New Fortress Energy Announces Fourth Quarter 2021 Results and Declares Dividend of $0.10 Per Class A Common Share
New Fortress Energy reported record financial results for Q4 and FY 2021, achieving net income of $151 million ($0.72 EPS) for Q4 and $92 million ($0.47 EPS) for the full year. Adjusted EBITDA surged nearly 100% to $334 million in Q4, contributing to an annual total of over $604 million. The company signed significant LNG contracts, advanced key projects in Nicaragua and Brazil, and made strides in clean hydrogen initiatives. A dividend of $0.10 per share has been declared, with a record date of March 18, 2022, and payment on March 29, 2022.
- Record Q4 net income of $151 million and EPS of $0.72.
- Adjusted EBITDA increased nearly 100% to $334 million in Q4.
- Signed 10 new commercial contracts in 2021, enhancing revenue streams.
- Significant progress on LNG projects in Nicaragua and Brazil.
- Declared a dividend of $0.10 per share, affirming shareholder value.
- None.
Fourth Quarter Highlights
Financial results
-
NFE is pleased to report our highest quarterly and annual net income and EPS in our history
-
Net income of over
$151 million $0.72 -
Net income of over
$92 million $0.47 December 31, 2021
-
Net income of over
-
NFE is adopting Adjusted EBITDA as our new financial performance measure
-
Adjusted EBITDA(4) increased almost
100% over the previous quarter to approximately$334 million $170 million -
Adjusted EBITDA was over
$604 million December 31, 2021
-
Adjusted EBITDA(4) increased almost
Business update
- Robust LNG sales and power revenues produced record revenues in Q4 and FY 2021
-
Signed 10 new commercial contracts in 2021 including:
-
~30 TBtu, 15-year supply agreement replacing oil-based fuel at Norsk Hydro’s Alunorte alumina refinery with gas to be supplied from our
Barcarena Terminal inBrazil -
Gas supply agreement with CFEnergia supplied from our
La Paz, Mexico terminal for the fuel supply of two power plants inBaja California Sur, Mexico
-
~30 TBtu, 15-year supply agreement replacing oil-based fuel at Norsk Hydro’s Alunorte alumina refinery with gas to be supplied from our
- Elevated and volatile commodity market environment creates significant tailwinds for NFE’s business
-
Our development projects in
Nicaragua andBrazil are advancing on schedule-
Nicaragua power plant is fully complete and awaitingFirst Gas (2) - Construction of the Barcarena offshore terminal, its associated pipeline and citygate are significantly advanced and the marine terminal at near physical completion
-
Construction at our
Santa Catarina Terminal is significantly advanced, with onshore and offshore pipeline laying already commenced, the FSRU approaching drydocking and the terminal projected to be ready for FSRU mooring in early Q2 2022
-
-
NFE has signed a term sheet (5) with Transnet Port Terminals, a division of
Transnet SOC Limited , for use of a marine berth for a large ship inRichards Bay ,South Africa
Fast LNG update
-
Executed HOA for deployment of our first Fast LNG asset scheduled for Q2 2023 with Eni S.p.A.’s fully owned subsidiary,
Eni Congo (“Eni”)(6)-
FLNG 1 will be deployed on Eni’s Marine 12 project offshore of The
Republic of Congo ; NFE will receive a combination of a tolling fee for the next 20 years plus the right to purchase50% of the LNG created(6)
-
FLNG 1 will be deployed on Eni’s Marine 12 project offshore of The
-
We have taken FID(3) on our second Fast LNG unit which is expected to be placed into service in Q3 2023
- This asset will utilize the same modularized liquefaction technology as our FLNG 1 asset and have a nameplate capacity of 1.4 mtpa
- NFE has also purchased two marine assets that can be used as the operational base for FLNG 2 and future FLNG assets
LNG supply
- During 2021 NFE purchased over 0.75 mtpa of additional annual supply taking us to over 2.4 mtpa which fully covers estimated downstream demand through 2026
- In addition, we are actively looking to add long-term volumes from US producers to best match long-term demand in high-growth markets.
