UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2023


FTAI INFRASTRUCTURE INC.

(Exact name of registrant as specified in its charter)


 Delaware
001-41370
87-4407005
 (State or other jurisdiction of incorporation)
 (Commission File Number)
 (I.R.S. Employer Identification No.)

1345 Avenue of the Americas, 45th Floor
New York, New York 10105
(Address of principal executive offices) (Zip Code)

(212) 798-6100
(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:

 Title of each class
 Trading Symbol(s)
 Name of each exchange on which registered
Common Stock, par value $0.01 per share
 FIP
The Nasdaq Global Select Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02.
Results of Operations and Financial Condition.

On October 26, 2023, FTAI Infrastructure Inc. (“FIP” or the “Company”) issued a press release announcing the Company’s results for its fiscal quarter ended September 30, 2023. A copy of the Company’s press release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.

This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits.

Exhibit
Number
  
Description
     
 
Press release, dated October 26, 2023, issued by FTAI Infrastructure Inc.
104
  
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Dated: October 26, 2023
 

 
 
FTAI INFRASTRUCTURE INC.
 
 
 
/s/ Kenneth J. Nicholson
 
Kenneth J. Nicholson
 
Chief Executive Officer and President


Exhibit 99.1
PRESS RELEASE
FTAI Infrastructure Inc. Reports Third Quarter 2023 Results, Declares Dividend of $0.03 per Share of Common Stock
NEW YORK, October 26, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the third quarter 2023. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
 
(in thousands, except per share data)
  
Selected Financial Results
    
Q3’23
  
Net Loss Attributable to Stockholders
  
$
(56,101
)
Basic and Diluted Loss per Share of Common Stock
  
$
(0.55
)
Adjusted EBITDA(1)
  
$
24,655
  
Adjusted EBITDA - Four core segments (1)(2)
  
$
32,208
  


(1)
For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

(2)
Excludes Sustainability and Energy Transition and Corporate and Other segments.
 
Third Quarter 2023 Dividends
 
On October 26, 2023, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended September 30, 2023, payable on November 16, 2023 to the holders of record on November 9, 2023.
 
Business Highlights
 
•  Generated $32.2 million of Adjusted EBITDA(1) from our four core segments.
 
•  Transtar’s new third-party business opportunities (railcar repair, transloading) are expected to commence in coming months and provide strong momentum for 2024.
 
•  Jefferson Terminal executed multiple contracts during Q3 with potential to generate meaningful Adjusted EBITDA once operational(3); a portion of these contracts have already commenced and will contribute to Q4.
 
•  Repauno expects to enter into a Phase 2 anchor contract in Q4(3).
 
(3) Please see “Disclaimers” at the beginning of the exhibit.
 
1
Additional Information
 
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website.
 
Conference Call
 
In addition, management will host a conference call on Friday, October 27, 2023 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BI6e621deb011b47878a498f0f2acd7c65. Once registered, participants will receive a dial-in and unique pin to access the call.
 
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
 
A replay of the conference call will be available after 11:30 A.M. on Friday, October 27, 2023 through 11:30 A.M. on Friday, November 3, 2023 on https://ir.fipinc.com/news-events/presentations.
 
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
 
About FTAI Infrastructure Inc.
 
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
 
Cautionary Note Regarding Forward-Looking Statements
 
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Transtar’s expected commencement of new third-party business opportunities with strong momentum for 2024, Jefferson Terminal’s ability to generate meaningful Adjusted EBITDA once new contracts commence and are operational and whether Repauno will enter into a Phase 2 anchor contract in Q4 or at all.  These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
 
2
For further information, please contact:
 
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com

3
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2023
    
2022
    
2023
    
2022
  
Revenues
                        
Total revenues
  
$
80,706
    
$
78,559
    
$
239,032
    
$
190,575
  
                                 
Expenses
                                
Operating expenses
    
68,416
      
60,934
      
196,353
      
148,231
  
General and administrative
    
2,485
      
3,208
      
9,388
      
8,136
  
Acquisition and transaction expenses
    
649
      
2,754
      
1,554
      
15,862
  
Management fees and incentive allocation to affiliate
    
3,238
      
2,659
      
9,304
      
9,885
  
Depreciation and amortization
    
20,150
      
18,136
      
60,577
      
52,451
  
Asset impairment
    
—
      
—
      
743
      
—
  
Total expenses
    
94,938
      
87,691
      
277,919
      
234,565
  
                                 
Other income (expense)
                                
