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Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Equity | Equity Class A Common Stock The Class A Common Stock, par value $0.001 per share (“Class A Common Stock”), outstanding represents 100% of the rights of the holders of all classes of our outstanding common stock to share in distributions from Excelerate, except for the right of Class B stockholders to receive the par value of the Class B Common Stock, $0.001 par value per share (“Class B Common Stock”) upon our liquidation, dissolution or winding up or an exchange of Class B interests of EELP. Class B Common Stock Excelerate Energy Holdings, LLC (“EE Holdings”), a company controlled directly and indirectly by Kaiser, holds all of the shares of our outstanding Class B Common Stock. The Class B Common Stock entitles the holder to one vote for each share of Class B Common Stock. Holders of shares of our Class B Common Stock vote together with holders of our Class A Common Stock as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise provided in our amended and restated certificate of incorporation or required by law. As the only Class B stockholder, EE Holdings controlled 76.9% and 75.7% of the combined voting power of our common stock as of September 30, 2024 and December 31, 2023, respectively. The EELP Limited Partnership Agreement (the “EELP LPA”) entitles partners (and certain permitted transferees thereof) to exchange their Class B interests for shares of Class A Common Stock on a one-for-one basis or, at our election, for cash. When a Class B interest is exchanged for a share of Class A Common Stock, the corresponding share of Class B Common Stock will automatically be canceled. The EELP LPA permits the Class B limited partners to exercise their exchange rights subject to certain timing and other conditions. When a Class B interest is surrendered for exchange, it will not be available for reissuance. The following table summarizes the changes in ownership:
|  | Class A Common Stock |  |  |  |  |  |  |  |  |  |
|  | Issued |  |  | Less: Treasury Stock |  |  | Outstanding |  |  | Class B Common Stock |  |  | Total |  |  | Class A Ownership Percentage |
Balance at January 1, 2024 |  |  | 26,284,027 |  |  |  | 20,624 |  |  |  | 26,263,403 |  |  |  | 82,021,389 |  |  |  | 108,284,792 |  |  |  | 24.3 | %
Long-term incentive compensation units vested, net |  |  | 82,165 |  |  |  | 39,702 |  |  |  | 42,463 |  |  |  | – |  |  |  | 42,463 |  |  |  |
Share repurchases |  |  | – |  |  |  | 588,030 |  |  |  | (588,030 | ) |  |  | – |  |  |  | (588,030 | ) |  |  |
Balance at March 31, 2024 |  |  | 26,366,192 |  |  |  | 648,356 |  |  |  | 25,717,836 |  |  |  | 82,021,389 |  |  |  | 107,739,225 |  |  |  | 23.9 | %
Long-term incentive compensation units vested, net |  |  | 29,479 |  |  |  | 22,237 |  |  |  | 7,242 |  |  |  | – |  |  |  | 7,242 |  |  |  |
Share repurchases |  |  | – |  |  |  | 673,780 |  |  |  | (673,780 | ) |  |  | – |  |  |  | (673,780 | ) |  |  |
Balance at June 30, 2024 |  |  | 26,395,671 |  |  |  | 1,344,373 |  |  |  | 25,051,298 |  |  |  | 82,021,389 |  |  |  | 107,072,687 |  |  |  | 23.4 | %
Long-term incentive compensation units vested, net |  |  | 2,031 |  |  |  | 2,031 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  |
Share repurchases |  |  | – |  |  |  | 363,974 |  |  |  | (363,974 | ) |  |  | – |  |  |  | (363,974 | ) |  |  |
Balance at September 30, 2024 |  |  | 26,397,702 |  |  |  | 1,710,378 |  |  |  | 24,687,324 |  |  |  | 82,021,389 |  |  |  | 106,708,713 |  |  |  | 23.1 | %
Balance at January 1, 2023 |  |  | 26,254,167 |  |  |  | – |  |  |  | 26,254,167 |  |  |  | 82,021,389 |  |  |  | 108,275,556 |  |  |  | 24.2 | %
Balance at March 31, 2023 |  |  | 26,254,167 |  |  |  | – |  |  |  | 26,254,167 |  |  |  | 82,021,389 |  |  |  | 108,275,556 |  |  |  | 24.2 | %
Balance at June 30, 2023 |  |  | 26,254,167 |  |  |  | – |  |  |  | 26,254,167 |  |  |  | 82,021,389 |  |  |  | 108,275,556 |  |  |  | 24.2 | %