Energy transition
- We are making significant progress in the development of our clean hydrogen business, NFE Zero Parks
-
We are nearing FID(3) on our first NFE Zero Parks facility, a 100MW green hydrogen facility expected to be one of the largest of its kind in
the United States - We expect to capitalize NFE Zero Parks to fund development of a portfolio of clean hydrogen projects, our next step in building the world’s leading energy transition company
Financing update
-
Expanded access to capital to fund our developments
-
Issuing up to
$285 million Jamaica ,$160 million -
Expanding revolver capacity by up to
$200 million - Achieved a credit rating upgrade to BB-
-
Issuing up to
- Exploring financing alternatives, including assets sales that will allow us to redeploy capital at significantly higher yields
-
Our Board of Directors approved a dividend of
$0.10 March 18, 2022 and a payment date ofMarch 29, 2022
Financial Highlights
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Three Months Ended |
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Year Ended |
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(in millions, except Average Volumes) |
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Revenues |
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Net (loss) income |
( |
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Terminals and Infrastructure Segment Operating Margin(1) |
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Ships Segment Operating Margin(1) |
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Total Segment Operating Margin(1) |
|
|
|
|
|
Adjusted EBITDA(4) |
|
|
|
|
|
Average Volumes (k GPD) |
2,051 |
|
2,881 |
|
2,005 |
-
Record quarterly revenue of over
$648m m, increasing approximately$344m m from the third quarter; revenue for the year endedDecember 31, 2021 was over$1.3 billion -
Adjusted EBITDA(4) of approximately
$334 million $373 million - Terminals and Infrastructure Segment Operating Margin increased due to the impact of increased natural gas pricing and LNG cargo sales
- Consistent contribution from Ships Segment Operating Margin from Q3 2021
-
Annual Adjusted EBIDTA(4) of over
$604 million $746 million -
Record Terminals and Infrastructure Segment Operating Margin(1) led by LNG cargo sales and the inclusion of the results of our investment in the Sergipe Power Plant acquired as part of the acquisition of
Hygo Energy Transition Limited (“Hygo”) in the second quarter of 2021. -
Our Ships Segment, acquired in the acquisitions of
Golar LNG Partners Limited (“GMLP”) and Hygo in the second quarter of 2021, contributed$265 million
-
Record Terminals and Infrastructure Segment Operating Margin(1) led by LNG cargo sales and the inclusion of the results of our investment in the Sergipe Power Plant acquired as part of the acquisition of
Please refer to our Q4 2021 Investor Presentation (the “Presentation”) for further information about the following terms:
1) “Total Segment Operating Margin” is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin. Terminals and Infrastructure Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our
2) “First Gas” means the date on which (or, for future dates, management's current estimate of the date on which) natural gas is first made available to our projects, including our facilities in development. Full commercial operations of such projects will occur later than, and may occur substantially later than, the
3) “FID” means management has made an internal commitment to commit resources (including capital) to a particular project. Our management has not made an FID decision on certain projects as of the date of this press release, and there can be no assurance that we will be willing or able to make any such decision, based on a particular project’s time, resource, capital and financing requirements.
4) “Adjusted EBITDA” see definition and reconciliation of this non-GAAP measure in the exhibits to this press release.
5) NFE’s term sheet with Transnet Port Terminals is subject to entering into definitive agreements.
6) NFE’s project with Eni is subject to entering into definitive agreements.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which is available on the Company’s website. Nothing on our website is included or incorporated by reference herein.
