Flex LNG FLNG Q3 2024 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Wed, February 11, 2026 astatine 11:05 AM CST 40 min read

Image source: The Motley Fool.

Tuesday, November 12, 2024 astatine 1:00 p.m. ET

• Chief Executive Officer — Oystein Kalleklev

• Chief Financial Officer — Knut Traaholt

Oystein Kalleklev: … Third Quarter Results Presentation. I’m CEO Oystein Kalleklev, and I volition beryllium joined aboriginal successful the presumption arsenic accustomed by our CFO, Knut Traaholt, who volition locomotion you done the financials. Before we begin, conscionable privation to punctual you that we volition beryllium providing immoderate forward-looking statements, immoderate non-GAAP measures and of people determination are limits to the completeness of detail. Before we kickoff the presentation, conscionable punctual you that you tin nonstop successful questions for the Q&A league either by utilizing the chat relation oregon nonstop an email to [email protected]. And arsenic usual, we person a acquisition for the champion question. This clip we bash really person 2 gifts. We person our FLEX LNG perfume.

We person the 2 versions, His and Her Money. So it's a perfume with the scent of dividends, which I judge everybody likes. So let's effort it out. Yes, that's a bully start. So nonstop successful a question to who volition beryllium the fortunate victor of this perfume. So let's footwear disconnected with the highlights. No large surprises connected the gross numbers. Adjusted EBITDA revenues came successful astatine $90.5 cardinal successful enactment with guidance of astir $90 million. This resulted successful nett income and adjusted nett income of $17.4 and $28.7 million, respectively. Just to punctual you, adjusted nett income numbers, we lone instrumentality successful the realized summation and losses connected derivatives.

During this quarter, involvement complaint fell a batch until aboriginal September erstwhile Fed chopped 50 ground points, and we utilized that accidental to summation our hedging portfolio significantly. So the $10.7 cardinal we had successful unrealized losses successful Q3. We gained much than that conscionable successful October period alone. This gave an adjusted net per stock of $0.53 for the quarter. Recent events, we announced past Thursday that we are already starting the fixing play for 2029 with caller contracts for some Flex Resolute and Flex Courageous, wherever the charter takes these ships steadfast for 2029 to 2032, but wherever they person enactment to support the ships each the mode to 2039.

And I volition springiness immoderate much details connected this. We besides person 1 vessel being re-delivered, not a large astonishment fixed wherever the marketplace is, which I volition screen aboriginal successful the presentation. So we volition person her backmost -- expecting her to person her backmost successful March adjacent year. We besides done immoderate much financings, banking connected the large backlog we have, and Knut volition contiguous the 2 refinancings we person done since past time. Three ships altogether, 430 million, giving america nett proceeds of $97 cardinal and our precise steadfast currency position, pro forma currency of $450 million, which is astir 35% of our marketplace headdress today. Next 4th it's going to beryllium a spot unusual quarter.