Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries FTAI Infrastructure Inc. Reports Fourth Quarter 2022 Results, Declares Dividend of $0.03 per Share of Common Stock By: FTAI Infrastructure via GlobeNewswire March 01, 2023 at 16:15 PM EST NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2022. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsThree Months Ended December 31, 2022 Year Ended December 31, 2022Net Loss Attributable to Stockholders$(60,863) $(177,241)Basic Loss per Share of Common Stock$(0.59) $(1.73)Diluted Loss per Share of Common Stock$(0.59) $(1.73)Adjusted EBITDA(1)$1,808 $61,028 Adjusted EBITDA - Four core segments (1)(2) $9,466 $88,072 _______________________________(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 2022 Dividends On March 1, 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 December 31, 2022, payable on March 28, 2023 to the holders of record on March 14, 2023. Business Highlights As previously disclosed, Q4 consolidated results were impacted by an extended maintenance outage at Long Ridge to repair damage to a gas turbine Impact to Adjusted EBITDA of approximately $18 million compared to Q3’22Power plant returned to full operational status at the end of the fourth quarter and, to date, has operated near 100% capacity while continuing to produce excess gas At Jefferson Terminal, completed and commissioned storage and related infrastructure for new 10-year marine export contract with Exxon; commenced on January 1, with full ramp-up expected by April 1Repauno entered into a multi-year butane throughput contract (~15k bpd) with a major commodities trading firm which will commence in Q2’23Transtar Q4 results impacted by the idling of a U.S. Steel blast furnace for the quarter; the blast furnace returned to operation during Q1’23 and volumes have normalized 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 Thursday, March 2, 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/BIba2c86be98334d0f922074dd08c18bf6. 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 Thursday, March 2, 2023 through 11:30 A.M. on Thursday, March 9, 2023 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. 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, 2022 2021 2022 2021 Revenues Total revenues$71,391 $47,545 $261,966 $120,219 Expenses Operating expenses 59,926 32,335 208,157 98,541 General and administrative 2,755 2,564 10,891 8,737 Acquisition and transaction expenses 982 5,966 16,844 14,826 Management fees and incentive allocation to affiliate 3,079 4,394 12,964 15,638 Depreciation and amortization 18,298 15,116 70,749 54,016 Total expenses 85,040 60,375 319,605 191,758 Other (expense) income Equity in losses of unconsolidated entities (19,417) (4,689) (67,399) (13,499)(Loss) gain on sale of assets, net (1,469) — (1,603) 16 Interest expense (21,133) (6,623) (53,239) (16,019)Other (expense) income (1,025) (2,075) (3,169) (8,930)Total other expense (43,044) (13,387) (125,410) (38,432)Loss before income taxes (56,693) (26,217) (183,049) (109,971)Provision for (benefit from) income taxes (618) (875) 4,468 (3,630)Net loss (56,075) (25,342) (187,517) (106,341)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (9,606) (7,523) (33,933) (26,472)Less: Dividends and accretion expense of redeemable preferred stock 14,394 — 23,657 — Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869) Loss per share: Basic$(0.59) $(0.18) $(1.73) $(0.80)Diluted$(0.59) $(0.18) $(1.73) $(0.80)Weighted average shares outstanding: Basic 102,747,121 99,387,467 102,747,121 99,387,467 Diluted 102,747,121 99,387,467 102,747,121 99,387,467 FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data) December 31, 2022 2021 Assets Current assets: Cash and cash equivalents$36,486 $49,872 Restricted cash 113,156 251,983 Accounts receivable, net 60,807 50,301 Other current assets 67,355 60,828 Total current assets 277,804 412,984 Leasing equipment, net 34,907 36,012 Operating lease right-of-use assets, net 71,015 71,547 Property, plant, and equipment, net 1,673,808 1,517,594 Investments 73,589 54,408 Intangible assets, net 60,195 67,737 Goodwill 260,252 257,137 Other assets 26,829 24,882 Total assets$2,478,399 $2,442,301 Liabilities Current liabilities: Accounts payable and accrued liabilities$136,048 $115,634 Operating lease liabilities 7,045 2,899 Other current liabilities 16,488 10,934 Total current liabilities 159,581 129,467 Debt, net 1,230,157 718,624 Operating lease liabilities 63,147 67,505 Other liabilities 236,130 64,659 Total liabilities$1,689,015 $980,255 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, 2022; redemption amount of $448.2 million as of December 31, 2022) 264,590 — Equity Net Former Parent investment$— $1,617,601 Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 99,445,074 shares issued and outstanding at December 31, 2022) 994 — Additional paid in capital 911,599 — Accumulated deficit (60,837) — Accumulated other comprehensive loss (300,133) (155,464)Stockholders' and Former Parent company equity 551,623 1,462,137 Non-controlling interests in equity of consolidated subsidiaries (26,829) (91)Total equity$524,794 $1,462,046 Total liabilities, redeemable preferred stock and equity$2,478,399 $2,442,301 FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted) Year Ended December 31, 2022 2021 Cash flows from operating activities: Net loss $(187,517) $(106,341)Equity in losses of unconsolidated entities 67,399 13,499 Loss (gain) on sale of assets 1,603 (16)Equity-based compensation 4,146 4,038 Depreciation and amortization 70,749 54,016 Change in deferred income taxes 3,982 (3,867)Change in fair value of non-hedge derivatives (1,125) (2,220)Amortization of deferred financing costs 4,393 2,599 Bad debt expense (recoveries) 575 74 Amortization of bond discount 1,903 — Change in: Accounts receivable (3,303) (26,798)Other assets (7,799) (18,414)Accounts payable and accrued liabilities 7,013 15,494 Management fees payable to affiliate — (19)Other liabilities (4,709) 6,239 Net cash used in operating activities (42,690) (61,716) Cash flows from investing activities: Investment in unconsolidated entities (5,996) (55,223)Acquisition of business, net of cash acquired (3,819) (627,090)Acquisition of property, plant and equipment (217,141) (140,897)Investment in convertible promissory notes (47,454) (10,000)Proceeds from sale of property, plant and equipment 7,144 4,494 Net cash used in investing activities (267,266) (828,716) Cash flows from financing activities: Proceeds from debt 519,025 451,100 Payment of deferred financing costs (13,605) (12,413)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 732 — Distributions to non-controlling interests (143) — Settlement of equity-based compensation (593) — Net transfers from Former Parent (617,322) 698,179 Cash dividends - common stock (3,082) — Cash dividends - redeemable preferred stock (1,758) — Net cash provided by financing activities 157,743 1,136,866 Net increase (decrease) in cash and cash equivalents and restricted cash (152,213) 246,434 Cash and cash equivalents and restricted cash, beginning of period 301,855 55,421 Cash and cash equivalents and restricted cash, end of period $149,642 $301,855 Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders and Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest costs on pension and other pension expense benefits (“OPEB”) liabilities, and dividends and accretion expense related to redeemable preferred stock, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. The following table sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for the three and twelve months ended December 31, 2022 and 2021: Three Months Ended December 31, Year Ended December 31,(in thousands) 2022 2021 2022 2021 Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869)Add: Provision for (benefit from) income taxes (618) (875) 4,468 (3,630)Add: Equity-based compensation expense 1,104 757 4,146 4,038 Add: Acquisition and transaction expenses 982 5,966 16,844 14,826 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — — Add: Changes in fair value of non-hedge derivative instruments (67) (241) (1,125) (2,220)Add: Asset impairment charges — — — — Add: Incentive allocations — — — — Add: Depreciation & amortization expense 18,298 15,116 70,749 54,016 Add: Interest expense 21,133 6,623 53,239 16,019 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) (8,063) 18,328 13,939 29,095 Add: Dividends and accretion expense of redeemable preferred stock 14,394 — 23,657 — Add: Interest costs on pension and OPEB liabilities 336 445 1,232 445 Less: Equity in losses of unconsolidated entities 19,417 4,689 67,399 13,499 Less: Non-controlling share of Adjusted EBITDA (2) (4,245) (3,802) (16,279) (12,508)Adjusted EBITDA (non-GAAP)$1,808 $29,187 $61,028 $33,711 __________________________________________________ (1) Includes the following items for the years ended December 31, 2022 and 2021: (i) net loss of $(67,658) and $(11,838), (ii) interest expense of $28,702 and $5,611, (iii) depreciation and amortization expense of $28,399 and $12,443, (iv) acquisition and transaction expense of $616 and $104, (v) changes in fair value of non-hedge derivative instruments of $21,218 and $19,850, (vi) asset impairment of $2,280 and $2,146 and (vii) equity-based compensation of $382 and $779, respectively. Includes the following items for the three months ended December 31, 2022 and 2021: (i) net loss of $(19,474) and $(2,553), (ii) interest expense of $7,893 and $4,785, (iii) depreciation and amortization expense of $7,882 and $5,766, (iv) acquisition and transaction expense of $241 and $104, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $7,326, (vi) asset impairment of $2,247 and $2,121 and (vii) equity-based compensation of $94 and $779, respectively. (2) Includes the following items for the years ended December 31, 2022 and 2021: (i) equity-based compensation of $470 and $751, (ii) provision for income taxes of $670 and $52, (iii) interest expense of $5,491 and $3,370, (iv) depreciation and amortization expense of $9,699 and $8,411, (v) changes in fair value of non-hedge derivative instruments of $(53) and $(76), (vi) acquisition and transaction expenses of $1 and $—, and (vii) interest costs on pension and OPEB liabilities of $1 and $—, respectively. Includes the following items for the three months ended December 31, 2022 and 2021: (i) equity-based compensation of $119 and $131, (ii) provision for income taxes of $175 and $15, (iii) interest expense of $1,462 and $1,430, (iv) depreciation and amortization expense of $2,608 and $2,234, (v) changes in fair value of non-hedge derivative instruments of $(3) and $(8), and (vi) acquisition and transaction expenses of $(116) and $—, respectively. The