FTAI Infrastructure Inc
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
FIP$3.47+18.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0001899883-24-000030
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001899883-24-000036
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 156 previous paragraphs and 162 current paragraphs.
50 unchanged; 63 reworded; 47 added; 42 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (47)
Current report
We believe that net income (loss) attributable to stockholders, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders as determined in accordance with U.S. GAAP.
Current report
Comparison of the three and nine months ended September 30, 2024 and 2023
Current report
(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.
Current report
Total expenses decreased $4.4 million, primarily due to decreases in (i) operating expenses and (ii) depreciation and amortization, partially offset by increases in (i) general and administrative expenses and (ii) acquisition and transaction expenses.
Current report
Operating expenses decreased $5.7 million which primarily reflects:
Current report
•a decrease of $1.4 million due to decreased legal fees in the Power and Gas Segment; and
Current report
•a decrease of $0.4 million primarily due to lower costs associated with stock-based compensation and insurance during the current quarter in the Jefferson Terminal segment; partially offset by
Current report
•an increase of $0.6 million in the Repauno segment due to higher costs associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site.
Current report
Acquisition and transaction expenses increased $1.9 million primarily due to consulting fees in the Power and Gas segment.
Current report
Depreciation and amortization decreased $0.7 million primarily due to assets that became fully depreciated at the Corporate and Other segment.
Current report
Operating expenses decreased $7.8 million which primarily reflects:
Current report
•a decrease of $1.0 million in the Power and Gas segment due to decreased legal fees; partially offset by
Current report
General and administrative expenses increased $1.3 million primarily due to higher professional fees in the Corporate and Other segment.
Current report
Depreciation and amortization decreased $0.4 million primarily due to assets that became fully depreciated in the Corporate and Other segment, partially offset by an increase in depreciation and amortization in the Repauno segment due to assets being placed into service.
Current report
Total other expense did not change significantly on a consolidated basis during the three months ended September 30, 2024, but this is primarily comprised of:
Current report
•an increase in gain on modification or extinguishment of debt of $2.8 million due to a gain recognized in the Jefferson Terminal segment in the current period, as well as losses recognized in the Railroad and Corporate and Other segments in 2023;
Current report
•an increase of $4.4 million in equity in losses of unconsolidated entities primarily due to a loss on extinguishment of debt at Long Ridge West Virginia LLC, as well as higher operating losses at GM-FTAI Holdco LLC; and
Current report
•a gain on sale of land of $3.0 million primarily due to a sales leaseback transaction in the Jefferson Terminal segment; partially offset by
Current report
•an increase of $31.8 million in equity in losses of unconsolidated entities primarily due to a loss on extinguishment of debt at Long Ridge West Virginia LLC, as well as higher operating losses at GM-FTAI Holdco LLC;
Current report
•a gain on sale of land of $2.3 million primarily due to a sales leaseback transaction in the Jefferson Terminal segment; partially offset by
Current report
•an increase of $11.9 million in Other income due to (i) interest income from an increased loan balance on the loan agreement between the Company and Long Ridge Energy & Power LLC, (ii) favorable adjustments in the pension and OPEB benefits in the Railroad segment, and (iii) a current year gain from the grant of a pipeline easement, as well as a benefit from the decrease in prior year losses related to the termination of a pipeline contract in the Jefferson Terminal segment.
Current report
Net loss decreased $7.1 million and increased $21.6 million during the three and nine months ended September 30, 2024, respectively, primarily due to the changes noted above.
Current report
Adjusted EBITDA increased $12.3 million and $24.2 million during the three and nine months ended September 30, 2024, respectively, primarily due to the changes noted above.
Current report
(2) Includes the following items for the three and nine months ended September 30, 2023: certain non-cash expenses related to the cancellation of restricted shares of $1,131 and $1,131, respectively.
Current report
(3) Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $157 and $658, (ii) benefit from income taxes of $(100) and $(30), (iii) interest expense of $3,073 and $1,786, (iv) depreciation and amortization expense of $3,100 and $2,728, (v) acquisition and transaction expense of $— and $18 and (vi) 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 $828 and $831, (ii) (benefit from) provision for income taxes of $(373) and $51, (iii) interest expense of $7,876 and $5,453, (iv) depreciation and amortization expense of $9,346 and $8,280, (v) acquisition and transaction expense of $2 and $26 and (vi) loss on modification or extinguishment of debt of $1,975 and $—, respectively.
