HOUSTON, Aug. 9, 2016 /PRNewswire/ -- Cheniere
Energy, Inc. ("Cheniere") (NYSE MKT: LNG) reported a net
loss1 of $298.4 million,
or $1.31 per share (basic and
diluted), for the three months ended June
30, 2016, compared to a net loss of $118.5 million, or $0.52 per share (basic and diluted), for the
comparable 2015 period. Net Loss, As Adjusted2 was
$140.2 million, or $0.61 per share (basic and diluted), for the
three months ended June 30, 2016,
compared to a Net Loss, As Adjusted of $211.2 million, or $0.93 per share (basic and diluted), for the
comparable 2015 period.
For the six months ended June 30,
2016, Cheniere reported a net loss of $619.3 million, or $2.71 per share (basic and diluted), compared to
a net loss of $386.2 million, or
$1.71 per share (basic and diluted),
for the comparable 2015 period. For the six months ended
June 30, 2016, Net Loss, As Adjusted
was $278.3 million, or $1.22 per share (basic and diluted), compared to
a Net Loss, As Adjusted of $333.9
million, or $1.47 per share
(basic and diluted), for the comparable 2015 period.
For the three and six months ended June
30, 2016, Net Loss, As Adjusted excludes the impact of
changes in the fair value of our interest rate, commodity and FX
derivatives, loss on early extinguishment of debt, share-based
compensation related to employee separations, and impairment
expense (recovery). Loss on early extinguishment of debt was
associated with the write-off of debt issuance costs by Sabine Pass
Liquefaction, LLC ("SPL") and Cheniere Corpus Christi Holdings, LLC
("CCH") in connection with the refinancing of a portion of their
credit facilities and by Cheniere Creole Trail Pipeline, L.P. as a
result of the prepayment of its outstanding term loan. For the
three and six months ended June 30,
2015, Net Loss, As Adjusted excludes the impact of changes
in the fair value of interest rate, commodity and FX derivatives,
loss on early extinguishment of debt related to the write-off of
debt issuance costs by SPL primarily in connection with the
refinancing of a portion of its credit facilities in March 2015, and impairment expense.
"The second quarter of 2016 saw Cheniere's continued transition
from a development company into an operating one. During the
quarter we took over care, custody, and control of Train 1 of the
Sabine Pass Liquefaction Project and commenced commercial sales of
LNG. After substantial completion, we exported 5 cargoes of LNG
under our contract with BG Gulf Coast LNG, LLC (Shell) as of the
end of the second quarter. Commissioning activities at Train 2
continue with first LNG achieved in late July, and our remaining
Trains under construction continue on time and on budget," said
Jack Fusco, Cheniere's President and
CEO. "On the financial front, we continued to manage our debt
maturity profile by successfully issuing bonds to prepay a portion
of the outstanding borrowings under credit facilities for both the
Sabine Pass Liquefaction Project and the CCL Project."
Second Quarter 2016 Highlights
- In May 2016, the Cheniere Board
of Directors appointed Jack A. Fusco
as President and Chief Executive Officer.
- In May 2016, CCH issued an
aggregate principal amount of $1.25
billion of 7.0% Senior Secured Notes due 2024. Net proceeds
from the offering were used to prepay a portion of the outstanding
borrowings under CCH's credit facility and to pay fees and expenses
incurred in connection with the offering and prepayment.
- In May 2016, Cheniere Partners
and Bechtel Oil, Gas and Chemicals, Inc. ("Bechtel") announced that
Train 1 of the Sabine Pass Liquefaction Project achieved
substantial completion.
- In June 2016, SPL issued an
aggregate principal amount of $1.5
billion of 5.875% Senior Secured Notes due 2026. Net
proceeds from the offering were used to prepay a portion of the
outstanding borrowings under SPL's credit facilities and to pay
fees and expenses incurred in connection with the offering and
prepayment.