Earnings Conference Call
Management will host a conference call on
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after
About
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” including our expected volumes of LNG and our ability to supply LNG and natural gas in the future, including under our definitive agreements, such as the agreements with Norsk Hydro and CFEnergia; current elevated and volatile commodity market environment creating significant tailwinds for NFE’s business; expected
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the
Exhibits – Financial Statements
Condensed Consolidated Statements of Operations
For the three months ended
(Unaudited, in thousands of |
||||||||||
|
|
|
|
For the Three Months Ended |
||||||
|
|
|
|
2021 |
2021 |
|||||
Revenues |
|
|
|
|
|
|||||
Operating revenue |
|
|
$ |
188,389 |
|
|
|
548,395 |
|
|
Vessel charter revenue |
|
|
|
78,656 |
|
|
|
87,592 |
|
|
Other revenue |
|
|
|
37,611 |
|
|
|
12,644 |
|
|
|
Total revenues |
|
|
|
304,656 |
|
|
|
648,631 |
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
|
|||||
Cost of sales |
|
|
|
135,432 |
|
|
|
282,477 |
|
|
Vessel operating expenses |
|
|
|
15,301 |
|
|
|
20,976 |
|
|
Operations and maintenance |
|
|
|
20,144 |
|
|
|
18,356 |
|
|
Selling, general and administrative |
|
|
|
46,802 |
|
|
|
74,927 |
|
|
Transaction and integration costs |
|
|
|
1,848 |
|
|
|
2,107 |
|
|
Depreciation and amortization |
|
|
|
31,194 |
|
|
|
30,297 |
|
|
|
Total operating expenses |
|
|
|
250,721 |
|
|
|
429,140 |
|
|
Operating income |
|
|
|
53,935 |
|
|
|
219,491 |
|
Interest expense |
|
|
|
57,595 |
|
|
|
46,567 |
|
|
Other (income), net |
|
|
|
(5,400 |
) |
|
|
(3,692 |
) |
|
Loss on extinguishment of debt, net |
|
|
|
- |
|
|
|
10,975 |
|
|
Net income before income from equity method investments and income taxes |
|
|
|
1,740 |
|
|
|
165,641 |
|
|
Loss from equity method investments |
|
|
|
(15,983 |
) |
|
|
(8,515 |
) |
|
Tax provision |
|
|
|
3,526 |
|
|
|
5,403 |
|
|
|
Net (loss) income |
|
|
|
(17,769 |
) |
|
|
151,723 |
|
Net loss (income) attributable to non-controlling interest |
|
|
7,963 |
|
|
|
(866 |
) |
||
|
Net (loss) income attributable to stockholders |
|
|
$ |
(9,806 |
) |
|
|
150,857 |
|
|
|
|
|
|
|
|
||||
Net (loss) income per share – basic |
|
|
$ |
(0.05 |
) |
|
$ |
0.73 |
|
|
Net (loss) income per share – diluted |
|
|
$ |
(0.05 |
) |
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding – basic |
|
207,497,013 |
|
|
|
207,479,963 |
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|||
Weighted average number of shares outstanding – diluted |
|
207,497,013 |
|
|
|
210,511,076 |
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|||
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|
|
|
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Adjusted EBITDA |
For the three months ended |
(Unaudited, in thousands of |
Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management’s evaluation of the Company’s overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance.
We calculate Adjusted EBITDA as net loss, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, interest expense (net of interest income), other expense (income), net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, plus our pro rata share of Adjusted EBITDA from unconsolidated entities, less the impact of equity in earnings (losses) of unconsolidated entities.
Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of unconsolidated entities. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance.