following tables sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2022: Three Months Ended December 31, 2022(in thousands)RailroadJefferson TerminalRepaunoPower and GasFour Core SegmentsNet loss attributable to stockholders and Former Parent$8,525 $(9,620)$(4,806)$(16,875)$(22,776)Add: Provision for (benefit from) income taxes (1,104) 765 165 — (174)Add: Equity-based compensation expense 452 514 138 — 1,104 Add: Acquisition and transaction expenses 184 64 — 100 348 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — — — Add: Changes in fair value of non-hedge derivative instruments — — (67) — (67)Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense 5,036 10,131 2,267 — 17,434 Add: Interest expense 69 6,578 530 — 7,177 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) — — — (6,802) (6,802)Add: Dividends and accretion expense of redeemable preferred stock — Add: Interest costs on pension and OPEB liabilities 336 — — — 336 Less: Equity in losses of unconsolidated entities — — — 16,964 16,964 Less: Non-controlling share of Adjusted EBITDA (4) (5) (3,929) (144) — (4,078)Adjusted EBITDA (non-GAAP)$13,493 $4,503 $(1,917)$(6,613)$9,466 Year Ended December 31, 2022(in thousands)RailroadJefferson TerminalRepaunoPower and GasFour Core SegmentsNet loss attributable to stockholders and Former Parent$39,122 $(35,623)$(22,790)$(61,298)$(80,589)Add: Provision for (benefit from) income taxes 1,287 3,016 165 — 4,468 Add: Equity-based compensation expense 1,531 2,020 595 — 4,146 Add: Acquisition and transaction expenses 763 64 — 458 1,285 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) — (1,125)Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense 20,164 39,318 9,322 — 68,804 Add: Interest expense 212 24,798 1,590 — 26,600 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) — — — 18,341 18,341 Add: Dividends and accretion expense of redeemable preferred stock — — — — — Add: Interest costs on pension and OPEB liabilities 1,232 — — — 1,232 Less: Equity in losses of unconsolidated entities — — — 60,538 60,538 Less: Non-controlling share of Adjusted EBITDA (4) (25) (15,103) (500) — (15,628)Adjusted EBITDA (non-GAAP)$64,286 $18,490 $(12,743)$18,039 $88,072 __________________________________________________ (3) Power and Gas Includes the following items for the three months and year ended December 31, 2022: (i) net loss of $(16,964) and $(60,538), (ii) depreciation expense of $7,536 and $27,625, (iii) interest expense of $6,991 and $26,758, (iv) acquisition and transaction expense of $241 and $616, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $21,218, (vi) asset impairment of $2,246 and $2,280, and (vii) equity-based compensation of $94 and $382, respectively. (4) Railroad Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $1 and $2, (ii) provision for income taxes of $— and $2, (iii) acquisition and transaction expenses of $1 and $1, (iv) interest costs on pension and OPEB liabilities of $— and $1 and (v) depreciation and amortization expense of $3 and $19, respectively. Jefferson Terminal Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $111 and $440, (ii) provision for income taxes of $168 and $660, (iii) interest expense of $1,437 and $5,416, and (iv) depreciation and amortization expense of $2,213 and $8,587, respectively. Repauno Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $6 and $28, (ii) interest expense of $25 and $75, (iii) depreciation and amortization expense of $108 and $442, (iv) changes in fair value of non-hedge derivative instruments of $(3) and $(53) and (v) provision for income taxes of $8 and $8, respectively. 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 Fourth Quarter 2022 Results, Declares Dividend of $0.03 per Share of Common Stock By: FTAI Infrastructure via GlobeNewswire March 01, 2023 at 16:15 PM EST NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2022. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsThree Months Ended December 31, 2022 Year Ended December 31, 2022Net Loss Attributable to Stockholders$(60,863) $(177,241)Basic Loss per Share of Common Stock$(0.59) $(1.73)Diluted Loss per Share of Common Stock$(0.59) $(1.73)Adjusted EBITDA(1)$1,808 $61,028 Adjusted EBITDA - Four core segments (1)(2) $9,466 $88,072 _______________________________(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 2022 Dividends On March 1, 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 December 31, 2022, payable on March 28, 2023 to the holders of record on March 14, 2023. Business Highlights As previously disclosed, Q4 consolidated results were impacted by an extended maintenance outage at Long Ridge to repair damage to a gas turbine Impact to Adjusted EBITDA of approximately $18 million compared to Q3’22Power plant returned to full operational status at the end of the fourth quarter and, to date, has operated near 100% capacity while continuing to produce excess gas At Jefferson Terminal, completed and commissioned storage and related infrastructure for new 10-year marine export contract with Exxon; commenced on January 1, with full ramp-up expected by April 1Repauno entered into a multi-year butane throughput contract (~15k bpd) with a major commodities trading firm which will commence in Q2’23Transtar Q4 results impacted by the idling of a U.S. Steel blast furnace for the quarter; the blast furnace returned to operation during Q1’23 and volumes have normalized 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 Thursday, March 2, 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/BIba2c86be98334d0f922074dd08c18bf6. 