NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter of 2022.
Summary Highlights
Financial Highlights
|
Three Months Ended |
||||||||
(in millions, except Average Volumes) |
March 31, 2021 |
|
December 31,
|
|
March 31, 2022 |
||||
Revenues |
$ |
145.7 |
|
|
$ |
648.6 |
|
$ |
505.1 |
Net (loss) income |
$ |
(39.5 |
) |
|
$ |
151.7 |
|
$ |
241.2 |
Terminals and Infrastructure Segment Operating Margin(4) |
$ |
32.8 |
|
|
$ |
278.4 |
|
$ |
211.1 |
Ships Segment Operating Margin(4) |
$ |
— |
|
|
$ |
94.8 |
|
$ |
89.0 |
Total Segment Operating Margin(4) |
$ |
32.8 |
|
|
$ |
373.2 |
|
$ |
300.1 |
Adjusted EBITDA(5) |
$ |
8.6 |
|
|
$ |
334.0 |
|
$ |
257.7 |
Average Volumes (k GPD) |
|
1,440 |
|
|
|
2,881 |
|
|
2,144 |
Please refer to our Q1 2022 Investor Presentation (the “Presentation”) for further information about the following terms:
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 Thursday, May 5, 2022 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE First-Quarter 2022 Earnings Call."
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:00 A.M. Eastern Time on May 5, 2022 through 11:00 A.M. Eastern Time on May 12, 2022 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 4257013.
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, 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
Certain statements contained in this press release constitute “forward-looking statements” including: our expected delivery and sales volumes of LNG and growth goals, including with respect to ability to finalize definitive agreements, cargo optimization, and other drivers; expected needs for LNG supply and demand in the future; expectations regarding ability to construction, complete and commission our projects on time and within budget to derive expected goals and benefits; ability to maintain our expected development timelines; expected or illustrative financial metrics; our ability to finalize and execute definitive agreements with Eni and to fulfill all of the conditions precedent to effectiveness under our HOA; expectations regarding our benefits from our Fast LNG asset and ability to use our current assets for our Fast LNG project; expectations regarding our ability to place our Fast LNG asset into service within our expected timeline; our ability to match our LNG supply and demand profile; our expected needs for LNG supply in the future; our ability to reach FID on our NFE Zero Parks facility; capitalization of NFE Zero Parks; and the implementation and success of our financing alternatives, including any asset sales. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the risk that the volumes we are able to sell are less than we expect due to decreased customer demand or our inability to supply; our ability to successfully benefit from current elevated and volatile commodity market environment; the risk that our development, construction or commissioning of our facilities will take longer than we expect; the risk that we fail to meet internal financial metrics or financial metrics posed by the market on us; the risk that we may not develop our Fast LNG project on the timeline we expect or at all, or that we do not receive the benefits we expect from the Fast LNG project; cyclical or other changes in the demand for and price of LNG and natural gas; the risk that the foregoing or other factors negatively impact our liquidity and our ability to capitalize our projects; and the risk that we may be unable to implement our financing strategy or to effectively leverage our assets. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.
Exhibits – Financial Statements
Condensed Consolidated Statements of Operations
|
|||||||
|
For the Three Months Ended |
||||||
|
December 31, 2021 |
|
March 31, 2022 |
||||
Revenues |
|
|
|
||||
Operating revenue |
$ |
548,395 |
|
|
$ |
400,075 |
|
Vessel charter revenue |
|
87,592 |
|
|
|
92,420 |
|
Other revenue |
|
12,644 |
|
|
|
12,623 |
|
Total revenues |
|
648,631 |
|
|
|
505,118 |
|
|
|
|
|
||||
Operating expenses |
|
|
|
||||
Cost of sales |
|
282,477 |
|
|
|
208,298 |
|
Vessel operating expenses |
|
20,976 |
|
|
|
22,964 |
|
Operations and maintenance |
|
18,356 |
|
|
|
23,168 |
|
Selling, general and administrative |
|
74,927 |
|
|
|
48,041 |
|
Transaction and integration costs |
|
2,107 |
|
|
|
1,901 |
|
Depreciation and amortization |
|
30,297 |
|
|
|
34,290 |
|
Total operating expenses |
|
429,140 |
|
|
|
338,662 |
|
Operating income |
|
219,491 |
|
|
|
166,456 |
|
Interest expense |
|
46,567 |
|
|
|
44,916 |
|
Other (income), net |
|
(3,692 |
) |
|
|
(19,725 |
) |
Loss on extinguishment of debt, net |
|
10,975 |
|
|
|
— |
|
Net income before income / loss from equity method investments and income taxes |
|
165,641 |
|
|
|
141,265 |
|
(Loss) income from equity method investments |
|
(8,515 |
) |
|
|
50,235 |
|
Tax provision (benefit) |
|
5,403 |
|
|
|
(49,681 |
) |
Net income |
|
151,723 |
|
|
|
241,181 |
|
Net income attributable to non-controlling interest |
|
(866 |
) |
|
|
(2,912 |
) |
Net income attributable to stockholders |
$ |
150,857 |
|
|
$ |
238,269 |
|
|
|
|
|
||||
Net income per share – basic |
$ |
0.73 |
|
|
$ |
1.14 |
|
Net income per share – diluted |
$ |
0.72 |
|
|
$ |
1.13 |
|
|
|
|
|
||||
Weighted average number of shares outstanding – basic |
|
207,479,963 |
|
|
|
209,928,070 |
|
Weighted average number of shares outstanding – diluted |
|
210,511,076 |
|
|
|
210,082,295 |
|
Adjusted EBITDA For the three months ended March 31, 2022 (Unaudited, in thousands of U.S. dollars)
