The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with the consolidated financial
statements and notes thereto included in this Form 10-Q and included in our
Prospectus for the year ended December 31, 2021. This discussion contains
forward-looking statements that involve risks and uncertainties. Our actual
results could differ materially from those discussed below. Factors that could
cause or contribute to such differences include, but are not limited to, those
identified below and those discussed in the section titled "Risk Factors"
included in the Prospectus, this Form 10-Q and our other filings with the SEC.
Please also see the section titled "Forward-Looking Statements."

Overview

Excelerate is changing the way the world accesses cleaner, more affordable and
reliable energy by delivering regasified natural gas, benefitting hundreds of
millions of people around the world. From our founding, we have focused on
providing flexible LNG solutions to markets in diverse environments across the
globe, providing a lesser emitting form of energy to markets that often rely on
coal as their primary energy source. At Excelerate, we believe that access to
affordable energy such as LNG is critical to assisting emerging markets in their
decarbonization efforts, while at the same time promoting economic growth and
improving quality of life.

We have grown our business significantly since our first FSRU charter in 2003,
and today, we are a profitable energy company with a geographically diversified
business model. Our business spans the globe, with regional offices in eight
countries and operations in the United States, Brazil, Argentina, Israel, United
Arab Emirates, Pakistan and Bangladesh. We are the largest provider of
regasified LNG in Argentina and Bangladesh and one of the largest providers of
regasified LNG in Brazil and Pakistan, and we operate the largest FSRU in
Brazil. We also lease an LNG terminal in Bahia, Brazil (the "Bahia Terminal")
from Petróleo Brasileiro S.A. ("Petrobras") and in December 2021, we started
importing LNG and selling regasified natural gas to Petrobras. In addition to
Petrobras, we have plans to sell regasified natural gas to other downstream
customers in Brazil, Europe and Bangladesh. In each of these countries, we offer
a cleaner energy source from which power can be generated consistently. The high
value our customers place on our services has resulted in a reliable source of
revenues to us, while our global reach helps balance seasonal demand fluctuation
among the geographies in which we operate. For the three months ended September
30, 2022, we generated revenues of $803.3 million, net income of $37.3 million
and Adjusted EBITDAR of $86.4 million. For the three months ended September 30,
2021, we generated revenues of $192.1 million, net income of $1.4 million and
Adjusted EBITDAR of $65.3 million. For more information regarding our non-GAAP
measure Adjusted EBITDAR and a reconciliation to net income, the most comparable
U.S. Generally Accepted Accounting Principles ("GAAP") measure, see "How We
Evaluate Our Operations."

Our business focuses on the integration of the natural gas-to-power LNG value
chain, and as part of this value chain, we operate regasification terminals in
growing global economies that utilize our FSRU fleet. Our business is
substantially supported by time charter contracts, which are effectively
long-term, take-or-pay arrangements and provide consistent revenue and cash flow
from our high-quality customer base. As of September 30, 2022, we operate a
fleet of ten purpose-built FSRUs, have completed more than 2,400 ship-to-ship
transfers of LNG with over 40 LNG operators since we began operations and have
safely delivered more than 5,900 billion cubic feet of natural gas through 15
LNG regasification terminals. For the three months ended September 30, 2022 and
2021, we generated revenues of $115.3 million and $116.6 million, respectively,
from our FSRU and terminal services businesses, representing approximately 14%
and 61% of our total revenues for each of those periods.

We also procure LNG from major producers and sell regasified natural gas through
our flexible LNG terminals. For the three months ended September 30, 2022 and
2021, we generated revenues of $687.9 million and $75.6 million, respectively,
from LNG and natural gas sales, representing approximately 86% and 39% of our
total revenues for each of those periods. The commercial momentum that we have
established in recent years and the increasing need for access to LNG around the
world, have resulted in a significant portfolio of new growth opportunities for
us to pursue. In addition to our FSRU and terminal services businesses and
natural gas sales, we plan to expand our business to provide customers with an
array of products, including LNG-to-power projects. We are currently developing
integrated LNG projects in Albania and Bangladesh. We are also evaluating and
pursuing additional early-stage projects with opportunities in Europe, Asia
Pacific, Latin America, and the Middle East.

