了異常堅實的基礎。我們最近宣布與巴西國家石油公司簽訂的長期包機協議是一個很好的例子，說明供應安全對我們的客戶來說有多重要。

Last month, we signed a 10-year contract with Petrobras to charter the FSRU Sequoia to enhance Brazil's energy security and support its transition to renewable energy. Under the agreement, which will commence on January 1, Excelerate will deploy the Sequoia to provide regasification services in Brazil at the Bahia Regas Terminal.

上個月，我們與巴西國家石油公司簽署了一份為期 10 年的合同，租用 FSRU Sequoia，以增強巴西的能源安全並支持其向可再生能源過渡。根據將於 1 月 1 日生效的協議，Excelerate 將部署 Sequoia，在巴西巴伊亞雷加斯碼頭提供再氣化服務。

The deployment of the Sequoia, which is one of the most modern FSRUs in the global fleet, will help ensure the operational continuity of the Bahia terminal after the expiration of the current terminal lease agreement on December 31 of this year. Petrobras was one of the world's earliest adopters of FSRUs. They know the asset class extremely well. We appreciate the fact that Petrobras selected Excelerate to be their preferred partner for FSRU services in Brazil.

Sequoia 是全球船隊中最現代化的 FSRU 之一，其部署將有助於確保巴伊亞碼頭在今年 12 月 31 日當前碼頭租賃協議到期後的營運連續性。巴西國家石油公司是世界上最早採用 FSRU 的公司之一。他們非常了解資產類別。我們很高興 Petrobras 選擇 Excelerate 作為其在巴西提供 FSRU 服務的首選合作夥伴。

Financially speaking, this is a great deal for Excelerate. After purchasing the Sequoia for $265 million in Q2, we secured a long-term contract for the vessel at the high end of the range of current market rates for FSRUs. We did what we said we would do. Importantly, the deal expands our core regas business, which allows for even stronger visibility to predictable near-term and long-term cash flows.

從財務角度來說，這對 Excelerate 來說是一筆巨大的交易。在第二季以 2.65 億美元購買紅杉號後，我們以當前 FSRU 市場價格範圍的高端價格獲得了該船的長期合約。我們做了我們說過要做的事。重要的是，這筆交易擴大了我們的核心再氣化業務，從而使可預測的近期和長期現金流具有更強的可見性。

Another good example of how our flexible FSRUs are utilized is our recently announced LNG SPA with Petrobangla. Under this 15-year agreement, Petrobangla has agreed to purchase from Excelerate 0.85 million tons per annum of LNG in '26 and '27 and 1 million tons per annum from '28 to 2040. The SPA volumes, which we expect to be back to back on the supply side, will be delivered to Excelerate's 2 existing FSRUs, the Excellence and the Summit LNG in Bangladesh.

關於如何利用我們靈活的 FSRU 的另一個很好的例子是我們最近宣布與 Petrobangla 簽署的 LNG SPA。根據這項為期 15 年的協議，Petrobangla 同意在 26 年和 27 年每年從 Excelerate 購買 85 萬噸液化天然氣，從 28 年到 2040 年每年從 Excelerate 購買 100 萬噸。我們預計 SPA 量將恢復到回到供應方面，將交付給Excelerate 的2 個現有FSRU，即位於孟加拉國的Excellence 和Summit LNG。

Long-term LNG offtake agreements, like this SPA, are an essential part of our integrated growth strategy to lock in ratable economic uplift on our existing infrastructure. We are focused on optimizing our FSRU fleet and evaluating strategic investments in new assets and infrastructure to further our growth. The sustained tightness of the FSRU market should create new opportunities for Excelerate to connect LNG to downstream customers.

長期液化天然氣承購協議（如本次買賣協議）是我們綜合成長策略的重要組成部分，旨在鎖定我們現有基礎設施的可觀經濟成長。我們專注於優化我們的 FSRU 船隊並評估新資產和基礎設施的策略投資，以進一步促進我們的成長。 FSRU 市場的持續緊張將為 Excelerate 將液化天然氣與下游客戶連接起來創造新的機會。

To capitalize on these incremental opportunities, we plan to invest in additional FSRUs and LNG infrastructure that will position the company to expand our presence in markets with a growing demand for LNG. This includes regions such as Sub-Saharan Africa, in countries such as India, Pakistan, Vietnam and Bangladesh.

為了利用這些增量機會，我們計劃投資額外的 FSRU 和液化天然氣基礎設施，這將使公司能夠擴大我們在液化天然氣需求不斷增長的市場中的影響力。這包括撒哈拉以南非洲等地區以及印度、巴基斯坦、越南和孟加拉等國家。

Our Payra LNG project is a great proof point of the strategy. Payra LNG is a critical part of Bangladesh's plan to support its ever-growing economy by providing natural gas to new and existing customers in the southern and western regions of the country. The project scope includes an offshore E-FIT LNG import terminal and a 270-kilometer 1 billion cubic feet per day onshore pipeline to Khulna. Khulna is the country's third largest city.

