FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI
Infrastructure”) today reported financial results for the fourth
quarter and full year 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 |
Three Months Ended December 31, 2023 |
|
Year Ended December 31, 2023 |
Net Loss Attributable to Stockholders |
$ |
(48,193 |
) |
|
$ |
(183,736 |
) |
Basic Loss per Share of Common
Stock |
$ |
(0.47 |
) |
|
$ |
(1.78 |
) |
Diluted Loss per Share of Common
Stock |
$ |
(0.47 |
) |
|
$ |
(1.79 |
) |
Adjusted EBITDA (1) |
$ |
33,294 |
|
|
$ |
107,522 |
|
Adjusted EBITDA - Four Core
Segments (1)(2) |
$ |
42,455 |
|
|
$ |
140,938 |
|
________________________
(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.
Fourth Quarter 2023
Dividends
On February 29, 2024, 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 December 31,
2023, payable on April 5, 2024 to the holders of record on March
27, 2024.
Business Highlights
- Q4 core segment
Adj. EBITDA(1)(2) of $42.4 million, and consolidated Adj EBITDA(1)
of $33.3 million – both quarterly records.
- Transtar generated
Adj. EBITDA(1) of $23.6 million in Q4, a record, with increases in
both carload volume and average rate per carload versus Q3.
- Jefferson Terminal generated Adj.
EBITDA(1) of $14.3 million in Q4, averaging an all-time high of
185,000 barrels per day of throughput at the terminal.
(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.
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 Annual Report
on Form 10-K, when available on the Company’s website. Nothing on
the Company’s website is included or incorporated by reference
herein.
Conference Call
In addition, management will host a conference
call on Friday, March 1, 2024 at 8:00 A.M. Eastern Time. The
conference call may be accessed by registering via the following
link
https://register.vevent.com/register/BI105c7053805540c195b641e1b4b5e2e0.
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
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, March 1, 2024 through 11:30
A.M. on Friday, March 8, 2024 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. 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.
For further information, please
contact:
Alan AndreiniInvestor RelationsFTAI Infrastructure Inc.(646)
734-9414aandreini@fortress.com
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 December 31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
Total revenues |
$ |
81,440 |
|
|
$ |
71,391 |
|
|
$ |
320,472 |
|
|
$ |
261,966 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Operating expenses |
|
57,319 |
|
|
|
59,926 |
|
|
|
253,672 |
|
|
|
208,157 |
|
General and
administrative |
|
3,445 |
|
|
|
2,755 |
|
|
|
12,833 |
|
|
|
10,891 |
|
Acquisition and transaction
expenses |
|
2,586 |
|
|
|
982 |
|
|
|
4,140 |
|
|
|
16,844 |
|
Management fees and incentive
allocation to affiliate |
|
3,163 |
|
|
|
3,079 |
|
|
|
12,467 |
|
|
|
12,964 |
|
Depreciation and
amortization |
|
20,415 |
|
|
|
18,298 |
|
|
|
80,992 |
|
|
|
70,749 |
|
Asset impairment |
|
— |
|
|
|
— |
|
|
|
743 |
|
|
|
— |
|
Total expenses |
|
86,928 |
|
|
|
85,040 |
|
|
|
364,847 |
|
|
|
319,605 |
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
Equity in losses of
unconsolidated entities |
|
(17,534 |
) |
|
|
(19,417 |
) |
|
|
(24,707 |
) |
|
|
(67,399 |
) |
Gain (loss) on sale of assets,
net |
|
6,595 |
|
|
|
(1,469 |
) |
|
|
6,855 |
|
|
|
(1,603 |
) |
Loss on extinguishment of
debt |
|
(16 |
) |
|
|
— |
|
|
|
(2,036 |
) |
|
|
— |
|
Interest expense |
|
(26,172 |
) |
