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New Fortress Energy Announces Third Quarter 2021 Results and Declares Dividend of $0.10 per Class A Common Share

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  • NFE

NEW YORK, November 03, 2021--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) ("NFE" or the "Company") today reported its financial results for the third quarter ending September 30, 2021.

Third Quarter Highlights

  • Record Total Segment Operating Margin(1) in Q3 of approximately $210 million, beating Illustrative Total Segment Operating Margin Goal(2) of $208 million

  • Illustrative Total Segment Operating Margin Goal for the 2nd half of 2021 expected to be $585 million, a 50% increase from the Illustrative Total Segment Operating Margin Goal set in July

  • FY 2022 Illustrative Total Segment Operating Margin Goal is on track for over $1.1 billion with significant earnings growth as Brazil, Ireland and Fast LNG come Online(3)

Growth

  • Continued energy shortages in Brazil have led to emergency power measures, including an auction in the South and Southeast region which took place in October:

    • 1.2 GW of new power projects were awarded in the October auction with an average variable power price of $0.14 / kWh

    • NFE positioned to supply LNG through the Santa Catarina terminal to over 400MW (>900k GPD of LNG forecasted) of new power plants

    • Supply period will be Q2 2022 through end of 2025

  • NFE and Norsk Hydro executed definitive commercial terms for a 15-year LNG supply agreement utilizing NFE’s Barcarena LNG terminal

    • ~1.0m GPD to supply the Alunorte alumina refinery (co-located with the Barcarena terminal) starting Q1 2023

Development update

  • NFE continues to make great progress on our first Fast LNG assets, which we intend to deploy through two distinct business lines:

    • Tolling agreements with high credit quality counterparties to lock in stable cash flows similar to our current FLNG asset, the Hilli

    • Merchant production where we maximize flexibility by supplying through our owned infrastructure or into the spot market at more profitable rates

  • In Nicaragua, we are completing terminal and power plant construction in Q4 2021, and we expect to begin commissioning of our power plant in Q1 2022

  • Our La Paz terminal in Baja California Sur, Mexico is fully Operational(3)

    • CFEnegia power plant fully commissioned on natural gas

    • NFE power plant will begin commissioning in Q4 2021

  • Our development projects in Barcarena and Santa Catarina are advancing on schedule

    • Signed EPC contracts, obtained all material permits and commenced construction

Energy transition

  • Nearing FID(4) on first blue ammonia facility which will include the capture of up to 99% of CO2 emitted

    • Targeting an acquisition of a key site on the U.S. Gulf Coast in the fourth quarter, with permitting, EPC contract and financing completed in Q1 2022

    • First facility targeted to be operational within 20 to 24 months from FID

  • Expect our Clean Fuels business to benefit from proposed Build Back Better legislation

Financing update

  • We closed a ship financing facility at pricing of LIBOR + 300bps with initial proceeds of $425mm; ability to increase this facility by approximately $300mm

  • Our Board of Directors approved a dividend of $0.10 per share, with a record date of December 7, 2021 and a payment date of December 17, 2021

Financial Highlights

Total Segment Operating Margin of $210.5mm, including contribution of approximately $116mm from our Terminals and Infrastructure segment and approximately $95mm from our Ships segment. Total Segment Operating Margin increase driven by incremental revenue from our Ships segment and the Sergipe Power Plant.

For the Three Months Ended,

June 30,

September 30,

(in millions, except Average Volumes)

2021

2021

Revenues

$223.8

$304.7

Net Loss

($1.7)

($17.8)

Terminals and Infrastructure Segment Operating Margin

$54.4

$115.7

Ships Segment Operating Margin(1)

$75.6

$94.8

Total Segment Operating Margin(1)

$130.0

$210.5

Average Volumes (k GPD)

1,496

1,764

  • Record quarterly revenue of over $300mm, increasing approximately $81mm from the second quarter

  • Record Total Segment Operating Margin in Q3 of $210.5 million, resulting from:

