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The 2020 commitment for LNG inventory purchases excludes the $7,097 prepaid balance as of December 31, 2019. The amounts disclosed above represent the commitment to purchase 25 firm cargoes representing approximately 875.5 million gallons of LNG (72.4 million MMBtu).</div><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">As of December 31, 2019, the Company was a party to contractual purchase commitments for feedgas with remaining terms of up to 5 years. These commitments are designed to assure sources of supply and are not expected to be in excess of normal requirements. 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text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">Equity in net loss of subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">(78,076</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000; font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; 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font-weight: bold;">New Fortress Energy LLC</div><div style="text-align: center; font-weight: bold;">(Parent Company Only)<br /><br /></div><div style="color: #000000; font-weight: bold;">Notes to Condensed Financial Statements</div><div style="color: #000000; font-weight: bold;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">1.</td><td style="width: auto; vertical-align: top;"><div style="color: #000000; font-weight: bold;">Organization and presentation</div></td></tr></table><div><br /></div><div style="text-indent: 18pt; color: #000000;">New Fortress Energy LLC (&#8220;NFE&#8221;) was formed as a Delaware limited liability company by New Fortress Energy Holdings on August 6, 2018. On February 4, 2019, NFE completed an initial public offering (&#8220;IPO&#8221;) in which NFE issued and sold 20,000,000 Class A shares at an IPO price of $14.00 per share. In addition, on March 1, 2019, the underwriters exercised their option to purchase an additional 837,272 Class A shares. NFE raised net proceeds of $274.9 million, after deducting underwriting discounts and commissions. These proceeds were contributed in exchange for limited liability company units (&#8220;NFI LLC Units&#8221;) in New Fortress Intermediate LLC (&#8220;NFI&#8221;), an entity formed in conjunction with the IPO, at a price per unit equal to the IPO price. In addition, New Fortress Energy Holdings contributed all of its interests in consolidated subsidiaries that comprised substantially all of its historic operations, as well its limited assets and liabilities, to NFI in exchange for NFI LLC Units. New Fortress Energy Holdings has been determined to be NFE&#8217;s predecessor for accounting purposes.</div><div style="text-indent: 18pt; color: #000000;"><br /></div><div style="text-indent: 18pt; color: #000000;">NFE&#8217;s consolidated subsidiaries have outstanding borrowings under a term loan agreement and under secured and unsecured bonds, and there are restrictions in the credit agreements governing these borrowings, described in Note 17 of the Notes to the consolidated financial statements, on NFE&#8217;s ability to obtain funds from any of its subsidiaries through dividends, loans, or advances.&#160; As of December 31, 2019, substantially all of the net assets of NFE&#8217;s consolidated subsidiaries were restricted. Accordingly, this condensed financial information is presented on a &#8220;Parent-only&#8221; basis. Under a Parent-only presentation, NFE&#8217;s investments in its consolidated subsidiaries are presented under the equity method of accounting.</div><div style="text-indent: 18pt; color: #000000;"><br /></div><div style="text-indent: 18pt; color: #000000;">The condensed financial statements of NFE reflect the results of operations of NFE commencing on the date of IPO. For the periods prior to the IPO, the condensed financial statements of New Fortress Energy Holdings are presented. NFE is a holding company that does not conduct any business operations of its own, and therefore its assets primarily consist of investment in subsidiaries.</div><div style="text-indent: 18pt; color: #000000;"><br /></div><div style="text-indent: 18pt; color: #000000;">The condensed financial information of NFE should be read in conjunction with the consolidated financial statement of NFE and the accompanying notes thereto.</div><div style="text-indent: 18pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right;">2.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;">Debt</div></td></tr></table><div><br /></div><div style="text-align: justify; text-indent: 18pt; margin-right: 4.5pt; color: #000000;">As of December 31, 2019 and 2018, NFE had no debt on its balance sheet. However, certain of its subsidiaries are subject to debt agreements. These agreements require the subsidiaries to comply with certain financial covenants and other restricted covenants customary for facilities of this type, including restrictions on indebtedness, lines, acquisitions, investments, restricted payments, and dispositions. 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margin-right: 4.5pt; color: #000000;">(u)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Net loss per share</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">Basic net loss per share (&#8220;EPS&#8221;) is computed by dividing net loss attributable to Class A shares by the weighted average number of Class A shares outstanding during the period following the reorganization. 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vertical-align: top;"><div style="color: #000000;">Market approach &#8211; uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">&#8226;</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Income approach &#8211; uses valuation techniques, such as the discounted cash flow technique, to convert future amounts to a single present amount based on current market expectations about those future amounts.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; 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text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">495,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">272,192</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 56%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Senior Secured Bonds, due September 2034</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">619,057</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr></table><div><br /></div><div style="color: rgb(0, 0, 0); font-style: italic;">Term Loan Facility</div><div style="color: rgb(0, 0, 0); font-style: italic;"><br /></div><div style="color: rgb(0, 0, 0);">On August 16, 2018, the Company entered into a credit agreement with a syndicate of two lenders to borrow up to an aggregate principal amount of $240,000, and proceeds received from this credit agreement were utilized to repay prior debt facilities. On December 31, 2018, the Company amended this credit agreement to increase the available borrowing principal amount to $500,000 (as amended, the &#8220;Term Loan Facility&#8221;), and as of December 31, 2018, the Company had an outstanding principal balance of $280,000 under the Term Loan Facility. On March 21, 2019, the Company drew an additional $220,000, bringing the Company&#8217;s total outstanding borrowings to $500,000 under the Term Loan Facility.</div><div style="color: rgb(0, 0, 0);"><br /></div><div style="margin-right: 4.5pt;"><font style="color: #000000;">All borrowings under the Term Loan Facility bore interest at a rate selected by the Company of either (i) LIBOR divided by one minus the applicable reserve requirement plus a spread of 4% or (ii) subject to a floor of 1%, a Base Rate equal to the higher of (a) the Prime Rate, (b) the Federal Funds Rate plus 1/2 of 1% or (c) the 1-month LIBOR rate plus 1.00% plus a spread of 3.0%. 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The Term Loan Facility also provided for customary events of default, prepayment, and cure provisions.