2023 Q2 Form 10-Q Financial Statement

#000174972323000030 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $561.3M $579.1M
YoY Change -4.02% 14.65%
Cost Of Revenue $225.8M $184.9M
YoY Change -17.12% -11.21%
Gross Profit $335.6M $394.2M
YoY Change 7.4% 32.81%
Gross Profit Margin 59.78% 68.07%
Selling, General & Admin $55.80M $52.14M
YoY Change 10.92% 8.53%
% of Gross Profit 16.63% 13.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.28M $34.61M
YoY Change 16.63% -0.7%
% of Gross Profit 9.02% 8.78%
Operating Expenses $55.80M $52.14M
YoY Change 10.92% 8.53%
Operating Profit $191.0M $267.2M
YoY Change 42.84% 60.54%
Interest Expense $64.40M $71.67M
YoY Change 34.61% 59.57%
% of Operating Profit 33.72% 26.82%
Other Income/Expense, Net $6.584M -$25.01M
YoY Change -70.21% -226.77%
Pretax Income $133.2M $170.5M
YoY Change 23.34% 20.73%
Income Tax $15.32M $28.96M
% Of Pretax Income 11.51% 16.98%
Net Earnings $119.2M $150.2M
YoY Change -170.24% -36.96%
Net Earnings / Revenue 21.24% 25.94%
Basic Earnings Per Share $0.58 $0.72
Diluted Earnings Per Share $0.58 $0.71
COMMON SHARES
Basic Shares Outstanding 205.0M shares 208.8M shares
Diluted Shares Outstanding 205.7M shares 209.3M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.3M $296.9M
YoY Change -24.57% 90.08%
Cash & Equivalents $104.3M $296.9M
Short-Term Investments
Other Short-Term Assets $24.39M $28.67M
YoY Change -18.09% 34.17%
Inventory $128.4M $76.54M
Prepaid Expenses $18.62M $24.70M
Receivables $275.3M $353.2M
Other Receivables $1.174M $47.99M
Total Short-Term Assets $713.7M $1.154B
YoY Change -3.11% 90.35%
LONG-TERM ASSETS
Property, Plant & Equipment $7.259B $5.930B
YoY Change 83.06% 55.3%
Goodwill $776.8M $776.8M
YoY Change -0.22% 2.19%
Intangibles $74.54M $80.31M
YoY Change -38.44% -40.79%
Long-Term Investments $138.6M $136.3M
YoY Change -85.25% -89.73%
Other Assets $164.2M $138.6M
YoY Change 72.22% 35.66%
Total Long-Term Assets $8.422B $7.070B
YoY Change 29.27% 4.59%
TOTAL ASSETS
Total Short-Term Assets $713.7M $1.154B
Total Long-Term Assets $8.422B $7.070B
Total Assets $9.135B $8.224B
YoY Change 25.98% 11.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $602.8M $310.3M
YoY Change 440.9% 282.46%
Accrued Expenses $821.1M $602.9M
YoY Change 247.15% 138.44%
Deferred Revenue $62.40M $36.02M
YoY Change 104.5% 90.33%
Short-Term Debt $78.03M $0.00
YoY Change
Long-Term Debt Due $394.6M $277.0M
YoY Change 295.6% 175.2%
Total Short-Term Liabilities $2.068B $1.396B
YoY Change 246.96% 141.41%
LONG-TERM LIABILITIES
Long-Term Debt $5.064B $4.952B
YoY Change 24.99% 29.06%
Other Long-Term Liabilities $75.78M $50.62M
YoY Change 24.57% -11.96%
Total Long-Term Liabilities $5.140B $5.002B
YoY Change 24.98% 28.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.068B $1.396B
Total Long-Term Liabilities $5.140B $5.002B
Total Liabilities $7.584B $6.774B
YoY Change 46.45% 34.2%
SHAREHOLDERS EQUITY
Retained Earnings $290.6M $191.8M
YoY Change -554.75% 81.18%
Common Stock $2.050M $2.047M
YoY Change -1.25% -1.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.406B $1.299B
YoY Change
Total Liabilities & Shareholders Equity $9.135B $8.224B
YoY Change 25.98% 11.65%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $119.2M $150.2M
YoY Change -170.24% -36.96%
Depreciation, Depletion And Amortization $30.28M $34.61M
YoY Change 16.63% -0.7%
Cash From Operating Activities $303.7M $200.1M
YoY Change 437.1% 74.98%
INVESTING ACTIVITIES
Capital Expenditures $902.4M $563.3M
YoY Change -457.39% 197.68%
Acquisitions
YoY Change
Other Investing Activities -$1.450M $100.0M
YoY Change
Cash From Investing Activities -$903.8M -$463.3M
YoY Change 257.97% 144.83%
FINANCING ACTIVITIES
Cash Dividend Paid $649.8M
YoY Change 2633.34%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 179.4M $43.22M
YoY Change -5.51% 17.33%
NET CHANGE
Cash From Operating Activities 303.7M $200.1M
Cash From Investing Activities -903.8M -$463.3M
Cash From Financing Activities 179.4M $43.22M
Net Change In Cash -420.7M -$219.0M
YoY Change 6776.84% 775.0%
FREE CASH FLOW
Cash From Operating Activities $303.7M $200.1M
Capital Expenditures $902.4M $563.3M
Free Cash Flow -$598.6M -$363.1M
YoY Change -293.71% 385.21%

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CY2023Q1 us-gaap Nature Of Operations
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<div style="margin-top:12pt;padding-left:36pt;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1. Organization</span></div><div style="margin-top:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New Fortress Energy Inc. (“NFE,” together with its subsidiaries, the “Company”), a Delaware corporation, 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. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally.</span></div><div style="margin-top:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company currently conducts its business through two operating segments, Terminals and Infrastructure and Ships. The business and reportable segment information reflect how the Chief Operating Decision Maker (“CODM”) regularly reviews and manages the business.</span></div>
CY2023Q1 us-gaap Number Of Operating Segments
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