Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 167,018	$ 153,034	$ 126,844
Adjustments to reconcile net income to net cash from operating activities
Depreciation and amortization	111,322	98,939	114,323
Amortization of operating lease right-of-use assets	15,415	2,005	14,663
ARO accretion expense	2,750	1,856	1,774
Amortization of debt issuance costs	7,345	3,392	6,377
Deferred income taxes	2,998	3,818	(3,321)
Share of net earnings in equity method investee	(2,337)	(2,247)	(883)
Distributions from equity method investee	3,330	1,800	4,725
Long-term incentive compensation expense	12,005	7,228	3,639
(Gain)/loss on non-cash items	0	(44)	1,001
Changes in operating assets and liabilities:
Accounts receivable	82,954	(21,146)	(20,993)
Other current assets and other assets	(28,456)	(48,975)	157,495
Accounts payable and accrued liabilities	68,212	(25,092)	(54,079)
Current portion of deferred revenue	(5,753)	31,016	(117,638)
Net investments in sales-type leases	43,471	25,715	12,898
Operating lease assets and liabilities	(14,937)	(2,032)	(14,801)
Tax receivable agreement liability	(7,834)	(3,433)	(5,890)
Other long-term liabilities	3,707	18,603	5,751
Net cash provided by operating activities	461,210	244,437	231,885
Cash flows from investing activities
Net cash paid for Acquisition	(1,019,430)	0	0
Purchases of property and equipment	(162,985)	(113,257)	(312,735)
Sales of property and equipment	0	0	4,101
Net cash used in investing activities	(1,182,415)	(113,257)	(308,634)
Cash flows from financing activities
Proceeds from issuance of Class A Common stock, net	201,832	0	0
Repurchase of Class A Common Stock	0	(50,000)	0
Proceeds from issuance of long-term debt	800,000	0	250,000
Repayments of long term debt	(186,989)	(44,568)	(86,566)
Repayments of long-term debt - related party	(8,943)	(9,134)	(8,404)
Payment of debt issuance costs	(21,200)	0	(7,660)
Principal payments under finance lease liabilities	(21,589)	(20,504)	(20,619)
Taxes withheld for long-term incentive compensation	(1,353)	(400)	(52)
Dividends paid	(8,514)	(3,361)	(2,626)
Distributions	(29,789)	(22,537)	(16,178)
Other financing activities	(314)	1,480	3,462
Net cash provided by (used in) financing activities	723,141	(149,024)	111,357
Effect of exchange rate on cash, cash equivalents, and restricted cash	87	(119)	(121)
Net increase (decrease) in cash, cash equivalents and restricted cash	2,023	(17,963)	34,487
Cash, cash equivalents and restricted cash
Beginning of period	554,495	572,458	537,971
End of period	$ 556,518	$ 554,495	$ 572,458

Excelerate Energy, Inc. 10-K