{ "docId": "019de517-6e84-715c-ae17-cb09bf95d7f7", "docSlug": "3db391104971711a9418cb4cf9a7b7ed", "documentTitle": "NewFortress Energy | Results Presentation Deck | 37 slides", "authorId": "newfortress-energy", "authorName": "NewFortress Energy", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 35, "pageCount": 37, "prevPage": 34, "nextPage": 36, "slideType": "appendix_disclosure", "function": "appendix", "density": "overcrowded", "nDataPoints": 20, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de517-6e84-715c-ae17-cb09bf95d7f7/35", "deckHref": "/decks/019de517-6e84-715c-ae17-cb09bf95d7f7", "deckJsonHref": "/decks/019de517-6e84-715c-ae17-cb09bf95d7f7.json", "deckAnchorHref": "/decks/019de517-6e84-715c-ae17-cb09bf95d7f7#slide-35", "components": [ { "bbox": { "h": 0.155, "w": 0.90083, "x": 0.04917, "y": 0.59833 }, "kind": "list", "text": "10. \"Illustrative Net Income Goal\" reflects our illustrative Total Segment Operating Margin, excluding interest expenses from our debt facilities assuming a weighted average interest rate of 9% on $6.5 billion pro forma outstanding debt offset by capitalized income of approximately $250 million in 2023, $200 million in 2024, and less than $50 million in 2025, taxed at an effective tax rate of approximately 15%, corporate SGA expenses of approximately $200 million in 2023 and $150 million in 2024 and 2025, approximately $40 million per year illustrative income from equity investments in joint ventures from 2023 to 2025, interest on outstanding cash balances equal to approximately 8% on unrestricted cash accounts, and depreciation and amortization in the amount of $180 million in 2023, $250 million in 2024, and $275 million in 2025, including FLNG depreciated over a 20-year life starting on its expected date of start of operations. References to amounts and the Illustrative Net Income Goal (i) is not based on the Company's historical operating results, which are limited, and (ii) does not purport to be an actual representation of our future economics. Actual circumstances could differ materially from the assumptions, and actual performance and results could differ materially from, and there can be no assurance that they will reflect, our corporate goal.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0886c332-f16d-4dec-95a2-a9a94c481e74", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.115, "w": 0.90083, "x": 0.04917, "y": 0.46833 }, "kind": "list", "text": "9. \"Illustrative Total Segment Revenue Goal\" means our forward-looking goal for Segment Revenue for the relevant period adjusted to reflect the Company's anticipated volumes of LNG to be sold under binding contracts multiplied by the average price per unit at which the Company expects to price LNG deliveries, including fuel sales and capacity charges or other fixed fees, less the cost per unit at which the Company expects 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 measure reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees. Actual circumstances could differ materially from the assumptions, and actual performance and results could differ materially from, and there can be no assurance that they will reflect, our corporate goals.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42825296-a9a6-4f2d-a1a0-b736377f7083", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08333, "w": 0.90083, "x": 0.04917, "y": 0.88167 }, "kind": "list", "text": "13. \"Illustrative EPS Goal\" is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to any measure of performance or liquidity derived in accordance with GAAP. We calculate Illustrative EPS Goal as adjusted net income divided by the weighted average shares outstanding on a fully diluted basis as of September 30, 2023. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall evaluation of the Company in a manner that is consistent with metrics used for management's evaluation of the Company's overall performance. Illustrative EPS Goal does not have a standardized meaning, and different companies may use different definitions. Therefore, this term may not be necessarily comparable to similarly titled measures reported by other companies.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f94105a-08b9-4061-a05f-1e00a29a49c6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.30083, "w": 0.90083, "x": 0.04917, "y": 0.09083 }, "kind": "list", "text": "6. \"Illustrative Adjusted EBITDA Goal\" means our forward-looking goal for Adjusted EBITDA for the relevant period and is based on the \"Illustrative Total Segment Operating Margin Goal\" less illustrative Core SGA assumed to be at $160mm for all periods 2024 onward including the pro rata share of Core SG&A from unconsolidated entities. For the purpose of this presentation, we have assumed an average Total Segment Operating Margin between $8.79 and $12.58 per MMBtu for all downstream terminal economics, because we assume that (i) we purchase delivered gas at a weighted average of $7.41 in 2023 and $7.03 in 2024, (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 our Brazil assets we assume an average delivered cost of gas of $14.66 in 2023 based on industry averages in the region. Illustrative Adjusted EBITDA figures for the fiscal year ended 2023 assume that we generate at least $200 million on gain from Asset Sales in the fiscal year ended 2023 and Illustrative Adjusted EBITDA figures for the fiscal year ended 2024 assume that we generate at least $100 million on gain from Asset Sales in the fiscal year ended 2024. We cannot provide assurance that we will be able to achieve this result. We assume all Brazil terminals and power plants are Operational and earning revenue through fuel sales and capacity charges or other fixed fees. For Vessels chartered to third parties, this measure reflects the revenue from those charters, 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 up to $164k per day per vessel. For Fast LNG, this measure reflects the difference between the delivered cost of open LNG and the delivered cost of open market LNG less Fast LNG production cost. 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 is higher than the cost 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. Actual circumstances could differ materially from the assumptions, and actual performance and results could differ materially from, and there can be no assurance that they will reflect, our corporate goal.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "80bca049-0cc2-4800-8b2e-bb0edfb019c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.90083, "x": 0.04917, "y": 0.815 }, "kind": "list", "text": "12. For future periods, Capex or net Capex reflects management's estimate of total expected cash payments in such period less cash proceeds received by the Company for related asset sales or direct asset financings. Investors are encouraged to review the related GAAP financial measures, and not to rely on any single financial measure to evaluate our business. \"Gross capex\" includes all expected cash payments in such period without deducting related asset sales or direct asset financings.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ff5dad1-65b2-48af-a6bc-df2ac4ecd998", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01667, "w": 0.695, "x": 0.04917, "y": 0.435 }, "kind": "list", "text": "8. \"Net Income\" means Net Income as presented in the relevant Form 10-K or Form 10-Q for the relevant financial period.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ca91e401-d4dc-4173-adab-08ee46257094", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01667, "w": 0.705, "x": 0.04917, "y": 0.40167 }, "kind": "list", "text": "7. \"Total Segment Revenue\" means Total Segment Revenue as presented in the relevant Form 10-K or Form 10-Q for the relevant financial period.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f9bf95f0-4889-4482-9a27-3c9e25de9735", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03333, "w": 0.90083, "x": 0.04917, "y": 0.76833 }, "kind": "list", "text": "11. \"Downstream\" or \"contracted downstream\" or \"contracted terminals\" represents all our earnings, revenues and all other financial metrics related to our Terminals and Infrastructure Segment, excluding cargo sales and certain derivative transactions that we believe are associated with cargo sales.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ff3d7770-fd8b-4ac6-ae33-5f2c5ccf47fc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01667, "w": 0.01917, "x": 0.95333, "y": 0.94083 }, "kind": "source-note", "text": "35", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "838d6c50-040b-4867-9d2d-c77ba178f9cd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.0225, "w": 0.12083, "x": 0.43958, "y": 0.05083 }, "kind": "title", "text": "Endnotes", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ea6672e-fcf5-4a31-ab62-696078d9c558", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 37, "from": 20, "beatId": "da03217b-cfb9-40e5-9745-763d8513e902", "arcName": "AIDA", "arcSlug": "aida", "beatName": "Action", "beatSlug": "aida-action", "evidence": "The document concludes with a call to action, encouraging investors to consider the company's potential.", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }