FTAI Infrastructure Inc. Reports Second Quarter 2023 Results, Declares Dividend of $0.03 per Share of Common Stock
25 Juillet 2023 - 10:15PM
FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI
Infrastructure”) today reported financial results for the second
quarter 2023. The Company’s consolidated comparative financial
statements and key performance measures are attached as an exhibit
to this press release.
Financial Overview
(in thousands,
except per share data) |
Selected Financial
Results |
Q2’23 |
Net Loss Attributable to Stockholders |
$ |
(38,853 |
) |
|
Basic and Diluted Loss per
Share of Common Stock |
$ |
(0.38 |
) |
|
Adjusted EBITDA(1) |
$ |
27,677 |
|
|
Adjusted EBITDA - Four core
segments(1)(2) |
$ |
36,153 |
|
|
_______________________________(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
Second Quarter 2023
Dividends
On July 25, 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 June 30, 2023,
payable on August 15, 2023 to the holders of record on August 8,
2023.
Business Highlights
- Adjusted EBITDA of $36.2 million from our four core segments,
up 20% vs Q1 of 2023
- Transtar business unit generated $20.3 million of Adjusted
EBITDA for the quarter
- Executed 15-year contract with first customer at “Jefferson
South” terminal for transloading of clean fuels
Additional Information
For additional information that management
believes to be useful for investors, please refer to the
presentation posted on the Investor Relations section of the
Company’s website, www.fipinc.com, and the Company’s Quarterly
Report on Form 10-Q, when available on the Company’s website.
Conference Call
In addition, management will host a conference
call on Wednesday, July 26, 2023 at 8:00 A.M. Eastern Time. The
conference call may be accessed by registering
at https://register.vevent.com/register/BI9b1bb57ad78c4240883aa2c3d4164ab8.
Once registered, participants will receive a dial-in and unique pin
to access the call.
A simultaneous webcast of the conference call
will be available to the public on a listen-only basis at
https://www.fipinc.com. Please allow extra time prior to the call
to visit the site and download the necessary software required to
listen to the internet broadcast.
A replay of the conference call will be
available after 11:30 A.M. on Wednesday, July 26, 2023 through
11:30 A.M. on Wednesday, August 2, 2023 on
https://ir.fipinc.com/news-events/presentations.
The information contained on, or accessible
through, any websites included in this press release is not
incorporated by reference into, and should not be considered a part
of, this press release.
About FTAI Infrastructure
Inc.
FTAI Infrastructure primarily invests in
critical infrastructure with high barriers to entry across the
rail, ports and terminals, and power and gas sectors that, on a
combined basis, generate strong and stable cash flows with the
potential for earnings growth and asset appreciation. FTAI
Infrastructure is externally managed by an affiliate of Fortress
Investment Group LLC, a leading, diversified global investment
firm.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. 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 June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
Total revenues |
$ |
81,832 |
|
|
$ |
65,868 |
|
|
$ |
158,326 |
|
|
$ |
112,016 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Operating expenses |