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 income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, interest expense (net of interest income), other (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 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/(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 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 3 months ended March, 31, 2021, December 31, 2021 and March 31, 2022:
(in thousands) |
Three Months
|
|
Three Months
2021 |
|
Three Months
|
||||||
Total Segment Operating Margin |
$ |
32,761 |
|
|
$ |
373,150 |
|
|
$ |
300,083 |
|
Less: Core SG&A (see definition above) |
|
24,129 |
|
|
|
38,033 |
|
|
|
40,960 |
|
Less: Pro rata share Core SG&A from unconsolidated entities |
|
— |
|
|
|
1,110 |
|
|
|
1,390 |
|
Adjusted EBITDA |
$ |
8,632 |
|
|
$ |
334,007 |
|
|
$ |
257,733 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Net (loss) income |
$ |
(39,509 |
) |
|
$ |
151,723 |
|
|
$ |
241,181 |
|
Add: Interest expense (net of interest income) |
|
18,680 |
|
|
|
46,567 |
|
|
|
44,916 |
|
Add: Tax provision (benefit) |
|
(877 |
) |
|
|
5,403 |
|
|
|
(49,681 |
) |
Add: Depreciation and amortization |
|
9,890 |
|
|
|
30,297 |
|
|
|
34,290 |
|
Add: SG&A items excluded from Core SG&A (see definition above) |
|
9,488 |
|
|
|
36,894 |
|
|
|
7,081 |
|
Add: Transaction and integration costs |
|
11,564 |
|
|
|
2,107 |
|
|
|
1,901 |
|
Add: Other (income), net |
|
(604 |
) |
|
|
(3,692 |
) |
|
|
(19,725 |
) |
Add: Changes in fair value of non-hedge derivative instruments and contingent consideration |
|
— |
|
|
|
472 |
|
|
|
(2,492 |
) |
Add: Loss on extinguishment of debt, net |
|
— |
|
|
|
10,975 |
|
|
|
— |
|
Add: Pro rata share of Adjusted EBITDA from unconsolidated entities(1) |
|
— |
|
|
|
44,746 |
|
|
|
50,497 |
|
Less: Loss (income) from equity method investments |
|
— |
|
|
|
8,515 |
|
|
|
(50,235 |
) |
Adjusted EBITDA |
$ |
8,632 |
|
|
$ |
334,007 |
|
|
$ |
257,733 |
|
(1) | Includes the Company’s effective share of Adjusted EBITDA of CELSEPAR of $24,173 and $30,207 for the three months ended December 31, 2021 and March 31, 2022 respectively, and the Company’s effective share of the Adjusted EBITDA of Hilli LLC of $20,573 and $20,291 for the three months ended December 31, 2021 and March 31, 2022, respectively. We acquired our investments in CELSEPAR and Hilli in the Mergers in the second quarter of 2021, and accordingly, there is no impact to Adjusted EBITDA in the first quarter of 2021 from these investments. |
|
Segment Operating Margin (Unaudited, in thousands of U.S. dollars)
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 (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 March 31, 2022 |
||||||||||||||||
(in thousands of $) |
Terminals and
|
|
Ships ⁽²⁾ |
|
Total Segment |
|
Consolidation
|
|
Consolidated |
|||||||
Segment Operating Margin |
$ |
211,083 |
|
$ |
89,000 |
|
$ |
300,083 |
|
$ |
(49,395 |
) |
|
$ |
250,688 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
48,041 |
|
|||||
Transaction and integration costs |
|
|
|
|
|
|
|
|
|
1,901 |
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
34,290 |
|
|||||
Interest expense |
|
|
|
|
|
|
|
|
|
44,916 |
|
|||||
Other (income), net |
|
|
|
|
|
|
|
|
|
(19,725 |
) |
|||||
(Income) from equity method investments |
|
|
|
|
|
|
|
|
|
(50,235 |
) |
|||||
Tax (benefit) |
|
|
|
|
|
|
|
|
|
(49,681 |
) |
|||||
Net income |
|
|
|
|
|
|
|
|
$ |
241,181 |
|
(1) | Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of $36,680 for the three months ended March 31, 2022 are reported in (loss) income from equity method investments in the consolidated statements of operations and comprehensive income (loss). Terminals and Infrastructure does not include the unrealized mark-to-market gain on derivative instruments of $2,492 for the three months ended March 31, 2022 reported in Cost of sales. |
|
(2) | Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $13,555 for the three months ended March 31, 2022 are reported in (loss) income from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss). |
|
(3) | Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments. |
|
Three Months Ended December 31, 2021 |
||||||||||||||||
(in thousands of $) |
Terminals and
|
|
Ships ⁽²⁾ |
|
Total
|
|
Consolidation
|
|
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 50% ownership of CELSEPAR. The losses attributable to the investment of $18,580 for the three months ended December 31, 2021 are reported in (loss) income from equity method investments on the condensed consolidated statements of operations and comprehensive income (loss). Terminals and Infrastructure does not include the unrealized mark-to-market loss on derivative instruments of $472 for the three months ended December 31, 2021 reported in Cost of sales. |
|
(2) | Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $10,065 for the three months ended December 31, 2021 are reported in (loss) income from equity method investments on the condensed consolidated statements of operations and comprehensive income (loss). |
|
(3) | Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments. |
|
Three Months Ended March 31, 2021 |
|||||||||||||||
(in thousands of $) |
Terminals and
|
|
Ships |
|
Total
|
|
Consolidation
|
|
Consolidated |
||||||
Segment Operating Margin |
$ |
32,761 |
|
$ |
— |
|
$ |
32,761 |
|
$ |
— |
|
$ |
32,761 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