Long-term incentive compensation units vested, net |  |  | 27,623 |  |  |  | 20,624 |  |  |  | 6,999 |  |  |  | – |  |  |  | 6,999 |  |  |  |
Balance at September 30, 2023 |  |  | 26,281,790 |  |  |  | 20,624 |  |  |  | 26,261,166 |  |  |  | 82,021,389 |  |  |  | 108,282,555 |  |  |  | 24.3 | %
EELP Distribution Rights The Company, as the general partner of EELP, has the right to determine when distributions will be made to holders of interests and the amount of any such distributions. If a distribution is authorized, such distribution will be made to the holders of Class A interests and Class B interests on a pro rata basis in accordance with the number of interests held by such holder. Dividends and Distributions During the nine months ended September 30, 2024, EELP declared distributions to all interest holders, including Excelerate. Excelerate has used and will continue to use proceeds from such distributions to pay dividends to holders of Class A Common Stock. The following table details the distributions and dividends for the periods presented:
|  |  |  | Class B Interests |  |  | Class A Common Stock |
Dividend and Distribution for the Quarter Ended |  | Date Paid or To Be Paid |  | Distributions Paid or To Be Paid |  |  | Total Dividends Declared |  |  | Dividend Declared per Share |
|  |  |  | (In thousands) |  |
September 30, 2024 |  | December 5, 2024 |  | $ | 4,921 |  |  | $ | 1,529 |  |  | $ | 0.060 |
June 30, 2024 |  | September 5, 2024 |  | $ | 2,050 |  |  | $ | 672 |  |  | $ | 0.025 |
March 31, 2024 |  | June 6, 2024 |  | $ | 2,051 |  |  | $ | 645 |  |  | $ | 0.025 |
December 31, 2023 |  | March 28, 2024 |  | $ | 2,051 |  |  | $ | 673 |  |  | $ | 0.025 |
Albania Power Project In April 2022, Excelerate established an entity to provide a temporary power solution in Albania. Excelerate is a 90% owner of the project (“Albania Power Project”) and has received $6.4 million in cash contributions from the minority owner as of September 30, 2024. The Albania Power Project is fully consolidated in our financial statements. Repurchase of Equity Securities On February 22, 2024, our board of directors approved a share repurchase program to purchase up to $50.0 million of our Class A Common Stock (the “Share Repurchase Program”). The Share Repurchase Program does not obligate us to acquire any specific number of shares and will expire on February 28, 2026, and the Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three months ended September 30, 2024, the Company repurchased 363,974 shares of its outstanding Class A Common Stock at a weighted average price of $20.61 per share, for a total net cost of approximately $7.5 million. During the nine months ended September 30, 2024, the Company repurchased 1,625,784 shares of its outstanding Class A Common Stock at a weighted average price of $17.24 per share, for a total net cost of approximately $28.0 million. As a result of the Share Repurchase Program, our expected payments under the TRA decreased by $6.0 million for the nine months ended September 30, 2024. In accordance with the EELP LPA and in conjunction with the Share Repurchase Program, EELP purchased Class A interests from Excelerate in proportion to the Class A Common Stock purchased during the three and nine months ended September 30, 2024. Under the Share Repurchase Program, repurchases can be made using a variety of methods, which may include open market purchases, block trades, privately negotiated transactions and/or a non-discretionary trading plan, all in compliance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The timing, manner, price and amount of any Class A Common Stock repurchases under the Share Repurchase Program are determined by management in its discretion and depend on a variety of factors, including legal requirements, price, and business, economic, and market conditions.

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