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 Thursday, March 2, 2023 through 11:30 A.M. on Thursday, March 9, 2023 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. 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, 2022 2021 2022 2021 Revenues Total revenues$71,391 $47,545 $261,966 $120,219 Expenses Operating expenses 59,926 32,335 208,157 98,541 General and administrative 2,755 2,564 10,891 8,737 Acquisition and transaction expenses 982 5,966 16,844 14,826 Management fees and incentive allocation to affiliate 3,079 4,394 12,964 15,638 Depreciation and amortization 18,298 15,116 70,749 54,016 Total expenses 85,040 60,375 319,605 191,758 Other (expense) income Equity in losses of unconsolidated entities (19,417) (4,689) (67,399) (13,499)(Loss) gain on sale of assets, net (1,469) — (1,603) 16 Interest expense (21,133) (6,623) (53,239) (16,019)Other (expense) income (1,025) (2,075) (3,169) (8,930)Total other expense (43,044) (13,387) (125,410) (38,432)Loss before income taxes (56,693) (26,217) (183,049) (109,971)Provision for (benefit from) income taxes (618) (875) 4,468 (3,630)Net loss (56,075) (25,342) (187,517) (106,341)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (9,606) (7,523) (33,933) (26,472)Less: Dividends and accretion expense of redeemable preferred stock 14,394 — 23,657 — Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869) Loss per share: Basic$(0.59) $(0.18) $(1.73) $(0.80)Diluted$(0.59) $(0.18) $(1.73) $(0.80)Weighted average shares outstanding: Basic 102,747,121 99,387,467 102,747,121 99,387,467 Diluted 102,747,121 99,387,467 102,747,121 99,387,467 FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data) December 31, 2022 2021 Assets Current assets: Cash and cash equivalents$36,486 $49,872 Restricted cash 113,156 251,983 Accounts receivable, net 60,807 50,301 Other current assets 67,355 60,828 Total current assets 277,804 412,984 Leasing equipment, net 34,907 36,012 Operating lease right-of-use assets, net 71,015 71,547 Property, plant, and equipment, net 1,673,808 1,517,594 Investments 73,589 54,408 Intangible assets, net 60,195 67,737 Goodwill 260,252 257,137 Other assets 26,829 24,882 Total assets$2,478,399 $2,442,301 Liabilities Current liabilities: Accounts payable and accrued liabilities$136,048 $115,634 Operating lease liabilities 7,045 2,899 Other current liabilities 16,488 10,934 Total current liabilities 159,581 129,467 Debt, net 1,230,157 718,624 Operating lease liabilities 63,147 67,505 Other liabilities 236,130 64,659 Total liabilities$1,689,015 $980,255 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, 2022; redemption amount of $448.2 million as of December 31, 2022) 264,590 — Equity Net Former Parent investment$— $1,617,601 Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 99,445,074 shares issued and outstanding at December 31, 2022) 994 — Additional paid in capital 911,599 — Accumulated deficit (60,837) — Accumulated other comprehensive loss (300,133) (155,464)Stockholders' and Former Parent company equity 551,623 1,462,137 Non-controlling interests in equity of consolidated subsidiaries (26,829) (91)Total equity$524,794 $1,462,046 Total liabilities, redeemable preferred stock and equity$2,478,399 $2,442,301 FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted) Year Ended December 31, 2022 2021 Cash flows from operating activities: Net loss $(187,517) $(106,341)Equity in losses of unconsolidated entities 67,399 13,499 Loss (gain) on sale of assets 1,603 (16)Equity-based compensation 4,146 4,038 Depreciation and amortization 70,749 54,016 Change in deferred income taxes 3,982 (3,867)Change in fair value of non-hedge derivatives (1,125) (2,220)Amortization of deferred financing costs 4,393 2,599 Bad debt expense (recoveries) 575 74 Amortization of bond discount 1,903 — Change in: Accounts receivable (3,303) (26,798)Other assets (7,799) (18,414)Accounts payable and accrued liabilities 7,013 15,494 Management fees payable to affiliate — (19)Other liabilities (4,709) 6,239 Net cash used in operating activities (42,690) (61,716) Cash flows from investing activities: Investment in unconsolidated entities (5,996) (55,223)Acquisition of business, net of cash acquired (3,819) (627,090)Acquisition of property, plant and equipment (217,141) (140,897)Investment in convertible promissory notes (47,454) (10,000)Proceeds from sale of property, plant and equipment 7,144 4,494 Net cash used in investing activities (267,266) (828,716) Cash flows from financing activities: Proceeds from debt 519,025 451,100 Payment of deferred financing costs (13,605) (12,413)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 732 — Distributions to non-controlling interests (143) — Settlement of equity-based compensation (593) — Net transfers from Former Parent (617,322) 698,179 Cash dividends - common stock (3,082) — Cash dividends - redeemable preferred stock (1,758) — Net cash provided by financing activities 157,743 1,136,866 Net increase (decrease) in cash and cash equivalents and restricted cash (152,213) 246,434 Cash and cash equivalents and restricted cash, beginning of period 301,855 55,421 Cash and cash equivalents and restricted cash, end of