FTAI Infrastructure Inc. Reports Fourth Quarter and Full Year 2023 Results, Declares Dividend of $0.03 per Share of Common Stock
- None.
- The company reported a significant net loss for both Q4 and full year 2023.
- The financial results show a decline in basic and diluted loss per share of common stock compared to the previous period.
- Despite record quarterly core segment Adjusted EBITDA, the company's financial performance remains challenging.
- The company's financial data raises concerns about its ability to generate profits and sustain dividend payments in the future.
Insights
The reported net loss attributable to stockholders of FTAI Infrastructure Inc. for both the fourth quarter and the full year of 2023 stands out as a significant figure, with $(48,193) thousand and $(183,736) thousand respectively. These losses translate into a basic and diluted loss per share of common stock of $(0.47) and $(1.78) for the respective periods. Such losses can be concerning for investors, as they reflect the company's inability to generate profit during the reported timeframe.
However, the Adjusted EBITDA presents a different aspect of the company's financial health. With $33,294 thousand for the quarter and $107,522 thousand for the year, alongside the four core segments Adjusted EBITDA of $42,455 thousand and $140,938 thousand, it indicates that the company's operational performance is stronger than the net loss figures suggest. This is because Adjusted EBITDA excludes certain items that can be considered non-operational or non-cash expenses, providing a clearer view of the company's underlying profitability from its core operations.
The declaration of a dividend, despite the net losses, could be seen as a signal of confidence from the Board in the company's cash flow and future prospects. However, the modest dividend of $0.03 per share also suggests a cautious approach, likely balancing the need to reward shareholders with the necessity of maintaining financial stability.
FTAI Infrastructure's record-setting Adjusted EBITDA in its core segments, particularly the standout performance of Transtar and Jefferson Terminal, highlights the company's potential in key areas of its operations. Transtar's record Adjusted EBITDA of $23.6 million for Q4, with increased carload volume and average rate per carload, suggests a robust demand for rail transport and an effective pricing strategy. Similarly, Jefferson Terminal's high throughput averaging 185,000 barrels per day indicates strong market positioning in the energy logistics sector.
These operational highlights are crucial for investors, as they demonstrate the company's ability to capitalize on market opportunities and optimize its assets. The focus on core segments and the exclusion of the Sustainability and Energy Transition and Corporate and Other segments in the Adjusted EBITDA calculation may indicate a strategic prioritization, which could lead to a reallocation of resources towards the most profitable areas of the business. Such a strategy could have long-term implications for the company's market share and competitive edge.
The economic context in which FTAI Infrastructure's financial results are released is important for interpreting the data. If the broader economic environment has been challenging, with headwinds such as rising interest rates, inflation, or supply chain disruptions, the company's losses might be seen in a different light. In such a case, the ability to maintain operational profitability as evidenced by Adjusted EBITDA could be seen as a relative success.
Moreover, the company's financial performance must be analyzed in the context of industry-specific cycles and trends. For instance, if the infrastructure sector is experiencing a downturn, FTAI Infrastructure's results might actually compare favorably to its peers. Conversely, if the sector is booming, the reported losses could be a red flag indicating underperformance relative to the industry standard.
Investors should also consider macroeconomic indicators and regulatory changes that could impact the infrastructure sector, such as government spending on infrastructure projects or environmental regulations affecting the energy logistics industry. These factors could have significant implications for the company's future growth and profitability.
NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2023. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
| (in thousands, except per share data) | |||||||
| Selected Financial Results | Three Months Ended December 31, 2023 | Year Ended December 31, 2023 | |||||
| Net Loss Attributable to Stockholders | $ | (48,193 | ) | $ | (183,736 | ) | |
| Basic Loss per Share of Common Stock | $ | (0.47 | ) | $ | (1.78 | ) | |
| Diluted Loss per Share of Common Stock | $ | (0.47 | ) | $ | (1.79 | ) | |
| Adjusted EBITDA (1) | $ | 33,294 | $ | 107,522 | |||
| Adjusted EBITDA - Four Core Segments (1)(2) | $ | 42,455 | $ | 140,938 | |||
________________________
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2) Excludes Sustainability and Energy Transition and Corporate and Other segments.
