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New Fortress Energy Llc (NFE) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

New Fortress Energy Llc

CIK: 1749723 Ticker: NFE

Exhibit 99.1


New Fortress Energy Announces First Quarter 2020 Results

May 4, 2020

NEW YORK -- New Fortress Energy LLC (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter ending March 31, 2020.

Business Highlights

Record volumes were achieved in the first quarter and for the first time exceeded 1,650,000 gallons per day (“GPD”) in April 2020

Average daily volumes sold in Q1 2020 were in excess of 750,000 gallons per day which is a 200,000 increase from Q4 2019

Gallons per day volumes are expected to be between 1,500,000 and 2,500,000 on average for the remainder of 2020

As development projects reach full commercial operations, the Company expects Operating Margin to expand as asset utilization is enhanced

All terminals in Jamaica and Puerto Rico are complete and fully operational

Jamalco CHP Plant declared COD(1) on March 3, 2020; we are now consistently delivering approximately 100 MW of power to the Jamaican grid and 300 klbs per hour of steam to Jamalco from the Jamalco CHP Plant

Our Puerto Rico Facility commenced delivering natural gas to San Juan Units 5 & 6

New business pipeline is very robust

We continue to focus on 10 key markets with 5 of them having terminals that are either Operational(2), Under Development(3) or In Discussions

Total Committed Volumes(4) and In Discussion Volumes(5) continue to be over 19 million GPD(6)

COVID-19 during Q1 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

Financial Overview
 
   
For the three months ended,
 
(in millions, except Average Volumes)
 
December 31,
2019
   
March 31,
2020
 
Revenues
 
$
69.8
   
$
74.5
 
Net Loss
 
(38.4
)
 
(60.1
)
Operating Margin*
 
$
1.3
   
(2.2
)
Average Volumes (k GPD)
   
538
     
755
 

*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.



Revenue increased by $4.7mm from Q4 2019 driven by an increase in volumes due to Jamalco CHP Plant coming online, partially offset by a 22% lower price of Henry Hub for the quarter along with lower development services revenue.

The net loss increased $21.7mm from Q4 2019 primarily driven by $8.9mm additional interest expense incurred associated with additional debt outstanding and a $9.6mm loss recognized as a result of the extinguishment of the previous term loan facility.

Operating Margin was impacted by a reduced price of Henry Hub and increased logistics costs of gas acquired from third parties during Q1 2020 compared to Q4 2019.

SG&A was approximately $20mm when excluding non-cash share-based compensation expense and non-capitalizable development related expenses.

Please refer to our Q1 2020 Investor Presentation for further information about the following terms:
1) “COD” means commercial operations date, as defined in the power purchase agreement between us and JPS, and as defined in the steam supply agreement between us and Jamalco.
2) “Operational” with respect to a particular project means we expect gas to be made available within thirty (30) days, gas has been made available to the relevant project, or that the relevant project is in full commercial operations.  Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational date.  We cannot assure you if or when such projects will reach full commercial operations.  Actual results could differ materially from the illustrations reflected in this presentation and there can be no assurance we will achieve our goals.
3) “Under Development” or similar statuses means that we have taken steps and invested money to develop a facility, including procuring land rights and entitlements, negotiating or signing construction contracts, and undertaking active engineering, procurement and construction work. Our development projects are in various phases of progress, and there can be no assurance that we will continue progress on each development as we expect. If we are unable to enter into favorable contracts or to obtain the necessary regulatory and land use approvals on favorable terms, we may not be able to construct and operate these assets as expected, or at all. Additionally, the construction of facilities is inherently subject to the risks of cost overruns and delays.
4) “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.
5) “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.
6) Based on Committed Volumes and In Discussion Volumes as of May 1, 2020 in total for all of Jamaica, Mexico, Puerto Rico and other countries with Committed Volumes and In Discussion Volumes.

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 Tuesday, May 5, 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 First 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 Tuesday May 5, 2020 through 11:00 P.M. on Tuesday, May 12, 2020 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 3085606.

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. New Fortress Energy is majority-owned by a fund managed by an affiliate of Fortress Investment Group.