我們的 Payra 液化天然氣專案是該策略的一個很好的證明。 Payra LNG是孟加拉計畫的重要組成部分，該計畫透過向該國南部和西部地區的新老客戶提供天然氣來支持其不斷增長的經濟。工程範圍包括一個海上E-FIT液化天然氣進口終端和一條全長270公里、每天10億立方英尺通往庫爾納的陸上管道。庫爾納是該國第三大城市。

We recently signed a nonbinding charter sheet with Petrobangla for Payra. The term sheet, which details the broad commercial parameters and framework for the deal, represents an important milestone in the development of the project. We are now positioned to advance several critical work streams for the project, including our ongoing discussions with potential equity partners and lenders and the negotiations of the definitive agreements.

我們最近與 Petrobangla 簽署了一份針對 Payra 的非約束性租船合約。條款清單詳細介紹了交易的廣泛商業參數和框架，代表了該專案發展的一個重要里程碑。我們現在準備好推進該專案的幾個關鍵工作流程，包括我們與潛在股權合作夥伴和貸款人正在進行的討論以及最終協議的談判。

In summary, we expect this focused approach to expanding our presence in markets with growing demand for LNG will result in more near-term earnings and cash flow growth, while we continue to develop our longer-term organic capital projects.

總之，我們預計，在液化天然氣需求不斷增長的市場中，這種集中擴大業務的方法將帶來更多的短期收益和現金流成長，同時我們將繼續開發長期有機資本項目。

With that, I'll now turn the call over to Dana.

這樣，我現在將把電話轉給達納。

Thanks, Steven, and good morning, everyone. We are very pleased with Excelerate's performance in the third quarter of this year. Our third quarter net income was $47 million, which is an increase of $9 million, or up 25% as compared to the prior year third quarter. As compared to the second quarter of this year, our net income was up $17 million.

謝謝史蒂文，大家早安。我們對 Excelerate 今年第三季的表現非常滿意。我們第三季的淨利潤為 4,700 萬美元，比去年第三季增加了 900 萬美元，成長 25%。與今年第二季相比，我們的淨利潤增加了 1700 萬美元。

Our third quarter adjusted EBITDA was $107 million, an increase of $29 million or up 37% over the prior year third quarter and up $18 million as compared to the second quarter of this year. The year-over-year increases in net income and adjusted EBITDA were primarily driven by higher charter rates in Finland, Argentina, Brazil and Germany and lower operating lease expenses driven by the purchase of the Sequoia in the second quarter. These year-over-year increases were partially offset by the end of our contract in Israel in the fourth quarter of last year. The increase in adjusted EBITDA versus last quarter was driven by higher margins on our gas sales contracts in Brazil, inflation index adjustments on certain contracts that were effective in early Q3 along with lower vessel operating costs.

我們第三季調整後的 EBITDA 為 1.07 億美元，比去年第三季增加 2,900 萬美元，成長 37%，比今年第二季增加 1,800 萬美元。淨利潤和調整後 EBITDA 的年增長主要是由於芬蘭、阿根廷、巴西和德國的包機費率上升，以及第二季度購買紅杉導致的經營租賃費用下降。這些年成長率被去年第四季我們在以色列的合約終止所部分抵銷。與上季相比，調整後 EBITDA 的成長是由於我們在巴西的天然氣銷售合約利潤率提高、某些合約的通膨指數調整在第三季初生效以及船舶營運成本降低所致。

Excelerate continues to benefit financially from having a portfolio of stable long-term contracts. This portfolio has been strengthened by our recent FSRU charters, which have all been contracted at higher rates, that are reflective of the increased market value for the asset class. As of September 30, our FSRU and terminal assets had roughly $3.5 billion of remaining contracted cash flows with a weighted average remaining life of 7 years. Including the new Sequoia Charter with Petrobras signed in October, our contracted FSRU and terminal services portfolio has grown to over $4 billion of remaining contracted cash flows.

Excelerate 繼續從穩定的長期合約組合中獲得財務收益。我們最近的 FSRU 許可證增強了該投資組合，這些許可證均以更高的費率簽訂合同，這反映了該資產類別的市場價值增加。截至 9 月 30 日，我們的 FSRU 和碼頭資產剩餘合約現金流量約為 35 億美元，加權平均剩餘壽命為 7 年。包括 10 月與巴西國家石油公司簽署的新紅杉憲章，我們的合約 FSRU 和碼頭服務組合已增長至剩餘合約現金流超過 40 億美元。

Total CapEx for the third quarter was $12 million, which included $4 million of maintenance CapEx, mostly related to vessel upgrades for the FSRU Excelsior. Year-to-date through the third quarter, our maintenance CapEx was $16 million. On a full year basis, we expect to spend between $20 million to $25 million on maintenance CapEx.

第三季總資本支出為 1,200 萬美元，其中包括 400 萬美元的維護資本支出，主要與 FSRU Excelsior 的船舶升級有關。今年迄今至第三季度，我們的維護資本支出為 1,600 萬美元。以全年計算，我們預計維護資本支出將在 2,000 萬至 2,500 萬美元之間。

As previously mentioned, the FSRU Excellence is performing its planned dry dock activities this quarter. The vessel left for dry dock in early November, and we expect the vessel to return to service in Bangladesh by late December. Because the Excellence is under a build, own, operate, transfer, or BOOT structure, the related expenses will not be classified as maintenance CapEx, but instead, the financial impact of the dry dock will be recognized through our income statement. The full effect of the dry dock on our fourth quarter EBITDA results is included in our full year guidance.

