FTAI Infrastructure Inc. Reports First Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock
NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today reported financial results for the first quarter 2025. 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 Q1'25 -------------------------------------------- -------- Net Income Attributable to Stockholders $109,724 Basic Earnings per Share of Common Stock $ 0.95 Diluted Earnings per Share of Common Stock $ 0.89 Adjusted EBITDA (1) $155,219 Adjusted EBITDA - Four core segments (1)(2) $164,512 Gain on Long Ridge Transaction $119,952
_______________________________
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2) Excludes Sustainability and Energy Transition and Corporate and Other segments.
First Quarter 2025 Dividends
On May 6, 2025, the Company's Board of Directors (the "Board") declared a cash dividend on its common stock of $0.03 per share for the quarter ended March 31, 2025, payable on May 27, 2025 to the holders of record on May 19, 2025.
Business Highlights
-- Refinancing and increase in ownership completed at Long Ridge. -- New contracts and LOI's executed at Repauno. -- First of three contracts at Jefferson commenced April 1st.
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, May 9, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BIda3c2ea433ca42d4843e5ba0cc3371b0. 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, May 9, 2025 through 11:30 A.M. on Friday, May 16, 2025 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 Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@ftaiaviation.com
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per
share data)
Three Months Ended March 31,
----------------------------------
2025 2024
-----------
Revenues
Total revenues $ 96,161 $ 82,535
Expenses
Operating expenses 67,045 64,575
General and administrative 5,113 4,861
Acquisition and transaction expenses 3,515 926
Management fees and incentive
allocation to affiliate 2,542 3,001
Depreciation and amortization 25,012 20,521
Asset impairment 1,375 --
------------ -----------
Total expenses 104,602 93,884
------------ -----------
Other income (expense)
Equity in earnings (losses) of
unconsolidated entities 6,689 (11,902)
Gain (loss) on sale of assets, net 119,828 (13)
Loss on modification or
extinguishment of debt (7) --
Interest expense (43,112) (27,593)
Other income 3,693 2,365
------------ -----------
Total other income (expense) 87,091 (37,143)
------------ -----------
Income (loss) before income taxes 78,650 (48,492)
(Benefit from) provision for income
taxes (41,514) 1,805
------------ -----------
Net income (loss) 120,164 (50,297)
------------ -----------
Less: Net loss attributable to
non-controlling interests in
consolidated subsidiaries (11,401) (10,690)
Less: Dividends and accretion of
redeemable preferred stock 21,841 16,975
------------ -----------
Net income (loss) attributable to
stockholders $ 109,724 $ (56,582)
============ ===========
Net income (loss) attributable to
common stockholders $ 108,257 $ (56,582)
============ ===========
Earnings (loss) per share:
Basic $ 0.95 $ (0.54)
Diluted $ 0.89 $ (0.54)
Weighted average shares outstanding:
Basic 114,101,860 104,189,287
Diluted 122,758,859 104,189,287
FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per
share data)
(Unaudited)
March 31, 2025 December 31, 2024
---------------- ---------------------
Assets
Current assets:
Cash and cash equivalents $ 26,325 $ 27,785
Restricted cash and cash
equivalents 197,082 119,511
Accounts receivable, net 65,285 52,994
Other current assets 30,010 19,561
----------- --------------
Total current assets 318,702 219,851
Leasing equipment, net 37,570 37,453
Operating lease right-of-use
assets, net 67,287 67,937
Property, plant, and equipment,
net 3,187,072 1,653,468
Investments 14,082 12,529
Intangible assets, net 46,733 46,229
Goodwill 402,952 275,367
Other assets 67,468 61,554
----------- --------------
Total assets $ 4,141,866 $ 2,374,388
=========== ==============
Liabilities
Current liabilities:
Accounts payable and accrued
liabilities $ 209,764 $ 176,425
Debt, net 91,315 48,594
Operating lease liabilities 7,195 7,172
Derivative liabilities 41,705 --
Other current liabilities 21,166 18,603
----------- --------------
Total current liabilities 371,145 250,794
Debt, net 2,663,596 1,539,241
Operating lease liabilities 60,160 60,893
Derivative liabilities 112,219 --
Other liabilities 68,308 67,104
----------- --------------
Total liabilities 3,275,428 1,918,032
----------- --------------
Commitments and contingencies -- --
Redeemable preferred stock Series
A ($0.01 par value per share;
200,000,000 total preferred
shares authorized; 300,000
Series A shares issued and
outstanding as of March 31, 2025
and December 31, 2024,
respectively; redemption amount
of $416.2 million and $431.8
million at March 31, 2025 and
December 31, 2024,
respectively) 376,694 381,218
Redeemable convertible preferred
stock Series B ($0.01 par value
