New Fortress Energy Announces Fourth Quarter and Full Year 2024 Results
New Fortress Energy (NFE) reported its Q4 and full-year 2024 financial results, achieving Adjusted EBITDA of $313 million in Q4 (exceeding guidance of $200-220M) and $950 million for full-year 2024 (surpassing guidance of $835-855M). The company posted a net loss of $224 million in Q4 and $242 million for the full year, primarily due to debt refinancing costs including a Q4 loss on debt extinguishment of $260 million.
Key operational highlights include the completion of Fast LNG asset, operating above nameplate capacity since early 2024, and extension of an 80 TBtu gas supply contract in Puerto Rico. The company's CELBA plant in Brazil is 88% complete. NFE strengthened its financial position through a $2.7 billion senior secured notes issuance, $400 million common equity offering, and subsequent debt refinancing activities in early 2025.
New Fortress Energy (NFE) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, raggiungendo un EBITDA rettificato di 313 milioni di dollari nel quarto trimestre (superando le previsioni di 200-220 milioni di dollari) e 950 milioni di dollari per l'intero anno 2024 (superando le previsioni di 835-855 milioni di dollari). L'azienda ha registrato una perdita netta di 224 milioni di dollari nel quarto trimestre e di 242 milioni di dollari per l'intero anno, principalmente a causa dei costi di rifinanziamento del debito, inclusa una perdita di 260 milioni di dollari nel quarto trimestre per estinzione del debito.
I principali punti operativi includono il completamento dell'asset Fast LNG, che opera al di sopra della capacità nominale dall'inizio del 2024, e l'estensione di un contratto di fornitura di gas di 80 TBtu a Porto Rico. L'impianto CELBA dell'azienda in Brasile è completato all'88%. NFE ha rafforzato la sua posizione finanziaria attraverso un'emissione di note garantite senior da 2,7 miliardi di dollari, un'offerta di capitale comune da 400 milioni di dollari e attività di rifinanziamento del debito all'inizio del 2025.
New Fortress Energy (NFE) ha informado sus resultados financieros del cuarto trimestre y del año completo 2024, logrando un EBITDA ajustado de 313 millones de dólares en el cuarto trimestre (superando la guía de 200-220 millones de dólares) y 950 millones de dólares para el año completo 2024 (superando la guía de 835-855 millones de dólares). La compañía registró una pérdida neta de 224 millones de dólares en el cuarto trimestre y de 242 millones de dólares para el año completo, principalmente debido a los costos de refinanciamiento de deuda, incluyendo una pérdida en el cuarto trimestre por extinción de deuda de 260 millones de dólares.
Los aspectos operativos clave incluyen la finalización del activo Fast LNG, que ha estado operando por encima de su capacidad nominal desde principios de 2024, y la extensión de un contrato de suministro de gas de 80 TBtu en Puerto Rico. La planta CELBA de la compañía en Brasil está completada en un 88%. NFE fortaleció su posición financiera a través de una emisión de notas garantizadas senior por 2.7 mil millones de dólares, una oferta de capital común de 400 millones de dólares y actividades de refinanciamiento de deuda a principios de 2025.
뉴 포트레스 에너지 (NFE)는 2024년 4분기 및 연간 재무 결과를 발표하며, 4분기 조정 EBITDA 3억 1,300만 달러를 달성했으며 (가이던스 2억-2억 2천만 달러 초과), 2024년 전체 연간 9억 5천만 달러를 기록했습니다 (가이던스 8억 3천-8억 5천만 달러 초과). 회사는 4분기에 2억 2,400만 달러의 순손실을 기록했으며, 연간으로는 2억 4,200만 달러의 순손실을 기록했습니다. 이는 주로 부채 재융자 비용과 4분기 부채 소각에 따른 2억 6천만 달러의 손실 때문입니다.
주요 운영 하이라이트로는 2024년 초부터 정격 용량 이상으로 운영되고 있는 Fast LNG 자산의 완료와 푸에르토리코에서 80 TBtu 가스 공급 계약의 연장이 포함됩니다. 브라질에 있는 회사의 CELBA 플랜트는 88% 완료되었습니다. NFE는 27억 달러 규모의 선순위 담보 노트 발행, 4억 달러 규모의 보통주 제공 및 2025년 초의 부채 재융자 활동을 통해 재무 상태를 강화했습니다.