Fourth Quarter 2023 Dividends
On February 29, 2024, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of
Business Highlights
- Q4 core segment Adj. EBITDA(1)(2) of
$42.4 million , and consolidated Adj EBITDA(1) of$33.3 million – both quarterly records. - Transtar generated Adj. EBITDA(1) of
$23.6 million in Q4, a record, with increases in both carload volume and average rate per carload versus Q3. - Jefferson Terminal generated Adj. EBITDA(1) of
$14.3 million in Q4, averaging an all-time high of 185,000 barrels per day of throughput at the terminal.
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2) Excludes Sustainability and Energy Transition and Corporate and Other segments.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Friday, March 1, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BI105c7053805540c195b641e1b4b5e2e0. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Friday, March 1, 2024 through 11:30 A.M. on Friday, March 8, 2024 on https://ir.fipinc.com/news-events/presentations.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com
Exhibit - Financial Statements
| FTAI INFRASTRUCTURE INC. CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenues | |||||||||||||||
| Total revenues | $ | 81,440 | $ | 71,391 | $ | 320,472 | $ | 261,966 | |||||||
| Expenses | |||||||||||||||
| Operating expenses | 57,319 | 59,926 | 253,672 | 208,157 | |||||||||||
| General and administrative | 3,445 | 2,755 | 12,833 | 10,891 | |||||||||||
| Acquisition and transaction expenses | 2,586 | 982 | 4,140 | 16,844 | |||||||||||
| Management fees and incentive allocation to affiliate | 3,163 | 3,079 | 12,467 | 12,964 | |||||||||||
| Depreciation and amortization | 20,415 | 18,298 | 80,992 | 70,749 | |||||||||||
| Asset impairment | — | — | 743 | — | |||||||||||
| Total expenses | 86,928 | 85,040 | 364,847 | 319,605 | |||||||||||
| Other (expense) income | |||||||||||||||
| Equity in losses of unconsolidated entities | (17,534 | ) | (19,417 | ) | (24,707 | ) | (67,399 | ) | |||||||
| Gain (loss) on sale of assets, net | 6,595 | (1,469 | ) | 6,855 | (1,603 | ) | |||||||||
| Loss on extinguishment of debt | (16 | ) | — | (2,036 | ) | — | |||||||||
| Interest expense | (26,172 | ) | (21,133 | ) | (99,603 | ) | (53,239 | ) | |||||||
| Other income (expense) | 2,608 | (1,025 | ) | 6,586 | (3,169 | ) | |||||||||
| Total other expense | (34,519 | ) | (43,044 | ) | (112,905 | ) | (125,410 | ) | |||||||
| Loss before income taxes | (40,007 | ) | (56,693 | ) | (157,280 | ) | (183,049 | ) | |||||||
| (Benefit from) provision for income taxes | (90 | ) | (618 | ) | 2,470 | 4,468 | |||||||||
| Net loss | (39,917 | ) | (56,075 | ) | (159,750 | ) | (187,517 | ) | |||||||
| Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (8,313 | ) | (9,606 | ) | (38,414 | ) | (33,933 | ) | |||||||
| Less: Dividends and accretion of redeemable preferred stock | 16,589 | 14,394 | 62,400 | 23,657 | |||||||||||
| Net loss attributable to stockholders/Former Parent | $ | (48,193 | ) | $ | (60,863 | ) | $ | (183,736 | ) | $ | (177,241 | ) | |||
| Loss per share: | |||||||||||||||
| Basic | $ | (0.47 | ) | $ | (0.59 | ) | $ | (1.78 | ) | $ | (1.73 | ) | |||
| Diluted | $ | (0.47 | ) | $ | (0.59 | ) | $ | (1.79 | ) | $ | (1.73 | ) | |||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 103,426,793 | 102,747,121 | 102,960,812 | 102,747,121 | |||||||||||
| Diluted | 103,426,793 | 102,747,121 | 102,960,812 | 102,747,121 | |||||||||||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||
| December 31, | |||||||
| 2023 | 2022 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 29,367 | $ | 36,486 | |||
| Restricted cash | 58,112 | 113,156 | |||||
| Accounts receivable, net | 55,990 | 60,807 | |||||
| Other current assets | 42,034 | 67,355 | |||||
| Total current assets | 185,503 | 277,804 | |||||
| Leasing equipment, net | 35,587 | 34,907 | |||||