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">In connection with obtaining the Term Loan Facility and the extinguishment of the Company&#8217;s prior debt facilities, the Company paid $22,422 in origination and other fees. A portion of refinanced borrowings and associated fees were accounted for as a debt modification, while the remaining refinanced borrowings and associated were accounted for as a debt extinguishment. As such, the Company also recognized a Loss on extinguishment of debt of $9,568 in the consolidated statements of operations and comprehensive loss, including the write-off $2,820 of unamortized deferred financing costs and $6,380 of financing fees incurred in connection with the amendment of the Term Loan Facility; the remaining loss on extinguishment was due to unamortized deferred financing costs and other fees incurred in conjunction with the repayment of prior debt facilities. Of the fees incurred, the Company recognized $9,746 as a reduction of the principal balance on the consolidated balance sheets. As of December 31, 2018, the remaining unamortized deferred financing costs were $7,808. In 2019, the Company paid $4,400 of additional fees in connection with the $220,000 draw on the Term Loan Facility. These fees were capitalized as a reduction to the Term Loan Facility on the consolidated balance sheets, and all deferred financing costs associated with the Term Loan Facility were amortized over the term of the Term Loan Facility, through December 31, 2019. As such, there were no unamortized deferred financing costs as of December 31, 2019.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt;">The Term Loan Facility had a maturity date of<font style="color: #000000;"> December 31, 2019, with an</font><font style="background-color: #FFFFFF; color: #000000;"> option to extend the maturity date for two additional six-month periods. Upon the exercise of each extension option, the Company would pay a fee equal to 1.0% of the outstanding principal balance at the time of the exercise and the spread on LIBOR and Base Rate would increase by 0.5%. O</font><font style="color: #000000;">n December 30, 2019, the Company entered into an amendment with the lenders to extend the maturity to January 21, 2020; no fees were due to lenders from the execution of this amendment. Prior to this new maturity date, the Company repaid the full amount outstanding using proceeds from the Credit Agreement (as defined in Note 27 below) to extinguish the Term Loan Facility. The Credit Agreement matures in January 2023, and as the borrowings under the Credit Agreement are long term in nature, the outstanding principal balance of the Term Loan Facility as of December 31, 2019 has been presented as a non-current liability.</font></div><div style="margin-right: 4.5pt;"><font style="color: #000000;"><br /></font></div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;">South Power Bonds</div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">On September 2, 2019, NFE South Power Holdings Limited (&#8220;South Power&#8221;), a consolidated subsidiary of the Company, entered into a facility for the issuance of secured and unsecured bonds (the &#8220;Senior Secured Bonds&#8221; and &#8220;Senior Unsecured Bonds&#8221;, respectively) and subsequently issued $73,317 and $43,683 in Senior Secured Bonds and Senior Unsecured Bonds, respectively.&#160; The Senior Secured Bonds are secured by the dual-fired combined heat and power facility in Clarendon, Jamaica (the &#8220;CHP Plant&#8221;) and related receivables and assets, and the proceeds will be used to fund the completion of the CHP Plant and to reimburse shareholder advances. 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font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;"><!--Anchor-->1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;">Organization</div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">New Fortress Energy LLC (&#8220;NFE,&#8221; together with its subsidiaries, the &#8220;Company&#8221;) is a Delaware limited liability company formed by New Fortress Energy Holdings LLC (&#8216;New Fortress Energy Holdings&#8221;) on August 6, 2018. The Company is engaged in providing energy and logistical services to end-users worldwide seeking to convert their operating assets from automotive diesel oil ("ADO") or heavy fuel oil to LNG or natural gas. The Company currently sources LNG from a combination of purchases under long-term supply contracts and the Company&#8217;s liquefaction facility in Miami, Florida. The Company has liquefaction and regasification operations in the United States and Jamaica and is developing assets in Mexico, Ireland, Nicaragua, and Angola.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">The Company manages, analyzes and reports on its business and results of operations on the basis of one operating segment. The chief operating decision maker makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis.</div></div> -234261000 -93227000 -54892000 158000 -40000 106000 -376164000 -184455000 -29858000 -123371000 -146941000 -275054000 13960000 602607000 260204000 274948000 19980000 70150000 -33809000 -31671000 -78076000 -13609000 -34729000 -18825000 -7343000 -13557000 -6723000 -10913000 -6186000 -78076000 -33809000 -31671000 93150000 92256000 -106000 -170510000 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">3.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;">Adoption of new and revised standards</div></td></tr></table><div><br /></div><div style="color: #000000;">As an &#8220;emerging growth company,&#8221; the Jumpstart Our Business Startups Act (&#8220;JOBS Act&#8221;) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.</div><div style="color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: left;"><font style="color: #000000;">(a)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: left;"><font style="color: #000000;">New standards, amendments, and interpretations issued but not effective for the financial year beginning January 1, 2019:</font></div></td></tr></table><div>&#160;</div><div style="margin: 0px 0px 12pt; color: #000000;"><font style="background-color: #FFFFFF;">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2016-02, </font><font style="background-color: #FFFFFF; font-style: italic;">Leases</font><font style="background-color: #FFFFFF;"> (&#8220;ASC 842&#8221;). ASC 842 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheet and making targeted changes to lessor accounting. Entities are also required to provide enhanced disclosure about leasing </font><font style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF;">arrangements. </font></font><br /></div><font style="background-color: #FFFFFF;"></font><div style="color: #000000;"><font style="background-color: #FFFFFF;"> The Company will adopt the standard effective January 1, 2020 utilizing the modified retrospective transition method to apply the new guidance, which allows the Company to recognize and measure leases upon adoption without modifying the comparative period financial statements.</font></div><div style="color: #000000;"><font style="background-color: #FFFFFF;">&#160; <br /></font></div><div style="color: #000000;"><font style="background-color: #FFFFFF;">The Company has determined its plan for election of the practical expedients as permitted under the transition guidance within ASC 842. The Company has decided that it will not elect the package of practical expedients and therefore, as part of transition, the Company will reassess the previous conclusions made under ASC 840 related to the identification of leases, classification of leases, and initial direct costs based on the standards of ASC 842. In connection with the reassessment of previous conclusions, the Company determined that the direct financing lease recognized related to the Montego Bay Terminal would no longer be a lease under ASC 842. The Company expects to recognize a transition adjustment that will remove the unamortized net investment for the direct financing lease and recognize the underlying assets as Property, plant and equipment, net of depreciation that would have been recognized since the commissioning of the Montego Bay Terminal. Upon transition to ASC 842, the Company will recognize payments previously allocated to the leasing component of the gas sales agreement with this customer within Operating revenues in the consolidated statements of operations and comprehensive loss. Under ASC 840, amounts allocated to the leasing component have been recognized on an effective interest method over the lease term with only the portion representing interest income recognized as Other revenues.