The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes. Adjusted EBITDA should not be construed as alternatives to net income (loss) and diluted earnings (loss) per share attributable to
The following table sets forth a reconciliation of net income (loss) to Adjusted EBITDA for the 3 months ended
|
Three Months Ended
|
|
Three Months Ended
|
|
Year Ended
|
|
||||||
Total Segment Operating Margin |
210,478 |
|
|
373,150 |
|
|
746,430 |
|
|
|||
Less: Core SG&A (see definition above) |
|
38,496 |
|
|
|
38,033 |
|
|
|
137,144 |
|
|
Less: Pro rata share of Core SG&A from unconsolidated entities |
|
2,047 |
|
|
|
1,110 |
|
|
|
4,726 |
|
|
Adjusted EBITDA |
169,935 |
|
|
334,007 |
|
|
604,560 |
|
|
|||
|
|
|
|
|
|
|
||||||
Net (loss) income |
$ |
(17,769 |
) |
|
$ |
151,723 |
|
|
$ |
92,711 |
|
|
Add: Interest expense (net of interest income) |
|
57,595 |
|
|
|
46,567 |
|
|
|
154,324 |
|
|
Add: Tax provision |
|
3,526 |
|
|
|
5,403 |
|
|
|
12,461 |
|
|
Add: Depreciation and amortization |
|
31,194 |
|
|
|
30,297 |
|
|
|
98,377 |
|
|
Add: SG&A items excluded from Core SG&A (see definition above) |
|
8,306 |
|
|
|
36,894 |
|
|
|
62,737 |
|
|
Add: Transaction and integration costs |
|
1,848 |
|
|
|
2,107 |
|
|
|
44,671 |
|
|
Add: Other (income), net |
|
(5,400 |
) |
|
|
(3,692 |
) |
|
|
(17,150 |
) |
|
Add: Changes in fair value of non-hedge derivative instruments and contingent consideration |
|
2,316 |
|
|
|
472 |
|
|
|
2,788 |
|
|
Add: Loss on extinguishment of debt, net |
|
- |
|
|
|
10,975 |
|
|
|
10,975 |
|
|
Add: Pro rata share of Adjusted EBITDA from unconsolidated entities(1) |
|
72,336 |
|
|
|
44,746 |
|
|
|
157,109 |
|
|
Less: (Income) loss from equity method investments |
|
15,983 |
|
|
|
8,515 |
|
|
|
(14,443 |
) |
|
Adjusted EBITDA |
169,935 |
|
|
334,007 |
|
|
604,560 |
|
|
|||
(1) |
Includes the Company’s effective share of Adjusted EBITDA of CELSEPAR of |
Segment Operating Margin
(Unaudited, in thousands of |
|
|
|
|
|
|
|
|
|
Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net loss, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, interest expense, other (income) expense, loss on extinguishment of debt, net, income from equity method investments and tax expense. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements. |
||||
| Three Months Ended |
||||||||||||
| (in thousands of $) | Infrastructure and Terminals (1) |
Ships (2) |
Total Segment |
Consolidation and Other (3) |
Consolidated |
|||||||
| Segment Operating Margin | $ |
278,354 |
$ |
94,796 |
$ |
373,150 |
$ |
(46,328 |
) |
$ |
326,822 |
|
| Less: | ||||||||||||
| Selling, general and administrative |
|
74,927 |
|
|||||||||
| Transaction and integration costs |
|
2,107 |
|
|||||||||
| Depreciation and amortization |
|
30,297 |
|
|||||||||
| Interest expense |
|
46,567 |
|
|||||||||
| Other (income), net |
|
(3,692 |
) |
|||||||||
| Loss from extinguishment of debt |
|
10,975 |
|
|||||||||
| Loss from equity method investments |
|
8,515 |
|
|||||||||
| Tax provision |
|
5,403 |
|
|||||||||
| Net income |
|
151,723 |
|
|||||||||
(1) Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to |
||||||||||||
(2) Ships includes the Company's effective share of revenues, expenses and operating margin attributable to |
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(3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to |