Equity in losses of unconsolidated entities
    
(9,914
)
    
(12,080
)
    
(7,173
)
    
(47,982
)
(Loss) gain on sale of assets, net
    
(263
)
    
(134
)
    
260
      
(134
)
Loss on extinguishment of debt
    
(2,020
)
    
—
      
(2,020
)
    
—
  
Interest expense
    
(25,999
)
    
(19,161
)
    
(73,431
)
    
(32,106
)
Other income (expense)
    
2,387
      
(1,132
)
    
3,978
      
(2,144
)
Total other expense
    
(35,809
)
    
(32,507
)
    
(78,386
)
    
(82,366
)
Loss before income taxes
    
(50,041
)
    
(41,639
)
    
(117,273
)
    
(126,356
)
Provision for income taxes
    
8
      
1,555
      
2,560
      
5,086
  
Net loss
    
(50,049
)
    
(43,194
)
    
(119,833
)
    
(131,442
)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries
    
(9,932
)
    
(8,381
)
    
(30,101
)
    
(24,327
)
Less: Dividends and accretion on redeemable preferred stock
    
15,984
      
9,263
      
45,811
      
9,263
  
Net loss attributable to stockholders/Former Parent
  
$
(56,101
)
  
$
(44,076
)
  
$
(135,543
)
  
$
(116,378
)

                               
Loss per share:
                                
Basic
  
$
(0.55
)
  
$
(0.43
)
  
$
(1.32
)
  
$
(1.13
)
Diluted
  
$
(0.55
)
  
$
(0.43
)
  
$
(1.32
)
  
$
(1.13
)
Weighted average shares outstanding:
                                
Basic
    
102,820,651
      
102,730,033
      
102,800,818
      
102,730,033
  
Diluted
    
102,820,651
      
102,730,033
      
102,800,818
      
102,730,033
  

4
FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

   
(Unaudited)
        
   
September 30, 2023
    
December 31, 2022
  
Assets
            
Current assets:
            
Cash and cash equivalents
  
$
24,447
    
$
36,486
  
Restricted cash
    
53,477
      
113,156
  
Accounts receivable, net
    
64,693
      
60,807
  
Other current assets
    
37,340
      
67,355
  
Total current assets
    
179,957
      
277,804
  
Leasing equipment, net
    
33,965
      
34,907
  
Operating lease right-of-use assets, net
    
68,462
      
71,015
  
Property, plant, and equipment, net
    
1,664,361
      
1,673,808
  
Investments
    
70,143
      
73,589
  
Intangible assets, net
    
54,517
      
60,195
  
Goodwill
    
275,367
      
260,252
  
Other assets
    
38,363
      
26,829
  
Total assets
  
$
2,385,135
    
$
2,478,399
  
                 
Liabilities
                
Current liabilities:
                
Accounts payable and accrued liabilities
  
$
135,820
    
$
136,048
  
Current debt, net
    
—
      
—
  
Operating lease liabilities
    
6,931
      
7,045
  
Other current liabilities
    
19,658
      
16,488
  
Total current liabilities
    
162,409
      
159,581
  
Debt, net
    
1,318,481
      
1,230,157
  
Operating lease liabilities
    
61,302
      
63,147
  
Other liabilities
    
62,088
      
236,130
  
Total liabilities
    
1,604,280
      
1,689,015
  
                 
Commitments and contingencies
    
—
      
—
  
                 
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022; redemption amount of $448.2 million at September 30, 2023 and December 31, 2022)
    
310,401
      
264,590
  
                 
Equity
                
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 99,490,386 and 99,445,074 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)
    
994
      
994
  
Additional paid in capital
    
862,675
      
911,599
  
Accumulated deficit
    
(150,569
)
    