</font></div><div style="color: #000000;"><font style="background-color: #FFFFFF;">&#160; <br /></font></div><div><font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">The Company will elect the practical expedients that will exempt leases with an initial term of 12 months or less from being recognized on the balance sheet</font> and will carry forward the current accounting treatment for existing land easements. <font style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">L</font>ease and non-lease components will be combined as a single lease component for most asset classes, with the exception of the Company&#8217;s vessel time charters. The Company has not elected the hindsight practical expedient and therefore will not use hindsight to reassess conclusion on lease terms and impairment.</div><div><font style="background-color: #FFFFFF; color: #000000;">&#160; </font><br /></div><div style="color: rgb(0, 0, 0);">The Company has finalized its evaluation of the existing operating leases and the adoption of ASC 842 will have a material impact on the Company's consolidated balance sheets due to the recognition of significant right-of-use assets and lease liabilities.&#160; The right-of-use assets and lease liabilities will be determined based on the present value of the future fixed lease payments, which are materially consistent with the future minimum rental commitments for operating leases, as detailed in Note 23.&#160; Additionally, upon adoption port access rights and initial lease costs, as detailed within Note 15, will be reclassified to the right-of-use assets.&#160; We are finalizing our incremental borrowing rate methodology that will be used in valuing the right of use assets and operating lease liabilities.</div><div>&#160;</div><div><font style="background-color: #FFFFFF; color: #000000;"></font></div><div style="color: #000000;">In June 2016, the FASB issued ASU 2016-13, <font style="font-style: italic;">Financial Instruments &#8211; Credit Losses (Topic 326): Disclosure Framework &#8211; Measurement of Credit Losses on Financial Instruments</font> (&#8220;ASU 2016-13&#8221;), which requires financial assets measured at amortized cost basis, including trade receivables, to be presented net of the amount expected to be collected. The measurement of all expected credit losses will be based on historical experience, current conditions, and reasonable and supportable forecasts. In October 2019, the FASB voted to approve a proposal to defer the effective date of ASC 2016-13 for certain entities, including emerging growth companies that take advantage of the extended transition period, to fiscal years beginning after December 15, 2022. This proposal would be applicable to the Company. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements and timing of adoption.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In August 2018, the FASB issued ASU 2018-13, <font style="font-style: italic;">Fair Value Measurement (Topic 820): Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement</font> (&#8220;ASU 2018-13&#8221;), which provides additional guidance to improve the effectiveness of disclosure requirements on fair value measurement. The Company will adopt ASU 2018-13 for the year beginning January 1, 2020. As this guidance is only related to qualitative financial disclosures, it will not have a material impact on the Company&#8217;s consolidated financial statements.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In August 2018, the FASB issued ASU 2018-15, <font style="font-style: italic;">Intangibles &#8211; Goodwill and Other &#8211; Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract</font>, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. A customer&#8217;s accounting for the costs of the hosting component of the arrangement is not affected by the new guidance. This ASU is effective for the Company on January 1, 2021, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements and the timing of adoption.</div><div style="color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: left;"><font style="color: #000000;">(b)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: left;"><font style="color: #000000;">New and amended standards adopted by the Company:</font></div></td></tr></table><div><br /></div><div style="color: #000000;">In May 2014, the FASB issued ASU 2014-09, <font style="font-style: italic;">Revenue from Contracts with Customers</font> (Topic 606) (&#8220;ASC 606&#8221;) which provides a single comprehensive model for recognizing revenue from contracts with customers and supersedes existing revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The Company adopted ASC 606 on January 1, 2019 using the modified retrospective method, which required the Company to apply the new revenue standard to (i) all new revenue contracts entered into after January 1, 2019 and (ii) all existing revenue contracts as of January 1, 2019 through a cumulative adjustment to the Company&#8217;s retained earnings balance. The adoption of ASC 606 did not have any impact on the Company&#8217;s historical retained earnings.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In January 2016, the FASB issued ASU 2016-01, <font style="font-style: italic;">Financial Instruments &#8211; Overall</font> (Subtopic 825-10): <font style="font-style: italic;">Recognition and Measurement of Financial Assets and Financial Liabilities</font> (&#8220;ASU 2016-01&#8221;), which makes targeted improvements to the accounting for, and presentation and disclosure of, financial instruments. ASU 2016-01 requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. ASU 2016-01 does not affect the accounting for investments that would otherwise be consolidated or accounted for under the equity method. The new standard also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The Company has adopted this guidance for the year beginning January 1, 2019 by recognizing an immaterial adjustment to beginning retained earnings for the net unrealized loss on an equity investment with a readily determinable fair value.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In August 2016, the FASB issued ASU 2016-15, <font style="font-style: italic;">Statement of Cash Flows</font> (Topic 230): <font style="font-style: italic;">Classification of Certain Cash Receipts and Cash Payments</font>, which provides guidance on eight specific cash flow issues with an intention to reduce the existing diversity in practice. The Company has adopted this guidance for the year beginning January 1, 2019, and its adoption did not have a material impact on the Company&#8217;s consolidated financial statements.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In November 2016, the FASB issued ASU 2016-18, <font style="font-style: italic;">Statement of Cash Flows</font> (Topic 230): <font style="font-style: italic;">Restricted Cash</font>, which requires that statements of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash and restricted cash equivalents. This change is intended to limit the diversity in practice in the treatment of restricted cash in the statement of cash flows. The adoption of this standard resulted in the Company no longer showing the changes in restricted cash balances as a component of cash flows from investing or financing activities but instead including the balances of both current and long-term restricted cash with cash and cash equivalents in total cash, cash equivalents and restricted cash for the beginning and end of the periods presented. The Company has adopted this guidance for the year beginning January 1, 2019.