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Fundado el 20 de mayo de 2013

New Fortress Energy Announces Second Quarter 2020 Results

NEW YORK–(BUSINESS WIRE)–New Fortress Energy LLC (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the second quarter ending June 30, 2020.

Business Highlights

  • Operating Margin* of $15.2 million, increasing $17.4 million since the first quarter
  • Record volumes were achieved in the second quarter

    • Average daily volumes sold in Q2 2020 were approximately 978,000 gallons per day which is a 223,000 increase from Q1 2020
    • Gallons per day volumes are expected to be between 1,700,000 and 2,000,000 on average for the remainder of 2020
  • Completed termination of 8 remaining 2020 cargos in exchange for a payment of $105 million; also executed mitigation sale of one cargo

    • Allows us to take advantage of historically low prices of LNG on the open market
    • Cancellation resulted in one-time charge of $105 million and was primary driver of $166.5 million net loss in the second quarter
  • Simplifying our corporate structure

    • Converted all Class B shares to Class A shares to enhance our liquidity, improve our credit profile and lower our cost of capital
    • Converting our public entity from an LLC to a C Corporation effective August 7, 2020, will make NFE shares eligible to be included in benchmark stock indices currently utilized by more than $8 trillion of fund industry assets
  • New business pipeline is very robust

    • We continue to focus on 10 key markets which have Committed(1) and In Discussion Volumes(2) of over 21 million GPD(3)
    • Our goal is that each new terminal in our target markets produce between $100mm to $200mm in Illustrative Annualized Operating Margin Goal(4)
  • Progressing Financing and Capital Plan

    • We received a B+/B1 corporate family rating from Moodys and S&P which we plan to use as basis for refinancing with targeted savings of $25mm per year
    • Once we have completed our refinancing, our goal is to begin returning capital to shareholders by considering a quarterly dividend, subject to approval by our Board of Directors
  • COVID-19 during Q2 2020 did not materially impact financial results

    • While the coronavirus has affected our customers and electricity demand in the markets we serve, power and gas remain an essential good
    • Customer receivables remain current and the business has ample liquidity to support operational demands and growth initiatives
*Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this press release.

Financial Overview

For the three months ended,

March 31,

June 30,

(in millions, except Average Volumes)

2020

2020

Revenues

$74.5

$94.6

Net Loss

($60.1)

($166.5)

Operating Margin*

($2.2)

$15.2

Average Volumes (k GPD)

755

978

 

  • Revenue increased by $20.1 million from Q1 2020 driven by an increase in volumes due to a full quarter of operation of CHP Plant and revenue recognized from gas supplied as part of commissioning PREPA’s Power Plant in Puerto Rico, partially offset by lower revenue due to maintenance at the Old Harbour Power Plant
  • The net loss increased $106.4 million from Q1 2020 primarily driven by contract cancellation charge for the termination of 2020 cargos
  • Positive Operating Margin was primarily due to a full quarter of operation of CHP Plant and additional revenue in Puerto Rico
  • SG&A was approximately $20mm when excluding non-cash share-based compensation expense, non-capitalizable development related expenses and expenses associated with simplifying our corporate structure

Please refer to our Q2 2020 Investor Presentation for further information about the following terms:

1) “Committed Volumes” means our expected volumes to be sold to customers under (i) binding contracts, (ii) non-binding letters of intent, (iii) non-binding memorandums of understanding, (iv) binding or non-binding term sheets or (v) have been officially selected as the winning provider in a request for proposals or competitive bid process. We cannot assure you if or when we will enter into binding definitive agreements for the sales of volumes under non-binding letters of intent, non-binding memorandums of understanding, non-binding term sheets or based on our selection as the winning provider under a request for proposals or competitive bid process. Some but not all of our contracts contain minimum volume commitments, and our expected volumes to be sold to customers reflected in our “Committed Volumes” are substantially in excess of such minimum volume commitments.

2) “In Discussion”, “In Discussion Volumes” or similar words refer to expected volumes to be sold to customers for which (i) we are in active negotiations, (ii) there is a request for proposals or competitive bid process, or (iii) we anticipate a request for proposals or competitive bid process will soon be announced based on our discussions with the potential customer. We cannot assure you if or when we will enter into contracts for sales of additional volumes, the price at which we will be able to sell such volumes, or our costs to purchase, liquefy, deliver and sell such volumes. Some but not all of our contracts contain minimum volume commitments, and our expected sales to customers reflected in our “in discussion volumes” are substantially in excess of potential minimum volume commitments.