period $149,642 $301,855 Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders and Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest costs on pension and other pension expense benefits (“OPEB”) liabilities, and dividends and accretion expense related to redeemable preferred stock, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. The following table sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for the three and twelve months ended December 31, 2022 and 2021: Three Months Ended December 31, Year Ended December 31,(in thousands) 2022 2021 2022 2021 Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869)Add: Provision for (benefit from) income taxes (618) (875) 4,468 (3,630)Add: Equity-based compensation expense 1,104 757 4,146 4,038 Add: Acquisition and transaction expenses 982 5,966 16,844 14,826 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — — Add: Changes in fair value of non-hedge derivative instruments (67) (241) (1,125) (2,220)Add: Asset impairment charges — — — — Add: Incentive allocations — — — — Add: Depreciation & amortization expense 18,298 15,116 70,749 54,016 Add: Interest expense 21,133 6,623 53,239 16,019 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) (8,063) 18,328 13,939 29,095 Add: Dividends and accretion expense of redeemable preferred stock 14,394 — 23,657 — Add: Interest costs on pension and OPEB liabilities 336 445 1,232 445 Less: Equity in losses of unconsolidated entities 19,417 4,689 67,399 13,499 Less: Non-controlling share of Adjusted EBITDA (2) (4,245) (3,802) (16,279) (12,508)Adjusted EBITDA (non-GAAP)$1,808 $29,187 $61,028 $33,711 __________________________________________________ (1) Includes the following items for the years ended December 31, 2022 and 2021: (i) net loss of $(67,658) and $(11,838), (ii) interest expense of $28,702 and $5,611, (iii) depreciation and amortization expense of $28,399 and $12,443, (iv) acquisition and transaction expense of $616 and $104, (v) changes in fair value of non-hedge derivative instruments of $21,218 and $19,850, (vi) asset impairment of $2,280 and $2,146 and (vii) equity-based compensation of $382 and $779, respectively. Includes the following items for the three months ended December 31, 2022 and 2021: (i) net loss of $(19,474) and $(2,553), (ii) interest expense of $7,893 and $4,785, (iii) depreciation and amortization expense of $7,882 and $5,766, (iv) acquisition and transaction expense of $241 and $104, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $7,326, (vi) asset impairment of $2,247 and $2,121 and (vii) equity-based compensation of $94 and $779, respectively. (2) Includes the following items for the years ended December 31, 2022 and 2021: (i) equity-based compensation of $470 and $751, (ii) provision for income taxes of $670 and $52, (iii) interest expense of $5,491 and $3,370, (iv) depreciation and amortization expense of $9,699 and $8,411, (v) changes in fair value of non-hedge derivative instruments of $(53) and $(76), (vi) acquisition and transaction expenses of $1 and $—, and (vii) interest costs on pension and OPEB liabilities of $1 and $—, respectively. Includes the following items for the three months ended December 31, 2022 and 2021: (i) equity-based compensation of $119 and $131, (ii) provision for income taxes of $175 and $15, (iii) interest expense of $1,462 and $1,430, (iv) depreciation and amortization expense of $2,608 and $2,234, (v) changes in fair value of non-hedge derivative instruments of $(3) and $(8), and (vi) acquisition and transaction expenses of $(116) and $—, respectively. The following tables sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2022: Three Months Ended December 31, 2022(in thousands)RailroadJefferson TerminalRepaunoPower and GasFour Core SegmentsNet loss attributable to stockholders and Former Parent$8,525 $(9,620)$(4,806)$(16,875)$(22,776)Add: Provision for (benefit from) income taxes (1,104) 765 165 — (174)Add: Equity-based compensation expense 452 514 138 — 1,104 Add: Acquisition and transaction expenses 184 64 — 100 348 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — — — Add: Changes in fair value of non-hedge derivative instruments — — (67) — (67)Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense 5,036 10,131 2,267 — 17,434 Add: Interest expense 69 6,578 530 — 7,177 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) — — — (6,802) (6,802)Add: Dividends and accretion expense of redeemable preferred stock — Add: Interest costs on pension and OPEB liabilities 336 — — — 336 Less: Equity in losses of unconsolidated entities — — — 16,964 16,964 Less: Non-controlling share of Adjusted EBITDA (4) (5) (3,929) (144) — (4,078)Adjusted EBITDA (non-GAAP)$13,493 $4,503 $(1,917)$(6,613)$9,466 Year Ended December 31, 2022(in thousands)RailroadJefferson TerminalRepaunoPower and GasFour Core SegmentsNet loss attributable to stockholders and Former Parent$39,122 $(35,623)$(22,790)$(61,298)$(80,589)Add: Provision for (benefit from) income taxes 1,287 3,016 165 — 4,468 Add: Equity-based compensation expense 1,531 2,020 595 — 4,146 Add: Acquisition and transaction expenses 763 64 — 458 1,285 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) — (1,125)Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense 20,164 39,318 9,322 — 68,804 Add: Interest expense 212 24,798 1,590 — 26,600 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) — — — 