(60,837
)
Accumulated other comprehensive loss
    
(179,234
)
    
(300,133
)
Stockholders' equity
    
533,866
      
551,623
  
Non-controlling interest in equity of consolidated subsidiaries
    
(63,412
)
    
(26,829
)
Total equity
    
470,454
      
524,794
  
Total liabilities, redeemable preferred stock and equity
  
$
2,385,135
    
$
2,478,399
  

5
FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)

   
Nine Months Ended September 30,
  
   
2023
    
2022
  
Cash flows from operating activities:
            
Net loss
  
$
(119,833
)
  
$
(131,442
)
Adjustments to reconcile net loss to net cash used in operating activities:
                
Equity in losses of unconsolidated entities
    
7,173
      
47,982
  
(Gain) loss on sale of assets, net
    
(260
)
    
134
  
Loss on extinguishment of debt
    
2,020
      
—
  
Equity-based compensation
    
5,814
      
3,042
  
Depreciation and amortization
    
60,577
      
52,451
  
Asset impairment
    
743
      
—
  
Change in deferred income taxes
    
2,148
      
4,851
  
Change in fair value of non-hedge derivative
    
1,125
      
(1,058
)
Amortization of deferred financing costs
    
4,910
      
2,950
  
Amortization of bond discount
    
3,472
      
—
  
Provision for credit losses
    
1,661
      
418
  
Other
    
—
      
899
  
Change in:
                
Accounts receivable
    
(5,547
)
    
(20,476
)
Other assets
    
17,387
      
(17,632
)
Accounts payable and accrued liabilities
    
4,204
      
23,199
  
Management fees payable to affiliate
    
10,926
      
2,381
  
Other liabilities
    
1,266
      
(5,390
)
Net cash used in operating activities
    
(2,214
)
    
(37,691
)
                 
Cash flows from investing activities:
                
Investment in unconsolidated entities
    
(6,070
)
    
(4,481
)
Investment in convertible promissory notes
    
(51,044
)
    
(20,000
)
Acquisition of business, net of cash acquired
    
(4,448
)
    
(3,819
)
Acquisition of property, plant and equipment
    
(78,712
)
    
(172,226
)
Proceeds from sale of leasing equipment
    
116
      
—
  
Proceeds from sale of property, plant and equipment
    
1,148
      
5,656
  
Net cash used in investing activities
    
(139,010
)
    
(194,870
)
                 
Cash flows from financing activities:
                
Proceeds from debt
    
162,100
      
482,375
  
Repayment of debt
    
(75,131
)
    
—
  
Payment of deferred financing costs
    
(6,472
)
    
(12,803
)
Proceeds from issuance of redeemable preferred stock
    
—
      
291,000
  
Redeemable preferred stock issuance costs
    
—
      
(16,418
)
Cash dividends - common stock
    
(9,254
)
    
—
  
Capital contribution from non-controlling interests
    
—
      
732
  
Net transfers to Former Parent, net
    
—
      
(617,322
)
Settlement of equity-based compensation
    
(90
)
    
(148
)
Distributions to non-controlling interests
    
(1,647
)
    
—
  
Distribution to Manager
    
—
      
(79
)
Net cash provided by financing activities
    
69,506
      
127,337
  
                 
Net decrease in cash and cash equivalents and restricted cash
    
(71,718
)
    
(105,224
)
Cash and cash equivalents and restricted cash, beginning of period
    
149,642
      
301,855
  
Cash and cash equivalents and restricted cash, end of period
  
$
77,924
    
$
196,631
  

6
Key Performance Measures
 
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders or Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion expense related to redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

7
The following table sets forth a reconciliation of net loss attributable to stockholders or Former Parent to Adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022:

   
Three Months Ended
September 30,
        
Nine Months Ended
September 30,
      
(in thousands)
  
2023
    
2022
    
Change
    
2023
    
2022
    
Change
  
Net loss attributable to stockholders/Former Parent
  
$
(56,101
)
  
$
(44,076
)
  
$
(12,025
)
  
$
(135,543
)
  
$
(116,378
)
  
$
(19,165
)
Add: Provision for income taxes
    
8
      
1,555
      
(1,547
)
    
