{ "docId": "019de518-1e9e-7594-a01b-3fc1e40e590d", "docSlug": "392237a5ca881c89899d03726f0a3b1b", "documentTitle": "NewFortress Energy | Results Presentation Deck | 48 slides", "authorId": "newfortress-energy", "authorName": "NewFortress Energy", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 46, "pageCount": 48, "prevPage": 45, "nextPage": 47, "slideType": "appendix", "function": "appendix", "density": "overcrowded", "nDataPoints": 10, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de518-1e9e-7594-a01b-3fc1e40e590d/46", "deckHref": "/decks/019de518-1e9e-7594-a01b-3fc1e40e590d", "deckJsonHref": "/decks/019de518-1e9e-7594-a01b-3fc1e40e590d.json", "deckAnchorHref": "/decks/019de518-1e9e-7594-a01b-3fc1e40e590d#slide-46", "components": [ { "bbox": { "h": 0.016, "w": 0.867, "x": 0.076, "y": 0.55 }, "kind": "list", "text": "9. Based on Management's estimate of the depreciation and amortization of the Company's assets during any future period.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b75febe-b036-4b6c-a949-5ed22a7b2220", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.867, "x": 0.076, "y": 0.72 }, "kind": "list", "text": "11. \"Illustrative FFO Goal\" means our Illustrative Net Income (attributable to common stockholders) Goal attributable to stockholders plus Illustrative Depreciation and Amortization of $300 million for 2024. We believe this 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 FFO 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": "240dd033-c110-4ed9-8a02-3fc9a4effe8a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.867, "x": 0.076, "y": 0.589 }, "kind": "list", "text": "10. \"Funds From Operations\" or \"FFO\" means our Net Income attributable to stockholders plus Depreciation and Amortization. Management believes that FFO is a helpful measure in evaluating the performance of the Company has and will have significant amounts of Depreciation due to its infrastructure projects. FFO should not be considered as an alternative to net income (determined in accordance with GAAP), nor as an indicator of the Company's financial performance, nor as an alternative to cash flows from operating activities (determined in accordance with GAAP), nor as a measure of the Company's liquidity, nor is it necessarily indicative of sufficient cash flow to fund all of the Company's needs. Other companies may define this term in a different manner. We believe that in order to facilitate a clear understanding of the results of the Company, FFO should be examined in connection with net income and cash flows from operating activities in the consolidated financial statements.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3d0a4d80-4be2-4386-b7ca-82364845d084", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.867, "x": 0.076, "y": 0.79 }, "kind": "list", "text": "12. \"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 Illustrative Net Income (attributable to common stockholders) Goal divided by the weighted average shares outstanding on a fully diluted basis as of today's date. We believe this 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": "70b13a53-3e1e-4643-b23c-9c200f8370bb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.24, "w": 0.867, "x": 0.076, "y": 0.122 }, "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 $150mm for 2024 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 $7.17 and $12.74 per MMBtu for all downstream terminal economics, because we assume that (i) we purchase delivered gas at a weighted average of $5.62 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. 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 $147k 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": "810af1c3-e156-4e75-b96e-31bfc62794b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.867, "x": 0.076, "y": 0.399 }, "kind": "list", "text": "8. \"Illustrative Net Income (attributable to common stockholders) Goal\" reflects our illustrative Total Segment Operating Margin, including interest expenses from our debt facilities assuming a weighted average interest rate of 8.7% on $8.4 billion pro forma outstanding debt offset by capitalized income of approximately $300 million in 2024, taxed at an effective tax rate of approximately 15%, corporate SGA expenses of approximately $150 million in 2024, interest on outstanding cash balances equal to approximately 5.25% on unrestricted cash accounts, and depreciation and amortization in the amount of $300 million in 2024, 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 (attributable to common stockholders) 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. For periods after 2024, Illustrative Net Income (attributable to common stockholders) Goal will be calculated in the same manner.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a9092a87-48ab-4aba-90bc-3ee6efafaa97", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.016, "w": 0.867, "x": 0.076, "y": 0.36 }, "kind": "list", "text": "7. \"Net Income\" means Net Income attributable to stockholders 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": "ccc872b8-0237-4b84-a9a8-08bce2fd01ae", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.867, "x": 0.076, "y": 0.87 }, "kind": "list", "text": "13. \"Illustrative FFO/share 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 FFO/share Goal as Illustrative FFO Goal divided by the weighted average shares outstanding on a fully diluted basis as of today's date. We believe 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. For periods after 2024, Illustrative FFO Goal will be calculated in the same manner.", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dd81c2cb-c883-40cf-bf9f-266619082931", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.016, "w": 0.027, "x": 0.936, "y": 0.94 }, "kind": "source-note", "text": "46", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c147e54-3be9-48a3-8643-c99af4f7e2bd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.123, "x": 0.438, "y": 0.05 }, "kind": "title", "text": "Endnotes", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "07577266-aa57-4003-886d-619e81c96125", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 48, "from": 31, "beatId": "1d710629-5899-4311-9b37-d056b667d77f", "arcName": "Monroe's Motivated Sequence", "arcSlug": "monroes-sequence", "beatName": "Action", "beatSlug": "monroes-sequence-action", "evidence": "The company outlines its future plans and growth opportunities", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }