UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s Telephone Number, Including Area Code: (
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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“
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act ☐
| Item 2.02. |
Results of Operations and Financial Condition.
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On March 15, 2021, New Fortress Energy Inc. (“NFE” or the “Company”) issued a press release announcing the Company’s financial and operating results for its fiscal quarter and year ended December 31, 2020. A copy of
the Company’s press release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.
This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by
reference into such filing.
| Item 9.01. |
Financial Statements and Exhibits.
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Exhibits
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Exhibit
No.
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Description
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Press Release, dated March 15, 2021, issued by New Fortress Energy Inc.
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2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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NEW FORTRESS ENERGY INC.
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March 16, 2021
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By:
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/s/ Christopher S. Guinta
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Name:
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Christopher S. Guinta
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Title:
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Chief Financial Officer
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3
Exhibit 99.1
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111 W 19th Street, 8th Floor
New York, NY 10011
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New Fortress Energy Announces Fourth Quarter and Full Year 2020 Results; Final Investment Decision on “Fast
LNG” Solution; Dividend of $0.10 per Class A common share
NEW YORK -- New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the fourth quarter and full year ending December
31, 2020. NFE also announced today that its Board of Directors has declared a first quarter 2021 common stock dividend of $0.10 per Class A common share.
| ● |
Announced 3 separate transactions for $5.1bn enterprise value
|
| o |
Acquiring Hygo Energy Transition Ltd., which includes Brazil’s largest thermal power plant and 3 Operational(1) or In Development(2) terminals. These
terminals are expected to be Operational within 12 months.
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| o |
Acquiring Golar LNG Partners LP, which includes stable, contracted cash flows from 13 vessels. Once released from current contracts, these vessels will serve as NFE’s logistics
backbone for terminal operations.
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| o |
Developing Suape Terminal – NFE acquired 288 MW of PPAs and is developing a terminal at the port of Suape that has material growth prospects and access to the TAG pipeline market.
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| o |
Transactions would bring NFE’s total Operational or In Development terminals from five to nine.
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Our projects in Mexico and Nicaragua are expected to be Operational in Q2 2021
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| o |
We were awarded a supply contract by CFE to supply ~250k gallons per day (“GPD”) of LNG replacing their high cost diesel; first gas is expected in Q2 2021.
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We are finalizing a framework agreement for a terminal in Southeast Asia that is expected to begin operations in 2H 2021.
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Developing long-term fixed price LNG supply
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Acquiring 50% of the common units of Golar Hilli LLC, the disponent owner of the 2.4 MTPA floating liquefier, Hilli, through the GMLP acquisition.
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| o |
Announcing FID(3) on floating liquefaction solution (“Fast LNG”) that is expected to be Operational by end of 2022.
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| ● |
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Our Board of Directors approved a dividend of $0.10 per share, with a record date of March 26, 2021 and a payment date of March 31, 2021
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Fast LNG
NFE announced that it has made a final investment decision (“FID”) on an innovative “Fast LNG” 1.4 million tonnes per annum capacity modular liquefaction facility to
provide a low-cost supply of liquefied natural gas for its growing customer base. The “Fast LNG” design pairs the latest advancements in modular, midsize liquefaction technology with jack up rigs or similar floating infrastructure to enable a much
lower cost and faster deployment schedule than today’s floating liquefaction vessels. A permanently moored FSU will serve as an LNG storage facility alongside the floating liquefaction infrastructure, which can be deployed anywhere there is
abundant and stranded natural gas.
“Our innovative Fast LNG liquefiers should allow us to produce LNG between an expected $3-4 MMBtu for our growing portfolio of terminals around the world,” said NFE
CEO and Chairman Wes Edens. “This technology can be installed quickly and cheaply to access stranded, low-cost natural gas at a fixed price to meet the global demand for more affordable, reliable and cleaner energy. Alongside our terrific partners,
we look forward to deploying one of the world’s lowest-cost LNG production facilities by 2022.”
NFE has issued a limited notice to proceed to Fluor (NYSE:FLR), Chart Industries Inc. (NASDAQ:GTLS) and Baker Hughes Company (NYSE:BHGE) for the construction of the
first “Fast LNG” project, which is anticipated to become Operational in an estimated 20 months.
