New Fortress Energy Announces Third Quarter 2021 Results and Declares Dividend of $0.10 per Class A Common Share
Third Quarter Highlights
-
Record Total Segment Operating Margin(1) in Q3 of approximately
$210 million , beating Illustrative Total Segment Operating Margin Goal(2) of$208 million -
Illustrative Total Segment Operating Margin Goal for the 2nd half of 2021 expected to be
$585 million , a 50% increase from the Illustrative Total Segment Operating Margin Goal set in July -
FY 2022 Illustrative Total Segment Operating Margin Goal is on track for over
$1.1 billion with significant earnings growth asBrazil ,Ireland and Fast LNG come Online(3)
Growth
-
Continued energy shortages in
Brazil have led to emergency power measures, including an auction in the South and Southeast region which took place in October:-
1.2 GW of new power projects were awarded in the October auction with an average variable power price of
$0.14 / kWh -
NFE positioned to supply LNG through the
Santa Catarina terminal to over 400MW (>900k GPD of LNG forecasted) of new power plants - Supply period will be Q2 2022 through end of 2025
-
1.2 GW of new power projects were awarded in the October auction with an average variable power price of
-
NFE and Norsk Hydro executed definitive commercial terms for a 15-year LNG supply agreement utilizing NFE’s Barcarena LNG terminal
- ~1.0m GPD to supply the Alunorte alumina refinery (co-located with the Barcarena terminal) starting Q1 2023
Development update
-
NFE continues to make great progress on our first Fast LNG assets, which we intend to deploy through two distinct business lines:
- Tolling agreements with high credit quality counterparties to lock in stable cash flows similar to our current FLNG asset, the Hilli
- Merchant production where we maximize flexibility by supplying through our owned infrastructure or into the spot market at more profitable rates
-
In
Nicaragua , we are completing terminal and power plant construction in Q4 2021, and we expect to begin commissioning of our power plant in Q1 2022 -
Our
La Paz terminal inBaja California Sur, Mexico is fully Operational(3)- CFEnegia power plant fully commissioned on natural gas
- NFE power plant will begin commissioning in Q4 2021
-
Our development projects in Barcarena and
Santa Catarina are advancing on schedule- Signed EPC contracts, obtained all material permits and commenced construction
Energy transition
-
Nearing FID(4) on first blue ammonia facility which will include the capture of up to 99% of CO2 emitted
-
Targeting an acquisition of a key site on the
U.S. Gulf Coast in the fourth quarter, with permitting, EPC contract and financing completed in Q1 2022 - First facility targeted to be operational within 20 to 24 months from FID
-
Targeting an acquisition of a key site on the
-
Expect our
Clean Fuels business to benefit from proposed Build Back Better legislation
Financing update
- We closed a ship financing facility at pricing of LIBOR + 300bps with initial proceeds of $425mm; ability to increase this facility by approximately $300mm
-
Our Board of Directors approved a dividend of
$0.10 per share, with a record date ofDecember 7, 2021 and a payment date ofDecember 17, 2021
Financial Highlights
Total Segment Operating Margin of
|
For the Three Months Ended, |
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(in millions, except Average Volumes) |
2021 |
2021 |
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Revenues |
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|||||||
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Net Loss |
( |
( |
|
|||||||
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Terminals and Infrastructure Segment Operating Margin |
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|
|
||||||