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 and regasification operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction and regasification operations, including our corporate SG&A, loss on mitigation sales, loss on extinguishment of debt, net, and other (income) 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 and regasification 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 capitalize on the depressed LNG market to expand Operating Margins; our expectation that we are able to fund Committed projects using current Cash on hand. 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 operating or other costs will increase and our expected funding of projects may not be possible, and risks that our downstream Committed projects costs are greater than we expect so the expected funding of such projects may not be possible. 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.

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


Exhibits – Financial Statements
 
Condensed Consolidated Statements of Operations and Comprehensive Loss
For the three months ended December 31, 2019 and March 31, 2020
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)
 
   
For the Three Months Ended
 
   
December 31,
2019
   
March 31,
2020
 
Revenues
           
Operating revenue
 
$
52,279
   
$
63,502
 
Other revenue
   
17,473
     
11,028
 
Total revenues
   
69,752
     
74,530
 
                 
Operating expenses
               
Cost of sales
   
60,135
     
68,216
 
Operations and maintenance
   
8,290
     
8,483
 
Selling, general and administrative
   
30,091
     
28,370
 
Loss on mitigation sales
   
5,280
     
208
 
Depreciation and amortization
   
2,209
     
5,254
 
Total operating expenses
   
106,005
     
110,531
 
                 
Operating loss
   
(36,253
)
   
(36,001
)
                 
Interest expense
   
4,955
     
13,890
 
Other (income) expense, net
   
(2,940
)
   
611
 
Loss on extinguishment of debt, net
   
-
     
9,557
 
Loss before taxes
   
(38,268
)
   
(60,059
)
Tax expense (benefit)
   
102
     
(4
)
Net loss
   
(38,370
)
   
(60,055
)
Net loss attributable to non-controlling interest
   
31,027
     
51,757
 
Net loss attributable to stockholders
 
$
(7,343
)
 
$
(8,298
)
                 
Net loss per share – basic and diluted
 
$
(0.30
)
 
$
(0.32
)
                 
Weighted average number of shares outstanding – basic and diluted
   
24,330,516
     
26,029,492
 
                 
Other comprehensive loss:
               
Net loss
 
$
(38,370
)
 
$
(60,055
)
Unrealized loss on currency translation adjustment
   
76
     
369
 
Comprehensive loss
   
(38,446
)
   
(60,424
)
Comprehensive loss attributable to non-controlling interest
   
31,092
     
52,073
 
Comprehensive loss attributable to stockholders
 
$
(7,354
)
 
$
(8,351
)


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, 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,
 
   
December 31, 2019
   
March 31, 2020
 
Net loss
 
$
(38,370
)
 
$
(60,055
)
Add:
               
Selling, general and administrative
   
30,091
     
28,370
 
Loss on mitigation sales
   
5,280
     
208
 
Depreciation and amortization
   
2,209
     
5,254
 
Interest expense
   
4,955
     
13,890
 
Other (income) expense, net
   
(2,940
)
   
611
 
Loss on extinguishment of debt, net
   
-
     
9,557
 
Tax expense (benefit)
   
102
     
(4
)
Non-GAAP operating margin
 
$
1,327
   
$
(2,169
)


Condensed Consolidated Balance Sheets
As of March 31, 2020 and December 31, 2019
(Unaudited, in thousands of U.S. dollars, except share amounts)

