2024falseFY000189988300018998832024-08-022024-08-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 30, 2024
FTAI INFRASTRUCTURE INC.
(Exact name of registrant as specified in its charter)
Delaware
001-41370
87-4407005
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
1345 Avenue of the Americas, 45th Floor
New York, New York 10105
(Address of principal executive offices and zip code)
(212) 798-6100
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per shareFIPThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Item 2.02. Results of Operatings and Financial Condition.
On October 30, 2024, FTAI Infrastructure Inc. (“FIP” or the “Company”) issued a press release announcing the Company’s results for its fiscal quarter ended September 30, 2024. A copy of the Company’s press release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.
This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.

Exhibit NumberDescription
Press release, dated October 30, 2024, issued by FTAI Infrastructure Inc.
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: October 30, 2024

FTAI INFRASTRUCTURE INC.
/s/ Kenneth J. Nicholson
Kenneth J. Nicholson
Chief Executive Officer and President


Exhibit 99.1
ftai_infrastructurexlogo.jpg
PRESS RELEASE

FTAI Infrastructure Inc. Reports Third Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock

NEW YORK, October 30, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the third 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
Q3’24
Net Loss Attributable to Stockholders$(49,971)
Basic and Diluted Loss per Share of Common Stock$(0.45)
Adjusted EBITDA (1)
$36,928 
Adjusted EBITDA - Four core segments (1)(2)
$42,543 
_______________________________
(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.
Third Quarter 2024 Dividends
On October 30, 2024, 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 September 30, 2024, payable on November 19, 2024 to the holders of record on November 12, 2024.
Business Highlights
•Signed long-term contract and additional LOI at Repauno and commenced construction for phase 2 transloading system.
•Construction projects at Jefferson progressing on schedule, on budget for contracts commencing in 2025.
•Long Ridge power plant operated at a 99% capacity factor; new capacity pricing for 2025-26 season represents $16 million of incremental annual Adj. EBITDA and expected to continue for foreseeable future(1).
(1)Represents management’s estimates; actual results may vary.
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 Thursday, October 31, 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/BI0831790884ec4e0b9c259fbb54b3c628. 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, October 31, 2024 through 11:30 A.M. on Thursday, November 7, 2024 on https://ir.fipinc.com/news-events/events.
1

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
2


Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenues
Total revenues$83,311 $80,706 $250,733 $239,032 
Expenses
Operating expenses62,766 68,416 188,566 196,353 
General and administrative2,989 2,485 10,690 9,388 
Acquisition and transaction expenses2,526 649 4,373 1,554 
Management fees and incentive allocation to affiliate2,807 3,238 8,584 9,304 
Depreciation and amortization19,492 20,150 60,176 60,577 
Asset impairment— — — 743 
Total expenses90,580 94,938 272,389 277,919 
Other (expense) income
Equity in losses of unconsolidated entities(14,308)(9,914)(38,998)(7,173)
Gain (loss) on sale of assets, net2,758 (263)2,595 260 
Gain (loss) on modification or extinguishment of debt747 (2,020)(8,423)(2,020)
Interest expense (31,513)(25,999)(88,796)(73,431)
Other income6,537 2,387 15,865 3,978 
Total other expense(35,779)(35,809)(117,757)(78,386)
Loss before income taxes(43,048)(50,041)(139,413)(117,273)
(Benefit from) provision for income taxes(92)8 1,980 2,560 
Net loss (42,956)(50,049)(141,393)(119,833)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries(9,963)(9,932)(32,053)(30,101)
Less: Dividends and accretion of redeemable preferred stock16,978 15,984 51,563 45,811 
Net loss attributable to stockholders$(49,971)$(56,101)$(160,903)$(135,543)
Loss per share:
Basic$(0.45)$(0.55)$(1.51)$(1.32)
Diluted$(0.45)$(0.55)$(1.51)$(1.32)
Weighted average shares outstanding:
Basic109,723,831 102,820,651 106,317,677 102,800,818 
Diluted109,723,831 102,820,651 106,317,677 102,800,818 

3

FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

(Unaudited)
September 30, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$20,295 $29,367 
Restricted cash124,338 58,112 
Accounts receivable, net55,168 55,990 
Other current assets47,266 42,034 
Total current assets247,067 185,503 
Leasing equipment, net36,173 35,587 
Operating lease right-of-use assets, net68,859 69,748 
Property, plant, and equipment, net1,624,906 1,630,829 
Investments54,148 72,701 
Intangible assets, net47,237 52,621 
Goodwill275,367 275,367 
Other assets83,732 57,253 
Total assets$2,437,489 $2,379,609 
Liabilities
Current liabilities:
Accounts payable and accrued liabilities$152,957 $130,796 
Operating lease liabilities7,270 7,218 
Other current liabilities13,449 12,623 
Total current liabilities173,676 150,637 
Debt, net1,535,679 1,340,910 
Operating lease liabilities61,651 62,441 
Other liabilities46,379 87,530 
Total liabilities1,817,385 1,641,518 
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 September 30, 2024 and December 31, 2023; redemption amount of $436.8 million and $446.5 million at September 30, 2024 and December 31, 2023)
366,913 325,232 
Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 113,745,115 and 100,589,572 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)
1,137 1,006 
Additional paid in capital785,734 843,971 
Accumulated deficit(291,513)(182,173)
Accumulated other comprehensive loss(124,587)(178,515)
Stockholders' equity370,771 484,289 
Non-controlling interest in equity of consolidated subsidiaries(117,580)(71,430)
Total equity253,191 412,859 
Total liabilities, redeemable preferred stock and equity$2,437,489 $2,379,609 