Second Quarter and Year to Date 2016 Results
Adjusted EBITDA2 for the three and six months ended
June 30, 2016 was a loss of
$3.7 million and $47.9 million, respectively, compared to a loss
of $60.5 million and $86.5 million, respectively, for the comparable
2015 periods. During the three months ended June 30, 2016, we began recognizing LNG revenues
and cost of sales from the Sabine Pass Liquefaction Project
(defined below) following the substantial completion of the first
liquefaction train ("Train 1"). Prior to substantial completion,
amounts received from the sale of commissioning cargoes were offset
against LNG terminal construction-in-process because these amounts
were earned during the testing phase for the construction of Train
1 of the Sabine Pass Liquefaction Project. We expect sales of LNG
cargoes from future liquefaction trains ("Trains") to be reported
in the same manner.
Total operating costs and expenses increased $89.4 million and $120.4
million during the three and six months ended June 30, 2016 compared to the three and six
months ended June 30, 2015,
respectively, generally as a result of the commencement of
operations of Train 1 of the Sabine Pass Liquefaction Project.
Depreciation and amortization expense increased during the three
and six months ended June 30, 2016 as
we began depreciation of our assets related to Train 1 of the
Sabine Pass Liquefaction Project upon reaching substantial
completion. General and administrative expense during the three and
six months ended June 30, 2016
decreased from the comparable 2015 period, which was partially due
to a decrease in share-based compensation as a result of vesting of
restricted stock awards in the second half of 2015, and partially
due to a reallocation of resources from general and administrative
activities to operating and maintenance activities following
commencement of operations at the Sabine Pass Liquefaction
Project.
Included in marketing expense and general and administrative
expense were share-based compensation expenses of $31.5 million and $45.8
million for the three and six months ended June 30, 2016, respectively, compared to
$43.0 million and $58.1 million for the comparable 2015 periods,
respectively.
Our financial results are reported on a consolidated basis. Our
ownership interest in Cheniere Energy Partners, L.P. ("Cheniere
Partners") (NYSE MKT: CQP) consists of 100% ownership of the
general partner of Cheniere Partners and 80.1% ownership
interest in Cheniere Energy Partners LP Holdings, LLC (NYSE MKT:
CQH) which owns a 55.9% limited partner interest in
Cheniere Partners.
Liquefaction Projects Update
Sabine Pass Liquefaction Project
Through Cheniere Partners, we are developing up to six Trains,
each with an expected nominal production capacity of approximately
4.5 million tonnes per annum ("mtpa") of LNG, at the Sabine Pass
LNG terminal adjacent to the existing regasification facilities
(the "Sabine Pass Liquefaction Project").
The Trains are in various stages of operation, construction, and
development.
- Construction on Trains 1 and 2 began in August 2012, and as of June 30, 2016, the overall project completion
percentage for Trains 1 and 2 was approximately 99.4%, which is
ahead of the contractual schedule. Train 1 achieved substantial
completion in May 2016. Each Train is
expected to achieve substantial completion upon the completion of
construction, commissioning and the satisfaction of certain tests.
The commissioning process on Train 2 has commenced, and based on
the current construction schedule, Cheniere Partners expects
substantial completion of Train 2 to be achieved in late
September 2016.
- Construction on Trains 3 and 4 began in May 2013, and as of June
30, 2016, the overall project completion percentage for
Trains 3 and 4 was approximately 87.4%, which is ahead of the
contractual schedule. Based on the current construction schedule,
Cheniere Partners expects Trains 3 and 4 to reach substantial
completion in 2017.
- Construction on Train 5 began in June
2015, and as of June 30, 2016,
the overall project completion percentage for Train 5 was
approximately 38.3%, which is ahead of the contractual schedule.
Engineering, procurement, subcontract work and Bechtel direct hire
construction were approximately 77.0%, 58.0%, 37.8% and 2.0%
complete, respectively. Based on the current construction schedule,
Cheniere Partners expects Train 5 to reach substantial completion
in 2019.
- Train 6 is currently under development, with all necessary
regulatory approvals in place. Cheniere Partners expects to make a
final investment decision and commence construction on Train 6
upon, among other things, entering into an engineering,
procurement, and construction contract, entering into acceptable
commercial arrangements, and obtaining adequate financing.
|
Sabine Pass
Liquefaction Project
|
Liquefaction
Train
|
Train
1
|
Train
2
|
Trains
3-4
|
Train
5
|
Project
Status
|
Operational
|
Commissioning
|
87% Overall
Completion
|
38% Overall
Completion
|
Expected Substantial
Completion
|
-
|
2H 2016
|
2017
|
2019
|
Corpus Christi LNG Terminal
We are developing up to three Trains, each with an expected
nominal production capacity of approximately 4.5 mtpa of LNG, near
Corpus Christi, Texas (the "CCL
Project").
The Trains are in various stages of construction and
development:
- Construction on Trains 1 and 2 began in May 2015, and as of June
30, 2016, the overall project completion percentage for
Trains 1 and 2 was approximately 36.6%, which is ahead of the
contractual schedule. Engineering, procurement and construction
were approximately 98.4%, 50.6% and 8.8% complete, respectively.
Based on the current construction schedule, we expect Trains 1 and
2 to reach substantial completion in 2019.
- Train 3 is under development, with all necessary regulatory
approvals in place. We have entered into an LNG Sale and Purchase
Agreement ("SPA") for approximately 0.8 mtpa of LNG volumes that
commence with Train 3 and expect to commence construction upon
entering into additional SPAs and obtaining adequate
financing.
Additionally, we are developing Trains 4 and 5 adjacent to the
CCL Project and have initiated the regulatory approval process with
respect to those Trains.
|
Corpus Christi LNG
Terminal
|
Liquefaction
Train
|
Trains
1-2
|
Project
Status
|
37% Overall
Completion
|
Expected Substantial
Completion
|
2019
|
Investor Conference Call and Webcast
We will host a conference call to discuss our financial and
operating results for the second quarter on Tuesday, August 9, 2016, at 10 a.m. Eastern time / 9
a.m. Central time. A listen-only webcast of the call and an
accompanying slide presentation may be accessed through our website
at www.cheniere.com. Following the call, an archived recording will
be made available on our website.
1
|
Reported as Net loss
attributable to common stockholders on our Consolidated Statements
of Operations.
|
2
|
Non-GAAP financial
measure. See "Reconciliation of Non-GAAP Measures" for further
details.
|
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged
in LNG-related businesses, owns and operates the Sabine Pass LNG
terminal in Louisiana. Directly
and through its subsidiary, Cheniere Energy Partners, L.P.,
Cheniere is constructing and developing liquefaction projects near
Corpus Christi, Texas and at the
Sabine Pass LNG terminal, respectively. Train 1 of the liquefaction
project at the Sabine Pass LNG terminal has commenced commercial
operations. Cheniere is also exploring a limited number of
opportunities directly related to its existing LNG business.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Quarterly Report on Form 10-Q for the
quarter ended June 30, 2016, filed with the Securities and
Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include
"forward-looking statements" within the meanings of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Included among "forward-looking statements" are, among other
things, (i) statements regarding Cheniere's business strategy,
plans and objectives, including the development, construction and
operation of liquefaction facilities, (ii) statements regarding
expectations regarding regulatory authorizations and approvals,
(iii) statements expressing beliefs and expectations regarding the
development of Cheniere's LNG terminal and pipeline businesses,
including liquefaction facilities, (iv) statements regarding the
business operations and prospects of third parties, (v) statements
regarding potential financing arrangements and (vi) statements
regarding future discussions and entry into contracts. Although
Cheniere believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Cheniere's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in Cheniere's periodic reports that are filed with and
available from the Securities and Exchange Commission. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Other than as
required under the securities laws, Cheniere does not assume a duty
to update these forward-looking statements.