   
March 31,
2020
   
December 31,
2019
 
Assets
           
Current assets
           
Cash and cash equivalents
 
$
232,698
   
$
27,098
 
Restricted cash
   
32,512
     
30,966
 
Receivables, net of allowances of $0 and $0, respectively
   
45,976
     
49,890
 
Inventory
   
28,602
     
63,432
 
Prepaid expenses and other current assets
   
74,826
     
39,734
 
Total current assets
   
414,614
     
211,120
 
                 
Restricted cash
   
26,055
     
34,971
 
Construction in progress
   
333,646
     
466,587
 
Property, plant and equipment, net
   
479,089
     
192,222
 
Right-of-use asset, net
   
115,511
     
-
 
Intangibles, net
   
42,276
     
43,540
 
Finance leases, net
   
1,002
     
91,174
 
Investment in equity securities
   
140
     
2,540
 
Deferred tax assets, net
   
2,756
     
34
 
Other non-current assets
   
74,027
     
81,626
 
Total assets
 
$
1,489,116
   
$
1,123,814
 
                 
Liabilities
               
Current liabilities
               
Accounts payable
 
$
21,256
   
$
11,593
 
Accrued liabilities
   
68,529
     
54,943
 
Current lease liabilities
   
29,944
     
-
 
Due to affiliates
   
7,377
     
10,252
 
Other current liabilities
   
24,545
     
25,475
 
Total current liabilities
   
151,651
     
102,263
 
 
               
Long-term debt
   
945,209
     
619,057
 
Non-current lease liabilities
   
64,760
     
-
 
Deferred tax liabilities, net
   
-
     
241
 
Other long-term liabilities
   
13,305
     
14,929
 
Total liabilities
   
1,174,925
     
736,490
 
                 
Stockholders’ equity
               
Class A shares, 24,820,003 shares issued and 24,236,495 outstanding as of March 31, 2020; 23,607,096 shares issued and outstanding as of December 31, 2019
   
133,166
     
130,658
 
Treasury shares, 583,508 shares as of March 31, 2020, at cost; 0 shares at December 31, 2019, at cost
   
(6,132
)
   
-
 
Class B shares, 144,342,572 shares, issued and outstanding as of March 31, 2020 and December 31, 2019
   
-
     
-
 
Accumulated deficit
   
(55,427
)
   
(45,823
)
Accumulated other comprehensive loss
   
(83
)
   
(30
)
Total stockholders' equity attributable to NFE
   
71,524
     
84,805
 
Non-controlling interest
   
242,667
     
302,519
 
Total stockholders' equity
   
314,191
     
387,324
 
Total liabilities and stockholders' equity
 
$
1,489,116
   
$
1,123,814
 


Condensed Consolidated Statements of Operations and Comprehensive Loss
For the three months ended March 31, 2020 and 2019
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

   
Three Months Ended March 31,
 
   
2020
   
2019
 
Revenues
           
Operating revenue
 
$
63,502
   
$
26,138
 
Other revenue
   
11,028
     
3,813
 
Total revenues
   
74,530
     
29,951
 
                 
Operating expenses
               
Cost of sales
   
68,216
     
33,349
 
Operations and maintenance
   
8,483
     
4,499
 
Selling, general and administrative
   
28,370
     
49,749
 
Loss on mitigation sales
   
208
     
-
 
Depreciation and amortization
   
5,254
     
1,691
 
Total operating expenses
   
110,531
     
89,288
 
                 
Operating loss
   
(36,001
)
   
(59,337
)
                 
Interest expense
   
13,890
     
3,284
 
Other expense (income), net
   
611
     
(2,575
)
Loss on extinguishment of debt, net
   
9,557
     
-
 
Loss before taxes
   
(60,059
)
   
(60,046
)
Tax (benefit) expense
   
(4
)
   
246
 
Net loss
   
(60,055
)
   
(60,292
)
Net loss attributable to non-controlling interest
   
51,757
     
46,735
 
Net loss attributable to stockholders
 
$
(8,298
)
 
$
(13,557
)
                 
Net loss per share – basic and diluted
 
$
(0.32
)
 
$
(0.96
)
                 
Weighted average number of shares outstanding – basic and diluted
   
26,029,492
     
14,094,534
 
                 
Other comprehensive loss:
               
Net loss
 
$
(60,055
)
 
$
(60,292
)
Unrealized loss on currency translation adjustment
   
369
     
-
 
Comprehensive loss
   
(60,424
)
   
(60,292
)
Comprehensive loss attributable to non-controlling interest
   
52,073
     
46,735
 
Comprehensive loss attributable to stockholders
 
$
(8,351
)
 
$
(13,557
)


Condensed Consolidated Statements of Cash Flows
For the three months ended March 31, 2020 and 2019
(Unaudited, in thousands of U.S. dollars)