Financial Highlights
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For the three months ended,
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||||||||
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September 30,
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December 31,
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|||||||
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(in millions, except Average Volumes)
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2020
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2020
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||||||
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Revenues
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$
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136.9
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$
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145.7
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Net Loss
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$
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(36.7
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)
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$
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(0.5
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)
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Operating Margin*
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$
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51.4
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$
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60.9
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Average Volumes (k GPD)
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1,535
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1,410
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Record quarterly revenue of $145.7 million, increasing $8.8 million from Q3 2020
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Net loss was $0.5 million, as compared to the Q3 2020 net loss of $36.7 million
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Operating Margin*(6) was over $60 million, representing 42% of revenue in Q4 2020, improving from 38% of revenue in Q3 2020
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Average daily volumes sold in Q4 2020 were approximately 1.4 million GPD
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In December 2020, issued $250.0 million of 6.75% senior secured notes, at a premium for net proceeds of $259 million
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Issued 5,882,352 shares of Class A common stock and received proceeds of $290.8 million
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*Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this
press release.
Please refer to our Q4 2020 Investor Presentation for further information about the following terms:
1) “Operational” 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. 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.
2) “In Development” or similar statuses means that we have taken steps and invested money to develop a facility, including
procuring land rights and entitlements, negotiating or signing construction contracts, and undertaking active engineering, procurement and construction work. Our development projects are in various phases of progress, and there can be no
assurance that we will continue progress on each development as we expect or that each development will be completed or enter full commercial operations. There can be no assurance that we will be able to enter into the contracts required for the
development of these facilities on commercially favorable terms or at all. If we are unable to enter into favorable contracts or to obtain the necessary regulatory and land use approvals on favorable terms, we may not be able to construct and
operate these assets as expected, or at all. Additionally, the construction of facilities is inherently subject to the risks of cost overruns and delays, and these risks of delay are exacerbated by the COVID-19 pandemic. If we are unable to
construct, commission and operate all of our facilities as expected, or, when and if constructed, they do not accomplish our goals, or if we experience delays or cost overruns in construction, our business, operating results, cash flows and
liquidity could be materially and adversely affected.
3) “FID” means management has made an internal commitment to commit resources (including capital) to a particular project. Our
management has not made an 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.
4) “Committed” means our expected volumes to be sold to customers under binding contracts, awards under requests for proposals,
and the agreement being finalized in for our project in Southeast Asia as of the period specified in the press release. There can be no assurance that we will enter into binding agreements for the awards we have under requests for proposals or
our project in Southeast Asia on a particular timeline or at all. Some, but not all, of our contracts contain minimum volume commitments, and our expected volumes to be sold to customers reflected in our “Committed Volumes” are substantially in
excess of such minimum volume commitments. Our near-term ability to sell these volumes is dependent on our customers’ continued willingness and ability to continue purchasing these volumes and to perform their obligations under their respective
contracts. If any of our customers fails to continue to make such purchases or fails to perform its obligations under its contract, our operating results, cash flow and liquidity could be materially and adversely affected. References to Committed
Volumes in the future and percentages of these volumes in the future should not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and
does not purport to be an actual representation of our future economics.
5) “In Discussion” refers to potential customers (i) with whom we are in active negotiations, (ii) for whom there is a request
for proposals or competitive bid process, or (iii) for whom we anticipate a request for proposals or competitive bid process will soon be announced based on our discussions with the potential customer as of date of this press release. We cannot
assure you if or when we will enter into contracts for sales of additional volumes, the price at which we will be able to sell such volumes, or our costs to purchase, liquefy, deliver and sell such volumes. Some, but not all, of our contracts
contain minimum volume commitments, and our expected sales to customers reflected in any volumes referenced is substantially in excess of potential minimum volume commitments. References to these volumes and percentages of these volumes should
not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and does not purport to be an actual representation of our future economics.
6) “Operating Margin” means the sum of (i) Net income / (loss), (ii) Selling, general and administrative, (iii) Depreciation and
amortization, (iv) Interest expense, (v) Other (income) expense, net (vi) Loss on extinguishment of debt, net, and (vii) Tax expense (benefit), each as reported on our financial statements. Operating Margin is mathematically equivalent to Revenue
minus Cost of sales minus Operations and maintenance, each as reported in our financial statements.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of New
Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which will be 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 Tuesday, March 16, 2021 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within
the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Fourth Quarter 2020 Earnings Call.”