3) Based on In Discussion Volumes as of July 31, 2020.

4) “Illustrative Annualized Operating Margin Goal” means our goal for Operating Margin under certain illustrative conditions, presented on a run rate basis by multiplying the average volume we expect to sell in the last quarter of the relevant period by four.

“Operating Margin” means the sum of (i) Net income / (loss), (ii) Selling, general and administrative, (iii) Depreciation and amortization, (iv) Interest expense, (v) Other (income) expense, net (vi) Contract termination charges and Loss on Mitigation Sales, (vii ) Loss on extinguishment of debt, net, and (viii) Tax expense (benefit), each as reported on our financial statements. Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance, each as reported in our financial statements.

This goal reflects the volumes of LNG that it is our goal to sell under binding contracts multiplied by the average price per unit at which we expect to price LNG deliveries, including both fuel sales and capacity charges or other fixed fees, less the cost per unit at which we expect to purchase or produce and deliver such LNG or natural gas, including the cost to (i) purchase natural gas, liquefy it, and transport it to one of our terminals or purchase LNG in strip cargos or on the spot market, (ii) transfer the LNG into an appropriate ship and transport it to our terminals or facilities, (iii) deliver the LNG, regasify it to natural gas and deliver it to our customers or our power plants and (iv) maintain and operate our terminals, facilities and power plants. There can be no assurance that the costs of purchasing or producing LNG, transporting the LNG and maintaining and operating our terminals and facilities will result in the Illustrative Annualized Operating Margins illustrated.

For the purpose of this release, we have assumed an average Operating Margin of $5.00 per MMBtu.

These costs do not include expenses and income that are required by GAAP to be recorded on our financial statements, including the return of or return on capital expenditures for the relevant project, and selling, general and administrative costs. Our current cost of natural gas per MMBtu are higher than the costs we would need to achieve our Illustrative Annualized Operating Margin Goal, and the primary drivers for reducing these costs are the reduced costs of purchasing gas and the increased sales volumes, which result in lower fixed costs being spread over a larger number of MMBtus sold. References to volumes, percentages of such volumes and the Illustrative Annualized Operating Margin Goal related to such volumes (i) are not based on the Company’s historical operating results, which are limited, and (ii) do not purport to be an actual representation of our future economics. We cannot assure you if or when we will enter into contracts for sales of additional LNG, the price at which we will be able to sell such LNG, or our costs to produce and sell such LNG. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K, which will be 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, August 3, 2020 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 Second Quarter 2020 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 also be available after 11:00 A.M. on Monday, August 3, 2020 through 11:00 P.M. on Monday, August 10, 2020 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 1896774.

About New Fortress Energy LLC

New Fortress Energy (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.

Non-GAAP Financial Measure

Operating Margin 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 financial measure, as we have defined it, provides a supplemental measure of financial performance of our current liquefaction, regasification and power generation operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction, regasification and power generation operations, including our corporate SG&A, contract termination charges and loss on mitigation sales, loss on extinguishment of debt, net, and other expense.

As Operating Margin measures our financial performance based on operational factors that management can impact in the short-term and provides an assessment of controllable expenses, items associated with our capital structure and beyond the control of management in the short-term, such as depreciation and amortization, taxation, and interest expense are excluded. As a result, this supplemental metric affords management the ability to make decisions to facilitate meeting current financial goals as well as to achieve optimal financial performance of our current liquefaction, regasification and power generation operations.

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. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/(loss). 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.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” including our expected volumes of LNG or production of power in particular jurisdictions; our expected volumes for Committed Volumes and In Discussion Volumes; the expectation that we will continue to take advantage of low LNG prices; our expectation regarding improvements to our liquidity, credit profile and cost of capital and related expectations regarding our ability to refinance our debt; and our expectation that our shares will be eligible for inclusion in stock indices. 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 our construction or commissioning schedules will take longer than we expect, 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, the risk that our expectations about the price at which we purchase LNG, the price at which we sell LNG, the cost at which we produce, ship and deliver LNG, and the margin that we receive for the LNG that we sell are not in line with our expectations, risks that our conversion from an LLC to a C Corporation will not be effective on the timeline we expect or that it will not result in our inclusion in stock indices, risks that our operating or other costs will increase and our expected funding of projects may not be possible, negatively impacting our liquidity and risks that our downstream Committed projects costs are greater than we expect so the expected funding of such projects may not be possible, negatively impacting our credit profile and cost of capital, and the risk that we may not be able to refinance our debt or that any such refinancing will not result in the savings we expect, if any. 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 and Comprehensive Loss

