New Fortress Energy Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
NFE$3.58-10.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands of U.S. dollars)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $548,876 | $184,786 | $92,711 |
| Adjustments for: | |||
| Amortization of deferred financing costs and debt guarantee, net | 6,589 | 2,536 | 14,116 |
| Depreciation and amortization | 187,324 | 143,589 | 99,544 |
| (Earnings) losses of equity method investees | (9,972) | 472,219 | (14,443) |
| Dividends received from equity method investees | 5,830 | 29,372 | 21,365 |
| Change in market value of derivatives | (3,204) | (136,811) | (8,691) |
| Deferred taxes | 14,938 | (279,536) | (8,825) |
| Share-based compensation | 1,573 | 30,382 | 37,043 |
| Asset impairment expense | 10,958 | 50,659 | — |
| Earnings recognized from vessels chartered to third parties transferred to Energos | (156,997) | (49,686) | — |
| Loss on the disposal of equity method investment | 37,401 | — | — |
| Gain on asset sales | (29,378) | — | — |
| Loss on extinguishment of debt | — | 14,997 | 10,975 |
| Loss on sale of net investment in lease | — | 11,592 | — |
| Other | 21,438 | (14,186) | (11,177) |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| (Increase) in receivables | (41,019) | (139,938) | (123,583) |
| (Increase) in inventories | (39,790) | (7,933) | (11,152) |
| Decrease (increase) in other assets | 41,828 | (30,086) | (1,839) |
| Decrease in right-of-use assets | 83,537 | 63,593 | 28,576 |
| Increase in accounts payable/accrued liabilities | 78,065 | 67,741 | 17,527 |
| (Decrease) in lease liabilities | (74,576) | (63,493) | (36,126) |
| Increase (decrease) in other liabilities | 141,335 | 5,314 | (21,251) |
| Net cash provided by operating activities | 824,756 | 355,111 | 84,770 |
| Cash flows from investing activities | |||
| Capital expenditures | (3,029,834) | (1,174,008) | (669,348) |
| Cash paid for business combinations, net of cash acquired | — | — | (1,586,042) |
| Entities acquired in asset acquisitions, net of cash acquired | — | — | (8,817) |
| Proceeds from sale of net investment in lease | — | 593,000 | — |
| Sale of equity method investment | 100,000 | 500,076 | — |
| Asset sales | 16,464 | — | — |
| Other investing activities | 9,227 | (1,794) | (9,354) |
| Net cash used in investing activities | (2,904,143) | (82,726) | (2,273,561) |
| Cash flows from financing activities | |||
| Proceeds from borrowings of debt | 3,005,387 | 2,032,020 | 2,434,650 |
| Payment of deferred financing costs | (37,806) | (17,598) | (37,811) |
| Repayment of debt | (686,508) | (1,520,813) | (461,015) |
| Payments related to tax withholdings for share-based compensation | (9,519) | (72,602) | (30,124) |
| Payment of dividends | (723,962) | (99,050) | (88,756) |
| Other financing activities | (18,642) | — | — |
| Net cash provided by financing activities | 1,528,950 | 321,957 | 1,816,944 |
| Impact of changes in foreign exchange rates on cash and cash equivalents | 6,168 | (3,289) | 6,541 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (544,269) | 591,053 | (365,306) |
| Cash, cash equivalents and restricted cash – beginning of period | 855,083 | 264,030 | 629,336 |
| Cash, cash equivalents and restricted cash – end of period | $310,814 | $855,083 | $264,030 |
(in thousands of U.S. dollars)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash paid for interest, net of capitalized interest | 100,304 | 160,618 | 154,249 |
| Cash paid for taxes | 52,897 | 151,210 | 17,319 |
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Changes in accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions | $322,598 | $284,390 | $108,790 |
| Accounts payable and accrued liabilities associated with construction in progress and property, plant and equipment additions | 738,163 | 422,391 | 133,705 |
| Liabilities associated with consideration paid for entities acquired in asset acquisitions | — | — | 10,520 |
| Consideration paid in shares for business combinations | — | — | 1,400,784 |
| Consideration received on asset sale | 27,704 | — | — |
| Principal payments on financing obligation paid to Energos by third party charters | (66,866) | (24,949) | — |
| Shares received in Hilli Exchange | (122,754) | — | — |
| Investment in Energos | 1,501 | 129,518 | — |
| Accrued dividend | — | 626,310 | — |
| Non-cash financing costs | — | 46,371 | — |
The following table identifies the balance sheet line-items included in Cash and cash equivalents, Current restricted cash, and Non-current restricted cash presented in Other non-current assets, net on the Consolidated Balance Sheets (Note 17) presented in the Consolidated Statement of Cash Flows:
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash and cash equivalents | 155,414 | 675,492 |
| Current restricted cash | 155,400 | 165,396 |
| Non-current restricted cash | — | 2,581 |
| Cash and cash equivalents classified as held for sale | — | 11,614 |
| Cash, cash equivalents and restricted cash – end of period | $310,814 | $855,083 |
Cash and cash equivalents as of December 31, 2022 includes $11,614 which has been classified as assets held for sale and included in Other non-current assets on the Consolidated Balance Sheets.
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