|
62,775 |
|
|
|
49,229 |
|
|
|
127,937 |
|
|
|
87,297 |
|
General and
administrative |
|
3,702 |
|
|
|
2,498 |
|
|
|
6,903 |
|
|
|
4,928 |
|
Acquisition and transaction
expenses |
|
636 |
|
|
|
8,872 |
|
|
|
905 |
|
|
|
13,108 |
|
Management fees and incentive
allocation to affiliate |
|
3,084 |
|
|
|
3,065 |
|
|
|
6,066 |
|
|
|
7,226 |
|
Depreciation and
amortization |
|
20,292 |
|
|
|
17,319 |
|
|
|
40,427 |
|
|
|
34,315 |
|
Asset impairment |
|
602 |
|
|
|
— |
|
|
|
743 |
|
|
|
— |
|
Total expenses |
|
91,091 |
|
|
|
80,983 |
|
|
|
182,981 |
|
|
|
146,874 |
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Equity in (losses) earnings of
unconsolidated entities |
|
(1,625 |
) |
|
|
(13,859 |
) |
|
|
2,741 |
|
|
|
(35,902 |
) |
Gain on sale of assets,
net |
|
647 |
|
|
|
— |
|
|
|
523 |
|
|
|
— |
|
Interest expense |
|
(24,182 |
) |
|
|
(6,486 |
) |
|
|
(47,432 |
) |
|
|
(12,945 |
) |
Other income (expense) |
|
1,370 |
|
|
|
(553 |
) |
|
|
1,591 |
|
|
|
(1,012 |
) |
Total other expense |
|
(23,790 |
) |
|
|
(20,898 |
) |
|
|
(42,577 |
) |
|
|
(49,859 |
) |
Loss before income
taxes |
|
(33,049 |
) |
|
|
(36,013 |
) |
|
|
(67,232 |
) |
|
|
(84,717 |
) |
Provision for income
taxes |
|
823 |
|
|
|
1,947 |
|
|
|
2,552 |
|
|
|
3,531 |
|
Net loss |
|
(33,872 |
) |
|
|
(37,960 |
) |
|
|
(69,784 |
) |
|
|
(88,248 |
) |
Less: Net loss attributable to
non-controlling interests in consolidated subsidiaries |
|
(10,276 |
) |
|
|
(8,480 |
) |
|
|
(20,169 |
) |
|
|
(15,946 |
) |
Less: Dividends and accretion
on redeemable preferred stock |
|
15,257 |
|
|
|
— |
|
|
|
29,827 |
|
|
|
— |
|
Net loss attributable
to stockholders/Former Parent |
$ |
(38,853 |
) |
|
$ |
(29,480 |
) |
|
$ |
(79,442 |
) |
|
$ |
(72,302 |
) |
|
|
|
|
|
|
|
|
Loss per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.38 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.77 |
) |
|
$ |
(0.73 |
) |
Diluted |
$ |
(0.38 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.77 |
) |
|
$ |
(0.73 |
) |
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
102,793,800 |
|
|
|
99,387,467 |
|
|
|
102,790,737 |
|
|
|
99,387,467 |
|
Diluted |
|
102,793,800 |
|
|
|
99,387,467 |
|
|
|
102,790,737 |
|
|
|
99,387,467 |
|
FTAI INFRASTRUCTURE INC.CONSOLIDATED
BALANCE SHEETS (Unaudited)(Dollar amounts in thousands,
except share and per share data) |
|
|
|
|
|
(Unaudited) |
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
42,523 |
|
|
$ |
36,486 |
|
Restricted cash |
|
54,960 |
|
|
|
113,156 |
|
Accounts receivable, net |
|
56,375 |
|
|
|
60,807 |
|
Other current assets |
|
60,581 |
|
|
|
67,355 |
|
Total current assets |
|
214,439 |
|
|
|
277,804 |
|
Leasing equipment, net |
|
34,240 |
|
|
|
34,907 |
|
Operating lease right-of-use
assets, net |
|
69,560 |
|
|
|
71,015 |
|
Property, plant, and
equipment, net |
|
1,687,929 |
|
|
|
1,673,808 |
|
Investments |
|
70,245 |
|
|
|
73,589 |
|
Intangible assets, net |
|
56,414 |
|
|
|
60,195 |
|
Goodwill |
|
260,252 |
|
|
|
260,252 |
|
Other assets |
|
44,531 |
|
|
|
26,829 |
|
Total assets |
$ |
2,437,610 |
|
|
$ |
2,478,399 |
|
|
|
|
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ |
122,491 |
|
|
$ |
136,048 |
|
Current debt, net |
|
24,037 |
|
|
|
— |
|
Operating lease liabilities |
|
7,070 |
|
|
|
7,045 |
|
Other current liabilities |
|
28,463 |
|
|
|
16,488 |
|
Total current liabilities |
|
182,061 |
|
|