New Fortress Energy (NFE) a annoncé ses résultats financiers pour le quatrième trimestre et l'année complète 2024, atteignant un EBITDA ajusté de 313 millions de dollars au quatrième trimestre (dépassant les prévisions de 200-220 millions de dollars) et 950 millions de dollars pour l'année complète 2024 (dépassant les prévisions de 835-855 millions de dollars). L'entreprise a enregistré une perte nette de 224 millions de dollars au quatrième trimestre et de 242 millions de dollars pour l'année complète, principalement en raison des coûts de refinancement de la dette, y compris une perte de 260 millions de dollars au quatrième trimestre due à l'extinction de la dette.
Les points opérationnels clés incluent l'achèvement de l'actif Fast LNG, qui fonctionne au-dessus de sa capacité nominale depuis début 2024, et l'extension d'un contrat d'approvisionnement en gaz de 80 TBtu à Porto Rico. L'usine CELBA de l'entreprise au Brésil est achevée à 88 %. NFE a renforcé sa position financière grâce à une émission de billets garantis senior de 2,7 milliards de dollars, une offre d'actions ordinaires de 400 millions de dollars et des activités de refinancement de la dette au début de 2025.
New Fortress Energy (NFE) hat seine finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht und ein bereinigtes EBITDA von 313 Millionen Dollar im 4. Quartal erzielt (über den Prognosen von 200-220 Millionen Dollar) und 950 Millionen Dollar für das gesamte Jahr 2024 (über den Prognosen von 835-855 Millionen Dollar). Das Unternehmen verzeichnete im 4. Quartal einen Nettoverlust von 224 Millionen Dollar und für das gesamte Jahr einen Verlust von 242 Millionen Dollar, hauptsächlich aufgrund von Kosten für die Umschuldung, einschließlich eines Verlusts von 260 Millionen Dollar im 4. Quartal aufgrund der Schuldentilgung.
Zu den wichtigsten operativen Highlights gehören der Abschluss des Fast LNG-Assets, das seit Anfang 2024 über der Nennkapazität betrieben wird, und die Verlängerung eines 80 TBtu-Gasliefervertrags in Puerto Rico. Die CELBA-Anlage des Unternehmens in Brasilien ist zu 88 % fertiggestellt. NFE hat seine finanzielle Position durch die Emission von vorrangigen gesicherten Anleihen in Höhe von 2,7 Milliarden Dollar, ein Angebot von 400 Millionen Dollar an Stammaktien und anschließende Umschuldungsaktivitäten zu Beginn des Jahres 2025 gestärkt.
- Adjusted EBITDA exceeded guidance in Q4 ($313M vs $200-220M)
- Fast LNG asset operating above nameplate capacity
- Secured 80 TBtu gas supply contract extension in Puerto Rico
- $2.7B refinancing providing $300M additional liquidity
- CELBA plant 88% complete
- Q4 net loss of $224M
- Full-year net loss of $242M
- $260M loss on debt extinguishment in Q4
- Dilution from $400M common equity offering
Insights
New Fortress Energy's Q4 and full-year 2024 results demonstrate operational strength despite bottom-line challenges. The company delivered Adjusted EBITDA of $313 million for Q4, significantly outperforming guidance of $200-220 million. Similarly, full-year Adjusted EBITDA reached $950 million, exceeding the projected $835-855 million range.
However, net losses were substantial at $224 million for Q4 and $242 million for the full year, primarily driven by a $260 million loss on debt extinguishment from refinancing activities. When adjusted for these one-time costs, the company posted more modest positive numbers with Adjusted Net Income of $29 million in Q4 and $101 million for 2024.
NFE's balance sheet restructuring has been substantial, with a $2.7 billion issuance of senior secured notes that refinanced 2025 bonds and two-thirds of outstanding 2026/2029 bonds. This refinancing, combined with their $400 million equity offering in October 2024, strengthened liquidity by approximately $300 million. Further capital activities in early 2025 included $350 million in additional notes in Brazil and a $425 million upsizing of their Term Loan B.
The operational milestone of completing the Fast LNG asset is strategically significant, as this infrastructure secures NFE's supply chain and enhances margin potential. With $966 million in total cash ($493 million unrestricted) as of December 31, NFE appears well-positioned to pursue growth opportunities, particularly in the Brazilian power sector where they're making substantial progress on developments like the 88% complete 624 MW CELBA plant.