33,617 |
|
||||
Transaction and integration costs |
|
|
|
|
|
|
|
|
|
11,564 |
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
9,890 |
|
||||
Interest expense |
|
|
|
|
|
|
|
|
|
18,680 |
|
||||
Other (income), net |
|
|
|
|
|
|
|
|
|
(604 |
) |
||||
Loss from equity method investments |
|
|
|
|
|
|
|
|
|
— |
|
||||
Tax provision |
|
|
|
|
|
|
|
|
|
(877 |
) |
||||
Net loss |
|
|
|
|
|
|
|
|
$ |
(39,509 |
) |
||||
Condensed Consolidated Balance Sheets
|
||||||
|
March 31, 2022 |
|
December 31, 2021 |
|||
Assets |
|
|
|
|||
Current assets |
|
|
|
|||
Cash and cash equivalents |
$ |
156,173 |
|
$ |
187,509 |
|
Restricted cash |
|
74,873 |
|
|
68,561 |
|
Receivables, net of allowances of $164 and $164, respectively |
|
238,614 |
|
|
208,499 |
|
Inventory |
|
54,273 |
|
|
37,182 |
|
Prepaid expenses and other current assets, net |
|
82,392 |
|
|
83,115 |
|
Total current assets |
|
606,325 |
|
|
584,866 |
|
|
|
|
|
|||
Restricted cash |
|
7,960 |
|
|
7,960 |
|
Construction in progress |
|
1,238,313 |
|
|
1,043,883 |
|
Property, plant and equipment, net |
|
2,160,025 |
|
|
2,137,936 |
|
Equity method investments |
|
1,327,444 |
|
|
1,182,013 |
|
Right-of-use assets |
|
419,819 |
|
|
309,663 |
|
Intangible assets, net |
|
135,650 |
|
|
142,944 |
|
Finance leases, net |
|
601,953 |
|
|
602,675 |
|
Goodwill |
|
760,135 |
|
|
760,135 |
|
Deferred tax assets, net |
|
6,048 |
|
|
5,999 |
|
Other non-current assets, net |
|
102,136 |
|
|
98,418 |
|
Total assets |
$ |
7,365,808 |
|
$ |
6,876,492 |
|
|
|
|
|
|||
Liabilities |
|
|
|
|||
Current liabilities |
|
|
|
|||
Current portion of long-term debt |
$ |
100,666 |
|
$ |
97,251 |
|
Accounts payable |
|
81,126 |
|
|
68,085 |
|
Accrued liabilities |
|
252,859 |
|
|
244,025 |
|
Current lease liabilities |
|
60,552 |
|
|
47,114 |
|
Other current liabilities |
|
83,128 |
|
|
106,036 |
|
Total current liabilities |
|
578,331 |
|
|
562,511 |
|
|
|
|
|
|||
Long-term debt |
|
3,836,610 |
|
|
3,757,879 |
|
Non-current lease liabilities |
|
336,399 |
|
|
234,060 |
|
Deferred tax liabilities, net |
|
239,060 |
|
|
269,513 |
|
Other long-term liabilities |
|
57,503 |
|
|
58,475 |
|
Total liabilities |
|
5,047,903 |
|
|
4,882,438 |
|
|
|
|
|
|||
Commitments and contingencies |
|
|
|
|||
|
|
|
|
|||
Stockholders’ equity |
|
|
|
|||
Class A common stock, $0.01 par value, 750.0 million shares authorized, 207.5 million issued and outstanding as of March 31, 2022; 206.9 million issued and outstanding as of December 31, 2021 |
|
2,076 |
|
|
2,069 |
|
Additional paid-in capital |
|
1,888,842 |
|
|
1,923,990 |
|
Retained earnings (accumulated deficit) |
|
105,870 |
|
|
(132,399 |
) |
Accumulated other comprehensive income (loss) |
|
116,789 |
|
|
(2,085 |
) |
Total stockholders' equity attributable to NFE |
|
2,113,577 |
|
|
1,791,575 |
|
Non-controlling interest |
|
204,328 |
|
|
202,479 |
|
Total stockholders' equity |
|
2,317,905 |
|
|
1,994,054 |
|
Total liabilities and stockholders' equity |
$ |
7,365,808 |
|
$ |
6,876,492 |
|
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
||||
Operating revenue |
$ |
400,075 |
|
|
$ |
91,196 |
|
Vessel charter revenue |
|
92,420 |
|
|
|
— |
|
Other revenue |
|
12,623 |
|
|
|
54,488 |
|
Total revenues |
|
505,118 |
|
|
|
145,684 |
|
|
|
|
|
||||
Operating expenses |
|
|
|
||||
Cost of sales |
|
208,298 |
|
|
|
96,671 |
|
Vessel operating expenses |
|
22,964 |
|
|
|
— |
|
Operations and maintenance |
|
23,168 |
|
|
|
16,252 |
|
Selling, general and administrative |
|
48,041 |
|
|
|
33,617 |
|
Transaction and integration costs |
|
1,901 |
|
|
|
11,564 |
|
Depreciation and amortization |
|
34,290 |
|
|
|
9,890 |
|
Total operating expenses |
|
338,662 |
|
|
|
167,994 |
|
Operating income (loss) |
|
166,456 |
|
|
|
(22,310 |
) |
Interest expense |
|
44,916 |
|
|
|
18,680 |
|
Other (income), net |
|
(19,725 |
) |
|
|
(604 |
) |
Net income (loss) before income from equity method investments and income taxes |
|
141,265 |
|
|
|
(40,386 |
) |
Income from equity method investments |
|
50,235 |
|
|
|
— |
|
Tax benefit |
|
(49,681 |
) |
|
|
(877 |
) |
Net income (loss) |
|
241,181 |
|
|
|
(39,509 |
) |
Net (income) loss attributable to non-controlling interest |
|
(2,912 |
) |
|
|
1,606 |
|
Net income (loss) attributable to stockholders |
$ |
238,269 |
|
|
$ |
(37,903 |
) |
|
|
|
|
||||
Net income (loss) per share – basic |
$ |
1.14 |
|
|
$ |
(0.21 |
) |
Net income (loss) per share – diluted |
$ |
1.13 |
|
|
$ |
(0.21 |
) |
|
|
|
|
||||
Weighted average number of shares outstanding – basic |
|
209,928,070 |
|
|
|
176,500,576 |
|
Weighted average number of shares outstanding – diluted |
|
210,082,295 |
|
|
|
176,500,576 |
|
|
|
|
|
||||
Other comprehensive income (loss): |
|
|
|
||||
Net income (loss) |
$ |
241,181 |
|
|
$ |
(39,509 |
) |
Currency translation adjustment |
|
120,830 |
|
|
|
(997 |
) |
Comprehensive income (loss) |
|
362,011 |
|
|
|
(40,506 |
) |
Comprehensive loss (income) attributable to non-controlling interest |
|
(4,868 |
) |
|
|
2,480 |
|
Comprehensive income (loss) attributable to stockholders |
$ |
357,143 |
|
|
$ |
(38,026 |
) |
Condensed Consolidated Statements of Cash Flows
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
||||
Net income (loss) |
$ |
241,181 |
|
|
$ |
(39,509 |
) |
Adjustments for: |
|
|
|
||||
Amortization of deferred financing costs and debt guarantee, net |
|
3,424 |
|
|
|
400 |
|
Depreciation and amortization |
|
34,852 |
|
|
|
10,160 |
|
(Earnings) of equity method investees |
