ANDLAUER HEALTHCARE GROUP OBTAINS SHAREHOLDER APPROVAL FOR SALE TO UPS
The Arrangement Resolution required approval of at least two-thirds (66 ⅔%) of the votes cast by holders of the Company's subordinate voting shares and multiple voting shares, voting together as a single class, present in person (virtually) or represented by proxy at the Meeting. The following is a summary of the votes cast at the Meeting (including votes by proxy and virtually at the Meeting) by Shareholders on the Arrangement Resolution:
The Company's full report of voting results on the matter presented at the Meeting can be found at www.sedarplus.ca.
The final order of the Ontario Superior Court of Justice (Commercial List) approving the Arrangement will be sought on June 26, 2025. Completion of the Arrangement remains subject to receipt of the final order, obtaining applicable regulatory clearances or approvals, and other customary closing conditions.
About AHG
AHG is a leading and growing supply chain management company offering a robust platform of customized third-party logistics (" 3PL") and specialized transportation solutions for the healthcare sector. The Company's 3PL services include customized logistics, distribution and packaging solutions for healthcare manufacturers across Canada. AHG's specialized transportation services in Canada, including air freight forwarding, ground transportation, dedicated delivery and last mile services, provide a one-stop shop for clients' healthcare transportation needs. Through its complementary service offerings, available across a coast-to-coast distribution network, AHG strives to accommodate the full range of its clients' specialized supply chain needs on an integrated and efficient basis. The Company also provides specialized ground transportation services, primarily to the healthcare sector, across the 48 contiguous U.S. states. For more information on AHG, please visit: www.andlauerhealthcare.com.
Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" (collectively, " forward-looking information") within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projects", "projection", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or, "will", "occur" or "be achieved", and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information.
Specifically, statements regarding the anticipated timing and receipt of the final order of the Ontario Superior Court of Justice (Commercial List); and other statements that are not statements of historical facts are all considered to be forward-looking information.
Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. This forward-looking information is based on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the risk that the Arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated; that the Arrangement may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required court and regulatory approvals and other conditions to the closing of the Arrangement or for other reasons; the possibility of litigation relating to the Arrangement; credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates or tax rates; and those other risks discussed in greater detail under the "Risk Factors" section of our Annual Information Form which is available under our profile on SEDAR+ at www.sedarplus.ca. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.
There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in forward-looking statements included herein. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, any forward-looking statements included herein are made as of the date of this news release and, except as expressly required by applicable law, AHG assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.
SOURCE Andlauer Healthcare Group Inc.
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Globe and Mail
3 minutes ago
- Globe and Mail
Excelerate Energy Reports Strong Second Quarter 2025 Results and Raises Full-Year Guidance
Excelerate Energy, Inc. (NYSE: EE) ("Excelerate" or the "Company") today reported its financial results for the second quarter ended June 30, 2025. Reported Net Income of $20.8 million for the second quarter Reported Adjusted Net Income of $46.8 million for the second quarter Reported Adjusted EBITDA of $107.1 million for the second quarter Closed acquisition of the Jamaica integrated LNG and power platform in May; integration is on track and assets are exceeding operational expectations Raised Full Year 2025 Adjusted EBITDA guidance, now expected to range between $420 million and $440 million Declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis, representing an approximately 33 percent increase from the prior quarter, payable on September 4, 2025 CEO COMMENT 'Excelerate delivered another robust quarter, demonstrating the strength of our business model and our focus on operational excellence. Our results reflect the performance of our terminal services and early contributions from our Jamaica operations,' said Steven Kobos, President and CEO of Excelerate. 