    • Terminals and Infrastructure Segment Operating Margin increased from cargo sales, emergency dispatch at the Sergipe Power Plant and the impact of increased natural gas pricing

    • Ships Segment Operating Margin includes a full quarter of contribution from FSRUs and LNG carriers that are leased to customers under long-term or spot arrangements as well as a full quarter of our effective share of the revenue and costs of the Hilli

Please refer to our Q3 2021 Investor Presentation (the "Presentation") for further information about the following terms:

1) "Total Segment Operating Margin" is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin. Terminals and Infrastructure Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our 50% ownership of Centrais Elétricas de Sergipe Participações S.A. ("CELSEPAR"). Ships Segment Operating Margin includes our effective share of revenue, expenses and Operating Margin attributable to our ownership of 50% of the common units of Hilli LLC. Hilli LLC owns Golar Hilli Corporation ("Hilli Corp"), the disponent owner of the Hilli.

2) "Illustrative Total Segment Operating Margin Goal" or "Illustrative Future Goal" means our goal for Total Segment Operating Margin under certain illustrative conditions. Please refer to this explanation for all uses of this term in this Press Release and the Presentation. 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. For Vessels chartered to third parties, this illustration reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. 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 Total Segment Operating Margin Goal reflected. For the purpose of this Press Release and the Presentation, we have assumed an average Total Segment Operating Margin between $2.71 and $7.82 per MMBtu for all downstream terminal economics, because we assume that (i) we purchase delivered gas at a weighted average of $11.03 in Q4-21, $8.34 in 2022, and $6.32 in 2023 via current long term contracts, (ii) our volumes increase over time, and (iii) we will have costs related to shipping, logistics and regasification similar to our current operations because the liquefaction facility and related infrastructure and supply chain to deliver LNG from Pennsylvania or Fast LNG ("FLNG") does not exist, and those costs will be distributed over the larger volumes. For Hygo + Suape assets we assume an average delivered cost of gas of $8.78 in 2022, and $7.10 in 2023 based on industry averages in the region and the existing LNG contract at Sergipe. Hygo + Sergipe incremental assets include every terminal and power plant other than Sergipe, and we assume all are Operational and earning revenue through fuel sales and capacity charges or other fixed fees. This illustration reflects our effective share of operating margin from Sergipe Power Plant. For Vessels chartered to third parties, this illustration reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. We assume an average Total Segment Operating Margin of $13k to $159k per day per vessel and our effective share of revenue and operating expense related to the existing tolling agreement for the Hilli FLNG going forward. For Fast LNG, this illustration reflects the difference between the delivered cost of open LNG and the delivered cost of open market LNG less Fast LNG production cost. Management is currently in multiple discussions with counterparties to supply feedstock gas at pricing ranging between $1.00 and $3.00 per MMBtu, multiplied by the volumes for one Fast LNG installation of 1.2 MTPA per year. 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 Illustrative Total Segment 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 Total Segment 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.

3) "Operational" or "Online" 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, and we may not generate any revenue until full commercial operations have begun. 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.

4) "FID" means management has made an internal commitment to commit resources (including capital) to a particular project. Our management has not made a FID decision on certain projects as of the date of this press release, and there can be no assurance that we will be willing or able to make any such decision, based on a particular project’s time, resource, capital and financing requirements.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are 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 Wednesday, November 3, 2021 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 Third Quarter 2021 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 November 3, 2021 through 11:00 A.M. on November 10, 2021 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 7250426.

About New Fortress Energy Inc.

New Fortress Energy Inc. (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.