(Financial Table Follows)
Cheniere Energy,
Inc.
|
Consolidated
Statements of Operations
|
(in thousands,
except per share data)(1)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
|
|
|
|
|
|
|
Regasification
revenues
|
$
|
65,622
|
|
|
$
|
66,489
|
|
|
$
|
131,173
|
|
|
$
|
133,291
|
|
LNG revenues
(losses)
|
110,735
|
|
|
(706)
|
|
|
113,439
|
|
|
(44)
|
|
Other
revenues
|
470
|
|
|
2,242
|
|
|
1,296
|
|
|
3,147
|
|
Total
revenues
|
176,827
|
|
|
68,025
|
|
|
245,908
|
|
|
136,394
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Cost of sales
(excluding depreciation and amortization expense shown separately
below)
|
85,709
|
|
|
1,444
|
|
|
100,216
|
|
|
2,137
|
|
Operating and
maintenance expense
|
45,562
|
|
|
17,727
|
|
|
81,879
|
|
|
53,433
|
|
Development
expense
|
1,616
|
|
|
16,609
|
|
|
3,163
|
|
|
32,705
|
|
Marketing
expense
|
26,225
|
|
|
20,379
|
|
|
51,203
|
|
|
33,425
|
|
General and
administrative expense
|
61,409
|
|
|
87,477
|
|
|
109,333
|
|
|
132,448
|
|
Depreciation and
amortization expense
|
32,781
|
|
|
20,154
|
|
|
56,870
|
|
|
37,923
|
|
Impairment expense
(recovery)
|
(71)
|
|
|
—
|
|
|
10,095
|
|
|
176
|
|
Other
|
50
|
|
|
109
|
|
|
162
|
|
|
265
|
|
Total operating costs
and expenses
|
253,281
|
|
|
163,899
|
|
|
412,921
|
|
|
292,512
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(76,454)
|
|
|
(95,874)
|
|
|
(167,013)
|
|
|
(156,118)
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest expense, net
of capitalized interest
|
(105,967)
|
|
|
(85,486)
|
|
|
(182,304)
|
|
|
(145,098)
|
|
Loss on early
extinguishment of debt
|
(55,315)
|
|
|
(7,281)
|
|
|
(56,772)
|
|
|
(96,273)
|
|
Derivative gain
(loss), net
|
(90,621)
|
|
|
46,049
|
|
|
(271,555)
|
|
|
(80,641)
|
|
Other income
(expense)
|
(6,930)
|
|
|
283
|
|
|
(6,001)
|
|
|
655
|
|
Total other
expense
|
(258,833)
|
|
|
(46,435)
|
|
|
(516,632)
|
|
|
(321,357)
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes and non-controlling interest
|
(335,287)
|
|
|
(142,309)
|
|
|
(683,645)
|
|
|
(477,475)
|
|
Income tax benefit
(provision)
|
343
|
|
|
507
|
|
|
(273)
|
|
|
(171)
|
|
Net loss
|
(334,944)
|
|
|
(141,802)
|
|
|
(683,918)
|
|
|
(477,646)
|
|
Less: net loss
attributable to non-controlling interest
|
(36,526)
|
|
|
(23,307)
|
|
|
(64,662)
|
|
|
(91,442)
|
|
Net loss attributable
to common stockholders
|
$
|
(298,418)
|
|
|
$
|
(118,495)
|
|
|
$
|
(619,256)
|
|
|
$
|
(386,204)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders—basic and diluted
|
$
|
(1.31)
|
|
|
$
|
(0.52)
|
|
|
$
|
(2.71)
|
|
|
$
|
(1.71)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding—basic and diluted
|
228,323
|
|
|
226,481
|
|
|
228,231
|
|
|
226,405
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016, filed with the Securities and Exchange
Commission.
|
Cheniere Energy,
Inc.