Recent Trends and Outlook



According to Shell's 2022 LNG Outlook, global LNG demand is estimated to
increase from 380 metric tons ("MT") in 2021 to about 700 MT in 2040. Increased
aspirations for carbon neutrality and energy transitions away from coal may
cause countries to rely more on lower carbon fuels such as LNG. We believe
future LNG demand will be driven by increased European consumption and southeast
Asian power demand growth, underpinned by economic development and urbanization
increasing demand for electricity. On the supply side, we believe there is a
robust pipeline of projects with the appropriate offtake commitments that can
meet this new demand. Limitations on energy import infrastructure make LNG
adoption difficult, but as a pioneer in flexible LNG solutions, we believe that
we are well positioned to address these limitations and support society's
transition to a lower-carbon energy future. Given the appetite for cleaner
energy, we expect these industry trends to continue, and we plan to capitalize
on this growing global demand and create new markets for natural gas by
providing a fully integrated LNG delivery model.

                                       33
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Across the world, a combination of extreme weather events, the invasion of
Ukraine by Russia and a slower than anticipated build-up of renewables has, in
the short term, increased the cost of energy and the risk of energy supply
disruptions. Uncertainty around Russian pipeline natural gas deliveries resulted
in greater competition for global LNG supply, which affected markets around the
world. Emerging markets in particular have been affected by deteriorating
economic conditions and an inability to afford spot LNG cargoes to supplement
near-term natural gas supplies. In Bangladesh for example, the country has
reduced its purchases of LNG imports on the spot market as it looks to limit the
effects of high spot prices on its economy. However, natural gas remains
critical to the country's future economic growth and the country is advancing
plans to sign new long-term LNG sale and purchase agreements to guarantee more
affordable and predictable LNG pricing.

For many countries, near-term energy decision making is being driven by the need
to balance between aspirations for a transition to renewable energy with the
pursuit of energy security. Because a return to a pre-Russian conflict era
natural gas supply seems unlikely, we believe flexible LNG infrastructure and
FSRUs will play an essential role in providing energy security and serving as a
complementary backstop to balance the intermittency of renewable energy. In
October 2022, Excelerate signed a binding five-year charter contract with the
Government of the Federal Republic of Germany for the FSRU Excelsior to provide
regasification services at one of Germany's planned LNG import terminals that is
being developed.

Europe and the world are bracing for tight natural gas market conditions this
coming winter and into next year. China has requested its state-owned companies
no longer re-sell their LNG cargoes to Europe and Japan and Korea are seeking
early 2023 cargoes. The European Union governments have approved legislation to
reduce natural gas demand this winter. The legislation includes voluntary
reduction of natural gas demand by 15% from August 2022 through March 2023. If
the voluntary natural gas demand curtailments yield insufficient savings,
mandatory natural gas demand curtailment will be implemented across the European
Union. The market is anticipating continued demand destruction due to
higher-than-normal LNG pricing, but depending on the severity of winter
temperatures, the actions being taken may not be sufficient to moderate prices.
This winter is likely to serve as a catalyst for additional action by countries
to re-assess how they purchase natural gas, invest in infrastructure, and
contract for gas supply, particularly if there is strong competition between
Asia and Europe for spot cargoes. This change in market behavior has the
potential to create new opportunities for FSRU charters and integrated projects
in Europe for Excelerate.

In addition to increased LNG industry activity levels, we expect to benefit from
our strategy to expand into new markets and pursue opportunities for downstream
gas sales. We are evaluating new commercial opportunities to sell regasified LNG
to countries in Europe via our Finland terminal and the planned Vlora LNG
terminal in Albania. In Bangladesh, we are in discussions to sell 1.5 million
tonnes of LNG annually to the country and in Brazil, we are continuing to sell
regasified LNG to customers downstream of the Bahia Terminal.

Recent Business Updates:

•


In October 2022, Excelerate signed a binding five-year charter contract with the
Government of the Federal Republic of Germany for the FSRU Excelsior to provide
regasification services at one of Germany's planned LNG import terminal that is
being developed at the Port of Wilhelmshaven by Tree Energy Solutions, E.ON SE
and ENGIE SA.

•


In October 2022, Excelerate signed a binding Shipbuilding Contract (the
"Newbuild Agreement") with Hyundai Heavy Industries ("HHI") for a new FSRU to be
delivered in 2026. The state-of-the-art FSRU will be equipped with HHI's
proprietary LNG regasification system, dual fuel engines, selective catalytic
reduction system, best-in-class boil-off gas management, and other innovative
technologies that will drive improved performance and efficiency while lowering
emissions. With this newbuild order, Excelerate will have 11 FSRUs in operation
or under construction.

