Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries FTAI Infrastructure Inc. Reports First Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock By: FTAI Infrastructure via GlobeNewswire May 07, 2024 at 16:15 PM EDT NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsQ1’24Net Loss Attributable to Stockholders$ (56,582)Basic and Diluted Loss per Share of Common Stock$ (0.54)Adjusted EBITDA (1)$ 27,231 Adjusted EBITDA - Four core segments (1)(2)$ 37,168 _______________________________(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. First Quarter 2024 Dividends On May 7, 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 March 31, 2024, payable on May 29, 2024 to the holders of record on May 17, 2024. Business Highlights Transtar revenue of $46.3 million represented a new quarterly record, with momentum continuing into Q2.Jefferson Terminal revenue of $18.6 million impacted by an accelerated customer turnaround in Q1; with the turnaround now complete, Jefferson Terminal volumes and revenue are running at record levels.Long Ridge operated at 98% capacity factor; close to signing several long-term “behind the meter” contracts and seeing rapidly increasing demand in the AI data center space. 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. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Wednesday, May 8, 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/BIca642246d3df458aad5fd075de5e813a. 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 Wednesday, May 8, 2024 through 11:30 A.M. on Wednesday, May 15, 2024 on https://ir.fipinc.com/news-events/events. 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 continued momentum, and Long Ridge’s potential new “behind the meter” contracts. 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 STATEMENTS OF OPERATIONS (Unaudited)(Dollar amounts in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenues Total revenues$ 82,535 $ 76,494 Expenses Operating expenses 64,575 65,162 General and administrative 4,861 3,201 Acquisition and transaction expenses 926 269 Management fees and incentive allocation to affiliate 3,001 2,982 Depreciation and amortization 20,521 20,135 Asset impairment — 141 Total expenses 93,884 91,890 Other (expense) income Equity in (losses) earnings of unconsolidated entities (11,902) 4,366 Loss on sale of assets, net (13) (124)Interest expense (27,593) (23,250)Other income 2,365 221 Total other expense (37,143) (18,787)Loss before income taxes (48,492) (34,183)Provision for income taxes 1,805 1,729 Net loss (50,297) (35,912)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,690) (9,893)Less: Dividends and accretion of redeemable preferred stock 16,975 14,570 Net loss attributable to stockholders$ (56,582) $ (40,589) Loss per share: Basic$ (0.54) $ (0.39)Diluted$ (0.54) $ (0.40)Weighted average shares outstanding: Basic 104,189,287 102,787,640 Diluted 104,189,287 102,787,640 FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023Assets Current assets: Cash and cash equivalents$ 22,968 $ 29,367 Restricted cash 41,328 58,112 Accounts receivable, net 53,914 55,990 Other current assets 46,321 42,034 Total current assets 164,531 185,503 Leasing equipment, net 35,652 35,587 Operating lease right-of-use assets, net 68,921 69,748 Property, plant, and equipment, net 1,610,731 1,630,829 Investments 68,085 72,701 Intangible assets, net 50,735 52,621 Goodwill 275,367 275,367 Other assets 70,659 57,253 Total assets$ 2,344,681 $ 2,379,609 Liabilities Current liabilities: Accounts payable and accrued liabilities$ 139,662 $ 130,796 Current debt, net 77,683 — Operating lease liabilities 7,242 7,218 Other current liabilities 15,180 12,623 Total current liabilities 239,767 150,637 Debt, net 1,266,506 1,340,910 Operating lease liabilities 61,599 62,441 Other liabilities 114,068 87,530 Total liabilities 1,681,940 1,641,518 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 March 31, 2024 and December 31, 2023; redemption amount of $446.5 million at March 31, 2024 and December 31, 2023) 342,207 325,232 Equity Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 101,693,823 and 100,589,572 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) 1,016 1,006 Additional paid in capital 822,956 843,971 Accumulated deficit (221,780) (182,173)Accumulated other comprehensive loss (199,643) (178,515)Stockholders' equity 402,549 484,289 Non-controlling interest in equity of consolidated subsidiaries (82,015) (71,430)Total equity 320,534 412,859 Total liabilities, redeemable preferred stock and equity$ 2,344,681 $ 2,379,609 FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted) Three Months Ended March 31, 2024 2023 Cash flows from operating activities: Net loss$ (50,297) $ (35,912)Adjustments to reconcile net