| Operating lease right-of-use assets, net | 69,748 | 71,015 | |||||
| Property, plant, and equipment, net | 1,630,829 | 1,673,808 | |||||
| Investments | 72,701 | 73,589 | |||||
| Intangible assets, net | 52,621 | 60,195 | |||||
| Goodwill | 275,367 | 260,252 | |||||
| Other assets | 57,253 | 26,829 | |||||
| Total assets | $ | 2,379,609 | $ | 2,478,399 | |||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 130,796 | $ | 136,048 | |||
| Operating lease liabilities | 7,218 | 7,045 | |||||
| Other current liabilities | 12,623 | 16,488 | |||||
| Total current liabilities | 150,637 | 159,581 | |||||
| Debt, net | 1,340,910 | 1,230,157 | |||||
| Operating lease liabilities | 62,441 | 63,147 | |||||
| Other liabilities | 87,530 | 236,130 | |||||
| Total liabilities | 1,641,518 | 1,689,015 | |||||
| Commitments and contingencies | |||||||
| Redeemable preferred stock ( | 325,232 | 264,590 | |||||
| Equity | |||||||
| Common stock ( | 1,006 | 994 | |||||
| Additional paid in capital | 843,971 | 911,599 | |||||
| Accumulated deficit | (182,173 | ) | (60,837 | ) | |||
| Accumulated other comprehensive loss | (178,515 | ) | (300,133 | ) | |||
| Stockholders' equity | 484,289 | 551,623 | |||||
| Non-controlling interests in equity of consolidated subsidiaries | (71,430 | ) | (26,829 | ) | |||
| Total equity | 412,859 | 524,794 | |||||
| Total liabilities, redeemable preferred stock and equity | $ | 2,379,609 | $ | 2,478,399 | |||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollar amounts in thousands, unless otherwise noted) | ||||||||
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (159,750 | ) | $ | (187,517 | ) | ||
| Equity in losses of unconsolidated entities | 24,707 | 67,399 | ||||||
| (Gain) loss on sale of assets | (6,855 | ) | 1,603 | |||||
| Loss on extinguishment of debt | 2,036 | — | ||||||
| Equity-based compensation | 9,199 | 4,146 | ||||||
| Depreciation and amortization | 80,992 | 70,749 | ||||||
| Asset impairment | 743 | — | ||||||
| Change in deferred income taxes | 2,016 | 3,982 | ||||||
| Change in fair value of non-hedge derivatives | 1,125 | (1,125 | ) | |||||
| Amortization of deferred financing costs | 6,769 | 4,393 | ||||||
| Bad debt expense | 1,977 | 575 | ||||||
| Amortization of bond discount | 4,853 | 1,903 | ||||||
| Change in: | ||||||||
| Accounts receivable | 2,840 | (3,303 | ) | |||||
| Other assets | 25,183 | (7,799 | ) | |||||
| Accounts payable and accrued liabilities | 8,553 | 7,013 | ||||||
| Other liabilities | 1,125 | (4,709 | ) | |||||
| Net cash provided by (used in) operating activities | 5,513 | (42,690 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Investment in unconsolidated entities | (7,077 | ) | (5,996 | ) | ||||
| Acquisition of business, net of cash acquired | (4,448 | ) | (3,819 | ) | ||||
| Acquisition of leasing equipment | (1,724 | ) | — | |||||
| Acquisition of property, plant and equipment | (99,022 | ) | (217,141 | ) | ||||
| Investment in convertible promissory notes | (36,044 | ) | (47,454 | ) | ||||
| Proceeds from sale of leasing equipment | 105 | — | ||||||
| Proceeds from sale of property, plant and equipment | 1,087 | 7,144 | ||||||
| Net cash used in investing activities | (147,123 | ) | (267,266 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from debt | 181,350 | 519,025 | ||||||
| Repayment of debt | (75,131 | ) | — | |||||
| Payment of deferred financing costs | (8,834 | ) | (13,605 | ) | ||||
| Proceeds from issuance of redeemable preferred stock | — | 291,000 | ||||||
| Redeemable preferred stock issuance costs | — | (16,433 | ) | |||||
| Distributions to Manager | — | (78 | ) | |||||
| Capital contributions from non-controlling interests | — | 731 | ||||||
| Distributions to non-controlling interests | (1,647 | ) | (143 | ) | ||||
| Settlement of equity-based compensation | (2,161 | ) | (593 | ) | ||||