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; ability to achieve our growth goals; ability to finalize definitive agreements for which we have MOUs or framework agreements; our expectations regarding our organic growth opportunities and the full capacity of our existing infrastructure including run rates; our expected needs for LNG supply in the future; expectations regarding certain facilities becoming Operational; our expected ability to supply gas; expectations regarding growth of our facilities; the expectation that we will continue to take advantage of low LNG prices and develop our Fast LNG project for long-term LNG pricing; and ability to maintain our expected development timelines and the Illustrative Total Segment Operating Margin Goals related to such growth; and our ability to fulfill all of the conditions precedent to effectiveness under our commercial agreement with Norsk Hydro. 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 development, 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, the risk that we may not develop our Fast LNG project on the timeline we expect or at all, or that we do not receive the benefits we expect from the Fast LNG project, risks that our operating or other costs will increase and our expected funding of projects may not be possible, the risk that the foregoing or other factors negatively impact our liquidity, the risk that our organic and inorganic growth opportunities do not materialize due to our inability to reach commercial arrangements on terms that are acceptable to us or at all, the risk that organic and inorganic growth opportunities do not offer the Operating Margin that we expect due to higher costs of LNG, higher costs of infrastructure for inorganic growth, competitive pressures on our pricing, or other factors, and the risk that our investment and pilot projects in green hydrogen do not advance NFE’s transition to zero emissions on the timeline we expect or at all. 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

Consolidated Statements of Operations
For the three months ended June 30, 2021 and September 30, 2021
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

For the Three Months Ended

June 30,
2021

September 30,
2021

Revenues

Operating revenue

$ 102,836

$ 188,389

Vessel charter revenue

64,561

78,656

Other revenue

56,442

37,611

Total revenues

223,839

304,656

Operating expenses

Cost of sales

101,430

135,432

Vessel operating expenses

15,400

15,301

Operations and maintenance

18,565

20,144

Selling, general and administrative

44,536

46,802

Transaction and integration costs

29,152

1,848

Depreciation and amortization

26,997

31,194

Total operating expenses

236,080

250,721

Operating (loss) income

(12,241)

53,935

Interest expense

31,482

57,595

Other (income), net

(7,457)

(5,400)

Net (loss) income before income from equity
method investments and income taxes

(36,266)

1,740

Income (loss) from equity method investments

38,941

(15,983)

Tax provision

4,409

3,526

Net loss

(1,734)

(17,769)

Net (income) loss attributable to non-controlling interest

(4,310)

7,963

Net loss attributable to stockholders

$ (6,044)

$ (9,806)

Net loss per share – basic and diluted

$ (0.03)

$ (0.05)

Weighted average number of shares outstanding – basic and diluted

202,331,304

207,497,013

Segment Operating Margin
(Unaudited, in thousands of U.S. dollars)

Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net loss, adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, interest expense, other (income) expense, loss on extinguishment of debt, net, income from equity method investments and tax expense. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements.

Three Months Ended September 30, 2021

(in thousands of $)

Infrastructure and Terminals (1)

Ships (2)

Total Segment

Consolidation and Other (3)

Consolidated

Segment Operating Margin

$

115,638

$

94,840

$

210,478

$

(76,699

)

$

133,779

Less:

Selling, general and administrative

46,802

Transaction and integration costs

1,848

Depreciation and amortization

31,194

Interest expense

57,595

Other (income), net

(5,400

)

Tax provision

3,526

Loss from equity method investments

15,983

Net loss

(17,769

)

(1) Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The losses and earnings attributable to the investment of $27,792 for the three months ended September 30, 2021, respectively are reported in income (loss) from equity method investments on the condensed consolidated statements of operations. Terminals and Infrastructure does not include the unrealized mark-to-market loss on derviative instruments of $2,316 for the three months ended September 30, 2021 reported in Cost of sales.

(2) Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $11,809 for the three months ended September 30, 2021, respectively, are reported in income (loss) from equity method investments on the condensed consolidated statements of operations and comprehensive loss.

(3) Consolidation and Other adjusts for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure and exclusion of the unrealized mark-to-market gain or loss on derviative instruments.

Three Months Ended June 30, 2021

(in thousands of $)

Infrastructure and Terminals

Ships

Total Segment

Consolidation and Other (3)

Consolidated

Segment Operating Margin

$

54,453

$

75,587

$

130,040

$

(41,596

)

$

88,444

Less:

Selling, general and administrative

44,536

Transaction and integration costs

29,152

Depreciation and amortization

26,997

Interest expense

31,482

Other (income), net

(7,457

)

Tax provision

4,409

(Income) from equity method investments

(38,941

)

Net loss

(1,734

)

(1) Terminals and Infrastructure includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR. The earnings attributable to the investment of $28,447 are reported in income (loss) from equity method investments on the condensed consolidated statements of operations.