The operational achievements in NFE's report signal important infrastructure developments that strengthen their integrated LNG value chain. The completion and commissioning of their Fast LNG asset represents a critical strategic milestone, transitioning from development to operational phase. This asset is already performing above nameplate capacity, indicating strong technical execution and potential for higher-than-projected returns.
In Puerto Rico, the extension of their 80 TBtu island-wide gas supply contract coupled with a restructured incentive arrangement with PREPA (in exchange for a $110 million payment) reinforces NFE's position in this market. The dual strategy of converting existing plants from diesel to LNG creates both environmental benefits and cost efficiencies that align with global energy transition priorities.
The Brazilian expansion demonstrates NFE's ability to execute complex infrastructure projects across multiple geographies. With the CELBA plant at 88% completion, NFE is positioning to capitalize on Brazil's upcoming June power auctions, which represent significant growth opportunities for both brownfield and greenfield gas-to-power plants. This creates multiple revenue pathways – either developing new plants directly or supplying LNG through their terminals to other developers.
The series of financial transactions completed by NFE have effectively extended their debt maturity profile while increasing available liquidity. This strengthened capital structure provides flexibility to pursue their development pipeline without near-term refinancing pressure. The company appears to be transitioning from a heavy development/construction phase toward more stable operations across multiple assets, which should reduce earnings volatility and capital requirements going forward.
Summary Highlights
-
Adjusted EBITDA(1) of
$313 million $950 million -
Net loss of
$224 million $242 million $260 million -
Adjusted Net Income(3) of
$29 million $101 million -
Adjusted EPS(2) of
$0.13 $0.46 -
EPS of
$(1.11) $(1.25) -
Total cash balance of
$966 million $493 million
This has been a strong fourth quarter for the Company as we achieved Adjusted EBITDA of
Our Fast LNG asset has been completed(5) and was placed into service for accounting purposes in December 2024. The liquefier has been operating smoothly and has been routinely producing above nameplate capacity since the start of the year. This significant milestone concludes the development of a cornerstone asset that secures NFE’s LNG supply and enhances the energy security of our downstream customers across the globe. While the asset is in service from an accounting perspective, we will continue to commission the asset, and such costs that enhance the asset will be capitalized on our balance sheet.
We also recently announced the extension of our 80 TBtu island-wide gas supply contract in
In
In Q4 2024, NFE also completed the
In February 2025, we issued additional notes in
Financial Detail
|
Three Months Ended |
|
Year Ended |
||||||||
(in millions, except per share amounts) |
|
September 30, 2024 |
|
December 31, 2024 |
|
December 31, 2024 |
|||||
Revenues |
|
$ |
567.5 |
|
$ |
679.0 |
|
|
$ |
2,364.9 |
|
Net income (loss) |
|
$ |
11.3 |
|
$ |
(223.5 |
) |
|
$ |
(242.4 |
) |
Diluted EPS |
|
$ |
0.03 |
|
$ |
(1.11 |
) |
|
$ |
(1.25 |
) |
Adjusted Net Income(3) |
|
$ |
10.8 |
|
$ |
29.3 |
|
|
$ |
101.2 |
|
Adjusted EPS(2) |
|
$ |
0.05 |
|
$ |
0.13 |
|
|
$ |
0.46 |
|
Terminals and Infrastructure Segment Operating Margin(4) |
|
$ |
184.8 |
|
$ |
206.1 |
|
|
$ |
955.3 |
|
Ships Segment Operating Margin(4) |
|
$ |
34.8 |
|
$ |
34.1 |
|
|
$ |
137.2 |
|
Total Segment Operating Margin(4) |
|
$ |
219.7 |
|
$ |
240.2 |
|
|
$ |
1,092.5 |
|
Adjusted EBITDA(1) |
|
$ |
176.2 |
|
$ |
313.5 |
|
|
$ |
950.0 |
|
Please refer to our Q4 2024 Investor Presentation (the “Presentation”) for further information about the following terms:
1) “Adjusted EBITDA,” see definition and reconciliation of this non-GAAP measure in the exhibits to this press release.
2) “Adjusted EPS” is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to any measure of performance or liquidity derived in accordance with GAAP. We calculate Adjusted EPS as Adjusted Net Income (Note 3 below) divided by the weighted average shares outstanding on a fully diluted basis for the period indicated as reported in our financial statements. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall evaluation of the Company in a manner that is consistent with metrics used for management’s evaluation of the Company’s overall performance. Adjusted EPS does not have a standardized meaning, and different companies may use different definitions. Therefore, this term may not be necessarily comparable to similarly titled measures reported by other companies.