18,341 18,341 Add: Dividends and accretion expense of redeemable preferred stock — — — — — Add: Interest costs on pension and OPEB liabilities 1,232 — — — 1,232 Less: Equity in losses of unconsolidated entities — — — 60,538 60,538 Less: Non-controlling share of Adjusted EBITDA (4) (25) (15,103) (500) — (15,628)Adjusted EBITDA (non-GAAP)$64,286 $18,490 $(12,743)$18,039 $88,072 __________________________________________________ (3) Power and Gas Includes the following items for the three months and year ended December 31, 2022: (i) net loss of $(16,964) and $(60,538), (ii) depreciation expense of $7,536 and $27,625, (iii) interest expense of $6,991 and $26,758, (iv) acquisition and transaction expense of $241 and $616, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $21,218, (vi) asset impairment of $2,246 and $2,280, and (vii) equity-based compensation of $94 and $382, respectively. (4) Railroad Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $1 and $2, (ii) provision for income taxes of $— and $2, (iii) acquisition and transaction expenses of $1 and $1, (iv) interest costs on pension and OPEB liabilities of $— and $1 and (v) depreciation and amortization expense of $3 and $19, respectively. Jefferson Terminal Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $111 and $440, (ii) provision for income taxes of $168 and $660, (iii) interest expense of $1,437 and $5,416, and (iv) depreciation and amortization expense of $2,213 and $8,587, respectively. Repauno Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $6 and $28, (ii) interest expense of $25 and $75, (iii) depreciation and amortization expense of $108 and $442, (iv) changes in fair value of non-hedge derivative instruments of $(3) and $(53) and (v) provision for income taxes of $8 and $8, respectively.
NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2022. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data) Selected Financial ResultsThree Months Ended December 31, 2022 Year Ended December 31, 2022Net Loss Attributable to Stockholders$(60,863) $(177,241)Basic Loss per Share of Common Stock$(0.59) $(1.73)Diluted Loss per Share of Common Stock$(0.59) $(1.73)Adjusted EBITDA(1)$1,808 $61,028 Adjusted EBITDA - Four core segments (1)(2) $9,466 $88,072 _______________________________(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 2022 Dividends On March 1, 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 December 31, 2022, payable on March 28, 2023 to the holders of record on March 14, 2023. Business Highlights As previously disclosed, Q4 consolidated results were impacted by an extended maintenance outage at Long Ridge to repair damage to a gas turbine Impact to Adjusted EBITDA of approximately $18 million compared to Q3’22Power plant returned to full operational status at the end of the fourth quarter and, to date, has operated near 100% capacity while continuing to produce excess gas At Jefferson Terminal, completed and commissioned storage and related infrastructure for new 10-year marine export contract with Exxon; commenced on January 1, with full ramp-up expected by April 1Repauno entered into a multi-year butane throughput contract (~15k bpd) with a major commodities trading firm which will commence in Q2’23Transtar Q4 results impacted by the idling of a U.S. Steel blast furnace for the quarter; the blast furnace returned to operation during Q1’23 and volumes have normalized 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 Thursday, March 2, 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/BIba2c86be98334d0f922074dd08c18bf6. 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 Thursday, March 2, 2023 through 11:30 A.M. on Thursday, March 9, 2023 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. 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, 2022 2021 2022 2021 Revenues Total revenues$71,391 $47,545 $261,966 $120,219 Expenses Operating expenses 59,926 32,335 208,157 98,541 General and administrative 2,755 2,564 10,891 8,737 Acquisition and transaction expenses 982 5,966 16,844 14,826 Management fees and incentive allocation to affiliate 3,079 4,394 12,964 15,638 Depreciation and amortization 18,298 15,116 70,749 54,016 Total expenses 85,040 60,375 319,605 191,758 Other (expense) income Equity in losses of unconsolidated entities (19,417) (4,689) (67,399) (13,499)(Loss) gain on sale of assets, net (1,469) — (1,603) 16 Interest expense (21,133) (6,623) (53,239) (16,019)Other (expense) income (1,025) (2,075) (3,169) (8,930)Total other expense (43,044) (13,387) (125,410) (38,432)Loss before income taxes (56,693) (26,217) (183,049) (109,971)Provision for (benefit from) income taxes (618) (875) 4,468 (3,630)Net loss (56,075) (25,342) (187,517) (106,341)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (9,606) (7,523) (33,933) (26,472)Less: Dividends and accretion expense of redeemable preferred stock 14,394 — 23,657 — Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869) Loss per share: Basic$(0.59) $(0.18) $(1.73) $(0.80)Diluted$(0.59) $(0.18) $(1.73) $(0.80)Weighted average shares outstanding: Basic 102,747,121 99,387,467 102,747,121 99,387,467 Diluted 102,747,121 99,387,467 102,747,121 99,387,467 FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollar amounts in thousands, except share and per share data) December 31, 2022 2021 Assets Current assets: Cash