Current report
Total expenses decreased $1.1 million during the three months ended September 30, 2024 which primarily reflects:
Current report
•a decrease in operating expenses of $0.4 million primarily due to lower costs associated with stock-based compensation and insurance during the current quarter; and
Current report
•a decrease in depreciation and amortization of $0.7 million due to certain assets becoming fully depreciated.
Current report
Total expenses increased $4.1 million during the nine months ended September 30, 2024 which primarily reflects an increase in operating expenses of $4.3 million primarily due to costs associated with insurance and higher labor and other costs associated with increased terminal throughput activity.
Current report
Adjusted EBITDA increased $4.0 million and $9.5 million during the three and nine months ended September 30, 2024, respectively, primarily due to the changes noted above.
Current report
(1) Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $80 and $59, (ii) (benefit from) provision for income taxes of $(4) and $8, (iii) interest expense of $5 and $35 and (iv) depreciation and amortization expense of $152 and $129, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) equity-based compensation of $106 and $71, (ii) (benefit from) provision for income taxes of $(14) and $14, (iii) interest expense of $29 and $100, (iv) depreciation and amortization expense of $453 and $375 and (v) changes in fair value of non-hedge derivative instruments of $— and $61, respectively.
Current report
Adjusted EBITDA decreased $0.4 million and increased $2.9 million during the three and nine months ended September 30, 2024, respectively, primarily due to the changes noted above.
Current report
(1) Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(10,489) and $(7,057), (ii) interest expense of $9,544 and $7,932, (iii) depreciation and amortization expense of $6,217 and $6,639, (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) income of $(24,895) and $2,343, (ii) interest expense of $28,219 and $22,544, (iii) depreciation and amortization expense of $18,025 and $19,620, (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.
Current report
Total other expense increased $2.0 million during the three months ended September 30, 2024 which reflects:
Current report
•an increase in equity in losses of unconsolidated entities of $3.4 million, primarily due to a loss on extinguishment of debt at Long Ridge West Virginia LLC; offset by
Current report
Total other expense increased $23.4 million during the nine months ended September 30, 2024 which reflects:
Current report
•an increase in equity in losses of unconsolidated entities of $27.2 million, primarily due to a decrease in unrealized gains on power swaps at Long Ridge Energy & Power LLC and loss on extinguishment of debt at Long Ridge West Virginia LLC; partially offset by
Current report
(1) Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(3,845) and $(2,868), (ii) interest expense of $1,272 and $888 and (iii) depreciation and amortization expense of $694 and $326, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) net loss of $(14,182) and $(9,567), (ii) interest expense of $4,651 and $2,579 and (iii) depreciation and amortization expense of $2,066 and $978, respectively.
Current report
Adjusted EBITDA increased $0.3 million and decreased $1.2 million during the three and nine months ended September 30, 2024, respectively, primarily due to the changes noted above.
Current report
(1) Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(18) and $(16) and (ii) interest expense of $10 and $10, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) net loss of $(55) and $(59) and (ii) interest expense of $31 and $43, respectively.
Showing the first 40 of 47 passages. Open the source sections for the rest.
Removed paragraphs (42)
Previous report
Comparison of the three and six months ended June 30, 2024 and 2023
Previous report
(2)Includes the following items for the three months ended June 30, 2024 and 2023: (i) net loss of $(12,838) and $(1,660), (ii) interest expense of $11,182 and $8,304, (iii) depreciation and amortization expense of $8,050 and $7,967, (iv) acquisition and transaction expenses of $31 and $237, (v) changes in fair value of non-hedge derivative instruments of $(3,875) and $(7,963), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $163 and $—, (viii) equity method basis adjustments of $16 and $— and (ix) other non-recurring items of $478 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) net (loss) income of $(24,780) and $2,658, (ii) interest expense of $22,075 and $16,336, (iii) depreciation and amortization expense of $13,180 and $13,633, (iv) acquisition and transaction expenses of $50 and $257, (v) changes in fair value of non-hedge derivative instruments of $(1,822) and $(17,810), (vi) equity-based compensation of $2 and $2, (vii) asset impairment of $250 and $—, (viii) equity method basis adjustments of $32 and $— and (ix) other non-recurring items of $478 and $—, respectively.
