FTAI Infrastructure Inc.
For the period ended Mar 31, 2025. Filed May 16, 2025.
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.
Mar 31, 2025 · Filed May 16, 2025
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 2024-09-30; filed 2024-10-31.
0001899883-24-000036
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-16.
0001899883-25-000025
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 162 previous paragraphs and 138 current paragraphs.
41 unchanged; 41 reworded; 54 added; 76 removed; 4 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 (54)
Current report
(2)Includes the following items for the three months ended March 31, 2025 and 2024: (i) net income (loss) of $6,578 and $(11,942), (ii) interest expense of $7,648 and $10,893, (iii) depreciation and amortization expense of $2,884 and $5,130, (iv) acquisition and transaction expenses of $201 and $19, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $2,053, (vi) equity-based compensation expense of $— and $1, (vii) asset impairment charges of $— and $87, (viii) equity method basis adjustments of $10 and $16 and (ix) other non-recurring items of $1 and $—, respectively.
Current report
(3) Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.
Current report
(4) Includes the following items for the three months ended March 31, 2025 and 2024: (i) equity-based compensation expense of $138 and $431, (ii) provision for (benefit from) income taxes of $104 and $(134), (iii) interest expense of $3,940 and $2,189, (iv) depreciation and amortization expense of $3,069 and $3,194, (v) acquisition and transaction expenses of $1 and $—, (vi) interest and other costs on pension and OPEB liabilities of $(2) and $2, (vii) asset impairment charges of $19 and $—, (viii) losses on the modification or extinguishment of debt of $2 and $— and (ix) other non-recurring items of $61 and $—, respectively.
Current report
Power revenues increased $15.8 million due to the acquisition of Long Ridge Energy & Power LLC in February 2025.
Current report
Gas revenues increased $1.2 million due to the acquisition of Long Ridge Energy & Power LLC in February 2025.
Current report
Operating expenses increased $2.5 million which primarily reflects:
Current report
•an increase of $5.6 million primarily related to increased Ohio Gasco LLC drilling expenses as well as increased legal expenses in the Power and Gas Segment; and
Current report
•an increase of $0.5 million in the Repauno segment due to costs associated with labor costs and professional fees related to the continued development of the site; partially offset by
Current report
Acquisition and transaction expenses increased $2.6 million primarily due to legal fees in the Power and Gas segment related to the acquisition of Long Ridge Energy & Power LLC in February 2025.
Current report
Depreciation and amortization increased $4.5 million primarily due to additional assets at Long Ridge Energy & Power LLC after the acquisition in February 2025.
Current report
Asset impairment increased $1.4 million primarily due to the write-off of the remaining GM-FTAI note receivable in the Sustainability and Energy Transition segment.
Current report
Total other income increased $124.2 million primarily due to:
Current report
•an increase of $18.6 million in equity in earnings of unconsolidated entities primarily due to the equity pickup of Long Ridge Energy & Power LLC before the acquisition in February 2025;
Current report
•a gain on sale of assets of $119.8 million primarily due to the acquisition of Long Ridge Energy & Power LLC in February 2025; and
Current report
Benefit from income taxes increased $43.3 million primarily due to the partial release of the valuation allowance in connection with the acquisition of Long Ridge Energy & Power LLC in February 2025.
Current report
Net income (loss)
Current report
Net income increased $170.5 million during the three months ended March 31, 2025, primarily due to the changes noted above.
Current report
Adjusted EBITDA increased $128.0 million during the three months ended March 31, 2025, primarily due to the changes noted above.
Current report
Total expenses decreased $1.9 million during the three months ended March 31, 2025, which primarily reflects a decrease in operating expenses of $1.9 million mainly due to decreased carloads.
Current report
(2) Includes the following items for the three months ended March 31, 2025 and 2024: (i) equity-based compensation expense of $118 and $412, (ii) provision for (benefit from) income taxes of $98 and $(130), (iii) interest expense of $3,849 and $2,180, (iv) depreciation and amortization expense of $2,889 and $3,027 and (v) losses on the modification or extinguishment of debt of $2 and $—, respectively.
