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FTAI Infrastructure Inc. Reports Fourth Quarter 2022 Results, Declares Dividend of $0.03 per Share of Common Stock

NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2022. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview

(in thousands, except per share data)      
Selected Financial ResultsThree Months Ended
December 31, 2022
   Year Ended
December 31, 2022
Net Loss Attributable to Stockholders$(60,863)  $(177,241)
Basic Loss per Share of Common Stock$(0.59)  $(1.73)
Diluted Loss per Share of Common Stock$(0.59)  $(1.73)
Adjusted EBITDA(1)$1,808   $61,028 
Adjusted EBITDA - Four core segments (1)(2)                        $9,466   $
88,072 

_______________________________
(1)  For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2)  Excludes Sustainability and Energy Transition and Corporate and Other segments

Fourth Quarter 2022 Dividends

On March 1, 2023, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended December 31, 2022, payable on March 28, 2023 to the holders of record on March 14, 2023.

Business Highlights

  • As previously disclosed, Q4 consolidated results were impacted by an extended maintenance outage at Long Ridge to repair damage to a gas turbine
    • Impact to Adjusted EBITDA of approximately $18 million compared to Q3’22
    • Power plant returned to full operational status at the end of the fourth quarter and, to date, has operated near 100% capacity while continuing to produce excess gas
  • At Jefferson Terminal, completed and commissioned storage and related infrastructure for new 10-year marine export contract with Exxon; commenced on January 1, with full ramp-up expected by April 1
  • Repauno entered into a multi-year butane throughput contract (~15k bpd) with a major commodities trading firm which will commence in Q2’23
  • Transtar Q4 results impacted by the idling of a U.S. Steel blast furnace for the quarter; the blast furnace returned to operation during Q1’23 and volumes have normalized

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.

Conference Call

In addition, management will host a conference call on Thursday, March 2, 2023 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIba2c86be98334d0f922074dd08c18bf6. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Thursday, March 2, 2023 through 11:30 A.M. on Thursday, March 9, 2023 on https://ir.fipinc.com/news-events/events.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

About FTAI Infrastructure Inc.

FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

For further information, please contact:

Alan 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,
  2022   2021   2022   2021 
Revenues       
Total revenues$71,391  $47,545  $261,966  $120,219 
        
Expenses       
Operating expenses 59,926   32,335   208,157   98,541 
General and administrative 2,755   2,564   10,891   8,737 
Acquisition and transaction expenses 982   5,966   16,844   14,826 
Management fees and incentive allocation to affiliate 3,079   4,394   12,964   15,638 
Depreciation and amortization 18,298   15,116   70,749   54,016 
Total expenses 85,040   60,375   319,605   191,758 
        
Other (expense) income       
Equity in losses of unconsolidated entities (19,417)  (4,689)  (67,399)  (13,499)
(Loss) gain on sale of assets, net (1,469)     (1,603)  16 
Interest expense (21,133)  (6,623)  (53,239)  (16,019)
Other (expense) income (1,025)  (2,075)  (3,169)  (8,930)
Total other expense (43,044)  (13,387)  (125,410)  (38,432)
Loss before income taxes (56,693)  (26,217)  (183,049)  (109,971)
Provision for (benefit from) income taxes (618)  (875)  4,468   (3,630)
Net loss (56,075)  (25,342)  (187,517)  (106,341)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (9,606)  (7,523)  (33,933)  (26,472)
Less: Dividends and accretion expense of redeemable preferred stock 14,394      23,657    
Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869)
        
Loss per share:       
Basic$(0.59) $(0.18) $(1.73) $(0.80)
Diluted$(0.59) $(0.18) $(1.73) $(0.80)
Weighted average shares outstanding:       
Basic 102,747,121   99,387,467   102,747,121   99,387,467 
Diluted 102,747,121   99,387,467   102,747,121   99,387,467 



FTAI INFRASTRUCTURE INC.