(2) Ships includes the Company's effective share of revenues, expenses and operating margin attributable to 50% ownership of the Hilli Common Units. The earnings attributable to the investment of $10,494 are reported in income (loss) from equity method investments on the condensed consolidated statements of operations and comprehensive loss.

(3) Consolidation and Other adjust for the inclusion of the effective share of revenues, expenses and operating margin attributable to 50% ownership of CELSEPAR and Hilli Common Units in our segment measure.

Condensed Consolidated Balance Sheets
As of September 30, 2021 and December 31, 2020
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

September 30,

December 31,

2021

2020

Assets

Current assets

Cash and cash equivalents

$

224,383

$

601,522

Restricted cash

72,338

12,814

Receivables, net of allowances of $130 and $98, respectively

161,008

76,544

Inventory

82,390

22,860

Prepaid expenses and other current assets, net

75,602

48,270

Total current assets

615,721

762,010

Restricted cash

37,879

15,000

Construction in progress

973,880

234,037

Property, plant and equipment, net

2,025,688

614,206

Equity method investments

1,227,991

-

Right-of-use assets

145,941

141,347

Intangible assets, net

166,964

46,102

Finance leases, net

603,662

7,044

Goodwill

740,132

-

Deferred tax assets, net

6,087

2,315

Other non-current assets, net

121,142

86,030

Total assets

$

6,665,087

$

1,908,091

Liabilities

Current liabilities

Current portion of long-term debt

$

249,752

$

-

Accounts payable

210,259

21,331

Accrued liabilities

159,304

90,352

Current lease liabilities

32,009

35,481

Due to affiliates

6,910

8,980

Other current liabilities

109,662

35,006

Total current liabilities

767,896

191,150

Long-term debt

3,597,659

1,239,561

Non-current lease liabilities

93,321

84,323

Deferred tax liabilities, net

284,176

2,330

Other long-term liabilities

37,885

15,641

Total liabilities

4,780,937

1,533,005

Commitments and contingencies

Stockholders’ equity

Class A common stock, $0.01 par value, 750.0 million shares authorized, 206.9 million issued and outstanding as of September 30, 2021; 174.6 million issued and outstanding as of December 31, 2020

2,069

1,746

Additional paid-in capital

1,912,643

594,534

Accumulated deficit

(283,256

)

(229,503

)

Accumulated other comprehensive income

24,625

182

Total stockholders' equity attributable to NFE

1,656,081

366,959

Non-controlling interest

228,069

8,127

Total stockholders' equity

1,884,150

375,086

Total liabilities and stockholders' equity

$

6,665,087

$

1,908,091

Condensed Consolidated Statements of Operations
For the three and nine months ended September 30, 2021 and 2020
(Unaudited, in thousands of U.S. dollars, except share and per share amounts)

Three months ended September 30,

Nine months ended September 30,

2021

2020

2021

2020

Revenues

Operating revenue

$ 188,389

$ 83,863

$ 382,421

$ 223,542

Vessel charter revenue

78,656

-

143,217

-

Other revenue

37,611

52,995

148,541

82,412

Total revenues

304,656

136,858

674,179

305,954

Operating expenses

Cost of sales

135,432

71,665

333,533

209,780

Vessel operating expenses

15,301

-

30,701

-

Operations and maintenance

20,144

13,802

54,960

31,785

Selling, general and administrative

46,802

26,821

124,954

87,273

Transaction and integration costs

1,848

4,028

42,564

4,028

Contract termination charges and loss on mitigation sales

-

-

-

124,114

Depreciation and amortization

31,194

9,489

68,080

22,363

Total operating expenses

250,721

125,805

654,792

479,343

Operating income (loss)

53,935

11,053

19,387

(173,389)