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| Three Months Ended |
||||||||||||
| (in thousands of $) | Infrastructure and Terminals (1) |
Ships (2) |
Total Segment |
Consolidation and Other (3) |
Consolidated |
|||||||
| Segment Operating Margin | $ |
115,638 |
$ |
94,840 |
$ |
210,478 |
$ |
(76,699 |
) |
$ |
133,779 |
|
| Less: | ||||||||||||
| Selling, general and administrative |
|
46,802 |
|
|||||||||
| Transaction and integration costs |
|
1,848 |
|
|||||||||
| Depreciation and amortization |
|
31,194 |
|
|||||||||
| Interest expense |
|
57,595 |
|
|||||||||
| Other (income), net |
|
(5,400 |
) |
|||||||||
| Loss from equity method investments |
|
15,983 |
|
|||||||||
| Tax provision |
|
3,526 |
|
|||||||||
| Net loss |
|
(17,769 |
) |
|||||||||
(1) Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to |
||||||||||||
(2) Ships includes the Company's effective share of revenues, expenses and operating margin attributable to |
||||||||||||
(3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to |
||||||||||||
| Year Ended |
||||||||||||
| (in thousands of $) | Infrastructure and Terminals (1) |
Ships (2) |
Total Segment |
Consolidation and Other (3) |
Consolidated |
|||||||
| Segment Operating Margin | $ |
481,207 |
$ |
265,223 |
$ |
746,430 |
$ |
(164,623 |
) |
$ |
581,807 |
|
| Less: | ||||||||||||
| Selling, general and administrative |
|
199,881 |
|
|||||||||
| Transaction and integration costs |
|
44,671 |
|
|||||||||
| Depreciation and amortization |
|
98,377 |
|
|||||||||
| Interest expense |
|
154,324 |
|
|||||||||
| Other (income), net |
|
(17,150 |
) |
|||||||||
| Loss from extinguishment of debt |
|
10,975 |
|
|||||||||
| (Income) from equity method investments |
|
(14,443 |
) |
|||||||||
| Tax provision |
|
12,461 |
|
|||||||||
| Net income |
|
92,711 |
|
|||||||||
(1) Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to |
||||||||||||
(2) Ships includes the Company's effective share of revenues, expenses and operating margin attributable to |
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(3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to |
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Condensed Consolidated Balance Sheets
As of
(Unaudited, in thousands of |
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2021 |
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|
2020 |
|
Assets |
|
|
|
|
||||||
Current assets |
|
|
|
|||||||
|
Cash and cash equivalents |
$ |
187,509 |
|
|
$ |
601,522 |
|
||
|
Restricted cash |
|
68,561 |
|
|
|
12,814 |
|
||
|
Receivables, net of allowances of |
|
208,499 |
|
|
|
76,544 |
|
||
|
Inventory |
|
37,182 |
|
|
|
22,860 |
|
||
|
Prepaid expenses and other current assets, net |
|
83,115 |
|
|
|
48,270 |
|
||
|
Total current assets |
|
584,866 |
|
|
|
762,010 |
|
||
|
|
|
|
|
|
|
||||
|
Restricted cash |
|
7,960 |
|
|
|
15,000 |
|
||
|
Construction in progress |
|
1,043,883 |
|
|
|
234,037 |
|
||
|
Property, plant and equipment, net |
|
2,137,936 |
|
|
|
614,206 |
|
||
|
Equity method investments |
|
1,182,013 |
|
|
|
- |
|
||
|
Right-of-use assets |
|
309,663 |
|
|
|
141,347 |
|
||
|
Intangible assets, net |
|
142,944 |
|
|
|
46,102 |
|
||
|
Finance leases, net |
|
602,675 |
|
|
|
7,044 |
|
||
|
|
|
760,135 |
|
|
|
- |
|
||
|
Deferred tax assets, net |
|
5,999 |
|
|
|
2,315 |
|
||
|
