Excelerate Energy Inc (EE) 2024 Q3 法說會逐字稿

Hello, and welcome to the Excelerate Energy third-quarter 2024 earnings conference call. My name is Alex, and I'll be coordinating the call today. (Operator Instructions)

您好，歡迎參加 Excelerate Energy 2024 年第三季財報電話會議。我叫亞歷克斯，今天我將協調通話。（操作員說明）

I'll now hand it over to your host, Craig Hicks, Vice President, Investor Relations. Please go ahead.

現在我將把它交給東道主投資者關係副總裁 Craig Hicks。請繼續。

Welcome to Excelerate Energy's third-quarter 2024 earnings call. Participating on the call today are Steven Kobos, Chief Executive Officer; and Dana Armstrong, Chief Financial Officer. Also joining the call today are Oliver Simpson, Chief Commercial Officer; and David Liner, Chief Operating Officer.

歡迎參加 Excelerate Energy 的 2024 年第三季財報電話會議。執行長史蒂文·科博斯 (Steven Kobos) 參加了今天的電話會議；和財務長達納阿姆斯壯。今天參加電話會議的還有商務長奧利佛‧辛普森 (Oliver Simpson)；和首席營運長 David Liner。

Our third-quarter 2024 earnings 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 2024 年第三季獲利結果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。

With that, it is my pleasure to pass the call over to Steven Kobos.

至此，我很高興將電話轉給史蒂文·科博斯。

Thank you, Craig. And to all of you on the call, good morning. I know that many of you are familiar with the Excelerate value proposition. But for those of you who are new to our story, I want to start today's call by simply stating who we are as a company.

謝謝你，克雷格。各位來電的各位，早安。我知道你們中的許多人都熟悉 Excelerate 價值主張。但對於那些不熟悉我們故事的人來說，我想在今天的電話會議開始時簡單地介紹我們作為一家公司的定位。

At Excelerate Energy, we are committed to being the global leader in FSRUs and downstream LNG infrastructure. Our aim is to leverage our unrivaled experience and help customers across the globe unlock access to abundant LNG supply.

在 Excelerate Energy，我們致力於成為 FSRU 和下游液化天然氣基礎設施的全球領導者。我們的目標是利用我們無與倫比的經驗，幫助全球客戶獲得充足的液化天然氣供應。

Q3 was a fantastic quarter for us. I am proud that we delivered another strong quarter of solid financial and operational performance. This resulted in adjusted EBITDA of $92 million. Our ability to deliver consistent results and generate strong cash flow is driven by the high quality of our core regas business. This business is underpinned by a contract portfolio that has about $4 billion in future revenue with a weighted remaining term of seven years. This is a real foundation.

第三季對我們來說是一個非常棒的季度。我很自豪我們又一個季度實現了穩健的財務和營運表現。調整後的 EBITDA 為 9,200 萬美元。我們能夠提供一致的結果並產生強勁的現金流，這得益於我們核心再氣化業務的高品質。該業務以合約組合為基礎，未來收入約為 40 億美元，加權剩餘期限為七年。這是真正的基礎。

Our FSRU and terminals business gives us ample flexibility to invest in growth over the near, mid and long term. It's also why we are confident in our decision to more than double our quarterly dividend to $0.06 per share. Dana is going to speak more to the dividend increase during her remarks. I want to take this opportunity to thank each and every member of the Global Excelerate team. They work hard to ensure the energy needs of our customers are met every day.

我們的 FSRU 和碼頭業務為我們提供了足夠的靈活性來投資於近期、中期和長期的成長。這也是我們對將季度股息增加一倍以上至每股 0.06 美元的決定充滿信心的原因。達納將在講話中更多地談論股息增加。我想藉此機會感謝 Global Excelerate 團隊的每一位成員。他們努力工作，確保滿足客戶每天的能源需求。

Quite frankly, that's why we obsess about operational excellence. We had a stellar quarter operationally with reliability in excess of 99.8% and 0 recordable safety incidents. These are impressive statistics considering our pool of over 700 seafarers who served on our vessels.

坦白說，這就是我們沉迷於卓越營運的原因。我們的季度營運表現出色，可靠性超過 99.8%，可記錄安全事故為零。考慮到我們船上有 700 多名海員，這些統計數據令人印象深刻。

During the quarter, the crew of the FSRU Excellence achieved a new milestone. They safely performed their 250th ship-to-ship LNG cargo transfer at our MLNG terminal in Bangladesh. More than 50 of those transfers occurred this year. What an amazing accomplishment for the team.

本季度，FSRU Excellence 的船員實現了新的里程碑。他們在我們位於孟加拉的 MLNG 碼頭安全地進行了第 250 次船對船液化天然氣貨物轉運。其中 50 多起轉會發生在今年。對團隊來說這是多麼了不起的成就。

On this morning's call, you are going to hear three themes. Excelerate Energy is driving near and midterm value creation. We are generating sustainable earnings, and we are executing a disciplined capital allocation plan.

在今天早上的電話會議中，您將聽到三個主題。Excelerate Energy 正在推動近期和中期價值創造。我們正在創造可持續的收益，並且正在執行嚴格的資本分配計劃。

Now, let's talk more about our strategy, which is our North Star. Over the last few quarters, we have focused on the steps we are taking to optimize our core regasification business and the strategic catalysts we are advancing to maximize value for our shareholders. Today, I want to spend some time discussing our strategy for growing our fleet and how we are leveraging our LNG supply portfolio to support our growth projects and enhance our infrastructure returns.