Current report
Total revenues increased $0.8 million during the three months ended March 31, 2025 due to an increase in average crude oil throughput volumes.
Current report
Total expenses decreased $2.1 million during the three months ended March 31, 2025 which primarily reflects:
Current report
Adjusted EBITDA increased $1.1 million during the three months ended March 31, 2025, primarily due to the changes noted above.
Current report
(1) Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.
Current report
(2) Includes the following items for the three months ended March 31, 2025 and 2024: (i) equity-based compensation expense of $18 and $18, (ii) provision for (benefit from) income taxes of $1 and $(8), (iii) interest expense of $90 and $9, (iv) depreciation and amortization expense of $149 and $149, (v) asset impairment charges of $19 and $— and (vi) other non-recurring items of $61 and $—, respectively.
Current report
Total revenue decreased $0.3 million during the three months ended March 31, 2025 primarily due to slightly lower volumes stemming from the terminal’s butane throughput contract.
Current report
Other expense
Current report
Total other expense increased $1.4 million during the three months ended March 31, 2025, which reflects a reduction in the amount of allowable capitalized interest.
Current report
Adjusted EBITDA increased $0.2 million during the three months ended March 31, 2025, primarily due to the changes noted above.
Current report
(1) Includes the following items for the three months ended March 31, 2025 and 2024: (i) depreciation and amortization expense of $6,090 and $— and (ii) amortization of other comprehensive income of $(1,588) and $—, respectively.
Current report
(2) Includes the following items for the three months ended March 31, 2025 and 2024: (i) net income (loss) of $10,576 and $(7,053), (ii) interest expense of $6,352 and $9,210, (iii) depreciation and amortization expense of $2,185 and $4,449, (iv) acquisition and transaction expenses of $201 and $19, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $2,053, (vi) equity-based compensation expense of $— and $1, (vii) asset impairment charges of $— and $87, (viii) equity method basis adjustments of $10 and $16 and (ix) other non-recurring items of $1 and $—, respectively.
Current report
Total revenues increased $17.3 million during the three months ended March 31, 2025, primarily due to a $15.8 million increase in power plant revenue as well as a $1.2 million increase in gas revenues as a result of the acquisition of 100% of Long Ridge during the quarter.
Current report
Total expenses increased $12.8 million during the three months ended March 31, 2025, which reflects:
Current report
•an increase in operating expenses of $5.6 million primarily related to increased Ohio Gasco LLC drilling expenses as well as increased legal expenses;
Current report
•an increase in acquisition and transaction expenses of $1.1 million due to legal fees relating to the acquisition of 100% of Long Ridge; and
Current report
•an increase in depreciation and amortization expense of $6.1 million related to depreciation expense at the Terminal and Power Plant businesses as a result of the acquisition of 100% of Long Ridge during the quarter.
Current report
Total other income increased $128.5 million during the three months ended March 31, 2025 which reflects:
Current report
•an increase in equity in earnings of unconsolidated entities of $17.6 million, primarily due to the equity pickup of Long Ridge Energy & Power LLC before the acquisition; and
Current report
•an increase in gain on sale of asset of $120.0 million related to the acquisition of 100% of Long Ridge during the quarter; partially offset by
Current report
•an increase in interest expense of $9.0 million related to interest expense on the Long Ridge debt that is now consolidated.
Showing the first 40 of 54 passages. Open the source sections for the rest.
Removed paragraphs (76)
Previous report
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 report
Comparison of the three and nine months ended September 30, 2024 and 2023
Previous 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.
Previous report
(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 report
Comparison of the three months ended September 30, 2024 and 2023
Previous report
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 report
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 report
Comparison of the three months ended September 30, 2024 and 2023
Previous 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.