3) “Adjusted Net Income” means Net Income attributable to common stockholders as presented in the relevant Form 10-K or Form 10-Q for the relevant financial period as adjusted by losses on extinguishment of debt, non-cash impairment charges, and gains or losses on disposal of our assets.
4) “Total Segment Operating Margin” is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin, each as reported in our financial statements. Our segment measure also excludes unrealized mark-to-market gains or losses on derivative instruments, certain contract acquisition costs and deferred earnings from contracted sales for which a prepayment has been received.
5) "Completed", “Placed into service” or similar statuses (either capitalized or lower case) with respect to a particular project means we expect gas to be made available in the near future, gas has been made available to the relevant project, or that the relevant project is in full commercial operations. Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational, Completion or Deployment date, and we may not generate any revenue until full commercial operations have begun. We cannot assure you if or when such projects will reach full commercial operation. Our ability to export liquefied natural gas depends on our ability to obtain export and other permits from governmental and regulatory agencies. No assurance can be given that we will receive required permits, approvals and authorizations from governmental and regulatory agencies in connection with the exportation of liquefied natural gas on a timely basis or at all or that, once received, we will be able to maintain in full force and effect, renew or replace such permits, approvals and authorizations.
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 Monday, March 3, 2025 at 5:00 P.M. Eastern Time. The conference call may be accessed by dialing (888) 394-8218 (toll free from within the
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com under the Investors section within “Events & Presentations.” Please allow time prior to the call to visit the site and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “can,” “could,” “should,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “believes,” “schedules,” “progress,” “targets,” “budgets,” “outlook,” “trends,” “forecasts,” “projects,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” or the negative version of those words or other comparable words. These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise any forward-looking statements, even though our situation may change in the future or we may become aware of new or updated information relating to such forward-looking statements. 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 New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.
Exhibits – Financial Statements
Consolidated Statements of Operations For the three months ended September 30, 2024 and December 31, 2024
(Unaudited, in thousands of |
|||||||
|
For the Three Months Ended |
||||||
|
September 30, 2024 |
|
December 31, 2024 |
||||
Revenues |
|
|
|
||||
Total revenues |
|
567,535 |
|
|
|
678,998 |
|
|
|
|
|
||||
Operating expenses |
|
|
|
||||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
325,292 |
|
|
|
288,398 |
|
Vessel operating expenses |
|
8,254 |
|
|
|
8,219 |
|
Operations and maintenance |
|
32,062 |
|
|
|
34,411 |
|
Selling, general and administrative |
|
82,388 |
|
|
|
61,800 |
|
Transaction and integration costs |
|
3,154 |
|
|
|
5,994 |
|
Depreciation and amortization |
|
35,364 |
|
|
|
38,746 |
|
Asset impairment expense |
|
1,484 |
|
|
|
10,738 |
|
Loss on sale of assets, net |
|
— |
|
|
|
422 |
|
Total operating expenses |
|
487,998 |
|
|
|
448,728 |
|
Operating income |
|
79,537 |
|
|
|
230,270 |
|
Interest expense |
|
71,107 |
|
|
|
99,527 |
|
Other (income) expense, net |
|
(5,836 |
) |
|
|
52,447 |
|
Loss on extinguishment of debt, net |
|
— |
|
|
|
260,309 |
|
Income (loss) before income from equity method investments and income taxes |
|
14,266 |
|
|
|
(182,013 |
) |
Tax provision |
|
2,953 |
|
|
|
41,497 |
|
Net income (loss) |
|
11,313 |
|
|
|
(223,510 |
) |
|
|
|
|
||||
Net income (loss) attributable to common stockholders |
$ |
9,299 |
|
|
$ |
(242,139 |
) |
|
|
|
|
||||
Net income (loss) per share – basic |
$ |
0.04 |
|
|
$ |
(1.11 |
) |
Net income (loss) per share – diluted |
$ |
0.03 |
|
|
$ |
(1.11 |
) |
|
|
|
|
||||
Weighted average number of shares outstanding – basic |
|
205,071,771 |
|
|
|
217,581,687 |
|
Weighted average number of shares outstanding – diluted |
|
208,880,044 |
|
|
|
217,581,687 |
|
Adjusted EBITDA
For the three months and year ended December 31, 2024
(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 from operations, net income, 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 our 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 income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, net, other (income) expense, 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, certain non-capitalizable contract acquisition costs plus our pro rata share of Adjusted EBITDA from certain unconsolidated entities, less the impact of equity in earnings (losses) of certain 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 certain unconsolidated entities, minus deferred earnings for which a prepayment was received. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring 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, 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 and diluted earnings per share attributable to New Fortress Energy, which are determined in accordance with GAAP.