|
(50,235 |
) |
|
|
— |
|
Drydocking expenditure |
|
(2,454 |
) |
|
|
— |
|
Dividends received from equity method investees |
|
7,609 |
|
|
|
— |
|
Change in market value of derivatives |
|
(24,855 |
) |
|
|
— |
|
Deferred taxes |
|
(58,769 |
) |
|
|
(1,412 |
) |
Share-based compensation |
|
880 |
|
|
|
1,770 |
|
Other |
|
997 |
|
|
|
393 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
(Increase) in receivables |
|
(58,462 |
) |
|
|
(19,223 |
) |
(Increase) in inventories |
|
(18,617 |
) |
|
|
(5,171 |
) |
(Increase) in other assets |
|
(15,440 |
) |
|
|
(36,943 |
) |
Decrease in right-of-use assets |
|
17,016 |
|
|
|
9,772 |
|
Increase (Decrease) in accounts payable/accrued liabilities |
|
68,520 |
|
|
|
(22,399 |
) |
Increase in amounts due to affiliates |
|
2,035 |
|
|
|
1,879 |
|
(Decrease) in lease liabilities |
|
(11,773 |
) |
|
|
(10,584 |
) |
(Decrease) in other liabilities |
|
(21,527 |
) |
|
|
(1,119 |
) |
Net cash provided by (used in) operating activities |
|
114,382 |
|
|
|
(111,986 |
) |
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Capital expenditures |
|
(189,221 |
) |
|
|
(80,810 |
) |
Entities acquired in asset acquisitions, net of cash acquired |
|
— |
|
|
|
(8,817 |
) |
Other investing activities |
|
— |
|
|
|
(630 |
) |
Net cash (used in) investing activities |
|
(189,221 |
) |
|
|
(90,257 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Proceeds from borrowings of debt |
|
200,836 |
|
|
|
— |
|
Payment of deferred financing costs |
|
(3,504 |
) |
|
|
(670 |
) |
Repayment of debt |
|
(123,669 |
) |
|
|
— |
|
Payments related to tax withholdings for share-based compensation |
|
(13,054 |
) |
|
|
(29,564 |
) |
Payment of dividends |
|
(23,773 |
) |
|
|
(17,657 |
) |
Net cash provided by financing activities |
|
36,836 |
|
|
|
(47,891 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
12,979 |
|
|
|
— |
|
Net (decrease) in cash, cash equivalents and restricted cash |
|
(25,024 |
) |
|
|
(250,134 |
) |
Cash, cash equivalents and restricted cash – beginning of period |
|
264,030 |
|
|
|
629,336 |
|
Cash, cash equivalents and restricted cash – end of period |
$ |
239,006 |
|
|
$ |
379,202 |
|
|
|
|
|
||||
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 |
$ |
19,838 |
|
|
$ |
26,311 |
|
Liabilities associated with consideration paid for entities acquired in asset acquisitions |
|
— |
|
|
|
11,845 |
|
НЬЮ-ЙОРК - (ДЕЛОВАЯ ТЕЛЕГРАММА) -New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” или “Компания”) сегодня сообщила о своих финансовых результатах за первый квартал 2022 года.
Краткие основные моменты
Основные финансовые показатели
|
Three Months Ended |
||||||||
(in millions, except Average Volumes) |
March 31, 2021 |
|
December 31,
|
|
March 31, 2022 |
||||
Revenues |
$ |
145.7 |
|
|
$ |
648.6 |
|
$ |
505.1 |
Net (loss) income |
$ |
(39.5 |
) |
|
$ |
151.7 |
|
$ |
241.2 |
Terminals and Infrastructure Segment Operating Margin(4) |
$ |
32.8 |
|
|
$ |
278.4 |
|
$ |
211.1 |
Ships Segment Operating Margin(4) |
$ |
— |
|
|
$ |
94.8 |
|
$ |
89.0 |
Total Segment Operating Margin(4) |
$ |
32.8 |
|
|
$ |
373.2 |
|
$ |
300.1 |
Adjusted EBITDA(5) |
$ |
8.6 |
|
|
$ |
334.0 |
|
$ |
257.7 |
Average Volumes (k GPD) |
|
1,440 |
|
|
|
2,881 |
|
|
2,144 |
Пожалуйста, ознакомьтесь с нашей Презентацией для инвесторов за 1 квартал 2022 года (“Презентация”) для получения дополнительной информации о следующих условиях:
дополнительная информация
Для получения дополнительной информации, которую руководство считает полезной для инвесторов, пожалуйста, обратитесь к презентации, размещенной в разделе "Инвесторы" на веб-сайте New Fortress Energy, www.newfortressenergy.com , а также самый последний Годовой отчет Компании по форме 10-K, который доступен на веб-сайте Компании. Ничто на нашем веб-сайте не включено или не включено в настоящий документ путем ссылки.
Конференц-связь по доходам
Руководство проведет селекторное совещание в четверг, 5 мая 2022 года, в 8:00 утра по восточному времени. К конференц-звонку можно подключиться, набрав (866) 953-0778 (из США) или (630) 652-5853 (из-за пределов США) за пятнадцать минут до запланированного начала звонка; пожалуйста, обратитесь к “Звонку о доходах NFE за первый квартал 2022 года".
Одновременная веб-трансляция телефонной конференции будет доступна для общественности только для прослушивания по адресу www.newfortressenergy.com . Пожалуйста, выделите дополнительное время перед звонком, чтобы посетить веб-сайт и загрузить любое необходимое программное обеспечение, необходимое для прослушивания интернет-трансляции.
Повтор телефонной конференции будет доступен после 11:00 утра по восточному времени 5 мая 2022 года до 11:00 утра по восточному времени 12 мая 2022 года по телефону (855) 859-2056 (из США) или (404) 537-3406 (из-за пределов США), Код доступа: 4257013.
О компании New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) - глобальная энергетическая инфраструктурная компания, основанная с целью помочь решить проблему энергетической бедности и ускорить переход мира к надежной, доступной и чистой энергии. Компания владеет и управляет инфраструктурой природного газа и сжиженного природного газа (СПГ), судами и логистическими активами для быстрой доставки готовых энергетических решений на мировые рынки. В совокупности активы и операции компании укрепляют глобальную энергетическую безопасность, обеспечивают экономический рост, повышают заботу об окружающей среде и преобразуют местные отрасли и сообщества по всему миру.