現在，讓我們多談談我們的策略，即我們的北極星。在過去的幾個季度中，我們重點關注為優化核心再氣化業務而採取的步驟，以及為股東實現價值最大化而正在推進的策略催化劑。今天，我想花一些時間討論我們發展船隊的策略，以及我們如何利用我們的液化天然氣供應組合來支持我們的成長項目並提高我們的基礎設施回報。

I've said it before, and I'll say it again, our FSRU and terminals business is the cornerstone of our company. Growing our fleet responsibly as opportunities present themselves is an important part of our plan to increase our presence in both new and existing markets around the world. We've talked previously about Hull 3407. This is our newbuild FSRU that is being constructed by Hyundai Heavy Industries in South Korea. Hull 3407 is going to be best-in-class and capable of delivering one billion cubic feet per day of natural gas. This makes it well suited for deployment in markets with a need for high send out.

我以前說過，現在我再說一遍，我們的 FSRU 和碼頭業務是我們公司的基石。隨著機會的出現，負責任地發展我們的機隊是我們增加在全球新市場和現有市場的影響力計劃的重要組成部分。我們之前討論過 Hull 3407。這是我們新建的 FSRU，由韓國現代重工建造。Hull 3407 將成為同類中最好的，每天能夠輸送 10 億立方英尺的天然氣。這使得它非常適合部署在需要高發送量的市場中。

In October, I'm pleased to report that we reached the steel cutting milestone for the FSRU. The next milestone keel laying will occur in March of 2025. 3407 remains on track for expected delivery in June 2026. When you look at our fleet, it's obvious that we like new build FSRUs.

十月份，我很高興地向大家報告，我們達到了 FSRU 鋼材切割的里程碑。下一個里程碑式的龍骨鋪設將於 2025 年 3 月進行。當您查看我們的機隊時，很明顯我們喜歡新建 FSRU。

At the same time, we also recognize that the projects in our pipeline have a wide range of needs. Several of these projects would require a smaller send-out vessel, making them ideal for FSRU conversions. Our team is currently evaluating LNG carrier candidates and is analyzing cost-efficient conversion options for our integrated terminal projects. We are eyeing an LNG carrier acquisition in 2025.

同時，我們也意識到我們正在籌備的專案有廣泛的需求。其中一些項目需要較小的輸出船，這使得它們成為 FSRU 轉換的理想選擇。我們的團隊目前正在評估液化天然氣運輸船候選方案，並分析我們的綜合終端專案的具有成本效益的轉換方案。我們計劃在 2025 年收購一家液化天然氣運輸船。

In the near term, we're going to need an LNG carrier to support future deliveries of LNG volumes in our portfolio. So, to help you understand how this all fits together, let's dive into our molecule strategy. Excelerate's LNG supply strategy complements our core regasification business and it enhances returns on our existing infrastructure investments. We utilize our global presence and market knowledge to develop LNG demand and provide tailored LNG delivery solutions to our customers. Additionally, we're establishing a diversified supply portfolio to support our LNG sale and purchase agreements. We now have several tangible proof points of this strategy at work.

短期內，我們將需要一艘液化天然氣運輸船來支援我們投資組合中未來液化天然氣的交付。因此，為了幫助您了解這一切是如何結合在一起的，讓我們深入了解我們的分子策略。Excelerate 的液化天然氣供應策略補充了我們的核心再氣化業務，並提高了我們現有基礎設施投資的回報。我們利用我們的全球影響力和市場知識來開發液化天然氣需求，並為客戶提供量身定制的液化天然氣輸送解決方案。此外，我們正在建立多元化的供應組合，以支持我們的液化天然氣銷售和購買協議。我們現在有幾個切實的證據證明這個策略正在發揮作用。

As you know, through our market position in Bangladesh, we signed a 15-year deal to sell LNG to Petrobangla beginning in 2026. We increased the capacity of one of our FSRUs in Bangladesh to accomplish this. We subsequently sourced up to one million tonnes per annum of supply for the deal from Qatar Energy. The deal is expected to generate approximately $15 million to $18 million of EBITDA annually.

如您所知，透過我們在孟加拉的市場地位，我們簽署了一項為期 15 年的協議，從 2026 年開始向 Petrobangla 出售液化天然氣。為了實現這一目標，我們提高了孟加拉的一個 FSRU 的容量。隨後，我們為該交易從卡達能源公司採購了每年高達 100 萬噸的供應量。該交易預計每年將產生約 1500 萬至 1800 萬美元的 EBITDA。

In our portfolio, we also have Venture Global FOB volumes. Under the agreement, Excelerate will purchase 0.7 million tons per annum of LNG from Venture Global for 20 years starting in 2027. This equates to roughly 10 cargoes per year. These volumes will help support the commercial opportunities in our pipeline. Our LNG marketing team is pursuing additional deals to further optimize our supply portfolio.

在我們的投資組合中，我們也有 Venture Global FOB 卷。根據協議，Excelerate將從2027年開始的20年內每年從Venture Global購買70萬噸液化天然氣。這相當於每年約 10 批貨物。這些數量將有助於支持我們管道中的商業機會。我們的液化天然氣行銷團隊正在尋求更多交易，以進一步優化我們的供應組合。

As an example, in Q3 2024, Excelerate signed midterm agreements for LNG purchases and sales in one of the Atlantic Basin regions in which we do business. Over the terms of these agreements, we will purchase and sell in total approximately 0.65 million tons of LNG. The pricing will be based on a major European natural gas index. And under these agreements, our first purchase will be made during the fourth quarter of 2024.