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Ships Segment Operating Margin(1) |
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||||||
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Total Segment Operating Margin(1) |
|
|
|
|
|
|||||
|
Average Volumes (k GPD) |
1,496 |
1,764 |
|
|||||||
- Record quarterly revenue of over $300mm, increasing approximately $81mm from the second quarter
-
Record Total Segment Operating Margin in Q3 of
$210.5 million , resulting from:- Terminals and Infrastructure Segment Operating Margin increased from cargo sales, emergency dispatch at the Sergipe Power Plant and the impact of increased natural gas pricing
- Ships Segment Operating Margin includes a full quarter of contribution from FSRUs and LNG carriers that are leased to customers under long-term or spot arrangements as well as a full quarter of our effective share of the revenue and costs of the Hilli
Please refer to our Q3 2021 Investor Presentation (the “Presentation”) for further information about the following terms:
1) “Total Segment Operating Margin” is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin. Terminals and Infrastructure Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our 50% ownership of Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”). Ships Segment Operating Margin includes our effective share of revenue, expenses and Operating Margin attributable to our ownership of 50% of the common units of
2) “Illustrative Total Segment Operating Margin Goal” or “Illustrative Future Goal” means our goal for Total Segment Operating Margin under certain illustrative conditions. Please refer to this explanation for all uses of this term in this Press Release and the Presentation. This goal reflects the volumes of LNG that it is our goal to sell under binding contracts multiplied by the average price per unit at which we expect to price LNG deliveries, including both fuel sales and capacity charges or other fixed fees, less the cost per unit at which we expect to purchase or produce and deliver such LNG or natural gas, including the cost to (i) purchase natural gas, liquefy it, and transport it to one of our terminals or purchase LNG in strip cargos or on the spot market, (ii) transfer the LNG into an appropriate ship and transport it to our terminals or facilities, (iii) deliver the LNG, regasify it to natural gas and deliver it to our customers or our power plants and (iv) maintain and operate our terminals, facilities and power plants. For Vessels chartered to third parties, this illustration reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. There can be no assurance that the costs of purchasing or producing LNG, transporting the LNG and maintaining and operating our terminals and facilities will result in the Illustrative Total Segment Operating Margin Goal reflected. For the purpose of this Press Release and the Presentation, we have assumed an average Total Segment Operating Margin between
3) “Operational” or “Online” with respect to a particular project means we expect gas to be made available within thirty (30) days, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational date, and we may not generate any revenue until full commercial operations have begun. We cannot assure you if or when such projects will reach full commercial operations. Actual results could differ materially from the illustrations reflected in this presentation and there can be no assurance we will achieve our goals.
4) “FID” means management has made an internal commitment to commit resources (including capital) to a particular project. Our management has not made a FID decision on certain projects as of the date of this press release, and there can be no assurance that we will be willing or able to make any such decision, based on a particular project’s time, resource, capital and financing requirements.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are available on the Company’s website. Nothing on our website is included or incorporated by reference herein.