Other non-current assets, net |
|
98,418 |
|
|
|
86,030 |
|
||
Total assets |
|
6,876,492 |
|
|
$ |
1,908,091 |
|
|||
|
|
|
|
|
|
|
||||
Liabilities |
|
|
|
|||||||
Current liabilities |
|
|
|
|||||||
|
Current portion of long-term debt |
$ |
97,251 |
|
|
$ |
- |
|
||
|
Accounts payable |
|
68,085 |
|
|
|
21,331 |
|
||
|
Accrued liabilities |
|
244,025 |
|
|
|
90,352 |
|
||
|
Current lease liabilities |
|
47,114 |
|
|
|
35,481 |
|
||
|
Other current liabilities |
|
106,036 |
|
|
|
43,986 |
|
||
|
Total current liabilities |
|
562,511 |
|
|
|
191,150 |
|
||
|
|
|
|
|
|
|
||||
|
Long-term debt |
|
3,757,879 |
|
|
|
1,239,561 |
|
||
|
Non-current lease liabilities |
|
234,060 |
|
|
|
84,323 |
|
||
|
Deferred tax liabilities, net |
|
269,513 |
|
|
|
2,330 |
|
||
|
Other long-term liabilities |
|
58,475 |
|
|
|
15,641 |
|
||
Total liabilities |
|
4,882,438 |
|
|
|
1,533,005 |
|
|||
|
|
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
|||||||
|
|
|
|
|||||||
Stockholders’ equity |
|
|
|
|||||||
|
Class A common stock |
|
2,069 |
|
|
|
1,746 |
|
||
|
Additional paid-in capital |
|
1,923,990 |
|
|
|
594,534 |
|
||
|
Accumulated deficit |
|
(132,399 |
) |
|
|
(229,503 |
) |
||
|
Accumulated other comprehensive (loss) income |
|
(2,085 |
) |
|
|
182 |
|
||
|
Total stockholders' equity attributable to NFE |
|
1,791,575 |
|
|
|
366,959 |
|
||
|
Non-controlling interest |
|
202,479 |
|
|
|
8,127 |
|
||
|
Total stockholders' equity |
|
1,994,054 |
|
|
|
375,086 |
|
||
|
Total liabilities and stockholders' equity |
$ |
6,876,492 |
|
|
$ |
1,908,091 |
|
||
Condensed Consolidated Statements of Operations
For the years ended
(Unaudited, in thousands of |
||||||||||||||||||
|
|
|
|
|
Year Ended |
|
||||||||||||
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2019 |
|
|
||
Revenues |
|
|
|
|
|
|
||||||||||||
Operating revenue |
|
$ |
930,816 |
|
|
$ |
318,311 |
|
|
$ |
145,500 |
|
|
|||||
Vessel charter revenue |
|
|
230,809 |
|
|
|
- |
|
|
|
- |
|
|
|||||
Other revenue |
|
|
161,185 |
|
|
|
133,339 |
|
|
|
43,625 |
|
|
|||||
Total revenues |
|
|
1,322,810 |
|
|
|
451,650 |
|
|
|
189,125 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
|||||||||||
Cost of sales |
|
|
616,010 |
|
|
|
278,767 |
|
|
|
183,359 |
|
|
|||||
Vessel operating expenses |
|
|
51,677 |
|
|
|
- |
|
|
|
- |
|
|
|||||
Operations and maintenance |
|
|
73,316 |
|
|
|
47,581 |
|
|
|
26,899 |
|
|
|||||
Selling, general and administrative |
|
|
199,881 |
|
|
|
120,142 |
|
|
|
152,922 |
|
|
|||||
Transaction and integration |
|
|
44,671 |
|
|
|
4,028 |
|
|
|
- |
|
|
|||||
Contract termination charges and loss on mitigation sales |
|
- |
|
|
|
124,114 |
|
|
|
5,280 |
|
|
||||||
Depreciation and amortization |
|
|
98,377 |
|
|
|
32,376 |
|
|
|
7,940 |
|
|
|||||
Total operating expenses |
|
|
1,083,932 |
|
|
|
607,008 |
|
|
|
376,400 |
|
|
|||||
Operating income loss |
|
|
238,878 |
|
|
|
(155,358 |
) |
|
|
(187,275 |
) |
|
|||||
Interest expense |
|
|
154,324 |
|
|
|
65,723 |
|
|
|
19,412 |
|
|
|||||
Other (income) expense, net |
|
|
(17,150 |
) |
|
|
5,005 |
|
|
|
(2,807 |
) |
|
|||||
Loss on extinguishment of debt, net |
|
|
10,975 |
|
|
|
33,062 |
|
|
|
- |
|
|
|||||
Net income (loss) before income from equity method investments and income taxes |
|
|
90,729 |
|
|
|
(259,148 |
) |
|
|
(203,880 |
) |
|
|||||