| Net transfers to (from) Former Parent | — | (617,321 | ) | |||||
| Cash dividends - common stock | (12,372 | ) | (3,082 | ) | ||||
| Cash dividends - redeemable preferred stock | (1,758 | ) | (1,758 | ) | ||||
| Net cash provided by financing activities | 79,447 | 157,743 | ||||||
| Net decrease in cash and cash equivalents and restricted cash | (62,163 | ) | (152,213 | ) | ||||
| Cash and cash equivalents and restricted cash, beginning of period | 149,642 | 301,855 | ||||||
| Cash and cash equivalents and restricted cash, end of period | $ | 87,479 | $ | 149,642 | ||||
Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders and Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net loss attributable to stockholders and Former Parent to Adjusted EBITDA for the three and twelve months ended December 31, 2023 and 2022:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||
| Net loss attributable to stockholders/Former Parent | $ | (48,193 | ) | $ | (60,863 | ) | $ | (183,736 | ) | $ | (177,241 | ) | |||
| Add: (Benefit from) provision for income taxes | (90 | ) | (618 | ) | 2,470 | 4,468 | |||||||||
| Add: Equity-based compensation expense | 3,385 | 1,104 | 9,199 | 4,146 | |||||||||||
| Add: Acquisition and transaction expenses | 2,586 | 982 | 4,140 | 16,844 | |||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 16 | — | 2,036 | — | |||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | (67 | ) | 1,125 | (1,125 | ) | |||||||||
| Add: Asset impairment charges | — | — | 743 | — | |||||||||||
| Add: Incentive allocations | — | — | — | — | |||||||||||
| Add: Depreciation & amortization expense(1) | 20,964 | 18,298 | 81,541 | 70,749 | |||||||||||
| Add: Interest expense | 26,172 | 21,133 | 99,603 | 53,239 | |||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | (421 | ) | (8,063 | ) | 20,209 | 13,939 | |||||||||
| Add: Dividends and accretion of redeemable preferred stock | 16,589 | 14,394 | 62,400 | 23,657 | |||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | 690 | 336 | 2,130 | 1,232 | |||||||||||
| Add: Other non-recurring items(3) | — | — | 2,470 | — | |||||||||||
| Less: Equity in losses of unconsolidated entities | 17,534 | 19,417 | 24,707 | 67,399 | |||||||||||
| Less: Non-controlling share of Adjusted EBITDA(4) | (5,938 | ) | (4,245 | ) | (21,515 | ) | (16,279 | ) | |||||||
| Adjusted EBITDA (Non-GAAP) | $ | 33,294 | $ | 1,808 | $ | 107,522 | $ | 61,028 | |||||||
____________________
(1) Includes the following items for the years ended December 31, 2023 and 2022: (i) depreciation and amortization expense of
Includes the following items for the three months ended December 31, 2023 and 2022: (i) depreciation and amortization expense of
(2) Includes the following items for the years ended December 31, 2023 and 2022: (i) net loss of
Includes the following items for the three months ended December 31, 2023 and 2022: (i) net loss of
(3) Includes the following items for the year ended December 31, 2023: certain non-cash expenses related to cancellation of restricted shares and Railroad severance expense of
(4) Includes the following items for the years ended December 31, 2023 and 2022: (i) equity-based compensation of
Includes the following items for the three months ended December 31, 2023 and 2022: (i) equity-based compensation of
The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2023:
| Three Months Ended December 31, 2023 | |||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
| Net income (loss) attributable to stockholders | $ | 19,495 | $ | (6,776 | ) | $ | (4,202 | ) | $ | (10,549 | ) | $ | (2,032 | ) | |||||
| Add: (Benefit from) provision for income taxes | (2,403 | ) | 2,244 | 239 | — | 80 | |||||||||||||
| Add: Equity-based compensation expense | 648 | 2,186 | 461 | — | 3,295 | ||||||||||||||