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 11:00 A.M. on Tuesday, March 16, 2021 through 11:00 A.M. on Tuesday, March 23, 2021 at (855) 859-2056
(from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 2548857.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds,
builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
Operating Margin is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to
income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP financial measure, as we have defined it, provides a
supplemental measure of financial performance of our current liquefaction, regasification and power generation operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction,
regasification and power generation operations, including our corporate SG&A, contract termination charges and loss on mitigation sales, loss on extinguishment of debt, net, and other expense.
As Operating Margin measures our financial performance based on operational factors that management can impact in the short-term and provides an assessment of
controllable expenses, items associated with our capital structure and beyond the control of management in the short-term, such as depreciation and amortization, taxation, and interest expense are excluded. As a result, this supplemental metric
affords management the ability to make decisions to facilitate meeting current financial goals as well as to achieve optimal financial performance of our current liquefaction, regasification and power generation operations.
The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial
statements. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/(loss). Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP
net income/(loss), and not to rely on any single financial measure to evaluate our business.
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; our expected volumes for Committed and In Discussion Volumes; the expectation that we will continue to take advantage of low LNG prices and develop our Fast LNG project for long-term LNG pricing; our expectations regarding our growth
opportunities and the full capacity of our existing infrastructure, the key markets we may enter, and our expectations regarding our Fast LNG project, green hydrogen investment and pilot projects. 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 SEC, which could cause its actual results to differ materially from those
contained in any forward-looking statement.
IR:
Joshua Kane
(516) 268-7455
jkane@newfortressenergy.com
Media:
Jake Suski
(516) 268-7403
press@newfortressenergy.com
Exhibits – Financial Statements
New Fortress Energy Inc.
Consolidated Statements of Operations and Comprehensive Loss
For the three months ended September 30, 2020 and December 31, 2020
(in thousands of U.S. dollars, except share and per share amounts)
|
For the Three Months Ended
|
||||||||
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September 30,
2020
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December 31,
2020
|
|||||||
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Revenues
|
||||||||
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Operating revenue
|
$
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83,863
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$
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94,769
|
||||
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Other revenue
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52,995
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50,927
|
||||||
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Total revenues
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136,858
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145,696
|
||||||
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Operating expenses
|
||||||||
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Cost of sales
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71,665
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68,987
|
||||||
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Operations and maintenance
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13,802
|
15,796
|
||||||
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Selling, general and administrative
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30,849
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32,869
|
||||||
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Depreciation and amortization
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9,489
|
10,013
|
||||||
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Total operating expenses
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125,805
|
127,665
|
||||||
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Operating income
|
11,053
|
18,031
|
||||||
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Interest expense
|
19,813
|
14,822
|
||||||
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Other expense, net
|
2,569
|
826
|
||||||
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Loss on extinguishment of debt, net
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23,505
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-
|
||||||
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Loss before taxes
|
(34,834
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)
|
2,383
|
|||||
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Tax expense
|
1,836
|
2,868
|
||||||
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Net loss
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(36,670
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)
|
(485
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)
|
||||
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Net loss attributable to non-controlling interest
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312
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655
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||||||
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Net (loss) income attributable to stockholders
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$
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(36,358
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)
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$
|
170
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|||
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Net (loss) income per share – basic and diluted
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$
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(0.21
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)
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$
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0.00
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|||
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Weighted average number of shares outstanding – basic and diluted
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170,074,532
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170,855,679
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||||||
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Other comprehensive loss:
|
||||||||
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Net loss
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$
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(36,670
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)
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$
|
(485
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)
|
||
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Unrealized (gain) on currency translation adjustment
|
(971
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)
|
(883
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)
|
||||
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Comprehensive (loss) income
|
(35,699
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)
|
398
|
|||||
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Comprehensive (income) attributable to non-controlling interest
|
(926
|
)
|
(131
|
)
|
||||
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Comprehensive (loss) income attributable to stockholders
|
$
|
(36,625
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)
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$
|
267
|
|||
Non-GAAP Operating Margin
(Unaudited, in thousands of U.S. dollars)
(Unaudited, in thousands of U.S. dollars)
We define non-GAAP operating margin as GAAP net loss, adjusted for selling, general and administrative expense, loss on mitigation sales,
depreciation and amortization, interest expense, other expense (income), loss on extinguishment of debt, net and tax expense (benefit).