per share; 200,000,000 total
preferred shares authorized;
160,000 Series B shares issued
and outstanding as of March 31,
2025; redemption amount of $192.0
million at March 31, 2025) 152,642 --
Equity
Common stock ($0.01 par value per
share; 2,000,000,000 shares
authorized; 114,761,435 and
113,934,860 shares issued and
outstanding as of March 31, 2025
and December 31, 2024,
respectively) 1,148 1,139
Additional paid in capital 748,365 764,381
Accumulated deficit (274,253) (405,818)
Accumulated other comprehensive
income (loss) 943 (157,051)
----------- --------------
Stockholders' equity 476,203 202,651
Non-controlling interest in
equity of consolidated
subsidiaries (139,101) (127,513)
----------- --------------
Total equity 337,102 75,138
----------- --------------
Total liabilities,
redeemable preferred stock
and equity $ 4,141,866 $ 2,374,388
=========== ==============
FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)
Three Months Ended March 31,
------------------------------------
2025 2024
----------
Cash flows from operating
activities:
Net income (loss) $ 120,164 $ (50,297)
Adjustments to reconcile net income
(loss) to net cash used in operating
activities:
Equity in (earnings) losses of
unconsolidated entities (6,689) 11,902
Gain on sale of subsidiaries (119,952) --
Loss on sale of assets, net 124 13
Loss on modification or
extinguishment of debt 7 --
Equity-based compensation 1,253 2,340
Depreciation and amortization 25,012 20,521
Asset impairment 1,375 --
Change in deferred income taxes (41,827) 1,337
Amortization of deferred financing
costs 2,908 1,929
Amortization of bond discount 1,892 1,426
Amortization of other comprehensive
income (1,588) --
Provision for credit losses (19) 169
Change in:
Accounts receivable 91 1,907
Other assets (4,402) (4,289)
Accounts payable and accrued
liabilities 1,927 9,206
Derivative liabilities (66,713) --
Other liabilities 786 (47)
------------ ----------
Net cash used in operating
activities (85,651) (3,883)
------------ ----------
Cash flows from investing
activities:
Investment in unconsolidated
entities (6,943) (611)
Acquisition of business, net of cash
acquired 226,628 --
Acquisition of leasing equipment (527) (396)
Acquisition of property, plant and
equipment (66,002) (12,859)
Proceeds from investor loan 11,001 --
Investment in equity instruments -- (5,000)
Proceeds from sale of property,
plant and equipment 142 20
Net cash provided by (used in)
investing activities 164,299 (18,846)
------------ ----------
Cash flows from financing
activities:
Proceeds from debt, net 28,237 --
Payment of financing costs (1,270) (265)
Cash dividends - common stock (3,443) --
Cash dividends - redeemable
preferred stock (25,516) --
Settlement of equity-based
compensation (545) (189)
Net cash used in financing
activities (2,537) (454)
------------ ----------
Net increase (decrease) in cash and
cash equivalents and restricted
cash and cash equivalents 76,111 (23,183)
Cash and cash equivalents and
restricted cash and cash
equivalents, beginning of period 147,296 87,479
------------ ----------
Cash and cash equivalents and
restricted cash and cash
equivalents, end of period $ 223,407 $ 64,296
============ ==========
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 income (loss) attributable to stockholders to Adjusted EBITDA for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31,
--------------------
(in thousands) 2025 2024 Change
------- ------- -----------
Net income (loss)
attributable to
stockholders $109,724 $(56,582) $166,306
Add: (Benefit from) provision
for income taxes (41,514) 1,805 (43,319)
Add: Equity-based
compensation expense 1,253 2,340 (1,087)
Add: Acquisition and
transaction expenses 3,515 926 2,589
Add: Losses on the
modification or
extinguishment of debt and
capital lease obligations 7 -- 7
Add: Changes in fair value of
non-hedge derivative
instruments -- -- --
Add: Asset impairment charges 1,375 -- 1,375
Add: Incentive allocations -- -- --
Add: Depreciation and
amortization expense (1) 24,657 21,097 3,560
Add: Interest expense 43,112 27,593 15,519
Add: Pro-rata share of
Adjusted EBITDA from
unconsolidated entities (2) 4,500 6,257 (1,757)
Add: Dividends and accretion
of redeemable preferred
stock 21,841 16,975 4,866
Add: Interest and other costs
on pension and OPEB
liabilities (265) 600 (865)
Add: Other non-recurring
items (3) 1,035 -- 1,035
Less: Equity in (earnings)
losses of unconsolidated
entities (6,689) 11,902 (18,591)
Less: Non-controlling share
of Adjusted EBITDA (4) (7,332) (5,682) (1,650)
------- ------- -------
Adjusted EBITDA (Non-GAAP) $155,219 $ 27,231 $127,988
======= ======= =======
_______________________________
(1) Includes the following items for the three months ended March 31, 2025 and 2024: (i) depreciation and amortization expense of $25,012 and $20,521, (ii) capitalized contract costs amortization of $1,233 and $576 and (iii) amortization of other comprehensive income of $(1,588) and $--, respectively.