如前所述，FSRU Excellence 正在本季度執行其計劃的乾船塢活動。該船於 11 月初啟程前往乾船塢，我們預計該船將於 12 月底在孟加拉國恢復運營。由於卓越號屬於建造、擁有、營運、轉讓或啟動結構，因此相關費用不會被歸類為維護資本支出，而是乾船塢的財務影響將透過我們的損益表予以確認。幹船塢對我們第四季 EBITDA 業績的全面影響已包含在我們的全年指引中。

Based on the strong financial results we've delivered through the third quarter, we are raising our adjusted EBITDA guidance for 2023. For the full year, adjusted EBITDA is now expected to range between $340 million and $350 million. Excelerate is well positioned financially to execute on our focused growth strategy, and we look forward to advancing our plans to create value for our shareholders.

基於我們第三季取得的強勁財務業績，我們提高了 2023 年調整後 EBITDA 指引值。全年調整後 EBITDA 預計在 3.4 億美元至 3.5 億美元之間。 Excelerate 在財務上處於有利地位，可以執行我們的重點成長策略，我們期待推進我們的計劃，為股東創造價值。

With that, we'll open up the call for Q&A.

至此，我們將開始問答環節。

(Operator Instructions) First question comes from Chris Robertson with Deutsche Bank.

（操作員說明）第一個問題來自德意志銀行的 Chris Robertson。

Congratulations on the really solid quarter. Sorry, I thought I couldn't hear you guys for a second there. Yes, I just wanted to dive down a bit further into the new Petrobras agreement. I guess, how should we think about that in terms of incremental EBITDA that, that new contract brings? And how should we compare that with the prior arrangement that you had there versus this new agreement? Is there any kind of put and take with regards to gas sales upside? Is it primarily just fixed fee arrangement here? Just a little bit more detail would be helpful.

恭喜這個季度的表現非常強勁。抱歉，我以為我聽不到你們的聲音。是的，我只是想進一步深入了解巴西國家石油公司的新協議。我想，我們應該如何考慮新合約帶來的增量 EBITDA？我們應該如何將其與您先前的安排與這項新協議進行比較？天然氣銷售上漲有什麼影響嗎？這裡主要只是固定費用安排嗎？只要多一點細節就會有幫助。

Yes. Thanks, Chris. I appreciate the question. I'm going to hand it over to Dana here in a second about the EBITDA uplift. And I think once you hear from her, you'll realize it's a great deal. It's really important to us. It's 10 years of predictable revenue. And the fact of the matter is it's better than anybody's getting in Europe. So we like Petrobras. This is the deal that Petrobras wanted to do, which is always an important consideration. You heard from Dana with the addition of this contribution, we're over $4 billion of future contracted cash flows.

是的。謝謝，克里斯。我很欣賞這個問題。稍後我將把關於 EBITDA 提升的問題交給 Dana。我想一旦你收到她的來信，你就會意識到這是一件很棒的事。這對我們來說真的很重要。這是 10 年可預測的收入。事實上，這比任何人在歐洲得到的都要好。所以我們喜歡巴西石油公司。這是巴西國家石油公司想要進行的交易，這始終是一個重要的考慮因素。您從 Dana 那裡聽說，加上這筆捐款，我們的未來合約現金流量將超過 40 億美元。

But another thing that's interesting about this one, it has CPI index every 2 years. So we're really -- you can model it. We've had some concerns about the variability in Brazil in the past with the gas sales, impact of reliance on hydropower and intermittency from that. But this is going to be solid earnings that you can model year in, year out, and we couldn't be happier. As I said in my remarks, Petrobras has been out FSRUs since the get-go. And the fact that they're counting on us for -- to be their exclusive, moving forward, FSRU partner is fantastic.

但另一個有趣的事情是，它每兩年有一次 CPI 指數。所以我們真的——你可以模擬它。我們過去對巴西天然氣銷售的變化、對水力發電依賴的影響以及由此產生的間歇性感到擔憂。但這將是可觀的收入，你可以年復一年地模擬，我們高興極了。正如我在演講中所說，巴西國家石油公司從一開始就不再使用 FSRU。事實上，他們指望我們成為他們唯一的、不斷前進的 FSRU 合作夥伴，這真是太棒了。

But Dana, do you want to give Chris color on what we're seeing...

但是達納，你想讓克里斯了解我們所看到的事情嗎？

Yes, Chris, so just to add to that, to be a little bit more specific, we're expecting our EBITDA in the mid-$60 million range over the near term. And that's going to increase over time because of the CPI escalator. So it's a very solid, profitable contract for us. In fact, it's one of our -- probably is our most profitable TCP that we have. So again very excited about it. In comparison to gas sales, as Steven stated, the gas sales, as you can tell, have been lumpy over the past 2 years and not predictable. So even though we had great performance this year on Brazil gas sales, that's not guaranteed in the future. So we're definitely happy with this deal.

