53 unchanged sentences
We commenced operations on February 25, 2014, and we had net losses of approximately $78.2 million in 2018, $204.3 million in 2019, and $264.0 million in 2020.
−Removed: We recognized income of $92.7 million in 2021 and $184.8 million in 2022.
+Added: We recognized income of $92.7 million in 2021, $184.8 million in 2022 and $120.1 million in the second quarter of 2023.
Our limited operating history also means that we continue to develop and implement our strategies, policies and procedures, including those related to project development planning, operational supply chain planning, data privacy and other matters.
1 unchanged sentence
Our ability to implement our business strategy may be materially and adversely affected by many known and unknown factors.
−Removed: Our business strategy relies on a variety of factors, including our ability to successfully market LNG, natural gas, steam, and power to end-users, develop and maintain cost-effective logistics in our supply chain and construct, develop and operate energy-related infrastructure in the countries where we operate, and expand our projects and operations to other
−Removed: countries where we do not currently operate, among others.
+Added: Our business strategy relies on a variety of factors, including our ability to successfully market LNG, natural gas, steam, and power to end-users, develop and maintain cost-effective logistics in our supply chain and construct, develop and
+Added: operate energy-related infrastructure in the countries where we operate, and expand our projects and operations to other countries where we do not currently operate, among others.
These assumptions are subject to significant economic, competitive, regulatory and operational uncertainties, contingencies and risks, many of which are beyond our control, including, among others:
29 unchanged sentences
The occurrence of any one of these factors, whatever the cause, could result in unforeseen delays or cost overruns to our projects.
−Removed: Delays in the development beyond our estimated timelines, or amendments or change orders to our construction contracts, could result in increases to our development costs beyond our original estimates, which could
−Removed: require us to obtain additional financing or funding and could make the project less profitable than originally estimated or possibly not profitable at all.
+Added: Delays in the development beyond our estimated timelines, or amendments or change orders to our
+Added: construction contracts, could result in increases to our development costs beyond our original estimates, which could require us to obtain additional financing or funding and could make the project less profitable than originally estimated or possibly not profitable at all.
Further, any such delays could cause a delay in our anticipated receipt of revenues, a loss of one or more customers in the event of significant delays, and our inability to meet milestones or conditions precedents in our customer contracts, which could lead to delay penalties and potentially a termination of agreements with our customers.
142 unchanged sentences
Our current lack of asset and geographic diversification could have an adverse effect on our business, contracts, financial condition, operating results, cash flow, liquidity and prospects.
−Removed: Our results of operations for the year ended December 31, 2022 and the three months ended March 31, 2023, include our Montego Bay Facility, Old Harbour Facility, San Juan Facility, certain industrial end-users and our Miami Facility.
+Added: Our results of operations for the year ended December 31, 2022 and the six months ended June 30, 2023, include our Montego Bay Facility, Old Harbour Facility, San Juan Facility, certain industrial end-users and our Miami Facility.
In addition, we placed a portion of our La Paz Facility into service in 2022, and our revenue and results of operations have begun to be impacted by operations in Mexico, including agreements with certain power generation facilities in Baja California Sur.
108 unchanged sentences
Under our GSAs, PPAs and SSAs, we are required to deliver to our customers specified amounts of LNG, natural gas, power and steam, respectively, at specified times and within certain specifications, all of which requires us to obtain sufficient amounts of LNG from third-party LNG suppliers or our own portfolio.
−Removed: We may not be able to purchase or receive physical delivery of sufficient quantities of LNG to satisfy those delivery obligations, which may provide a counterparty with the right to terminate its GSA, PPA or SSA, as applicable, or subject us to penalties and indemnification obligations under those agreements.
+Added: We may not be able to purchase or receive physical delivery of sufficient quantities of LNG to satisfy those delivery obligations, which may provide a counterparty with the right to terminate its GSA, PPA or SSA, as applicable, or subject us to remedial obligations under those agreements.
While we have entered into supply agreements for the purchase of LNG between 2023 and 2030, we may need to purchase significant additional LNG volumes to meet our delivery obligations to our downstream customers.
123 unchanged sentences
On an ongoing basis, we engage with lenders and other financial institutions in an effort to improve our liquidity and capital resources.
−Removed: As of December 31, 2022 and March 31, 2023, we had approximately $4.5 billion and $5.3 billion, respectively, aggregate principal amount of indebtedness outstanding on a consolidated basis.
+Added: As of December 31, 2022 and June 30, 2023, we had approximately $4.5 billion and $5.5 billion, respectively, aggregate principal amount of indebtedness outstanding on a consolidated basis.
The terms and conditions of our indebtedness include restrictive covenants that may limit our ability to operate our business, to incur or refinance our debt, engage in certain transactions, and require us to maintain certain financial ratios, among others, any of which may limit our ability to finance future operations and capital needs, react to changes in our business and in the economy generally, and to pursue business opportunities and activities.
363 unchanged sentences
Furthermore, the Shareholders’ Agreement provides that the parties thereto will use their respective reasonable efforts (including voting or causing to be voted all of the Company’s voting shares beneficially owned by each) to cause to be elected to the Board, and to cause to continue to be in office the director nominees selected by the Founder Entities.
−Removed: Affiliates of Energy Transition Holdings LLC are parties to the Shareholders’ Agreement and as of March 31, 2023 hold approximately 12.5% of the voting power of our stock.
+Added: Affiliates of Energy Transition Holdings LLC are parties to the Shareholders’ Agreement and as of June 30, 2023 hold approximately 12.5% of the voting power of our stock.
As a result, we are a controlled company within the meaning of the Nasdaq corporate governance standards.
8 unchanged sentences
A small number of our original investors have the ability to direct the voting of a majority of our stock, and their interests may conflict with those of our other stockholders.
−Removed: As of March 31, 2023, affiliates of the Founder Entities own an aggregate of approximately 87,136,768 shares of Class A common stock, representing approximately 42.6% of our voting power, and affiliates of Energy Transition Holdings LLC, party to the Shareholders' Agreement, own an aggregate of approximately 25,559,846 shares of our Class A common stock, representing approximately 12.5% of the voting power of our Class A common stock.
+Added: As of June 30, 2023, affiliates of the Founder Entities own an aggregate of approximately 87,136,768 shares of Class A common stock, representing approximately 42.5% of our voting power, and affiliates of Energy Transition Holdings LLC, party to the Shareholders' Agreement, own an aggregate of approximately 25,559,846 shares of our Class A common stock, representing approximately 12.5% of the voting power of our Class A common stock.
The beneficial ownership of greater than 50% of our voting stock means affiliates of the Founder Entities and Energy Transition Holdings LLC are able to control matters requiring stockholder approval, including the election of directors, changes to our organizational documents and significant corporate transactions.
114 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.