|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
, |
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Registrant’s Telephone Number, Including Area Code: (
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
“
|
|
Item 2.02. |
Results of Operations and Financial Condition.
|
Item 9.01. |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Exhibit
No.
|
Description
|
|
Press Release, dated March 15, 2021, issued by New Fortress Energy Inc.
|
NEW FORTRESS ENERGY INC.
|
||
March 16, 2021
|
By:
|
/s/ Christopher S. Guinta
|
Name:
|
Christopher S. Guinta
|
|
Title:
|
Chief Financial Officer
|
![]() |
111 W 19th Street, 8th Floor
New York, NY 10011
|
● |
Announced 3 separate transactions for $5.1bn enterprise value
|
o |
Acquiring Hygo Energy Transition Ltd., which includes Brazil’s largest thermal power plant and 3 Operational(1) or In Development(2) terminals. These
terminals are expected to be Operational within 12 months.
|
o |
Acquiring Golar LNG Partners LP, which includes stable, contracted cash flows from 13 vessels. Once released from current contracts, these vessels will serve as NFE’s logistics
backbone for terminal operations.
|
o |
Developing Suape Terminal – NFE acquired 288 MW of PPAs and is developing a terminal at the port of Suape that has material growth prospects and access to the TAG pipeline market.
|
o |
Transactions would bring NFE’s total Operational or In Development terminals from five to nine.
|
● |
Our projects in Mexico and Nicaragua are expected to be Operational in Q2 2021
|
o |
We were awarded a supply contract by CFE to supply ~250k gallons per day (“GPD”) of LNG replacing their high cost diesel; first gas is expected in Q2 2021.
|
o |
We are finalizing a framework agreement for a terminal in Southeast Asia that is expected to begin operations in 2H 2021.
|
● |
Developing long-term fixed price LNG supply
|
o |
Acquiring 50% of the common units of Golar Hilli LLC, the disponent owner of the 2.4 MTPA floating liquefier, Hilli, through the GMLP acquisition.
|
o |
Announcing FID(3) on floating liquefaction solution (“Fast LNG”) that is expected to be Operational by end of 2022.
|
● |
● |
Our Board of Directors approved a dividend of $0.10 per share, with a record date of March 26, 2021 and a payment date of March 31, 2021
|
For the three months ended,
|
||||||||
September 30,
|
December 31,
|
|||||||
(in millions, except Average Volumes)
|
2020
|
2020
|
||||||
Revenues
|
$
|
136.9
|
$
|
145.7
|
||||
Net Loss
|
$
|
(36.7
|
)
|
$
|
(0.5
|
)
|
||
Operating Margin*
|
$
|
51.4
|
$
|
60.9
|
||||
Average Volumes (k GPD)
|
1,535
|
1,410
|
● |
Record quarterly revenue of $145.7 million, increasing $8.8 million from Q3 2020
|
● |
Net loss was $0.5 million, as compared to the Q3 2020 net loss of $36.7 million
|
● |
Operating Margin*(6) was over $60 million, representing 42% of revenue in Q4 2020, improving from 38% of revenue in Q3 2020
|
● |
Average daily volumes sold in Q4 2020 were approximately 1.4 million GPD
|
● |
In December 2020, issued $250.0 million of 6.75% senior secured notes, at a premium for net proceeds of $259 million
|
● |
Issued 5,882,352 shares of Class A common stock and received proceeds of $290.8 million
|
For the Three Months Ended
|
||||||||
September 30,
2020
|
December 31,
2020
|
|||||||
Revenues
|
||||||||
Operating revenue
|
$
|
83,863
|
$
|
94,769
|
||||
Other revenue
|
52,995
|
50,927
|
||||||
Total revenues
|
136,858
|
145,696
|
||||||
Operating expenses
|
||||||||