   
Three Months Ended March 31,
 
   
2020
   
2019
 
Cash flows from operating activities
           
Net loss
 
$
(60,055
)
 
$
(60,292
)
Adjustments for:
               
Amortization of deferred financing costs
   
3,353
     
981
 
Depreciation and amortization
   
5,481
     
1,849
 
Loss on extinguishment of debt, net
   
9,557
     
-
 
Deferred taxes
   
(18
)
   
201
 
Change in value of investment in equity securities
   
2,400
     
(896
)
Share-based compensation
   
2,508
     
19,037
 
Other
   
88
     
204
 
Decrease (Increase) in receivables
   
5,752
     
(3,102
)
Decrease (Increase) in inventories
   
34,830
     
(11,043
)
(Increase) Decrease in other assets
   
(54,080
)
   
15,684
 
Decrease in right-of-use asset, net
   
9,263
     
-
 
Increase in accounts payable/accrued liabilities
   
2,132
     
3,567
 
(Decrease) Increase in amounts due to affiliates
   
(2,875
)
   
3,117
 
(Decrease) in lease liabilities
   
(9,170
)
   
-
 
(Decrease) in other liabilities
   
(477
)
   
(355
)
Net cash used in operating activities
   
(51,311
)
   
(31,048
)
                 
Cash flows from investing activities
               
Capital expenditures
   
(56,098
)
   
(136,281
)
Principal payments received on finance lease, net
   
50
     
284
 
Net cash used in investing activities
   
(56,048
)
   
(135,997
)
                 
Cash flows from financing activities
               
Proceeds from borrowings of debt
   
832,144
     
220,000
 
Payment of deferred financing costs
   
(14,069
)
   
(4,400
)
Repayment of debt
   
(506,402
)
   
(1,250
)
Proceeds from IPO
   
-
     
274,948
 
Payments related to tax withholdings for share-based compensation
   
(6,084
)
   
-
 
Payment of offering costs
   
-
     
(6,105
)
Net cash provided by financing activities
   
305,589
     
483,193
 
                 
Net increase in cash, cash equivalents and restricted cash
   
198,230
     
316,148
 
Cash, cash equivalents and restricted cash – beginning of period
   
93,035
     
100,853
 
Cash, cash equivalents and restricted cash – end of period
 
$
291,265
   
$
417,001
 
                 
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
 
$
13,359
   
$
(32,946
)





The following information was filed by New Fortress Energy Llc (NFE) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Adoption Of New And Revised Standards
Adoption Of New And Revised Standards (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Construction In Progress
Construction In Progress (Details)
Construction In Progress (Tables)
Debt
Debt (Details)
Debt (Tables)
Debt, Interest Expense (Details)
Debt, South Power Bonds (Details)
Debt, Term Loan Facility (Details)
Debt, The Credit Agreement (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Details)
Fair Value (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Inventory
Inventory (Details)
Inventory (Tables)
Investment In Equity Securities
Investment In Equity Securities (Details)
Leases
Leases (Tables)
Leases, Components Of Operating Lease Costs (Details)
Leases, Expected Future Lease Payments (Details)
Leases, Future Annual Minimum Lease Payments For Operating Leases (Details)
Leases, Future Payments Due Under Operating Leases (Details)
Leases, Lessee Operating Lease Supplemental Cash Flow Information (Details)
Leases, Property, Plant And Equipment Subject To Operating Leases (Details)
Organization
Organization (Details)
Other Non-Current Assets
Other Non-Current Assets (Details)
Other Non-Current Assets (Tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property, Plant And Equipment, Net
Property, Plant And Equipment, Net (Details)
Property, Plant And Equipment, Net (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Related Party Transactions, Due To/From Affiliates (Details)
Restricted Cash
Restricted Cash (Details)
Restricted Cash (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Subsequent Events
Ticker: NFE
CIK: 1749723
Form Type: 10-Q Quarterly Report
Accession Number: 0001140361-20-010751
Submitted to the SEC: Tue May 05 2020 8:08:14 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Natural Gas Distribution

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