Previous report
Operating expenses decreased $5.7 million which primarily reflects:
Previous report
•a decrease of $1.4 million due to decreased legal fees in the Power and Gas Segment; and
Previous report
•an increase of $0.4 million in the Railroad segment mainly due to increased carloads; and
Previous 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.
Previous report
General and administrative expenses increased $0.5 million primarily due to higher professional fees in the Corporate and Other segment.
Previous report
Acquisition and transaction expenses increased $1.9 million primarily due to consulting fees in the Power and Gas segment.
Previous report
Depreciation and amortization decreased $0.7 million primarily due to assets that became fully depreciated at the Corporate and Other segment.
Previous report
Operating expenses decreased $7.8 million which primarily reflects:
Previous report
•a decrease of $1.0 million in the Power and Gas segment due to decreased legal fees; partially offset by
Previous report
•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 report
•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 report
General and administrative expenses increased $1.3 million primarily due to higher professional fees in the Corporate and Other segment.
Previous report
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 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.
Previous report
Asset impairment decreased $0.7 million primarily due to impairment for certain scrap assets in the Railroad segment in 2023.
Previous 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:
Previous 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;
Previous 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
Previous 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
Previous report
Total other expense increased $39.4 million during the nine months ended September 30, 2024 which primarily reflects:
Previous 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;
Previous report
•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 report
•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
Previous 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
Previous 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.
Previous report
Net loss
Previous 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.
Previous 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.
Previous report
(1) Includes the following item for the nine months ended September 30, 2023: Railroad severance expense of $1,339, respectively.
Previous report
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 report
Other income (expense)
Showing the first 40 of 76 passages. Open the source sections for the rest.
Reworded paragraphs (41)
Previous wording
Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products, including crude oil, refined products and clean fuels. Through an equity method investment, our Power and Gas business develops and operates facilities, such as a 485 megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property’s location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint.
Current wording
Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products, including crude oil, refined products and clean fuels. Our Power and Gas business develops and operates facilities, such as a 485 megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property’s location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint.
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 September 30, 2024, we had total consolidated assets of $2.4 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 March 31, 2025, we had total consolidated assets of $4.1 billion and redeemable preferred stock and equity of $0.9 billion.
Previous wording
Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of six freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, in addition to KRS, a railcar cleaning operation. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of an equity method investment in Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling.
Current wording
Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of six freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, in addition to KRS, a railcar cleaning operation. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling.
Previous 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.
Current wording
(1)Includes the following items for the three months ended March 31, 2025 and 2024: (i) depreciation and amortization expense of $25,012 and $20,521, (ii) capitalized contract costs amortization of $1,233 and $576 and (iii) amortization of other comprehensive income of $(1,588) and $—, respectively.
Previous 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.
Current wording
Total revenues increased $13.6 million due to higher revenues of $17.3 million in the Power and Gas segment and $0.8 million in the Jefferson Terminal segment, offset by lower revenues of $3.7 million in the Railroad segment, $0.3 million in the Repauno segment and $0.6 million in the Corporate and Other segment.
Previous wording
Roadside services revenue decreased $3.2 million due to the decline of roadside services for FYX.
Current wording
Roadside services revenue decreased $0.6 million due to the decline of roadside services for FYX.
Previous wording
Terminal services revenues increased $2.5 million primarily due an increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Current wording
Terminal services revenues increased $0.8 million primarily due an increase in average crude oil throughput volumes in the Jefferson Terminal segment.
Previous wording
Rail revenues increased $2.8 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Current wording
Rail revenues decreased $3.7 million primarily due to a decrease in both carloads and rates per car in the Railroad segment.
Previous 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.
Current wording
Total expenses increased $10.7 million, primarily due to increases in (i) operating expenses, (ii) depreciation and amortization, (iii) acquisition and transaction expenses and (iv) asset impairment.