loss to net cash used in operating activities: Equity in losses (earnings) of unconsolidated entities 11,902 (4,366)Loss on sale of assets, net 13 124 Equity-based compensation 2,340 895 Depreciation and amortization 20,521 20,135 Asset impairment — 141 Change in deferred income taxes 1,337 1,547 Change in fair value of non-hedge derivative — 1,125 Amortization of deferred financing costs 1,929 1,429 Amortization of bond discount 1,426 1,045 Provision for (benefit from) credit losses 169 (165)Change in: Accounts receivable 1,907 (10,825)Other assets (4,289) 8,140 Accounts payable and accrued liabilities 9,206 6,700 Other liabilities (47) (2,157)Net cash used in operating activities (3,883) (12,144) Cash flows from investing activities: Investment in unconsolidated entities (611) (2,126)Acquisition of consolidated subsidiary — (4,448)Acquisition of leasing equipment (396) — Acquisition of property, plant and equipment (12,859) (39,861)Investment in promissory notes and loans — (20,500)Investment in equity instruments (5,000) — Proceeds from sale of property, plant and equipment 20 93 Net cash used in investing activities (18,846) (66,842) Cash flows from financing activities: Proceeds from debt — 41,600 Payment of deferred financing costs (265) (649)Cash dividends - common stock — (3,084)Settlement of equity-based compensation (189) (90)Net cash (used in) provided by financing activities (454) 37,777 Net decrease in cash and cash equivalents and restricted cash (23,183) (41,209)Cash and cash equivalents and restricted cash, beginning of period 87,479 149,642 Cash and cash equivalents and restricted cash, end of period$ 64,296 $ 108,433 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, 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 to Adjusted EBITDA for the three months ended March 31, 2024 and 2023: Three Months Ended March 31,(in thousands) 2024 2023 Net loss attributable to stockholders$ (56,582) $ (40,589)Add: Provision for income taxes 1,805 1,729 Add: Equity-based compensation expense 2,340 895 Add: Acquisition and transaction expenses 926 269 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — Add: Changes in fair value of non-hedge derivative instruments — 1,125 Add: Asset impairment charges — 141 Add: Incentive allocations — — Add: Depreciation & amortization expense (1) 21,097 20,135 Add: Interest expense 27,593 23,250 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 6,257 8,190 Add: Dividends and accretion of redeemable preferred stock 16,975 14,570 Add: Interest and other costs on pension and OPEB liabilities 600 480 Add: Other non-recurring items (3) — 1,288 Less: Equity in losses (earnings) of unconsolidated entities 11,902 (4,366)Less: Non-controlling share of Adjusted EBITDA (4) (5,682) (5,221)Adjusted EBITDA (non-GAAP)$ 27,231 $ 21,896 _______________________________(1)Includes the following items for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $20,521 and $20,135 and (ii) capitalized contract costs amortization of $576 and $—. (2)Includes the following items for the three months ended March 31, 2024 and 2023: (i) net (loss) income of $(11,942) and $4,318, (ii) interest expense of $10,893 and $8,032, (iii) depreciation and amortization expense of $5,130 and $5,666, (iv) acquisition and transaction expenses of $19 and $20, (v) changes in fair value of non-hedge derivative instruments of $2,053 and $(9,847), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $87 and $— and (viii) equity method basis adjustments of $16 and $—, respectively. (3)Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288. (4)Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $431 and $110, (ii) (benefit from) provision for income taxes of $(134) and $53, (iii) interest expense of $2,189 and $1,857, (iv) depreciation and amortization expense of $3,194 and $3,136, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) interest and other costs on pension and OPEB liabilities of $2 and $1 and (vii) other non-recurring items of $— and $3, respectively. The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended March 31, 2024: Three Months Ended March 31, 2024(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet income (loss) attributable to stockholders$ 14,436 $ (11,120) $ (4,260) $ (5,427) $ (6,371)Add: Provision for (benefit from) income taxes 1,092 (554) (136) — 402 Add: Equity-based compensation expense 290 1,759 291 — 2,340 Add: Acquisition and transaction expenses 184 2 — — 186 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) 5,012 12,906 2,444 — 20,362 Add: Interest expense 69 9,297 146 — 9,512 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) — — — 8,782 8,782 Add: Dividends and accretion of redeemable preferred stock — — — — — Add: Interest