2,560
      
5,086
      
(2,526
)
Add: Equity-based compensation expense
    
4,277
      
1,377
      
2,900
      
5,814
      
3,042
      
2,772
  
Add: Acquisition and transaction expenses
    
649
      
2,754
      
(2,105
)
    
1,554
      
15,862
      
(14,308
)
Add: Losses on the modification or extinguishment of debt and capital lease obligations
    
2,020
      
—
      
2,020
      
2,020
      
—
      
2,020
  
Add: Changes in fair value of non-hedge derivative instruments
    
—
      
(310
)
    
310
      
1,125
      
(1,058
)
    
2,183
  
Add: Asset impairment charges
    
—
      
—
      
—
      
743
      
—
      
743
  
Add: Incentive allocations
    
—
      
—
      
—
      
—
      
—
      
—
  
Add: Depreciation & amortization expense
    
20,150
      
18,136
      
2,014
      
60,577
      
52,451
      
8,126
  
Add: Interest expense
    
25,999
      
19,161
      
6,838
      
73,431
      
32,106
      
41,325
  
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
    
5,554
      
9,770
      
(4,216
)
    
20,630
      
22,002
      
(1,372
)
Add: Dividends and accretion on redeemable preferred stock
    
15,984
      
9,263
      
6,721
      
45,811
      
9,263
      
36,548
  
Add: Interest and other costs on pension and OPEB liabilities
    
480
      
896
      
(416
)
    
1,440
      
896
      
544
  
Add: Other non-recurring items (2)
    
1,131
      
—
      
1,131
      
2,470
      
—
      
2,470
  
Less: Equity in losses of unconsolidated entities
    
9,914
      
12,080
      
(2,166
)
    
7,173
      
47,982
      
(40,809
)
Less: Non-controlling share of Adjusted EBITDA (3)
    
(5,410
)
    
(4,502
)
    
(908
)
    
(15,577
)
    
(12,034
)
    
(3,543
)
Adjusted EBITDA (non-GAAP)
  
$
24,655
    
$
26,104
    
$
(1,449
)
  
$
74,228
    
$
59,220
    
$
15,008
  
 

(1)
Includes the following items for the three months ended September 30, 2023 and 2022: (i) net loss of $(9,941) and $(12,177), (ii) interest expense of $8,830 and $7,551, (iii) depreciation and amortization expense of $6,965 and $7,883, (iv) acquisition and transaction expenses of $50 and $(16), (v) changes in fair value of non-hedge derivative instruments of $(352) and $6,432, (vi) equity-based compensation of $2 and $95 and (vii) asset impairment of $— and $2, respectively. Includes the following items for the nine months ended September 30, 2023 and 2022: (i) net loss of $(7,283) and $(48,184), (ii) interest expense of $25,166 and $20,809, (iii) depreciation and amortization expense of $20,598 and $20,516, (iv) acquisition and transaction expenses of $307 and $375, (v) changes in fair value of non-hedge derivative instruments of $(18,162) and $28,164, (vi) equity-based compensation of $4 and $288 and (vii) asset impairment of $— and $34, respectively.
 
(2)
Includes the following items for the three months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs of $1,131. Includes the following items for the nine months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs and Railroad severance expense of $2,470.
 
(3)
Includes the following items for the three months ended September 30, 2023 and 2022: (i) equity-based compensation of $718 and $102, (ii) (benefit from) provision for income taxes of $(19) and $464, (iii) interest expense of $1,821 and $1,326, (iv) depreciation and amortization expense of $2,870 and $2,507, (v) changes in fair value of non-hedge derivative instruments of $— and $(15), (vi) acquisition and transaction expense of $19 and $117 and (vii) interest and other costs on pension and OPEB liabilities of $1 and $1, respectively. Includes the following items for the nine months ended September 30, 2023 and 2022: (i) equity-based compensation of $904 and $352, (ii) provision for income taxes of $69 and $494, (iii) interest expense of $5,558 and $4,029, (iv) depreciation and amortization expense of $8,950 and $7,091, (v) changes in fair value of non-hedge derivative instruments of $61 and $(50), (vi) other non-recurring items of $3 and $—, (vii) acquisition and transaction expense of $27 and $117, (viii) interest and other costs on pension and OPEB liabilities of $3 and $1 and (ix) asset impairment of $2 and $—, respectively.
 
