FTAI Infrastructure Inc. Reports Second Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock
FTAI Infrastructure Inc. (NASDAQ:FIP) reported its Q2 2024 financial results, declaring a dividend of $0.03 per share of common stock. Key highlights include:
- Net Loss Attributable to Stockholders: $(54,350,000)
- Basic and Diluted Loss per Share: $(0.52)
- Adjusted EBITDA: $34,256,000
- Adjusted EBITDA from four core segments: $41,793,000, up 12% from Q1
Business highlights:
- Transtar revenue: $45.6 million with record average rates per car
- Jefferson Terminal achieved record quarterly throughput and revenue
- Long Ridge revenue affected by May scheduled maintenance outage
FTAI Infrastructure Inc. (NASDAQ:FIP) ha riportato i risultati finanziari del secondo trimestre 2024, dichiarando un dividendo di $0.03 per azione di azioni ordinarie. I punti salienti includono:
- Perdita netta attribuibile agli azionisti: $(54,350,000)
- Perdita base e diluita per azione: $(0.52)
- EBITDA rettificato: $34,256,000
- EBITDA rettificato da quattro segmenti principali: $41,793,000, in aumento del 12% rispetto al primo trimestre
Punti salienti aziendali:
- Ricavi di Transtar: $45.6 milioni con tariffe medie record per automobile
- Il Terminal Jefferson ha raggiunto un record di throughput e ricavi trimestrali
- I ricavi di Long Ridge sono stati influenzati da un'interruzione programmata di manutenzione a maggio
FTAI Infrastructure Inc. (NASDAQ:FIP) reportó sus resultados financieros del segundo trimestre de 2024, declarando un dividendo de $0.03 por acción de acciones ordinarias. Los puntos destacados incluyen:
- Pérdida neta atribuible a los accionistas: $(54,350,000)
- Pérdida básica y diluida por acción: $(0.52)
- EBITDA ajustado: $34,256,000
- EBITDA ajustado de cuatro segmentos principales: $41,793,000, un aumento del 12% respecto al primer trimestre
Puntos destacados del negocio:
- Ingresos de Transtar: $45.6 millones con tarifas promedio récord por automóvil
- El terminal Jefferson logró un récord trimestral de procesamiento y ingresos
- Los ingresos de Long Ridge se vieron afectados por una interrupción programada de mantenimiento en mayo
FTAI Infrastructure Inc. (NASDAQ:FIP)는 2024년 2분기 재무 결과를 보고하며 주당 $0.03의 배당금을 선언했습니다. 주요 하이라이트는 다음과 같습니다:
- 주주에게 귀속되는 순손실: $(54,350,000)
- 기본 및 희석 주당 손실: $(0.52)
- 조정 EBITDA: $34,256,000
- 네 개의 주요 부문에서 조정 EBITDA: $41,793,000, 1분기 대비 12% 증가
비즈니스 하이라이트:
- Transtar 수익: $45.6 백만 자동차당 기록 평균 요금
- Jefferson 터미널은 분기별 처리량과 수익 기록을 달성했습니다
- Long Ridge 수익은 5월 예정된 유지보수 작업의 영향을 받았습니다
FTAI Infrastructure Inc. (NASDAQ:FIP) a annoncé ses résultats financiers pour le deuxième trimestre 2024, déclarant un dividende de $0.03 par action d'actions ordinaires. Les points clés incluent :
- Perte nette attribuable aux actionnaires : $(54,350,000)
- Perte de base et diluée par action : $(0.52)
- EBITDA ajusté : $34,256,000
- EBITDA ajusté des quatre segments principaux : $41,793,000, en hausse de 12 % par rapport au premier trimestre
Points saillants de l'entreprise :
- Revenus de Transtar : $45,6 millions avec des tarifs moyens record par voiture
- Le terminal Jefferson a atteint un record trimestriel en termes de débit et de revenus
- Les revenus de Long Ridge ont été affectés par une interruption programmée de maintenance en mai
FTAI Infrastructure Inc. (NASDAQ:FIP) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht und eine Dividende von $0.03 pro Aktie der Stammaktien erklärt. Wichtige Highlights sind:
- Nettoverlust zugeschrieben an Aktionäre: $(54,350,000)
- Grund- und verwässerter Verlust pro Aktie: $(0.52)
- Bereinigtes EBITDA: $34,256,000
- Bereinigtes EBITDA aus vier Kerngeschäften: $41,793,000, ein Anstieg von 12% im Vergleich zum 1. Quartal
Geschäftshighlights:
- Transtar Einnahmen: $45,6 Millionen mit Rekorddurchschnittspreisen pro Auto
- Jefferson-Terminal erreichte einen Rekord bei Durchsatz und Einnahmen im Quartal
- Einnahmen von Long Ridge wurden durch einen geplanten Wartungsstillstand im Mai beeinflusst
- Adjusted EBITDA from four core segments increased 12% from Q1 to $41.8 million