CONSOLIDATED AND COMBINED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

 December 31,
  2022   2021 
Assets   
Current assets:   
Cash and cash equivalents$36,486  $49,872 
Restricted cash 113,156   251,983 
Accounts receivable, net 60,807   50,301 
Other current assets 67,355   60,828 
Total current assets 277,804   412,984 
Leasing equipment, net 34,907   36,012 
Operating lease right-of-use assets, net 71,015   71,547 
Property, plant, and equipment, net 1,673,808   1,517,594 
Investments 73,589   54,408 
Intangible assets, net 60,195   67,737 
Goodwill 260,252   257,137 
Other assets 26,829   24,882 
Total assets$2,478,399  $2,442,301 
    
Liabilities   
Current liabilities:   
Accounts payable and accrued liabilities$136,048  $115,634 
Operating lease liabilities 7,045   2,899 
Other current liabilities 16,488   10,934 
Total current liabilities 159,581   129,467 
Debt, net 1,230,157   718,624 
Operating lease liabilities 63,147   67,505 
Other liabilities 236,130   64,659 
Total liabilities$1,689,015  $980,255 
    
Commitments and contingencies   
    
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of December 31, 2022; redemption amount of $448.2 million as of December 31, 2022) 264,590    
    
Equity   
Net Former Parent investment$  $1,617,601 
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 99,445,074 shares issued and outstanding at December 31, 2022) 994    
Additional paid in capital 911,599    
Accumulated deficit (60,837)   
Accumulated other comprehensive loss (300,133)  (155,464)
Stockholders' and Former Parent company equity 551,623   1,462,137 
Non-controlling interests in equity of consolidated subsidiaries (26,829)  (91)
Total equity$524,794  $1,462,046 
Total liabilities, redeemable preferred stock and equity$2,478,399  $2,442,301 



FTAI INFRASTRUCTURE INC.

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)

  Year Ended December 31,
   2022   2021 
Cash flows from operating activities:    
Net loss $(187,517) $(106,341)
Equity in losses of unconsolidated entities  67,399   13,499 
Loss (gain) on sale of assets  1,603   (16)
Equity-based compensation  4,146   4,038 
Depreciation and amortization  70,749   54,016 
Change in deferred income taxes  3,982   (3,867)
Change in fair value of non-hedge derivatives  (1,125)  (2,220)
Amortization of deferred financing costs  4,393   2,599 
Bad debt expense (recoveries)  575   74 
Amortization of bond discount  1,903    
Change in:    
Accounts receivable  (3,303)  (26,798)
Other assets  (7,799)  (18,414)
Accounts payable and accrued liabilities  7,013   15,494 
Management fees payable to affiliate     (19)
Other liabilities  (4,709)  6,239 
Net cash used in operating activities  (42,690)  (61,716)
     
Cash flows from investing activities:    
Investment in unconsolidated entities  (5,996)  (55,223)
Acquisition of business, net of cash acquired  (3,819)  (627,090)
Acquisition of property, plant and equipment  (217,141)  (140,897)
Investment in convertible promissory notes  (47,454)  (10,000)
Proceeds from sale of property, plant and equipment  7,144   4,494 
Net cash used in investing activities  (267,266)  (828,716)
     
Cash flows from financing activities:    
Proceeds from debt  519,025   451,100 
Payment of deferred financing costs  (13,605)  (12,413)
Proceeds from issuance of redeemable preferred stock  291,000    
Redeemable preferred stock issuance costs  (16,433)   
Distributions to Manager  (78)   
Capital contributions from non-controlling interests  732    
Distributions to non-controlling interests  (143)   
Settlement of equity-based compensation  (593)   
Net transfers from Former Parent  (617,322)  698,179 
Cash dividends - common stock  (3,082)   
Cash dividends - redeemable preferred stock  (1,758)   
Net cash provided by financing activities  157,743   1,136,866 
     