|
Consolidated
Balance Sheets
|
(in thousands,
except share data)(1)
|
|
|
June
30,
|
|
December
31,
|
|
2016
|
|
2015
|
ASSETS
|
(unaudited)
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
1,049,478
|
|
|
$
|
1,201,112
|
|
Restricted
cash
|
724,458
|
|
|
503,397
|
|
Accounts and other
receivables
|
74,283
|
|
|
5,749
|
|
Inventory
|
66,322
|
|
|
18,125
|
|
Other current
assets
|
75,941
|
|
|
54,203
|
|
Total current
assets
|
1,990,482
|
|
|
1,782,586
|
|
|
|
|
|
Non-current
restricted cash
|
31,726
|
|
|
31,722
|
|
Property, plant and
equipment, net
|
18,729,177
|
|
|
16,193,907
|
|
Debt issuance costs,
net
|
336,474
|
|
|
378,677
|
|
Non-current
derivative assets
|
20,715
|
|
|
30,887
|
|
Goodwill
|
76,819
|
|
|
76,819
|
|
Other non-current
assets
|
251,458
|
|
|
314,455
|
|
Total
assets
|
$
|
21,436,851
|
|
|
$
|
18,809,053
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
48,676
|
|
|
$
|
22,820
|
|
Accrued
liabilities
|
589,604
|
|
|
427,199
|
|
Current debt,
net
|
1,677,476
|
|
|
1,673,379
|
|
Deferred
revenue
|
26,709
|
|
|
26,669
|
|
Derivative
liabilities
|
72,002
|
|
|
35,201
|
|
Other current
liabilities
|
54
|
|
|
—
|
|
Total current
liabilities
|
2,414,521
|
|
|
2,185,268
|
|
|
|
|
|
Long-term debt,
net
|
17,789,074
|
|
|
14,920,427
|
|
Non-current deferred
revenue
|
7,500
|
|
|
9,500
|
|
Non-current
derivative liabilities
|
311,207
|
|
|
79,387
|
|
Other non-current
liabilities
|
50,382
|
|
|
53,068
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred stock,
$0.0001 par value, 5.0 million shares authorized, none
issued
|
—
|
|
|
—
|
|
Common stock, $0.003
par value
|
|
|
|
Authorized: 480.0
million shares at June 30, 2016 and December 31, 2015
|
|
|
|
Issued and
outstanding: 235.7 million shares and 235.6 million shares at June
30, 2016 and December 31, 2015, respectively
|
707
|
|
|
708
|
|
Treasury stock: 11.8
million shares and 11.6 million shares at June 30, 2016 and
December 31, 2015, respectively, at cost
|
(357,491)
|
|
|
(353,927)
|
|
Additional
paid-in-capital
|
3,105,728
|
|
|
3,075,317
|
|
Accumulated
deficit
|
(4,243,204)
|
|
|
(3,623,948)
|
|
Total stockholders'
deficit
|
(1,494,260)
|
|
|
(901,850)
|
|
Non-controlling
interest
|
2,358,427
|
|
|
2,463,253
|
|
Total
equity
|
864,167
|
|
|
1,561,403
|
|
Total liabilities and
equity
|
$
|
21,436,851
|
|
|
$
|
18,809,053
|
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
Cheniere Energy, Inc. Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016, filed with the Securities and Exchange
Commission.
|
As of June 30, 2016, we had cash and cash equivalents of
$1,049.5 million available to
Cheniere. In addition, we had current and non-current restricted
cash of $756.2 million (which
included current and non-current restricted cash available to us
and our subsidiaries) designated for the following purposes:
$223.1 million for the CCL Project,
$263.1 million for the Sabine Pass
Liquefaction Project, $110.0 million
for restricted purposes under the terms of Cheniere Partners'
credit facilities, $91.1 million for
interest payments related to the Sabine Pass LNG, L.P. senior
secured notes and $68.9 million for
other restricted purposes.
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
In addition to disclosing financial results in accordance with
U.S. GAAP, the accompanying news release contains non-GAAP
financial measures. Adjusted EBITDA, Net Loss, As Adjusted and Net
Loss per share, As Adjusted are non-GAAP financial measures that we
use to facilitate comparisons of operating performance across
periods. These non-GAAP measures should be viewed as a supplement
to and not a substitute for our U.S. GAAP measures of performance
and the financial results calculated in accordance with U.S. GAAP
and reconciliations from these results should be carefully
evaluated.
Adjusted EBITDA represents net loss attributable to Cheniere
before net loss attributable to the non-controlling interest,
interest, taxes, depreciation and amortization, adjusted for
certain non-cash items, other non-operating income or expense
items, and items not otherwise predictive or indicative of ongoing
operating performance, as detailed in the following reconciliation.