是的，克里斯，所以補充一點，更具體一點，我們預計短期內我們的 EBITDA 在 6000 萬美元左右。由於消費者物價指數 (CPI) 不斷上升，這一數字將隨著時間的推移而增加。所以這對我們來說是一份非常可靠、有利可圖的合約。事實上，它是我們最賺錢的 TCP 之一。所以再次對此感到非常興奮。正如史蒂文所說，與天然氣銷售相比，如你所知，過去兩年天然氣銷售一直不穩定且不可預測。因此，儘管我們今年在巴西天然氣銷售方面取得了出色的業績，但這並不能保證未來。所以我們對這筆交易非常滿意。

Does that answer your question?

這是否回答你的問題？

It does. Yes, it sounds like a good deal for you guys, and I like the predictability of the cash flows here from that. I guess moving on, on the -- centered in Dubai, I was under the impression that there was an extension of one of the FSRUs there through 2030. And if you could comment on the other FSRU, the Express, I'm under the impression that it's kind of on a rolling contract basis. What's the status of the Explorer in terms of the contract expansion? And then how should we think about the rolling contract nature on the Express?

確實如此。是的，這對你們來說聽起來很划算，而且我喜歡由此產生的現金流的可預測性。我想接下來，以杜拜為中心，我的印像是其中一個 FSRU 的期限延長至 2030 年。如果您能評論另一個 FSRU（即 Express），我認為給人的印像是這是一種滾動合約的基礎。探索者號的合約擴展如何？那麼我們該如何看待 Express 上的滾動合約性質呢？

Yes. Well, thanks, Chris. We can we can jump down into that. I was just in UAE a few weeks ago. That extension on Explorer, we announced that, gosh, if you like, back in January or so. And what's telling about Explorer, kind of fits into our narrative about energy security because that was an extension off of a charter that was going to expire in 2025.

是的。嗯，謝謝，克里斯。我們可以，我們可以跳進去。幾週前我剛在阿聯酋。資源管理器上的擴展，我們在一月份左右就宣布了，天哪，如果你願意的話。 Explorer 的故事有點符合我們關於能源安全的敘述，因為這是 2025 年到期的憲章的延期。

So you had somebody 3 years before an end date saying, "Hey, we really would like to see an extension of that through 2035." So I took it as a tell, we took it as a tell that energy security is important. People are thinking about locking in energy security sooner than they otherwise would. And it's a critical piece of what Dubai needs for their energy mix and not just in the heat of summer. So we're pleased that Dubai is counting on us to ensure the integrity of their energy system, and we're pleased to continue that relationship to 2030, if not well beyond.

因此，有人在結束日期前 3 年說：“嘿，我們真的希望看到將其延長到 2035 年。”所以我把它當作一個告訴，我們把它當作一個告訴，能源安全很重要。人們正在考慮儘早鎖定能源安全。這是杜拜能源結構所需的關鍵部分，而不僅僅是在炎熱的夏季。因此，我們很高興杜拜依靠我們來確保其能源系統的完整性，並且我們很高興將這種關係​​延續到 2030 年（如果不是很長時間）。

In terms of Express, Express is a different kind of poster child for energy security because the fact of the matter is ADNOC could have any asset they want in the world that has been on Evergreen for some time. I think we've highlighted that back a couple of years ago. And yes, they count on it. And I'm comfortable that they are not going to let go of that asset anytime soon just because of the new world we live in, and people want to ensure energy security. So it's another one of those.

就 Express 而言，Express 是能源安全的另一種典範，因為事實是 ADNOC 可以在世界上擁有任何他們想要的資產，而這些資產已經在 Evergreen 上存在了一段時間。我想我們幾年前就已經強調過這一點。是的，他們指望它。我很高興他們不會因為我們生活在新世界而很快放棄這項資產，而且人們希望確保能源安全。這是其中的另一個。

I talked about some of our markets have maximum throughput. The asset in Pakistan pushed something like 1.25% of global LNG supply to it because they've got this huge baseline need. Abu Dhabi is just a very prudent, very sophisticated energy company knowing they need the reliability of Excelerate's insurance in case there's any kind of disruption to a mature energy system like theirs. So I think the need, the heightened awareness for energy security is driving some of this. And just to clarify, the Explorer extension runs through October of 2030.

我談到我們的一些市場具有最大吞吐量。巴基斯坦的資產佔全球液化天然氣供應量的 1.25%，因為他們有龐大的基準需求。阿布達比是一家非常謹慎、非常成熟的能源公司，知道他們需要 Excelerate 保險的可靠性，以防像他們這樣的成熟能源系統出現任何形式的中斷。因此，我認為對能源安全的需求和意識的提高正在推動這一趨勢。需要澄清的是，Explorer 擴展將持續到 2030 年 10 月。

Okay. Yes, that's helpful. Yes, I guess the reason I was asking on the Express was more about, from your perspective, for optionality, let's say, looking into these other regions. As you've highlighted, there's maybe an opportunity to go into a higher utilization market. And there's not too many of the base assets left that have charters rolling off in the near term. So I didn't know how you thought about the Express potentially going into a different market if an opportunity would arise.