Income from equity method investments |
|
|
14,443 |
|
|
|
- |
|
|
|
- |
|
|
|||||
Tax provision |
|
|
12,461 |
|
|
|
4,817 |
|
|
|
439 |
|
|
|||||
Net income (loss) |
|
|
92,711 |
|
|
|
(263,965 |
) |
|
|
(204,319 |
) |
|
|||||
Net income (loss) attributable to non-controlling interest |
|
4,393 |
|
|
|
81,818 |
|
|
|
170,510 |
|
|
||||||
Net income (loss) attributable to stockholders |
|
$ |
97,104 |
|
|
$ |
(182,147 |
) |
|
$ |
(33,809 |
) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share – basic |
|
$ |
0.49 |
|
|
$ |
(1.71 |
) |
|
$ |
(1.62 |
) |
|
|||||
Net income (loss) per share – diluted |
|
$ |
0.47 |
|
|
$ |
(1.71 |
) |
|
$ |
(1.62 |
) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding – basic |
|
|
198,593,042 |
|
|
|
106,654,918 |
|
|
|
20,862,555 |
|
|
|||||
Weighted average number of shares outstanding – diluted |
|
|
201,703,176 |
|
|
|
106,654,918 |
|
|
|
20,862,555 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive loss: |
|
|
|
|
|
|
|
|||||||||||
Net income (loss) |
|
|
$ |
92,711 |
|
|
$ |
(263,965 |
) |
|
$ |
(204,319 |
) |
|
||||
Currency translation adjustment |
|
3,489 |
|
|
|
(2,005 |
) |
|
|
219 |
|
|
||||||
Comprehensive income (loss) |
|
|
89,222 |
|
|
|
(261,960 |
) |
|
|
(204,538 |
) |
|
|||||
Comprehensive loss attributable to non-controlling interest |
|
5,615 |
|
|
|
80,025 |
|
|
|
170,699 |
|
|
||||||
Comprehensive income (loss) attributable to stockholders |
$ |
94,837 |
|
|
$ |
(181,935 |
) |
|
$ |
(33,839 |
) |
|
||||||
Condensed Consolidated Statements of Cash Flows
For the years ended
(Unaudited, in thousands of |
||||||||||||||
Year Ended |
||||||||||||||
|
2021 |
|
|
2020 |
|
|
2019 |
|
||||||
Cash flows from operating activities |
||||||||||||||
Net income (loss) |
$ |
92,711 |
|
$ |
(263,965 |
) |
$ |
(204,319 |
) |
|||||
Adjustments for: |
|
|||||||||||||
Amortization of deferred financing costs and debt guarantee, net |
|
14,116 |
|
|
10,519 |
|
|
|
5,873 |
|
||||
Depreciation and amortization |
|
99,544 |
|
|
33,303 |
|
|
|
8,641 |
|
||||
|
|
(Earnings) of equity method investees |
|
(14,443 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
Dividends received from equity method investees |
|
21,365 |
|
|
|
- |
|
|
|
- |
|
|
|
|
Sales-type lease payments received in excess of interest income |
|
2,348 |
|
|
|
- |
|
|
|
- |
|
|
|
|
Change in market value of derivatives |
|
(8,691 |
) |
|
|
- |
|
|
|
- |
|
|
Non-cash contract termination charges and loss on mitigation sales |
|
- |
|
|
19,114 |
|
|
|
2,622 |
|
||||
Loss on extinguishment of debt and financing expenses |
|
10,975 |
|
|
37,090 |
|
|
|
- |
|
||||
Deferred taxes |
|
(8,825 |
) |
|
2,754 |
|
|
|
392 |
|
||||
|
|
Change in value of Investment in equity securities |
|
(8,254 |
) |
|
|
|
|
|||||
Share-based compensation |
|
37,043 |
|
|
8,743 |
|
|
|
41,205 |
|
||||
Other |
|
(5,271 |
) |
|
4,341 |
|
|
|
1,247 |
|
||||
Changes in operating assets and liabilities, net of acquisitions: |
|
|
||||||||||||
(Increase) in receivables |
|
(123,583 |
) |
|
(26,795 |
) |
|
|
(19,754 |
) |
||||
(Increase) Decrease in inventories |
|
(11,152 |
) |
|
23,230 |
|
|
(50,345 |
) |
|||||
(Increase) in other assets |
|
(1,839 |
) |
|
(35,927 |
) |
|
(39,344 |
) |
|||||
|
Decrease in right-of-use assets |
|
28,576 |
|
|
|
41,452 |
|
|
|
- |
|
||
Increase in accounts payable/accrued liabilities |