For the three months ended March 31, 2020 and June 30, 2020

(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

 

 

For the Three Months Ended

 

March 31,

2020

June 30,

2020

Revenues

 

 

 

Operating revenue

$

63,502

 

 

$

76,177

 

Other revenue

 

11,028

 

 

 

18,389

 

Total revenues

 

74,530

 

 

 

94,566

 

 

 

 

 

Operating expenses

 

 

 

Cost of sales

 

68,216

 

 

 

69,899

 

Operations and maintenance

 

8,483

 

 

 

9,500

 

Selling, general and administrative

 

28,370

 

 

 

31,846

 

Contract termination charges and loss on mitigation sales

 

208

 

 

 

123,906

 

Depreciation and amortization

 

5,254

 

 

 

7,620

 

Total operating expenses

 

110,531

 

 

 

242,771

 

Operating loss

 

(36,001

)

 

 

(148,205

)

Interest expense

 

13,890

 

 

 

17,198

 

Other expense, net

 

611

 

 

 

999

 

Loss on extinguishment of debt, net

 

9,557

 

 

 

 

Loss before taxes

 

(60,059

)

 

 

(166,402

)

Tax (benefit) expense

 

(4

)

 

 

117

 

Net loss

 

(60,055

)

 

 

(166,519

)

Net loss attributable to non-controlling interest

 

51,757

 

 

 

29,094

 

Net loss attributable to stockholders

$

(8,298

)

 

$

(137,425

)

 

 

 

 

Net loss per share – basic and diluted

$

(0.32

)

 

$

(2.40

)

 

 

 

 

Weighted average number of shares outstanding – basic and diluted

 

26,029,492

 

 

 

57,341,215

 

 

 

 

 

Other comprehensive loss:

 

 

 

Net loss

$

(60,055

)

 

$

(166,519

)

Unrealized loss (gain) on currency translation adjustment

 

369

 

 

 

(520

)

Comprehensive loss

 

(60,424

)

 

 

(165,999

)

Comprehensive loss attributable to non-controlling interest

 

52,073

 

 

 

29,009

 

Comprehensive loss attributable to stockholders

$

(8,351

)

 

$

(136,990

)

Non-GAAP Operating Margin

(Unaudited, in thousands of U.S. dollars)

We define non-GAAP operating margin as GAAP net loss, adjusted for selling, general and administrative expense, contract termination charges and loss on mitigation sales, depreciation and amortization, interest expense, other expense (income), loss on extinguishment of debt, net and tax expense (benefit).

 

 

 

 

For the three months ended,

 

March 31, 2020

 

June 30, 2020

Net loss

$

(60,055

)

 

$

(166,519

)

Add:

 

 

 

Contract termination charges and loss on mitigation sales

 

208

 

 

 

123,906

 

Selling, general and administrative

 

28,370

 

 

 

31,846

 

Depreciation and amortization

 

5,254

 

 

 

7,620

 

Interest expense

 

13,890

 

 

 

17,198

 

Other expense, net

 

611

 

 

 

999

 

Loss on extinguishment of debt, net

 

9,557

 

 

 

 

Tax (benefit) expense

 

(4

)

 

 

117

 

Non-GAAP operating margin

$

(2,169

)

 

$

15,167

 

Condensed Consolidated Balance Sheets

As of June 30, 2020 and December 31, 2019

(Unaudited, in thousands of U.S. dollars, except share amounts)

 

 

June 30,

December 31,

 

2020

2019

Assets

 

 

Current assets

 

 

Cash and cash equivalents

$

167,316

 

$

27,098

 

Restricted cash

 

32,946

 

 

30,966

 

Receivables, net of allowances of $0 and $0, respectively

 

65,069

 

 

49,890

 

Inventory

 

50,885

 

 

63,432

 

Prepaid expenses and other current assets

 

28,941

 

 

39,734

 

Total current assets

 

345,157

 

 

211,120

 

 

 

 

Restricted cash

 

23,131

 

 

34,971

 

Construction in progress

 