- Transtar generated revenue of $45.6 million with record average rates per car
- Jefferson Terminal achieved record quarterly throughput and revenue
- Long Ridge announced results from power capacity auction to add substantial EBITDA for mid-2025 to mid-2026 period
- Net Loss Attributable to Stockholders of $54.35 million
- Basic and Diluted Loss per Share of $0.52
- Long Ridge revenue affected by May scheduled maintenance outage
Insights
FTAI Infrastructure's Q2 2024 results present a mixed picture with some positive operational highlights amid overall financial challenges. The company reported a net loss of
Key positives include:
- Transtar's revenue of
$45.6 million with steady carloads and record average rates per car - Jefferson Terminal achieving record quarterly throughput and revenue
- Long Ridge's promising future outlook with expected substantial EBITDA increase for mid-2025 to mid-2026
The
The discrepancy between net loss and positive Adjusted EBITDA highlights the importance of non-GAAP measures in assessing the company's operational performance. Investors should carefully examine the reconciliation of these measures to understand the adjustments made.
Overall, while FTAI Infrastructure shows operational progress in its core segments, the substantial net loss indicates ongoing challenges. The company's ability to translate operational improvements into bottom-line growth will be important for long-term investor confidence.
FTAI Infrastructure's Q2 2024 results offer insights into both company-specific trends and broader market dynamics. The company's diverse portfolio across rail, terminals and energy sectors provides a unique window into multiple industrial segments.
Transtar's performance, with steady carloads and record average rates, suggests resilience in the rail transport sector. This could indicate stable demand for raw materials and finished goods, potentially reflecting broader economic stability. The fully operational car repair facility also points to opportunities in ancillary services within the rail industry.
Jefferson Terminal's record throughput and revenue are particularly noteworthy. As a major liquid hydrocarbon logistics terminal, its performance could signal strong activity in energy markets. This aligns with global trends of increased energy demand and shifting supply chains.
Long Ridge's recent power capacity auction results, promising substantial EBITDA for mid-2025 to mid-2026, highlight the growing importance of reliable power generation. This forward-looking indicator suggests potential opportunities in the energy sector, particularly in regions facing power supply challenges.
However, the company's overall net loss underscores the challenges in capital-intensive infrastructure businesses. Investors should monitor how FTAI Infrastructure balances its growth initiatives with financial stability, especially in a high-interest-rate environment that could impact infrastructure investments broadly.
NEW YORK, Aug. 02, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
(in thousands, except per share data) | |||
Selected Financial Results | Q2’24 | ||
Net Loss Attributable to Stockholders | $ | (54,350 | ) |
Basic and Diluted Loss per Share of Common Stock | $ | (0.52 | ) |
Adjusted EBITDA (1) | $ | 34,256 | |
Adjusted EBITDA - Four core segments (1)(2) | $ | 41,793 |
_______________________________
(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 2024 Dividends
On August 1, 2024, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of
Business Highlights
- Second quarter Adjusted EBITDA from four core segments of
$41.8 million , up12% from first quarter(1)(2). - Transtar generated revenue of
$45.6 million as carloads remain steady and average rates per car hit record level; car repair facility fully operational for the quarter with strong momentum. - Jefferson Terminal throughput and revenue represented record quarterly levels.
- Long Ridge revenue reflects May scheduled maintenance outage; recently announced results from power capacity auction to add substantial EBITDA for mid-2025 to mid-2026 period.