例如，2024 年第三季度，Excelerate 在我們開展業務的大西洋盆地地區之一簽署了液化天然氣採購和銷售的中期協議。根據這些協議的條款，我們將購買和銷售總計約65萬噸液化天然氣。定價將基於歐洲主要天然氣指數。根據這些協議，我們的首次採購將在 2024 年第四季進行。

This is a great deal for Excelerate because it furthers our efforts to expand our portfolio. It also helps to derisk the investment we plan to make next year in the LNG carrier that would eventually serve as our first FSRU conversion. Like other deals we've spoken about on our calls, once again, we are buying and selling on the same index and derisking margin. We are being consistent.

這對 Excelerate 來說意義重大，因為它進一步推動了我們擴大產品組合的努力。它還有助於降低我們計劃明年對液化天然氣運輸船進行的投資風險，該運輸船最終將成為我們的第一個 FSRU 改裝。就像我們在電話會議中談到的其他交易一樣，我們再次以相同的指數和去風險保證金進行買賣。我們保持一致。

Last quarter, we discussed our order for our first reliquefication kit for our fleet. I'm pleased that interest from our customers is there as we expected, and we are currently in commercial discussions to install two reliq units in our fleet. Last quarter, we also shared with you our interest in entering the Vietnamese energy market. Vietnam is one of the fastest-growing economies in Southeast Asia. It is a very attractive emerging market for foreign investment. This economic growth is driving a rapid increase in demand for energy. LNG will play a pivotal role in the decades to come. This is especially true as Vietnam transitions from carbon-intensive fuels and introduces intermittent renewables. As a US LNG company with a global presence, we are pursuing opportunities to develop and invest in LNG infrastructure in Vietnam.

上個季度，我們討論了為我們的車隊訂購第一個再液化套件的訂單。我很高興我們的客戶對我們的興趣如我們所料，我們目前正在就在我們的車隊中安裝兩個 reliq 裝置進行商業討論。上季度，我們也與您分享了我們對進入越南能源市場的興趣。越南是東南亞成長最快的經濟體之一。這是一個對外商投資極具吸引力的新興市場。這種經濟成長正在推動能源需求的快速成長。液化天然氣將在未來幾十年發揮關鍵作用。隨著越南從碳密集型燃料過渡並引入間歇性再生能源，這一點尤其如此。作為一家業務遍及全球的美國液化天然氣公司，我們正在尋求在越南開發和投資液化天然氣基礎設施的機會。

In September, Excelerate signed a strategic partnership agreement with PetroVietnam Technical Services Corporation, or PTSC. They are a subsidiary of PetroVietnam, a state-owned energy company. Through that partnership, we are studying FSRU-based LNG solutions to supplement the declining domestic gas supply and expand the use of natural gas throughout the country. We remain in confidential negotiations with our counterparties on the project.

9 月，Excelerate 與 PetroVietnam Technical Services Corporation (PTSC) 簽署了策略夥伴協議。他們是國營能源公司越南石油公司的子公司。透過這種合作關係，我們正在研究基於 FSRU 的液化天然氣解決方案，以補充國內天然氣供應的下降，並擴大全國天然氣的使用。我們仍在與該項目的交易對手進行保密談判。

Last quarter, we also discussed the need for an FSRU-based import solution in the lower Cook Inlet region of Alaska. The South Central region of Alaska has historically relied on Cook Inlet natural gas for most local heating systems, electricity generation and fueling the local economy. However, Cook Inlet domestic natural gas supply is expected to be fully depleted by 2035. This means that the region will need to import LNG even sooner, starting as early as 2028.

上個季度，我們也討論了阿拉斯加庫克灣下游地區對基於 FSRU 的進口解決方案的需求。阿拉斯加中南部地區歷史上大多數當地暖氣系統、發電和當地經濟都依賴庫克灣天然氣。然而，庫克灣國內天然氣供應預計到 2035 年將完全耗盡。這意味著該地區需要更快進口液化天然氣，最早從 2028 年開始。

An FSRU-based integrated terminal is the best solution to meeting the state's near-term needs and helping Alaskans bridge to their energy future. We continue to work with local utilities and state officials, and we are conducting technical surveys that will inform the integrated LNG terminal design and engineering.

基於 FSRU 的整合終端是滿足該州近期需求並幫助阿拉斯加人邁向能源未來的最佳解決方案。我們繼續與當地公用事業公司和州官員合作，正在進行技術調查，為綜合液化天然氣接收站的設計和工程提供資訊。

Before I turn the call over to Dana, I'd like to address our business in Bangladesh. On our last earnings call, we talked about the ongoing transition in the government. Since then, I've had an opportunity to visit the country and meet with the leader of the Bangladesh government, Nobel Laureate, Chief Adviser, Mohammad Yunus and several cabinet-level advisers. Bottom line, our existing contracts in SPA with Petrobangla are secured. From our discussions, we also know that there is an appetite for even more foreign investment in the country. We respect the government's deliberate approach to ensuring all energy infrastructure and supply agreements meet the current and future needs of the country.

在將電話轉給達納之前，我想先談談我們在孟​​加拉的業務。在我們上次的財報電話會議上，我們談到了政府正在進行的過渡。此後，我有機會訪問孟加拉國，並會見了孟加拉國政府領導人、諾貝爾獎得主、首席顧問穆罕默德·尤努斯和幾位內閣級顧問。最重要的是，我們與 Petrobangla 簽訂的 SPA 現有合約得到了保障。從我們的討論中，我們也知道該國有更多外國投資的需求。我們尊重政府為確保所有能源基礎設施和供應協議滿足國家當前和未來需求而採取的審慎做法。

The reality is that the fundamentals that support many of these prospective projects remain the same. Bangladesh needs more natural gas. We look forward to supporting the government and the development of future energy projects when they are ready to advance those initiatives.