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In February 2018, the FASB issued ASU 2018-02, <font style="font-style: italic;">Income Statement: Reporting Comprehensive Income</font> (Topic 220) which allows a reclassification from accumulated other comprehensive income (loss) to retained earnings for tax effects resulting from the comprehensive tax legislation enacted by the U.S. government commonly referred to as the Tax Cuts and Jobs Act. 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padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">March 31,<br /> 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">June 30,<br /> 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, </div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">December 31, </div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="color: #000000;">Revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">49,656</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">69,752</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(51,233</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(54,424</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">December 31, </div><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: middle; padding-left: 18pt;"><div style="text-align: center; color: #000000;">&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">31,369</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Operating loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(9,465</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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In the ordinary course of business, Fortress through affiliated entities, has historically charged the Company for administrative and general expenses incurred pursuant to its Management Services Agreement (&#8220;Management Agreement&#8221;). Upon completion of the IPO, the Management Agreement was terminated and replaced by an Administrative Services Agreement (&#8220;Administrative Agreement&#8221;) to charge the Company for similar administrative and general expenses. The charges under the Management Agreement and Administrative Agreement that are attributable to the Company totaled $7,942, $5,741 and $3,866 for years ended December 31, 2019, 2018, and 2017, respectively. Costs associated with the Management Agreement and Administrative Agreement are included within Selling, general and administrative in the consolidated statements of operations and comprehensive loss. As of December 31, 2019 and 2018, $5,083 and $3,579 were due to Fortress, respectively.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">In addition to management and administrative services, an affiliate of Fortress owns and leases an aircraft chartered by the Company for business purposes in the course of operations. The Company incurred, at aircraft operator market rates, charter costs of $5,367 for the year ended December 31, 2019, and $4,286 is due to this affiliate as of December 31, 2019. In prior years, such charges were incurred under the Management Agreement and amounts incurred of $1,873 and $2,917 for the years ended December 2018 and 2017, respectively, are included in the activity and balances disclosed above.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;">Land and office lease</div><div>&#160;</div><div style="margin-right: 4.5pt; color: #000000;">The Company has leased land and office space from Florida East Coast Industries, LLC (&#8220;FECI&#8221;), an affiliate of the Company. In April 2019, FECI sold the office building to a non-affiliate, and as such, the lease of the office space is no longer held with a related party. The expense related to the office building for the period that the building was owned by a related party during the year ended December 31, 2019 totaled $609, of which $386 was capitalized as leasehold improvements and $223 was included in Selling, general and administrative in the consolidated statements of operations and comprehensive loss; no expense for the office space was incurred prior to 2019. The expense for the land lease during the years ended December 31, 2019, 2018, and 2017 was $396, $260, and $285, respectively, and these amounts have been recognized within Operations and maintenance in the consolidated statements of operations and comprehensive loss. 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Natural gas is typically delivered by pipeline into the customer&#8217;s power generation facilities, and LNG is typically delivered in containers transported by truck to customer sites. Revenue from sales of natural gas delivered by pipeline to a power generation facility is recognized over time under the output method, as the customer takes control of the natural gas. Revenue from sales of LNG delivered by truck is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, either when the containers are shipped or delivered to the customers&#8217; storage facilities, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same under both modes of delivery, the Company has presented Operating revenue on an aggregated basis.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The Company has concluded that variable consideration included in these agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG or natural gas delivered and recognized when that distinct unit of LNG or natural gas is delivered to the customer.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The Company&#8217;s contracts with customers to supply natural gas or LNG may contain a lease of equipment. The Company allocates consideration received from customers between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The leases of certain facilities and equipment to customers are accounted for as direct financing or operating leases. Direct financing leases, net on the consolidated balance sheets represents the minimum lease payments due, net of unearned revenue. The lease payments are segregated into principal and interest components similar to a loan. Unearned revenue is recognized on an effective interest method over the lease term and included in Other revenue in the consolidated statements of operations and comprehensive loss. The principal components of the lease payment are reflected as a reduction to the net investment in the finance lease. For the Company&#8217;s operating leases, the amount allocated to the leasing component is recognized over the lease term as Other revenue in the consolidated statements of operations and comprehensive loss.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In addition to the revenue recognized from the leasing components of agreements with customers, Other revenue includes revenue recognized from the construction and installation of equipment to transform customers&#8217; facilities to operate utilizing natural gas or to allow customers to receive power or other outputs from our power generation facilities. 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As such, no comparison for the results of operations for the year ended December 31, 2019 and the financial position as of December 31, 2019 under ASC 606 and ASC 605 has been presented.</div><div><br /></div><div>Under most customer contracts, invoicing occurs once the Company&#8217;s performance obligations have been satisfied, at which point payment is unconditional. Receivables related to revenue from contracts with customers totaled $30,563 as of December 31, 2019 and were included in Receivables, net on the consolidated balance sheets, net of the allowance for doubtful accounts. Other items included in Receivables, net not related to revenue from contracts with customers represent receivables associated with leases which are accounted for outside the scope of ASC 606.</div><div><br /></div><div>During the year ended December 31, 2019, the Company recognized a contract liability of $6,542. 