(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 Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Friday, August 2, 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/BIf70c417adfcb4f7cb72082d89b0c516a. 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, August 2, 2024 through 11:30 A.M. on Friday, August 9, 2024 on https://ir.fipinc.com/news-events/events.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Transtar’s continued momentum, and Long Ridge’s potential ability to add substantial EBITDA for mid-2025 to mid-2026 period. 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 STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | |||||||||||||||
Total revenues | $ | 84,887 | $ | 81,832 | $ | 167,422 | $ | 158,326 | |||||||
Expenses | |||||||||||||||
Operating expenses | 61,225 | 62,775 | 125,800 | 127,937 | |||||||||||
General and administrative | 2,840 | 3,702 | 7,701 | 6,903 | |||||||||||
Acquisition and transaction expenses | 921 | 636 | 1,847 | 905 | |||||||||||
Management fees and incentive allocation to affiliate | 2,776 | 3,084 | 5,777 | 6,066 | |||||||||||
Depreciation and amortization | 20,163 | 20,292 | 40,684 | 40,427 | |||||||||||
Asset impairment | — | 602 | — | 743 | |||||||||||
Total expenses | 87,925 | 91,091 | 181,809 | 182,981 | |||||||||||
Other (expense) income | |||||||||||||||
Equity in (losses) earnings of unconsolidated entities | (12,788 | ) | (1,625 | ) | (24,690 | ) | 2,741 | ||||||||
(Loss) gain on sale of assets, net | (150 | ) | 647 | (163 | ) | 523 | |||||||||
Loss on modification or extinguishment of debt | (9,170 | ) | — | (9,170 | ) | — | |||||||||
Interest expense | (29,690 | ) | (24,182 | ) | (57,283 | ) | (47,432 | ) | |||||||
Other income | 6,963 | 1,370 | 9,328 | 1,591 | |||||||||||
Total other expense | (44,835 | ) | (23,790 | ) | (81,978 | ) | (42,577 | ) | |||||||
Loss before income taxes | (47,873 | ) | (33,049 | ) | (96,365 | ) | (67,232 | ) | |||||||
Provision for income taxes | 267 | 823 | 2,072 | 2,552 | |||||||||||
Net loss | (48,140 | ) | (33,872 | ) | (98,437 | ) | (69,784 | ) | |||||||
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (11,400 | ) | (10,276 | ) | (22,090 | ) | (20,169 | ) | |||||||
Less: Dividends and accretion of redeemable preferred stock | 17,610 | 15,257 | 34,585 | 29,827 | |||||||||||
Net loss attributable to stockholders | $ | (54,350 | ) | $ | (38,853 | ) | $ | (110,932 | ) | $ | (79,442 | ) | |||
Loss per share: | |||||||||||||||
Basic | $ | (0.52 | ) | $ | (0.38 | ) | $ | (1.06 | ) | $ | (0.77 | ) | |||
Diluted | $ | (0.52 | ) | $ | (0.38 | ) | $ | (1.06 | ) | $ | (0.77 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic | 105,039,831 | 102,793,800 | 104,612,209 | 102,790,737 | |||||||||||
Diluted | 105,039,831 | 102,793,800 | 104,612,209 | 102,790,737 |
FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||
(Unaudited) | |||||||
June 30, 2024 | December 31, 2023 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 33,101 | $ | 29,367 | |||
Restricted cash | 153,364 | 58,112 | |||||
Accounts receivable, net | 52,221 | 55,990 | |||||
Other current assets | 50,557 | 42,034 | |||||
Total current assets | 289,243 | 185,503 | |||||
Leasing equipment, net | 36,114 | 35,587 | |||||
Operating lease right-of-use assets, net | 68,280 | 69,748 | |||||
Property, plant, and equipment, net | 1,605,786 | 1,630,829 | |||||
Investments | 63,472 | 72,701 | |||||
Intangible assets, net | 48,838 | 52,621 | |||||
Goodwill | 275,367 | 275,367 | |||||
Other assets | 65,308 | 57,253 | |||||
Total assets | $ | 2,452,408 | $ | 2,379,609 | |||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 111,570 | $ | 130,796 | |||
Operating lease liabilities | 7,222 | 7,218 | |||||
Other current liabilities | 18,828 | 12,623 | |||||
Total current liabilities | 137,620 | 150,637 | |||||
Debt, net | 1,554,124 | 1,340,910 | |||||
Operating lease liabilities | 61,070 | 62,441 | |||||
Other liabilities | 53,110 | 87,530 | |||||
Total liabilities | 1,805,924 | 1,641,518 | |||||