|
159,581 |
|
Debt, net |
|
1,276,641 |
|
|
|
1,230,157 |
|
Operating lease
liabilities |
|
62,207 |
|
|
|
63,147 |
|
Other liabilities |
|
90,886 |
|
|
|
236,130 |
|
Total liabilities |
|
1,611,795 |
|
|
|
1,689,015 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Redeemable preferred
stock($0.01 par value per share; 200,000,000 shares
authorized; 300,000 shares issued and outstanding as of
June 30, 2023 and December 31, 2022; redemption amount of
$448.2 million at June 30, 2023 and December 31,
2022) |
|
294,417 |
|
|
|
264,590 |
|
|
|
|
|
Equity |
|
|
|
Common stock ($0.01 par value
per share; 2,000,000,000 shares authorized; 99,470,553 and
99,445,074 shares issued and outstanding as of June 30, 2023
and December 31, 2022, respectively) |
|
994 |
|
|
|
994 |
|
Additional paid in
capital |
|
874,729 |
|
|
|
911,599 |
|
Accumulated deficit |
|
(110,452 |
) |
|
|
(60,837 |
) |
Accumulated other
comprehensive loss |
|
(184,727 |
) |
|
|
(300,133 |
) |
Stockholders' equity |
|
580,544 |
|
|
|
551,623 |
|
Non-controlling interest in
equity of consolidated subsidiaries |
|
(49,146 |
) |
|
|
(26,829 |
) |
Total equity |
|
531,398 |
|
|
|
524,794 |
|
Total liabilities, redeemable preferred stock and equity |
$ |
2,437,610 |
|
|
$ |
2,478,399 |
|
FTAI INFRASTRUCTURE INC.CONSOLIDATED AND
COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)(Dollar amounts in thousands, unless otherwise
noted) |
|
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(69,784 |
) |
|
$ |
(88,248 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Equity in (earnings) losses of
unconsolidated entities |
|
(2,741 |
) |
|
|
35,902 |
|
Gain on sale of assets,
net |
|
(523 |
) |
|
|
— |
|
Equity-based compensation |
|
1,537 |
|
|
|
1,665 |
|
Depreciation and
amortization |
|
40,427 |
|
|
|
34,315 |
|
Asset impairment |
|
743 |
|
|
|
— |
|
Change in deferred income
taxes |
|
2,110 |
|
|
|
3,327 |
|
Change in fair value of
non-hedge derivative |
|
1,125 |
|
|
|
(748 |
) |
Amortization of deferred
financing costs |
|
3,098 |
|
|
|
1,695 |
|
Amortization of bond
discount |
|
2,144 |
|
|
|
— |
|
(Benefit from) provision for
credit losses |
|
(74 |
) |
|
|
90 |
|
Change in: |
|
|
|
Accounts receivable |
|
4,506 |
|
|
|
(30,585 |
) |
Other assets |
|
(4,724 |
) |
|
|
(21,583 |
) |
Accounts payable and accrued liabilities |
|
(16,370 |
) |
|
|
12,939 |
|
Management fees payable to affiliate |
|
10,168 |
|
|
|
— |
|
Other liabilities |
|
11,427 |
|
|
|
(4,159 |
) |
Net cash used in
operating activities |
|
(16,931 |
) |
|
|
(55,390 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Investment in unconsolidated
entities |
|
(3,315 |
) |
|
|
(2,745 |
) |
Investment in convertible
promissory notes |
|
— |
|
|
|
(5,000 |
) |
Acquisition of business, net
of cash acquired |
|
(4,448 |
) |
|
|
(3,819 |
) |
Acquisition of property, plant
and equipment |
|
(65,696 |
) |
|
|
(113,916 |
) |
Investment in promissory notes
and loans |
|
(22,000 |
) |
|
|
— |
|
Proceeds from sale of leasing
equipment |
|
115 |
|
|
|
— |
|
Proceeds from sale of
property, plant and equipment |
|
988 |
|
|
|
4,304 |
|
Net cash used in
investing activities |
|
(94,356 |
) |
|
|
(121,176 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Proceeds from debt |
|
66,600 |
|
|
|
9,450 |
|
Payment of deferred financing
costs |
|
(1,192 |
) |
|
|
(277 |
) |
Cash dividends - common
stock |