(2) Includes the following items for the three months ended March 31, 2025 and 2024: (i) net income (loss) of $6,578 and $(11,942), (ii) interest expense of $7,648 and $10,893, (iii) depreciation and amortization expense of $2,884 and $5,130, (iv) acquisition and transaction expenses of $201 and $19, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $2,053, (vi) equity-based compensation of $-- and $1, (vii) asset impairment charges of $-- and $87, (viii) equity method basis adjustments of $10 and $16 and (ix) other non-recurring items of $1 and $--, respectively.
(3) Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.
(4) Includes the following items for the three months ended March 31, 2025 and 2024: (i) equity-based compensation of $138 and $431, (ii) provision for (benefit from) income taxes of $104 and $(134), (iii) interest expense of $3,940 and $2,189, (iv) depreciation and amortization expense of $3,069 and $3,194, (v) acquisition and transaction expenses of $1 and $--, (vi) interest and other costs on pension and OPEB liabilities of $(2) and $2, (vii) asset impairment charges of $19 and $--, (viii) losses on the modification or extinguishment of debt of $2 and $-- and (ix) other non-recurring items of $61 and $--, respectively.
The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended March 31, 2025:
Three Months Ended March 31, 2025
---------------------------------------------------------
Jefferson Power and Four Core
(in thousands) Railroad Terminal Repauno Gas Segments
-------- ------------ -------- --------- ------------
Net income
(loss)
attributable to
stockholders $13,739 $(15,128) $(6,793) $170,044 $161,862
Add: Provision
for (benefit
from) income
taxes 812 423 12 (42,457) (41,210)
Add:
Equity-based
compensation
expense 358 508 302 -- 1,168
Add: Acquisition
and transaction
expenses 93 (1) 316 1,069 1,477
Add: Losses on
the
modification or
extinguishment
of debt and
capital lease
obligations -- 7 -- -- 7
Add: Changes in
fair value of
non-hedge
derivative
instruments -- -- -- -- --
Add: Asset
impairment
charges -- -- -- -- --
Add: Incentive
allocations -- -- -- -- --
Add:
Depreciation
and
amortization
expense (1) 5,086 12,473 2,496 4,502 24,557
Add: Interest
expense 139 16,624 1,518 9,017 27,298
Add: Pro-rata
share of
Adjusted EBITDA
from
unconsolidated
entities (2) -- -- -- 6,503 6,503
Add: Dividends
and accretion of
redeemable
preferred stock -- -- -- -- --
Add: Interest
and other costs
on pension and
OPEB
liabilities (265) -- -- -- (265)
Add: Other
non-recurring
items (3) -- -- 1,035 -- 1,035
Less: Equity in
earnings of
unconsolidated
entities -- -- -- (10,588) (10,588)
Less:
Non-controlling
share of
Adjusted EBITDA
(4) (38) (6,956) (338) -- (7,332)
------ ------- ------ ------- -------
Adjusted EBITDA
(Non-GAAP) $19,924 $ 7,950 $(1,452) $138,090 $164,512
====== ======= ====== ======= =======
_______________________________
(1) Jefferson Terminal
Includes the following items for the three months
ended March 31, 2025: (i) depreciation and amortization
expense of $11,240 and (ii) capitalized contract costs
amortization of $1,233.
Power and Gas
Includes the following items for the three months
ended March 31, 2025: (i) depreciation and amortization
expense of $6,090 and (ii) amortization of other comprehensive
income of $(1,588).
(2) Power and Gas
Includes the following items for the three months
ended March 31, 2025: (i) net income of $10,576, (ii)
interest expense of $6,352, (iii) depreciation and
amortization expense of $2,185, (iv) acquisition and
transaction expenses of $201, (v) changes in fair
value of non-hedge derivative instruments of $(12,822),
(vi) equity method basis adjustments of $10 and (vii)
other non-recurring items of $1.
(3) Repauno
Includes the following items for the three months
ended March 31, 2025: (i) incidental utility rebillings
of $650 and (ii) loss on inventory heel of $385.
(4) Railroad
Includes the following items for the three months
ended March 31, 2025: (i) equity-based compensation
expense of $2, (ii) provision for income taxes of
$5, (iii) interest expense of $1, (iv) depreciation
and amortization expense of $31, (v) acquisition and
transaction expenses of $1 and (vi) interest and other
costs on pension and OPEB liabilities of $(2).
Jefferson Terminal
Includes the following items for the three months
ended March 31, 2025: (i) equity-based compensation
expense of $118, (ii) provision for income taxes of
$98, (iii) interest expense of $3,849, (iv) depreciation
and amortization expense of $2,889 and (v) losses
on the modification or extinguishment of debt of $2.
Repauno
Includes the following items for the three months
ended March 31, 2025: (i) equity-based compensation
expense of $18, (ii) provision for income taxes of
$1, (iii) interest expense of $90, (iv) depreciation
and amortization expense of $149, (v) asset impairment
charges of $19 and (vi) other non-recurring items
of $61.
(END) Dow Jones Newswires
May 08, 2025 16:15 ET (20:15 GMT)
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