|
For the three months ended,
|
||||||||
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September 30, 2020
|
December 31, 2020
|
|||||||
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Net loss
|
$
|
(36,670
|
)
|
$
|
(485
|
)
|
||
|
Add:
|
||||||||
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Selling, general and administrative
|
30,849
|
32,869
|
||||||
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Depreciation and amortization
|
9,489
|
10,013
|
||||||
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Interest expense
|
19,813
|
14,822
|
||||||
|
Other expense, net
|
2,569
|
826
|
||||||
|
Loss on extinguishment of debt, net
|
23,505
|
-
|
||||||
|
Tax expense
|
1,836
|
2,868
|
||||||
|
Non-GAAP operating margin
|
$
|
51,391
|
$
|
60,913
|
||||
New Fortress Energy Inc.
Consolidated Balance Sheets
As of December 31, 2020 and December 31, 2019
(in thousands of U.S. dollars, except share and per share amounts)
|
December 31,
2020
|
December 31,
2019
|
|||||||
|
Assets
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
$
|
601,522
|
$
|
27,098
|
||||
|
Restricted cash
|
12,814
|
30,966
|
||||||
|
Receivables, net of allowances of $98 and $0, respectively
|
76,544
|
49,890
|
||||||
|
Inventory
|
22,860
|
63,432
|
||||||
|
Prepaid expenses and other current assets, net
|
48,270
|
39,734
|
||||||
|
Total current assets
|
762,010
|
211,120
|
||||||
|
|
||||||||
|
Restricted cash
|
15,000
|
34,971
|
||||||
|
Construction in progress
|
234,037
|
466,587
|
||||||
|
Property, plant and equipment, net
|
614,206
|
192,222
|
||||||
|
Right-of-use assets
|
141,347
|
-
|
||||||
|
Intangible assets, net
|
46,102
|
43,540
|
||||||
|
Finance leases, net
|
7,044
|
91,174
|
||||||
|
Deferred tax assets, net
|
2,315
|
34
|
||||||
|
Other non-current assets, net
|
86,030
|
84,166
|
||||||
|
Total assets
|
$
|
1,908,091
|
$
|
1,123,814
|
||||
|
Liabilities
|
||||||||
|
Current liabilities
|
||||||||
|
Accounts payable
|
$
|
21,331
|
$
|
11,593
|
||||
|
Accrued liabilities
|
90,352
|
54,943
|
||||||
|
Current lease liabilities
|
35,481
|
-
|
||||||
|
Due to affiliates
|
8,980
|
10,252
|
||||||
|
Other current liabilities
|
35,006
|
25,475
|
||||||
|
Total current liabilities
|
191,150
|
102,263
|
||||||
|
|
||||||||
|
Long-term debt
|
1,239,561
|
619,057
|
||||||
|
Non-current lease liabilities
|
84,323
|
-
|
||||||
|
Deferred tax liabilities, net
|
2,330
|
241
|
||||||
|
Other long-term liabilities
|
15,641
|
14,929
|
||||||
|
Total liabilities
|
1,533,005
|
736,490
|
||||||
|
Commitments and contingencies
|
||||||||
|
Stockholders’ equity
|
||||||||
|
Class A common stock, $0.01 par value, 750.0 million shares authorized, 174.6 million
issued and outstanding as of December 31, 2020
|
1,746
|
-
|
||||||
|
Class A shares, 0 shares issued and outstanding as of December 31, 2020; 23.6 million shares,
issued and outstanding as of December 31, 2019
|
-
|
130,658
|
||||||
|
Class B shares, 0 shares issued and outstanding as of December 31, 2020; 144.3 million
shares, issued and outstanding as of December 31, 2019
|
-
|
-
|
||||||
|
Additional paid-in capital
|
594,534
|
-
|
||||||
|
Accumulated deficit
|
(229,503
|
)
|
(45,823
|
)
|
||||
|
Accumulated other comprehensive income (loss)
|
182
|
(30
|
)
|
|||||
|
Total stockholders' equity attributable to NFE
|
366,959
|
84,805
|
||||||
|
Non-controlling interest
|
8,127
|
302,519
|
||||||
|
Total stockholders' equity
|
375,086
|
387,324
|
||||||
|
Total liabilities and stockholders' equity
|
$
|
1,908,091
|
$
|
1,123,814
|
||||
New Fortress Energy Inc.
Consolidated Statements of Operations and Comprehensive Loss
For the years ended December 31, 2020, 2019 and 2018
(in thousands of U.S. dollars, except share and per share amounts)
|
Year Ended December 31,
|
||||||||||||
|
2020
|
2019
|
2018
|
||||||||||
|
Revenues
|
||||||||||||
|
Operating revenue
|
$
|
318,311
|
$
|
145,500
|
$
|
96,906
|
||||||
|
Other revenue
|
133,339
|
43,625
|
15,395
|
|||||||||
|
Total revenues
|
451,650
|
189,125
|
112,301
|
|||||||||
|
Operating expenses
|
||||||||||||
|
Cost of sales
|
278,767
|
183,359
|
95,742
|
|||||||||
|
Operations and maintenance
|
47,581
|
26,899
|
9,589
|
|||||||||
|
Selling, general and administrative
|
124,170
|
152,922
|
62,137
|
|||||||||
|
Contract termination charges and loss on mitigation sales
|
124,114
|
5,280
|
-
|
|||||||||
|
Depreciation and amortization
|
32,376
|
7,940
|
3,321
|
|||||||||
|
Total operating expenses
|
607,008
|
376,400
|
170,789
|
|||||||||
|
Operating loss
|
(155,358
|
)
|
(187,275
|
)
|
(58,488
|
)
|
||||||
|
Interest expense
|
65,723
|
19,412
|
11,248
|
|||||||||
|
Other expense (income), net
|
5,005
|
(2,807
|
)
|
(784
|
)
|
|||||||
|
Loss on extinguishment of debt, net
|
33,062
|
-
|
9,568
|
|||||||||
|
Loss before taxes
|
(259,148
|
)
|
(203,880
|
)
|
(78,520
|
)
|
||||||
|
Tax expense (benefit)
|
4,817
|
439
|
(338
|
)
|
||||||||
|
Net loss
|
(263,965
|
)
|
(204,319
|
)
|
(78,182
|
)
|
||||||
|
Net loss attributable to non-controlling interest
|
81,818
|
170,510
|
106
|
|||||||||
|
Net loss attributable to stockholders
|
$
|
(182,147
|
)
|
$
|
(33,809
|
)
|
$
|
(78,076
|
)
|
|||
|
Net loss per share – basic and diluted
|
$
|
(1.71
|
)
|
$
|
(1.62
|
)
|
||||||
|
Weighted average number of shares outstanding – basic and diluted
|
106,654,918
|
20,862,555
|
||||||||||
|
Other comprehensive loss:
|
||||||||||||
|
Net loss
|
$
|
(263,965
|
)
|
$
|
(204,319
|
)
|
$
|
(78,182
|
)
|
|||
|
Unrealized (gain) loss on currency translation adjustment
|
(2,005
|
)
|
219
|
-
|
||||||||
|
Unrealized loss on available-for-sale investment
|
-
|
-
|
2,677
|
|||||||||
|
Comprehensive loss
|
(261,960
|
)
|
(204,538
|
)
|
(80,859
|
)
|
||||||
|
Comprehensive loss attributable to non-controlling interest
|
80,025
|
170,699
|
106
|
|||||||||
|
Comprehensive loss attributable to stockholders
|
$
|
(181,935
|
)
|
$
|
(33,839
|
)
|
$
|
(80,753
|
)
|
|||
New Fortress Energy Inc.