現實情況是，支持許多這些前瞻性項目的基本原理保持不變。孟加拉需要更多天然氣。當政府準備好推動這些措施時，我們期待支持政府和未來能源項目的發展。

Today, Excelerate's two FSRUs deliver approximately 34% of Bangladesh's natural gas supply. We are a long-term committed partner to Bangladesh, and we are well positioned to support the people of Bangladesh for many years to come. With that, I will now turn the call over to Dana.

如今，Excelerate 的兩台 FSRU 提供了孟加拉約 34% 的天然氣供應。我們是孟加拉的長期忠誠合作夥伴，我們有能力在未來許多年支持孟加拉人民。現在，我將把電話轉給達納。

Thanks, Steven, and good morning, everyone. As Steven said, we had a great third quarter and are pleased with our financial results. Adjusted EBITDA for the third quarter was $92 million, up $3 million or up about 4% versus last quarter, primarily driven by lower operating costs across several regas projects and higher gas sales margins. Our maintenance CapEx spend this quarter was $4 million. Year-to-date through the third quarter, we spent roughly $35 million on maintenance CapEx. Most of our year-to-date maintenance CapEx spend was for upgrades for our Excelsior vessel in advance of the Germany regas project, along with various vessel equipment purchases to support the full fleet.

謝謝史蒂文，大家早安。正如史蒂文所說，我們第三季表現出色，並對我們的財務表現感到滿意。第三季調整後 EBITDA 為 9,200 萬美元，比上季增加 300 萬美元，成長約 4%，這主要是由於幾個再氣化項目營運成本降低和天然氣銷售利潤率提高所致。本季我們的維護資本支出為 400 萬美元。今年迄今到第三季度，我們在維護資本支出上花費了約 3,500 萬美元。我們今年迄今為止的大部分維護資本支出用於在德國再氣化項目之前對我們的 Excelsior 船舶進行升級，以及購買各種船舶設備以支援整個船隊。

In relation to next year's maintenance CapEx in the second half of 2025, two of our FSRUs will go into dry dock. Unlike the dry docks we incurred recently in Bangladesh, the cost for both of our 2025 dry docks will be capitalized to the balance sheet. From an income statement perspective, we'll incur an off-hire impact for the time that the vessels are in dry dock, which is expected to be between 40 to 50 days per vessel, inclusive of transit time. We'll share further information on the 2025 dry docks and other financial assumptions for 2025 when we release our financial guidance next February.

就明年 2025 年下半年的維護資本支出而言，我們的兩艘 FSRU 將進入乾船塢。與我們最近在孟加拉建造的乾船塢不同，我們的兩個 2025 年幹船塢的成本都將資本化到資產負債表中。從損益表的角度來看，我們將在船舶停泊在幹船塢期間產生停租影響，預計每艘船舶停租 40 至 50 天，包括運輸時間。當我們明年 2 月發布財務指引時，我們將分享更多有關 2025 年乾船塢和 2025 年其他財務假設的資訊。

At the end of the third quarter, our total debt, including finance leases, was $716 million, and we had $608 million of cash and cash equivalents on hand. Roughly all of the $350 million of revolver capacity was available for borrowings as of quarter end. With our robust free cash flow generated by our core regas business, our stellar balance sheet and the liquidity provided by our revolver, we have more than sufficient capacity to fund our near-term growth opportunities.

截至第三季末，我們的總債務（包括融資租賃）為 7.16 億美元，手頭現金和現金等價物為 6.08 億美元。截至季末，大約所有 3.5 億美元的左輪手槍產能都可用於借款。憑藉我們的核心再氣化業務產生的強勁自由現金流、出色的資產負債表以及左輪手槍提供的流動性，我們有足夠的能力為我們的近期成長機會提供資金。

Next, I'd like to provide a recap of our capital allocation strategy. Excelerate's capital allocation strategy is focused on investing in growth, maintaining our best-in-class fleet and returning capital through quarterly dividends and our share repurchases. We are committed to enhancing shareholder returns in the near term while we continue to advance on our strategic growth catalysts.

接下來，我想回顧一下我們的資本配置策略。Excelerate 的資本配置策略專注於投資於成長、維持我們一流的機隊以及透過季度股息和股票回購來返還資本。我們致力於在短期內提高股東回報，同時繼續推動我們的策略成長催化劑。

As a reminder, we announced a two-year $50 million share repurchase program earlier this year. During the third quarter, we purchased roughly 364,000 shares or just over $7 million of our Class A common stock at a weighted average price of $20.61 per share. Year-to-date through the third quarter, we've utilized roughly $28 million of the $50 million that was previously authorized.

提醒一下，我們今年稍早宣布了一項為期兩年、價值 5000 萬美元的股票回購計畫。第三季度，我們以每股 20.61 美元的加權平均價格購買了大約 364,000 股或略高於 700 萬美元的 A 類普通股。今年迄今到第三季度，我們已經使用了先前授權的 5000 萬美元中的大約 2800 萬美元。

Additionally, last week, our Board of Directors approved a quarterly cash dividend equal to $0.06 per share of Class A common stock, representing an increase of $0.035 per quarter or 2.4x the previous level. The dividend is payable on December 5, 2024, to Class A common stockholders of record as of the close of business on November 20, 2024. This dividend increase is aligned with our capital allocation strategy and reflects the strength of our balance sheet, the stability of our core regas business and the confidence we have in our cash generation.

此外，上週，我們的董事會批准了相當於 A 類普通股每股 0.06 美元的季度現金股息，每季增加 0.035 美元，是先前水準的 2.4 倍。該股將於 2024 年 12 月 5 日支付給截至 2024 年 11 月 20 日收盤時記錄在案的 A 類普通股股東。此次股利增加符合我們的資本配置策略，反映了我們資產負債表的實力、核心再氣化業務的穩定性以及我們對現金產生的信心。

Next, let's turn to an update on our financial guidance for 2024. Based on our performance to date, we are raising and narrowing our previously communicated adjusted EBITDA guidance for 2024. For the full year, we are now expecting adjusted EBITDA to range between $335 million and $345 million. The increase in the guidance range was primarily driven by higher margins across several regas projects, lower vessel operating costs and lower-than-anticipated business development spend.