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For these excluded contracts, the sources of variability are (a) the fluctuating market index prices of natural gas used to price the contracts, and (b) the variation in volumes that may be delivered to the customer. Both sources of variability are expected to be resolved at or shortly before delivery of each unit of LNG or natural gas. As each unit of LNG or natural gas represents a separate performance obligation, future volumes are wholly unsatisfied.</div><div><br /></div><div>During the year ended December 31, 2019, the Company began to incur costs to fulfill a contract with a significant customer. These costs primarily consist of expenditures required to enhance resources to deliver under the agreement with the customer. As of December 31, 2019, the Company has capitalized $8,839, of which $331 of these costs is presented within Other current assets and $8,508 is presented within Other non-current assets on the consolidated balance sheets. 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padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">March 31,<br /> 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">June 30,<br /> 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">September 30, </div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">December 31, </div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="color: #000000;">Revenues</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">29,951</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">39,766</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">49,656</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">69,752</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="color: #000000;">Operating loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(59,337</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(43,959</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(47,726</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(36,253</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(51,233</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(54,424</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(38,370</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">) <br /></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="color: #000000;">Net loss attributable to stockholders</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(13,557</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(7,343</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="color: #000000;">Basic and diluted loss per share (1)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(0.96</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">December 31, </div><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: middle; padding-left: 18pt;"><div style="text-align: center; color: #000000;">&#160;</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">26,799</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">28,424</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">31,369</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Operating loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(9,465</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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color: #000000;">In connection with the IPO, the Company adopted the New Fortress Energy LLC 2019 Omnibus Incentive Plan (the &#8220;Incentive Plan&#8221;), effective as of February 4, 2019. Under the Incentive Plan, the Company may issue options, share appreciation rights, restricted shares, restricted share units (&#8220;RSUs&#8221;), share bonuses or other share-based awards to selected officers, employees, non-employee directors and select non-employees of NFE or its affiliates. The Company accounts for share-based compensation in accordance with ASC 718, <font style="font-style: italic;">Compensation &#8211; Stock Compensation</font>, and ASC 505, <font style="font-style: italic;">Equity</font>, which require all share-based payments to employees and members of the board of directors to be recognized as expense in the consolidated financial statements based on their grant date fair values. The Company has elected not to estimate forfeitures of its share-based compensation awards but will recognize the reversal in compensation expense in the period in which the forfeiture occurs. Upon creation of the Incentive Plan, the Company early adopted ASU 2018-07 (as defined below). See &#8220;Note 3(b). Adoption of new and revised standards &#8211; New and amended standards adopted by the Company&#8221; for additional information related to ASU 2018-07 and &#8220;Note 21. Share-based compensation&#8221; for additional information related to share-based compensation.</div></div> 147058824 0 0 67983095 65000000 23607096 0 0 65665037 0 144342572 0 0 147058824 20837272 14.00 14.00 14.00 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;"><font style="font-weight: bold; color: #000000;">2.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;">Significant accounting policies</div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">The principle accounting policies adopted are set out below.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(a)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Basis of presentation and principles of consolidation</font></div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">The consolidated financial statements were prepared in accordance with GAAP. The accompanying consolidated financial statements contained herein reflect all normal and recurring adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations, and cash flows of the Company for the periods presented. The consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned consolidated subsidiaries. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">On February 4, 2019, the Company completed an initial public offering (&#8220;IPO&#8221;) and a series of other transactions, in which the Company issued and sold 20,000,000 Class A shares at an IPO price of $14.00 per share. The Company&#8217;s Class A shares began trading on NASDAQ Global Select Market (&#8220;NASDAQ&#8221;) under the symbol &#8220;NFE&#8221; on January 31, 2019. Net proceeds from the IPO were $257.0 million, after deducting underwriting discounts and commissions and transaction costs. These proceeds were contributed to New Fortress Intermediate LLC (&#8220;NFI&#8221;), an entity formed in conjunction with the IPO, in exchange for 20,000,000 limited liability company units in NFI (&#8220;NFI LLC Units&#8221;). In addition, New Fortress Energy Holdings contributed all of its interests in consolidated subsidiaries that comprised substantially all of its historical operations to NFI in exchange for NFI LLC Units. In connection with the IPO, New Fortress Energy Holdings also received 147,058,824 Class B shares of the Company, which is equal to the number of NFI LLC Units held by New Fortress Energy Holdings immediately following the IPO. Immediately following the IPO, New Fortress Energy Holdings held a significant interest in NFE through its ownership of 147,058,824 Class B shares, representing an 88.0% voting and non-economic interest. New Fortress Energy Holdings also had an 88.0% economic interest in NFI through its ownership of 147,058,824 of NFI LLC Units. New Fortress Energy Holdings has been determined to be NFE&#8217;s predecessor for accounting purposes.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">On March 1, 2019, the underwriters of the IPO exercised their option to purchase an additional 837,272 Class A shares at the IPO price of $14.00 per share, less underwriting discounts, which resulted in $11.0 million in additional net proceeds after deducting $0.7 million of underwriting discounts and commissions, such that there were 20,837,272 outstanding Class A shares. In connection with the exercise of the underwriters&#8217; option to purchase an additional 837,272 Class A shares, NFE contributed such additional net proceeds to NFI in exchange for 837,272 NFI LLC Units.