2021 Q4 Form 10-Q Financial Statement

#000114036121036441 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $648.6M $304.7M $136.9M
YoY Change 345.19% 122.61% 175.61%
Cost Of Revenue $290.3M $135.4M $71.67M
YoY Change 392.85% 88.98% 56.36%
Gross Profit $358.3M $169.2M $65.19M
YoY Change 312.84% 159.57% 1604.84%
Gross Profit Margin 55.25% 55.55% 47.64%
Selling, General & Admin $106.4M $46.80M $26.82M
YoY Change 81.03% 74.5% -34.44%
% of Gross Profit 29.71% 27.66% 41.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.57M $23.93M $9.370M
YoY Change 197.69% 155.38% 410.07%
% of Gross Profit 8.53% 14.14% 14.37%
Operating Expenses $136.7M $46.80M $26.82M
YoY Change 98.76% 74.5% -34.44%
Operating Profit $221.6M $53.94M $11.05M
YoY Change 1128.98% 387.97% -123.16%
Interest Expense -$45.91M $57.60M $19.81M
YoY Change 225.6% 190.69% 298.33%
% of Operating Profit -20.72% 106.79% 179.25%
Other Income/Expense, Net $3.035M $5.400M -$2.569M
YoY Change -302.33% -310.2% 43.68%
Pretax Income $165.6M $1.740M -$34.83M
YoY Change 6801.71% -105.0% -36.07%
Income Tax $5.403M $3.526M $1.836M
% Of Pretax Income 3.26% 202.64%
Net Earnings $150.9M -$9.806M -$36.36M
YoY Change 88639.41% -73.03% 440.8%
Net Earnings / Revenue 23.26% -3.22% -26.57%
Basic Earnings Per Share -$0.05 -$0.21
Diluted Earnings Per Share $685.9K -$0.05 -$0.21
COMMON SHARES
Basic Shares Outstanding 206.9M 207.5M 170.1M
Diluted Shares Outstanding 207.5M 170.1M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $187.5M $224.4M $112.7M
YoY Change -68.83% 99.1% -36.76%
Cash & Equivalents $187.5M $224.4M $153.4M
Short-Term Investments
Other Short-Term Assets $26.81M $55.83M $17.09M
YoY Change 21.18% 226.7% -76.17%
Inventory $37.18M $82.39M $19.40M
Prepaid Expenses $19.95M $10.71M $5.138M
Receivables $208.5M $161.0M $93.10M
Other Receivables $31.79M $0.00 $0.00
Total Short-Term Assets $584.9M $615.7M $280.5M
YoY Change -23.25% 119.51% -11.47%
LONG-TERM ASSETS
Property, Plant & Equipment $3.491B $3.146B $968.7M
YoY Change 252.82% 224.71% 64.72%
Goodwill $760.1M $740.1M
YoY Change
Intangibles $142.9M $167.0M $44.38M
YoY Change 210.06% 276.21%
Long-Term Investments $1.182B $1.228B $200.0K
YoY Change 613895.5% -86.67%
Other Assets $98.42M $121.1M $83.61M
YoY Change 14.4% 44.89% 28.05%
Total Long-Term Assets $6.292B $6.049B $1.119B
YoY Change 448.97% 440.45% 34.7%
TOTAL ASSETS
Total Short-Term Assets $584.9M $615.7M $280.5M
Total Long-Term Assets $6.292B $6.049B $1.119B
Total Assets $6.876B $6.665B $1.400B
YoY Change 260.39% 376.14% 21.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.09M $210.3M $92.80M
YoY Change 219.18% 126.57% 442.5%
Accrued Expenses $244.0M $159.3M $52.61M
YoY Change 170.08% 202.82% 3.56%
Deferred Revenue $28.66M
YoY Change 302.56%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $97.25M $249.8M
YoY Change
Total Short-Term Liabilities $562.5M $767.9M $222.3M
YoY Change 194.28% 245.43% -62.89%
LONG-TERM LIABILITIES
Long-Term Debt $3.758B $3.598B $980.2M
YoY Change 203.16% 267.03% 766.18%
Other Long-Term Liabilities $58.48M $37.89M $98.50M
YoY Change 273.86% -61.54% 555.14%
Total Long-Term Liabilities $3.816B $3.636B $1.079B
YoY Change 204.04% 237.03% 741.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $562.5M $767.9M $222.3M
Total Long-Term Liabilities $3.816B $3.636B $1.079B
Total Liabilities $4.882B $4.781B $1.309B
YoY Change 218.49% 265.21% 79.97%
SHAREHOLDERS EQUITY
Retained Earnings -$132.4M -$283.3M
YoY Change -42.31%
Common Stock $2.069M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $600.0K
Shareholders Equity $1.792B $1.656B $90.70M
YoY Change
Total Liabilities & Shareholders Equity $6.876B $6.665B $1.400B
YoY Change 260.39% 376.15% 21.96%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $150.9M -$9.806M -$36.36M
YoY Change 88639.41% -73.03% 440.8%
Depreciation, Depletion And Amortization $30.57M $23.93M $9.370M
YoY Change 197.69% 155.38% 410.07%
Cash From Operating Activities $224.5M -$28.34M -$35.39M
YoY Change -2376.44% -19.94% -43.55%
INVESTING ACTIVITIES
Capital Expenditures -$238.8M -$195.2M -$20.42M
YoY Change 480.17% 856.05% -67.74%
Acquisitions
YoY Change
Other Investing Activities -$3.604M -$5.000M $60.00K
YoY Change 362.05% -8433.33% -53.85%
Cash From Investing Activities -$242.4M -$200.2M -$20.36M
YoY Change 478.11% 883.42% -67.76%
FINANCING ACTIVITIES
Cash Dividend Paid $16.87M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.20M 329.6M -14.21M
YoY Change -110.84% -2419.25% -112.7%
NET CHANGE
Cash From Operating Activities 224.5M -28.34M -35.39M
Cash From Investing Activities -242.4M -200.2M -20.36M
Cash From Financing Activities -57.20M 329.6M -14.21M
Net Change In Cash -75.15M 101.0M -69.96M
YoY Change -115.79% -244.38% 401.15%
FREE CASH FLOW
Cash From Operating Activities $224.5M -$28.34M -$35.39M
Capital Expenditures -$238.8M -$195.2M -$20.42M
Free Cash Flow $463.3M $166.9M -$14.97M
YoY Change 1380.05% -1214.83% -2595.0%