接下來，讓我們來看看 2024 年財務指引的最新情況。根據我們迄今為止的業績，我們正在提高和縮小先前公佈的 2024 年調整後 EBITDA 指導值。我們目前預計全年調整後 EBITDA 將在 3.35 億美元至 3.45 億美元之間。指導範圍的增加主要是由於幾個再氣化項目的利潤率提高、船舶運營成本降低以及業務開發支出低於預期。

For the full year, we now expect maintenance CapEx to range between $40 million and $50 million. Committed growth capital is still expected to range between $70 million and $80 million. This range is inclusive of the $50 million milestone payment for the new build that we paid in October. As a reminder, committed growth capital is defined as capital allocated and committed to specific investments for previously approved capital projects.

我們現在預計全年維護資本支出將在 4,000 萬美元至 5,000 萬美元之間。承諾的成長資本預計仍將在 7,000 萬美元至 8,000 萬美元之間。這個範圍包括我們 10 月為新建案支付的 5,000 萬美元里程碑付款。提醒一下，承諾成長資本的定義是分配並承諾用於先前批准的資本項目的特定投資的資本。

So to recap, we had another great quarter with our base business continuing to deliver consistent earnings results and predictable positive cash flows. We are extremely well positioned financially to invest in strategic growth opportunities while still maintaining the financial flexibility to return capital to shareholders.

回顧一下，我們又度過了一個偉大的季度，我們的基礎業務繼續提供穩定的獲利結果和可預測的正現金流。我們在財務上處於非常有利的地位，可以投資策略成長機會，同時仍保持財務靈活性，並向股東返還資本。

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

至此，我們將開始問答環節。

(Operator Instructions) Chris Robertson, Deutsche Bank.

（操作員指令）克里斯·羅伯遜，德意志銀行。

Just wanted to clarify on the new supply agreement that was just signed here. Do you guys have -- I guess, have you secured supply for that agreement? And is there an agreed upon kind of spread or margin that we should be thinking about there? Just in terms of how to frame a medium-term agreement in terms of is that three years, five years, seven years? And what could that mean in terms of expected EBITDA generation?

只是想澄清一下剛剛在這裡簽署的新供應協議。我猜你們已經確保了該協議的供應了嗎？我們是否應該考慮一種商定的點差或保證金？就如何制定中期協議而言，是三年、五年還是七年？這對於預期的 EBITDA 產生意味著什麼？

Thanks, Chris. This is Steven. I'm going to turn that over to Oliver Simpson, our Chief Commercial Officer. I would just say that we're excited about this. One of the things that I like about this is, once again, as I mentioned, you're going to see us buying and selling LNG in the same index and using market knowledge, market access in places that are familiar to us. But I'd like to turn it to Oliver and seeing how much we're at liberty to elaborate.

謝謝，克里斯。這是史蒂文。我將把這個任務交給我們的首席商務官奧利佛辛普森 (Oliver Simpson)。我只想說我們對此感到興奮。我喜歡的一件事是，正如我再次提到的，你將看到我們在同一指數中買賣液化天然氣，並利用市場知識和我們熟悉的地方的市場准入。但我想把它交給奧利佛，看看我們有多少自由來詳細說明。

Thanks, Steven. Thanks, Chris. Yes, I think echoing what Steven said, I mean, we're excited about this transaction. It's a great add to our base business. I think it's fair to say it's a locked-in margin on the purchase and sale. In terms of the length of the deal, I think we said midterm. I think that's kind of where we have to leave it at it. Think about it as multiyear, I would say. But building on what Steven said, I think it's a great example of our ability to leverage on our base business and global footprint and deliver LNG to our customers.

謝謝，史蒂文。謝謝，克里斯。是的，我想呼應史蒂文所說的，我的意思是，我們對這筆交易感到興奮。這對我們的基礎業務來說是一個很好的補充。我認為可以公平地說，這是購買和銷售的鎖定利潤。就交易期限而言，我認為我們說的是中期。我認為這就是我們必須保留的地方。我想說，將其視為多年。但根據史蒂文所說，我認為這是我們有能力利用我們的基礎業務和全球足跡向客戶提供液化天然氣的一個很好的例子。

I think additionally, I'd also like to iterate the point that it also allows us on the shipping side to acquire an LNG carrier, which is something that we're quite excited about that's a carrier that we can use towards our pipeline and our growth of opportunities. So, it's great to see the synergies between our base business, growing on that and then leaning into our project pipeline.

我認為此外，我還想重申一點，它還允許我們在運輸方面獲得一艘液化天然氣運輸船，這是我們非常興奮的事情，我們可以將其用於我們的管道和我們的運輸機會的增長。因此，很高興看到我們的基礎業務之間的協同效應，在此基礎上不斷發展，然後轉向我們的專案管道。

I guess as a follow-up question, since you brought up the carrier, do you envision that carrier kind of being needed steady state to, I guess, service that contract? Or will there be seasonal opportunities for it to trade spot? Or I guess, how consistent will it be for use in your own portfolio versus any, I guess, sub-chartering opportunities?