|
|
(21,133 |
) |
|
|
(99,603 |
) |
|
|
(53,239 |
) |
Other income (expense) |
|
2,608 |
|
|
|
(1,025 |
) |
|
|
6,586 |
|
|
|
(3,169 |
) |
Total other expense |
|
(34,519 |
) |
|
|
(43,044 |
) |
|
|
(112,905 |
) |
|
|
(125,410 |
) |
Loss before income
taxes |
|
(40,007 |
) |
|
|
(56,693 |
) |
|
|
(157,280 |
) |
|
|
(183,049 |
) |
(Benefit from) provision for
income taxes |
|
(90 |
) |
|
|
(618 |
) |
|
|
2,470 |
|
|
|
4,468 |
|
Net loss |
|
(39,917 |
) |
|
|
(56,075 |
) |
|
|
(159,750 |
) |
|
|
(187,517 |
) |
Less: Net loss attributable to
non-controlling interests in consolidated subsidiaries |
|
(8,313 |
) |
|
|
(9,606 |
) |
|
|
(38,414 |
) |
|
|
(33,933 |
) |
Less: Dividends and accretion
of redeemable preferred stock |
|
16,589 |
|
|
|
14,394 |
|
|
|
62,400 |
|
|
|
23,657 |
|
Net loss attributable
to stockholders/Former Parent |
$ |
(48,193 |
) |
|
$ |
(60,863 |
) |
|
$ |
(183,736 |
) |
|
$ |
(177,241 |
) |
|
|
|
|
|
|
|
|
Loss per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.47 |
) |
|
$ |
(0.59 |
) |
|
$ |
(1.78 |
) |
|
$ |
(1.73 |
) |
Diluted |
$ |
(0.47 |
) |
|
$ |
(0.59 |
) |
|
$ |
(1.79 |
) |
|
$ |
(1.73 |
) |
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
103,426,793 |
|
|
|
102,747,121 |
|
|
|
102,960,812 |
|
|
|
102,747,121 |
|
Diluted |
|
103,426,793 |
|
|
|
102,747,121 |
|
|
|
102,960,812 |
|
|
|
102,747,121 |
|
FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE
SHEETS (Unaudited)(Dollar amounts in thousands, except share and
per share data) |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
29,367 |
|
|
$ |
36,486 |
|
Restricted cash |
|
58,112 |
|
|
|
113,156 |
|
Accounts receivable, net |
|
55,990 |
|
|
|
60,807 |
|
Other current assets |
|
42,034 |
|
|
|
67,355 |
|
Total current assets |
|
185,503 |
|
|
|
277,804 |
|
Leasing equipment, net |
|
35,587 |
|
|
|
34,907 |
|
Operating lease right-of-use
assets, net |
|
69,748 |
|
|
|
71,015 |
|
Property, plant, and
equipment, net |
|
1,630,829 |
|
|
|
1,673,808 |
|
Investments |
|
72,701 |
|
|
|
73,589 |
|
Intangible assets, net |
|
52,621 |
|
|
|
60,195 |
|
Goodwill |
|
275,367 |
|
|
|
260,252 |
|
Other assets |
|
57,253 |
|
|
|
26,829 |
|
Total assets |
$ |
2,379,609 |
|
|
$ |
2,478,399 |
|
|
|
|
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ |
130,796 |
|
|
$ |
136,048 |
|
Operating lease liabilities |
|
7,218 |
|
|
|
7,045 |
|
Other current liabilities |
|
12,623 |
|
|
|
16,488 |
|
Total current liabilities |
|
150,637 |
|
|
|
159,581 |
|
Debt, net |
|
1,340,910 |
|
|
|
1,230,157 |
|
Operating lease
liabilities |
|
62,441 |
|
|
|
63,147 |
|
Other liabilities |
|
87,530 |
|
|
|
236,130 |
|
Total liabilities |
|
1,641,518 |
|
|
|
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 December 31, 2023 and
December 31, 2022, respectively; redemption amount of $446.5
million and $448.2 million as of December 31, 2023 and
December 31, 2022, respectively) |
|
325,232 |
|
|
|
264,590 |
|
|
|
|
|
Equity |
|
|
|
Common stock ($0.01 par value
per share; 2,000,000,000 shares authorized; 100,589,572 and
99,445,074 shares issued and outstanding at December 31, 2023
and December 31, 2022, respectively) |
|
1,006 |
|
|
|
994 |
|
Additional paid in
capital |
|
843,971 |
|
|
|
911,599 |
|
Accumulated deficit |
|
(182,173 |
) |
|
|
(60,837 |
) |
Accumulated other
comprehensive loss |
|
(178,515 |
) |
|
|
(300,133 |
) |
Stockholders' equity |
|
484,289 |
|
|
|
551,623 |
|
Non-controlling interests in
equity of consolidated subsidiaries |
|
(71,430 |
) |
|
|
(26,829 |
) |
Total equity |
