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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549



FORM 8-K



CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2023



FTAI INFRASTRUCTURE INC.

(Exact name of registrant as specified in its charter)



 Delaware
001-41370
87-4407005
 (State or other jurisdiction of incorporation)
(Commission File Number)
 (I.R.S. Employer Identification No.)

1345 Avenue of the Americas, 45th Floor
New York, New York 10105
(Address of principal executive offices) (Zip Code)

(212) 798-6100
(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:




Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to section 12(b) of the Act:

 Title of each class
 Trading Symbol(s)
 Name of each exchange on which registered
Common Stock, par value $0.01 per share
FIP
The Nasdaq Global Select Market




Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02.
Results of Operations and Financial Condition.

On October 26, 2023, FTAI Infrastructure Inc. (“FIP” or the “Company”) issued a press release announcing the Company’s results for its fiscal quarter ended September 30, 2023. A copy of the Company’s press release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.

This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

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

Exhibit
Number
 
Description
     
 
Press release, dated October 26, 2023, issued by FTAI Infrastructure Inc.
104
 
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Dated: October 26, 2023
 

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



EX-99.1 2 ef20013187_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1


PRESS RELEASE

FTAI Infrastructure Inc. Reports Third Quarter 2023 Results, Declares Dividend of $0.03 per Share of Common Stock



NEW YORK, October 26, 2023 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the third quarter 2023. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Financial Overview
 
(in thousands, except per share data)
 
Selected Financial Results
   
Q3’23
 
Net Loss Attributable to Stockholders
 
$
(56,101
)
Basic and Diluted Loss per Share of Common Stock
 
$
(0.55
)
Adjusted EBITDA(1)
 
$
24,655
 
Adjusted EBITDA - Four core segments (1)(2)
 
$
32,208
 



(1)
For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

(2)
Excludes Sustainability and Energy Transition and Corporate and Other segments.
 
Third Quarter 2023 Dividends
 
On October 26, 2023, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended September 30, 2023, payable on November 16, 2023 to the holders of record on November 9, 2023.
 
Business Highlights
 
•  Generated $32.2 million of Adjusted EBITDA(1) from our four core segments.
 
•  Transtar’s new third-party business opportunities (railcar repair, transloading) are expected to commence in coming months and provide strong momentum for 2024.
 
•  Jefferson Terminal executed multiple contracts during Q3 with potential to generate meaningful Adjusted EBITDA once operational(3); a portion of these contracts have already commenced and will contribute to Q4.
 
•  Repauno expects to enter into a Phase 2 anchor contract in Q4(3).
 
(3) Please see “Disclaimers” at the beginning of the exhibit.
 
1
Additional Information
 
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website.
 
Conference Call
 
In addition, management will host a conference call on Friday, October 27, 2023 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BI6e621deb011b47878a498f0f2acd7c65. Once registered, participants will receive a dial-in and unique pin to access the call.
 
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
 
A replay of the conference call will be available after 11:30 A.M. on Friday, October 27, 2023 through 11:30 A.M. on Friday, November 3, 2023 on https://ir.fipinc.com/news-events/presentations.
 
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
 
About FTAI Infrastructure Inc.
 
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
 
Cautionary Note Regarding Forward-Looking Statements
 
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Transtar’s expected commencement of new third-party business opportunities with strong momentum for 2024, Jefferson Terminal’s ability to generate meaningful Adjusted EBITDA once new contracts commence and are operational and whether Repauno will enter into a Phase 2 anchor contract in Q4 or at all.  These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
 
2
For further information, please contact:
 
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com

3
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2023
   
2022
   
2023
   
2022
 
Revenues
                       
Total revenues
 
$
80,706
   
$
78,559
   
$
239,032
   
$
190,575
 
                                 
Expenses
                               
Operating expenses
   
68,416
     
60,934
     
196,353
     
148,231
 
General and administrative
   
2,485
     
3,208
     
9,388
     
8,136
 
Acquisition and transaction expenses
   
649
     
2,754
     
1,554
     
15,862
 
Management fees and incentive allocation to affiliate
   
3,238
     
2,659
     
9,304
     
9,885
 
Depreciation and amortization
   
20,150
     
18,136
     
60,577
     
52,451
 
Asset impairment
   
     
     
743
     
 
Total expenses
   
94,938
     
87,691
     
277,919
     
234,565
 
                                 
Other income (expense)
                               
Equity in losses of unconsolidated entities
   
(9,914
)
   
(12,080
)
   