我想作為一個後續問題，既然您提出了承運人，您是否設想需要該承運人處於穩定狀態才能為該合約提供服務？還是會有季節性的現貨交易機會？或者我猜，與任何我猜的轉租機會相比，它在您自己的投資組合中使用的一致性如何？

I think for us, the -- we've shown in the past, we've had the ability to buy and sell some spot cargoes servicing some of the markets that we're in, again, on the point of service -- leading on our base business and leveraging that. So, I think this carrier, if we go down the route of purchasing an LNG carrier for this, we can use it for this, but we'll certainly look to optimize around our commercial business, spot charters and other deals as it makes sense.

我認為對我們來說，我們過去已經證明，我們有能力買賣一些現貨貨物，為我們所在的一些市場提供服務，再次在服務點上領先我們的基礎業務並加以利用。因此，我認為這家承運商，如果我們為此購買一艘液化天然氣運輸船，我們可以將其用於此目的，但我們肯定會尋求圍繞我們的商業業務、現貨租船和其他交易進行優化，因為這是有意義的。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

This is Noah Katz on for Jeremy. First, I want to touch on what you're seeing with other growth opportunities outside of FSRUs. Are you still focused on investing additional assets and vessels and infrastructure for onshore regasification efforts with potential smaller players maybe for more near-term earnings uplift?

這是傑里米的諾亞·卡茨。首先，我想談談您所看到的 FSRU 以外的其他成長機會。您是否仍專注於投資額外的資產、船舶和基礎設施，與潛在的小型參與者進行陸上再氣化工作，也許是為了短期收益的提升？

Noah, this is Steven again. And yes, I think -- I hope we've made that clear. We certainly -- that was one of the reasons we brought one of the Vietnam opportunities to life. We want to say that we want to make sure the market understands, customers understand that while we think we're the leader in FSRUs, I certainly do more than think. I know we're the leader in FSRUs. But we want to be agnostic.

諾亞，這又是史蒂文。是的，我想——我希望我們已經說清楚了。當然，這就是我們將越南機會變成現實的原因之一。我們想說的是，我們希望確保市場理解，客戶理解，雖然我們認為我們是 FSRU 的領導者，但我所做的當然比想像的要多。我知道我們是 FSRU 領域的領導者。但我們想要保持不可知論。

If there are other means of getting LNG to people who need LNG, we will evaluate those. We will -- we want to be advancing those. We don't want to rely on one asset class to solve what is a pressing global need, and that is getting access to affordable LNG. So, I do -- we've tried to make that point. We are looking at things for that reason. And I hope that we will continue to progress in that effort.

如果還有其他方式為需要液化天然氣的人提供液化天然氣，我們將對其進行評估。我們將——我們希望推進這些工作。我們不想依靠一種資產類別來解決全球迫切的需求，那就是獲得負擔得起的液化天然氣。所以，我確實 - 我們已經試圖闡明這一點。我們正在考慮這個原因。我希望我們將在這方面繼續取得進展。

Sounds good. And then as a follow-up, I see you maintained the growth CapEx guidance for the full year, but slightly lowered the maintenance CapEx guidance. You might have said already, but I guess just what went into the guidance decrease for the full year? And then if I can ask about what can you tell us about your initial thoughts into 2025 based on the trends you've seen thus far in the fourth quarter?

聽起來不錯。然後，作為後續行動，我看到你們維持了全年的成長資本支出指導，但略微降低了維持資本支出指導。您可能已經說過了，但我猜全年指導下降的原因是什麼？然後，如果我可以問一下，根據您迄今為止在第四季度看到的趨勢，您能告訴我們您對 2025 年的初步想法嗎？

Noah, this is Dana. So, in regard to your first question on maintenance CapEx, it's just that we haven't spent quite as much on maintenance CapEx. Most of that spend year-to-date is for vessel upgrades, vessel equipment. We report CapEx right now on a cash basis. So, there's a little bit of lumpiness in how we spend that cash and the payments, the timing of the payment. So, we're just slightly short of where we thought we'd be. That will likely trail into 2025.

諾亞，這是達納。因此，關於您關於維護資本支出的第一個問題，只是我們在維護資本支出上沒有花費那麼多。今年迄今的大部分支出用於船舶升級和船舶設備。我們現在以現金形式報告資本支出。因此，我們如何使用現金、付款以及付款時間有些混亂。所以，我們距離我們的預期只是稍微差距。這可能會持續到 2025 年。

So, your question on 2025, I assume it's in regard to maintenance CapEx. We're still running through those numbers, but we will have -- as we said on the call, we will have two dry docks next year. So, those obviously will be built into our maintenance CapEx next year. And we'll share more information on 2025 in February.

所以，你關於 2025 年的問題，我認為是關於維護資本支出的。我們仍在計算這些數字，但正如我們在電話中所說，明年我們將擁有兩個乾船塢。因此，這些顯然將納入我們明年的維護資本支出。我們將在 2 月分享有關 2025 年的更多資訊。

Michael Scialla, Stephens.

麥可夏拉，史蒂芬斯。

Maybe just to follow up on the last question. Dana, I realize you haven't put the numbers out there yet, but can you say with those two dry docks and some of the CapEx billing -- maintenance CapEx billing into next year relative to 2024, would we think that 2025 would be up maintenance CapEx versus 2024?

也許只是為了跟進最後一個問題。達納，我知道你還沒有公佈數字，但是你能說一下，相對於 2024 年，這兩個乾船塢和一些資本支出賬單——明年的維護資本支出賬單，我們是否認為 2025 年會上漲與2024年相比，維護資本支出如何？

Mike, yes, we expect it to be up. This year, we did have a dry dock, but as you probably are aware, that dry dock was not capitalized. It was not included in our maintenance CapEx because that was for our [Summit] vessel, that's on a boot structure. So, next year, in the second half of the year, we do expect our maintenance CapEx will go up because of the two capitalized dry docks. And we're not sharing which vessels those are and the specific timing right now because we're still working through those details with our counterparties, but we should have more to share in February.