Previous report
Operating expenses decreased $1.6 million which primarily reflects:
Previous report
General and administrative expenses decreased $0.9 million primarily due to lower professional fees in the Corporate and Other segment.
Previous report
Total expenses decreased $1.2 million, primarily due to decreased operating expenses, partially offset by increase in acquisition and transaction expenses.
Previous report
Operating expenses decreased $2.1 million which primarily reflects:
Previous report
•an increase of $4.7 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity in the Jefferson Terminal segment; and
Previous report
Total other expense increased $21.0 million during the three months ended June 30, 2024 which primarily reflects:
Previous report
•an increase in loss on modification or extinguishment of debt of $9.2 million in the Jefferson Terminal segment;
Previous report
•an increase of $11.2 million in equity in losses of unconsolidated entities primarily due to a decrease in unrealized gains on power swaps at Long Ridge; and
Previous report
•a gain on sale of land recognized in the prior year of$0.8 million in the Jefferson Terminal segment; partially offset by
Previous report
•an increase of $27.4 million in equity in losses of unconsolidated entities primarily due to a decrease in unrealized gains on power swaps at Long Ridge;
Previous report
•an increase in loss on modification or extinguishment of debt of $9.2 million in the Jefferson Terminal segment; and
Previous report
•a gain on sale of land recognized in the prior year of $0.7 million in the Jefferson Terminal segment; partially offset by
Previous report
Net loss increased $14.3 million and $28.7 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Previous report
Adjusted EBITDA increased $6.6 million and $11.9 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Previous report
(2) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compe nsation of $259 and $71, (ii) (benefit from) provision for income taxes of $(143) and $35, (iii) interest expense of $2,623 and $1,844, (iv) depreciation and amortization expense of $3,219 and $2,808, (v) acquisition and transaction expense of $2 and $8 and (vi) loss on modification or extinguishment of debt of $2,150 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $671 and $173, (ii) (benefit from) provision for income taxes of $(273) and $81, (iii) interest expense of $4,803 and $3,667, (iv) depreciation and amortization expense of $6,246 and $5,552, (v) acquisition and transaction expense of $2 and $8 and (vi) loss on modification or extinguishment of debt of $2,150 and $—, respectively.
Previous report
Total expe nses increased $2.1 million during the three months ended June 30, 2024 which primarily reflects:
Previous report
•an increase in operating expenses of $2.0 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity; and
Previous report
•an increase in depreciation and amortization of $0.2 million due to additional assets being placed into service.
Previous report
Total expenses increased $5.3 million during the six months ended June 30, 2024 which primarily reflects:
Previous report
•an increase in operating expenses of $4.7 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity; and
Previous report
Other income (expense)
Previous report
Adjusted EBITDA increased $5.2 million and $5.5 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Previous report
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compensation of $8 and $5, (ii) (benefit from) provision for income taxes of $(2) and $—, (iii) interest expense of $15 and $33 and (iv) depreciation and amortization expense of $152 and $124, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $26 and $12, (ii) (benefit from) provision for income taxes of $(10) and $6, (iii) interest expense of $24 and $65, (iv) depreciation and amortization expense of $301 and $246 and (v) changes in fair value of non-hedge derivative instruments of $— and $61, respectively.
Previous report
Adjusted EBITDA increased $0.1 million and and $3.3 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Previous report
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) net (loss) income of $(7,353) and $1,639, (ii) interest expense of $9,465 and $7,378, (iii) depreciation and amortization expense of $7,359 and $7,641, (iv) acquisition and transaction expenses of $31 and $237, (v) changes in fair value of non-hedge derivative instruments of $(3,875) and $(7,963), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $163 and $—, (viii) equity method basis adjustments of $16 and $— and (ix) other non-recurring items of $478 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) net (loss) income of $(14,406) and $9,400, (ii) interest expense of $18,675 and $14,612, (iii) depreciation and amortization expense of $11,808 and $12,981, (iv) acquisition and transaction expenses of $50 and $257, (v) changes in fair value of non-hedge derivative instruments of $(1,822) and $(17,810), (vi) equity-based compensation of $2 and $2, (vii) asset impairment of $250 and $—, (viii) equity method basis adjustments of $32 and $— and (ix) other non-recurring items of $478 and $—, respectively.
