FTAI Infrastructure (FIP) - 2025 Q1 - Quarterly Results

FTAI Infrastructure Inc. Q1 2025 Earnings Release Financial & Operational Highlights FTAI Infrastructure reported strong Q1 2025 results, including $109.7 million net income, a $120.0 million Long Ridge gain, and $164.5 million Adjusted EBITDA from core segments Q1 2025 Selected Financial Results | (in thousands, except per share data) | Q1'25 | | :--- | :--- | | Net Income Attributable to Stockholders | $109,724 | | Basic Earnings per Share of Common Stock | $0.95 | | Diluted Earnings per Share of Common Stock | $0.89 | | Adjusted EBITDA | $155,219 | | Adjusted EBITDA - Four core segments | $164,512 | | Gain on Long Ridge Transaction | $119,952 | - The Board of Directors declared a cash dividend of $0.03 per share for the first quarter of 2025, payable on May 27, 2025[4] - Key business developments in Q1 2025 include: - Completed refinancing and increased ownership at Long Ridge - Executed new contracts and Letters of Intent (LOIs) at Repauno - Commenced the first of three new contracts at the Jefferson terminal on April 1st[9] Financial Statements This section presents the unaudited consolidated financial statements for Q1 2025, including Statements of Operations, Balance Sheets, and Cash Flows Consolidated Statements of Operations Q1 2025 total revenues grew to $96.2 million, with net income attributable to stockholders reaching $109.7 million, driven by a $119.8 million gain on asset sales Q1 2025 vs Q1 2024 Statement of Operations Highlights | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenues | $96,161 | $82,535 | | Total expenses | $104,602 | $93,884 | | Gain (loss) on sale of assets, net | $119,828 | $(13) | | Net income (loss) | $120,164 | $(50,297) | | Net income (loss) attributable to stockholders | $109,724 | $(56,582) | | Diluted EPS | $0.89 | $(0.54) | Consolidated Balance Sheets As of March 31, 2025, total assets increased to $4.14 billion, total liabilities to $3.28 billion, and stockholders' equity more than doubled to $476.2 million Balance Sheet Highlights | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $26,325 | $27,785 | | Total assets | $4,141,866 | $2,374,388 | | Total liabilities | $3,275,428 | $1,918,032 | | Total stockholders' equity | $476,203 | $202,651 | Consolidated Statements of Cash Flows Q1 2025 saw $85.7 million net cash used in operations, $164.3 million provided by investing, and a total cash and restricted cash increase to $223.4 million Q1 2025 vs Q1 2024 Cash Flow Summary | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(85,651) | $(3,883) | | Net cash provided by (used in) investing activities | $164,299 | $(18,846) | | Net cash used in financing activities | $(2,537) | $(454) | | Cash and restricted cash, end of period | $223,407 | $64,296 | Key Performance Measures (Non-GAAP) This section details the company's key non-GAAP performance measure, Adjusted EBITDA, including its reconciliation from net income and a breakdown by core business segment - The Chief Operating Decision Maker (CODM) utilizes Adjusted EBITDA as the company's key performance measure to assess operational performance and make resource allocation decisions[21][22] Reconciliation of Net Income to Adjusted EBITDA Consolidated Adjusted EBITDA for Q1 2025 significantly increased to $155.2 million, up $128.0 million from Q1 2024, primarily driven by higher net income Consolidated Adjusted EBITDA Reconciliation | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net income (loss) attributable to stockholders | $109,724 | $(56,582) | $166,306 | | Adjusted EBITDA (Non-GAAP) | $155,219 | $27,231 | $127,988 | Segment Adjusted EBITDA The four core segments generated a total Adjusted EBITDA of $164.5 million in Q1 2025, with Power and Gas being the largest contributor at $138.1 million Q1 2025 Adjusted EBITDA by Core Segment | (in thousands) | Adjusted EBITDA (Non-GAAP) | | :--- | :--- | | Railroad | $19,924 | | Jefferson Terminal | $7,950 | | Repauno | $(1,452) | | Power and Gas | $138,090 | | Four Core Segments Total | $164,512 |