FLNG - FLEX LNG Ltd. (FLNG) Q4 2023 Earnings Call Transcript
2024-02-07 13:44:09 ET
FLEX LNG Ltd. (FLNG)
Q4 2023 Earnings Conference Call
February 7, 2024 09:00 ET
Company Participants
Øystein Kalleklev - Chief Executive Officer
Knut Traaholt - Chief Financial Officer
Conference Call Participants
Presentation
Øystein Kalleklev
Hi, everybody and welcome to Flex LNG's Fourth Quarter and Full Year 2023 Presentation. I'm Øystein Kalleklev, CEO of Flex LNG management and I will be joined later today by our CFO, Knut Traaholt, who will run you to the numbers. As usual, we will conclude with a Q&A session, where we have a gift as customary for the best question. This time, we have some nice beanies from almonds [ph] in various colors. And also a nice neck warmer to fit together with beanie. You can ask a question either by using the chat function in the webcast or you can also still send some e-mails to ir@flexlng.com and we will cover those questions in the end when we're doing the Q&A session.
Just a reminder before we begin the presentation about our disclaimer, we will provide some forward-looking statements. There are some non-GAAP measures. And of course, there are limited how many details we can cover in the presentation so let's kick off.
Revenues for the quarter came in at $97.2 million. This was in line with the guidance provided for Q4 of around $97 million to $99 million. Net income and adjusted net income came in at $19.4 million and $37.8 million, respectively. Just a reminder, we have a rather big portfolio of interest rate derivatives, where we've hedged ourself against higher interest rate we are today experiencing. And in the adjusted numbers, we only include the realized gain and loss on derivatives while we take the change unrealized change in value are included in the net income numbers. But as Knut will tell you shortly, we have made rather big gains on derivatives during the last three years to a total of $116 million positive. So this translates into our earnings per share and our adjusted earnings per share of $0.36 and $0.70, respectively.
As we are now in February and heading out of the peak heating season, not surprisingly, rates are softening following the seasonal pattern where typically freight rates find the bottom at around March before starting to fire up again for the summer season. And I will cover more of the freight market in detail later in the presentation....
FLEX LNG Ltd. (FLNG) Q4 2023 Earnings Call Transcript