(7,173
)
   
(47,982
)
(Loss) gain on sale of assets, net
   
(263
)
   
(134
)
   
260
     
(134
)
Loss on extinguishment of debt
   
(2,020
)
   
     
(2,020
)
   
 
Interest expense
   
(25,999
)
   
(19,161
)
   
(73,431
)
   
(32,106
)
Other income (expense)
   
2,387
     
(1,132
)
   
3,978
     
(2,144
)
Total other expense
   
(35,809
)
   
(32,507
)
   
(78,386
)
   
(82,366
)
Loss before income taxes
   
(50,041
)
   
(41,639
)
   
(117,273
)
   
(126,356
)
Provision for income taxes
   
8
     
1,555
     
2,560
     
5,086
 
Net loss
   
(50,049
)
   
(43,194
)
   
(119,833
)
   
(131,442
)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries
   
(9,932
)
   
(8,381
)
   
(30,101
)
   
(24,327
)
Less: Dividends and accretion on redeemable preferred stock
   
15,984
     
9,263
     
45,811
     
9,263
 
Net loss attributable to stockholders/Former Parent
 
$
(56,101
)
 
$
(44,076
)
 
$
(135,543
)
 
$
(116,378
)

                               
Loss per share:
                               
Basic
 
$
(0.55
)
 
$
(0.43
)
 
$
(1.32
)
 
$
(1.13
)
Diluted
 
$
(0.55
)
 
$
(0.43
)
 
$
(1.32
)
 
$
(1.13
)
Weighted average shares outstanding:
                               
Basic
   
102,820,651
     
102,730,033
     
102,800,818
     
102,730,033
 
Diluted
   
102,820,651
     
102,730,033
     
102,800,818
     
102,730,033
 

4
FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

   
(Unaudited)
       
   
September 30, 2023
   
December 31, 2022
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
24,447
   
$
36,486
 
Restricted cash
   
53,477
     
113,156
 
Accounts receivable, net
   
64,693
     
60,807
 
Other current assets
   
37,340
     
67,355
 
Total current assets
   
179,957
     
277,804
 
Leasing equipment, net
   
33,965
     
34,907
 
Operating lease right-of-use assets, net
   
68,462
     
71,015
 
Property, plant, and equipment, net
   
1,664,361
     
1,673,808
 
Investments
   
70,143
     
73,589
 
Intangible assets, net
   
54,517
     
60,195
 
Goodwill
   
275,367
     
260,252
 
Other assets
   
38,363
     
26,829
 
Total assets
 
$
2,385,135
   
$
2,478,399
 
                 
Liabilities
               
Current liabilities:
               
Accounts payable and accrued liabilities
 
$
135,820
   
$
136,048
 
Current debt, net
   
     
 
Operating lease liabilities
   
6,931
     
7,045
 
Other current liabilities
   
19,658
     
16,488
 
Total current liabilities
   
162,409
     
159,581
 
Debt, net
   
1,318,481
     
1,230,157
 
Operating lease liabilities
   
61,302
     
63,147
 
Other liabilities
   
62,088
     
236,130
 
Total liabilities
   
1,604,280
     
1,689,015
 
                 
Commitments and contingencies
   
     
 
                 
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022; redemption amount of $448.2 million at September 30, 2023 and December 31, 2022)
   
310,401
     
264,590
 
                 
Equity
               
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 99,490,386 and 99,445,074 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)
   
994
     
994
 
Additional paid in capital
   
862,675
     
911,599
 
Accumulated deficit
   
(150,569
)
   
(60,837
)
Accumulated other comprehensive loss
   
(179,234
)
   
(300,133
)
Stockholders' equity
   
533,866
     
551,623
 
Non-controlling interest in equity of consolidated subsidiaries
   
(63,412
)
   
(26,829
)
Total equity
   
470,454
     
524,794
 
Total liabilities, redeemable preferred stock and equity
 
$
2,385,135
   
$
2,478,399
 

5
FTAI INFRASTRUCTURE INC.
CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)

   
Nine Months Ended September 30,
 
   
2023
   
2022
 
Cash flows from operating activities:
           
Net loss
 
$
(119,833
)
 
$
(131,442
)
Adjustments to reconcile net loss to net cash used in operating activities:
               
Equity in losses of unconsolidated entities
   
7,173
     
47,982
 
(Gain) loss on sale of assets, net
   
(260
)
   