Adjusted EBITDA is not intended to represent cash flows from
operations or net loss as defined by U.S. GAAP and is not
necessarily comparable to similarly titled measures reported by
other companies.
We believe Adjusted EBITDA provides relevant and useful
information to management, investors and other users of our
financial information in evaluating the effectiveness of our
operating performance in a manner that is consistent with
management's evaluation of business performance. We believe
Adjusted EBITDA is widely used by investors to measure a company's
operating performance without regard to items such as interest
expense, taxes, depreciation and amortization which vary
substantially from company to company depending on capital
structure, the method by which assets were acquired and
depreciation policies. Further, the exclusion of certain non-cash
items, other non-operating income or expense items, and items not
otherwise predictive or indicative of ongoing operating
performance, enables comparability to prior period performance and
trend analysis.
Adjusted EBITDA is calculated by taking net loss attributable to
common stockholders before net loss attributable to non-controlling
interest, interest expense, net of capitalized interest, including
changes in the fair value and settlement of our interest rate
derivatives, taxes, depreciation and amortization, and adjusting
for the effects of certain non-cash items, other non-operating
income or expense items, and other items not otherwise predictive
or indicative of ongoing operating performance, including the
effects of modification or extinguishment of debt, impairment
expense (recovery), changes in the fair value of our commodity and
foreign currency exchange ("FX") derivatives and non-cash
compensation expense. We believe the exclusion of these items
enables investors and other users of our financial information to
assess our sequential and year-over-year performance and operating
trends on a more comparable basis and is consistent with
management's own evaluation of performance.
Net Loss, As Adjusted represents net loss attributable to
Cheniere common shareholders and Net Loss per share, As Adjusted
represents Cheniere's basic and diluted earnings per share, in each
case adjusted for certain non-recurring items or other items not
predictive or indicative of ongoing operating performance, net of
the portion attributable to non-controlling interests, including
changes in the fair value of our interest rate, commodity and FX
derivatives, the effects of modifications or extinguishments of
debt, share-based compensation related to employee separations,
impairment expense (recovery) and other adjustments. Net Loss, As
Adjusted and Net Loss per share, As Adjusted are presented because
we believe they are useful tools for assessing the operating
performance of Cheniere. Net Loss, As Adjusted and Net Loss per
share, As Adjusted are not intended to represent net loss
attributable to common stockholders and net loss per share
attributable to common stockholders, the most comparable U.S. GAAP
measures, respectively, as indicators of operating performance, and
are not necessarily comparable to measures reported by other
companies.
Net Loss, As Adjusted and Net Loss per share, As
Adjusted
The following tables reconcile our Net Loss, As Adjusted and Net
Loss per share, As Adjusted to U.S. GAAP results for the three and
six months ended June 30, 2016 and
2015 (in thousands, except per share data):
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net loss attributable
