New Fortress Energy Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the NFE third quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star then one on your telephone. If you require any further assistance, please press star then zero. Please be advised that today's conference may be recorded. I would now like to hand the conference over to your speaker today, Mr. Josh Kane, Vice President of Investor Relations. Thank you. Please go ahead.

Thank you. I would like to welcome you to the New Fortress Energy third quarter 2020 earnings call. Joining me here today are Wes Edens, our CEO and Chairman of the Board, Chris Guinta, our Chief Financial Officer, and Sam Abdullah, Vice President of Project Development. Throughout the call, we are going to reference the earnings supplement that was posted to the New Fortress Energy website. If you've not already done so, I'd suggest that you download it now. In addition, we'll be discussing some non-GAAP financial measures during the call today. The reconciliations of those measures to the most directly comparable GAAP measures can be found in the earnings supplement. Before I turn the call over to Wes, I would like to point out that certain statements made today will be forward-looking statements, including regarding future earnings. These statements, by their nature, are uncertain and may differ materially from actual results. We encourage you to review the disclaimers in our press release and investor presentation regarding non-GAAP financial measures and forward-looking statements, and review the risk factors contained in our quarterly report filed with the SEC. Now I'd like to turn the call over to Wes.

Great, thanks Josh. Thanks everyone for calling in early on the 29th here. As Josh said, if you have had a chance to either pull up on your screen or download the and the management presentation. That will be what we refer to as we go through this. It would be helpful to have it in front of you. So with that, let's turn to the beginning and start with page number four. We had a very, very productive quarter. It's our first full quarter in our COVID world. We had a number of initiatives. We started the quarter, and I'm happy to say that we actually achieved most of what we set out to do, starting first and foremost with production. As we mentioned in our last earnings call, July 10th was a big date for it. That was the date when both of the turbines turned on down in Puerto Rico. That basically was the moment that we kind of switched from being a development company to an operating company, and I'll go through it in just a second, but the bottom line is that we achieved record volumes, 1.8 million gallons per day for the quarter, actually hit a peak in the month of September at about 2 million gallons, and we're well on the way to being the cash flow enterprise that we set out to be. Second of all, the development for us above both our large-scale developments in our terminals and then the smaller developments for our customers also had a very productive quarter. Challenges, for sure, from the COVID environment, and there are some delays, but they're modest, and we'll have Sam go through them here in just a few minutes, but the tagline is that basically on time and on budget for the most part. Very, very good news to report there. New business cycle. We have a lot to talk about, and I'll spend some detail on it when we get there. But basically, we have become very focused on kind of organizing our business into the organic growth of our existing terminals and new terminals, as well as then the new markets that we're targeting. We've hired a lot of people. We've actually put a significant amount of focus on the infrastructure build out there, and I think the results are going to speak for themselves here shortly. Hydrogen, I'll talk a fair bit about it. I mean, the path becomes clearer every day as to what we intend to do. Our first two projects we announced in just recent days, first investment that we made in an electrolysis company, an Israeli company. We made a small investment in here a few days ago. Also established a joint venture to run hydrogen, create basically the first hydrogen burning power plant here in the United States to give field data for us. So that's great, but there's a lot to talk about there. And then Chris can go through the finance and operations of which there's a lot to, again, a lot to report on. So with that, if you flip to the next page, page number five, you know, July 10th was the date when both of the turbines turned on. And for the most part, they have been running very reliably ever since. This is a photo that you see there. We're at 1.4 million gallons per day in July. In August, we then added one significant customer piece of business, which Jamalco, a company in Jamaica that's a bauxite company, they switched over their boiler operation from HFO to gas, so dirty fuel to clean fuel. That's a big win for the environment. Also, it was an incremental piece of business for us. And by September, 1.8 million gallons per day kind of running as we expected. If you look at page number six... It's a busy page, and it's not intended to be the cleanest presentation of this, but you can see on a daily basis that modest amounts of variability as our customers' needs go up and down, but the story overall is one of growing. and also growing in diversity. And, you know, what's very important for our business are both those things. We obviously want higher volumes, but we want more and more customers on our business. That's what will create the cash flow profile and the reliability that we want as an enterprise, and the quarter was very good in that regard. So, flip to the next section. We'll talk about the developments. I'll turn it over to Sam. Sam?