麥克，是的，我們預計它會上漲。今年，我們確實有一個乾船塢，但您可能知道，乾船塢沒有資本化。它沒有包含在我們的維護資本支出中，因為那是我們的 [Summit] 船的，位於引導結構上。因此，明年下半年，我們確實預計我們的維護資本支出將會因為兩個資本化的乾船塢而上升。我們現在不會透露這些船隻以及具體時間，因為我們仍在與交易對手討論這些細節，但我們應該在二月份分享更多資訊。

Very good. And you've obviously got some good visibility on growth in 2026 with the new FSRU and you've given us a look at some of the longer-term projects with Alaska and Vietnam. Anything between here and there between here and mid-2026, I guess, that you can point to that will serve as growth drivers?

非常好。顯然，您透過新的 FSRU 對 2026 年的成長有了一些良好的了解，並且您還讓我們了解了阿拉斯加和越南的一些長期項目。我想，從現在到 2026 年中期，您能指出的任何事情都將成為成長動力嗎？

Mike, this is Steven. I'm going to turn this one over to Oliver. But I would say we are certainly looking at things that could have an impact. It's obviously going to be binary if those make or don't make, but you should be aware that we aren't just looking at 2026 and beyond in terms of opportunity set. But Oliver, why don't you see if you can give Mike any more color?

麥克，這是史蒂文。我要把這個交給奧利佛。但我想說，我們肯定正在研究可能產生影響的事情。顯然，如果這些成功與否，這將是二元的，但你應該意識到，我們不僅僅著眼於 2026 年及以後的機會集。但是奧利佛，為什麼不看看能否給麥克更多的色彩呢？

Yes. Thanks, Steven. Thanks, Mike. Yes, I think we see, obviously, 2026, we'll have the new build coming on. And obviously, as we've mentioned, we're working towards the conversion. So, I think the new build and conversions will work towards the kind of organic pipeline of projects we have. But in the near term, we continue to look at inorganic opportunities for growth that we see would add near-term value. I think there's a number of ongoing discussions. I think we're in a great financial position to act on something if the right thing comes up. So, we're looking at those, and we'll come back on those when we can.

是的。謝謝，史蒂文。謝謝，麥克。是的，我想我們顯然會看到，到 2026 年，我們將推出新版本。顯然，正如我們所提到的，我們正在努力實現這一轉變。因此，我認為新的建設和改造將有助於我們擁有的項目的有機管道。但在短期內，我們將繼續尋找無機成長機會，我們認為這些機會會增加短期價值。我認為有許多正在進行的討論。我認為，如果出現正確的事情，我們的財務狀況良好，可以採取行動。因此，我們正在研究這些問題，並將在可能的情況下重新考慮這些問題。

(Operator Instructions) Bobby Brooks, Northland Capital Markets.

（操作員說明）Bobby Brooks，Northland Capital Markets。

So, I just wanted to ask on the LNG carrier to FSRU. I was just curious how quickly could you convert that LNG carrier to an FSRU? And could you maybe give us more detail as to what type of projects this converted FSRU would fit? I'm guessing it's probably a smaller project where it's more of a backup insurance policy for those customers' energy needs and it's probably in like environmentally, it's probably in a bay that's less -- doesn't experience crazy changes like Cook Inlet.

所以，我只是想問一下前往 FSRU 的 LNG 運輸船。我只是好奇你們能多快將液化天然氣運輸船轉變為 FSRU？您能否向我們詳細介紹一下這種改裝後的 FSRU 適合什麼類型的項目？我猜這可能是一個較小的項目，更多的是為這些客戶的能源需求提供後備保險政策，而且它可能在環境方面，它可能在一個較小的海灣——不會經歷像庫克灣那樣的瘋狂變化。

Bobby, this is David Liner. Yes, great question. So, we're excited about the conversion prospect. Indeed, that would probably be for a smaller project, one of the smaller projects that are in our pipeline. It's not necessarily only for those projects that would use it for an insurance policy. It could be for any reason. And we expect that to be a versatile project -- or excuse me, a versatile vessel that could go into -- it wouldn't just be Cook Inlet or environmentally sensitive areas. It could really go anywhere, but it would be targeted for those smaller send-out customers.

鮑比，這是大衛萊納。是的，很好的問題。因此，我們對轉換前景感到興奮。事實上，這可能是一個較小的項目，也是我們正在進行的較小項目之一。它不一定只適用於那些將其用作保險單的項目。這可能是出於任何原因。我們希望這是一個多功能項目——或者對不起，這是一艘可以進入的多功能船隻——它不僅僅是庫克灣或環境敏感地區。它確實可以去任何地方，但它的目標客戶是那些規模較小的外派客戶。

By having that asset available to us in 2025 that Oliver spoke about, we get to start on those -- on the engineering for a conversion project, you can't do the conversion without the long lead items. You can't do the long lead items without engineering and you can't do the engineering without a vessel. And so, by getting our hands on a vessel, we're starting the clock that you spoke about, the time line to bring that vessel to market. You're starting the clock by getting your hands on that asset.

透過在 2025 年向我們提供奧利佛談到的資產，我們可以開始進行這些工作——在轉換項目的工程上，如果沒有長期的項目，就無法進行轉換。沒有工程就無法完成長週期項目，沒有船舶就無法完成工程。因此，透過拿到一艘船，我們就啟動了您所說的時鐘，即將該船推向市場的時間表。透過獲得該資產，您就可以開始計時了。

So, in terms of total time line, last earnings call, we spoke about a new vessel that was on the order of three to three and a half years to bring that to market. Conversion is considerably less than that, notionally a year less than that, but it's very dependent on the specification also the donor vessel that you're going to use for that conversion. There's a lot of things that go into driving the time line on a conversion. So, don't feel comfortable until we have our hands on that asset and have fully flushed out the specification, don't feel comfortable speaking to the exact time line, but I hope that gives you a sense for roughly what to expect.