好的。是的，這很有幫助。是的，我想我在《快報》上詢問的原因更多的是，從您的角度來看，是為了選擇，比如說，調查這些其他地區。正如您所強調的，也許有機會進入利用率較高的市場。而且短期內沒有太多基礎資產可以提供包機服務。所以我不知道您如何看待如果有機會的話 Express 可能會進入不同的市場。

Yes. That is something we have and would discuss with ADNOC. I like that relationship, want to maintain that relationship for the long term. We have, in the past, borrowed the Express seasonally in winter, just like we borrowed the Excelsior from the German government over the past Northern Hemisphere summer. So we're always looking at ways to find win-wins, whether that's bridging to a more permanent asset or not. And you can be sure that we're having those discussions with ADNOC, just as we would with every customer.

是的。這是我們已經並將與阿布達比國家石油公司討論的事情。我喜歡這段關係，想長期維持這段關係。過去，我們在冬季季節性地借用了 Express，就像我們在北半球夏季從德國政府借用了 Excelsior 一樣。因此，我們一直在尋找雙贏的方法，無論是否是獲得更永久資產的橋樑。您可以確信我們正在與阿布達比國家石油公司進行這些討論，就像我們與每位客戶進行的討論一樣。

Sure. Yes. Last question for me, and I'll turn it over. Just with regards to Payra, you signed in the term sheet. I guess, any estimates in terms of time line around kind of next stage part of the process and when there might be kind of a final investment decision there?

當然。是的。最後一個問題給我，我會把它翻過來。就 Payra 而言，您簽署了投資意向書。我想，對流程下一階段的時間軸以及何時可能做出最終投資決定有任何估計嗎？

Yes, I'll let Dana provide a little more color. But if you think about the next milestones, this was a nonbinding term sheet. It certainly helped us refine a lot of aspects of this project. I mean you would be looking for some intermediate agreements that we would announce, you'd be looking for execution of definitive agreements, you would be looking for EPC contract awards.

是的，我會讓 Dana 提供更多的色彩。但如果你考慮下一個里程碑，你會發現這是一份不具約束力的投資意向書。它確實幫助我們完善了這個項目的許多方面。我的意思是，您會尋求我們將宣布的一些中間協議，您將尋求最終協議的執行，您將尋求EPC 合約授予。

We previously announced the mandate letter we've signed with IFC that is now enforced after this term sheet was a milestone in that mandate letter. So we'll also be moving forward under the financing arrangements with our mandated lead arranger. We're very pleased about that. But those are some of the milestones you'll be seeing come down the road.

我們先前宣布了與國際金融公司簽署的授權書，在本條款清單成為該授權書的里程碑之後，該授權書現已開始執行。因此，我們也將根據與我們的授權牽頭安排人的融資安排向前推進。我們對此感到非常高興。但這些是您將在未來看到的一些里程碑。

We now turn to turn to Jeremy Tonet with JPMorgan.

我們現在請摩根大通的傑里米·托內特 (Jeremy Tonet) 發言。

Right. Just wanted to start off, if I could, with any incremental thoughts you might be able to provide with regards to capital allocation strategy going forward. It seems like there's a lot of LNG export being built in the world, maybe not quite as much regas capacity. So it seems like there's quite the need there. At the same time, I guess, some of the other peers might be -- might have a higher dividend yield than what Excelerate offers right now. And so just wondering, how you think about balancing these, I guess, competing priorities and overall thoughts on capital allocation?

正確的。如果可以的話，我只想從您可能能夠提供的任何關於未來資本配置策略的增量想法開始。世界上似乎正在建造大量液化天然氣出口設施，但再氣化能力可能還不夠。所以看來那裡很有必要。同時，我猜想，其他一些同業的股息殖利率可能比 Excelerate 目前提供的更高。因此，我想知道，您如何考慮平衡這些相互競爭的優先事項和資本配置的整體想法？

Jeremy, that's a great question, and it's something that we talk about and we analyze. Now I think there -- and you pointed out in your question, LNG production is coming up, you're not seeing an increase correspondingly in importer capacity. We're not seeing as much import capacity in some of the regions, they're going to have the highest growth on that capacity. So I want to be clear, we are committed to growth. And we think that dry powder to fund that growth has a significant value for this at this point, but I want to turn it over to our CFO.

傑里米，這是一個很好的問題，我們會討論和分析這個問題。現在我認為，您在問題中指出，液化天然氣產量正在增加，但您沒有看到進口商能力相應增加。我們在某些​​地區沒有看到那麼多的進口能力，但它們的進口能力成長將是最高的。所以我想明確的是，我們致力於成長。我們認為，為這種增長提供資金的乾粉在這一點上具有重大價值，但我想將其移交給我們的財務長。

Yes. Thanks, Jeremy. So as Steven said, our priority is still growth. We -- at this point in time, we're not intending to increase our dividend. We'll continue to evaluate that as we grow and as we move forward. But as of right now, we really are focused on growing the business and using that capital to fund our growth. As you know, we have a new build coming out very soon. So we'll be working on the financing around that. We are considering potentially placing an order for a second new build to fund additional growth. So that's really where our priorities are at this time.

是的。謝謝，傑里米。正如史蒂文所說，我們的首要任務仍然是成長。目前，我們不打算增加股利。隨著我們的成長和前進，我們將繼續評估這一點。但截至目前，我們真正專注於發展業務並利用這些資本來為我們的成長提供資金。如您所知，我們很快就會推出新版本。因此，我們將圍繞這一點進行融資。我們正在考慮可能訂購第二個新建項目，以資助進一步的成長。所以這確實是我們目前的首要任務。

Got it. That's helpful there. And then just speaking with investors, I guess, in the market. The stock price has been a bit soft, and I think for holders, there's been a degree of frustration there. And I'm wondering what, I guess, steps management sees to kind of better highlight the value here or realize the value here, if there could be strategic actions that could be taken or otherwise? Just kind of curious, your thoughts on that in general.

知道了。這很有幫助。然後我想，只是在市場上與投資者交談。股價有點疲軟，我認為對於持有者來說，存在一定程度的挫敗感。我想知道，如果可以採取或以其他方式採取策略行動，管理層會採取哪些步驟來更好地突出此處的價值或實現此處的價值？只是有點好奇，你對此的整體看法。

Yes. Well, Jeremy, thank you for that. I do think it is a good opportunity for investors, there's no doubt about that. I think the best thing we can do is to continue to announce. You saw just in the lead up to this earnings cycle, some critical announcements from us on things we are progressing. And we need to keep putting wins on the board. I think it's pretty simple. We do see a lot of opportunities in front of us. And obviously, some possibility involves other use of that dry powder out there in the M&A space, which we need to continue to evaluate. But the focus is on growth. We are committed to growth. We think we're putting wins on the board, and we hope we can get more attention to that fact.

是的。嗯，傑里米，謝謝你。我確實認為這對投資者來說是一個很好的機會，這是毫無疑問的。我認為我們能做的最好的事情就是繼續宣布。您在本財報週期即將到來之際看到了我們關於我們正在取得的進展的一些重要公告。我們需要繼續取得勝利。我認為這很簡單。我們確實看到很多機會擺在我們面前。顯然，有些可能性涉及在併購領域使用這種乾粉，我們需要繼續評估。但重點是成長。我們致力於成長。我們認為我們正在把勝利放在董事會上，我們希望我們能夠更多地關注這一事實。

Got it. That's helpful. Just last one, if I could. As far as look into 2024, be it guidance on EBITDA, CapEx or what have you, when would we expect that kind of more color on that? And any high-level thoughts that you could provide incrementally there?

知道了。這很有幫助。如果可以的話，就最後一張。就 2024 年而言，無論是 EBITDA、資本支出或其他方面的指導，我們什麼時候預計會有更多的色彩？您可以在那裡逐步提供任何高層次的想法嗎？

I'm going to hand it over to Dana lest I skip into forward-looking statements.

我將把它交給達納，以免我跳到前瞻性陳述。

Yes. I mean, Jeremy, I'll say the same thing as Steven. At this point, we can't guide on 2024. We're working on our plan. We realized the analysts are trying to just figure that out, and we'll get that out to you guys as soon as we can, but our expectation is that will be early next year. We'll provide more information on 2024 guidance.

是的。我的意思是，傑里米，我會說和史蒂文一樣的話。目前，我們無法指導 2024 年。我們正在製定計劃。我們意識到分析師正在試圖弄清楚這一點，我們會盡快將其告知大家，但我們的預期是明年初。我們將提供有關 2024 年指導的更多資訊。

We now turn to Michael Blum with Wells Fargo.

現在我們請富國銀行的麥可布魯姆來談談。

So most of my questions have been addressed. But I just had one as it relates to future markets and opportunities. You went through a bunch there, that was very helpful. You talked about investing in additional FSRU LNG. Just wanted to clarify, does that mean you're looking to acquire, to build? Just trying to understand how you would approach potential future market opportunities.

所以我的大部分問題都解決了。但我只有一個，因為它與未來的市場和機會有關。你在那裡經歷了很多，這非常有幫助。您談到了投資額外的 FSRU 液化天然氣。只是想澄清一下，這是否意味著您正在尋求收購、建設？只是想了解您將如何抓住未來潛在的市場機會。

Thanks, Michael. Thanks for the question. It's not going to be specific for individual markets. You know that we are bullish on the asset class in general. We believe that folks that have the energy security of FSRU have it now, whether or not they may take long strips of LNG or not, we think it's affordable insurance. And that people -- once they have the security of that affordable insurance, that they're going to be sticky. I think I made that point with you in New York last December, and that my view hasn't changed there at all.

謝謝，麥可。謝謝你的提問。它不會針對個別市場。您知道，我們總體看好該資產類別。我們相信，擁有 FSRU 能源安全的人們現在已經擁有了它，無論他們是否可能需要長條液化天然氣，我們認為這是負擔得起的保險。人們一旦獲得了負擔得起的保險的保障，他們就會變得黏稠。我想我去年 12 月在紐約就曾與您說過這一點，而且我的觀點在那裡根本沒有改變。

In terms of these different markets we're looking at, though, some could use incremental FSRUs, some without getting too into jargon, some could use a floating storage unit, or FSU, which is more like a conventional carrier with shore-based regas. Some of those markets we discussed are clearly an LNG to power play. And then some are focused on just import terminals, breaking the volumes up, distributing the -- the commonality they all have is its infrastructure.