Previous wording
•a decrease of $4.8 million due to decreased roadside services at FYX;
Current wording
•a decrease of $0.7 million due to decreased roadside services at FYX;
Previous wording
•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 wording
•a decrease of $1.0 million primarily due to lower costs associated with stock-based compensation and insurance during the current quarter in the Jefferson Terminal segment; and
Previous wording
•an increase of $1.4 million in the Railroad segment mainly due to increased carloads.
Current wording
•a decrease of $1.9 million in the Railroad segment mainly due to decreased carloads.
Previous 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.
Current wording
•an increase of $1.3 million in other income due to 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; partially offset by
Previous 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;
Current wording
•an increase in interest expense of $15.5 million primarily due to an increase in the average outstanding debt of approximately $1.0 billion which consists of (i) $6.1 million for the Senior Notes due 2027, (ii) $10.0 million for the DRP Credit Agreement, (iii) $234.7 million for the Series 2024 Bonds and (iv) $756.8 million for Long Ridge Energy & Power LLC debt.
Previous 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.
Current wording
(Benefit from) provision for income taxes
Previous 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.
Current wording
(1) Includes the following items for the three months ended March 31, 2025 and 2024: (i) equity-based compensation expense of $2 and $1, (ii) provision for income taxes of $5 and $4, (iii) interest expense of $1 and $—, (iv) depreciation and amortization expense of $31 and $18, (v) acquisition and transaction expenses of $1 and $— and (vi) interest and other costs on pension and OPEB liabilities of $(2) and $2, respectively.
Previous 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.
Current wording
Total revenues decreased $3.7 million during the three months ended March 31, 2025, respectively, primarily due to both a decrease in carloads and rates per car.
Previous 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.
Current wording
Total other income increased $0.8 million during the three months ended March 31, 2025, which primarily reflects an increase in other income related to pension and OPEB benefits due to favorable adjustments.
Previous 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.
Current wording
Adjusted EBITDA decreased $1.7 million during the three months ended March 31, 2025, primarily due to the activity noted above.
Previous 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.
Current wording
(1) Includes the following items for the three months ended March 31, 2025 and 2024: (i) depreciation and amortization expense of $11,240 and $12,330 and (ii) capitalized contract costs amortization of $1,233 and $576, respectively.
Previous wording
•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 wording
•a decrease in operating expenses of $1.0 million primarily due to lower costs associated with stock-based compensation and insurance during the current quarter; and
Previous wording
•a decrease in depreciation and amortization of $0.7 million due to certain assets becoming fully depreciated.
Current wording
•a decrease in depreciation and amortization of $1.1 million due to certain assets becoming fully depreciated.
Previous 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.
Current wording
Total other expense increased $6.6 million during the three months ended March 31, 2025, which primarily reflects an increase in interest expense of $7.3 million related to additional borrowings issued in June 2024, partially offset by an increase in other income of $0.7 million from the interest on the Series 2024 Bond funds.
Previous 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.
Current wording
Total expenses increased $0.9 million during the three months ended March 31, 2025 which primarily reflects higher operating expenses due to costs associated with labor costs and professional fees related to the continued development of the site, an increase in depreciation expense due to assets being placed into service, and an increase in acquisition and transaction costs related to a potential financing.
Previous wording
Total other expense increased $0.4 million and $4.3 million during the three and nine months ended September 30, 2024, respectively, which reflects changes in equity in losses of unconsolidated entities primarily due to higher operating losses at GM-FTAI Holdco LLC.
Current wording
Total other expense decreased $0.6 million during the three months ended March 31, 2025, which reflects changes in equity in losses of unconsolidated entities primarily due to lower operating losses at GM-FTAI Holdco LLC.
Previous wording
•a decrease in depreciation and amortization expense of $0.7 million due to assets that became fully depreciated; partially offset by
Current wording
•a decrease in depreciation and amortization expense of $0.6 million due to assets that became fully depreciated; partially offset by
Previous wording
•an increase in general and administrative expenses of $1.3 million primarily due to higher professional fees; and
Current wording
•an increase in acquisition and transaction expenses of $1.3 million primarily due to higher professional fees.