Earnings Conference Call
Management will host a conference call on
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.
A replay of the conference call will also be available after
About
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including our expected volumes of LNG or production of power in particular jurisdictions; ability to achieve our growth goals; ability to finalize definitive agreements for which we have MOUs or framework agreements; our expectations regarding our organic growth opportunities and the full capacity of our existing infrastructure including run rates; our expected needs for LNG supply in the future; expectations regarding certain facilities becoming Operational; our expected ability to supply gas; expectations regarding growth of our facilities; the expectation that we will continue to take advantage of low LNG prices and develop our Fast LNG project for long-term LNG pricing; and ability to maintain our expected development timelines and the Illustrative Total Segment Operating Margin Goals related to such growth; and our ability to fulfill all of the conditions precedent to effectiveness under our commercial agreement with Norsk Hydro. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the risk that our development, construction or commissioning schedules will take longer than we expect, the risk that the volumes we are able to sell are less than we expect due to decreased customer demand or our inability to supply, the risk that our expectations about the price at which we purchase LNG, the price at which we sell LNG, the cost at which we produce, ship and deliver LNG, and the margin that we receive for the LNG that we sell are not in line with our expectations, the risk that we may not develop our Fast LNG project on the timeline we expect or at all, or that we do not receive the benefits we expect from the Fast LNG project, risks that our operating or other costs will increase and our expected funding of projects may not be possible, the risk that the foregoing or other factors negatively impact our liquidity, the risk that our organic and inorganic growth opportunities do not materialize due to our inability to reach commercial arrangements on terms that are acceptable to us or at all, the risk that organic and inorganic growth opportunities do not offer the Operating Margin that we expect due to higher costs of LNG, higher costs of infrastructure for inorganic growth, competitive pressures on our pricing, or other factors, and the risk that our investment and pilot projects in green hydrogen do not advance NFE’s transition to zero emissions on the timeline we expect or at all. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the
Exhibits – Financial Statements
|
Consolidated Statements of Operations
|
||||||
|
|
|
|
For the Three Months Ended |
|||
|
|
|
|
|
|
||
|
Revenues |
|
|
|
|
||
|
Operating revenue |
|
|
|
|
||
|
Vessel charter revenue |
|
|
64,561 |
78,656 |
||
|
Other revenue |
|
|
56,442 |
37,611 |
||
|
Total revenues |
|
|
223,839 |
304,656 |
||
|
|
|
|
|
|
||
|
Operating expenses |
|
|
|
|
||
|
Cost of sales |
|
|
101,430 |
135,432 |
||
|
Vessel operating expenses |
|
|
15,400 |
15,301 |
||
|
Operations and maintenance |
|
|
18,565 |
20,144 |
||
|
Selling, general and administrative |
|
|
44,536 |
46,802 |
||
|
Transaction and integration costs |
|
|
29,152 |
1,848 |
||
|
Depreciation and amortization |
|
|
26,997 |
31,194 |
||
|
Total operating expenses |
|
|
236,080 |
250,721 |
||
|
Operating (loss) income |
|
|
(12,241) |
53,935 |
||
|
Interest expense |