不過，就我們正在研究的這些不同市場而言，有些可以使用增量式FSRU，有些可以使用浮動儲存單元(FSU)，有些可以使用浮動儲存單元(FSU)，這更像是具有岸基再氣化功能的傳統運輸船。我們討論的一些市場顯然是液化天然氣發電市場。然後有些人只專注於進口碼頭，分解數量，分配——他們的共同點是其基礎設施。

So we're looking at different types of infrastructure depending upon what an individual market needs, and it's just going to vary. But I would leave you that we remain bullish on the FSRU asset class, and though every market [won't] require a new FSRU, some will, and we are committed to remaining the preferred partner for countries seeking energy security. And we're going to take the necessary steps.

因此，我們正在根據各個市場的需求來考慮不同類型的基礎設施，而且它會有所不同。但我想說的是，我們仍然看好 FSRU 資產類別，儘管每個市場[不會]需要新的 FSRU，但有些市場會，而且我們致力於繼續成為尋求能源安全的國家的首選合作夥伴。我們將採取必要的步驟。

Our next question comes from Zack Van Everen with Tudor, Pickering & Holt.

我們的下一個問題來自 Tudor、Pickering & Holt 的 Zack Van Everen。

Just wanted to follow up on an earlier question. Going into 2024, it sounds like a majority of the FSRUs are now under contract. I just wanted to -- the additional color on the ability to market some of those. You mentioned on the Express, whether it's seasonality within those contracts, do you guys still have the ability to take advantage or help out a situation like what happened in Finland, if that were to happen going forward? Just any flexibility on current contracts to use the ships in different markets in different seasons.

只是想跟進之前的問題。進入 2024 年，大多數 FSRU 似乎都簽訂了合約。我只是想——為其中一些產品的行銷能力增添色彩。您在《快報》上提到，無論這些合約是否具有季節性，如果未來發生類似芬蘭的情況，你們是否仍有能力利用或幫助解決這種情況？只是當前合約的彈性，可以在不同季節、不同市場使用船舶。

Thanks, Zack. That one is pretty simple. These are critical energy security for a country, so it shouldn't be surprising we don't have a call, right, to say, "Hey, we'd like to leave you in a lurch." This will be a bilateral discussion, but people have this bilateral discussions. We have those discussions. We've always had those discussions. And that's how we got Germany to help out Argentina this past year. In years past, we have borrowed the Express seasonally. Now I would say it's got to be a clear defined opportunity. And it's going to vary over time, depending upon what the near-term geopolitical risk profile is.

謝謝，扎克。這個很簡單。這些對一個國家來說是至關重要的能源安全，所以我們沒有接到電話說「嘿，我們想讓你陷入困境」也就不足為奇了。這將是雙邊討論，但人們進行雙邊討論。我們有這些討論。我們一直都有這樣的討論。這就是我們去年讓德國幫助阿根廷的方式。在過去的幾年裡，我們季節性地借用了 Express。現在我想說這必須是一個明確定義的機會。而且它會隨著時間的推移而變化，這取決於近期地緣政治風險狀況。

I'm glad you mentioned Finland though, because, for example, with the disruption of the Balticconnector pipeline between Finland and Estonia, they're not getting gas from Russia, probably never going to get gas from Russia again because they have a long memory and they can't get the pipeline from the continent. So we are providing the overwhelming majority of Finland's natural gas needs. It's a mature economy. They have a relatively small need for natural gas, but that need they have is absolutely critical to their economy. And that's a situation where I wouldn't expect anyone to let go of bit.

我很高興你提到芬蘭，因為，例如，隨著芬蘭和愛沙尼亞之間的波羅的海連接管道中斷，他們無法從俄羅斯獲得天然氣，可能永遠不會再從俄羅斯獲得天然氣，因為他們有很長的記憶力他們無法從大陸獲得管道。因此，我們滿足了芬蘭絕大多數的天然氣需求。這是一個成熟的經濟體。他們對天然氣的需求相對較小，但這種需求對其經濟絕對至關重要。在這種情況下，我不希望任何人放棄一點。

Other folks are going to have different needs in places with extensive hydro power, you might have visibility of full year out, your reservoirs, what your needs will be. So I just want to be clear, it's a very individual discussion that we have with our customers. But we are always having those discussions, and we are looking for win-wins. And I think we've done a good job of identifying win-wins in the past, and you can count on us to continue to do that.

其他人在擁有大量水力發電的地方會有不同的需求，您可能可以了解全年情況、您的水庫以及您的需求。所以我想澄清一下，這是我們與客戶進行的非常個人的討論。但我們一直在進行這些討論，並且我們正在尋求雙贏。我認為我們過去在實現雙贏方面做得很好，您可以信賴我們會繼續這樣做。

Perfect. And one last quick one. Can you remind me of what other contracts have the CPI or inflation clauses in the contract?

完美的。最後一個快點。您能提醒我還有哪些合約中有 CPI 或通膨條款嗎？

That's one -- I got to look over to Dana again to see what we've disclosed.

就是這樣——我必須再次去找達納看看我們披露了什麼。

Zack, we've not disclosed, but it's the vast majority of our contracts that have that. And for most of those contracts, it's effective in -- at midyear. So that's why we saw a little bit of a bump in the third quarter.

扎克，我們還沒有透露，但我們的絕大多數合約都有這一點。對於大多數合約來說，它在年中生效。這就是為什麼我們在第三季看到了一些成長。

(Operator Instructions) We now turn to Craig Shere with Tuohy Brothers.