Предостерегающее Заявление В Отношении Прогнозных Заявлений
Некоторые заявления, содержащиеся в этом пресс-релизе, представляют собой “заявления о перспективах”, в том числе: наши ожидаемые объемы поставок и продаж СПГ и цели роста, в том числе в отношении возможности заключения окончательных соглашений, оптимизации грузоперевозок и других факторов; ожидаемые потребности в поставках и спросе на СПГ в будущем; ожидания относительно способности строительство, завершение и ввод в эксплуатацию наших проектов в срок и в рамках бюджета для достижения ожидаемых целей и выгод; способность поддерживать наши ожидаемые сроки разработки; ожидаемые или наглядные финансовые показатели; наша способность завершать и выполнять окончательные соглашения с Eni и выполнять все условия, предшествующие эффективности в рамках нашего ТСЖ; ожидания относительно наших преимущества нашего актива Fast LNG и возможность использовать наши текущие активы для нашего проекта Fast LNG; ожидания относительно нашей способности ввести в эксплуатацию наш актив Fast LNG в ожидаемые сроки; наша способность соответствовать нашему профилю спроса и предложения на СПГ; наши ожидаемые потребности в поставках СПГ в будущем; наша способность достижение FID по нашему фонду NFE Zero Parks; капитализация NFE Zero Parks; а также реализация и успех наших альтернативных вариантов финансирования, включая любые продажи активов. Вы можете идентифицировать эти прогнозные заявления с помощью прогнозных слов, таких как “ожидает”, “может”, “будет”, “приблизительно”, “прогнозирует”, “намеревается”, “планирует”, “оценивает”, “ожидает”, или негативная версия этих слова или другие сопоставимые слова. Эти прогнозные заявления отражают ожидания или убеждения Компании относительно будущих событий, и вполне возможно, что результаты, описанные в данном пресс-релизе, не будут достигнуты. Эти прогнозные заявления подвержены рискам, неопределенностям и другим факторам, многие из которых находятся вне контроля Компании, что может привести к тому, что фактические результаты будут существенно отличаться от результатов, обсуждаемых в прогнозных заявлениях. Факторы, которые могут вызвать или способствовать таким различиям, включают, но не ограничиваются ими: риск того, что объемы, которые мы можем продать, меньше, чем мы ожидаем, из-за снижения потребительского спроса или нашей неспособности обеспечить поставки; наша способность успешно извлекать выгоду из текущей повышенной и нестабильной конъюнктуры сырьевого рынка; риск того, что наша разработка, строительство или ввод в эксплуатацию наших объектов займет больше времени, чем мы ожидаем; риск того, что мы не сможем выполнить внутренние финансовые показатели или финансовые показатели, которые ставит перед нами рынок; риск того, что мы можем не развивать наш проект Fast LNG в ожидаемые сроки или вообще, или что мы делаем не получить выгоды, которые мы ожидаем от проекта Fast LNG; циклические или другие изменения спроса и цен на СПГ и природный газ; риск того, что вышеуказанные или другие факторы негативно повлияют на нашу ликвидность и нашу способность капитализировать наши проекты; и риск того, что мы можем быть не в состоянии реализовать наше финансирование стратегии или для эффективного использования наших активов. Соответственно, читатели не должны чрезмерно полагаться на прогнозные заявления в качестве прогноза фактических результатов.
Любое прогнозное заявление действует только на дату, на которую оно сделано, и, за исключением случаев, предусмотренных законом, Компания не берет на себя никаких обязательств по обновлению или пересмотру любого прогнозного заявления, будь то в результате новой информации, будущих событий или иным образом. Время от времени появляются новые факторы, и Компания не может предсказать все такие факторы. При рассмотрении этих прогнозных заявлений вам следует иметь в виду факторы риска и другие предостерегающие заявления, включенные в годовые и квартальные отчеты Компании, поданные в SEC, которые могут привести к тому, что ее фактические результаты будут существенно отличаться от тех, которые содержатся в любом прогнозном заявлении.
Экспонаты – Финансовые отчеты
Condensed Consolidated Statements of Operations
|
|||||||
|
For the Three Months Ended |
||||||
|
December 31, 2021 |
|
March 31, 2022 |
||||
Revenues |
|
|
|
||||
Operating revenue |
$ |
548,395 |
|
|
$ |
400,075 |
|
Vessel charter revenue |
|
87,592 |
|
|
|
92,420 |
|
Other revenue |
|
12,644 |
|
|
|
12,623 |
|
Total revenues |
|
648,631 |
|
|
|
505,118 |
|
|
|
|
|
||||
Operating expenses |
|
|
|
||||
Cost of sales |
|
282,477 |
|
|
|
208,298 |
|
Vessel operating expenses |
|
20,976 |
|
|
|
22,964 |
|
Operations and maintenance |
|
18,356 |
|
|
|
23,168 |
|
Selling, general and administrative |
|
74,927 |
|
|
|
48,041 |
|
Transaction and integration costs |
|
2,107 |
|
|
|
1,901 |
|
Depreciation and amortization |
|
30,297 |
|
|
|
34,290 |
|
Total operating expenses |
|
429,140 |
|
|
|
338,662 |
|
Operating income |
|
219,491 |
|
|
|
166,456 |
|
Interest expense |
|
46,567 |
|
|
|
44,916 |
|
Other (income), net |
|
(3,692 |
) |
|
|
(19,725 |
) |
Loss on extinguishment of debt, net |
|
10,975 |
|
|
|
— |
|
Net income before income / loss from equity method investments and income taxes |
|
165,641 |
|
|
|
141,265 |
|
(Loss) income from equity method investments |
|
(8,515 |
) |
|
|
50,235 |
|
Tax provision (benefit) |
|
5,403 |
|
|
|
(49,681 |
) |
Net income |
|
151,723 |
|
|
|
241,181 |
|
Net income attributable to non-controlling interest |
|
(866 |
) |
|
|
(2,912 |
) |
Net income attributable to stockholders |
$ |
150,857 |
|
|
$ |
238,269 |
|
|
|
|
|
||||
Net income per share – basic |
$ |
0.73 |
|
|
$ |
1.14 |
|
Net income per share – diluted |
$ |
0.72 |
|
|
$ |
1.13 |
|
|
|
|
|
||||
Weighted average number of shares outstanding – basic |
|
207,479,963 |
|
|
|
209,928,070 |
|
Weighted average number of shares outstanding – diluted |
|
210,511,076 |
|
|
|
210,082,295 |
|
Скорректированный показатель EBITDA За три месяца, закончившихся 31 марта 2022 г. (Неаудировано, в тысячах долларов США)
Скорректированный показатель EBITDA не является показателем финансовых результатов в соответствии с GAAP и не должен рассматриваться отдельно или в качестве альтернативы доходу/(убытку) от операций, чистому доходу/(убытку), денежному потоку от операционной деятельности или любому другому показателю эффективности или ликвидности, полученному в соответствии с GAAP. Мы считаем, что этот показатель, не относящийся к GAAP, как мы его определили, дает полезное дополнительное представление об общем функционировании нашего бизнеса при оценке эффективности наших текущих операционных показателей таким образом, который согласуется с показателями, используемыми руководством для оценки общей эффективности Компании и для компенсации сотрудникам. Мы считаем, что скорректированный показатель EBITDA широко используется инвесторами для оценки операционной деятельности компании без учета таких статей, как процентные расходы, налоги, амортизация и амортизация, которые существенно различаются от компании к компании в зависимости от структуры капитала, метода приобретения активов и политики амортизации. Кроме того, мы исключаем некоторые статьи из нашего SG & A, которые иным образом не указывают на текущие операционные показатели.