|
(6,170 |
) |
|
|
— |
|
Capital contribution from
non-controlling interests |
|
— |
|
|
|
562 |
|
Net transfers from Former
Parent, net |
|
— |
|
|
|
111,396 |
|
Settlement of equity-based
compensation |
|
(90 |
) |
|
|
— |
|
Distributions to
non-controlling interests |
|
(20 |
) |
|
|
— |
|
Net cash provided by
financing activities |
|
59,128 |
|
|
|
121,131 |
|
|
|
|
|
Net decrease in cash
and cash equivalents and restricted cash |
|
(52,159 |
) |
|
|
(55,435 |
) |
Cash and cash equivalents and
restricted cash, beginning of period |
|
149,642 |
|
|
|
301,855 |
|
Cash and cash
equivalents and restricted cash, end of period |
$ |
97,483 |
|
|
$ |
246,420 |
|
Key Performance Measures
The Chief Operating Decision Maker (“CODM”)
utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the
information necessary to assess operational performance, as well as
make resource and allocation decisions. Adjusted EBITDA is defined
as net income (loss) attributable to shareholders or Former Parent,
adjusted (a) to exclude the impact of provision for (benefit from)
income taxes, equity-based compensation expense, acquisition and
transaction expenses, losses on the modification or extinguishment
of debt and capital lease obligations, changes in fair value of
non-hedge derivative instruments, asset impairment charges,
incentive allocations, depreciation and amortization expense,
interest expense, interest costs on pension and other pension
expense benefits (“OPEB”) liabilities, dividends and accretion
expense related to redeemable preferred stock, and other
non-recurring items, (b) to include the impact of our pro-rata
share of Adjusted EBITDA from unconsolidated entities, and (c) to
exclude the impact of equity in earnings (losses) of unconsolidated
entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation
of net loss attributable to stockholders or Former Parent to
Adjusted EBITDA for the three and six months ended June 30, 2023
and 2022:
|
Three Months Ended June 30, |
|
Change |
|
Six Months EndedJune 30, |
|
Change |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Net loss attributable to stockholders/Former
Parent |
$ |
(38,853 |
) |
|
$ |
(29,480 |
) |
|
$ |
(9,373 |
) |
|
$ |
(79,442 |
) |
|
$ |
(72,302 |
) |
|
$ |
(7,140 |
) |
Add: Provision for income
taxes |
|
823 |
|
|
|
1,947 |
|
|
|
(1,124 |
) |
|
|
2,552 |
|
|
|
3,531 |
|
|
|
(979 |
) |
Add: Equity-based compensation
expense |
|
642 |
|
|
|
956 |
|
|
|
(314 |
) |
|
|
1,537 |
|
|
|
1,665 |
|
|
|
(128 |
) |
Add: Acquisition and
transaction expenses |
|
636 |
|
|
|
8,872 |
|
|
|
(8,236 |
) |
|
|
905 |
|
|
|
13,108 |
|
|
|
(12,203 |
) |
Add: Losses on the
modification or extinguishment of debt and capital lease
obligations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Changes in fair value of
non-hedge derivative instruments |
|
— |
|
|
|
(1,514 |
) |
|
|
1,514 |
|
|
|
1,125 |
|
|
|
(748 |
) |
|
|
1,873 |
|
Add: Asset impairment
charges |
|
602 |
|
|
|
— |
|
|
|
602 |
|
|
|
743 |
|
|
|
— |
|
|
|
743 |
|
Add: Incentive
allocations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Depreciation &
amortization expense |
|
20,292 |
|
|
|
17,319 |
|
|
|
2,973 |
|
|
|
40,427 |
|
|
|
34,315 |
|
|
|
6,112 |
|
Add: Interest expense |
|
24,182 |
|
|
|
6,486 |
|
|
|
17,696 |
|
|
|
47,432 |
|
|
|
12,945 |
|
|
|
34,487 |
|
Add: Pro-rata share of
Adjusted EBITDA from unconsolidated entities(1) |