（操作員說明）我們現在請來 Tuohy Brothers 的 Craig Shere。

Congratulations on the good quarter. Expanding on Michael's question, can you kind of express thoughts about your long-term interest investing in and retaining ownership of power pipeline or other infrastructure assets that would support LNG imports in the various markets you had mentioned?

恭喜季度業績良好。擴展邁克爾的問題，您能否表達一下您對投資和保留電力管道或其他基礎設施資產所有權的長期興趣的想法，這些資產將支持您提到的各個市場的液化天然氣進口？

Thanks, Craig. It's all going to vary by market. But if you take a look -- if you take a step back, you look at fundamentals into these markets and you look at the macro fundamentals, more LNG FIDs being taken, fewer people opening up the market. As we continue our success in opening up markets, I do expect there to be opportunities for uplift there. But we need to be clear. We're looking at ways to get an uplift on an already outstanding infrastructure return. We're going to keep looking at those.

謝謝，克雷格。這一切都會因市場而異。但如果你看一看——如果你退後一步，你會看到這些市場的基本面和宏觀基本面，會發現越來越多的液化天然氣最終投資決定被採用，而開放市場的人卻越來越少。隨著我們在開拓市場方面繼續取得成功，我確實預計那裡會有提升的機會。但我們需要明確一點。我們正在尋找方法來提高已經出色的基礎設施回報。我們將繼續關注這些。

And it's going to depend really -- like I said, we did the deal that Petrobras wanted to do on Sequoia. A lot of this is going to be what makes the most sense with that counterparty. I know that's basic answer, but that's where these deals come down. And though we're working with sovereigns all the time, still somebody across the table and you need to be selling something that they want to buy, and we think they will.

這實際上取決於——就像我說的，我們完成了巴西國家石油公司想要對紅杉的交易。其中很多對於交易對手來說是最有意義的。我知道這是基本答案，但這就是這些交易的根源。儘管我們一直在與主權國家合作，但仍然有人坐在桌子對面，你需要出售他們想購買的東西，我們認為他們會的。

Understood. And just want to dig a little more into Jeremy's 2024 question. I know that there's no guidance, but I presume that there's some comparative obvious drivers such as the Sequoia charter versus the robust 2023 gas margins, whether you might have ongoing seasonal Argentine deployments. And obviously, the absence of the Excellence dry docking next year. From a top level on puts and takes, do you see these things kind of netting out, being a little more positive? Any broad thoughts?

明白了。只是想進一步深入了解 Jeremy 的 2024 年問題。我知道沒有指導，但我認為有一些相對明顯的驅動因素，例如紅杉憲章與 2023 年強勁的天然氣利潤率，無論您是否可能在阿根廷進行持續的季節性部署。顯然，明年卓越乾船塢將缺席。從看跌期權的最高層面來看，你是否認為這些事情已經得到了回報，變得更加積極了一些？有什麼廣泛的想法嗎？

I'm going to look back today again on that, Craig, because I think you're asking me to undercut answer. I'm not guiding to it, but -- and you're going to have to help me, Dana. I don't really know what we've...

今天我要再次回顧這一點，克雷格，因為我認為你是在要求我削弱答案。我不會指導它，但是——你必須幫助我，達納。我真的不知道我們有什麼...

Yes. Apologies, Craig, but we -- yes, we still need to get through our internal processes. And you're right, I mean, all of the questions are very valid questions. But until we've sat down and really done a thorough review of all of these issues, we really don't feel comfortable guiding to where 2024 will lay out. But we'll get that to you as soon as we're able to.

是的。抱歉，克雷格，但我們——是的，我們仍然需要完成我們的內部流程。你是對的，我的意思是，所有的問題都是非常有效的問題。但在我們坐下來真正徹底審查所有這些問題之前，我們確實不願意指導 2024 年的發展方向。但我們會盡快提供給您。

Yes. What we can tell you, Craig, is you're going to have a lot easier time modeling it.

是的。克雷格，我們可以告訴您的是，您將可以更輕鬆地進行建模。

This concludes our Q&A. I'll now hand back to Steven Kobos, CEO, for closing remarks.

我們的問答到此結束。現在我將請執行長史蒂文·科博斯 (Steven Kobos) 致閉幕詞。

Thank you again, to everyone who joined us on today's call. As you heard this morning, we had a great quarter, and we are optimistic about our plans to maximize shareholder value. We take pride in being one of the world's premier providers of flexible LNG infrastructure and a preferred partner for countries seeking to stabilize their energy systems. We will continue to take the steps necessary to scale our business and expand our reach even further.

再次感謝所有參加今天電話會議的人。正如您今天早上聽到的那樣，我們度過了一個出色的季度，我們對實現股東價值最大化的計劃感到樂觀。我們為成為全球領先的靈活液化天然氣基礎設施供應商之一以及尋求穩定能源系統的國家的首選合作夥伴而感到自豪。我們將繼續採取必要措施擴大我們的業務並進一步擴大我們的影響力。

If anyone has any questions, please feel free to reach out to Craig Hicks, our VP of Investor Relations. Thank you very much.

如果任何人有任何疑問，請隨時聯繫我們的投資者關係副總裁 Craig Hicks。非常感謝。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們衷心感謝您的參與。現在您可以斷開線路。