Net increase (decrease) in cash and cash equivalents and restricted cash  (152,213)  246,434 
Cash and cash equivalents and restricted cash, beginning of period  301,855   55,421 
Cash and cash equivalents and restricted cash, end of period $149,642  $301,855 

Key Performance Measures

The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders and Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest costs on pension and other pension expense benefits (“OPEB”) liabilities, and dividends and accretion expense related to redeemable preferred stock, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

The following table sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for the three and twelve months ended December 31, 2022 and 2021:

 Three Months Ended
December 31,
 Year Ended
December 31,
(in thousands) 2022   2021   2022   2021 
Net loss attributable to stockholders and Former Parent$(60,863) $(17,819) $(177,241) $(79,869)
Add: Provision for (benefit from) income taxes (618)  (875)  4,468   (3,630)
Add: Equity-based compensation expense 1,104   757   4,146   4,038 
Add: Acquisition and transaction expenses 982   5,966   16,844   14,826 
Add: Losses on the modification or extinguishment of debt and capital lease obligations           
Add: Changes in fair value of non-hedge derivative instruments (67)  (241)  (1,125)  (2,220)
Add: Asset impairment charges           
Add: Incentive allocations           
Add: Depreciation & amortization expense 18,298   15,116   70,749   54,016 
Add: Interest expense 21,133   6,623   53,239   16,019 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) (8,063)  18,328   13,939   29,095 
Add: Dividends and accretion expense of redeemable preferred stock 14,394      23,657    
Add: Interest costs on pension and OPEB liabilities 336   445   1,232   445 
Less: Equity in losses of unconsolidated entities 19,417   4,689   67,399   13,499 
Less: Non-controlling share of Adjusted EBITDA (2) (4,245)  (3,802)  (16,279)  (12,508)
Adjusted EBITDA (non-GAAP)$1,808  $29,187  $61,028  $33,711 

__________________________________________________

(1) Includes the following items for the years ended December 31, 2022 and 2021: (i) net loss of $(67,658) and $(11,838), (ii) interest expense of $28,702 and $5,611, (iii) depreciation and amortization expense of $28,399 and $12,443, (iv) acquisition and transaction expense of $616 and $104, (v) changes in fair value of non-hedge derivative instruments of $21,218 and $19,850, (vi) asset impairment of $2,280 and $2,146 and (vii) equity-based compensation of $382 and $779, respectively.

Includes the following items for the three months ended December 31, 2022 and 2021: (i) net loss of $(19,474) and $(2,553), (ii) interest expense of $7,893 and $4,785, (iii) depreciation and amortization expense of $7,882 and $5,766, (iv) acquisition and transaction expense of $241 and $104, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $7,326, (vi) asset impairment of $2,247 and $2,121 and (vii) equity-based compensation of $94 and $779, respectively.

(2) Includes the following items for the years ended December 31, 2022 and 2021: (i) equity-based compensation of $470 and $751, (ii) provision for income taxes of $670 and $52, (iii) interest expense of $5,491 and $3,370, (iv) depreciation and amortization expense of $9,699 and $8,411, (v) changes in fair value of non-hedge derivative instruments of $(53) and $(76), (vi) acquisition and transaction expenses of $1 and $—, and (vii) interest costs on pension and OPEB liabilities of $1 and $—, respectively.

Includes the following items for the three months ended December 31, 2022 and 2021: (i) equity-based compensation of $119 and $131, (ii) provision for income taxes of $175 and $15, (iii) interest expense of $1,462 and $1,430, (iv) depreciation and amortization expense of $2,608 and $2,234, (v) changes in fair value of non-hedge derivative instruments of $(3) and $(8), and (vi) acquisition and transaction expenses of $(116) and $—, respectively.

The following tables sets forth a reconciliation of net loss attributable to stockholders and former parent to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2022:

 Three Months Ended December 31, 2022
(in thousands)RailroadJefferson
Terminal
RepaunoPower and
Gas
Four Core
Segments
Net loss attributable to stockholders and Former Parent$8,525 $(9,620)$(4,806)$(16,875)$(22,776)
Add: Provision for (benefit from) income taxes (1,104) 765  165    (174)
Add: Equity-based compensation expense 452  514  138    1,104 
Add: Acquisition and transaction expenses 184  64    100  348 
Add: Losses on the modification or extinguishment of debt and capital lease obligations          
Add: Changes in fair value of non-hedge derivative instruments     (67)   (67)
Add: Asset impairment charges          
Add: Incentive allocations          
Add: Depreciation & amortization expense 5,036  10,131  2,267    17,434 
Add: Interest expense 69  6,578  530    7,177 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3)       (6,802) (6,802)
Add: Dividends and accretion expense of redeemable preferred stock      
Add: Interest costs on pension and OPEB liabilities 336        336 
Less: Equity in losses of unconsolidated entities       16,964  16,964 
Less: Non-controlling share of Adjusted EBITDA (4) (5) (3,929) (144)   (4,078)
Adjusted EBITDA (non-GAAP)$13,493 $4,503 $(1,917)$(6,613)$9,466 


 Year Ended December 31, 2022
(in thousands)RailroadJefferson
Terminal
RepaunoPower and
Gas
Four Core
Segments
Net loss attributable to stockholders and Former Parent$39,122 $(35,623)$(22,790)$(61,298)$(80,589)
Add: Provision for (benefit from) income taxes 1,287  3,016  165    4,468 
Add: Equity-based compensation expense 1,531  2,020  595    4,146 
Add: Acquisition and transaction expenses 763  64    458  1,285 
Add: Losses on the modification or extinguishment of debt and capital lease obligations          
Add: Changes in fair value of non-hedge derivative instruments     (1,125)   (1,125)
Add: Asset impairment charges          
Add: Incentive allocations          
Add: Depreciation & amortization expense 20,164  39,318  9,322    68,804 
Add: Interest expense 212  24,798  1,590    26,600 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3)       18,341  18,341 
Add: Dividends and accretion expense of redeemable preferred stock          
Add: Interest costs on pension and OPEB liabilities 1,232        1,232 
Less: Equity in losses of unconsolidated entities       60,538  60,538 
Less: Non-controlling share of Adjusted EBITDA (4) (25) (15,103) (500)   (15,628)
Adjusted EBITDA (non-GAAP)$64,286 $18,490 $(12,743)$18,039 $88,072 

__________________________________________________

(3) Power and Gas

Includes the following items for the three months and year ended December 31, 2022: (i) net loss of $(16,964) and $(60,538), (ii) depreciation expense of $7,536 and $27,625, (iii) interest expense of $6,991 and $26,758, (iv) acquisition and transaction expense of $241 and $616, (v) changes in fair value of non-hedge derivative instruments of $(6,946) and $21,218, (vi) asset impairment of $2,246 and $2,280, and (vii) equity-based compensation of $94 and $382, respectively.

(4) Railroad

Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $1 and $2, (ii) provision for income taxes of $— and $2, (iii) acquisition and transaction expenses of $1 and $1, (iv) interest costs on pension and OPEB liabilities of $— and $1 and (v) depreciation and amortization expense of $3 and $19, respectively.

Jefferson Terminal

Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $111 and $440, (ii) provision for income taxes of $168 and $660, (iii) interest expense of $1,437 and $5,416, and (iv) depreciation and amortization expense of $2,213 and $8,587, respectively.

Repauno

Includes the following items for the three months and year ended December 31, 2022: (i) equity-based compensation of $6 and $28, (ii) interest expense of $25 and $75, (iii) depreciation and amortization expense of $108 and $442, (iv) changes in fair value of non-hedge derivative instruments of $(3) and $(53) and (v) provision for income taxes of $8 and $8, respectively.


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