|
6,886 |
|
|
|
6,825 |
|
|
|
61 |
|
|
|
15,076 |
|
|
|
12,232 |
|
|
|
2,844 |
|
Add: Dividends and accretion
on redeemable preferred stock |
|
15,257 |
|
|
|
— |
|
|
|
15,257 |
|
|
|
29,827 |
|
|
|
— |
|
|
|
29,827 |
|
Add: Interest and other costs
on pension and OPEB liabilities |
|
480 |
|
|
|
— |
|
|
|
480 |
|
|
|
960 |
|
|
|
— |
|
|
|
960 |
|
Add: Other non-recurring
items(2) |
|
51 |
|
|
|
— |
|
|
|
51 |
|
|
|
1,339 |
|
|
|
— |
|
|
|
1,339 |
|
Less: Equity in losses
(earnings) of unconsolidated entities |
|
1,625 |
|
|
|
13,859 |
|
|
|
(12,234 |
) |
|
|
(2,741 |
) |
|
|
35,902 |
|
|
|
(38,643 |
) |
Less: Non-controlling share of
Adjusted EBITDA(3) |
|
(4,946 |
) |
|
|
(3,716 |
) |
|
|
(1,230 |
) |
|
|
(10,167 |
) |
|
|
(7,532 |
) |
|
|
(2,635 |
) |
Adjusted EBITDA
(non-GAAP) |
$ |
27,677 |
|
|
$ |
21,554 |
|
|
$ |
6,123 |
|
|
$ |
49,573 |
|
|
$ |
33,116 |
|
|
$ |
16,457 |
|
________________________________________________________
(1) |
|
Includes the following items for the three months ended June 30,
2023 and 2022: (i) net loss of $(1,660) and $(13,919),
(ii) interest expense of $8,304 and $6,795,
(iii) depreciation and amortization expense of $7,967 and
$6,349, (iv) acquisition and transaction expenses of $237 and $387,
(v) changes in fair value of non-hedge derivative instruments of
$(7,963) and $7,118 and (vi) equity-based compensation of $1 and
$95, respectively. Includes the following items for the six months
ended June 30, 2023 and 2022: (i) net income (loss) of $2,658
and $(36,007), (ii) interest expense of $16,336 and $13,258,
(iii) depreciation and amortization expense of $13,633 and
$12,633, (iv) acquisition and transaction expenses of $257 and
$391, (v) changes in fair value of non-hedge derivative instruments
of $(17,810) and $21,732, (vi) equity-based compensation of $2 and
$193 and (vii) asset impairment of $— and $32, respectively. |
(2) |
|
Includes
the following items for the three and six months ended June 30,
2023: subsidiary severance expense of $51 and $1,339,
respectively. |
(3) |
|
Includes
the following items for the three months ended June 30, 2023 and
2022: (i) equity-based compensation of $76 and $124, (ii) provision
for income taxes of $35 and $14, (iii) interest expense of $1,880
and $1,319, (iv) depreciation and amortization expense of $2,944
and $2,321, (v) changes in fair value of non-hedge derivative
instruments of $— and $(62), (vi) acquisition and transaction
expense of $8 and $—, (vii) interest and other costs on pension and
OPEB liabilities of $1 and $— and (viii) asset impairment of $2 and
$—, respectively. Includes the following items for the six months
ended June 30, 2023 and 2022: (i) equity-based compensation of $186
and $250, (ii) provision for income taxes of $88 and $30, (iii)
interest expense of $3,737 and $2,703, (iv) depreciation and
amortization expense of $6,080 and $4,585, (v) changes in fair
value of non-hedge derivative instruments of $61 and $(36), (vi)
other non-recurring items of $3 and $—, (vii) acquisition and
transaction expense of $8 and $—, (viii) interest and other costs
on pension and OPEB liabilities of $2 and $— and (ix) asset
impairment of $2 and $—, respectively. |
The following table sets forth a reconciliation
of net income (loss) attributable to stockholders to Adjusted
EBITDA for our four core segments for the three months ended June