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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 0.4pt;"/> <td style="width: 17.6pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">1.</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Organization</div> </td> </tr> </table> <div><br/> </div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, is a global integrated gas-to-power infrastructure company that seeks to use natural gas to satisfy the world’s large and growing power needs and is engaged in providing energy and development services to end-users worldwide seeking to convert their operating assets from diesel or heavy fuel oil to LNG. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica and Brazil. Subsequent to the Mergers (defined below), the Company has marine operations with vessels operating under time charters and in the spot market globally.</div> <div><br/> </div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On </span>April 15, 2021<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, the Company completed the acquisitions of Hygo Energy Transition Ltd. (“Hygo”) and Golar LNG Partners LP (“GMLP”); referred to as the “Hygo Merger” and “GMLP Merger,” respectively and, collectively, the “Mergers”. NFE paid $</span>580 million<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> in cash and issued </span>31,372,549<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> shares of Class A common stock to Hygo’s shareholders in connection with the Hygo Merger. NFE paid $</span>3.55<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> per each common unit of GMLP outstanding and for each of the outstanding membership interests of GMLP’s general partner, totaling $</span>251 million<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">. The Company also repaid certain outstanding debt facilities of GMLP in conjunction with closing the GMLP Merger. The results of operations of Hygo and GMLP have been included in the Company’s condensed consolidated financial statements for the period subsequent to the Mergers.</span></div> <div><br/> </div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As a result of the Mergers, the Company acquired </span>one<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> operating FSRU terminal in Sergipe, Brazil (the “Sergipe Facility”), a </span>50%<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> interest in a </span>1.5<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">GW power plant in Sergipe, Brazil (the “Sergipe Power Plant”), as well as </span>two<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> other FSRU terminals in development in Pará, Brazil (the “Barcarena Facility”) and Santa Catarina, Brazil (the “Santa Catarina Facility”).</span></div> <div><br/> </div> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Company acquired the</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Nanook</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, a newbuild FSRU moored and in service at the Sergipe Facility.  In addition to the </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Nanook, </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Company acquired a fleet of </span>six<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> other FSRUs, </span>six<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> LNG carriers and an interest in a floating liquefaction vessel, the </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Hilli Episeyo</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (the “Hilli”), which receives, liquefies and stores LNG at sea and transfers it to LNG carriers that berth while offshore, each of which are expected to help support the </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Company</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">’s existing facilities and international project pipeline. The majority of the FSRUs are operating in Brazil, Kuwait, Indonesia, Jamaica and Jordan under time charters, and uncontracted vessels are available for short term employment in the spot market.</span></div> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Company currently conducts its business through </span>two<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> operating segments, </span>Terminals and Infrastructure and Ships. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the busines</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">s.</span></div>
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CY2021Q2 nfe Number Of Other Floating Storage Regasification Unit Terminals In Development Acquired
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CY2021Q2 nfe Number Of Other Floating Storage Regasification Unit Fleet Acquired
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us-gaap Guarantees Indemnifications And Warranties Policies
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<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(f)</td> <td style="width: auto; vertical-align: top; text-align: left;"> <div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Guarantees</div> </td> </tr> </table> <div><br/> </div> <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Guarantees issued by the Company, excluding those that are guaranteeing the Company’s own performance, are recognized at fair value at the time that the guarantees are issued and recognized in Other current liabilities and Other non-current liabilities on the condensed consolidated balance sheets. The guarantee liability is amortized each period as a reduction to Selling, general and administrative expenses. If it becomes probable that the Company will have to perform under a guarantee, the Company will recognize an additional liability if the amount of the loss can be reasonably estimated.</div>
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ContractTerminationChargesAndLossOnMitigationSales
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OperatingMargin
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OperatingMargin
64389000

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