NewFortress Energy 2Q23 Results
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Endnotes
Based on management's expectations on completion and start of commercial operations of the Company's terminals consistent with designed storage capacity and the number of loadings per year for any one terminal. Actual
results could differ materially from the illustration and there can be no assurance we will achieve our goal.
Based on Contracted volumes of LNG as of August 7, 2023 and management's volume estimates based on current perceived demand. Contracted or Committed means our volumes sold or expected to be sold to customers under
binding contracts and awards under requests for proposals as of the period specified in the Presentation. There can be no assurance that we will enter into binding agreements for the awards we have under requests for proposals
on a particular timeline or at all, or the terms of any such agreements. Some, but not all, of our contracts contain minimum volume commitments and are subject to certain conditions, including extensions and renewals, and our
expected volumes to be sold to customers reflected in our Committed volumes are substantially in excess of such minimum volume commitments and assuming renewals of the terms thereof. Our near-term ability to sell these
volumes is dependent on our customers' continued willingness and ability to continue purchasing these volumes in accordance with our expected timelines and to perform their obligations under their respective contracts. If any of
our customers fails to continue to make such purchases or fails to perform their obligations under their respective contract, our operating results, cash flow and liquidity could be materially and adversely affected. References to
Committed volumes in the future and percentages of these volumes in the future should not be viewed as guidance or management's view of the Company's projected earnings, is not based on the Company's historical operating
results, which are limited, and does not purport to be an actual representation of our future economics.
"Mechanical Completion" or similar statuses with respect to a particular project means we have completed construction and certain subsystems are ready to be handed over to the commissioning team. There may be several
mechanical completion milestones defined for the various subsystems of a project. Therefore, no assurance can be given that we will be able to complete a project and begin operations even if a project has reached mechanical
completion.
Management's current estimates of the margin between TTF and FLNG production costs assumed for our FLNG 1 facility for LNG volume produced over a three-year period. 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 estimates.
Refers to the date on which (or, for future dates, management's current estimate of the date on which) natural gas is first made available for a project, including a facility in development. Full commercial operation of such project will
occur later than, and may occur substantially later than, the date of first gas. We cannot assure you if or when such projects will reach the date of delivery of first gas, or full commercial operations.
Reserved
Refers to the selection of Genera PR LLC ("Genera"), an independently managed subsidiary of NFE, by the Puerto Rico Public-Private Partnerships Authority ("P3A"), in accordance with the requirement established by Act 120-2018
(Puerto Rico Electric System Transformation Act), for a ten-year operation and maintenance agreement with the Pue Rico Electric Power Authority ("PREPA") for the operation, maintenance, decommissioning and modernization of
PREPA-owned thermal power generation system of approximately 4,693 MW after a mobilization period, as approved by the government of Puerto Rico, the Fiscal Oversight Management Board and Puerto Rico's Electricity Bureau.
Refers to the support of Puerto Rico's grid stabilization project with additional power capacity to enable maintenance and repair work on the island's power system and grid with the installation and operation of 150MW of additional
power to be generated at the Palo Seco Power Plant in Puerto Rico as well as the supply of natural gas, and an additional 200MW of power to be generated at the San Juan Power Plant in Puerto Rico as well as the supply of natural
gas.
"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" included our effective
share of revenue, expenses and operating margin attributable to our 50% ownership of Centrais Elétricas de Sergipe Participações S.A. ("CELSEPAR") prior to the Sergipe Sale. "Ships Segment Operating Margin" included our
effective share of revenue, expenses and operating margin attributable to our ownership of 50% of the common units of Hilli LLC prior to the completion of the Hilli Exchange. Hilli LLC owns Golar Hilli Corporation ("Hilli Corp"), the
disponent owner of the Hilli.
"Adjusted 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 as adjusted by non-cash impairment charges or losses on disposal of our
assets.
"Adjusted EPS" 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
Adjusted EPS as adjusted net income divided by the weighted average shares outstanding on a fully diluted basis for the period indicated. 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. Adjusted EPS 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.
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