•


In September 2022, after completing its charter at the Bahia Blanca GasPort, the
Exemplar made the voyage to the port of Navantia in Spain for winterization
upgrades in preparation for its deployment to Finland. Excelerate and Gasgrid
Finland Oy ("Gasgrid Finland") previously announced an executed 10-year, time
charter party agreement for Excelerate to provide LNG regasification services.
The vessel's charter hire commenced on October 1, 2022.

•


In July 2022, we announced the signing of a Memorandum of Understanding (MOU)
with Bulgaria's Overgas, relating to the potential sale of regasified LNG from
Excelerate's planned Vlora LNG terminal in Albania. Under this MOU, Excelerate
will enter into negotiations with Overgas for the purchase of up to 1.0 billion
cubic meters of regasified LNG annually for 10 years.

•


In May 2022, the Payra LNG project was approved in principle by Bangladesh Oil,
Gas & Mineral Corporation and Bangladesh's Energy and Mineral Resources
Division, a significant milestone in the approval process. Excelerate has
commenced negotiations of the integrated deal, which includes an LNG supply
agreement. The Payra LNG project is expected to represent Excelerate's largest
deployment of capital to date and has the potential to increase significantly
the scale of the Company's global operations.

•


In February 2022, the Moheshkhali LNG ("MLNG") expansion project was approved in
principle by the government of Bangladesh. MLNG is one of Excelerate's three
E-FIT integrated terminals. Excelerate has commenced commercial

                                       34
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negotiations for the expansion of the terminal, the extension of our regasification agreement by five years to 2038, and an LNG supply agreement.

•


In January 2022, Excelerate received approval from the Albanian government to
proceed with the second phase of the feasibility study for the Vlora LNG
terminal and power plant. Under the previously announced memorandum of
understanding with Albgaz Sh.a,, Albania's natural gas transmission system
operator, and Snam S.p.A, one of the largest energy infrastructure owner and
operators in the world, Excelerate is continuing to explore solutions to connect
the Vlora LNG Terminal with other European natural gas infrastructure.

Components of Our Results of Operations

Revenue



We generate revenue through the provision of regasification services using our
fleet of FSRUs and LNG terminal assets, as well as physical sales of LNG and
natural gas, that are made primarily in connection with our regasification and
terminal projects. We provide regasification services through time charters and
operation service contracts primarily related to our long-term charter
contracts. Most of our time charter revenues are from long-term contracts that
function similarly to take-or-pay arrangements in that we are paid if our assets
and teams are available and ready to provide services to our customers
regardless of whether our customers utilize the services. A portion of our
revenue attributable to our charters for the use of our vessels is accounted for
as lease revenue, and the revenues attributable to the services provided under
those charters are accounted for as non-lease revenue. We generally charge fixed
fees for the use of and services provided with our vessels and terminal capacity
plus additional amounts for certain variable costs.

Expenses



The principal expenses involved in conducting our business are operating costs,
direct cost of gas sales, general and administrative expenses, and depreciation
and amortization. A large portion of the fixed and variable costs we incur in
our business are in the operation of our fleet of FSRUs and terminals that
provide regasification and gas supply to our customers. We manage the level of
our fixed costs based on several factors, including industry conditions and
expected demand for our services and generally pass-through certain variable
costs.

We incur significant equipment costs in connection with the operation of our
business, including capital equipment recorded as property and equipment, net on
our balance sheets and related depreciation and amortization on our income
statement. In addition, we incur repair and maintenance and leasing costs
related to our property and equipment utilized both in our FSRU and terminal
services and gas sales. Property and equipment includes costs incurred for our
fleet of FSRUs and terminal assets including capitalized costs related to
drydocking activities. Generally, we are required to drydock each of our vessels
every five years, but vessels older than 15 years of age require a shorter
duration drydocking or in-situ bottom survey every two and a half years.

Cost of revenue and vessel operating expenses



Cost of revenue and vessel operating expenses include the following major cost
categories: vessel operating costs; personnel costs; repair and maintenance; and
leasing costs. These operating costs are incurred for both our FSRU and terminal
services revenues and Gas sales revenues.

Direct cost of gas sales

Direct cost of gas sales includes the cost of LNG and other fuel and direct costs incurred in selling natural gas and LNG, which are significant variable operating costs. These costs fluctuate in proportion to the amount of our natural gas and LNG sales as well as LNG prices.

Depreciation and amortization expenses



Depreciation expense is recognized on a straight-line basis over the estimated
useful lives of our property and equipment assets, less an estimated residual
value. Certain recurring repairs and maintenance expenditures required by
regulators are amortized over the required maintenance period.

Selling, general and administrative expenses



Selling, general and administrative expenses ("SG&A") consist primarily of
compensation and other employee-related costs for personnel engaged in executive
management, sales, finance, legal, tax and human resources. SG&A also consists
of expenses associated with office facilities, information technology, external
professional services, business development, legal costs and other
administrative expenses.

                                       35
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Restructuring, transition and transaction expenses

We incurred restructuring, transition and transaction expenses related to consulting, legal, and audit costs incurred as part of and in preparation for our initial public offering (the "IPO").

Other income, net

Other income, net, primarily contains interest income, gains or losses from the effect of foreign exchange rates and gains and losses on asset sales.

Interest expense and Interest expense - related party

Our interest expense is primarily associated with our finance leases liabilities and loan agreements with external banks and related parties.

Earnings from equity-method investment

Earnings from equity-method investment relate to our 45% ownership interest in the Nakilat joint venture, which we acquired in 2018.

Provision for income taxes

Excelerate is a corporation for U.S. federal and state income tax purposes.
Excelerate's accounting predecessor, EELP, is treated as a pass-through entity
for U.S. federal income tax purposes and, as such, has generally not been
subject to U.S. federal income tax at the entity level. Instead, EELP's U.S.
income is allocated to its Class A and Class B partners proportionate to their
interest. Accordingly, our provision for income taxes includes U.S. taxes
incurred at the Excelerate corporate level beginning in April 2022. In addition,
EELP has international operations that are subject to foreign income tax and
U.S. corporate subsidiaries subject to U.S. federal tax. These taxes are also
included in our provision for income taxes.

Net income (loss) attributable to non-controlling interest



Net income (loss) attributable to non-controlling interests includes earnings
allocable to our shares of Class B Common Stock as well as earnings allocable to
the third-party equity ownership interests in our subsidiary, Excelerate Energy
Bangladesh, LLC.

Net income (loss) attributable to non-controlling interest - ENE Onshore

Net income (loss) attributable to non-controlling interest - ENE Onshore includes the earnings allocable to the equity ownership interests in Excelerate New England Onshore, LLC ("ENE Onshore"). We consolidate ENE Onshore as we determined that although we have no ownership interest, we are the primary beneficiary.

Factors Affecting the Comparability of Our Results of Operations



As a result of a number of factors, our historical results of operations may not
be comparable from period to period or going forward. Set forth below is a brief
discussion of the key factors impacting the comparability of our results of
operations.

Impact of the Reorganization



Following the completion of the IPO in April 2022, we are a corporation for U.S.
federal and state income tax purposes. Excelerate's accounting predecessor,
EELP, is treated as a pass-through entity for U.S. federal income tax purposes
and, as such, has generally not been subject to U.S. federal income tax at the
entity level. Accordingly, unless otherwise specified, our historical results of
operations prior to the IPO do not include provision for U.S. federal income tax
for EELP. The reorganization undertaken in connection with the IPO, as described
under "Organizational Structure-The Reorganization" in the Prospectus (the
"Reorganization"), was accounted for as a reorganization of entities under
common control. As a result, our consolidated financial statements recognized
the assets and liabilities received in the Reorganization at their historical
carrying amounts, as reflected in the historical consolidated financial
statements of EELP. In addition, in connection with the Reorganization and the
IPO, we have entered into the Tax Receivable Agreement (the "TRA") with
Excelerate Energy Holdings, LLC ("EE Holdings") and the George Kaiser Family
Foundation (the "Foundation") (or their affiliates) (together, the "TRA
Beneficiaries") pursuant to which we will be required to pay the TRA
Beneficiaries 85% of the net cash savings, if any, that we are deemed to realize
as a result of our utilization of certain tax benefits described under "Certain
Relationships and Related Person Transactions-Proposed Transactions with
Excelerate Energy, Inc.-Tax Receivable Agreement" in our Prospectus.