因此，就總時間而言，在上次財報電話會議上，我們談到了一艘新船，大約需要三到三年半的時間才能將其推向市場。轉換比這個要少得多，理論上比這個少一年，但這很大程度上取決於規格以及您要用於該轉換的供體血管。推動轉化的時間軸有很多因素。因此，在我們掌握該資產並完全制定規範之前，不要感到舒服，談論確切的時間線也不會感到舒服，但我希望這能讓您大致了解會發生什麼。

No, that's terrific color. I appreciate that. And so, maybe -- you kind of laid it out really well there that you have to get the vessel the full engineering before the long lead time items. So, would it be right for me to -- and then earlier in the call, you were talking about having an LNG carrier to deliver those midterm values. Am I right? Am I thinking about it the right way that you could buy -- you could get that LNG carrier for the FSRU conversion. And while you're doing the engineering and ordering those long lead time items, it could actually be delivering LNG volumes to your current infrastructure? Am I thinking about that right?

不，這個顏色太棒了。我很欣賞這一點。所以，也許——你已經很好地安排了，你必須在長交貨期專案之前讓船舶完成完整的工程設計。那麼，我這樣做是否正確——然後在電話會議的早些時候，您談到擁有一艘液化天然氣運輸船來提供這些中期價值。我說得對嗎？我是否認為您可以以正確的方式購買——您可以獲得用於 FSRU 轉換的液化天然氣運輸船。當您進行工程設計並訂購那些交貨時間較長的產品時，它實際上可以向您目前的基礎設施輸送液化天然氣嗎？我這樣想對嗎？

Yes, that's spot on. That's the beauty of this model is we get to trade that asset while we're preparing for the conversion. And so, you don't have to absorb months or even longer of downtime on an idle vessel while you do all that engineering work. Spot on.

是的，這是正確的。這個模型的美妙之處在於我們可以在準備轉換的同時交易該資產。因此，在完成所有工程工作時，您不必在閒置船舶上承受數月甚至更長的停機時間。現貨。

Okay. Wow, that's really impressive. And then I don't want to take up too much time here, but I guess on the new build, am I right that discussions are already being had on where that new build will ultimately go? If you get it delivered in June of 2026, can we assume that by August or September of that year, that ship is then generating EBITDA? And then also, would I be right to assume the EBITDA generation from the new build would likely be kind of notably above what your current fleet generates in terms of like a per vessel generation?

好的。哇，這真是令人印象深刻。然後我不想在這裡佔用太多時間，但我想在新版本上，我是否正確，已經就新版本最終將走向何方進行了討論？如果您在 2026 年 6 月交付，我們是否可以假設到當年 8 月或 9 月，該船就能產生 EBITDA？另外，我是否可以正確地假設新建船的 EBITDA 生成量可能會明顯高於您目前船隊的每艘船生成量？

Bobby, it's Oliver here. I'll take that one. I mean I think we're not going to go into the specifics of in commercial discussions. But I think what I'd say to try and shed some light is this FSRU, it's the only newbuild FSRU that's contracted without -- that was contracted without a long-term contract attached to it.

鮑比，我是奧利佛。我會接受那個。我的意思是，我認為我們不會深入討論商業討論的細節。但我想我想說的是，試圖闡明一些情況的是這個 FSRU，它是唯一一個沒有簽訂長期合約的新建 FSRU。

So, I think it's a unique asset in the fleet. I think you look at the size of send that out, it's a fantastic asset for a project that needs that higher send out. So, we're very excited about bringing that asset into the fleet and the prospects for that. So, again, it's one of these things we'll come back when we can say more on specifics, but we're excited about having that asset come out in 2026 into our fleet.

所以，我認為這是機隊中的獨特資產。我認為你看看發送的大小，這對於需要更高發送的項目來說是一個很棒的資產。因此，我們對將該資產引入機隊及其前景感到非常興奮。因此，再次強調，當我們可以對具體細節進行更多說明時，我們會回來討論這個問題，但我們很高興能在 2026 年將該資產引入我們的機隊。

At this time, we currently have no further questions. So, I'll hand back to Steven Kobos for any further remarks.

目前，我們沒有進一步的問題。因此，如果有任何進一步的評論，我將轉交給史蒂文·科博斯。

Again, I would like to thank everyone on the call for joining us today. I really appreciate the conversation. In summary, we are doing what we said we would do. This is an incredible company that is doing big things in markets all around the globe. That is why we are the industry leader in FSRUs and downstream LNG infrastructure. What you heard today is that we are driving near and midterm value creation. We have a rock-solid base business that generates sustainable earnings, and we are executing a disciplined capital allocation strategy to maximize value for you, our valued shareholders. With that, thanks very much for your time.

我要再次感謝今天參加我們電話會議的所有人。我真的很感謝這次談話。總而言之，我們正在做我們說過要做的事。這是一家令人難以置信的公司，在全球市場上做著大事。這就是為什麼我們是 FSRU 和下游液化天然氣基礎設施領域的產業領導者。您今天聽到的是，我們正在推動近期和中期的價值創造。我們擁有堅如磐石的基礎業務，能夠產生可持續的收益，並且我們正在執行嚴格的資本配置策略，以便為您（我們尊貴的股東）實現價值最大化。在此，非常感謝您抽出時間。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。現在您可以斷開線路。