346,951

 

 

466,587

 

Property, plant and equipment, net

 

475,198

 

 

192,222

 

Right-of-use assets

 

106,993

 

 

 

Intangible assets, net

 

42,931

 

 

43,540

 

Finance leases, net

 

915

 

 

91,174

 

Investment in equity securities

 

323

 

 

2,540

 

Deferred tax assets, net

 

2,744

 

 

34

 

Other non-current assets

 

77,170

 

 

81,626

 

Total assets

$

1,421,513

 

$

1,123,814

 

 

 

 

Liabilities

 

 

Current liabilities

 

 

Accounts payable

$

24,854

 

$

11,593

 

Accrued liabilities

 

165,292

 

 

54,943

 

Current lease liabilities

 

26,835

 

 

 

Due to affiliates

 

6,586

 

 

10,252

 

Other current liabilities

 

26,134

 

 

25,475

 

Total current liabilities

 

249,701

 

 

102,263

 

 

 

 

Long-term debt

 

950,238

 

 

619,057

 

Non-current lease liabilities

 

57,166

 

 

 

Deferred tax liabilities, net

 

20

 

 

241

 

Other long-term liabilities

 

14,314

 

 

14,929

 

Total liabilities

 

1,271,439

 

 

736,490

 

 

 

 

Stockholders’ equity

 

 

Class A shares, 169,174,104 shares issued and 168,587,346 outstanding as of June 30, 2020;

 

 

23,607,096 shares issued and outstanding as of December 31, 2019

 

341,675

 

 

130,658

 

Treasury shares, 586,758 shares as of June 30, 2020, at cost;

 

 

0 shares at December 31, 2019, at cost

 

(6,172

)

 

 

Class B shares, 0 shares issued and outstanding as of June 30, 2020;

 

 

144,342,572 shares, issued and outstanding as of December 31, 2019

 

 

 

 

Accumulated deficit

 

(192,852

)

 

(45,823

)

Accumulated other comprehensive income (loss)

 

352

 

 

(30

)

Total stockholders’ equity attributable to NFE

 

143,003

 

 

84,805

 

Non-controlling interest

 

7,071

 

 

302,519

 

Total stockholders’ equity

 

150,074

 

 

387,324

 

Total liabilities and stockholders’ equity

$

1,421,513

 

$

1,123,814

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

For the three and six months ended June 30, 2020 and 2019

(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

 

 

 

 

Three months ended June 30,

Six months ended June 30,

 

 

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Revenues

 

 

 

 

 

 

 

Operating revenue

$

76,177

 

 

$

31,738

 

 

$

139,679

 

 

$

57,876

 

Other revenue

 

18,389

 

 

 

8,028

 

 

 

29,417

 

 

 

11,841

 

 

Total revenues

 

94,566

 

 

 

39,766

 

 

 

169,096

 

 

 

69,717

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

Cost of sales

 

69,899

 

 

 

44,043

 

 

 

138,115

 

 

 

77,392

 

Operations and maintenance

 

9,500

 

 

 

5,403

 

 

 

17,983

 

 

 

9,902

 

Selling, general and administrative

 

31,846

 

 

 

32,169

 

 

 

60,216

 

 

 

81,918

 

Contract termination charges and loss on mitigation sales

 

123,906

 

 

 

 

 

 

124,114

 

 

 

 

Depreciation and amortization

 

7,620

 

 

 

2,110

 

 

 

12,874

 

 

 

3,801

 

 

Total operating expenses

 

242,771

 

 

 

83,725

 

 

 

353,302

 

 

 

173,013

 

 

Operating loss

 

(148,205

)

 

 

(43,959

)

 

 

(184,206

)

 

 

(103,296

)

Interest expense

 

17,198

 

 

 

6,199

 

 

 

31,088

 

 

 

9,483

 

Other expense (income), net

 

999

 

 

 

920

 

 

 

1,610

 

 

 

(1,655

)

Loss on extinguishment of debt, net

 

 

 

 

 

 

 

9,557

 

 

 

 

 

Loss before taxes

 

(166,402

)

 

 

(51,078

)

 

 

(226,461

)

 

 

(111,124

)

Tax expense

 

117

 

 

 

155

 

 

 

113

 

 

 

401

 

 

Net loss

 

(166,519

)

 

 

(51,233

)

 

 

(226,574

)

 

 

(111,525

)