Мы рассчитываем скорректированную EBITDA как чистую прибыль, плюс затраты на транзакцию и интеграцию, расходы на расторжение контракта и убытки от продаж по смягчению последствий, износ и амортизацию, процентные расходы (за вычетом процентных доходов), прочие (доходы), нетто, убыток от погашения долга, изменения справедливой стоимости производных инструментов, не связанных с хеджированием, и условное возмещение, налоговые расходы и корректировка по определенным статьям нашего SG & A, которые иным образом не указывают на текущие операционные показатели, включая неденежную компенсацию на основе акций и расходы на выходное пособие, некапитализируемые расходы на развитие, затраты на поиск новых возможностей для бизнеса и расходы, связанные с изменениями в нашей корпоративной структуре, а также наши пропорциональная доля скорректированной EBITDA неконсолидированных компаний за вычетом влияния собственного капитала на прибыль (убытки) неконсолидированных компаний.
Скорректированный показатель EBITDA математически эквивалентен нашей Общей Операционной марже по сегментам, как указано в раскрытии информации по сегментам в нашей финансовой отчетности, за вычетом основных затрат и расходов, включая нашу пропорциональную долю в таких расходах неконсолидированных компаний. Основные доходы и расходы определяются как общие доходы и расходы, скорректированные с учетом неденежных компенсаций на основе акций и выходных пособий, некапитализируемых расходов на развитие, затрат на изучение новых возможностей для бизнеса и расходов, связанных с изменениями в нашей корпоративной структуре. Основные SG & A исключают определенные статьи из наших SG & A, которые иным образом не указывают на текущие операционные показатели.
Основным ограничением этого показателя, не связанного с GAAP, является то, что он исключает значительные расходы и доходы, которые согласно GAAP должны быть отражены в нашей финансовой отчетности. Инвесторам рекомендуется пересмотреть соответствующие финансовые показатели по ОПБУ и сверить финансовые показатели, не относящиеся к ОПБУ, с нашей чистой прибылью/(убытком) по ОПБУ, а не полагаться на какой-либо отдельный финансовый показатель для оценки нашего бизнеса. Скорректированный показатель EBITDA не имеет стандартизированного значения, и разные компании могут использовать разные определения скорректированного показателя EBITDA. Таким образом, скорректированная EBITDA не обязательно может быть сопоставима с аналогичными показателями, представленными другими компаниями. Более того, наше определение скорректированной EBITDA может не обязательно совпадать с тем, которое мы используем для целей установления соответствия условиям наших соглашений о финансировании или для других целей. Скорректированный показатель EBITDA не следует рассматривать как альтернативу чистой прибыли (убытку) и разводненной прибыли (убытку) на акцию, относящимся к New Fortress Energy, которые определяются в соответствии с GAAP.
В следующей таблице представлена сверка чистой прибыли с скорректированной EBITDA за 3 месяца, закончившихся 31 марта 2021 года, 31 декабря 2021 года и 31 марта 2022 года:
(in thousands) |
Three Months
|
|
Three Months
2021 |
|
Three Months
|
||||||
Total Segment Operating Margin |
$ |
32,761 |
|
|
$ |
373,150 |
|
|
$ |
300,083 |
|
Less: Core SG&A (see definition above) |
|
24,129 |
|
|
|
38,033 |
|
|
|
40,960 |
|
Less: Pro rata share Core SG&A from unconsolidated entities |
|
— |
|
|
|
1,110 |
|
|
|
1,390 |
|
Adjusted EBITDA |
$ |
8,632 |
|
|
$ |
334,007 |
|
|
$ |
257,733 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Net (loss) income |
$ |
(39,509 |
) |
|
$ |
151,723 |
|
|
$ |
241,181 |
|
Add: Interest expense (net of interest income) |
|
18,680 |
|
|
|
46,567 |
|
|
|
44,916 |
|
Add: Tax provision (benefit) |
|
(877 |
) |
|
|
5,403 |
|
|
|
(49,681 |
) |
Add: Depreciation and amortization |
|
9,890 |
|
|
|
30,297 |
|
|
|
34,290 |
|
Add: SG&A items excluded from Core SG&A (see definition above) |
|
9,488 |
|
|
|
36,894 |
|
|
|
7,081 |
|
Add: Transaction and integration costs |
|
11,564 |
|
|
|
2,107 |
|
|
|
1,901 |
|
Add: Other (income), net |
|
(604 |
) |
|
|
(3,692 |
) |
|
|
(19,725 |
) |
Add: Changes in fair value of non-hedge derivative instruments and contingent consideration |
|
— |
|
|
|
472 |
|
|
|
(2,492 |
) |
Add: Loss on extinguishment of debt, net |
|
— |
|
|
|
10,975 |
|
|
|
— |
|
Add: Pro rata share of Adjusted EBITDA from unconsolidated entities(1) |
|
— |
|
|
|
44,746 |
|
|
|
50,497 |
|
Less: Loss (income) from equity method investments |
|
— |
|
|
|
8,515 |
|
|
|
(50,235 |
) |
Adjusted EBITDA |
$ |
8,632 |
|
|
$ |
334,007 |
|
|
$ |
257,733 |
|
(1) | Includes the Company’s effective share of Adjusted EBITDA of CELSEPAR of $24,173 and $30,207 for the three months ended December 31, 2021 and March 31, 2022 respectively, and the Company’s effective share of the Adjusted EBITDA of Hilli LLC of $20,573 and $20,291 for the three months ended December 31, 2021 and March 31, 2022, respectively. We acquired our investments in CELSEPAR and Hilli in the Mergers in the second quarter of 2021, and accordingly, there is no impact to Adjusted EBITDA in the first quarter of 2021 from these investments. |
|
Операционная маржа Сегмента (Неаудировано, в тысячах долларов США)
Производительность наших двух сегментов - Терминалов, Инфраструктуры и Судов - оценивается на основе операционной рентабельности сегмента. Операционная маржа сегмента сверяется с Консолидированной Операционной маржей Сегмента, как показано ниже, что является показателем, не относящимся к GAAP. Мы определяем Операционную маржу Консолидированного сегмента как чистую прибыль (убыток) по GAAP, скорректированную с учетом продаж, общих и административных расходов, затрат на транзакции и интеграцию, расходов на расторжение контракта и убытков от продаж по смягчению последствий, износа и амортизации, процентных расходов, прочих (доходов) расходов, убытков от погашения долга, нетто, доходов от инвестиции по методу долевого участия и налоговые расходы. Операционная маржа Консолидированного сегмента математически эквивалентна Выручке минус Себестоимость продаж минус Операции и техническое обслуживание минус эксплуатационные расходы судна, каждая из которых отражена в нашей финансовой отчетности.