4

FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)

Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net loss$(141,393)$(119,833)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated entities38,998 7,173 
Gain on sale of assets, net(2,595)(260)
Loss on modification or extinguishment of debt8,423 2,020 
Gain on sale of easement(3,486)— 
Equity-based compensation6,768 5,814 
Depreciation and amortization60,176 60,577 
Asset impairment— 743 
Change in deferred income taxes1,187 2,148 
Change in fair value of non-hedge derivative— 1,125 
Amortization of deferred financing costs6,370 4,910 
Amortization of bond discount4,419 3,472 
Provision for credit losses569 1,661 
Change in:
 Accounts receivable253 (5,547)
 Other assets(5,982)17,387 
 Accounts payable and accrued liabilities17,676 15,130 
 Other liabilities1,394 1,266 
Net cash used in operating activities(7,223)(2,214)
Cash flows from investing activities:
Investment in unconsolidated entities(2,273)(6,070)
Investment in convertible promissory notes(31,500)(51,044)
Acquisition of business, net of cash acquired— (4,448)
Acquisition of leasing equipment(1,627)— 
Acquisition of property, plant and equipment(53,322)(78,712)
Investment in equity instruments(5,000)— 
Proceeds from sale of leasing equipment— 116 
Proceeds from sale of property, plant and equipment598 1,148 
Proceeds from sale of easement3,486 — 
Net cash used in investing activities(89,638)(139,010)
Cash flows from financing activities:
Proceeds from debt, net449,689 162,100 
Repayment of debt(247,594)(75,131)
Payment of financing costs(10,397)(6,472)
Cash dividends - common stock(9,707)(9,254)
Cash dividends - redeemable preferred stock(9,723)— 
Settlement of equity-based compensation(3,214)(90)
Distributions to non-controlling interests(15,039)(1,647)
Net cash provided by financing activities154,015 69,506 
5

Net increase (decrease) in cash and cash equivalents and restricted cash57,154 (71,718)
Cash and cash equivalents and restricted cash, beginning of period87,479 149,642 
Cash and cash equivalents and restricted cash, end of period$144,633 $77,924 
6

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.
7

The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,ChangeNine Months Ended
September 30,		Change
(in thousands)2024202320242023
Net loss attributable to stockholders$(49,971)$(56,101)$6,130 $(160,903)$(135,543)$(25,360)
Add: (Benefit from) provision for income taxes(92)8 (100)1,980 2,560 (580)
Add: Equity-based compensation expense2,629 4,277 (1,648)6,768 5,814 954 
Add: Acquisition and transaction expenses2,526 649 1,877 4,373 1,554 2,819 
Add: (Gains) losses on the modification or extinguishment of debt and capital lease obligations(747)2,020 (2,767)8,423 2,020 6,403 
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 and amortization expense (1)
20,725 20,150 575 63,418 60,577 2,841 
Add: Interest expense31,513 25,999 5,514 88,796 73,431 15,365 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)
5,625 5,554 71 15,090 20,630 (5,540)
Add: Dividends and accretion of redeemable preferred stock16,978 15,984 994 51,563 45,811 5,752 
Add: Interest and other costs on pension and OPEB liabilities(248)480 (728)214 1,440 (1,226)
Add: Other non-recurring items (3)
— 1,131 (1,131)— 2,470 (2,470)
Less: Equity in losses of unconsolidated entities14,308 9,914 4,394 38,998 7,173 31,825 
Less: Non-controlling share of Adjusted EBITDA (4)
(6,318)(5,410)(908)(20,305)(15,577)(4,728)
Adjusted EBITDA (non-GAAP)$36,928 $24,655 $12,273 $98,415 $74,228 $24,187 
_______________________________
(1)Includes the following items for the three months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $19,492 and $20,150 and (ii) capitalized contract costs amortization of $1,233 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $60,176 and $60,577 and (ii) capitalized contract costs amortization of $3,242 and $—, respectively.
(2)Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(14,352) and $(9,941), (ii) interest expense of $10,826 and $8,830, (iii) depreciation and amortization expense of $6,911 and $6,965, (iv) acquisition and transaction expenses of $47 and $50, (v) changes in fair value of non-hedge derivative instruments of $(2,572) and $(352), (vi) equity-based compensation of $— and $2, (vii) asset impairment of $24 and $—, (viii) equity method basis adjustments of $17 and $— and (ix) loss on modification or extinguishment of debt of $4,724 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) net loss of $(39,132) and $(7,283), (ii) interest expense of $32,901 and $25,166, (iii) depreciation and amortization expense of $20,091 and $20,598, (iv) acquisition and transaction expenses of $97 and $307, (v) changes in fair value of non-hedge derivative instruments of $(4,394) and $(18,162), (vi) equity-based compensation of $2 and $4, (vii) asset impairment of $274 and $—, (viii) equity method basis adjustments of $49 and $—, (ix) loss on modification or extinguishment of debt of $4,724 and $— and (x) other non-recurring items of $478 and $—, respectively.
(3)Includes the following item for the three and nine months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs and Railroad severance expense of $1,131 and $2,470, respectively.
(4)Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $240 and $718, (ii) benefit from income taxes of $(98) and $(19), (iii) interest expense of $3,078 and $1,821, (iv) depreciation and amortization expense of $3,274 and $2,870, (v) acquisition and transaction expense of $— and $19, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $1 and (vii) loss on modification or extinguishment of debt of $(175) and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) equity-based compensation of $939 and $904, (ii) (benefit from) provision for income taxes of $(374) and $69, (iii) interest expense of $7,906 and $5,558, (iv) depreciation and amortization expense of $9,855 and $8,950, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) acquisition and transaction expense of $3 and $27, (vii)
8