Commitments and contingencies | — | — | |||||
Redeemable preferred stock ( | 359,817 | 325,232 | |||||
Equity | |||||||
Common stock ( | 1,016 | 1,006 | |||||
Additional paid in capital | 803,603 | 843,971 | |||||
Accumulated deficit | (258,520 | ) | (182,173 | ) | |||
Accumulated other comprehensive loss | (151,268 | ) | (178,515 | ) | |||
Stockholders' equity | 394,831 | 484,289 | |||||
Non-controlling interest in equity of consolidated subsidiaries | (108,164 | ) | (71,430 | ) | |||
Total equity | 286,667 | 412,859 | |||||
Total liabilities, redeemable preferred stock and equity | $ | 2,452,408 | $ | 2,379,609 |
FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollar amounts in thousands, unless otherwise noted) | |||||||
Six Months Ended June 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (98,437 | ) | $ | (69,784 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Equity in losses (earnings) of unconsolidated entities | 24,690 | (2,741 | ) | ||||
Loss (gain) on sale of assets, net | 163 | (523 | ) | ||||
Loss on modification or extinguishment of debt | 9,170 | — | |||||
Equity-based compensation | 4,139 | 1,537 | |||||
Depreciation and amortization | 40,684 | 40,427 | |||||
Asset impairment | — | 743 | |||||
Change in deferred income taxes | 1,493 | 2,110 | |||||
Change in fair value of non-hedge derivative | — | 1,125 | |||||
Amortization of deferred financing costs | 4,570 | 3,098 | |||||
Amortization of bond discount | 2,898 | 2,144 | |||||
Provision for (benefit from) credit losses | 514 | (74 | ) | ||||
Change in: | |||||||
Accounts receivable | 3,255 | 4,506 | |||||
Other assets | (3,040 | ) | (4,724 | ) | |||
Accounts payable and accrued liabilities | (12,787 | ) | (6,202 | ) | |||
Other liabilities | 1,218 | 11,427 | |||||
Net cash used in operating activities | (21,470 | ) | (16,931 | ) | |||
Cash flows from investing activities: | |||||||
Investment in unconsolidated entities | (1,639 | ) | (3,315 | ) | |||
Acquisition of consolidated subsidiary | — | (4,448 | ) | ||||
Acquisition of leasing equipment | (1,204 | ) | — | ||||
Acquisition of property, plant and equipment | (27,420 | ) | (65,696 | ) | |||
Investment in promissory notes and loans | (17,500 | ) | (22,000 | ) | |||
Investment in equity instruments | (5,000 | ) | — | ||||
Proceeds from sale of leasing equipment | — | 115 | |||||
Proceeds from sale of property, plant and equipment | 111 | 988 | |||||
Net cash used in investing activities | (52,652 | ) | (94,356 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from debt, net | 449,689 | 66,600 | |||||
Repayment of debt | (242,001 | ) | — | ||||
Payment of financing costs | (10,022 | ) | (1,192 | ) | |||
Cash dividends - common stock | (6,303 | ) | (6,170 | ) | |||
Settlement of equity-based compensation | (3,216 | ) | (90 | ) | |||
Distributions to non-controlling interests | (15,039 | ) | (20 | ) | |||
Net cash provided by financing activities | 173,108 | 59,128 | |||||
Net decrease in cash and cash equivalents and restricted cash | 98,986 | (52,159 | ) | ||||
Cash and cash equivalents and restricted cash, beginning of period | 87,479 | 149,642 | |||||
Cash and cash equivalents and restricted cash, end of period | $ | 186,465 | $ | 97,483 |
Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | ||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Net loss attributable to stockholders | $ | (54,350 | ) | $ | (38,853 | ) | $ | (15,497 | ) | $ | (110,932 | ) | $ | (79,442 | ) | $ | (31,490 | ) | |||||
Add: Provision for income taxes | 267 | 823 | (556 | ) | 2,072 | 2,552 | (480 | ) | |||||||||||||||
Add: Equity-based compensation expense | 1,799 | 642 | 1,157 | 4,139 | 1,537 | 2,602 | |||||||||||||||||
Add: Acquisition and transaction expenses | 921 | 636 | 285 | 1,847 | 905 | 942 | |||||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | 9,170 | — | 9,170 | 9,170 | — | 9,170 | |||||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | 1,125 | (1,125 | ) | ||||||||||||||||