Previous report
Total other expense increased $7.7 million during the three months ended June 30, 2024 which reflects:
Previous report
•an increase in equity in losses of unconsolidated entities of $9.0 million, primarily due to decrease in unrealized gains on power swaps at Long Ridge; partially offset by
Previous report
Total other expense increased $21.4 million during the six months ended June 30, 2024 which reflects:
Previous report
•an increase in equity in losses of unconsolidated entities of $23.8 million, primarily due to decrease in unrealized gains on power swaps at Long Ridge; partially offset by
Previous report
Adjusted EBITDA decreased $1.6 million and $2.5 million during the three and six months ended June 30, 2024, respectively, due to a decrease in the pro-rata share of adjusted EBITDA from unconsolidated entities of $2.6 million and $4.4 million, respectively, and the changes noted above.
Previous report
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) net loss of $(5,463) and $(3,280), (ii) interest expense of $1,705 and $914 and (iii) depreciation and amortization expense of $691 and $326, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) net loss of $(10,337) and $(6,699), (ii) interest expense of $3,379 and $1,691 and (iii) depreciation and amortization expense of $1,372 and $652, respectively.
Previous report
Adjusted EBITDA decreased $1.3 million and $1.5 million during the three and six months ended June 30, 2024, respectively, primarily due to the changes noted above.
Previous report
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) net loss of $(22) and $(19) and (ii) interest expense of $12 and $12, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) net loss of $(37) and $(43) and (ii) interest expense of $21 and $33, respectively.
Previous report
Total revenues decreased $4.0 million and $8.3 million during the three and six months ended June 30, 2024, respectively, primarily due to a decrease in roadside services at FYX.
Previous report
Total expenses decreased $6.3 million during the three months ended June 30, 2024 which primarily reflects:
Previous report
•a decrease in operating expenses of $4.9 million due to a decrease in roadside services at FYX;
Previous report
•a decrease in depreciation and amortization expense of $0.2 million due to assets that became fully depreciated; and
Previous report
Total expenses decreased $8.6 million during the six months ended June 30, 2024 which primarily reflects:
Showing the first 40 of 42 passages. Open the source sections for the rest.
Reworded paragraphs (63)
Previous wording
We expect to continue to invest in such market sectors, and pursue additional investment opportunities in other infrastructure businesses and assets we believe to be attractive and meet our investment objectives. Our team focuses on acquiring a diverse group of long-lived assets or operating businesses that provide mission-critical services or functions to infrastructure networks and typically have high barriers to entry, strong margins, stable cash flows and upside from earnings growth and asset appreciation driven by increased use and inflation. We believe that there are a large number of acquisition opportunities in our markets and that our Manager’s expertise and business and financing relationships, together with our access to capital and generally available capital for infrastructure projects in today’s marketplace, will allow us to take advantage of these opportunities. As of June 30, 2024, we had total consolidated assets of $2.5 billion and redeemable preferred stock and equity of $0.6 billion.
Current wording
We expect to continue to invest in such market sectors, and pursue additional investment opportunities in other infrastructure businesses and assets we believe to be attractive and meet our investment objectives. Our team focuses on acquiring a diverse group of long-lived assets or operating businesses that provide mission-critical services or functions to infrastructure networks and typically have high barriers to entry, strong margins, stable cash flows and upside from earnings growth and asset appreciation driven by increased use and inflation. We believe that there are a large number of acquisition opportunities in our markets and that our Manager’s expertise and business and financing relationships, together with our access to capital and generally available capital for infrastructure projects in today’s marketplace, will allow us to take advantage of these opportunities. As of September 30, 2024, we had total consolidated assets of $2.4 billion and redeemable preferred stock and equity of $0.6 billion.
Previous wording
During the first quarter of 2023 we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods presented herein have been recast to reflect the new segment reporting structure.
Current wording
During the first quarter of 2023 we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods have been recast to reflect this segment reporting structure.
Previous wording
(1)Includes the following items for the three months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $20,163 and $20,292 and (ii) capitalized contract costs amortization of $1,433 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $40,684 and $40,427 and (ii) capitalized contract costs amortization of $2,009 and $—, respectively.
Current wording
(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.