'The Jamaica transaction represents a strategic inflection point for Excelerate. Our growth strategy has long included owning and operating downstream infrastructure assets and today, our business model reflects that ambition. With the addition of the Montego Bay and Old Harbour LNG terminals and the Clarendon CHP plant, we've expanded our role in the LNG value chain and created a more diversified platform for growth. We remain focused on executing against the opportunity set in front of us and creating lasting value for our shareholders.' SECOND QUARTER 2025 FINANCIAL RESULTS For the three months ended (in millions, except per share amounts) June 30, 2025 March 31, 2025 June 30, 2024 Revenues $ 204.6 $ 315.1 $ 183.3 Operating Income $ 43.4 $ 65.7 $ 49.9 Net Income $ 20.8 $ 52.1 $ 33.3 Adjusted Net Income (1) $ 46.8 $ 55.6 $ 33.3 Adjusted EBITDA (1) $ 107.1 $ 100.4 $ 89.0 Earnings Per Share (diluted) $ 0.15 $ 0.46 $ 0.26 Adjusted Earnings Per Share (diluted) (1) $ 0.34 $ 0.49 $ 0.26 (1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below. Net income for the second quarter of 2025 decreased sequentially from the last quarter due to transition and transaction costs incurred as a result of the Jamaica acquisition. Net income and adjusted net income also decreased sequentially due to higher interest expense, expected seasonality primarily related to Atlantic Basin margin, and timing of vessel operating costs, partially offset by the addition of Jamaica EBITDA. Adjusted EBITDA for the second quarter of 2025 increased sequentially from the last quarter primarily due to the addition of Jamaica EBITDA, partially offset by lower Atlantic Basin margin in the second quarter of 2025 and the timing of vessel operating costs. Net income for the second quarter of 2025 decreased from the prior year second quarter primarily due to transition and transaction costs incurred as a result of the Jamaica acquisition and an increase in interest expense, partially offset by the addition of Jamaica EBITDA. Adjusted net income and adjusted EBITDA for the second quarter of 2025 increased from the prior year second quarter primarily due to the addition of Jamaica EBITDA. KEY COMMERCIAL UPDATES In May 2025, Excelerate completed its acquisition of an integrated LNG and power platform in Jamaica, including the Montego Bay and Old Harbour LNG terminals, the Clarendon combined heat and power plant, and small-scale LNG storage and regasification sites across the island. The Company has begun optimizing these assets to drive near-term EBITDA growth through improved performance and expanded commercial activity. Excelerate is also deepening its presence in Jamaica and the broader Caribbean to enhance the overall return profile of the transaction. In July 2025, Excelerate finalized an agreement to purchase an LNG carrier. The vessel, which was renamed the Excelerate Shenandoah, will be used to service the previously announced mid-term Atlantic Basin supply deal. The LNG carrier also represents Excelerate's first owned asset to be selected as an FSRU conversion candidate. In July 2025, Excelerate signed a definitive agreement with Petrobras to install a reliquefaction unit on the floating regasification terminal Experience, located in Guanabara Bay, Brazil. The reliquefaction unit is expected to be installed during the next planned dry dock for the Experience. Once installed, this technology will help eliminate all excess cargo losses due to boil off and lower Excelerate's Scope 1 emissions, while upgrading the performance and life expectancy of the floating LNG terminal. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2025, Excelerate had $426.0 million in unrestricted cash and cash equivalents and the Company had no letters of credit under its revolving credit facility. All of the $500 million of undrawn capacity under the revolving credit facility was available for additional borrowings as of June 30, 2025. QUARTERLY CASH DIVIDEND UPDATE On July 31, 2025, Excelerate's Board of Directors approved a quarterly cash dividend equal to $0.08 per share, or $0.32 per share on an annualized basis, of Class A common stock, representing approximately a 33 percent increase from the prior quarter. The dividend is payable on September 4, 2025, to Class A common stockholders of record as of the close of business on August 20, 2025. With even greater confidence in its forward cash flow outlook following the Jamaica acquisition, Excelerate is now targeting a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028. REVISED 2025 FINANCIAL OUTLOOK Excelerate has revised its full year 2025 guidance range. On July 29th, the Company announced that it had raised its full year 2025 Adjusted EBITDA guidance to include the anticipated contribution from the Jamaica acquisition from May 14, 2025 through December 31, 2025. As announced, the Company expects Adjusted EBITDA to range between $420 million and $440 million for the full year 2025. Maintenance capex for 2025 is now expected to range between $65 million and $75 million. Committed Growth Capital for 2025 is now expected to range between $95 million and $105 million. The increase to Committed Growth Capital is primarily driven by the purchase of the LNG carrier, the Excelerate Shenandoah, in the third quarter. Actual results may differ materially from the Company's outlook as a result of, among other things, the factors described under 'Forward-Looking Statements' below. The Excelerate management team will host a conference call for investors and analysts at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Monday, August 11, 2025. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company's website at An archived replay of the call and a copy of the presentation will be on the website following the call. ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG-to-power value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from floating LNG terminals to infrastructure development to LNG supply and power generation. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, London, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit USE OF NON-GAAP FINANCIAL MEASURES The Company reports financial results in accordance with accounting principles generally accepted in the United States ('GAAP'). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate's financial information presented in accordance with GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies, and you are cautioned not to place undue reliance on this information. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate's future results, cash flows or leverage will be unaffected by other non-recurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company's 2025 Financial Outlook, in the section titled 'Non-GAAP Reconciliation' below. Adjusted Gross Margin The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less cost of LNG, gas and power and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight into profitability and true operating performance excluding the implications of the historical cost basis of the Company's assets. Adjusted Net Income The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income plus tax-effected transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight into profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because management believes it is a useful indicator of the Company's operating performance. The Company defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation and amortization, accretion, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. This measure has limitations as certain excluded items are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. For the foregoing reasons, Adjusted EBITDA has significant limitations that affect its use as an indicator of the Company's profitability and valuation. Adjusted Earnings Per Share The Company uses Adjusted Earnings Per Share ("EPS"), a non-GAAP financial measure, which it defines as diluted EPS plus the per share impact of its tax-effected transition and transaction expenses. Management believes Adjusted EPSis useful because it provides insight on per share profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding: the ongoing integration of the Jamaica acquisition; our future results of operations or financial condition, business strategy and plans, expansion plans and strategy, both generally and specifically in the Caribbean region; economic conditions, both generally and in particular in the regions in which we operate or plan to operate; the use of the new LNG carrier Excelerate Shenandoah; plans for the reliquefaction unit on the floating regasification terminal Experience; and projections regarding annual dividend rate growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'believe,' 'consider,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will' or 'would' or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under 'Risk Factors' in Excelerate's Annual Report on Form 10‐K for the year ended December 31, 2024, our other filings with the Securities and Exchange Commission (the 'SEC'), and those identified in this press release, including, but not limited to, the following: our ability to successfully complete and realize the anticipated benefits of the Jamaica acquisition, our ability to manage integration risks of the Jamaica acquisition; unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or existing or anticipated project cancellation; the competitive market for liquefied natural gas ('LNG') regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; our need for substantial expenditures to maintain and replace, over the long-term, the operating capacity of our assets; risks associated with conducting business outside of the United States, including political, legal and economic risk; our ability to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services; our ability to access financing on favorable terms; our debt level and finance lease liabilities, which may limit our flexibility in obtaining additional financing, or refinancing credit facilities upon maturity; our financing agreements, which include financial restrictions and covenants and are secured by certain of our floating regasification terminals; our ability to enter into or extend contracts with customers and our customers' failure to perform their contractual obligations; our ability to purchase or receive physical delivery of LNG in sufficient quantities to satisfy our delivery and sales obligations or at attractive prices; our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain; the technical complexity of our infrastructure assets; the risks inherent in operating our infrastructure assets; customer termination rights in our contracts; adverse effects on our operations due to disruption of third-party facilities; infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, safety and terrorism; shortages of qualified officers and crew impairing our ability to operate or increasing the cost of crewing our floating regasification terminals; acts of terrorism, war or political or civil unrest; compliance with various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws that affect our operations; and other risks, uncertainties and factors set forth in any of our filings with the SEC. These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. For example, the current global economic uncertainty and geopolitical climate, including wars and conflicts, and world or regional health events, including pandemics and epidemics and governmental and third-party responses