The following table sets forth a reconciliation of net income to Adjusted EBITDA for the three months ended September 30, 2024 and December 31, 2024 and the year ended December 31, 2024:
(in thousands) |
|
|
Three Months Ended September 30, 2024 |
|
Three Months Ended December 31, 2024 |
|
Year Ended December 31, 2024 |
||||||
Total Segment Operating Margin |
|
|
$ |
219,654 |
|
|
$ |
240,243 |
|
|
$ |
1,092,508 |
|
Less: Core SG&A (see definition above) |
|
|
|
25,723 |
|
|
|
34,484 |
|
|
|
142,509 |
|
Less: Deferred earnings from contracted sales |
|
|
|
60,000 |
|
|
|
— |
|
|
|
150,000 |
|
Less: Revenue recognized from deferred earnings from cargo sales |
|
|
$ |
(42,273 |
) |
|
$ |
(107,727 |
) |
|
$ |
(150,000 |
) |
Adjusted EBITDA (Non-GAAP) |
|
|
$ |
176,204 |
|
|
$ |
313,486 |
|
|
$ |
949,999 |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Net income (loss) |
|
|
$ |
11,313 |
|
|
$ |
(223,510 |
) |
|
$ |
(242,387 |
) |
Add: Interest expense |
|
|
|
71,107 |
|
|
|
99,527 |
|
|
|
328,377 |
|
Add: Tax provision |
|
|
|
2,953 |
|
|
|
41,497 |
|
|
|
69,509 |
|
Add: Depreciation and amortization |
|
|
|
35,364 |
|
|
|
38,746 |
|
|
|
162,014 |
|
Add: Asset impairment expense |
|
|
|
1,484 |
|
|
|
10,738 |
|
|
|
16,494 |
|
Add: SG&A items excluded from Core SG&A (see definition above) |
|
|
|
56,665 |
|
|
|
27,316 |
|
|
|
143,011 |
|
Add: Transaction and integration costs |
|
|
|
3,154 |
|
|
|
5,994 |
|
|
|
12,279 |
|
Add: Other (income) expense, net |
|
|
|
(5,836 |
) |
|
|
52,447 |
|
|
|
113,077 |
|
Add: Loss on extinguishment of debt, net |
|
|
|
— |
|
|
|
260,309 |
|
|
|
270,063 |
|
Add: Loss on sale of assets, net |
|
|
|
— |
|
|
|
422 |
|
|
|
77,562 |
|
Adjusted EBITDA |
|
|
$ |
176,204 |
|
|
$ |
313,486 |
|
|
$ |
949,999 |
|
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 income, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, asset impairment expense, loss on asset sales, interest expense, other (income) expense, loss on extinguishment of debt, net, (income) loss from equity method investments and tax (benefit) provision. 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.