|
|
31,482 |
57,595 |
||
|
Other (income), net |
|
|
(7,457) |
(5,400) |
||
|
Net (loss) income before income from equity
|
|
|
(36,266) |
1,740 |
||
|
Income (loss) from equity method investments |
|
|
38,941 |
(15,983) |
||
|
Tax provision |
|
|
4,409 |
3,526 |
||
|
Net loss |
|
|
(1,734) |
(17,769) |
||
|
Net (income) loss attributable to non-controlling interest |
|
(4,310) |
7,963 |
|||
|
Net loss attributable to stockholders |
|
|
|
|
||
|
|
|
|
|
|
||
|
Net loss per share – basic and diluted |
|
|
|
|
||
|
|
|
|
|
|
||
|
Weighted average number of shares outstanding – basic and diluted |
202,331,304 |
207,497,013 |
||||
|
Segment Operating Margin
|
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|
Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net loss, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, interest expense, other (income) expense, loss on extinguishment of debt, net, income from equity method investments and tax expense. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements. |
||||
| Three Months Ended |
||||||||||||
| (in thousands of $) |
Infrastructure and Terminals (1) |
Ships (2) |
Total Segment |
Consolidation and Other (3) |
Consolidated |
|||||||
| Segment Operating Margin |
$ |
115,638 |
$ |
94,840 |
$ |
210,478 |
$ |
(76,699 |
) |
$ |
133,779 |
|
| Less: | ||||||||||||
| Selling, general and administrative |
|
46,802 |
|
|||||||||
| Transaction and integration costs |
|
1,848 |
|
|||||||||
| Depreciation and amortization |
|
31,194 |
|
|||||||||
| Interest expense |
|
57,595 |
|
|||||||||
| Other (income), net |
|
(5,400 |
) |
|||||||||
| Tax provision |
|
3,526 |
|
|||||||||
| Loss from equity method investments |
|
15,983 |
|
|||||||||
| Net loss |
|
(17,769 |
) |
|||||||||
| (1) Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The losses and earnings attributable to the investment of |
|||||
| (2) Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of |
|||||
| (3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derviative instruments. |
| Three Months Ended |
||||||||||||
| (in thousands of $) |
Infrastructure and Terminals |
Ships |
Total Segment |
Consolidation and Other (3) |
Consolidated |
|||||||
| Segment Operating Margin |
$ |
54,453 |
$ |
75,587 |
$ |
130,040 |
$ |
(41,596 |
) |
$ |
88,444 |
|
| Less: | ||||||||||||
| Selling, general and administrative |
|
44,536 |
|
|||||||||
| Transaction and integration costs |
|
29,152 |
|
|||||||||
| Depreciation and amortization |
|
26,997 |
|
|||||||||
| Interest expense |
|
31,482 |
|
|||||||||
| Other (income), net |
|
(7,457 |
) |
|||||||||
| Tax provision |
|
4,409 |
|
|||||||||
| (Income) from equity method investments |
|
(38,941 |
) |
|||||||||
| Net loss |
|
(1,734 |
) |
|||||||||
| (1) Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of |
|||||
| (2) Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of |
|||||
| (3) Consolidation and Other adjust for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure. |
|
|
|||||||||
|
Condensed Consolidated Balance Sheets
|
|||||||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
Assets |
|
|
|
|
|||||
|
Current assets |
|
|
|
||||||
|
Cash and cash equivalents |
$ |
224,383 |
|
|
$ |
601,522 |
|
||
|
Restricted cash |
|
72,338 |
|
|
|
12,814 |
|
||
|
Receivables, net of allowances of |
|
161,008 |
|
|
|
76,544 |
|
||
|
Inventory |
|
82,390 |
|
|
|
22,860 |
|
||
|
Prepaid expenses and other current assets, net |
|
75,602 |
|
|
|
48,270 |
|
||
|
Total current assets |
|
615,721 |
|
|
|
762,010 |
|
||
|
|
|
|
|
|
|
||||
|
Restricted cash |
|
37,879 |
|
|
|
15,000 |
|
||
|
Construction in progress |
|
973,880 |
|
|
|
234,037 |
|
||
|
Property, plant and equipment, net |
|
2,025,688 |
|
|
|
614,206 |
|
||
|
Equity method investments |
|
1,227,991 |
|
|
|
- |
|
||
|
Right-of-use assets |
|
145,941 |
|
|
|
141,347 |
|
||
|
Intangible assets, net |
|
166,964 |
|
|
|
46,102 |
|
||
|
Finance leases, net |
|
603,662 |
|
|
|
7,044 |
|
||
|
|
|
740,132 |
|
|
|
- |
|
||
|
Deferred tax assets, net |
|
6,087 |
|
|
|
2,315 |
|
||
|
Other non-current assets, net |
|
121,142 |
|
|
|
86,030 |
|
||
|
Total assets |
$ |
6,665,087 |
|
|
$ |
1,908,091 |
|
||
|
|
|
|
|
|
|
||||
|
Liabilities |
|
|
|
||||||
|
Current liabilities |
|
|
|
||||||
|
Current portion of long-term debt |
$ |
249,752 |
|
|
$ |
- |
|
||
|
Accounts payable |
|
210,259 |
|
|
|
21,331 |
|
||
|
Accrued liabilities |
|
159,304 |
|
|
|
90,352 |
|
||
|
Current lease liabilities |
|
32,009 |
|
|
|
35,481 |
|
||
|
Due to affiliates |
|
6,910 |
|
|
|
8,980 |
|
||
|
Other current liabilities |
|
109,662 |
|
|
|
35,006 |
|
||
|
Total current liabilities |
|
767,896 |
|
|
|
191,150 |
|
||
|
|
|
|
|
|
|
||||
|
Long-term debt |
|
3,597,659 |
|
|
|
1,239,561 |
|
||
|
Non-current lease liabilities |
|
93,321 |
|
|
|
84,323 |
|
||
|
Deferred tax liabilities, net |
|
284,176 |
|
|
|
2,330 |
|
||
|
Other long-term liabilities |
|
37,885 |
|
|
|
15,641 |
|
||
|
Total liabilities |
|
4,780,937 |
|
|
|
1,533,005 |
|
||
|
|
|
|
|
|
|
||||
|
Commitments and contingencies |
|
|
|
||||||
|
|
|
|
|
||||||
|
Stockholders’ equity |
|
|
|
||||||
|
Class A common stock, |
|
2,069 |
|
|
|
1,746 |
|
||
|
Additional paid-in capital |
|
1,912,643 |
|
|
|
594,534 |
|
||
|
Accumulated deficit |
|
(283,256 |
) |
|
|
(229,503 |
) |
||
|
Accumulated other comprehensive income |
|
24,625 |
|
|
|
182 |
|
||
|
Total stockholders' equity attributable to NFE |
|
1,656,081 |
|
|
|
366,959 |
|
||
|
Non-controlling interest |
|
228,069 |
|
|
|
8,127 |
|
||
|
Total stockholders' equity |
|
1,884,150 |
|
|
|
375,086 |
|
||
|
Total liabilities and stockholders' equity |
$ |
6,665,087 |
|
|
$ |
1,908,091 |
|
||
|
Condensed Consolidated Statements of Operations
|
||||||||||
|
|
Three months ended |
|
Nine months ended |
|||||||
|
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
Revenues |
|
|
|
|
|
|
|
|||
|
Operating revenue |
|
|
|
|
|
|
|
|||
|
Vessel charter revenue |
78,656 |
|
- |
|
143,217 |
|
- |
|||
|
Other revenue |
37,611 |
|
52,995 |
|
148,541 |
|
82,412 |
|||
|
Total revenues |
304,656 |
|
136,858 |
|
674,179 |
|
305,954 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|||
|
Cost of sales |
135,432 |
|
71,665 |
|
333,533 |
|
209,780 |
|||
|
Vessel operating expenses |
15,301 |
|
- |
|
30,701 |
|
- |
|||
|
Operations and maintenance |
20,144 |
|
13,802 |
|
54,960 |
|
31,785 |
|||
|
Selling, general and administrative |
46,802 |
|
26,821 |
|
124,954 |
|
87,273 |
|||
|
Transaction and integration costs |
1,848 |
|
4,028 |
|
42,564 |
|
4,028 |
|||
|
Contract termination charges and loss on mitigation sales |
- |
|
- |
|
- |
|
124,114 |
|||
|
Depreciation and amortization |
31,194 |
|
9,489 |
|
68,080 |
|
22,363 |
|||
|
Total operating expenses |
250,721 |
|
125,805 |
|
654,792 |
|
479,343 |
|||
|
Operating income (loss) |
53,935 |
|
11,053 |
|
19,387 |
|
(173,389) |
|||
|
Interest expense |
57,595 |
|
19,813 |
|
107,757 |
|
50,901 |
|||
|
Other (income) expense, net |
(5,400) |
|
2,569 |
|
(13,458) |
|
4,179 |
|||
|
Loss on extinguishment of debt, net |
- |
|
23,505 |
|
- |
|
33,062 |
|||
|
Net income (loss) before income from equity method investments and income taxes |
1,740 |
|
(34,834) |
|
(74,912) |
|
(261,531) |
|||
|
(Loss) income from equity method investments |
(15,983) |
|
- |
|
22,958 |
|
- |
|||
|
Tax provision |
3,526 |
|
1,836 |
|
7,058 |
|
1,949 |
|||
|
Net loss |
(17,769) |
|
(36,670) |
|
(59,012) |
|
(263,480) |
|||
|
Net loss attributable to non-controlling interest |
7,963 |
|
312 |
|
5,259 |
|
81,163 |
|||
|