Cost of sales
|
71,665
|
68,987
|
||||||
Operations and maintenance
|
13,802
|
15,796
|
||||||
Selling, general and administrative
|
30,849
|
32,869
|
||||||
Depreciation and amortization
|
9,489
|
10,013
|
||||||
Total operating expenses
|
125,805
|
127,665
|
||||||
Operating income
|
11,053
|
18,031
|
||||||
Interest expense
|
19,813
|
14,822
|
||||||
Other expense, net
|
2,569
|
826
|
||||||
Loss on extinguishment of debt, net
|
23,505
|
-
|
||||||
Loss before taxes
|
(34,834
|
)
|
2,383
|
|||||
Tax expense
|
1,836
|
2,868
|
||||||
Net loss
|
(36,670
|
)
|
(485
|
)
|
||||
Net loss attributable to non-controlling interest
|
312
|
655
|
||||||
Net (loss) income attributable to stockholders
|
$
|
(36,358
|
)
|
$
|
170
|
|||
Net (loss) income per share – basic and diluted
|
$
|
(0.21
|
)
|
$
|
0.00
|
|||
Weighted average number of shares outstanding – basic and diluted
|
170,074,532
|
170,855,679
|
||||||
Other comprehensive loss:
|
||||||||
Net loss
|
$
|
(36,670
|
)
|
$
|
(485
|
)
|
||
Unrealized (gain) on currency translation adjustment
|
(971
|
)
|
(883
|
)
|
||||
Comprehensive (loss) income
|
(35,699
|
)
|
398
|
|||||
Comprehensive (income) attributable to non-controlling interest
|
(926
|
)
|
(131
|
)
|
||||
Comprehensive (loss) income attributable to stockholders
|
$
|
(36,625
|
)
|
$
|
267
|
For the three months ended,
|
||||||||
September 30, 2020
|
December 31, 2020
|
|||||||
Net loss
|
$
|
(36,670
|
)
|
$
|
(485
|
)
|
||
Add:
|
||||||||
Selling, general and administrative
|
30,849
|
32,869
|
||||||
Depreciation and amortization
|
9,489
|
10,013
|
||||||
Interest expense
|
19,813
|
14,822
|
||||||
Other expense, net
|
2,569
|
826
|
||||||
Loss on extinguishment of debt, net
|
23,505
|
-
|
||||||
Tax expense
|
1,836
|
2,868
|
||||||
Non-GAAP operating margin
|
$
|
51,391
|
$
|
60,913
|
December 31,
2020
|
December 31,
2019
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
601,522
|
$
|
27,098
|
||||
Restricted cash
|
12,814
|
30,966
|
||||||
Receivables, net of allowances of $98 and $0, respectively
|
76,544
|
49,890
|
||||||
Inventory
|
22,860
|
63,432
|
||||||
Prepaid expenses and other current assets, net
|
48,270
|
39,734
|
||||||
Total current assets
|
762,010
|
211,120
|
||||||
|
||||||||
Restricted cash
|
15,000
|
34,971
|
||||||
Construction in progress
|
234,037
|
466,587
|
||||||
Property, plant and equipment, net
|
614,206
|
192,222
|
||||||
Right-of-use assets
|
141,347
|
-
|
||||||
Intangible assets, net
|
46,102
|
43,540
|
||||||
Finance leases, net
|
7,044
|
91,174
|
||||||
Deferred tax assets, net
|
2,315
|
34
|
||||||
Other non-current assets, net
|
86,030
|
84,166
|
||||||
Total assets
|
$
|
1,908,091
|
$
|
1,123,814
|
||||
Liabilities
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
21,331
|
$
|
11,593
|
||||
Accrued liabilities
|
90,352
|
54,943
|
||||||
Current lease liabilities
|
35,481
|
-
|
||||||
Due to affiliates
|
8,980
|
10,252
|
||||||
Other current liabilities
|
35,006
|
25,475
|
||||||
Total current liabilities
|
191,150
|
102,263
|
||||||
|
||||||||
Long-term debt
|
1,239,561
|
619,057
|
||||||
Non-current lease liabilities
|
84,323
|
-
|
||||||
Deferred tax liabilities, net
|
2,330
|
241
|
||||||
Other long-term liabilities
|
15,641
|
14,929
|
||||||
Total liabilities
|
1,533,005
|
736,490
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity
|
||||||||
Class A common stock, $0.01 par value, 750.0 million shares authorized, 174.6 million
issued and outstanding as of December 31, 2020