and other costs on pension and OPEB liabilities 600 — — — 600 Add: Other non-recurring items — — — — — Less: Equity in losses of unconsolidated entities — — — 7,037 7,037 Less: Non-controlling share of Adjusted EBITDA (3) (25) (5,489) (168) — (5,682)Adjusted EBITDA (non-GAAP)$ 21,658 $ 6,801 $ (1,683) $ 10,392 $ 37,168 _______________________________(1)Jefferson Terminal Includes the following items for the three months ended March 31, 2024: (i) depreciation and amortization expense of $12,330 and (ii) capitalized contract costs amortization of $576, respectively. (2)Power and Gas Includes the following items for the three months ended March 31, 2024: (i) net loss of $(7,053), (ii) interest expense of $9,210, (iii) depreciation and amortization expense of $4,449, (iv) acquisition and transaction expenses of $19, (v) changes in fair value of non-hedge derivative instruments of $2,053, (vi) equity-based compensation of $1, (vii) asset impairment of $87 and (viii) equity method basis adjustments of $16. (3)Railroad Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $1, (ii) provision for income taxes of $4, (iii) depreciation and amortization expense of $18 and (iv) interest and other costs on pension and OPEB liabilities of $2. Jefferson Terminal Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $412, (ii) benefit from income taxes of $(130), (iii) interest expense of $2,180 and (iv) depreciation and amortization expense of $3,027. Repauno Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $18, (ii) benefit from income taxes of $(8), (iii) interest expense of $9 and (iv) depreciation and amortization expense of $149. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
FTAI Infrastructure Inc. Reports First Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock By: FTAI Infrastructure via GlobeNewswire May 07, 2024 at 16:15 PM EDT NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsQ1’24Net Loss Attributable to Stockholders$ (56,582)Basic and Diluted Loss per Share of Common Stock$ (0.54)Adjusted EBITDA (1)$ 27,231 Adjusted EBITDA - Four core segments (1)(2)$ 37,168 _______________________________(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. First Quarter 2024 Dividends On May 7, 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 March 31, 2024, payable on May 29, 2024 to the holders of record on May 17, 2024. Business Highlights Transtar revenue of $46.3 million represented a new quarterly record, with momentum continuing into Q2.Jefferson Terminal revenue of $18.6 million impacted by an accelerated customer turnaround in Q1; with the turnaround now complete, Jefferson Terminal volumes and revenue are running at record levels.Long Ridge operated at 98% capacity factor; close to signing several long-term “behind the meter” contracts and seeing rapidly increasing demand in the AI data center space. 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. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Wednesday, May 8, 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/BIca642246d3df458aad5fd075de5e813a. 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 Wednesday, May 8, 2024 through 11:30 A.M. on Wednesday, May 15, 2024 on https://ir.fipinc.com/news-events/events. 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 continued momentum, and Long Ridge’s potential new “behind the meter” contracts. 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 STATEMENTS OF OPERATIONS (Unaudited)(Dollar amounts in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenues Total revenues$ 82,535 $ 76,494 Expenses Operating expenses 64,575 65,162 General and administrative 4,861 3,201 Acquisition and transaction expenses 926 269 Management fees and incentive allocation to affiliate 3,001 2,982 Depreciation and amortization 20,521 20,135 Asset impairment — 141 Total expenses 93,884 91,890 Other (expense) income Equity in (losses) earnings of unconsolidated entities (11,902) 4,366 Loss on sale of assets, net (13) (124)Interest expense (27,593) (23,250)Other income 2,365 221 Total other expense (37,143) (18,787)Loss before income taxes (48,492) (34,183)Provision for income taxes 1,805 1,729 Net loss (50,297) (35,912)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,690) (9,893)Less: Dividends and accretion of redeemable preferred stock 16,975 14,570 Net loss attributable to stockholders$ (56,582) $ (40,589) Loss per share: Basic$ (0.54) $ (0.39)Diluted$ (0.54) $ (0.40)Weighted average shares outstanding: Basic 104,189,287 102,787,640 Diluted 104,189,287 102,787,640 FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023Assets Current assets: Cash and cash equivalents$ 22,968 $ 29,367 Restricted cash 41,328 58,112 Accounts receivable, net 53,914 55,990 Other current