Year Ended December 31, 2024 |
|||||||||||||||
(in thousands of $) |
Terminals and Infrastructure |
|
Ships |
|
Total Segment |
|
Consolidation and Other |
|
Consolidated |
||||||
Segment Operating Margin |
$ |
955,293 |
|
$ |
137,215 |
|
$ |
1,092,508 |
|
$ |
— |
|
$ |
1,092,508 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
285,520 |
|
||||
Transaction and integration costs |
|
|
|
|
|
|
|
|
|
12,279 |
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
162,014 |
|
||||
Asset impairment expense |
|
|
|
|
|
|
|
|
|
16,494 |
|
||||
Interest expense |
|
|
|
|
|
|
|
|
|
328,377 |
|
||||
Other expense, net |
|
|
|
|
|
|
|
|
|
113,077 |
|
||||
Loss on sale of assets, net |
|
|
|
|
|
|
|
|
|
77,562 |
|
||||
Loss on extinguishment of debt, net |
|
|
|
|
|
|
|
|
|
270,063 |
|
||||
Tax provision |
|
|
|
|
|
|
|
|
|
69,509 |
|
||||
Net loss |
|
|
|
|
|
|
|
|
|
(242,387 |
) |
||||
Three Months Ended December 31, 2024 |
|||||||||||||||
(in thousands of $) |
Terminals and Infrastructure |
|
Ships |
|
Total Segment |
|
Consolidation and Other (1) |
|
Consolidated |
||||||
Segment Operating Margin |
$ |
206,099 |
|
$ |
34,144 |
|
$ |
240,243 |
|
$ |
107,727 |
|
$ |
347,970 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
61,800 |
|
||||
Transaction and integration costs |
|
|
|
|
|
|
|
|
|
5,994 |
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
38,746 |
|
||||
Asset impairment expense |
|
|
|
|
|
|
|
|
|
10,738 |
|
||||
Loss on sale of assets, net |
|
|
|
|
|
|
|
|
|
422 |
|
||||
Interest expense |
|
|
|
|
|
|
|
|
|
99,527 |
|
||||
Other expense, net |
|
|
|
|
|
|
|
|
|
52,447 |
|
||||
Loss on extinguishment of debt, net |
|
|
|
|
|
|
|
|
|
260,309 |
|
||||
Tax provision |
|
|
|
|
|
|
|
|
|
41,497 |
|
||||
Net loss |
|
|
|
|
|
|
|
|
|
(223,510 |
) |
||||
(1) |
Consolidation and Other adjusts for deferred earnings that were included in Terminals and Infrastructure in the prior quarters, but were recognized as revenue during the fourth quarter of 2024. |
Three Months Ended September 30, 2024 |
||||||||||||||||
(in thousands of $) |
Terminals and Infrastructure (1) |
|
Ships |
|
Total Segment |
|
Consolidation and Other (1) |
|
Consolidated |
|||||||
Segment Operating Margin |
$ |
184,846 |
|
$ |
34,808 |
|
$ |
219,654 |
|
$ |
(17,727 |
) |
|
$ |
201,927 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
82,388 |
|
|||||
Transaction and integration costs |
|
|
|
|
|
|
|
|
|
3,154 |
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
35,364 |
|
|||||
Asset impairment expense |
|
|
|
|
|
|
|
|
|
1,484 |
|
|||||
Interest expense |
|
|
|
|
|
|
|
|
|
71,107 |
|
|||||
Other (income), net |
|
|
|
|
|
|
|
|
|
(5,836 |
) |
|||||
Tax (benefit) |
|
|
|
|
|
|
|
|
|
2,953 |
|
|||||
Net income |
|
|
|
|
|
|
|
|
|
11,313 |
|
|||||
(1) |
Terminals and Infrastructure includes deferred earnings from contracted sales that were contracted in the current period, and prepayment for these sales was received. Revenue will be recognized when delivery under these forward sales transactions is completed. Consolidation and Other adjusts for the inclusion of deferred earnings from contracted sales in Total Segment Operating Margin of |
Adjusted Net Income and Adjusted Earnings per Share
(Unaudited, in thousands of
The following table sets forth a reconciliation between net income attributable to common stockholders and earnings per share adjusted for the loss on extinguishment of debt, non-cash impairment charges and losses on disposals of assets.