Also, included in the transactions is our acquisition of all of the issued and
outstanding membership interests in Excelsior, LLC and FSRU Vessel (Excellence),
LLC (f/k/a Excellence, LLC) (collectively, the "Foundation Vessels"). The
acquisition of Excelsior, LLC was accounted for as an acquisition of property
and equipment at the completion of the transaction. The Foundation Vessels have
historically been accounted for as finance leases in our historical financial
statements. In 2018, EELP entered into an agreement with a

                                       36
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customer to lease the Excellence vessel with the vessel transferring ownership
to the customer at the conclusion of the agreement for no additional
consideration. Historically, EELP, as a lessor, has accounted for the Excellence
vessel contract with our customer as a sales-type lease in the consolidated
balance sheet in accordance with Accounting Standards Codification 842, Leases.
The Excellence vessel will continue to be accounted for as a sales-type lease
and thus did not result in an adjustment to property and equipment. The
difference between the consideration given to acquire the Excellence and the
historical finance lease liability resulted in a $21.8 million early
extinguishment of lease liability loss on our consolidated statements of income.

Public Company Costs



We have incurred and expect to continue to incur incremental, non-recurring
costs related to our transition to a publicly traded corporation, including the
costs of the IPO and the costs associated with the initial implementation of our
Sarbanes-Oxley Section 404 internal control reviews and testing. We also expect
to incur additional significant and recurring expenses as a publicly traded
corporation, including costs associated with compliance under the Exchange Act,
annual and quarterly reports to common stockholders, registrar and transfer
agent fees, national stock exchange fees, audit fees, incremental director and
officer liability insurance costs and director and officer compensation.

Impact of Covid-19



In March 2020, the World Health Organization declared the Coronavirus Disease
2019 ("Covid-19") a global pandemic. The Covid-19 outbreak has reached across
the globe, resulting in the implementation of significant governmental measures,
including lockdowns, closures, quarantines, and travel bans intended to control
the spread of the virus. While most of these measures have been relaxed around
the world, future prevention and mitigation measures reinstituted in the event
of repeat waves of the virus and any variants could have an adverse impact on
global economic conditions and consumer confidence and spending, which could
materially adversely affect the timing of demand, or users' ability to pay, for
our products and services.

In response to the Covid-19 pandemic, we took several precautions that may
adversely impact employee productivity, such as requiring many office employees
to work remotely, imposing travel restrictions, and temporarily closing office
locations. In addition, we instituted additional procedures and precautions
related to our crews on our FSRU vessels. We incurred incremental costs during
the nine months ended September 30, 2022 and 2021, of approximately $2.2 million
and $4.1 million, respectively, related to these precautionary measures.

We continue to monitor the evolving situation and guidance from international
and domestic authorities, including federal, state and local public health
authorities, and there may be developments outside our control requiring us to
adjust our operating plan. As such, given the unprecedented uncertainty around
the duration and severity of the impact on market conditions and the business
environment, we cannot reasonably estimate the full impact of the Covid-19
pandemic on our operating results in the future.

For additional information, see "Risk Factors-Risks Related to Our
Business-Outbreaks of epidemic and pandemic diseases and governmental responses
thereto could adversely affect our business." and other risk factors included in
the "Risk Factors" section of our Prospectus that describe risks to us
attributable to the Covid-19 pandemic.

How We Evaluate Our Operations



We operate in a single reportable segment. However, we use a variety of
qualitative, operational and financial metrics to assess our performance and
valuation. Among other measures, management considers each of the following in
assessing our business:

Adjusted Gross Margin;

Adjusted EBITDA;

Adjusted EBITDAR; and

Capital Expenditures.

Adjusted Gross Margin

We use Adjusted Gross Margin, a non-GAAP financial measure, which we define as
revenues less direct cost of sales and operating expenses, excluding
depreciation and amortization, to measure our operational financial performance.
Management believes Adjusted Gross Margin is useful because it provides insight
on profitability and true operating performance excluding the implications of
the historical cost basis of our assets. Our computation of Adjusted Gross
Margin may not be comparable to other similarly titled measures of other
companies, and you are cautioned not to place undue reliance on this
information.