Three Months Ended March 31, 2022 |
||||||||||||||||
(in thousands of $) |
Terminals and
|
|
Ships ⁽²⁾ |
|
Total Segment |
|
Consolidation
|
|
Consolidated |
|||||||
Segment Operating Margin |
$ |
211,083 |
|
$ |
89,000 |
|
$ |
300,083 |
|
$ |
(49,395 |
) |
|
$ |
250,688 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
48,041 |
|
|||||
Transaction and integration costs |
|
|
|
|
|
|
|
|
|
1,901 |
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
34,290 |
|
|||||
Interest expense |
|
|
|
|
|
|
|
|
|
44,916 |
|
|||||
Other (income), net |
|
|
|
|
|
|
|
|
|
(19,725 |
) |
|||||
(Income) from equity method investments |
|
|
|
|
|
|
|
|
|
(50,235 |
) |
|||||
Tax (benefit) |
|
|
|
|
|
|
|
|
|
(49,681 |
) |
|||||
Net income |
|
|
|
|
|
|
|
|
$ |
241,181 |
|
(1) | Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of $36,680 for the three months ended March 31, 2022 are reported in (loss) income from equity method investments in the consolidated statements of operations and comprehensive income (loss). Terminals and Infrastructure does not include the unrealized mark-to-market gain on derivative instruments of $2,492 for the three months ended March 31, 2022 reported in Cost of sales. |
|
(2) | Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $13,555 for the three months ended March 31, 2022 are reported in (loss) income from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss). |
|
(3) | Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments. |
|
Three Months Ended December 31, 2021 |
||||||||||||||||
(in thousands of $) |
Terminals and
|
|
Ships ⁽²⁾ |
|
Total
|
|
Consolidation
|
|
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 50% ownership of CELSEPAR. The losses attributable to the investment of $18,580 for the three months ended December 31, 2021 are reported in (loss) income from equity method investments on the condensed consolidated statements of operations and comprehensive income (loss). Terminals and Infrastructure does not include the unrealized mark-to-market loss on derivative instruments of $472 for the three months ended December 31, 2021 reported in Cost of sales. |
|
(2) | Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $10,065 for the three months ended December 31, 2021 are reported in (loss) income from equity method investments on the condensed consolidated statements of operations and comprehensive income (loss). |
|
(3) | Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derivative instruments. |
|
Three Months Ended March 31, 2021 |
|||||||||||||||
(in thousands of $) |
Terminals and
|
|
Ships |
|
Total
|
|
Consolidation
|
|
Consolidated |
||||||
Segment Operating Margin |
$ |
32,761 |
|
$ |
— |
|
$ |
32,761 |
|
$ |
— |
|
$ |
32,761 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
33,617 |
|
||||
Transaction and integration costs |
|
|
|
|
|
|
|
|
|
11,564 |
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
9,890 |
|
||||
Interest expense |
|
|
|
|
|
|
|
|
|
18,680 |
|
||||
Other (income), net |
|
|
|
|
|
|
|
|
|
(604 |
) |
||||
Loss from equity method investments |
|
|
|
|
|
|
|
|
|
— |
|
||||
Tax provision |
|
|
|
|
|
|
|
|
|
(877 |
) |
||||
Net loss |
|
|
|
|
|
|
|
|
$ |
(39,509 |
) |
||||
Condensed Consolidated Balance Sheets
|
||||||
|
March 31, 2022 |
|
December 31, 2021 |
|||
Assets |
|
|
|
|||
Current assets |
|
|
|
|||
Cash and cash equivalents |
$ |
156,173 |
|
$ |
187,509 |
|
Restricted cash |
|
74,873 |
|
|
68,561 |
|
Receivables, net of allowances of $164 and $164, respectively |
|
238,614 |
|
|
208,499 |
|
Inventory |
|
54,273 |
|
|
37,182 |
|
Prepaid expenses and other current assets, net |
|
82,392 |
|
|
83,115 |
|
Total current assets |
|
606,325 |
|
|
584,866 |
|
|
|
|
|
|||
Restricted cash |
|
7,960 |
|
|
7,960 |
|
Construction in progress |
|
1,238,313 |
|
|
1,043,883 |
|
Property, plant and equipment, net |
|
2,160,025 |
|
|
2,137,936 |
|
Equity method investments |
|
1,327,444 |
|
|
1,182,013 |
|
Right-of-use assets |
|
419,819 |
|
|
309,663 |
|
Intangible assets, net |
|
135,650 |
|
|
142,944 |
|
Finance leases, net |
|
601,953 |
|
|
602,675 |
|
Goodwill |
|
760,135 |
|
|
760,135 |
|
Deferred tax assets, net |
|
6,048 |
|
|
5,999 |
|
Other non-current assets, net |
|
102,136 |
|
|
98,418 |
|
Total assets |
$ |
7,365,808 |
|
$ |
6,876,492 |
|
|
|
|
|
|||
Liabilities |
|
|
|
|||
Current liabilities |
|
|
|
|||
Current portion of long-term debt |
$ |
100,666 |
|
$ |
97,251 |
|
Accounts payable |
|
81,126 |
|
|
68,085 |
|
Accrued liabilities |
|
252,859 |
|
|
244,025 |
|
Current lease liabilities |
|
60,552 |
|
|
47,114 |
|
Other current liabilities |
|
83,128 |
|
|
106,036 |
|
Total current liabilities |
|
578,331 |
|
|
562,511 |
|
|
|
|
|
|||
Long-term debt |
|
3,836,610 |
|
|
3,757,879 |
|
Non-current lease liabilities |
|
336,399 |
|
|
234,060 |
|
Deferred tax liabilities, net |
|
239,060 |
|
|
269,513 |
|
Other long-term liabilities |
|
57,503 |
|
|
58,475 |
|
Total liabilities |
|
5,047,903 |
|
|
4,882,438 |
|
|
|
|
|
|||
Commitments and contingencies |
|
|
|
|||
|
|
|
|
|||
Stockholders’ equity |
|
|
|
|||
Class A common stock, $0.01 par value, 750.0 million shares authorized, 207.5 million issued and outstanding as of March 31, 2022; 206.9 million issued and outstanding as of December 31, 2021 |
|
2,076 |
|
|
2,069 |
|
Additional paid-in capital |