|
412,859 |
|
|
|
524,794 |
|
Total liabilities, redeemable preferred stock and equity |
$ |
2,379,609 |
|
|
$ |
2,478,399 |
|
FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in
thousands, unless otherwise noted) |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
Net loss |
|
$ |
(159,750 |
) |
|
$ |
(187,517 |
) |
Equity in losses of
unconsolidated entities |
|
|
24,707 |
|
|
|
67,399 |
|
(Gain) loss on sale of
assets |
|
|
(6,855 |
) |
|
|
1,603 |
|
Loss on extinguishment of
debt |
|
|
2,036 |
|
|
|
— |
|
Equity-based compensation |
|
|
9,199 |
|
|
|
4,146 |
|
Depreciation and
amortization |
|
|
80,992 |
|
|
|
70,749 |
|
Asset impairment |
|
|
743 |
|
|
|
— |
|
Change in deferred income
taxes |
|
|
2,016 |
|
|
|
3,982 |
|
Change in fair value of
non-hedge derivatives |
|
|
1,125 |
|
|
|
(1,125 |
) |
Amortization of deferred
financing costs |
|
|
6,769 |
|
|
|
4,393 |
|
Bad debt expense |
|
|
1,977 |
|
|
|
575 |
|
Amortization of bond
discount |
|
|
4,853 |
|
|
|
1,903 |
|
Change in: |
|
|
|
|
Accounts receivable |
|
|
2,840 |
|
|
|
(3,303 |
) |
Other assets |
|
|
25,183 |
|
|
|
(7,799 |
) |
Accounts payable and accrued liabilities |
|
|
8,553 |
|
|
|
7,013 |
|
Other liabilities |
|
|
1,125 |
|
|
|
(4,709 |
) |
Net cash provided by
(used in) operating activities |
|
|
5,513 |
|
|
|
(42,690 |
) |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Investment in unconsolidated
entities |
|
|
(7,077 |
) |
|
|
(5,996 |
) |
Acquisition of business, net
of cash acquired |
|
|
(4,448 |
) |
|
|
(3,819 |
) |
Acquisition of leasing
equipment |
|
|
(1,724 |
) |
|
|
— |
|
Acquisition of property, plant
and equipment |
|
|
(99,022 |
) |
|
|
(217,141 |
) |
Investment in convertible
promissory notes |
|
|
(36,044 |
) |
|
|
(47,454 |
) |
Proceeds from sale of leasing
equipment |
|
|
105 |
|
|
|
— |
|
Proceeds from sale of
property, plant and equipment |
|
|
1,087 |
|
|
|
7,144 |
|
Net cash used in
investing activities |
|
|
(147,123 |
) |
|
|
(267,266 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from debt |
|
|
181,350 |
|
|
|
519,025 |
|
Repayment of debt |
|
|
(75,131 |
) |
|
|
— |
|
Payment of deferred financing
costs |
|
|
(8,834 |
) |
|
|
(13,605 |
) |
Proceeds from issuance of
redeemable preferred stock |
|
|
— |
|
|
|
291,000 |
|
Redeemable preferred stock
issuance costs |
|
|
— |
|
|
|
(16,433 |
) |
Distributions to Manager |
|
|
— |
|
|
|
(78 |
) |
Capital contributions from
non-controlling interests |
|
|
— |
|
|
|
731 |
|
Distributions to
non-controlling interests |
|
|
(1,647 |
) |
|
|
(143 |
) |
Settlement of equity-based
compensation |
|
|
(2,161 |
) |
|
|
(593 |
) |
Net transfers to (from) Former
Parent |
|
|
— |
|
|
|
(617,321 |
) |
Cash dividends - common
stock |
|
|
(12,372 |
) |
|
|
(3,082 |
) |
Cash dividends - redeemable
preferred stock |
|
|
(1,758 |
) |
|
|
(1,758 |
) |
Net cash provided by
financing activities |
|
|
79,447 |
|
|
|
157,743 |
|
|
|
|
|
|
Net decrease in cash
and cash equivalents and restricted cash |
|
|
(62,163 |
) |
|
|
(152,213 |
) |
Cash and cash equivalents and
restricted cash, beginning of period |
|
|
149,642 |
|
|
|
301,855 |
|
Cash and cash
equivalents and restricted cash, end of period |
|
$ |
87,479 |
|
|
$ |
149,642 |
|
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 stockholders and 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 and other costs on pension and
other pension expense benefits (“OPEB”) liabilities, dividends and
accretion of 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.