assets 46,321 42,034 Total current assets 164,531 185,503 Leasing equipment, net 35,652 35,587 Operating lease right-of-use assets, net 68,921 69,748 Property, plant, and equipment, net 1,610,731 1,630,829 Investments 68,085 72,701 Intangible assets, net 50,735 52,621 Goodwill 275,367 275,367 Other assets 70,659 57,253 Total assets$ 2,344,681 $ 2,379,609 Liabilities Current liabilities: Accounts payable and accrued liabilities$ 139,662 $ 130,796 Current debt, net 77,683 — Operating lease liabilities 7,242 7,218 Other current liabilities 15,180 12,623 Total current liabilities 239,767 150,637 Debt, net 1,266,506 1,340,910 Operating lease liabilities 61,599 62,441 Other liabilities 114,068 87,530 Total liabilities 1,681,940 1,641,518 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 March 31, 2024 and December 31, 2023; redemption amount of $446.5 million at March 31, 2024 and December 31, 2023) 342,207 325,232 Equity Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 101,693,823 and 100,589,572 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) 1,016 1,006 Additional paid in capital 822,956 843,971 Accumulated deficit (221,780) (182,173)Accumulated other comprehensive loss (199,643) (178,515)Stockholders' equity 402,549 484,289 Non-controlling interest in equity of consolidated subsidiaries (82,015) (71,430)Total equity 320,534 412,859 Total liabilities, redeemable preferred stock and equity$ 2,344,681 $ 2,379,609 FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted) Three Months Ended March 31, 2024 2023 Cash flows from operating activities: Net loss$ (50,297) $ (35,912)Adjustments to reconcile net loss to net cash used in operating activities: Equity in losses (earnings) of unconsolidated entities 11,902 (4,366)Loss on sale of assets, net 13 124 Equity-based compensation 2,340 895 Depreciation and amortization 20,521 20,135 Asset impairment — 141 Change in deferred income taxes 1,337 1,547 Change in fair value of non-hedge derivative — 1,125 Amortization of deferred financing costs 1,929 1,429 Amortization of bond discount 1,426 1,045 Provision for (benefit from) credit losses 169 (165)Change in: Accounts receivable 1,907 (10,825)Other assets (4,289) 8,140 Accounts payable and accrued liabilities 9,206 6,700 Other liabilities (47) (2,157)Net cash used in operating activities (3,883) (12,144) Cash flows from investing activities: Investment in unconsolidated entities (611) (2,126)Acquisition of consolidated subsidiary — (4,448)Acquisition of leasing equipment (396) — Acquisition of property, plant and equipment (12,859) (39,861)Investment in promissory notes and loans — (20,500)Investment in equity instruments (5,000) — Proceeds from sale of property, plant and equipment 20 93 Net cash used in investing activities (18,846) (66,842) Cash flows from financing activities: Proceeds from debt — 41,600 Payment of deferred financing costs (265) (649)Cash dividends - common stock — (3,084)Settlement of equity-based compensation (189) (90)Net cash (used in) provided by financing activities (454) 37,777 Net decrease in cash and cash equivalents and restricted cash (23,183) (41,209)Cash and cash equivalents and restricted cash, beginning of period 87,479 149,642 Cash and cash equivalents and restricted cash, end of period$ 64,296 $ 108,433 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, 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 to Adjusted EBITDA for the three months ended March 31, 2024 and 2023: Three Months Ended March 31,(in thousands) 2024 2023 Net loss attributable to stockholders$ (56,582) $ (40,589)Add: Provision for income taxes 1,805 1,729 Add: Equity-based compensation expense 2,340 895 Add: Acquisition and transaction expenses 926 269 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — Add: Changes in fair value of non-hedge derivative instruments — 1,125 Add: Asset impairment charges — 141 Add: Incentive allocations — — Add: Depreciation & amortization expense (1) 21,097 20,135 Add: Interest expense 27,593 23,250 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 6,257 8,190 Add: Dividends and accretion of redeemable preferred stock 16,975 14,570 Add: Interest and other costs on pension and OPEB liabilities 600 480 Add: Other non-recurring items (3) — 1,288 Less: Equity in losses (earnings) of unconsolidated entities 11,902 (4,366)Less: Non-controlling share of Adjusted EBITDA (4) (5,682) (5,221)Adjusted EBITDA (non-GAAP)$ 27,231 $ 21,896 _______________________________(1)Includes the following items for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $20,521 and $20,135 and (ii) capitalized contract costs amortization of $576 and $—. (2)Includes the following items for the three months ended March 31, 2024 and 2023: (i) net (loss) income