30, 2023:
|
Three Months Ended June 30, 2023 |
(in thousands) |
Railroad |
|
Jefferson Terminal |
|
Repauno |
|
Power and Gas |
|
Four Core Segments |
Net income (loss) attributable to stockholders/Former
Parent |
$ |
11,786 |
|
|
$ |
(8,765 |
) |
|
$ |
(4,510 |
) |
|
$ |
3,059 |
|
|
$ |
1,570 |
|
Add: Provision for income
taxes |
|
720 |
|
|
|
152 |
|
|
|
40 |
|
|
|
— |
|
|
|
912 |
|
Add: Equity-based compensation
expense |
|
159 |
|
|
|
303 |
|
|
|
100 |
|
|
|
— |
|
|
|
562 |
|
Add: Acquisition and
transaction expenses |
|
184 |
|
|
|
36 |
|
|
|
— |
|
|
|
49 |
|
|
|
269 |
|
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 |
|
602 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
602 |
|
Add: Incentive
allocations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Depreciation and
amortization expense |
|
5,125 |
|
|
|
12,144 |
|
|
|
2,281 |
|
|
|
— |
|
|
|
19,550 |
|
Add: Interest expense |
|
1,215 |
|
|
|
7,978 |
|
|
|
615 |
|
|
|
1 |
|
|
|
9,809 |
|
Add: Pro-rata share of
Adjusted EBITDA from unconsolidated entities(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,933 |
|
|
|
8,933 |
|
Add: Dividends and accretion
on redeemable preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Add: Interest and other costs
on pension and OPEB liabilities |
|
480 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
480 |
|
Add: Other non-recurring
items(2) |
|
51 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
51 |
|
Less: Equity in earnings of
unconsolidated entities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,639 |
) |
|
|
(1,639 |
) |
Less: Non-controlling share of
Adjusted EBITDA(3) |
|
(18 |
) |
|
|
(4,766 |
) |
|
|
(162 |
) |
|
|
— |
|
|
|
(4,946 |
) |
Adjusted
EBITDA |
$ |
20,304 |
|
|
$ |
7,082 |
|
|
$ |
(1,636 |
) |
|
$ |
10,403 |
|
|
$ |
36,153 |
|
________________________________________________________
(1) |
|
Power and Gas: |
|
|
Includes
the following items for the three months ended June 30, 2023:
(i) net income of $1,639, (ii) interest expense of $7,378, (iii)
depreciation and amortization expense of $7,641, (iv) acquisition
and transaction expenses of $237, (v) changes in fair value of
non-hedge derivative instruments of $(7,963), and (vi) equity-based
compensation of $1. |
(2) |
|
Railroad: |
|
|
Includes
the following items for the three months ended June 30, 2023:
Transtar severance expense of $51. |
(3) |
|
Railroad: |
|
|
Includes
the following items for the three months ended June 30, 2023:
(i) depreciation and amortization expense of $12, (ii) interest
expense of $3, (iii) interest and other costs on pension and OPEB
liabilities of $1 and (iv) asset impairment of $2. |
|
|
Jefferson
Terminal: |
|
|
Includes
the following items for the three months ended June 30, 2023:
(i) equity-based compensation of $71, (ii) provision for income
taxes of $35, (iii) interest expense of $1,844, (iv) depreciation
and amortization expense of $2,808 and (v) acquisition and
transaction expense of $8. |
|
|
Repauno: |
|
|
Includes
the following items for the three months ended June 30, 2023:
(i) equity-based compensation of $5, (ii) interest expense of $33
and (iii) depreciation and amortization expense of $124. |
FTAI Infrastructure (NASDAQ:FIP)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
FTAI Infrastructure (NASDAQ:FIP)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024