interest and other costs on pension and OPEB liabilities of $1 and $3, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $1,975 and $— and (x) other non-recurring items of $— and $3, 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 September 30, 2024:
Three Months Ended September 30, 2024
(in thousands)RailroadJefferson TerminalRepaunoPower and GasFour Core Segments
Net income (loss) attributable to stockholders$14,528 $(8,009)$(4,987)$(8,562)$(7,030)
Add: Provision for (benefit from) income taxes
1,174 (426)(73)— 675 
Add: Equity-based compensation expense547 673 1,306 — 2,526 
Add: Acquisition and transaction expenses95 — — 1,681 1,776 
Add: Gains on the modification or extinguishment of debt and capital lease obligations
— (747)— — (747)
Add: Changes in fair value of non-hedge derivative instruments— — — — — 
Add: Asset impairment charges— — — — — 
Add: Incentive allocations— — — — — 
Add: Depreciation and amortization expense (1)
4,936 13,221 2,489 — 20,646 
Add: Interest expense78 13,107 92 — 13,277 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)
— — — 7,512 7,512 
Add: Dividends and accretion of redeemable preferred stock— — — — — 
Add: Interest and other costs on pension and OPEB liabilities(248)— — — (248)
Add: Other non-recurring items— — — — — 
Less: Equity in losses of unconsolidated entities— — — 10,474 10,474 
Less: Non-controlling share of Adjusted EBITDA (3)
(30)(6,055)(233)— (6,318)
Adjusted EBITDA (non-GAAP)$21,080 $11,764 $(1,406)$11,105 $42,543 
_______________________________
(1)Jefferson Terminal
Includes the following items for the three months ended September 30, 2024: (i) depreciation and amortization expense of $11,988 and (ii) capitalized contract costs amortization of $1,233.
(2)Power and Gas
Includes the following items for the three months ended September 30, 2024: (i) net loss of $(10,489), (ii) interest expense of $9,544, (iii) depreciation and amortization expense of $6,217, (iv) acquisition and transaction expenses of $47, (v) changes in fair value of non-hedge derivative instruments of $(2,572), (vi) asset impairment of $24, (vii) equity method basis adjustments of $17 and (viii) loss on modification or extinguishment of debt of $4,724.
(3)Railroad
Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $3, (ii) provision for income taxes of $6, (iii) depreciation and amortization expense of $22 and (iv) interest and other costs on pension and OPEB liabilities of $(1).
Jefferson Terminal
Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $157, (ii) benefit from income taxes of $(100), (iii) interest expense of $3,073, (iv) depreciation and amortization expense of $3,100, and (v) loss on modification or extinguishment of debt of $(175).
Repauno
Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $80, (ii) benefit from income taxes of $(4), (iii) interest expense of $5 and (iv) depreciation and amortization expense of $152.
9
v3.24.3
Cover
Aug. 02, 2024
Cover [Abstract]  
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Document Type 8-K
Document Period End Date Oct. 30, 2024
Entity Registrant Name FTAI INFRASTRUCTURE INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-41370
Entity Tax Identification Number 87-4407005
Local Phone Number 798-6100
Entity Address, Address Line One 1345 Avenue of the Americas
Entity Address, Address Line Two 45th Floor
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10105
City Area Code 212
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol FIP
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Document Fiscal Year Focus 2024
Amendment Flag false
Document Fiscal Period Focus FY
Entity Central Index Key 0001899883
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