The following table sets forth a reconciliation
of net loss attributable to stockholders and Former Parent to
Adjusted EBITDA for the three and twelve months ended
December 31, 2023 and 2022:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss attributable
to stockholders/Former Parent |
$ |
(48,193 |
) |
|
$ |
(60,863 |
) |
|
$ |
(183,736 |
) |
|
$ |
(177,241 |
) |
Add: (Benefit from) provision
for income taxes |
|
(90 |
) |
|
|
(618 |
) |
|
|
2,470 |
|
|
|
4,468 |
|
Add: Equity-based compensation
expense |
|
3,385 |
|
|
|
1,104 |
|
|
|
9,199 |
|
|
|
4,146 |
|
Add: Acquisition and
transaction expenses |
|
2,586 |
|
|
|
982 |
|
|
|
4,140 |
|
|
|
16,844 |
|
Add: Losses on the
modification or extinguishment of debt and capital lease
obligations |
|
16 |
|
|
|
— |
|
|
|
2,036 |
|
|
|
— |
|
Add: Changes in fair value of
non-hedge derivative instruments |
|
— |
|
|
|
(67 |
) |
|
|
1,125 |
|
|
|
(1,125 |
) |
Add: Asset impairment
charges |
|
— |
|
|
|
— |
|
|
|
743 |
|
|
|
— |
|
Add: Incentive
allocations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Depreciation &
amortization expense(1) |
|
20,964 |
|
|
|
18,298 |
|
|
|
81,541 |
|
|
|
70,749 |
|
Add: Interest expense |
|
26,172 |
|
|
|
21,133 |
|
|
|
99,603 |
|
|
|
53,239 |
|
Add: Pro-rata share of
Adjusted EBITDA from unconsolidated entities(2) |
|
(421 |
) |
|
|
(8,063 |
) |
|
|
20,209 |
|
|
|
13,939 |
|
Add: Dividends and accretion
of redeemable preferred stock |
|
16,589 |
|
|
|
14,394 |
|
|
|
62,400 |
|
|
|
23,657 |
|
Add: Interest and other costs
on pension and OPEB liabilities |
|
690 |
|
|
|
336 |
|
|
|
2,130 |
|
|
|
1,232 |
|
Add: Other non-recurring
items(3) |
|
— |
|
|
|
— |
|
|
|
2,470 |
|
|
|
— |
|
Less: Equity in losses of
unconsolidated entities |
|
17,534 |
|
|
|
19,417 |
|
|
|
24,707 |
|
|
|
67,399 |
|
Less: Non-controlling share of
Adjusted EBITDA(4) |
|
(5,938 |
) |
|
|
(4,245 |
) |
|
|
(21,515 |
) |
|
|
(16,279 |
) |
Adjusted EBITDA
(Non-GAAP) |
$ |
33,294 |
|
|
$ |
1,808 |
|
|
$ |
107,522 |
|
|
$ |
61,028 |
|
____________________
(1) Includes the following items for the
years ended December 31, 2023 and 2022: (i) depreciation and
amortization expense of $80,992 and $70,749 and (ii) capitalized
contract costs amortization of $549 and $—, respectively.
Includes the following items for the three
months ended December 31, 2023 and 2022: (i) depreciation and
amortization expense of $20,415 and $18,298 and (ii) capitalized
contract costs amortization of $549 and $—, respectively.
(2) Includes the following items for the
years ended December 31, 2023 and 2022: (i) net loss of
$(23,752) and $(67,658), (ii) interest expense of $34,686 and
$28,702, (iii) depreciation and amortization expense of
$27,685 and $28,399, (iv) acquisition and transaction expense of
$445 and $616, (v) changes in fair value of non-hedge derivative
instruments of $(18,904) and $21,218, (vi) asset impairment of
$1,135 and $2,280, (vii) equity-based compensation of $5 and $382
and (viii) equity method basis adjustments of $(1,091) and $—,
respectively.
Includes the following items for the three
months ended December 31, 2023 and 2022: (i) net loss of
$(16,469) and $(19,474), (ii) interest expense of $9,520 and
$7,893, (iii) depreciation and amortization expense of $7,087
and $7,883, (iv) acquisition and transaction expense of $138 and
$241, (v) changes in fair value of non-hedge derivative instruments
of $(742) and $(6,946), (vi) asset impairment of $1,135 and $2,246,
(vii) equity-based compensation of $1 and $94 and (viii) equity
method basis adjustments of $(1,091) and $—, respectively.