and cash equivalents$36,486 $49,872 Restricted cash 113,156 251,983 Accounts receivable, net 60,807 50,301 Other current assets 67,355 60,828 Total current assets 277,804 412,984 Leasing equipment, net 34,907 36,012 Operating lease right-of-use assets, net 71,015 71,547 Property, plant, and equipment, net 1,673,808 1,517,594 Investments 73,589 54,408 Intangible assets, net 60,195 67,737 Goodwill 260,252 257,137 Other assets 26,829 24,882 Total assets$2,478,399 $2,442,301 Liabilities Current liabilities: Accounts payable and accrued liabilities$136,048 $115,634 Operating lease liabilities 7,045 2,899 Other current liabilities 16,488 10,934 Total current liabilities 159,581 129,467 Debt, net 1,230,157 718,624 Operating lease liabilities 63,147 67,505 Other liabilities 236,130 64,659 Total liabilities$1,689,015 $980,255 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, 2022; redemption amount of $448.2 million as of December 31, 2022) 264,590 — Equity Net Former Parent investment$— $1,617,601 Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 99,445,074 shares issued and outstanding at December 31, 2022) 994 — Additional paid in capital 911,599 — Accumulated deficit (60,837) — Accumulated other comprehensive loss (300,133) (155,464)Stockholders' and Former Parent company equity 551,623 1,462,137 Non-controlling interests in equity of consolidated subsidiaries (26,829) (91)Total equity$524,794 $1,462,046 Total liabilities, redeemable preferred stock and equity$2,478,399 $2,442,301 FTAI INFRASTRUCTURE INC.CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollar amounts in thousands, unless otherwise noted) Year Ended December 31, 2022 2021 Cash flows from operating activities: Net loss $(187,517) $(106,341)Equity in losses of unconsolidated entities 67,399 13,499 Loss (gain) on sale of assets 1,603 (16)Equity-based compensation 4,146 4,038 Depreciation and amortization 70,749 54,016 Change in deferred income taxes 3,982 (3,867)Change in fair value of non-hedge derivatives (1,125) (2,220)Amortization of deferred financing costs 4,393 2,599 Bad debt expense (recoveries) 575 74 Amortization of bond discount 1,903 — Change in: Accounts receivable (3,303) (26,798)Other assets (7,799) (18,414)Accounts payable and accrued liabilities 7,013 15,494 Management fees payable to affiliate — (19)Other liabilities (4,709) 6,239 Net cash used in operating activities (42,690) (61,716) Cash flows from investing activities: Investment in unconsolidated entities (5,996) (55,223)Acquisition of business, net of cash acquired (3,819) (627,090)Acquisition of property, plant and equipment (217,141) (140,897)Investment in convertible promissory notes (47,454) (10,000)Proceeds from sale of property, plant and equipment 7,144 4,494 Net cash used in investing activities (267,266) (828,716) Cash flows from financing activities: Proceeds from debt 519,025 451,100 Payment of deferred financing costs (13,605) (12,413)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 732 — Distributions to non-controlling interests (143) — Settlement of equity-based compensation (593) — Net transfers from Former Parent (617,322) 698,179 Cash dividends - common stock (3,082) — Cash dividends - redeemable preferred stock (1,758) — Net cash provided by financing activities 157,743 1,136,866 Net increase (decrease) in cash and cash equivalents and restricted cash (152,213) 246,434 Cash and cash equivalents and restricted cash, beginning of period 301,855 55,421 Cash and cash equivalents and restricted cash, end of period $149,642 $301,855 Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders and Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest costs on pension and other pension expense benefits (“OPEB”) liabilities, and dividends and accretion expense related to redeemable preferred stock, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. The following table sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for the three and twelve months ended December 31, 2022 and 2021: Three Months Ended December 31, Year Ended December 31,(in thousands) 2022 2021 2022 2021 Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869)Add: Provision for (benefit from) income taxes (618) (875) 4,468 (3,630)Add: Equity-based compensation expense 1,104 757 4,146 4,038 Add: Acquisition and transaction expenses 982 5,966 16,844 14,826 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — — Add: Changes in fair value of non-hedge derivative instruments (67) (241) (1,125) (2,220)Add: Asset impairment charges — — — — Add: Incentive allocations — — — — Add: Depreciation & amortization expense 18,298 15,116 70,749 54,016 Add: Interest expense 21,133 6,623 53,239 16,019 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) (8,063) 18,328 13,939 29,095 Add: Dividends and accretion expense of redeemable preferred stock 14,394 — 23,657 — Add: Interest costs on pension and OPEB liabilities 336 445 1,232 445 Less: Equity in losses of unconsolidated entities 19,417 4,689 67,399 13,499 Less: Non-controlling share of Adjusted EBITDA (2) (4,245) (3,802) (16,279) (12,508)Adjusted EBITDA (non-GAAP)$1,808 $29,187 $61,028 $33,711 __________________________________________________ (1) Includes the following items for the years ended December 31, 2022 and 2021: (i) net loss of $(67,658) and $(11,838), (ii) interest expense of $28,702 and $5,611, (iii) depreciation