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">NFE is a holding company whose sole material asset is a controlling equity interest in NFI. As the sole managing member of NFI, NFE operates and controls all of the business and affairs of NFI, and through NFI and its subsidiaries, conducts the Company&#8217;s historical business. The contribution of the assets of New Fortress Energy Holdings and net proceeds from the IPO to NFI was treated as a reorganization of entities under common control. As a result, NFE presented the consolidated balance sheets and statements of operations and comprehensive loss of New Fortress Energy Holdings for all periods prior to the IPO. The Company&#8217;s financial statements also include a non-controlling interest related to the portion of NFI LLC Units not owned by NFE. 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Significant estimates include relative fair value allocation between revenue and lease components of contracts with customers, total consideration and fair value of identifiable net assets related to acquisitions, and fair value of equity awards granted to both employees and non-employees.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">Management evaluates its estimates and related assumptions regularly. 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Indicators may include, but are not limited to, adverse changes in the regulatory environment in a jurisdiction where the Company operates, unfavorable events impacting the supply chain for LNG to the Company&#8217;s operations, a decision to discontinue the development of a long-lived asset, early termination of a significant customer contract, or the introduction of newer technology.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">When performing a recoverability assessment, the Company measures whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its carrying value. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">Management develops the assumptions used in the recoverability assessment based on active contracts, current and future expectations of the global demand for LNG and natural gas, as well as information received from third party industry sources. The Company did not record an impairment during the years ended December 31, 2019, 2018, and 2017.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(l)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Investment in equity securities</font></div></td></tr></table><div>&#160;</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">The Company has adopted ASU 2016-01 (defined below) for the year beginning January 1, 2019. Under the new guidance, the investment in equity securities is carried at fair value with gains or losses recorded in earnings in Other income, net in the consolidated statements of operations and comprehensive loss. See &#8220;Note 10. Investment in equity securities&#8221; for more information.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">Prior to the adoption of this guidance, unrealized gains or losses for investment in equity securities were recorded in Other comprehensive income (loss). See &#8220;Note 3(b) Adoption of new and revised standards &#8211; New and amended standards adopted by the Company&#8221; for additional information related to the adoption of ASU 2016-01.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(m)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Intangible assets</font></div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">The Company accounts for intangible assets in accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 350, <font style="font-style: italic;">Intangibles &#8211; Goodwill and Other</font>. Upon a business combination or asset acquisition, the Company may obtain identifiable intangible assets. Intangible assets with a finite life are amortized over the estimated useful life of the asset under the straight-line method.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">Indefinite lived intangible assets are not amortized. Intangible assets with an indefinite useful life are tested for impairment on an annual basis or more frequently if changes in circumstances indicate that the carrying amount may not be recoverable. If the intangible asset is impaired, it is written down to its realizable value with a corresponding expense reflected in the consolidated statements of operations and comprehensive loss.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(n)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Long-term debt and debt issuance costs</font></div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">The Company&#8217;s debt consists of credit facilities with financial institutions and secured and unsecured bonds. Costs directly related to the issuance of debt are reported on the consolidated balance sheets as a reduction from the carrying amount of the recognized debt liability and amortized over the term of the debt using the effective interest method. Interest and related amortization of debt issuance costs recognized during major development and construction projects are capitalized and included in the cost of the project.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(o)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Legal and contingencies</font></div></td></tr></table><div><br /></div><div style="color: #000000;">The Company may be involved in legal actions in the ordinary course of business, including governmental and administrative investigations, inquiries and proceedings concerning employment, labor, environmental, and other claims. The Company will recognize a loss contingency in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. The Company will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized.</div><div style="color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(p)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Revenue recognition</font></div></td></tr></table><div><br /></div><div style="color: #000000;">The Company&#8217;s primary revenue stream is the sale of LNG or natural gas to its customers, which is presented as Operating revenue in the consolidated statements of operations and comprehensive loss. Natural gas is typically delivered by pipeline into the customer&#8217;s power generation facilities, and LNG is typically delivered in containers transported by truck to customer sites. Revenue from sales of natural gas delivered by pipeline to a power generation facility is recognized over time under the output method, as the customer takes control of the natural gas. Revenue from sales of LNG delivered by truck is recognized at the point in time at which physical possession and the risks and rewards of ownership transfer to the customer, either when the containers are shipped or delivered to the customers&#8217; storage facilities, depending on the terms of the contract. Because the nature, timing and uncertainty of revenue and cash flows are substantially the same under both modes of delivery, the Company has presented Operating revenue on an aggregated basis.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The Company has concluded that variable consideration included in these agreements meets the exception for allocating variable consideration. As such, the variable consideration for these contracts is allocated to each distinct unit of LNG or natural gas delivered and recognized when that distinct unit of LNG or natural gas is delivered to the customer.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The Company&#8217;s contracts with customers to supply natural gas or LNG may contain a lease of equipment. The Company allocates consideration received from customers between lease and non-lease components based on the relative fair value of each component. The fair value of the lease component is estimated based on the estimated standalone selling price of the same or similar equipment leased to the customer. The Company estimates the fair value of the non-lease component by forecasting volumes and pricing of gas to be delivered to the customer over the lease term.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The leases of certain facilities and equipment to customers are accounted for as direct financing or operating leases. Direct financing leases, net on the consolidated balance sheets represents the minimum lease payments due, net of unearned revenue. The lease payments are segregated into principal and interest components similar to a loan. Unearned revenue is recognized on an effective interest method over the lease term and included in Other revenue in the consolidated statements of operations and comprehensive loss. The principal components of the lease payment are reflected as a reduction to the net investment in the finance lease. For the Company&#8217;s operating leases, the amount allocated to the leasing component is recognized over the lease term as Other revenue in the consolidated statements of operations and comprehensive loss.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">In addition to the revenue recognized from the leasing components of agreements with customers, Other revenue includes revenue recognized from the construction and installation of equipment to transform customers&#8217; facilities to operate utilizing natural gas or to allow customers to receive power or other outputs from our power generation facilities. Revenue from these development services is recognized over time as the Company transfers control of the asset to the customer, unless the customer is not able to obtain control over asset under construction until such services are completed, in which case, revenue is recognized when the services are completed and the customer has control of the infrastructure. Such agreements may also include a significant financing component, and the Company recognizes revenue for the interest income component over the term of the financing as Other revenue.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">Shipping and handling costs are not considered to be separate performance obligations. These costs are recognized in the period in which the costs are incurred and presented within Cost of sales in the consolidated statements of operations and comprehensive loss. All such shipping and handling activities are performed prior to the customer obtaining control of the LNG or natural gas.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The Company collects sales taxes from its customers based on sales of taxable products and remits such collections to the appropriate taxing authority. The Company has elected to present sales tax collections in the consolidated statements of operations and comprehensive loss on a net basis and, accordingly, such taxes are excluded from reported revenues.</div><div style="color: #000000;"><br /></div><div style="color: #000000;">The Company elected the practical expedient under which the Company does not adjust consideration for the effects of a significant financing component for those contracts where the Company expects at contract inception that the period between transferring goods to the customer and receiving payment from the customer will be one year or less.</div><div style="color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(q)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Loss on mitigation sales</font></div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt;"><font style="color: #000000;">In connection with the purchase of firm cargoes of LNG, if the Company is unable to take physical possession of a portion of the contracted quantity due to capacity limitations, th</font>e supplier will attempt to sell the undelivered quantity through a mitigation sale. The Company may incur a loss on a mitigation sale if the supplier is unable to sell the undelivered quantity for a price greater than the contracted price with the Company. Losses incurred due to the Company&#8217;s capacity limitations are not indicative of the market value of the LNG purchased from the supplier, and these costs are not related to inventory delivered to the Company&#8217;s customers.</div><div style="margin-right: 4.5pt;"><br /></div><div>During the year ended December 31, 2019, the Company has recognized losses of $5,280 within Loss on mitigation sales <font style="color: #000000;">in the consolidated statements of operations and comprehensive loss.</font></div><div><font style="color: #000000;"><br /></font></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(r)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Leases, as lessee</font></div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">Lease agreements are evaluated to classify the lease as capital or operating leases. When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in the current authoritative guidance, the lease is recognized as a capital lease. All other leases are classified as operating leases.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">Lease payments under operating leases are recognized in the consolidated statements of operations and comprehensive loss on a straight-line basis over the term of the relevant lease.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(s)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Share-based compensation</font></div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000;">In connection with the IPO, the Company adopted the New Fortress Energy LLC 2019 Omnibus Incentive Plan (the &#8220;Incentive Plan&#8221;), effective as of February 4, 2019. Under the Incentive Plan, the Company may issue options, share appreciation rights, restricted shares, restricted share units (&#8220;RSUs&#8221;), share bonuses or other share-based awards to selected officers, employees, non-employee directors and select non-employees of NFE or its affiliates. The Company accounts for share-based compensation in accordance with ASC 718, <font style="font-style: italic;">Compensation &#8211; Stock Compensation</font>, and ASC 505, <font style="font-style: italic;">Equity</font>, which require all share-based payments to employees and members of the board of directors to be recognized as expense in the consolidated financial statements based on their grant date fair values. The Company has elected not to estimate forfeitures of its share-based compensation awards but will recognize the reversal in compensation expense in the period in which the forfeiture occurs. Upon creation of the Incentive Plan, the Company early adopted ASU 2018-07 (as defined below). See &#8220;Note 3(b). Adoption of new and revised standards &#8211; New and amended standards adopted by the Company&#8221; for additional information related to ASU 2018-07 and &#8220;Note 21. Share-based compensation&#8221; for additional information related to share-based compensation.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(t)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Taxation</font></div></td></tr></table><div><br /></div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;">Federal and state income taxes</div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">In conjunction with the closing of the Company&#8217;s IPO, New Fortress Energy Holdings contributed all of its interests in consolidated subsidiaries that comprised substantially all of its historical operations to NFI, a partnership for U.S. tax purposes, in exchange for NFI LLC Units. NFE has elected to be taxed as a corporation and is subject to corporate U.S. federal and state income taxes.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div><font style="color: #000000;">The Company accounts for income taxes in accordance with ASC 740, </font><font style="font-style: italic; color: #000000;">&#8220;Accounting for Income Taxes&#8221;</font><font style="color: #000000;"> (&#8220;ASC 740&#8221;), under which </font>deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. <font style="color: #000000;">Such net tax effects on temporary differences are reflected on the Company&#8217;s consolidated balance sheets as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.