|
1,746
|
-
|
||||||
Class A shares, 0 shares issued and outstanding as of December 31, 2020; 23.6 million shares,
issued and outstanding as of December 31, 2019
|
-
|
130,658
|
||||||
Class B shares, 0 shares issued and outstanding as of December 31, 2020; 144.3 million
shares, issued and outstanding as of December 31, 2019
|
-
|
-
|
||||||
Additional paid-in capital
|
594,534
|
-
|
||||||
Accumulated deficit
|
(229,503
|
)
|
(45,823
|
)
|
||||
Accumulated other comprehensive income (loss)
|
182
|
(30
|
)
|
|||||
Total stockholders' equity attributable to NFE
|
366,959
|
84,805
|
||||||
Non-controlling interest
|
8,127
|
302,519
|
||||||
Total stockholders' equity
|
375,086
|
387,324
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,908,091
|
$
|
1,123,814
|
Year Ended December 31,
|
||||||||||||
2020
|
2019
|
2018
|
||||||||||
Revenues
|
||||||||||||
Operating revenue
|
$
|
318,311
|
$
|
145,500
|
$
|
96,906
|
||||||
Other revenue
|
133,339
|
43,625
|
15,395
|
|||||||||
Total revenues
|
451,650
|
189,125
|
112,301
|
|||||||||
Operating expenses
|
||||||||||||
Cost of sales
|
278,767
|
183,359
|
95,742
|
|||||||||
Operations and maintenance
|
47,581
|
26,899
|
9,589
|
|||||||||
Selling, general and administrative
|
124,170
|
152,922
|
62,137
|
|||||||||
Contract termination charges and loss on mitigation sales
|
124,114
|
5,280
|
-
|
|||||||||
Depreciation and amortization
|
32,376
|
7,940
|
3,321
|
|||||||||
Total operating expenses
|
607,008
|
376,400
|
170,789
|
|||||||||
Operating loss
|
(155,358
|
)
|
(187,275
|
)
|
(58,488
|
)
|
||||||
Interest expense
|
65,723
|
19,412
|
11,248
|
|||||||||
Other expense (income), net
|
5,005
|
(2,807
|
)
|
(784
|
)
|
|||||||
Loss on extinguishment of debt, net
|
33,062
|
-
|
9,568
|
|||||||||
Loss before taxes
|
(259,148
|
)
|
(203,880
|
)
|
(78,520
|
)
|
||||||
Tax expense (benefit)
|
4,817
|
439
|
(338
|
)
|
||||||||
Net loss
|
(263,965
|
)
|
(204,319
|
)
|
(78,182
|
)
|
||||||
Net loss attributable to non-controlling interest
|
81,818
|
170,510
|
106
|
|||||||||
Net loss attributable to stockholders
|
$
|
(182,147
|
)
|
$
|
(33,809
|
)
|
$
|
(78,076
|
)
|
|||
Net loss per share – basic and diluted
|
$
|
(1.71
|
)
|
$
|
(1.62
|
)
|
||||||
Weighted average number of shares outstanding – basic and diluted
|
106,654,918
|
20,862,555
|
||||||||||
Other comprehensive loss:
|
||||||||||||
Net loss
|
$
|
(263,965
|
)
|
$
|
(204,319
|
)
|
$
|
(78,182
|
)
|
|||
Unrealized (gain) loss on currency translation adjustment
|
(2,005
|
)
|
219
|
-
|
||||||||
Unrealized loss on available-for-sale investment
|
-
|
-
|
2,677
|
|||||||||
Comprehensive loss
|
(261,960
|
)
|
(204,538
|
)
|
(80,859
|
)
|
||||||
Comprehensive loss attributable to non-controlling interest
|
80,025
|
170,699
|
106
|
|||||||||
Comprehensive loss attributable to stockholders
|
$
|
(181,935
|
)
|
$
|
(33,839
|
)
|
$
|
(80,753
|
)
|
Year Ended December 31,
|
||||||||||||
2020
|
2019
|
2018
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Net loss
|
$
|
(263,965
|
)
|
$
|
(204,319
|
)
|
$
|
(78,182
|
)
|
|||
Adjustments for:
|
||||||||||||
Amortization of deferred financing costs
|
10,519
|
5,873
|
4,023
|
|||||||||
Depreciation and amortization
|
33,303
|
8,641
|
4,034
|
|||||||||
Non-cash contract termination charges and loss on mitigation sales
|
19,114
|
2,622
|
-
|
|||||||||
Loss on extinguishment of debt and financing expenses
|
37,090
|
-
|
3,188
|
|||||||||
Deferred taxes
|
2,754
|
392
|
(345
|
)
|
