New Fortress Energy, Inc. (NASDAQ:NFE) Q1 2022 Earnings Conference Call May 5, 2022 8:00 AM ET
Company Participants
Brett Magill - Management Director & Head of IR
Wesley Edens - Chairman & CEO
Andrew Dete - Managing Director
Christopher Guinta - CFO
Patrick Hughes - Chief Commercial Officer of Zero Park
Kenneth Nicholson - Managing Director
Conference Call Participants
Spiro Dounis - Credit Suisse
Sean Morgan - Evercore
Frank Galanti - Stifel
Marc Solecitto - Barclays
Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.
Operator
00:01 Good day and thank you for standing by. Welcome to the NFE First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]
00:25 I would now like to hand the conference over to your speaker today, Brett Magill, Managing Director and Head of Investor Relations. Please go ahead.
Brett Magill
00:32 Thanks, Jemara. Good morning, everyone and welcome to New Fortress Energy's first quarter 2022 earnings call. This call is being recorded and will be available by replay until May 12. This morning, we'll be referencing our Q1 2022 investor presentation, which is posted on our website and will remain available after today's call. The presentation includes a series of important disclosures related to forward-looking statements and non-GAAP financial measures. We encourage participants to review these important disclosures in addition to the description of risk factors contained within our SEC filings.
01:05 Joining me here today are Wes Edens, CEO and Chairman of the Board; and Chris Guinta, Chief Financial Officer. Also joining today's call are other members of our team, including Andrew Dete, Ken Nicholson and Patrick Hughes.
01:18 So with that, I'll hand the call over to Wes.
Wesley Edens
01:19 Great. Thanks, Brett and thanks, everyone for calling in. As usual, we will be referring to the earnings deck which we posted on the website. So if you could just flip through and follow that would be terrific.
01:34 So with that, let's start at Page 4. So first, the financial results. Q1 was another very good quarter for the company. We've moved kind of solidly out of the development phase of our life into the production part of our life, at least from an earnings standpoint. And you look at the progression of earnings on the page, you can see that very, very clearly. So adjusted EBITDA 2019, negative $115 million, our first positive year of EBITDA 2020, $33 million; last year, $605 million, with the bulk of that coming in the fourth quarter, and the first quarter this year $258 million. So very much on track to produce what we have guided towards which is approximately $1 billion in adjusted EBITDA this year.