</font></div><div><font style="color: #000000;"></font><br /></div><div>The Company recognizes the effect of tax positions only if those positions are more likely than not of being sustained. Recognized tax positions are measured at the largest amount that is greater than 50 percent likely of being realized. <font style="color: #000000;">Conclusions reached regarding tax positions are continually reviewed based on ongoing analyses of tax laws, regulations and interpretations thereof. To the extent that the Company&#8217;s assessment of the conclusions reached regarding tax positions changes as a result of the evaluation of new information, such change in estimate will be recorded in the period in which such determination is made. The Company reports interest and penalties relating to an underpayment of income taxes, if applicable, as a component of income tax expense.</font></div><div><font style="color: #000000;"><br /></font></div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;">Foreign taxes</div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">Certain subsidiaries of the Company are subject to income tax in the local jurisdiction in which they operate; foreign taxes are computed based on the taxable income and the local jurisdictional tax rate.</div><div style="margin-right: 4.5pt; color: #000000;"><br /></div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;">Other taxes</div><div style="margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">Certain subsidiaries may be subject to payroll taxes, excise taxes, property taxes, sales and use taxes, as well as income taxes in foreign countries in which they conduct business. In addition, certain subsidiaries are exposed to local state taxes, such as franchise taxes. Local state taxes that are not income taxes are recorded within Other income, net in the consolidated statements of operations and comprehensive loss.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="align: right; vertical-align: top; width: 9pt;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">(u)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><font style="font-weight: bold;">Net loss per share</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">Basic net loss per share (&#8220;EPS&#8221;) is computed by dividing net loss attributable to Class A shares by the weighted average number of Class A shares outstanding during the period following the reorganization. Class B shares represent non-economic interests in the Company, and as such, earnings are not allocated to Class B shares.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">Diluted EPS reflects potential dilution and is computed by dividing net loss attributable to Class A shares by the weighted average number of Class A shares outstanding during the period following the reorganization increased by the number of additional Class A shares that would have been outstanding, including NFI LLC Units convertible into Class A shares and unvested RSUs. The dilutive effect of outstanding awards, if any, is reflected in diluted earnings per share by application of the treasury stock method or if-converted method, as applicable. Refer to &#8220;Note 20. Earnings per share&#8221; for additional information. For the year ended December 31, 2019, there was no potentially dilutive shares outstanding.</div></div> 53572 20837272 837272 20000000 20000000 837272 0 32136000 268010000 41205000 41205000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">22.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;">Stockholder&#8217;s equity and Members&#8217; equity</div></td></tr></table><div><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;">New Fortress Energy Holdings</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">In January 2018, New Fortress Energy Holdings, the Company's predecessor, issued 665,843 common shares (no par value) to members of New Fortress Energy Holdings for $20,150 in proceeds.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;">New Fortress Energy LLC</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">During the year ended December 31, 2019, the Company issued 2,716,252 shares of Class A shares in exchange for Class B shares, and 53,572 Class A shares were issued for vested RSUs.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">As of December 31, 2019, NFE has 23,607,096 Class A Shares outstanding, and New Fortress Energy Holding has an 85.9% economic interest in NFI through ownership of 144,342,572 NFI LLC units and New Fortress Energy Holdings holds an 85.9% voting interest in NFE.</div></div> 84805000 0.2 387324000 426741000 289370000 282647000 -11000 0 -158423000 0 14340000 0 -48676000 0 0 1363000 336683000 0 0 0 -80347000 0 0 2666000 0 -30000 -45823000 -50000000 278910000 302519000 130658000 0 0 406591000 268307000 84805000 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">27.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;">Subsequent events</div></td></tr></table><div><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;">The Credit Agreement</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">On January 10, 2020, the Company entered into a credit agreement to borrow $800,000 in term loans (the &#8220;Credit Agreement&#8221;). The Credit Agreement will mature in January 2023 with the full principal balance due upon maturity. Interest is payable quarterly and is based on a LIBOR rate divided by one minus the applicable reserve requirement, subject to a floor of 1.50%, plus a margin of 6.25%. The interest rate margin increases each year of the term by 1.50%.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;">Proceeds received were net of upfront and structuring fees, and together with other fees and expenses paid in connection with obtaining this financing, these fees will be recorded as a reduction to the principal balance on the consolidated balance sheet.&#160; Proceeds received were utilized to extinguish the Term Loan Facility, including outstanding principal of $495,000.</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000;"><br /></div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;">LNG Supply Agreement</div><div style="text-align: justify; margin-right: 4.5pt; color: #000000; font-style: italic;"><br /></div><div style="margin-right: 4.5pt; color: #000000;">On February 7, 2020, the Company entered into a long-term supply agreement for the purchase of 27.5 TBtus per year of LNG at a price indexed to Henry Hub. The term of the purchase commitment is January 2022 through January 2030.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The following table summarizes the changes in the Company&#8217;s valuation allowance on deferred tax assets for the period indicated for the years ended December 31, 2019 and 2018:</div><div>&#160;</div><table border="0" cellpadding="0" cellspacing="0" style="width: 80%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 56%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Year Ended December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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Class B shares at the end of the period are considered potentially dilutive Class A shares. Class A shares that would be issued in relation to the Shannon LNG Equity agreement. To be paid in shares at the earlier of agreed-upon date in 2020 or the commencement of significant construction activities specified in the Shannon LNG Agreement. Consideration due to sellers once the first gas is exported from the terminal to be built. Consideration due to the sellers of Shannon LNG once first gas is supplied from the terminal to be built. Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. Cash inclusive of repayment of Shannon LNG's liabilities equal to approximately $2,857. Amount expensed is included within Selling, general and administrative One marine port berth lease has a 15% lease payment escalation after year five with annual escalations of 2.25% in subsequent years. To be paid in shares at the earlier of agreed-upon date or the commencement of significant construction activities specified in the Shannon LNG Agreement. During the year ended December 31, 2019, the investee effected a 5-for-1 reverse stock split.