(3) Includes the following items for the
year ended December 31, 2023: certain non-cash expenses related to
cancellation of restricted shares and Railroad severance expense of
$2,470.(4) Includes the following items for the years ended
December 31, 2023 and 2022: (i) equity-based compensation of $1,412
and $470, (ii) provision for income taxes of $578 and $670, (iii)
interest expense of $7,391 and $5,491, (iv) depreciation and
amortization expense of $11,752 and $9,699, (v) changes in fair
value of non-hedge derivative instruments of $63 and $(53), (vi)
acquisition and transaction expenses of $307 and $1, (vii) interest
and other costs on pension and OPEB liabilities of $6 and $1,
(viii) asset impairment of $2 and $—, and (ix) other recurring
items of $4 and $—, respectively.
Includes the following items for the three
months ended December 31, 2023 and 2022: (i) equity-based
compensation of $508 and $118, (ii) provision for income taxes of
$509 and $176, (iii) interest expense of $1,833 and $1,462, (iv)
depreciation and amortization expense of $2,802 and $2,608, (v)
changes in fair value of non-hedge derivative instruments of $2 and
$(3), (vi) acquisition and transaction expenses of $280 and $(116),
(vii) interest and other costs on pension and OPEB liabilities of
$3 and $—, and (viii) other recurring items of $1 and $—,
respectively.
The following tables sets forth a reconciliation
of net income (loss) attributable to stockholders to Adjusted
EBITDA for our four core segments for the three months and year
ended December 31, 2023:
|
Three Months Ended December 31, 2023 |
(in thousands) |
Railroad |
|
Jefferson Terminal |
|
Repauno |
|
Power and Gas |
|
Four Core Segments |
Net income (loss) attributable to
stockholders |
$ |
19,495 |
|
|
$ |
(6,776 |
) |
|
$ |
(4,202 |
) |
|
$ |
(10,549 |
) |
|
$ |
(2,032 |
) |
Add: (Benefit from) provision
for income taxes |
|
(2,403 |
) |
|
|
2,244 |
|
|
|
239 |
|
|
|
— |
|
|
|
80 |
|
Add: Equity-based compensation
expense |
|
648 |
|
|
|
2,186 |
|
|
|
461 |
|
|
|
— |
|
|
|
3,295 |
|
Add: Acquisition and
transaction expenses |
|
184 |
|
|
|
1,254 |
|
|
|
— |
|
|
|
23 |
|
|
|
1,461 |
|
Add: Losses on the
modification or extinguishment of debt and capital lease
obligations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Changes in fair value of
non-hedge derivative instruments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Asset impairment
charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Incentive
allocations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Depreciation &
amortization expense(1) |
|
5,002 |
|
|
|
12,809 |
|
|
|
2,420 |
|
|
|
— |
|
|
|
20,231 |
|
Add: Interest expense |
|
32 |
|
|
|
8,301 |
|
|
|
712 |
|
|
|
— |
|
|
|
9,045 |
|
Add: Pro-rata share of
Adjusted EBITDA from unconsolidated entities(2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,331 |
|
|
|
3,331 |
|
Add: Dividends and accretion
of redeemable preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Interest and other costs
on pension and OPEB liabilities |
|
690 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
690 |
|
Add: Other non-recurring
items(3) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Equity in losses of
unconsolidated entities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,292 |
|
|
|
12,292 |
|
Less: Non-controlling share of
Adjusted EBITDA(4) |
|
(16 |
) |
|
|
(5,687 |
) |
|
|
(235 |
) |
|
|
— |
|
|
|
(5,938 |
) |
Adjusted EBITDA
(Non-GAAP) |
$ |
23,632 |
|
|
$ |
14,331 |
|
|
$ |
(605 |
) |
|
$ |
5,097 |
|
|
$ |
42,455 |
|
|
Year Ended December 31, 2023 |
(in thousands) |
Railroad |
|
Jefferson Terminal |
|
Repauno |
|
Power and Gas |
|
Four Core Segments |
Net income (loss) attributable to
stockholders |
$ |
49,999 |
|
|
$ |
(36,720 |
) |
|
$ |
(22,489 |
) |
|
$ |
(5,249 |
) |
|
$ |
(14,459 |
) |
Add: (Benefit from) provision
for income taxes |
|
(561 |
) |
|
|
2,468 |
|
|
|
496 |
|
|
|
— |
|
|
|
2,403 |
|
Add: Equity-based compensation