Previous wording
(3)Includes the following item for the three and six months ended June 30, 2023: Railroad severance expense of $51 and $1,339, respectively.
Current wording
(3)Includes the following item for the three and nine months ended September 30, 2023: certain non-cash expenses related to the cancellation of restricted shares and Railroad severance expense of $1,131 and $2,470, respectively.
Previous wording
(4) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compensation of $268 and $76, (ii) (benefit from) provision for income taxes of $(142) and $35, (iii) interest expense of $2,639 and $1,880, (iv) depreciation and amortization expense of $3,387 and $2,944, (v) acquisition and transaction expense of $3 and $8, (vii) interest and other costs on pension and OPEB liabilities of $— and $1, (viii) asset impairment of $— and $2 and (ix) loss on modification or extinguishment of debt of $2,150 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $699 and $186, (ii) (benefit from) provision for income taxes of $(276) and $88, (iii) interest expense of $4,828 and $3,737, (iv) depreciation and amortization expense of $6,581 and $6,080, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) acquisition and transaction expense of $3 and $8, (vii) interest and other costs on pension and OPEB liabilities of $2 and $2, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $2,150 and $— and (x) other non-recurring items of $— and $3, respectively.
Current wording
(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) 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.
Previous wording
Total revenues increased $3.1 million due to higher revenues of $3.1 million in the Railroad segment and $4.1 million in the Jefferson Terminal segment, offset by lower revenues of $4.0 million in the Corporate and Other segment and $0.1 million in the Repauno segment.
Current wording
Total revenues increased $2.6 million due to higher revenues of $2.9 million in the Railroad segment and $3.1 million in the Jefferson Terminal segment, offset by lower revenues of $0.1 million in the Repauno segment and $3.2 million in the Corporate and Other segment.
Previous wording
Roadside services revenue decreased $4.0 million due to the decline of roadside services for FYX.
Current wording
Roadside services revenue decreased $3.2 million due to the decline of roadside services for FYX.
Previous wording
Terminal services revenues increased $3.4 million primarily duean increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Current wording
Terminal services revenues increased $2.5 million primarily due an increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Previous wording
Rail revenues increased $3.1 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Current wording
Rail revenues increased $2.8 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Previous wording
Total revenues increased $9.1 million primarily due to higher revenues of $8.4 million in the Railroad segment, $3.6 million in the Jefferson Terminal segment and $5.4 million in the Repauno segment, offset by lower revenues of $8.3 million in the Corporate and Other segment.
Current wording
Total revenues increased $11.7 million primarily due to higher revenues of $11.3 million in the Railroad segment, $6.7 million in the Jefferson Terminal segment and $5.3 million in the Repauno segment, offset by lower revenues of $11.6 million in the Corporate and Other segment.
Previous wording
Roadside services revenue decreased $8.3 million primarily due to the decline of roadside services for FYX.
Current wording
Roadside services revenue decreased $11.6 million primarily due to the decline of roadside services for FYX.
Previous wording
Terminal services revenues increased $6.1 million primarily due to the commencement of a butane throughput contract at Repauno in April 2023, as well as an increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Current wording
Terminal services revenues increased $8.6 million primarily due to the commencement of a butane throughput contract in the Repauno segment in April 2023, as well as an increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Previous wording
Rail revenues increased $8.4 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Current wording
Rail revenues increased $11.2 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Previous wording
•a decrease of $4.9 million due to decreased roadside services at FYX; partially offset by
Current wording
•a decrease of $4.8 million due to decreased roadside services at FYX;
Previous wording
•an increase of $1.1 million in the Railroad segment mainly due to increased car loads.
Current wording
•an increase of $0.4 million in the Railroad segment mainly due to increased carloads; and
Previous wording
Total expenses increased $0.5 million during the three months ended June 30, 2024, which primarily reflects an increase in operating expenses of $1.4 million mainly due to increased car loads, partially offset by impairment of $0.6 million for certain scrap assets in 2023.
Current wording
General and administrative expenses increased $0.5 million primarily due to higher professional fees in the Corporate and Other segment.
Previous wording
Total expenses decreased $3.2 million, primarily due to a decrease in (i) operating expenses, (ii) general and administrative expenses and (iii) asset impairment.