of $(11,942) and $4,318, (ii) interest expense of $10,893 and $8,032, (iii) depreciation and amortization expense of $5,130 and $5,666, (iv) acquisition and transaction expenses of $19 and $20, (v) changes in fair value of non-hedge derivative instruments of $2,053 and $(9,847), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $87 and $— and (viii) equity method basis adjustments of $16 and $—, respectively. (3)Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288. (4)Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $431 and $110, (ii) (benefit from) provision for income taxes of $(134) and $53, (iii) interest expense of $2,189 and $1,857, (iv) depreciation and amortization expense of $3,194 and $3,136, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) interest and other costs on pension and OPEB liabilities of $2 and $1 and (vii) other non-recurring items of $— and $3, respectively. The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended March 31, 2024: Three Months Ended March 31, 2024(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet income (loss) attributable to stockholders$ 14,436 $ (11,120) $ (4,260) $ (5,427) $ (6,371)Add: Provision for (benefit from) income taxes 1,092 (554) (136) — 402 Add: Equity-based compensation expense 290 1,759 291 — 2,340 Add: Acquisition and transaction expenses 184 2 — — 186 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) 5,012 12,906 2,444 — 20,362 Add: Interest expense 69 9,297 146 — 9,512 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) — — — 8,782 8,782 Add: Dividends and accretion of redeemable preferred stock — — — — — Add: Interest and other costs on pension and OPEB liabilities 600 — — — 600 Add: Other non-recurring items — — — — — Less: Equity in losses of unconsolidated entities — — — 7,037 7,037 Less: Non-controlling share of Adjusted EBITDA (3) (25) (5,489) (168) — (5,682)Adjusted EBITDA (non-GAAP)$ 21,658 $ 6,801 $ (1,683) $ 10,392 $ 37,168 _______________________________(1)Jefferson Terminal Includes the following items for the three months ended March 31, 2024: (i) depreciation and amortization expense of $12,330 and (ii) capitalized contract costs amortization of $576, respectively. (2)Power and Gas Includes the following items for the three months ended March 31, 2024: (i) net loss of $(7,053), (ii) interest expense of $9,210, (iii) depreciation and amortization expense of $4,449, (iv) acquisition and transaction expenses of $19, (v) changes in fair value of non-hedge derivative instruments of $2,053, (vi) equity-based compensation of $1, (vii) asset impairment of $87 and (viii) equity method basis adjustments of $16. (3)Railroad Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $1, (ii) provision for income taxes of $4, (iii) depreciation and amortization expense of $18 and (iv) interest and other costs on pension and OPEB liabilities of $2. Jefferson Terminal Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $412, (ii) benefit from income taxes of $(130), (iii) interest expense of $2,180 and (iv) depreciation and amortization expense of $3,027. Repauno Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $18, (ii) benefit from income taxes of $(8), (iii) interest expense of $9 and (iv) depreciation and amortization expense of $149.
NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsQ1’24Net Loss Attributable to Stockholders$ (56,582)Basic and Diluted Loss per Share of Common Stock$ (0.54)Adjusted EBITDA (1)$ 27,231 Adjusted EBITDA - Four core segments (1)(2)$ 37,168 _______________________________(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. First Quarter 2024 Dividends On May 7, 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 March 31, 2024, payable on May 29, 2024 to the holders of record on May 17, 2024. Business Highlights Transtar revenue of $46.3 million represented a new quarterly record, with momentum continuing into Q2.Jefferson Terminal revenue of $18.6 million impacted by an accelerated customer turnaround in Q1; with the turnaround now complete, Jefferson Terminal volumes and revenue are running at record levels.Long Ridge operated at 98% capacity factor; close to signing several long-term “behind the meter” contracts and seeing rapidly increasing demand in the AI data center space. 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. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Wednesday, May 8, 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/BIca642246d3df458aad5fd075de5e813a. 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 Wednesday, May 8, 2024 through 11:30 A.M. on Wednesday, May 15, 2024 on https://ir.fipinc.com/news-events/events. 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 continued momentum, and Long Ridge’s potential new “behind the meter” contracts. 