Interest expense

57,595

19,813

107,757

50,901

Other (income) expense, net

(5,400)

2,569

(13,458)

4,179

Loss on extinguishment of debt, net

-

23,505

-

33,062

Net income (loss) before income from equity method investments and income taxes

1,740

(34,834)

(74,912)

(261,531)

(Loss) income from equity method investments

(15,983)

-

22,958

-

Tax provision

3,526

1,836

7,058

1,949

Net loss

(17,769)

(36,670)

(59,012)

(263,480)

Net loss attributable to non-controlling interest

7,963

312

5,259

81,163

Net loss attributable to stockholders

$ (9,806)

$ (36,358)

$ (53,753)

$ (182,317)

Net loss per share – basic and diluted

$ (0.05)

$ (0.21)

$ (0.27)

$ (2.14)

Weighted average number of shares outstanding – basic and diluted

207,497,013

170,074,532

195,626,564

85,009,385

Condensed Consolidated Statements of Cash Flows
For the nine months ended September 30, 2021 and 2020
(Unaudited, in thousands of U.S. dollars)

Nine Months Ended September 30,

2021

2020

Cash flows from operating activities

Net loss

$ (59,012)

$ (263,480)

Adjustments for:

Amortization of deferred financing costs and debt guarantees, net

9,503

9,949

Depreciation and amortization

68,971

23,025

(Earnings) losses of equity method investees

(22,958)

-

Dividends received from equity method investees

14,259

-

Sales-type lease payments received in excess of interest income

1,458

-

Change in market value of derivatives

(4,955)

-

Contract termination charges and loss on mitigation sales

-

71,510

Loss on extinguishment and financing expenses

-

37,090

Deferred taxes

(4,280)

388

Change in value of Investment of equity securities

(7,265)

2,376

Share-based compensation

4,945

6,501

Other

72

1,895

Changes in operating assets and liabilities, net of acquisitions:

(Increase) in receivables

(75,633)

(43,307)

(Increase) Decrease in inventories

(56,172)

26,691

Decrease (Increase) in other assets

25,500

(16,526)

Decrease in right-of-use assets

3,149

31,910

(Decrease) Increase in accounts payable/accrued liabilities

(2,530)

23,982

(Decrease) in amounts due to affiliates

(2,070)

(1,033)

(Decrease) in lease liabilities

(2,510)

(30,930)

(Decrease) Increase in other liabilities

(30,159)

4,249

Net cash (used in) operating activities

(139,687)

(115,710)

Cash flows from investing activities

Capital expenditures

(430,549)

(115,841)

Cash paid for business combinations, net of cash acquired

(1,586,042)

-

Entities acquired in asset acquisitions, net of cash acquired

(8,817)

-

Other investing activities

(5,750)

137

Net cash (used in) investing activities

(2,031,158)

(115,704)

Cash flows from financing activities

Proceeds from borrowings of debt

2,234,650

1,832,144

Payment of deferred financing costs

(35,846)

(27,099)

Repayment of debt

(229,887)

(1,490,002)

Payments related to tax withholdings for share-based compensation

(29,717)

(6,356)

Payment of dividends

(65,051)

(16,871)

Net cash provided by financing activities

1,874,149

291,816

Impact of changes in foreign exchange rates on cash and cash equivalents

1,960

-

Net (decrease) increase in cash, cash equivalents and restricted cash

(294,736)

60,402

Cash, cash equivalents and restricted cash – beginning of period

629,336

93,035

Cash, cash equivalents and restricted cash – end of period

$ 334,600

$ 153,437

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

$ 187,295

$ (4,682)

Liabilities associated with consideration paid for entities acquired in asset acquisitions

9,959

-

Consideration paid in shares for business combinations

1,400,784

-

View source version on businesswire.com: https://www.businesswire.com/news/home/20211102006424/en/

Contacts

IR:
Joshua Kane
(516) 268-7455
jkane@newfortressenergy.com

Media:
Jake Suski
(516) 268-7403
press@newfortressenergy.com

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