Current wording
Total expenses decreased $5.5 million, primarily due to decreases in (i) operating expenses, (ii) depreciation and amortization and (iii) asset impairment, partially offset by increases in (i) acquisition and transaction expenses and (ii) general and administrative expenses.
Previous wording
•a decrease of $9.3 million due to decreased roadside services at FYX; partially offset by
Current wording
•a decrease of $14.2 million due to decreased roadside services at FYX; and
Previous wording
•an increase of $1.1 million due tocosts associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site in the Repauno segment;
Current wording
•an increase of $1.6 million due to higher costs associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site in the Repauno segment;
Previous wording
•an increase of $2.0 million primarily due to costs associated with stock-based compensation, as well as insurance and higher labor and other costs associated with increased terminal throughput activity in the Jefferson Terminal segment; and
Current wording
•an increase of $4.3 million primarily due to costs associated with insurance, higher labor and other costs associated with increased terminal throughput activity in the Jefferson Terminal segment; and
Previous wording
•an increase of $1.4 million in the Railroad segment mainly due to increased car loads.
Current wording
•an increase of $1.4 million in the Railroad segment mainly due to increased carloads.
Previous wording
Acquisition and transaction expenses increased $0.9 million primarily due to professional fees for a potential acquisition at the Corporate and Other segment.
Current wording
Acquisition and transaction expenses increased $2.8 million primarily due to professional fees for a potential acquisition in the Corporate and Other segment and an increase in consulting fees in the Power and Gas segment.
Previous wording
Asset impairment decreased $0.6 million primarily due to impairment for certain scrap assets in the Railroad segment in 2023.
Current wording
Asset impairment decreased $0.7 million primarily due to impairment for certain scrap assets in the Railroad segment in 2023.
Previous wording
•an increase in interest expense of $9.9 million primarily due to an increase in the average outstanding debt of approximately $119.8 million which consists of (i) $92.5 million for the Senior Notes due 2027, (ii) $19.3 million for the DRP Revolver and (iii) $58.1 million for the 2024 Bonds as well as the Barclay’s loan, offset by the full repayment of the Transtar Revolver in July 2023 for $50.0 million;
Current wording
•an increase in interest expense of $5.5 million primarily due to an increase in the average outstanding debt of approximately $216.2 million which consists of (i) $5.7 million for the Senior Notes due 2027, (ii) $19.3 million for the DRP Revolver and (iii) $191.2 million for the Series 2024 Bonds, offset by the full repayment of the Transtar Revolver in July 2023 for $50.0 million;
Previous wording
•an increase of $5.6 million in Other income due to interest income from increased loan balance on the loan agreement between the Company and Long Ridge Energy & Power LLC.
Current wording
•an increase of $4.2 million in Other income due to interest income from an increased loan balance on the loan agreement between the Company and Long Ridge Energy & Power LLC, as well as favorable adjustments in the pension and OPEB benefits in the Railroad segment, and an increase due to the interest on the Series 2024 Bond funds at the Jefferson Terminal segment.
Previous wording
Total other expense increased $39.4 million during the six months ended June 30, 2024 which primarily reflects:
Current wording
Total other expense increased $39.4 million during the nine months ended September 30, 2024 which primarily reflects:
Previous wording
•an increase in interest expense of $5.5 million primarily due to an increase in the average outstanding debt of approximately $168.7 million which consists of (i) $84.3 million for the Senior Notes due 2027, (ii) $19.3 million for the DRP Revolver and (iii) $115.1 million for the 2024 Bonds as well as the Barclay’s loan, offset by the full repayment of the Transtar Revolver in July 2023 for $50.0 million;
Current wording
•an increase in interest expense of $15.4 million primarily due to an increase in the average outstanding debt of approximately $151.9 million which consists of (i) $63.6 million for the Senior Notes due 2027, (ii) $19.3 million for the DRP Revolver and (iii) $102.4 million for the Series 2024 Bonds as well as the Barclay’s loan, offset by the full repayment of the Transtar Revolver in July 2023 for $50.0 million;
Previous wording
(1) Includes the following item for the three and six months ended June 30, 2023: Railroad severance expense of $51 and $1,339, respectively.
Current wording
(1) Includes the following item for the nine months ended September 30, 2023: Railroad severance expense of $1,339, respectively.