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Adjusted EBITDA and Adjusted EBITDAR



Adjusted EBITDA is a non-GAAP financial measure included as a supplemental
disclosure because we believe it is a useful indicator of our operating
performance. We define Adjusted EBITDA as net income before interest, income
taxes, depreciation and amortization, 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. In the second
quarter of 2022, we revised the definition of Adjusted EBITDA to adjust for the
impact of long-term incentive compensation expense, which we did not have prior
to becoming a public company, and the early extinguishment of lease liability
related to the acquisition of the Excellence vessel, as management believes such
items do not directly reflect our ongoing operating performance.

Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental
disclosure because we believe it is a valuation measure commonly used by
financial statement users to more effectively compare the results of our
operations from period to period and against other companies without regard to
our financing methods or capital structure. We define Adjusted EBITDAR as
Adjusted EBITDA adjusted to eliminate the effects of rental expenses for vessels
and other infrastructure, which are normal, recurring cash operating expenses
necessary to operate our business.

We adjust net income for the items listed above to arrive at Adjusted EBITDA and
Adjusted EBITDAR because these amounts can vary substantially from company to
company within our industry depending upon accounting methods and book values of
assets, capital structures and the method by which the assets were acquired.
Adjusted EBITDA and Adjusted EBITDAR 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 our operating performance or liquidity. These measures have
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 and Adjusted
EBITDAR. Adjusted EBITDAR should not be viewed as a measure of overall
performance or considered in isolation or as an alternative to net income
because it excludes rental expenses for vessels and other infrastructure, which
is a normal, recurring cash operating expense that is necessary to operate our
business. Our presentation of Adjusted EBITDA and Adjusted EBITDAR should not be
construed as an inference that our results will be unaffected by unusual or
non-recurring items. Our computations of Adjusted EBITDA may not be comparable
to other similarly titled measures of other companies. For the foregoing
reasons, each of Adjusted EBITDA and Adjusted EBITDAR has significant
limitations that affect its use as an indicator of our profitability and
valuation, and you are cautioned not to place undue reliance on this
information.

Capital Expenditures



We incur capital expenditures as part of our regular business operations.
Capital expenditures are costs incurred to expand our business operations,
increase efficiency of business operations, extend the life of an existing
asset, improve an asset's capabilities, increase future service of an asset,
repair existing assets in order to maintain their service capability, and
provide upkeep required for regulatory compliance. Costs related to prospective
projects are capitalized once it is determined to be probable that the related
assets will be constructed.

The tables below reconcile the financial measures discussed above to the most
directly comparable financial measure calculated and presented in accordance
with GAAP:

                                       Three months ended September 30,        Nine months ended September 30,
                                          2022                2021                  2022                 2021
                                                                     (In

thousands)

FSRU and terminal services revenues $ 115,346 $ 116,578

  $          323,010       $   352,299
Gas sales revenues                         687,915                75,563              1,694,853           197,453
Cost of revenue and vessel operating
expenses                                   (50,258 )             (44,785 )             (158,994 )        (132,415 )
Direct cost of gas sales                  (658,320 )             (78,536 )           (1,606,695 )        (179,950 )
Depreciation and amortization expense      (24,648 )             (26,074 )              (72,687 )         (78,320 )
Gross Margin                           $    70,035       $        42,746     $          179,487       $   159,067
Depreciation and amortization expense       24,648                26,074                 72,687            78,320
Adjusted Gross Margin                  $    94,683       $        68,820     $          252,174       $   237,387




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                                          Three months ended September 30,         Nine months ended September 30,
                                             2022                  2021              2022                2021
                                                                      (In thousands)
Net income                              $        37,272       $         1,377     $   46,126       $         42,977
Interest expense                                 13,689                19,985         46,209                 62,033
Provision for income taxes                          233                 5,228         11,752                 14,133
Depreciation and amortization expense            24,648                26,074         72,687                 78,320
Restructuring, transition and
transaction expenses                              1,345                 5,548          6,680                  8,613
Long-term incentive compensation
expense                                             328                     -            598                      -
Early extinguishment of lease liability
on vessel acquisition                                 -                     -         21,834                      -
Adjusted EBITDA                         $        77,515       $        58,212     $  205,886       $        206,076
Vessel and infrastructure rent expense            8,920                 7,098         27,165                 21,293
Adjusted EBITDAR                        $        86,435       $

65,310 $ 233,051 $ 227,369

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