thereto, may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that 'we believe' and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands, except share and per share amounts) Revenues Terminal services $ 148,833 $ 148,365 $ 150,987 LNG, gas and power 55,723 166,725 32,346 Total revenues 204,556 315,090 183,333 Operating expenses Cost of LNG, gas and power (exclusive of items below) 40,427 160,759 31,173 Operating expenses 46,023 41,938 46,579 Depreciation and amortization 25,518 21,643 30,400 Selling, general and administrative expenses 21,543 21,352 25,300 Transition and transaction expenses 27,659 3,682 — Total operating expenses 161,170 249,374 133,452 Operating income 43,386 65,716 49,881 Other income (expense) Interest expense (20,683 ) (11,058 ) (12,057 ) Interest expense – related party (3,249 ) (3,258 ) (3,419 ) Earnings from equity method investment 600 596 592 Other income, net 6,285 6,154 5,707 Income before income taxes 26,339 58,150 40,704 Provision for income taxes (5,574 ) (6,027 ) (7,427 ) Net income 20,765 52,123 33,277 Less net income attributable to non-controlling interests 16,036 40,736 26,605 Net income attributable to shareholders $ 4,729 $ 11,387 $ 6,672 Net income per common share – basic $ 0.15 $ 0.48 $ 0.27 Net income per common share – diluted $ 0.15 $ 0.46 $ 0.26 Weighted average shares outstanding – basic 31,489,508 23,900,116 25,175,057 Weighted average shares outstanding – diluted 32,162,826 106,751,592 25,338,067 Excelerate Energy, Inc. Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 (Unaudited) ASSETS (In thousands) Current assets Cash and cash equivalents $ 425,998 $ 537,522 Current portion of restricted cash 3,245 2,612 Accounts receivable, net 78,831 119,960 Current portion of net investments in sales-type leases 45,367 43,471 Other current assets 55,898 50,714 Total current assets 609,339 754,279 Restricted cash 14,838 14,361 Property and equipment, net 2,098,767 1,622,896 Intangible assets, net 365,378 — Goodwill 249,240 — Operating lease right-of-use assets 177,123 4,563 Net investments in sales-type leases 353,817 376,814 Investments in equity method investee 19,801 19,295 Deferred tax assets, net 31,295 27,559 Other assets 90,482 63,448 Total assets $ 4,010,080 $ 2,883,215 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 20,586 $ 7,135 Accrued liabilities and other liabilities 101,902 70,022 Current portion of deferred revenues 34,670 58,185 Current portion of long-term debt 20,097 46,793 Current portion of long-term debt – related party 9,291 8,943 Current portion of operating lease liabilities 23,217 1,551 Current portion of finance lease liabilities 24,212 23,475 Total current liabilities 233,975 216,104 Long-term debt, net 926,141 286,760 Long-term debt, net – related party 156,836 161,952 Operating lease liabilities 149,098 3,447 Finance lease liabilities 156,457 167,908 TRA liability 58,955 58,736 Asset retirement obligations 50,163 43,690 Long-term deferred revenues 27,430 27,722 Other long-term liabilities 101,622 28,395 Total liabilities $ 1,860,677 $ 994,714 Commitments and contingencies Class A Common Stock ($0.001 par value, 300,000,000 shares authorized, 34,675,087 shares issued as of June 30, 2025 and 26,432,131 shares issued as of December 31, 2024) 35 26 Class B Common Stock ($0.001 par value, 150,000,000 shares authorized and 82,021,389 shares issued and outstanding as of June 30, 2025 and December 31, 2024) 82 82 Additional paid-in capital 633,700 467,429 Retained earnings 84,898 72,322 Accumulated other comprehensive income 113 502 Treasury stock (2,674,030 shares as of June 30, 2025 and 2,564,058 shares as of December 31, 2024) (54,688 ) (52,375 ) Non-controlling interests 1,485,263 1,400,515 Total equity $ 2,149,403 $ 1,888,501 Total liabilities and equity $ 4,010,080 $ 2,883,215 Excelerate Energy, Inc. Consolidated Statements of Cash Flows (Unaudited) For the six months ended June 30, 2025 June 30, 2024 Cash flows from operating activities (In thousands) Net income 72,888 $ 61,417 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization 47,161 53,310 Amortization of operating lease right-of-use assets 3,343 860 ARO accretion expense 960 918 Amortization of debt issuance costs 4,444 1,715 Deferred income taxes 845 2,566 Share of net earnings in equity method investee (1,196 ) (1,123 ) Distributions from equity method investee 1,530 — Long-term incentive compensation expense 5,358 3,297 (Gain) loss on non-cash items — (44 ) Changes in operating assets and liabilities: Accounts receivable 85,578 51,511 Other current assets and other assets 1,864 (10,892 ) Accounts payable and accrued liabilities 16,182 (23,935 ) Current portion of deferred revenue (28,218 ) 2,331 Net investments in sales-type leases 21,101 8,004 Operating lease assets and liabilities (3,196 ) (871 ) Other long-term liabilities 13,305 5,976 Net cash provided by operating activities $ 241,949 $ 155,040 Cash flows from investing activities Net cash paid for acquisition (1,048,091 ) — Purchases of property and equipment (77,408 ) (38,268 ) Net cash used in investing activities $ (1,125,499 ) $ (38,268 ) Cash flows from financing activities Proceeds from issuance of Class A Common stock, net 201,904 — Repurchase of Class A Common Stock — (20,324 ) Proceeds from issuance of long-term debt 800,000 — Repayments of long-term debt (175,172 ) (20,627 ) Repayments of long-term debt – related party (4,768 ) (4,455 ) Payment of debt issuance costs (19,376 ) — Principal payments under finance lease liabilities (10,714 ) (10,081 ) Taxes withheld for long-term incentive compensation (1,027 ) (253 ) Dividends paid (3,382 ) (1,278 ) Distributions (13,984 ) (6,541 ) Other financing activities (433 ) 477 Net cash provided by (used in) financing activities $ 773,048 $ (63,082 ) Effect of exchange rate on cash, cash equivalents, and restricted cash 88 (6 ) Net increase (decrease) in cash, cash equivalents and restricted cash (110,414 ) 53,684 Cash, cash equivalents and restricted cash Beginning of period $ 554,495 $ 572,458 End of period $ 444,081 $ 626,142 Excelerate Energy, Inc. Non-GAAP Reconciliation (Unaudited) The following table presents a reconciliation of Adjusted Gross Margin to the GAAP financial measures of gross margin for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Terminal services $ 148,833 $ 148,365 $ 150,987 LNG, gas and power 55,723 166,725 32,346 Cost of LNG, gas and power (40,427 ) (160,759 ) (31,173 ) Operating expenses (46,023 ) (41,938 ) (46,579 ) Depreciation and amortization expense (25,518 ) (21,643 ) (30,400 ) Gross Margin $ 92,588 $ 90,750 $ 75,181 Depreciation and amortization expense 25,518 21,643 30,400 Adjusted Gross Margin $ 118,106 $ 112,393 $ 105,581 The following table presents a reconciliation of Adjusted Net Income to the GAAP financial measures of net income for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Net income $ 20,765 $ 52,123 $ 33,277 Add back: Transition and transaction expenses 27,659 3,682 — Tax impact on adjustments (1,615 ) (174 ) — Adjusted Net Income $ 46,809 $ 55,631 $ 33,277 The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measures of net income for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Net income $ 20,765 $ 52,123 $ 33,277 Interest expense 23,932 14,316 15,476 Provision for income taxes 5,574 6,027 7,427 Depreciation and amortization expense 25,518 21,643 30,400 Accretion expense 483 477 463 Long-term incentive compensation expense 3,206 2,152 1,920 Transition and transaction expenses 27,659 3,682 — Adjusted EBITDA $ 107,137 $ 100,420 $ 88,963 The following table presents a reconciliation of Adjusted Dilutive EPS to the GAAP financial measures of dilutive EPS for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 Earnings Per Share (diluted) $ 0.15 $ 0.46 $ 0.26 Add back: Transition and transaction expenses 0.24 0.03 — Tax impact on adjustments (0.05 ) — — Adjusted Earnings Per Share (diluted) $ 0.34 $ 0.49 $ 0.26 2025E 2025E (In millions) Low Case High Case Income before income taxes $ 167 $ 197 Interest expense 95 90 Depreciation and amortization expense 110 105 Accretion expense 2 2 Long-term incentive compensation expense 10 15 Transition and transaction expenses 36 31 Adjusted EBITDA $ 420 $ 440 Note: We have not reconciled the Adjusted EBITDA outlook to net income, the most comparable measure, because it is not possible to estimate, without unreasonable effort, our income taxes with the level of required precision. Accordingly, we have reconciled these non-GAAP measures to our estimated income before taxes.
Toronto Star
34 minutes ago
- Toronto Star
Barrick Reports Share Repurchases and Declares Enhanced Q2 Dividend
All amounts expressed in US dollars TORONTO, Aug. 11, 2025 (GLOBE NEWSWIRE) — Barrick Mining Corporation (NYSE:B)(TSX:ABX) ('Barrick' or the 'Company') today announced the declaration of an enhanced dividend of $0.15 per share for the second quarter of 2025. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022.
Cision Canada
34 minutes ago
- Cision Canada
Cango Inc. Acquires 50 MW Bitcoin Mining Facility in Georgia, Laying Groundwork for Future Energy Strategy
HONG KONG, Aug. 11, 2025 /CNW/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), today announced the acquisition of a fully operational 50 MW mining facility in Georgia, USA, for a total cash consideration of US$19.5 million – a pivotal step marking the Company's transition into a diverse strategy that manages a robust portfolio of Bitcoin mining and energy infrastructure. This transaction represents Cango's first step to steadily increase its portfolio of owned and operated mining facilities. By selectively acquiring low-cost power operations, Cango aims to enhance operational efficiency, cost discipline, and long-term financial resilience—while establishing the foundation for a more advanced energy strategy in the future. The facility has hosted Cango's miners under a third-party hosting agreement. Following this acquisition, Cango will allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. Fully equipped with essential mining infrastructure, accommodation, and support facilities, the facility enables a seamless transition for Cango. With this acquisition, Cango will begin developing in-house operational expertise required for managing self-owned mining sites, strengthening the Company's technical and managerial foundation. As this infrastructure is put in place, Cango is also laying the strategic groundwork for a gradual pivot towards supplying energy for high-performance computing (HPC) applications, further expanding the long-term potential of its sites beyond Bitcoin mining while leveraging operational and technical expertise developed in-house. Mr. Peng Yu, CEO of Cango, said, "This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure. By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimizing power costs, expanding operational capacity, and reinforcing our financial sustainability. This acquisition aligns with our long-term vision to become the leading mining and energy solutions provider."