8
The following table sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended September 30, 2023:
 
   
Three Months Ended September 30, 2023
  
(in thousands)
  
Railroad
    
Jefferson
Terminal
    
Repauno
    
Power and
Gas
    
Four Core
Segments
  
Net income (loss) attributable to stockholders/Former Parent
  
$
10,620
    
$
(12,017
)
  
$
(4,946
)
  
$
(6,301
)
  
$
(12,644
)
Add: Provision for (benefit from) income taxes
    
524
      
(126
)
    
103
      
—
      
501
  
Add: Equity-based compensation expense
    
262
      
2,932
      
1,083
      
—
      
4,277
  
Add: Acquisition and transaction expenses
    
186
      
80
      
—
      
—
      
266
  
Add: Losses on the modification or extinguishment of debt and capital lease obligations
    
937
      
—
      
—
      
—
      
937
  
Add: Changes in fair value of non-hedge derivative instruments
    
—
      
—
      
—
      
—
      
—
  
Add: Asset impairment charges
    
—
      
—
      
—
      
—
      
—
  
Add: Incentive allocations
    
—
      
—
      
—
      
—
      
—
  
Add: Depreciation and amortization expense
    
4,362
      
12,643
      
2,390
      
—
      
19,395
  
Add: Interest expense
    
82
      
8,280
      
642
      
—
      
9,004
  
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
    
—
      
—
      
—
      
7,214
      
7,214
  
Add: Dividends and accretion on redeemable preferred stock
    
—
      
—
      
—
      
—
      
—
  
Add: Interest and other costs on pension and OPEB liabilities
    
480
      
—
      
—
      
—
      
480
  
Add: Other non-recurring items (2)
    
—
      
1,131
      
—
      
—
      
1,131
  
Less: Equity in earnings of unconsolidated entities
    
—
      
—
      
—
      
7,057
      
7,057
  
Less: Non-controlling share of Adjusted EBITDA (3)
    
(19
)
    
(5,160
)
    
(231
)
    
—
      
(5,410
)
Adjusted EBITDA
  
$
17,434
    
$
7,763
    
$
(959
)
  
$
7,970
    
$
32,208
  


(1)
Power and Gas:
 
Includes the following items for the three months ended September 30, 2023: (i) net loss of $(7,057), (ii) interest expense of $7,932, (iii) depreciation and amortization expense of $6,639, (iv) acquisition and transaction expenses of $50, (v) changes in fair value of non-hedge derivative instruments of $(352) and (vi) equity-based compensation of $2.
 
(2)
Jefferson Terminal:
 
Includes the following items for the three months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs of $1,131.
 
(3)
Railroad:
 
Includes the following items for the three months ended September 30, 2023: (i) equity-based compensation of $1, (ii) provision for income taxes of $3, (iii) depreciation and amortization expense of $13, (iv) interest and other costs on pension and OPEB liabilities of $1 and (v) acquisition and transaction expense of $1.
 
Jefferson Terminal:
 
Includes the following items for the three months ended September 30, 2023: (i) equity-based compensation of $658, (ii) benefit from income taxes of $(30), (iii) interest expense of $1,786, (iv) depreciation and amortization expense of $2,728 and (v) acquisition and transaction expense of $18.
 
Repauno:
 
Includes the following items for the three months ended September 30, 2023: (i) equity-based compensation of $59, (ii) interest expense of $35, (iii) depreciation and amortization expense of $129 and (iv) provision for income taxes of $8.


9
v3.23.3
Document and Entity Information
Oct. 26, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 26, 2023
Entity File Number 001-41370
Entity Registrant Name FTAI INFRASTRUCTURE INC.
Entity Central Index Key 0001899883
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 87-4407005
Entity Address, Address Line One 1345 Avenue of the Americas
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10105
City Area Code 212
Local Phone Number 798-6100
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol FIP
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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