Previous wording
(2) Includes the following items for the three months ended June 30, 2024 and 2023: (i) equity-based compensation of $1 and $—, (ii) provision for income taxes of $3 and $—, (iii) interest expense of $1 and $3, (iv) depreciation and amortization expense of $16 and $12, (v) acquisition and transaction expense of $1 and $—, (vi) interest and other costs on pension and OPEB liabilities of $— and $1 and (vii) asset impairment of $— and $2, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) equity-based compensation of $2 and $1, (ii) provision for income taxes of $7 and $1, (iii) interest expense of $1 and $5, (iv) depreciation and amortization expense of $34 and $22, (v) acquisition and transaction expense of $1 and $—, (vi) interest and other costs on pension and OPEB liabilities of $2 and $2, (vii) asset impairment of $— and $2 and (viii) other non-recurring items of $— and $3, respectively.
Current wording
(2) Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $3 and $1, (ii) provision for income taxes of $6 and $3, (iii) depreciation and amortization expense of $22 and $13, (iv) acquisition and transaction expense of $— and $1 and (v) interest and other costs on pension and OPEB liabilities of $(1) and $1, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) equity-based compensation of $5 and $2, (ii) provision for income taxes of $13 and $4, (iii) interest expense of $1 and $5, (iv) depreciation and amortization expense of $56 and $35, (v) acquisition and transaction expense of $1 and $1, (vi) interest and other costs on pension and OPEB liabilities of $1 and $3, (vii) asset impairment of $— and $2 and (viii) other non-recurring items of $— and $3, respectively.
Previous wording
Total revenues increased $3.1 million and $8.4 million during the three and six months ended June 30, 2024, respectively, primarily due to both an increase in carloads and rates per car.
Current wording
Total revenues increased $2.9 million and $11.3 million during the three and nine months ended September 30, 2024, respectively, primarily due to both an increase in carloads and rates per car.
Previous wording
•an increase in depreciation and amortization of $0.6 million due to additional assets being placed into service.
Current wording
Total expenses increased $0.9 million during the three months ended September 30, 2024, which primarily reflects an increase in operating expenses of $0.4 million mainly due to increased carloads and an increase in depreciation and amortization of $0.6 million due to new railcars purchased during the quarter. Total expenses increased $0.8 million during the nine months ended September 30, 2024, which primarily reflects an increase in operating expenses of $1.4 million mainly due to increased carloads, partially offset by a decrease in asset impairment of $0.7 million for certain scrap assets written off in 2023.
Previous wording
Total other income increased $1.8 million and $2.8 million during the three and six months ended June 30, 2024, respectively, which primarily reflects a decrease in interest expense related to the revolver entered into in the fourth quarter of 2022 and paid off in the third quarter of 2023, and decrease in other expense related to pension and OPEB benefits due to favorable adjustments.
Current wording
Total other income increased $2.5 million and $5.3 million during the three and nine months ended September 30, 2024, respectively, which primarily reflects a decrease in interest expense and loss on extinguishment of debt related to the revolver entered into in the fourth quarter of 2022 and paid off in the third quarter of 2023, as well as an increase in other income related to pension and OPEB benefits due to favorable adjustments.
Previous wording
Adjusted EBITDA increased $1.8 million and $6.3 million during the three and six months ended June 30, 2024, respectively, primarily due to the activity noted above.
Current wording
Adjusted EBITDA increased $3.6 million and $10.0 million during the three and nine months ended September 30, 2024, respectively, primarily due to the activity noted above.
Previous wording
(1) Includes the following items for the three months ended June 30, 2024 and 2023: (i) depreci ation and amortization expense of $12,300 and $12,144 and (ii) capitalized contract costs amortization of $1,433 and $—, respectively. Includes the following items for the six months ended June 30, 2024 and 2023: (i) depreciation and amortization expense of $24,630 and $24,013 and (ii) capitalized contract costs amortization of $2,009 and $—, respectively.
Current wording
(1) Includes the following items for the three months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $11,988 and $12,643 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 $36,618 and $36,656 and (ii) capitalized contract costs amortization of $3,242 and $—, respectively.
Previous wording
Total revenues increased $4.1 million and $3.6 million during the three and six months ended June 30, 2024, respectively, due to an increase in average crude oil throughput volumes.
Current wording
Total revenues increased $3.1 million and $6.7 million during the three and nine months ended September 30, 2024, respectively, due to an increase in average crude oil throughput volumes.
Previous wording
Total other expense increased $9.2 million during the three months ended June 30, 2024, which primarily reflects a $9.2 million loss on modification or extinguishment of debt, an increase in interest expense of $3.2 million related to additional borrowings during the quarter and a $0.7 million gain on sale of land recognized in the prior year, partially offset by a $3.5 million gain from the grant of a pipeline easement.
Current wording
Total other expense increased $0.5 million during the three months ended September 30, 2024, which primarily reflects an increase in interest expense of $4.8 million related to additional borrowings during the current year, offset by (i) a $0.7 million gain on modification or extinguishment of debt, (ii) an increase in other income of $0.8 million from the interest on the Series 2024 Bond funds and (iii) a $2.8 million gain primarily from a sales leaseback transaction.
Previous wording
Total other expense increased $9.6 million during the six months ended June 30, 2024 which primarily reflects a $9.2 million loss on modification or extinguishment of debt, an increase in interest expense of $4.6 million related to additional borrowings during the quarter and a $0.7 million gain on sale of land recognized in the prior year, partially offset by a $3.5 million gain from the grant of a pipeline easement and a $1.1 million benefit from the decrease in prior period losses related to the termination of a pipeline contract.
Current wording
Total other expense increased $10.1 million during the nine months ended September 30, 2024 which primarily reflects (i) an $8.4 million loss on modification or extinguishment of debt and (ii) an increase in interest expense of $9.5 million related to additional borrowings during the current year, offset by (i) a $2.0 million gain primarily from a sales leaseback transaction and (ii) an increase in other income of $5.8 million due to a current year gain from the grant of a pipeline easement as well as a benefit from the decrease in prior year losses related to the termination of a pipeline contract.
Previous wording
Total revenue did not change significantly during the three months ended June 30, 2024. Total revenue increased $5.4 million during the six months ended June 30, 2024 primarily due to (i) the commencement of a butane throughput contract in April 2023, as well as (ii) losses in the prior year related to the sale of butane inventory as the terminal prepared for the new throughput contract.
Current wording
Total revenue did not change significantly during the three months ended September 30, 2024. Total revenue increased $5.3 million during the nine months ended September 30, 2024 primarily due to (i) the commencement of a butane throughput contract in April 2023, as well as (ii) losses in the prior year related to the sale of butane inventory as the terminal prepared for the new throughput contract.
Previous wording
Total expenses did not change significantly during the three months ended June 30, 2024. Total expenses increased $1.5 million during the six months ended June 30, 2024 which primarily reflects higher operating expenses due to costs associated with stock-based compensation, and an increase in labor costs and professional fees related to the continued development of the site.
Current wording
Total expenses increased $0.7 million and $2.1 million during the three and nine months ended September 30, 2024 which primarily reflects higher operating expenses due to costs associated with stock-based compensation, an increase in depreciation expense due to assets being placed into service, and an increase in labor costs and professional fees related to the continued development of the site.
Previous wording
Total other expense decreased $0.4 million and $0.8 million during the three and six months ended June 30, 2024, respectively, which reflects an increase in capitalized interest, partially offset by an increase in interest expense due to an increase in the borrowing amount on the revolver, amended in December 2023.
Current wording
Total other expense decreased $0.6 million and $1.4 million during the three and nine months ended September 30, 2024, respectively, which reflects an increase in capitalized interest, partially offset by an increase in interest expense due to an increase in the borrowing amount on the revolver, amended in December 2023.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•an increase in loss on modification or extinguishment of debt of $6.4 million primarily due to a gain recognized in the Jefferson Terminal segment, offset by a decrease in the Corporate and Other segment due to repayment of amounts outstanding under the Credit Agreement in July 2023, as well as a decrease in the Railroad segment related to the revolver entered into in the fourth quarter of 2022 and paid off in the third quarter of 2023; and
Current report — wording carried from elsewhere
•a decrease in depreciation and amortization expense of $1.1 million due to assets that became fully depreciated; partially offset by
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•an increase of $7.7 million in Other income due to interest income from increased loan balance on the loan agreement between the Company and Long Ridge Energy & Power LLC.