Previous 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.
Current wording
Total other expense decreased $2.3 million during the three months ended March 31, 2025, which primarily reflects an increase in capitalized interest.
Previous wording
•Cash used for the purpose of making investments was $62.2 million and $89.2 million during the nine months ended September 30, 2024 and 2023, respectively.
Current wording
•Cash used for the purpose of making investments was $164.2 million and $18.9 million during the three months ended March 31, 2025 and 2024, respectively.
Previous wording
Our principal sources of liquidity to fund these uses have been and continue to be (i) cash and restricted cash on hand as of September 30, 2024, (ii) revenues from our infrastructure business net of operating expenses, (iii) proceeds from borrowings and (iv) proceeds from asset sales and an easement.
Current wording
Our principal sources of liquidity to fund these uses have been and continue to be (i) cash and restricted cash on hand as of March 31, 2025, (ii) revenues from our infrastructure business net of operating expenses and (iii) proceeds from borrowings.
Previous wording
•Cash flows used in operating activities were $7.2 million and $2.2 million during the nine months ended September 30, 2024 and 2023, respectively.
Current wording
•Cash flows used in operating activities were $85.7 million and $3.9 million during the three months ended March 31, 2025 and 2024, respectively.
Previous wording
The following table compares the historical cash flow for the nine months ended September 30, 2024 and 2023:
Current wording
The following table compares the historical cash flow for the three months ended March 31, 2025 and 2024:
Previous wording
Net cash used in operating activities increased $5.0 million, which primarily reflects certain adjustments to reconcile net loss to cash used in operating activities including (i) an increase in equity in losses of unconsolidated entities of $31.8 million, (ii) an increase in loss on modification or extinguishment of debt of $6.4 million and (iii) an increase in amortization of deferred financing costs of $1.5 million, partially offset by (i) an increase in net loss of $21.6 million, (ii) changes in working capital of $14.9 million, (iii) an increase in gain on sale of easement of $3.5 million, (iv) an increase in gain on sale of assets of $2.3 million, (v) changes in fair value of non-hedge derivatives of $1.1 million and (vi) changes in provision for credit losses of $1.1 million.
Current wording
Net cash used in operating activities increased $81.8 million, which primarily reflects certain adjustments to reconcile net income (loss) to cash used in operating activities including (i) an increase in equity in earnings of unconsolidated entities of $18.6 million, (ii) changes in working capital of $75.1 million, (iii) an increase in gain on sale of subsidiaries of $120.0 million and (iv) changes in deferred income taxes of $43.2 million, partially offset by (i) an increase in net income of $170.5 million and (ii) an increase in depreciation and amortization of $4.5 million.
Previous wording
Net cash used in investing activities decreased $49.4 million, primarily due to (i) a decrease in the acquisition of property, plant and equipment of $25.4 million, (ii) a decrease in the investment in convertible promissory notes of $19.5 million, (iii) a decrease in the acquisition of business of $4.4 million, (iv) a decrease in the investment in unconsolidated entities of $3.8 million and (v) an increase in the proceeds from sale of easement of $3.5 million, partially offset by (i) an increase in the investment of equity instruments of $5.0 million and (ii) an increase in the acquisition of leasing equipment of $1.6 million.
Current wording
Net cash provided by investing activities increased $183.1 million, primarily due to (i) an increase in the acquisition of business of $226.6 million, (ii) an increase in proceeds from investor loan of $11.0 million and (iii) a decrease in the investment of equity instruments of $5.0 million, partially offset by (i) an increase in the acquisition of property, plant and equipment of $53.1 million and (ii) an increase in the investment in unconsolidated entities of $6.3 million.