and amortization expense of $28,399 and $12,443, (iv) acquisition and transaction expense of $616 and $104, (v) changes in fair value of non-hedge derivative instruments of $21,218 and $19,850, (vi) asset impairment of $2,280 and $2,146 and (vii) equity-based compensation of $382 and $779, respectively. Includes the following items for the three months ended December 31, 2022 and 2021: (i) net loss of $(19,474) and $(2,553), (ii) interest expense of $7,893 and $4,785, (iii) depreciation and amortization expense of $7,882 and $5,766, (iv) acquisition and transaction expense of $241 and $104, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $7,326, (vi) asset impairment of $2,247 and $2,121 and (vii) equity-based compensation of $94 and $779, respectively. (2) Includes the following items for the years ended December 31, 2022 and 2021: (i) equity-based compensation of $470 and $751, (ii) provision for income taxes of $670 and $52, (iii) interest expense of $5,491 and $3,370, (iv) depreciation and amortization expense of $9,699 and $8,411, (v) changes in fair value of non-hedge derivative instruments of $(53) and $(76), (vi) acquisition and transaction expenses of $1 and $—, and (vii) interest costs on pension and OPEB liabilities of $1 and $—, respectively. Includes the following items for the three months ended December 31, 2022 and 2021: (i) equity-based compensation of $119 and $131, (ii) provision for income taxes of $175 and $15, (iii) interest expense of $1,462 and $1,430, (iv) depreciation and amortization expense of $2,608 and $2,234, (v) changes in fair value of non-hedge derivative instruments of $(3) and $(8), and (vi) acquisition and transaction expenses of $(116) and $—, respectively. The following tables sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2022: Three Months Ended December 31, 2022(in thousands)RailroadJefferson TerminalRepaunoPower and GasFour Core SegmentsNet loss attributable to stockholders and Former Parent$8,525 $(9,620)$(4,806)$(16,875)$(22,776)Add: Provision for (benefit from) income taxes (1,104) 765 165 — (174)Add: Equity-based compensation expense 452 514 138 — 1,104 Add: Acquisition and transaction expenses 184 64 — 100 348 Add: Losses on the modification or extinguishment of debt and capital lease obligations — — — — — Add: Changes in fair value of non-hedge derivative instruments — — (67) — (67)Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense 5,036 10,131 2,267 — 17,434 Add: Interest expense 69 6,578 530 — 7,177 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) — — — (6,802) (6,802)Add: Dividends and accretion expense of redeemable preferred stock — Add: Interest costs on pension and OPEB liabilities 336 — — — 336 Less: Equity in losses of unconsolidated entities — — — 16,964 16,964 Less: Non-controlling share of Adjusted EBITDA (4) (5) (3,929) (144) — (4,078)Adjusted EBITDA (non-GAAP)$13,493 $4,503 $(1,917)$(6,613)$9,466 Year Ended December 31, 2022(in thousands)RailroadJefferson TerminalRepaunoPower and GasFour Core SegmentsNet loss attributable to stockholders and Former Parent$39,122 $(35,623)$(22,790)$(61,298)$(80,589)Add: Provision for (benefit from) income taxes 1,287 3,016 165 — 4,468 Add: Equity-based compensation expense 1,531 2,020 595 — 4,146 Add: Acquisition and transaction expenses 763 64 — 458 1,285 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) — (1,125)Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense 20,164 39,318 9,322 — 68,804 Add: Interest expense 212 24,798 1,590 — 26,600 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) — — — 18,341 18,341 Add: Dividends and accretion expense of redeemable preferred stock — — — — — Add: Interest costs on pension and OPEB liabilities 1,232 — — — 1,232 Less: Equity in losses of unconsolidated entities — — — 60,538 60,538 Less: Non-controlling share of Adjusted EBITDA (4) (25) (15,103) (500) — (15,628)Adjusted EBITDA (non-GAAP)$64,286 $18,490 $(12,743)$18,039 $88,072 __________________________________________________ (3) Power and Gas Includes the following items for the three months and year ended December 31, 2022: (i) net loss of $(16,964) and $(60,538), (ii) depreciation expense of $7,536 and $27,625, (iii) interest expense of $6,991 and $26,758, (iv) acquisition and transaction expense of $241 and $616, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $21,218, (vi) asset impairment of $2,246 and $2,280, and (vii) equity-based compensation of $94 and $382, respectively. (4) Railroad Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $1 and $2, (ii) provision for income taxes of $— and $2, (iii) acquisition and transaction expenses of $1 and $1, (iv) interest costs on pension and OPEB liabilities of $— and $1 and (v) depreciation and amortization expense of $3 and $19, respectively. Jefferson Terminal Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $111 and $440, (ii) provision for income taxes of $168 and $660, (iii) interest expense of $1,437 and $5,416, and (iv) depreciation and amortization expense of $2,213 and $8,587, respectively. Repauno Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $6 and $28, (ii) interest expense of $25 and $75, (iii) depreciation and amortization expense of $108 and $442, (iv) changes in fair value of non-hedge derivative instruments of $(3) and $(53) and (v) provision for income taxes of $8 and $8, respectively.