|
1,888,842 |
|
|
1,923,990 |
|
Retained earnings (accumulated deficit) |
|
105,870 |
|
|
(132,399 |
) |
Accumulated other comprehensive income (loss) |
|
116,789 |
|
|
(2,085 |
) |
Total stockholders' equity attributable to NFE |
|
2,113,577 |
|
|
1,791,575 |
|
Non-controlling interest |
|
204,328 |
|
|
202,479 |
|
Total stockholders' equity |
|
2,317,905 |
|
|
1,994,054 |
|
Total liabilities and stockholders' equity |
$ |
7,365,808 |
|
$ |
6,876,492 |
|
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
||||
Operating revenue |
$ |
400,075 |
|
|
$ |
91,196 |
|
Vessel charter revenue |
|
92,420 |
|
|
|
— |
|
Other revenue |
|
12,623 |
|
|
|
54,488 |
|
Total revenues |
|
505,118 |
|
|
|
145,684 |
|
|
|
|
|
||||
Operating expenses |
|
|
|
||||
Cost of sales |
|
208,298 |
|
|
|
96,671 |
|
Vessel operating expenses |
|
22,964 |
|
|
|
— |
|
Operations and maintenance |
|
23,168 |
|
|
|
16,252 |
|
Selling, general and administrative |
|
48,041 |
|
|
|
33,617 |
|
Transaction and integration costs |
|
1,901 |
|
|
|
11,564 |
|
Depreciation and amortization |
|
34,290 |
|
|
|
9,890 |
|
Total operating expenses |
|
338,662 |
|
|
|
167,994 |
|
Operating income (loss) |
|
166,456 |
|
|
|
(22,310 |
) |
Interest expense |
|
44,916 |
|
|
|
18,680 |
|
Other (income), net |
|
(19,725 |
) |
|
|
(604 |
) |
Net income (loss) before income from equity method investments and income taxes |
|
141,265 |
|
|
|
(40,386 |
) |
Income from equity method investments |
|
50,235 |
|
|
|
— |
|
Tax benefit |
|
(49,681 |
) |
|
|
(877 |
) |
Net income (loss) |
|
241,181 |
|
|
|
(39,509 |
) |
Net (income) loss attributable to non-controlling interest |
|
(2,912 |
) |
|
|
1,606 |
|
Net income (loss) attributable to stockholders |
$ |
238,269 |
|
|
$ |
(37,903 |
) |
|
|
|
|
||||
Net income (loss) per share – basic |
$ |
1.14 |
|
|
$ |
(0.21 |
) |
Net income (loss) per share – diluted |
$ |
1.13 |
|
|
$ |
(0.21 |
) |
|
|
|
|
||||
Weighted average number of shares outstanding – basic |
|
209,928,070 |
|
|
|
176,500,576 |
|
Weighted average number of shares outstanding – diluted |
|
210,082,295 |
|
|
|
176,500,576 |
|
|
|
|
|
||||
Other comprehensive income (loss): |
|
|
|
||||
Net income (loss) |
$ |
241,181 |
|
|
$ |
(39,509 |
) |
Currency translation adjustment |
|
120,830 |
|
|
|
(997 |
) |
Comprehensive income (loss) |
|
362,011 |
|
|
|
(40,506 |
) |
Comprehensive loss (income) attributable to non-controlling interest |
|
(4,868 |
) |
|
|
2,480 |
|
Comprehensive income (loss) attributable to stockholders |
$ |
357,143 |
|
|
$ |
(38,026 |
) |
Condensed Consolidated Statements of Cash Flows
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
||||
Net income (loss) |
$ |
241,181 |
|
|
$ |
(39,509 |
) |
Adjustments for: |
|
|
|
||||
Amortization of deferred financing costs and debt guarantee, net |
|
3,424 |
|
|
|
400 |
|
Depreciation and amortization |
|
34,852 |
|
|
|
10,160 |
|
(Earnings) of equity method investees |
|
(50,235 |
) |
|
|
— |
|
Drydocking expenditure |
|
(2,454 |
) |
|
|
— |
|
Dividends received from equity method investees |
|
7,609 |
|
|
|
— |
|
Change in market value of derivatives |
|
(24,855 |
) |
|
|
— |
|
Deferred taxes |
|
(58,769 |
) |
|
|
(1,412 |
) |
Share-based compensation |
|
880 |
|
|
|
1,770 |
|
Other |
|
997 |
|
|
|
393 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
(Increase) in receivables |
|
(58,462 |
) |
|
|
(19,223 |
) |
(Increase) in inventories |
|
(18,617 |
) |
|
|
(5,171 |
) |
(Increase) in other assets |
|
(15,440 |
) |
|
|
(36,943 |
) |
Decrease in right-of-use assets |
|
17,016 |
|
|
|
9,772 |
|
Increase (Decrease) in accounts payable/accrued liabilities |
|
68,520 |
|
|
|
(22,399 |
) |
Increase in amounts due to affiliates |
|
2,035 |
|
|
|
1,879 |
|
(Decrease) in lease liabilities |
|
(11,773 |
) |
|
|
(10,584 |
) |
(Decrease) in other liabilities |
|
(21,527 |
) |
|
|
(1,119 |
) |
Net cash provided by (used in) operating activities |
|
114,382 |
|
|
|
(111,986 |
) |
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Capital expenditures |
|
(189,221 |
) |
|
|
(80,810 |
) |
Entities acquired in asset acquisitions, net of cash acquired |
|
— |
|
|
|
(8,817 |
) |
Other investing activities |
|
— |
|
|
|
(630 |
) |
Net cash (used in) investing activities |
|
(189,221 |
) |
|
|
(90,257 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Proceeds from borrowings of debt |
|
200,836 |
|
|
|
— |
|
Payment of deferred financing costs |
|
(3,504 |
) |
|
|
(670 |
) |
Repayment of debt |
|
(123,669 |
) |
|
|
— |
|
Payments related to tax withholdings for share-based compensation |
|
(13,054 |
) |
|
|
(29,564 |
) |
Payment of dividends |
|
(23,773 |
) |
|
|
(17,657 |
) |
Net cash provided by financing activities |
|
36,836 |
|
|
|
(47,891 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
12,979 |
|
|
|
— |
|
Net (decrease) in cash, cash equivalents and restricted cash |
|
(25,024 |
) |
|
|
(250,134 |
) |
Cash, cash equivalents and restricted cash – beginning of period |
|
264,030 |
|
|
|
629,336 |
|
Cash, cash equivalents and restricted cash – end of period |
$ |
239,006 |
|
|
$ |
379,202 |
|
|
|
|
|
||||
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 |
$ |
19,838 |
|
|
$ |
26,311 |
|
Liabilities associated with consideration paid for entities acquired in asset acquisitions |
|
— |
|
|
|
11,845 |
|