to common stockholders
|
$
|
(298,418)
|
|
|
$
|
(118,495)
|
|
|
$
|
(619,256)
|
|
|
$
|
(386,204)
|
|
Add:
|
|
|
|
|
|
|
|
Impairment expense
(recovery)
|
(71)
|
|
|
—
|
|
|
10,095
|
|
|
176
|
|
Loss on early
extinguishment of debt
|
55,315
|
|
|
7,281
|
|
|
56,772
|
|
|
96,273
|
|
Loss (gain) from
changes in fair value of interest rate derivatives, net
|
80,352
|
|
|
(98,407)
|
|
|
253,417
|
|
|
(9,199)
|
|
Loss (gain) from
changes in fair value of commodity and FX derivatives,
net
|
25,415
|
|
|
(144)
|
|
|
25,702
|
|
|
463
|
|
Share-based
compensation related to employee separations
|
15,647
|
|
|
—
|
|
|
22,060
|
|
|
—
|
|
Less:
|
|
|
|
|
|
|
|
Adjustments
attributable to non-controlling interest
|
18,404
|
|
|
1,471
|
|
|
27,053
|
|
|
35,390
|
|
|
|
|
|
|
|
|
|
Net Loss, As
Adjusted
|
$
|
(140,164)
|
|
|
$
|
(211,236)
|
|
|
$
|
(278,263)
|
|
|
$
|
(333,881)
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders—basic and diluted
|
$
|
(1.31)
|
|
|
$
|
(0.52)
|
|
|
$
|
(2.71)
|
|
|
$
|
(1.71)
|
|
Add:
|
|
|
|
|
|
|
|
Impairment expense
(recovery)
|
—
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
Loss on early
extinguishment of debt
|
0.24
|
|
|
0.03
|
|
|
0.25
|
|
|
0.43
|
|
Loss (gain) from
changes in fair value of interest rate derivatives, net
|
0.35
|
|
|
(0.43)
|
|
|
1.11
|
|
|
(0.04)
|
|
Loss (gain) from
changes in fair value of commodity and FX derivatives,
net
|
0.11
|
|
|
—
|
|
|
0.11
|
|
|
—
|
|
Share-based
compensation related to employee separations
|
0.07
|
|
|
—
|
|
|
0.10
|
|
|
—
|
|
Less:
|
|
|
|
|
|
|
|
Adjustments
attributable to non-controlling interest
|
0.08
|
|
|
0.01
|
|
|
0.12
|
|
|
0.16
|
|
Net Loss per share,
As Adjusted—basic and diluted(1)
|
$
|
(0.61)
|
|
|
$
|
(0.93)
|
|
|
$
|
(1.22)
|
|
|
$
|
(1.47)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding—basic and diluted
|
228,323
|
|
|
226,481
|
|
|
228,231
|
|
|
226,405
|
|
|
|
|
|
|
(1)
|
Numbers may not foot
due to rounding.
|
Adjusted EBITDA
The following table reconciles our Adjusted EBITDA to U.S. GAAP
results for the three and six months ended June 30, 2016 and 2015 (in thousands):
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net loss attributable
to common stockholders
|
$
|
(298,418)
|
|
|
$
|
(118,495)
|
|
|
$
|
(619,256)
|
|
|
$
|
(386,204)
|
|
Net loss attributable
to non-controlling interest
|
(36,526)
|
|
|
(23,307)
|
|
|
(64,662)
|
|
|
(91,442)
|
|
Income tax provision
(benefit)
|
(343)
|
|
|
(507)
|
|
|
273
|
|
|
171
|
|
Interest expense, net
of capitalized interest
|
105,967
|
|
|
85,486
|
|
|
182,304
|
|
|
145,098
|
|
Loss on early
extinguishment of debt
|
55,315
|
|
|
7,281
|
|
|
56,772
|
|
|
96,273
|
|
Derivative loss
(gain), net
|
90,621
|
|
|
(46,049)
|
|
|
271,555
|
|
|
80,641
|
|
Other expense
(income)
|
6,930
|
|
|
(283)
|
|
|
6,001
|
|
|
(655)
|
|
Loss from
operations
|
$
|
(76,454)
|
|
|
$
|
(95,874)
|
|
|
$
|
(167,013)
|
|
|
$
|
(156,118)
|
|
Adjustments to
reconcile loss from operations to Adjusted EBITDA:
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
32,781
|
|
|
20,154
|
|
|
56,870
|
|
|
37,923
|
|
Loss (gain) from
changes in fair value of commodity and FX derivatives,
net
|
25,415
|
|
|
(144)
|
|
|
25,702
|
|
|
463
|
|
Total non-cash
compensation expense
|
14,613
|
|
|
15,340
|
|
|
26,464
|
|
|
31,060
|
|
Impairment expense
(recovery)
|
(71)
|
|
|
—
|
|
|
10,095
|
|
|
176
|
|
Adjusted
EBITDA
|
$
|
(3,716)
|
|
|
$
|
(60,524)
|
|
|
$
|
(47,882)
|
|
|
$
|
(86,496)
|
|
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SOURCE Cheniere Energy, Inc.