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 STATEMENTS OF OPERATIONS (Unaudited)(Dollar amounts in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenues Total revenues$ 82,535 $ 76,494 Expenses Operating expenses 64,575 65,162 General and administrative 4,861 3,201 Acquisition and transaction expenses 926 269 Management fees and incentive allocation to affiliate 3,001 2,982 Depreciation and amortization 20,521 20,135 Asset impairment — 141 Total expenses 93,884 91,890 Other (expense) income Equity in (losses) earnings of unconsolidated entities (11,902) 4,366 Loss on sale of assets, net (13) (124)Interest expense (27,593) (23,250)Other income 2,365 221 Total other expense (37,143) (18,787)Loss before income taxes (48,492) (34,183)Provision for income taxes 1,805 1,729 Net loss (50,297) (35,912)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,690) (9,893)Less: Dividends and accretion of redeemable preferred stock 16,975 14,570 Net loss attributable to stockholders$ (56,582) $ (40,589) Loss per share: Basic$ (0.54) $ (0.39)Diluted$ (0.54) $ (0.40)Weighted average shares outstanding: Basic 104,189,287 102,787,640 Diluted 104,189,287 102,787,640 FTAI INFRASTRUCTURE INC.CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023Assets Current assets: Cash and cash equivalents$ 22,968 $ 29,367 Restricted cash 41,328 58,112 Accounts receivable, net 53,914 55,990 Other current assets 46,321 42,034 Total current assets 164,531 185,503 Leasing equipment, net 35,652 35,587 Operating lease right-of-use assets, net 68,921 69,748 Property, plant, and equipment, net 1,610,731 1,630,829 Investments 68,085 72,701 Intangible assets, net 50,735 52,621 Goodwill 275,367 275,367 Other assets 70,659 57,253 Total assets$ 2,344,681 $ 2,379,609 Liabilities Current liabilities: Accounts payable and accrued liabilities$ 139,662 $ 130,796 Current debt, net 77,683 — Operating lease liabilities 7,242 7,218 Other current liabilities 15,180 12,623 Total current liabilities 239,767 150,637 Debt, net 1,266,506 1,340,910 Operating lease liabilities 61,599 62,441 Other liabilities 114,068 87,530 Total liabilities 1,681,940 1,641,518 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 March 31, 2024 and December 31, 2023; redemption amount of $446.5 million at March 31, 2024 and December 31, 2023) 342,207 325,232 Equity Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 101,693,823 and 100,589,572 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) 1,016 1,006 Additional paid in capital 822,956 843,971 Accumulated deficit (221,780) (182,173)Accumulated other comprehensive loss (199,643) (178,515)Stockholders' equity 402,549 484,289 Non-controlling interest in equity of consolidated subsidiaries (82,015) (71,430)Total equity 320,534 412,859 Total liabilities, redeemable preferred stock and equity$ 2,344,681 $ 2,379,609 FTAI INFRASTRUCTURE INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted) Three Months Ended March 31, 2024 2023 Cash flows from operating activities: Net loss$ (50,297) $ (35,912)Adjustments to reconcile net loss to net cash used in operating activities: Equity in losses (earnings) of unconsolidated entities 11,902 (4,366)Loss on sale of assets, net 13 124 Equity-based compensation 2,340 895 Depreciation and amortization 20,521 20,135 Asset impairment — 141 Change in deferred income taxes 1,337 1,547 Change in fair value of non-hedge derivative — 1,125 Amortization of deferred financing costs 1,929 1,429 Amortization of bond discount 1,426 1,045 Provision for (benefit from) credit losses 169 (165)Change in: Accounts receivable 1,907 (10,825)Other assets (4,289) 8,140 Accounts payable and accrued liabilities 9,206 6,700 Other liabilities (47) (2,157)Net cash used in operating activities (3,883) (12,144) Cash flows from investing activities: Investment in unconsolidated entities (611) (2,126)Acquisition of consolidated subsidiary — (4,448)Acquisition of leasing equipment (396) — Acquisition of property, plant and equipment (12,859) (39,861)Investment in promissory notes and loans — (20,500)Investment in equity instruments (5,000) — Proceeds from sale of property, plant and equipment 20 93 Net cash used in investing activities (18,846) (66,842) Cash flows from financing activities: Proceeds from debt — 41,600 Payment of deferred financing costs (265) (649)Cash dividends - common stock — (3,084)Settlement of equity-based compensation (189) (90)Net cash (used in) provided by financing activities (454) 37,777 Net decrease in cash and cash equivalents and restricted cash (23,183) (41,209)Cash and cash equivalents and restricted cash, beginning of period 87,479 149,642 Cash and cash equivalents and restricted cash, end of period$ 64,296 $ 108,433 