NewFortress Energy Results Presentation Deck
Endnotes
(34) These illustrative project costs are management's internal estimates of construction and development costs related to our total projects, including the ISO Flex System along with the
development or conversion of a natural gas power plant. These costs do not include all costs included in generally accepted accounting principles and should not be relied upon for any reason.
Each project has specific budget for its costs which may vary significantly from this illustration, so this illustration should not be relied upon to estimate the costs of any particular project or at all.
(35) This illustrative deploy time is our management's internal estimates of development timeline, which may vary by jurisdiction and generally runs from completion of the construction permit
process through the final certification of completion. We do not have development or operational experience with the ISO Flex System and we can make no assurance that our internal estimates
regarding these timelines are correct across jurisdictions or for any particular project.
(36) This chart is an illustration of the added value to our business of each new deal that we bring to Run Rate Volume and full commercial operations, and is not meant to be an indication of our
expected future results. The Average Annualized Operating Margin Goal is calculated by multiplying the number of new deals by $150mm in Annualized Operating Margin Goal, which is the
midpoint of our Illustrative Annualized Operating Margin Goal of between $100mm and $200mm. This Illustrative Annualized Operating Margin Goal is based on an assumed average Operating
Margin of $5.00/MMBtu for each new project in our target regions. Our operating history is limited and there can be no assurance that we will achieve this Average Annualized Operating Margin
Goal for any particular new project, any number of new projects, or that we will bring any new project to Run Rate Volumes or full commercial operations.
(37) "LNG" is an illustrative LNG fuel price for customers of at least 100 MW in the Caribbean of 115% of Henry Hub plus $6.00 per MMBtu. "Diesel" means an illustrative diesel fuel price for
customers of at least 100 MW in the Caribbean of the New York Harbor Ultra Low Sulfur index plus $7.50 per barrel, divided by 5.59 to convert to MMBtu, for each day. The information for the
Henry Hub price for natural gas used in "LNG" and for the New York Harbor Ultra Low Sulfur index used for "Diesel" is from Bloomberg as of July 29, 2020. The price information for LNG and
Diesel is not meant to include any infrastructure or capacity charges, and our customers' and potential customers' actual LNG or Diesel offtake agreements may have higher or lower pricing than
is included in this illustration. Other data on this Slide 23 based on July 2020 EIA Short Term Energy Outlook, available at https://eia.gov/outlooks/steo/data.php.
(38) Open cargos based on our estimated gas needs over the next five years for certain of our current customers and our current contracted volumes for LNG in long term strip cargos. We cannot
assure you if or when we will enter into contracts for sales of In Discussion customers, and if we Commit additional customers we will have a higher number and percentage of Open Cargos, so
there can be no assurance that our estimates are correct. In addition, there can be no assurance that our construction or commissioning timelines would enable us to sell LNG or natural gas
within the timeline estimated or at all.
(39) "Cash SG&A" means SG&A, excluding non-cash share-based compensation expense and non-capitalizable development related expenses and expenses associated with simplifying our
corporate structure, during the relevant period.
(40) "Total Debt" is the sum of our $800mm Term Loan Facility and our $180mm CHP Bonds.
(41) "Cash on Hand" means the sum of Cash and cash equivalents and Restricted cash as presented in our financial statements for the period referenced.
(42) Please see Endnote 2 for more information about our Illustrative Annualized Operating Margin Goal. For this slide, the Illustrative Annualized Operating Margin Goal is calculated by
multiplying the Illustrative Operating Margin Goal for each quarter by four.
39View entire presentation