Consolidated Statements of Cash Flows
For the years ended December 31, 2020, 2019 and 2018
(in thousands of U.S. dollars)
|
Year Ended December 31,
|
||||||||||||
|
2020
|
2019
|
2018
|
||||||||||
|
Cash flows from operating activities
|
||||||||||||
|
Net loss
|
$
|
(263,965
|
)
|
$
|
(204,319
|
)
|
$
|
(78,182
|
)
|
|||
|
Adjustments for:
|
||||||||||||
|
Amortization of deferred financing costs
|
10,519
|
5,873
|
4,023
|
|||||||||
|
Depreciation and amortization
|
33,303
|
8,641
|
4,034
|
|||||||||
|
Non-cash contract termination charges and loss on mitigation sales
|
19,114
|
2,622
|
-
|
|||||||||
|
Loss on extinguishment of debt and financing expenses
|
37,090
|
-
|
3,188
|
|||||||||
|
Deferred taxes
|
2,754
|
392
|
(345
|
)
|
||||||||
|
Share-based compensation
|
8,743
|
41,205
|
-
|
|||||||||
|
Other
|
4,341
|
1,247
|
439
|
|||||||||
|
Changes in operating assets and liabilities:
|
||||||||||||
|
(Increase) in receivables
|
(26,795
|
)
|
(19,754
|
)
|
(9,516
|
)
|
||||||
|
Decrease (Increase) in inventories
|
23,230
|
(50,345
|
)
|
(4,807
|
)
|
|||||||
|
(Increase) in other assets
|
(35,927
|
)
|
(39,344
|
)
|
(28,338
|
)
|
||||||
|
Decrease in right-of-use assets
|
41,452
|
-
|
-
|
|||||||||
|
Increase in accounts payable/accrued liabilities
|
55,514
|
3,036
|
12,232
|
|||||||||
|
(Decrease) Increase in amounts due to affiliates
|
(1,272
|
)
|
5,771
|
2,390
|
||||||||
|
(Decrease) in lease liabilities
|
(42,094
|
)
|
-
|
-
|
||||||||
|
Increase in other liabilities
|
8,427
|
10,714
|
1,655
|
|||||||||
|
Net cash used in operating activities
|
(125,566
|
)
|
(234,261
|
)
|
(93,227
|
)
|
||||||
|
Cash flows from investing activities
|
||||||||||||
|
Capital expenditures
|
(156,995
|
)
|
(377,051
|
)
|
(181,151
|
)
|
||||||
|
Acquisition of consolidated subsidiary
|
-
|
-
|
(4,028
|
)
|
||||||||
|
Other investing activities
|
(636
|
)
|
887
|
724
|
||||||||
|
Net cash used in investing activities
|
(157,631
|
)
|
(376,164
|
)
|
(184,455
|
)
|
||||||
|
Cash flows from financing activities
|
||||||||||||
|
Proceeds from borrowings of debt
|
2,095,269
|
347,856
|
280,600
|
|||||||||
|
Payment of deferred financing costs
|
(36,499
|
)
|
(8,259
|
)
|
(14,026
|
)
|
||||||
|
Repayment of debt
|
(1,490,002
|
)
|
(5,000
|
)
|
(76,520
|
)
|
||||||
|
Proceeds from IPO
|
-
|
274,948
|
-
|
|||||||||
|
Proceeds from issuance of Class A common stock
|
291,992
|
-
|
-
|
|||||||||
|
Payments related to tax withholdings for share-based compensation
|
(6,413
|
)
|
-
|
-
|
||||||||
|
Payment of dividends
|
(33,742
|
)
|
-
|
-
|
||||||||
|
Capital contributed from Members
|
-
|
-
|
20,150
|
|||||||||
|
Collection of subscription receivable
|
-
|
-
|
50,000
|
|||||||||
|
Payment of stock issuance costs
|
(1,107
|
)
|
(6,938
|
)
|
-
|
|||||||
|
Net cash provided by financing activities
|
819,498
|
602,607
|
260,204
|
|||||||||
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
536,301
|
(7,818
|
)
|
(17,478
|
)
|
|||||||
|
Cash, cash equivalents and restricted cash – beginning of period
|
93,035
|
100,853
|
118,331
|
|||||||||
|
Cash, cash equivalents and restricted cash – end of period
|
$
|
629,336
|
$
|
93,035
|
$
|
100,853
|
||||||
|
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
|
$
|
(12,786
|
)
|
$
|
(48,150
|
)
|
$
|
74,280
|
||||
|
Cash paid for interest, net of capitalized interest
|
27,255
|
6,765
|
7,515
|
|||||||||
|
Cash paid for taxes
|
58
|
28
|
-
|
|||||||||