FLEX LNG Ltd (FLNG) 2023 Q2 法說會逐字稿

Hi, everyone. I'm Oystein Kalleklev, CEO of Flex LNG. And today, we are presenting our second quarter results. So let's review the highlights. Revenues came in at $86.7 million, in line with our guidance of $85 million to $90 million. This resulted in strong earnings, net income of $39 million or $0.73 per share. In the adjusted numbers, we only include the realized gains on derivatives. So our adjusted net income came in at $28.2 million or $0.53 per share. During the quarter, we took three ships out of service for the scheduled drydocking, and we completed all of them during second quarter according to time and budget. This means we have carried out the full drydocking schedule for the year with four ships being dry-docked in the first half of the year. And of course, this drydocking of three ships in the second quarter is the main reason why revenues are lower in the second quarter than first quarter.

大家好。我是 Flex LNG 執行長 Oystein Kalleklev。今天，我們將公佈第二季業績。那我們來回顧一下其中的亮點吧。收入為 8,670 萬美元，符合我們 8,500 萬至 9,000 萬美元的指導。這帶來了強勁的盈利，淨利潤達 3,900 萬美元，即每股 0.73 美元。在調整後的數字中，我們僅包含衍生性商品的已實現收益。因此，我們調整後的淨利潤為 2820 萬美元，即每股 0.53 美元。在本季度，我們停運了三艘船進行預定的乾船塢服務，並根據時間和預算在第二季度完成了所有這些船。這意味著我們已經完成了全年的進塢計劃，上半年有四艘船進塢。當然，第二季三艘船的進塢是第二季收入低於第一季的主要原因。

However, with all the drydockings done for the year, we expect revenues to pick up in line with the guidance we provided in February. Revenues for Q3 and Q4 are expected to be $90 million to $95 million and $90 million to $100 million, respectively, where the main uncertainty is the spot level, which is affecting the one ship we have on variable time charters. That also means we should be on track for the guidance of the year, $370 million of revenues, with adjusted EBITDA of $290 million to $295 million. We're also pleased today to announce that Cheniere has utilized the option as expected to extend Flex Vigilant by 200 days from Q4 2030 to middle of 2031.

然而，隨著今年所有乾船塢的完成，我們預計收入將按照我們 2 月提供的指導方針回升。第三季和第四季的收入預計分別為 9,000 萬至 9,500 萬美元和 9,000 萬至 1 億美元，其中主要的不確定性是現貨水平，這正在影響我們可變期租的一艘船。這也意味著我們應該有望實現今年的營收指引，即 3.7 億美元，調整後 EBITDA 為 2.9 億至 2.95 億美元。我們今天也很高興地宣布，Cheniere 已按預期利用該選項，將 Flex Vigilant 從 2030 年第四季延長 200 天至 2031 年中期。

As some of you might recall, we extended three ships with Cheniere last year, and they had an early option to extend Vigilant by these 200 days and then get the option for a further 2-year extension. So with this extension, we have in total now 54 years of minimum firm backlog. And if charters are utilizing the extension option, this will bring that number up to 80 years in total. So with very strong earnings visibility, a very strong financial position with $450 million of cash and no debt maturities prior 2028 after we completed the refinancing process, we are declaring a dividend of $0.75 per share, bringing the dividend the last 12 months to $3.25 per share. We should provide our investors with a very attractive yield of 10%.

你們有些人可能還記得，我們​​去年與 Cheniere 延長了三艘船的期限，他們可以提前選擇將 Vigilant 的期限延長 200 天，然後再選擇再延長 2 年。因此，透過這次延期，我們現在總共有至少 54 年的公司積壓。如果特許經營機構使用延期選項，則該數字總計將達到 80 年。因此，在我們完成再融資流程後，由於盈利可見性非常強，財務狀況非常強勁，現金為4.5 億美元，並且在2028 年之前沒有債務到期，因此我們宣布每股股息0.75 美元，使過去12個月的股息達到每股3.25 美元。分享。我們應該為我們的投資者提供非常有吸引力的10%的收益率。

Okay. Before we leave, don't forget our Q&A session. As usually, we have some nice gift for the best question. We have a new set of Flex LNG shades. As we have completed the docking schedule for the year, you can also get this nice Flex boiler suit, which is perfect for doing some home improvements or home maintenance. And lastly, we are in great financial shape, so we have a nice running t-shirt to you, just flex it. You can win that as well. Remember, tune in on our webcast, 3:00 Central European Time, 9:00 Eastern Standard Time. Thank you.

好的。在我們離開之前，不要忘記我們的問答環節。像往常一樣，我們為最佳問題準備了一些精美的禮物。我們有一套新的 Flex LNG 窗簾。由於我們已經完成了今年的對接計劃，您還可以獲得這款漂亮的 Flex 鍋爐服，它非常適合進行一些家居裝修或家居維護。最後，我們的財務狀況良好，因此我們為您準備了一件漂亮的跑步 T 卹，只需彎曲它即可。您也可以贏得勝利。請記住，請在歐洲中部時間 3:00、東部標準時間 9:00 收看我們的網路廣播。謝謝。