Net loss attributable to non-controlling interest

 

29,094

 

 

 

45,047

 

 

 

80,851

 

 

 

91,782

 

 

Net loss attributable to stockholders

$

(137,425

)

 

$

(6,186

)

 

$

(145,723

)

 

$

(19,743

)

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – basic and diluted

$

(2.40

)

 

$

(0.28

)

 

$

(3.49

)

 

$

(1.09

)

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding – basic and diluted

 

57,341,215

 

 

 

22,114,002

 

 

 

41,771,849

 

 

 

18,154,939

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

Net loss

 

$

(166,519

)

 

$

(51,233

)

 

$

(226,574

)

 

$

(111,525

)

Unrealized gain on currency translation adjustment

 

(520

)

 

 

 

 

 

(151

)

 

 

 

Comprehensive loss

 

(165,999

)

 

 

(51,233

)

 

 

(226,423

)

 

 

(111,525

)

Comprehensive loss attributable to non-controlling interest

 

29,009

 

 

 

45,047

 

 

 

81,082

 

 

 

91,782

 

Comprehensive loss attributable to stockholders

$

(136,990

)

 

$

(6,186

)

 

$

(145,341

)

 

$

(19,743

)

 

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2020 and 2019

(Unaudited, in thousands of U.S. dollars)

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

 

2020

 

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

Net loss

 

$

(226,574

)

 

$

(111,525

)

 

Adjustments for:

 

 

 

 

 

 

Amortization of deferred financing costs

 

 

6,965

 

 

 

2,589

 

 

 

Depreciation and amortization

 

 

13,324

 

 

 

4,106

 

 

 

Contract termination charges and loss on mitigation sales

 

 

124,114

 

 

 

 

 

 

Loss on extinguishment of debt, net

 

 

9,557

 

 

 

 

 

 

Deferred taxes

 

 

15

 

 

 

379

 

 

 

Change in value of investment in equity securities

 

 

2,217

 

 

 

802

 

 

 

Share-based compensation

 

 

4,430

 

 

 

28,008

 

 

 

Other

 

 

907

 

 

 

232

 

 

(Increase) in receivables

 

 

(9,214

)

 

 

(15,211

)

 

(Increase) in inventories

 

 

(4,794

)

 

 

(3,664

)

 

(Increase) in other assets

 

 

(9,446

)

 

 

(6,865

)

 

Decrease in right-of-use assets

 

 

17,781

 

 

 

 

 

Increase in accounts payable/accrued liabilities

 

 

13,655

 

 

 

2,553

 

 

(Decrease) Increase in amounts due to affiliates

 

 

(3,666

)

 

 

1,848

 

 

(Decrease) in lease liabilities

 

 

(19,873

)

 

 

 

 

Increase in other liabilities

 

 

279

 

 

 

4,680

 

 

 

Net cash used in operating activities

 

 

(80,323

)

 

 

(92,068

)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Capital expenditures

 

 

(95,422

)

 

 

(232,348

)

 

Principal payments received on finance lease, net

 

 

78

 

 

 

471

 

 

 

Net cash used in investing activities

 

 

(95,344

)

 

 

(231,877

)

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Proceeds from borrowings of debt

 

 

832,144

 

 

 

220,000

 

 

Payment of deferred financing costs

 

 

(13,600

)

 

 

(4,400

)

 

Repayment of debt

 

 

(506,402

)

 

 

(2,500

)

 

Proceeds from IPO

 

 

 

 

 

274,948

 

 

Payments related to tax withholdings for share-based compensation

 

 

(6,117

)

 

 

 

 

Payment of offering costs

 

 

 

 

 

(6,938

)

 

 

Net cash provided by financing activities

 

 

306,025

 

 

 

481,110

 

 

 

 

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

130,358

 

 

 

157,165

 

Cash, cash equivalents and restricted cash – beginning of period

 

 

93,035

 

 

 

100,853

 

Cash, cash equivalents and restricted cash – end of period

 

$

223,393

 

 

$

258,018

 

 

 

 

 

 

 

 

 

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

 

$

(3,084

)

 

$

(54,888

)

Contacts

IR:
Alan Andreini

(212) 798-6128

aandreini@fortress.com

Joshua Kane

(516) 268-7455

jkane@newfortressenergy.com

Media:
Jake Suski

(516) 268-7403

press@newfortressenergy.com

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