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, 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 to Adjusted EBITDA for the three months ended March 31, 2024 and 2023: Three Months Ended March 31,(in thousands) 2024 2023 Net loss attributable to stockholders$ (56,582) $ (40,589)Add: Provision for income taxes 1,805 1,729 Add: Equity-based compensation expense 2,340 895 Add: Acquisition and transaction expenses 926 269 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — Add: Changes in fair value of non-hedge derivative instruments — 1,125 Add: Asset impairment charges — 141 Add: Incentive allocations — — Add: Depreciation & amortization expense (1) 21,097 20,135 Add: Interest expense 27,593 23,250 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 6,257 8,190 Add: Dividends and accretion of redeemable preferred stock 16,975 14,570 Add: Interest and other costs on pension and OPEB liabilities 600 480 Add: Other non-recurring items (3) — 1,288 Less: Equity in losses (earnings) of unconsolidated entities 11,902 (4,366)Less: Non-controlling share of Adjusted EBITDA (4) (5,682) (5,221)Adjusted EBITDA (non-GAAP)$ 27,231 $ 21,896 _______________________________(1)Includes the following items for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $20,521 and $20,135 and (ii) capitalized contract costs amortization of $576 and $—. (2)Includes the following items for the three months ended March 31, 2024 and 2023: (i) net (loss) income of $(11,942) and $4,318, (ii) interest expense of $10,893 and $8,032, (iii) depreciation and amortization expense of $5,130 and $5,666, (iv) acquisition and transaction expenses of $19 and $20, (v) changes in fair value of non-hedge derivative instruments of $2,053 and $(9,847), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $87 and $— and (viii) equity method basis adjustments of $16 and $—, respectively. (3)Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288. (4)Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $431 and $110, (ii) (benefit from) provision for income taxes of $(134) and $53, (iii) interest expense of $2,189 and $1,857, (iv) depreciation and amortization expense of $3,194 and $3,136, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) interest and other costs on pension and OPEB liabilities of $2 and $1 and (vii) other non-recurring items of $— and $3, respectively. The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended March 31, 2024: Three Months Ended March 31, 2024(in thousands)Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet income (loss) attributable to stockholders$ 14,436 $ (11,120) $ (4,260) $ (5,427) $ (6,371)Add: Provision for (benefit from) income taxes 1,092 (554) (136) — 402 Add: Equity-based compensation expense 290 1,759 291 — 2,340 Add: Acquisition and transaction expenses 184 2 — — 186 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) 5,012 12,906 2,444 — 20,362 Add: Interest expense 69 9,297 146 — 9,512 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) — — — 8,782 8,782 Add: Dividends and accretion of redeemable preferred stock — — — — — Add: Interest and other costs on pension and OPEB liabilities 600 — — — 600 Add: Other non-recurring items — — — — — Less: Equity in losses of unconsolidated entities — — — 7,037 7,037 Less: Non-controlling share of Adjusted EBITDA (3) (25) (5,489) (168) — (5,682)Adjusted EBITDA (non-GAAP)$ 21,658 $ 6,801 $ (1,683) $ 10,392 $ 37,168 _______________________________(1)Jefferson Terminal Includes the following items for the three months ended March 31, 2024: (i) depreciation and amortization expense of $12,330 and (ii) capitalized contract costs amortization of $576, respectively. (2)Power and Gas Includes the following items for the three months ended March 31, 2024: (i) net loss of $(7,053), (ii) interest expense of $9,210, (iii) depreciation and amortization expense of $4,449, (iv) acquisition and transaction expenses of $19, (v) changes in fair value of non-hedge derivative instruments of $2,053, (vi) equity-based compensation of $1, (vii) asset impairment of $87 and (viii) equity method basis adjustments of $16. (3)Railroad Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $1, (ii) provision for income taxes of $4, (iii) depreciation and amortization expense of $18 and (iv) interest and other costs on pension and OPEB liabilities of $2. Jefferson Terminal Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $412, (ii) benefit from income taxes of $(130), (iii) interest expense of $2,180 and (iv) depreciation and amortization expense of $3,027. Repauno Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $18, (ii) benefit from income taxes of $(8), (iii) interest expense of $9 and (iv) depreciation and amortization expense of $149.