||||||||
Share-based compensation
|
8,743
|
41,205
|
-
|
|||||||||
Other
|
4,341
|
1,247
|
439
|
|||||||||
Changes in operating assets and liabilities:
|
||||||||||||
(Increase) in receivables
|
(26,795
|
)
|
(19,754
|
)
|
(9,516
|
)
|
||||||
Decrease (Increase) in inventories
|
23,230
|
(50,345
|
)
|
(4,807
|
)
|
|||||||
(Increase) in other assets
|
(35,927
|
)
|
(39,344
|
)
|
(28,338
|
)
|
||||||
Decrease in right-of-use assets
|
41,452
|
-
|
-
|
|||||||||
Increase in accounts payable/accrued liabilities
|
55,514
|
3,036
|
12,232
|
|||||||||
(Decrease) Increase in amounts due to affiliates
|
(1,272
|
)
|
5,771
|
2,390
|
||||||||
(Decrease) in lease liabilities
|
(42,094
|
)
|
-
|
-
|
||||||||
Increase in other liabilities
|
8,427
|
10,714
|
1,655
|
|||||||||
Net cash used in operating activities
|
(125,566
|
)
|
(234,261
|
)
|
(93,227
|
)
|
||||||
Cash flows from investing activities
|
||||||||||||
Capital expenditures
|
(156,995
|
)
|
(377,051
|
)
|
(181,151
|
)
|
||||||
Acquisition of consolidated subsidiary
|
-
|
-
|
(4,028
|
)
|
||||||||
Other investing activities
|
(636
|
)
|
887
|
724
|
||||||||
Net cash used in investing activities
|
(157,631
|
)
|
(376,164
|
)
|
(184,455
|
)
|
||||||
Cash flows from financing activities
|
||||||||||||
Proceeds from borrowings of debt
|
2,095,269
|
347,856
|
280,600
|
|||||||||
Payment of deferred financing costs
|
(36,499
|
)
|
(8,259
|
)
|
(14,026
|
)
|
||||||
Repayment of debt
|
(1,490,002
|
)
|
(5,000
|
)
|
(76,520
|
)
|
||||||
Proceeds from IPO
|
-
|
274,948
|
-
|
|||||||||
Proceeds from issuance of Class A common stock
|
291,992
|
-
|
-
|
|||||||||
Payments related to tax withholdings for share-based compensation
|
(6,413
|
)
|
-
|
-
|
||||||||
Payment of dividends
|
(33,742
|
)
|
-
|
-
|
||||||||
Capital contributed from Members
|
-
|
-
|
20,150
|
|||||||||
Collection of subscription receivable
|
-
|
-
|
50,000
|
|||||||||
Payment of stock issuance costs
|
(1,107
|
)
|
(6,938
|
)
|
-
|
|||||||
Net cash provided by financing activities
|
819,498
|
602,607
|
260,204
|
|||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
536,301
|
(7,818
|
)
|
(17,478
|
)
|
|||||||
Cash, cash equivalents and restricted cash – beginning of period
|
93,035
|
100,853
|
118,331
|
|||||||||
Cash, cash equivalents and restricted cash – end of period
|
$
|
629,336
|
$
|
93,035
|
$
|
100,853
|
||||||
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||||||
Changes in accounts payable and accrued liabilities associated with
construction in progress and property, plant and equipment additions
|
$
|
(12,786
|
)
|
$
|
(48,150
|
)
|
$
|
74,280
|
||||
Cash paid for interest, net of capitalized interest
|
27,255
|
6,765
|
7,515
|
|||||||||
Cash paid for taxes
|
58
|
28
|
-
|
Document and Entity Information |
Mar. 15, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Mar. 15, 2021 |
Entity Registrant Name | New Fortress Energy Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38790 |
Entity Tax Identification Number | 83-1482060 |
Entity Address, Address Line One | 111 W. 19TH STREET |
Entity Address, Address Line Two | 8TH FLOOR |
Entity Address, City or Town | NEW YORK |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10011 |
City Area Code | 516 |
Local Phone Number | 268-7400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001749723 |
Title of 12(b) Security | Class A common stock |
Trading Symbol | NFE |
Security Exchange Name | NASDAQ |
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