| Add: Acquisition and transaction expenses | 184 | 1,254 | — | 23 | 1,461 | ||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | — | — | ||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | ||||||||||||||
| Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
| Add: Depreciation & amortization expense(1) | 5,002 | 12,809 | 2,420 | — | 20,231 | ||||||||||||||
| Add: Interest expense | 32 | 8,301 | 712 | — | 9,045 | ||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | — | — | — | 3,331 | 3,331 | ||||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | ||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | 690 | — | — | — | 690 | ||||||||||||||
| Add: Other non-recurring items(3) | — | — | — | — | — | ||||||||||||||
| Less: Equity in losses of unconsolidated entities | — | — | — | 12,292 | 12,292 | ||||||||||||||
| Less: Non-controlling share of Adjusted EBITDA(4) | (16 | ) | (5,687 | ) | (235 | ) | — | (5,938 | ) | ||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 23,632 | $ | 14,331 | $ | (605 | ) | $ | 5,097 | $ | 42,455 | ||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
| Net income (loss) attributable to stockholders | $ | 49,999 | $ | (36,720 | ) | $ | (22,489 | ) | $ | (5,249 | ) | $ | (14,459 | ) | |||||
| Add: (Benefit from) provision for income taxes | (561 | ) | 2,468 | 496 | — | 2,403 | |||||||||||||
| Add: Equity-based compensation expense | 1,394 | 5,865 | 1,770 | — | 9,029 | ||||||||||||||
| Add: Acquisition and transaction expenses | 737 | 1,370 | — | 94 | 2,201 | ||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 937 | — | — | — | 937 | ||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | 1,125 | — | 1,125 | ||||||||||||||
| Add: Asset impairment charges | 743 | — | — | — | 743 | ||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
| Add: Depreciation & amortization expense(1) | 19,590 | 49,465 | 9,336 | — | 78,391 | ||||||||||||||
| Add: Interest expense | 2,284 | 32,443 | 2,557 | 3 | 37,287 | ||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | — | — | — | 29,987 | 29,987 | ||||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | ||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | 2,130 | — | — | — | 2,130 | ||||||||||||||
| Add: Other non-recurring items(3) | 1,339 | 1,131 | — | — | 2,470 | ||||||||||||||
| Less: Equity in losses of unconsolidated entities | — | — | — | 9,949 | 9,949 | ||||||||||||||
| Less: Non-controlling share of Adjusted EBITDA(4) | (71 | ) | (20,328 | ) | (856 | ) | — | (21,255 | ) | ||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 78,521 | $ | 35,694 | $ | (8,061 | ) | $ | 34,784 | $ | 140,938 | ||||||||
____________________
(1) Jefferson Terminal
Includes the following items for the three months and year ended December 31, 2023: (i) depreciation and amortization expense of
(2) Power and Gas
Includes the following items for the three months and year ended December 31, 2023: (i) net loss of
(3) Railroad
Includes the following items for the year ended December 31, 2023: Railroad severance expense of
Jefferson Terminal
Includes the following items for the year ended December 31, 2023: certain non-cash expenses related to cancellation of restricted shares of
(4) Railroad
Includes the following items for the three months and year ended December 31, 2023: (i) equity-based compensation of
Jefferson Terminal
Includes the following items for the three months and year ended December 31, 2023: (i) equity-based compensation of
Repauno
Includes the following items for the three months and year ended December 31, 2023: (i) equity-based compensation of
FAQ
What was FTAI Infrastructure Inc.'s net loss for the fourth quarter of 2023?
What was the company's basic loss per share of common stock for the full year 2023?
What dividend did FTAI Infrastructure Inc. declare for the quarter ended December 31, 2023?
What were the business highlights mentioned in the press release?