|
17,527 |
|
|
55,514 |
|
|
3,036 |
|
|||||
Increase (Decrease) in amounts due to affiliates |
|
108 |
|
|
(1,272 |
) |
|
5,771 |
|
|||||
(Decrease) in lease liabilities |
|
(36,126 |
) |
|
(42,094 |
) |
|
- |
|
|||||
(Decrease) Increase in other liabilities |
|
(21,359 |
) |
|
8,427 |
|
|
10,714 |
|
|||||
Net cash provided by (used in) operating activities |
|
84,770 |
|
|
(125,566 |
) |
|
(234,261 |
) |
|||||
|
||||||||||||||
Cash flows from investing activities |
|
|||||||||||||
Capital expenditures |
|
(669,348 |
) |
|
(156,995 |
) |
|
(377,051 |
) |
|||||
|
Cash paid for business combinations, net of cash acquired |
|
(1,586,042 |
) |
|
|
- |
|
|
|
- |
|
||
|
Entities acquired in asset acquisitions, net cash acquired |
|
(8,817 |
) |
|
|
- |
|
|
|
- |
|
||
Other investing activities |
|
(9,354 |
) |
|
(636 |
) |
|
887 |
|
|||||
Net cash used in investing activities |
|
(2,273,561 |
) |
|
(157,631 |
) |
|
(376,164 |
) |
|||||
|
||||||||||||||
Cash flows from financing activities |
|
|||||||||||||
Proceeds from borrowings of debt |
|
2,434,650 |
|
|
2,095,269 |
|
|
347,856 |
|
|||||
Payment of deferred financing costs |
|
(37,811 |
) |
|
(36,499 |
) |
|
(8,259 |
) |
|||||
Repayment of debt |
|
(461,015 |
) |
|
(1,490,002 |
) |
|
(5,000 |
) |
|||||
Proceeds from IPO |
|
- |
|
|
- |
|
|
274,948 |
|
|||||
Proceeds from issuance of Class A common stock |
|
- |
|
|
291,992 |
|
|
- |
|
|||||
Payments related to tax withholdings for share-based compensation |
|
(30,124 |
) |
|
(6,413 |
) |
|
- |
|
|||||
Payment of dividends |
|
(88,756 |
) |
|
(33,742 |
) |
|
- |
|
|||||
Payment of stock issuance costs |
|
- |
|
|
(1,107 |
) |
|
(6,938 |
) |
|||||
Net cash provided by financing activities |
|
1,816,944 |
|
|
819,498 |
|
|
602,607 |
|
|||||
Impact of changes in foreign exchange rates on cash and cash equivalents |
|
6,541 |
|
|
- |
|
|
- |
|
|||||
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(365,306 |
) |
|
536,301 |
|
|
(7,818 |
) |
|||||
Cash, cash equivalents and restricted cash – beginning of period |
|
629,336 |
|
|
93,035 |
|
|
100,853 |
|
|||||
Cash, cash equivalents and restricted cash – end of period |
$ |
264,030 |
|
$ |
629,336 |
|
$ |
93,035 |
|
|||||
Supplemental disclosure of non-cash investing and financing activities: |
||||||||||||||
Changes in accounts payable and accrued liabilities associated with |
||||||||||||||
construction in progress and property, plant and equipment additions |
|
108,790 |
|
$ |
(12,786 |
) |
$ |
(48,150 |
) |
|||||
|
Liabilities associated with consideration paid for entities acquired in asset acquisition |
|
10,520 |
|
|
|
- |
|
|
|
- |
|
||
|
Consideration paid in shares for business combinations |
|
1,400,784 |
|
|
|
- |
|
|
|
- |
|
||
Cash paid for interest, net of capitalized interest |
|
154,249 |
|
|
27,255 |
|
|
6,765 |
|
|||||
Cash paid for taxes |
|
17,319 |
|
|
58 |
|
|
28 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220228006121/en/
IR and Media:
IR@newfortressenergy.com
Source:
FAQ
What were New Fortress Energy's Q4 2021 earnings results (NFE)?
What was New Fortress Energy's annual performance for 2021 (NFE)?
What is the dividend amount and payment date for New Fortress Energy (NFE)?
How much did New Fortress Energy's Adjusted EBITDA increase in Q4 2021 (NFE)?
What key projects is New Fortress Energy working on (NFE)?
