New Fortress Energy(NFE) - 2023 Q4 - Annual Results

Financial Performance - New Fortress Energy reported Adjusted EBITDA of $388 million for Q4 2023 and $1.3 billion for the full year 2023, reflecting significant operational growth[6]. - The company achieved a net income of $215 million in Q4 2023 and $549 million for the full year 2023, indicating strong profitability[6]. - Funds from Operations per share reached $1.36 in Q4 2023 and $3.56 for the full year 2023, more than doubling from 2022[6]. - Total revenues for Q4 2023 were $758,358,000, an increase from $514,462,000 in Q3 2023, representing a growth of approximately 47.4%[34]. - Operating income for Q4 2023 was $327,040,000, up from $157,438,000 in Q3 2023, indicating a significant increase of about 107.9%[34]. - Net income attributable to stockholders for Q4 2023 was $217,207,000, compared to $61,221,000 in Q3 2023, reflecting a growth of approximately 254.5%[34]. - Total revenues for 2023 reached $2,413,296, an increase of 1.1% compared to $2,368,272 in 2022[49]. - Operating income improved to $942,667 in 2023, up 27.8% from $737,380 in 2022[49]. - Net income attributable to stockholders was $547,882 in 2023, a significant increase of 182.2% from $194,479 in 2022[49]. - Cash flows from operating activities increased to $824,756 in 2023, compared to $355,111 in 2022[50]. Capital Expenditures and Investments - New Fortress Energy's Gross Capex peaked in 2023 at approximately $1.1 billion, with expectations to decline significantly starting in 2024[5]. - The company aims to achieve a gross capital expenditure goal, focusing on new projects and developments, excluding remaining capex related to FLNG 1[24]. - Capital expenditures for 2023 were $3,029,834, significantly higher than $1,174,008 in 2022[50]. - The company secured $700 million in financing for its second Fast LNG project in Altamira, Mexico, with construction expected to complete in Q1 2026[5]. Operational Developments - The company completed the Barcarena and Santa Catarina terminals in Brazil, which are expected to generate revenue starting March 2024[4]. - In Puerto Rico, two FEMA Power plants with a total capacity of 350 MW were installed, operating approximately 99% of the time since installation[4]. - The company has a total capacity of approximately 8.7 GW across thirty plants in five countries, positioning itself in high-growth regions[8]. - Management estimates a potential capacity of 8.7 GW, which is the maximum amount of power the company owns, manages, or supplies[26]. Future Outlook - New Fortress Energy aims to nearly double its Funds from Operations per share again in 2024, targeting approximately $6.00[7]. - The company plans to fund future projects through debt financing or partnerships, particularly for FLNG 3, 4, and 5[24]. Shareholder Returns - A dividend of $0.10 per share was approved by the Board of Directors, with a record date of March 15, 2024[7]. Financial Position - Total assets grew to $10,501,245 in 2023, up 36.3% from $7,705,082 in 2022[48]. - Current liabilities increased to $1,706,288 in 2023, compared to $1,409,238 in 2022, reflecting a rise of 21.1%[48]. - Long-term debt rose to $6,510,523 in 2023, an increase of 45.5% from $4,476,865 in 2022[48]. - The company reported a net cash decrease of $544,269 in 2023, compared to an increase of $591,053 in 2022[50]. - The weighted average number of shares outstanding decreased to 205,942,837 in 2023 from 209,501,298 in 2022[49]. Earnings Conference Call - The next earnings conference call is scheduled for February 29, 2024, at 8:00 A.M. Eastern Time[29].