Previous wording
Net cash provided by financing activities increased $84.5 million, primarily due to (i) an increase in proceeds from debt of $287.6 million, partially offset by (i) an increase in repayment of debt of $172.5 million, (ii) an increase in settlement of equity-based compensation of $3.1 million, (iii) an increase in distributions to non-controlling interests of $13.4 million, (iv) an increase in the payment of cash dividends on preferred stock of $9.7 million and (v) an increase in payment of financing costs of $3.9 million.
Current wording
Net cash used in financing activities increased $2.1 million, primarily due to (i) an increase in the payment of cash dividends on preferred stock of $25.5 million, (ii) an increase in the payment of cash dividends on common stock of $3.4 million, (iii) an increase in redeemable preferred stock issuance costs of $0.0 million and (iv) an increase in payment of financing costs of $1.0 million, partially offset by (i) an increase in proceeds from debt of $28.2 million.
Previous wording
Debt Obligations—As of September 30, 2024, we had outstanding principal and interest payment obligations of $1.6 billion and $0.6 billion, respectively, of which, there is no principal payment due and $106.6 million of interest payments due within the next twelve months. See Note 7 to the consolidated financial statements for additional information about our debt obligations.
Current wording
Debt Obligations—As of March 31, 2025, we had outstanding principal and interest payment obligations of $2.8 billion and $1.2 billion, respectively, of which, there are $94.6 million of principal payments due and $189.5 million of interest payments due within the next twelve months. See Note 8 to the consolidated financial statements for additional information about our debt obligations.
Previous wording
Lease Obligations—As of September 30, 2024, we had outstanding operating and finance lease obligations of $169.5 million, of which $9.2 million is due within the next twelve months.
Current wording
Lease Obligations—As of March 31, 2025, we had outstanding operating and finance lease obligations of $171.8 million, of which $8.8 million is due within the next twelve months.
Previous wording
Redeemable Preferred Stock Obligations—We have dividend payments of $58.2 million due onour redeemable preferred stock within the next twelve months with an option to paid-in-kind dividends at a higher interest rate and to defer payment for eleven months. See Note 15 for additional information related to our preferred stock obligations.
Current wording
Redeemable Preferred Stock Obligations—We have dividend payments of $90.1 million due on our redeemable preferred stock within the next twelve months with an option to paid-in-kind dividends at a higher interest rate and to defer payment for nine months. See Note 17 for additional information related to our preferred stock obligations.
Previous wording
Other Cash Requirements—In addition to our contractual obligations, we intend to pay quarterly cash dividends on our common stock, which are subject to change at the discretion of our board of directors.
Current wording
Other Cash Requirements—In addition to our contractual obligations, we may pay quarterly cash dividends on our common stock, which are subject to change at the discretion of our board of directors.
Previous wording
As of October 1, 2023, for our Jefferson Terminal reporting unit, we completed a quantitative analysis. We estimate the fair value of Jefferson Terminal using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the forecasted revenue growth rates, EBITDA margins, capital expenditures and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance and are consistent with the assumptions used in determining future profit plans for the reporting units.
Current wording
As of October 1, 2024, for our Jefferson Terminal reporting unit, we completed a quantitative analysis. We estimate the fair value of Jefferson Terminal using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the forecasted revenue growth rates, capital expenditures and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance and are consistent with the assumptions used in determining future profit plans for the reporting units.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The following table sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA:
Current report — wording carried from elsewhere
•a decrease in operating expenses of $0.7 million due to a decrease in roadside services at FYX; and
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Roadside services revenue decreased $11.6 million primarily due to the decline of roadside services for FYX.
Previous report — wording carried elsewhere
Rail revenues increased $11.2 million primarily due to an increase in both carloads and rates per car in the Railroad segment.
Previous report — wording carried elsewhere
•a decrease of $14.2 million due to decreased roadside services at FYX; and
Previous report — wording carried elsewhere
•a decrease in depreciation and amortization expense of $1.1 million due to assets that became fully depreciated; partially offset by