Add: Asset impairment charges | — | 602 | (602 | ) | — | 743 | (743 | ) | |||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation & amortization expense (1) | 21,596 | 20,292 | 1,304 | 42,693 | 40,427 | 2,266 | |||||||||||||||||
Add: Interest expense | 29,690 | 24,182 | 5,508 | 57,283 | 47,432 | 9,851 | |||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | 3,208 | 6,886 | (3,678 | ) | 9,465 | 15,076 | (5,611 | ) | |||||||||||||||
Add: Dividends and accretion of redeemable preferred stock | 17,610 | 15,257 | 2,353 | 34,585 | 29,827 | 4,758 | |||||||||||||||||
Add: Interest and other costs on pension and OPEB liabilities | (138 | ) | 480 | (618 | ) | 462 | 960 | (498 | ) | ||||||||||||||
Add: Other non-recurring items (3) | — | 51 | (51 | ) | — | 1,339 | (1,339 | ) | |||||||||||||||
Less: Equity in losses (earnings) of unconsolidated entities | 12,788 | 1,625 | 11,163 | 24,690 | (2,741 | ) | 27,431 | ||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (4) | (8,305 | ) | (4,946 | ) | (3,359 | ) | (13,987 | ) | (10,167 | ) | (3,820 | ) | |||||||||||
Adjusted EBITDA (non-GAAP) | $ | 34,256 | $ | 27,677 | $ | 6,579 | $ | 61,487 | $ | 49,573 | $ | 11,914 |
_______________________________
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of
(2) Includes the following items for the three months ended June 30, 2024 and 2023: (i) net loss of
(3) Includes the following item for the three and six months ended June 30, 2023: Railroad severance expense of
(4) Includes the following items for the three months ended June 30, 2024 and 2023: (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 ended June 30, 2024:
Three Months Ended June 30, 2024 | |||||||||||||||||||
(in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
Net income (loss) attributable to stockholders | $ | 15,788 | $ | (14,152 | ) | $ | (4,160 | ) | $ | (5,173 | ) | $ | (7,697 | ) | |||||
Add: Provision for (benefit from) income taxes | 1,092 | (612 | ) | (25 | ) | — | 455 | ||||||||||||
Add: Equity-based compensation expense | 290 | 1,101 | 134 | — | 1,525 | ||||||||||||||
Add: Acquisition and transaction expenses | 153 | 8 | — | 398 | 559 | ||||||||||||||
Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | 9,170 | — | — | 9,170 | ||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | ||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||
Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
Add: Depreciation & amortization expense (1) | 4,860 | 13,733 | 2,480 | — | 21,073 | ||||||||||||||
Add: Interest expense | 98 | 11,190 | 242 | — | 11,530 | ||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | — | — | — | 6,285 | 6,285 | ||||||||||||||
Add: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | ||||||||||||||
Add: Interest and other costs on pension and OPEB liabilities | (138 | ) | — | — | — | (138 | ) | ||||||||||||
Add: Other non-recurring items | — | — | — | — | — | ||||||||||||||
Less: Equity in losses of unconsolidated entities | — | — | — | 7,336 | 7,336 | ||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (3) | (22 | ) | (8,110 | ) | (173 | ) | — | (8,305 | ) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 22,121 | $ | 12,328 | $ | (1,502 | ) | $ | 8,846 | $ | 41,793 |
_______________________________
(1) Jefferson Terminal
Includes the following items for the three months ended June 30, 2024: (i) depreciation and amortization expense of
(2) Power and Gas
Includes the following items for the three months ended June 30, 2024: (i) net loss of
(3) Railroad
Includes the following items for the three months ended June 30, 2024: (i) equity-based compensation of
Jefferson Terminal
Includes the following items for the three months ended June 30, 2024: (i) equity-based compensation of
Repauno
Includes the following items for the three months ended June 30, 2024: (i) equity-based compensation of
FAQ
What was FTAI Infrastructure's (FIP) dividend for Q2 2024?
How did FTAI Infrastructure's (FIP) Adjusted EBITDA from core segments perform in Q2 2024?
What was Transtar's revenue for FTAI Infrastructure (FIP) in Q2 2024?