expense |
|
1,394 |
|
|
|
5,865 |
|
|
|
1,770 |
|
|
|
— |
|
|
|
9,029 |
|
Add: Acquisition and
transaction expenses |
|
737 |
|
|
|
1,370 |
|
|
|
— |
|
|
|
94 |
|
|
|
2,201 |
|
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 |
|
— |
|
|
|
— |
|
|
|
1,125 |
|
|
|
— |
|
|
|
1,125 |
|
Add: Asset impairment
charges |
|
743 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
743 |
|
Add: Incentive
allocations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Depreciation &
amortization expense(1) |
|
19,590 |
|
|
|
49,465 |
|
|
|
9,336 |
|
|
|
— |
|
|
|
78,391 |
|
Add: Interest expense |
|
2,284 |
|
|
|
32,443 |
|
|
|
2,557 |
|
|
|
3 |
|
|
|
37,287 |
|
Add: Pro-rata share of
Adjusted EBITDA from unconsolidated entities(2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,987 |
|
|
|
29,987 |
|
Add: Dividends and accretion
of redeemable preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Interest and other costs
on pension and OPEB liabilities |
|
2,130 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,130 |
|
Add: Other non-recurring
items(3) |
|
1,339 |
|
|
|
1,131 |
|
|
|
— |
|
|
|
— |
|
|
|
2,470 |
|
Less: Equity in losses of
unconsolidated entities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,949 |
|
|
|
9,949 |
|
Less: Non-controlling share of
Adjusted EBITDA(4) |
|
(71 |
) |
|
|
(20,328 |
) |
|
|
(856 |
) |
|
|
— |
|
|
|
(21,255 |
) |
Adjusted EBITDA
(Non-GAAP) |
$ |
78,521 |
|
|
$ |
35,694 |
|
|
$ |
(8,061 |
) |
|
$ |
34,784 |
|
|
$ |
140,938 |
|
____________________
(1) Jefferson TerminalIncludes
the following items for the three months and year ended
December 31, 2023: (i) depreciation and amortization expense
of $12,260 and $48,916 and (ii) capitalized contract costs
amortization of $549 and $549, respectively.
(2) Power and GasIncludes the
following items for the three months and year ended
December 31, 2023: (i) net loss of $(11,201) and $(8,858),
(ii) interest expense of $8,565 and $31,109, (iii) depreciation and
amortization expense of $6,526 and $26,146, (iv) acquisition and
transaction expense of $138 and $445, (v) changes in fair value of
non-hedge derivative instruments of $(742) and $(18,904), (vi)
asset impairment of $1,135 and $1,135, (vii) equity-based
compensation of $1 and $5 and (viii) equity method basis
adjustments of $(1,091) and $(1,091), respectively.
(3) RailroadIncludes the
following items for the year ended December 31, 2023: Railroad
severance expense of $1,339.
Jefferson TerminalIncludes the following items
for the year ended December 31, 2023: certain non-cash
expenses related to cancellation of restricted shares of
$1,131.
(4) RailroadIncludes the
following items for the three months and year ended
December 31, 2023: (i) equity-based compensation of $2 and $4,
(ii) benefit from income taxes of $(5) and $(1), (iii) interest
expense of $1 and $6, (iv) depreciation and amortization expense of
$14 and $49, (v) acquisition and transaction expenses of $— and $1,
(vi) interest and other costs on pension and OPEB liabilities of $3
and $6, (vii) asset impairment of $— and $2 and (viii) other
recurring items of $1 and $4, respectively.
Jefferson TerminalIncludes the following items
for the three months and year ended December 31, 2023: (i)
equity-based compensation of $478 and $1,309, (ii) provision for
income taxes of $500 and $551, (iii) interest expense of $1,789 and
$7,242, (iv) depreciation and amortization expense of $2,640 and
$10,920 and (v) acquisition and transaction expense of $280 and
$306, respectively.
RepaunoIncludes the following items for the
three months and year ended December 31, 2023: (i)
equity-based compensation of $28 and $99, (ii) provision for income
taxes of $14 and $28, (iii) interest expense of $43 and $143, (iv)
depreciation and amortization expense of $148 and $523 and (v)
changes in fair value of non-hedge derivative instruments of $2 and
$63, respectively.
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