|
Three months ended September 30, 2024 |
|
Three months ended December 31, 2024 |
|
Year ended December 31, 2024 |
|
Year ended December 31, 2023 |
|||||||
Net income attributable to common stockholders |
$ |
9,299 |
|
$ |
(242,139 |
) |
|
$ |
(270,106 |
) |
|
$ |
547,882 |
|
Loss on extinguishment of debt, net |
|
— |
|
|
260,309 |
|
|
|
270,063 |
|
|
|
— |
|
Non-cash impairment charges, net of tax |
|
1,484 |
|
|
10,738 |
|
|
|
16,494 |
|
|
|
10,958 |
|
Loss (gain) on sale of assets |
|
— |
|
|
422 |
|
|
|
77,562 |
|
|
|
(29,378 |
) |
Loss on disposal of equity method investment |
|
— |
|
|
— |
|
|
|
7,222 |
|
|
|
37,401 |
|
Adjusted net income |
$ |
10,783 |
|
$ |
29,330 |
|
|
$ |
101,235 |
|
|
$ |
566,863 |
|
|
|
|
|
|
|
|
|
|||||||
Weighted-average shares outstanding - diluted |
|
208,880,044 |
|
|
217,581,687 |
|
|
|
218,622,419 |
|
|
|
206,481,977 |
|
|
|
|
|
|
|
|
|
|||||||
Adjusted earnings per share |
$ |
0.05 |
|
$ |
0.13 |
|
|
$ |
0.46 |
|
|
$ |
2.75 |
|
Consolidated Statements of Operations For the years ended December 31, 2024, 2023 and 2022
(Unaudited, in thousands of |
|||||||||||
|
Year Ended December 31, |
||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
||||||
Operating revenue |
$ |
1,698,348 |
|
|
$ |
2,060,212 |
|
|
$ |
1,978,645 |
|
Vessel charter revenue |
|
212,609 |
|
|
|
276,843 |
|
|
|
357,158 |
|
Contract novation income |
|
295,558 |
|
|
|
— |
|
|
|
— |
|
Other revenue |
|
158,345 |
|
|
|
76,241 |
|
|
|
32,469 |
|
Total revenues |
|
2,364,860 |
|
|
|
2,413,296 |
|
|
|
2,368,272 |
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
|
|
|
||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) |
|
1,064,667 |
|
|
|
877,451 |
|
|
|
1,010,428 |
|
Vessel operating expenses |
|
33,372 |
|
|
|
45,439 |
|
|
|
63,518 |
|
Operations and maintenance |
|
174,313 |
|
|
|
166,785 |
|
|
|
105,800 |
|
Selling, general and administrative |
|
285,520 |
|
|
|
205,104 |
|
|
|
236,051 |
|
Transaction and integration costs |
|
12,279 |
|
|
|
6,946 |
|
|
|
21,796 |
|
Depreciation and amortization |
|
162,014 |
|
|
|
187,324 |
|
|
|
142,640 |
|
Asset impairment expense |
|
16,494 |
|
|
|
10,958 |
|
|
|
50,659 |
|
Loss (gain) on sale of assets, net |
|
77,562 |
|
|
|
(29,378 |
) |
|
|
— |
|
Total operating expenses |
|
1,826,221 |
|
|
|
1,470,629 |
|
|
|
1,630,892 |
|
Operating income |
|
538,639 |
|
|
|
942,667 |
|
|
|
737,380 |
|
Interest expense |
|
328,377 |
|
|
|
277,842 |
|
|
|
236,861 |
|
Other expense (income), net |
|
113,077 |
|
|
|
10,408 |
|
|
|
(48,044 |
) |
Loss on extinguishment of debt, net |
|
270,063 |
|
|
|
— |
|
|
|
14,997 |
|
(Loss) income before income from equity method investments and income taxes |
|
(172,878 |
) |
|
|
654,417 |
|
|
|
533,566 |
|
Income (loss) from equity method investments |
|
— |
|
|
|
9,972 |
|
|
|
(472,219 |
) |
Tax provision (benefit) |
|
69,509 |
|
|
|
115,513 |
|
|
|
(123,439 |
) |
Net (loss) income |
|
(242,387 |
) |
|
|
548,876 |
|
|
|
184,786 |
|
|
|
|
|
|
|
||||||
Net (loss) income attributable to common stockholders |
$ |
(270,106 |
) |
|
$ |
547,882 |
|
|
$ |
194,479 |
|
|
|
|
|
|
|
||||||
Net (loss) income per share – basic |
$ |
(1.24 |
) |
|
$ |
2.66 |
|
|
$ |
0.93 |
|
Net (loss) income per share – diluted |
$ |
(1.25 |
) |
|
$ |
2.65 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
||||||
Weighted average number of shares outstanding – basic |
|
217,578,487 |
|
|
|
205,942,837 |
|
|
|
209,501,298 |
|
Weighted average number of shares outstanding – diluted |
|
218,622,419 |
|
|
|
206,481,977 |
|
|
|
209,854,413 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250303992535/en/
Investor Relations:
ir@newfortressenergy.com
Media Relations:
Ben Porritt
press@newfortressenergy.com
(516) 268-7403
Source: New Fortress Energy Inc.
FAQ
What was NFE's Adjusted EBITDA performance in Q4 2024 compared to guidance?
How much net loss did NFE report in Q4 2024 and what caused it?
What major financing activities did NFE complete in Q4 2024?
What is the status of NFE's Fast LNG asset and CELBA plant development?