Net loss attributable to stockholders |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share – basic and diluted |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding – basic and diluted |
207,497,013 |
|
170,074,532 |
|
195,626,564 |
|
85,009,385 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
||||||||
|
|
Nine Months Ended |
|||||||
|
2021 |
2020 |
|||||||
|
|
Cash flows from operating activities |
|
|
|
|
|
||
|
Net loss |
|
|
|
|||||
|
Adjustments for: |
|
|||||||
|
Amortization of deferred financing costs and debt guarantees, net |
|
9,503 |
9,949 |
|||||
|
Depreciation and amortization |
|
68,971 |
23,025 |
|||||
|
|
|
(Earnings) losses of equity method investees |
|
|
(22,958) |
|
- |
|
|
|
|
Dividends received from equity method investees |
|
|
14,259 |
|
- |
|
|
|
|
Sales-type lease payments received in excess of interest income |
|
|
1,458 |
|
- |
|
|
|
|
Change in market value of derivatives |
|
|
(4,955) |
|
- |
|
|
|
|
Contract termination charges and loss on mitigation sales |
|
|
- |
|
71,510 |
|
|
Loss on extinguishment and financing expenses |
|
- |
37,090 |
|||||
|
Deferred taxes |
|
(4,280) |
388 |
|||||
|
|
|
Change in value of Investment of equity securities |
|
|
(7,265) |
|
2,376 |
|
|
Share-based compensation |
|
4,945 |
6,501 |
|||||
|
Other |
|
72 |
1,895 |
|||||
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|||||||
|
(Increase) in receivables |
|
(75,633) |
(43,307) |
|||||
|
(Increase) Decrease in inventories |
|
(56,172) |
26,691 |
|||||
|
Decrease (Increase) in other assets |
|
25,500 |
(16,526) |
|||||
|
Decrease in right-of-use assets |
|
3,149 |
31,910 |
|||||
|
(Decrease) Increase in accounts payable/accrued liabilities |
|
(2,530) |
23,982 |
|||||
|
(Decrease) in amounts due to affiliates |
|
(2,070) |
(1,033) |
|||||
|
(Decrease) in lease liabilities |
|
(2,510) |
(30,930) |
|||||
|
(Decrease) Increase in other liabilities |
|
(30,159) |
4,249 |
|||||
|
Net cash (used in) operating activities |
|
(139,687) |
(115,710) |
|||||
|
|
||||||||
|
Cash flows from investing activities |
|
|||||||
|
Capital expenditures |
|
(430,549) |
(115,841) |
|||||
|
|
Cash paid for business combinations, net of cash acquired |
|
|
(1,586,042) |
|
- |
||
|
Entities acquired in asset acquisitions, net of cash acquired |
|
(8,817) |
- |
|||||
|
|
Other investing activities |
|
|
(5,750) |
|
137 |
||
|
Net cash (used in) investing activities |
|
(2,031,158) |
(115,704) |
|||||
|
|
||||||||
|
Cash flows from financing activities |
|
|||||||
|
Proceeds from borrowings of debt |
|
2,234,650 |
1,832,144 |
|||||
|
Payment of deferred financing costs |
|
(35,846) |
(27,099) |
|||||
|
Repayment of debt |
|
(229,887) |
(1,490,002) |
|||||
|
Payments related to tax withholdings for share-based compensation |
|
(29,717) |
(6,356) |
|||||
|
Payment of dividends |
|
(65,051) |
(16,871) |
|||||
|
Net cash provided by financing activities |
|
1,874,149 |
291,816 |
|||||
|
Impact of changes in foreign exchange rates on cash and cash equivalents |
1,960 |
- |
||||||
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(294,736) |
60,402 |
|||||
|
Cash, cash equivalents and restricted cash – beginning of period |
|
629,336 |
93,035 |
|||||
|
Cash, cash equivalents and restricted cash – end of period |
|
|
|
|||||
|
Supplemental disclosure of non-cash investing and financing activities: |
||||||||
|
Changes in accounts payable and accrued liabilities associated with |
||||||||
|
construction in progress and property, plant and equipment additions |
|
|
|
|||||
|
Liabilities associated with consideration paid for entities acquired in asset acquisitions |
|
|
9,959 |
|
- |
|||
|
Consideration paid in shares for business combinations |
|
|
1,400,784 |
|
- |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006424/en/
IR:
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