134
 
Loss on extinguishment of debt
   
2,020
     
 
Equity-based compensation
   
5,814
     
3,042
 
Depreciation and amortization
   
60,577
     
52,451
 
Asset impairment
   
743
     
 
Change in deferred income taxes
   
2,148
     
4,851
 
Change in fair value of non-hedge derivative
   
1,125
     
(1,058
)
Amortization of deferred financing costs
   
4,910
     
2,950
 
Amortization of bond discount
   
3,472
     
 
Provision for credit losses
   
1,661
     
418
 
Other
   
     
899
 
Change in:
               
Accounts receivable
   
(5,547
)
   
(20,476
)
Other assets
   
17,387
     
(17,632
)
Accounts payable and accrued liabilities
   
4,204
     
23,199
 
Management fees payable to affiliate
   
10,926
     
2,381
 
Other liabilities
   
1,266
     
(5,390
)
Net cash used in operating activities
   
(2,214
)
   
(37,691
)
                 
Cash flows from investing activities:
               
Investment in unconsolidated entities
   
(6,070
)
   
(4,481
)
Investment in convertible promissory notes
   
(51,044
)
   
(20,000
)
Acquisition of business, net of cash acquired
   
(4,448
)
   
(3,819
)
Acquisition of property, plant and equipment
   
(78,712
)
   
(172,226
)
Proceeds from sale of leasing equipment
   
116
     
 
Proceeds from sale of property, plant and equipment
   
1,148
     
5,656
 
Net cash used in investing activities
   
(139,010
)
   
(194,870
)
                 
Cash flows from financing activities:
               
Proceeds from debt
   
162,100
     
482,375
 
Repayment of debt
   
(75,131
)
   
 
Payment of deferred financing costs
   
(6,472
)
   
(12,803
)
Proceeds from issuance of redeemable preferred stock
   
     
291,000
 
Redeemable preferred stock issuance costs
   
     
(16,418
)
Cash dividends - common stock
   
(9,254
)
   
 
Capital contribution from non-controlling interests
   
     
732
 
Net transfers to Former Parent, net
   
     
(617,322
)
Settlement of equity-based compensation
   
(90
)
   
(148
)
Distributions to non-controlling interests
   
(1,647
)
   
 
Distribution to Manager
   
     
(79
)
Net cash provided by financing activities
   
69,506
     
127,337
 
                 
Net decrease in cash and cash equivalents and restricted cash
   
(71,718
)
   
(105,224
)
Cash and cash equivalents and restricted cash, beginning of period
   
149,642
     
301,855
 
Cash and cash equivalents and restricted cash, end of period
 
$
77,924
   
$
196,631
 

6
Key Performance Measures
 
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to shareholders or Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion expense related to redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

7
The following table sets forth a reconciliation of net loss attributable to stockholders or Former Parent to Adjusted EBITDA for the three and nine months ended September 30, 2023 and 2022:

   
Three Months Ended
September 30,
       
Nine Months Ended
September 30,
     
(in thousands)
 
2023
   
2022
   
Change
   
2023
   
2022
   
Change
 
Net loss attributable to stockholders/Former Parent
 
$
(56,101
)
 
$
(44,076
)
 
$
(12,025
)
 
$
(135,543
)
 
$
(116,378
)
 
$
(19,165
)
Add: Provision for income taxes
   
8
     
1,555
     
(1,547
)
   
2,560
     
5,086
     
(2,526
)
Add: Equity-based compensation expense
   
4,277
     
1,377
     
2,900
     
5,814
     
3,042
     
2,772
 
Add: Acquisition and transaction expenses
   
649
     
2,754
     
(2,105
)
   
1,554
     
15,862
     
(14,308
)
Add: Losses on the modification or extinguishment of debt and capital lease obligations
   
2,020
     
     
2,020
     
2,020
     
     
2,020
 
Add: Changes in fair value of non-hedge derivative instruments
   
     
(310
)
   
310
     
1,125
     
(1,058
)
   
2,183
 
Add: Asset impairment charges
   
     
     
     
743
     
     
743
 
Add: Incentive allocations
   
     
     
     
     
     
 
Add: Depreciation & amortization expense
   
20,150
     
18,136
     
2,014
     
60,577
     
52,451
     
8,126
 
Add: Interest expense
   
25,999
     
19,161
     
6,838
     
73,431
     
32,106
     
41,325
 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
   
5,554
     
9,770
     
(4,216
)
   
20,630
     
22,002
     
(1,372
)
Add: Dividends and accretion on redeemable preferred stock
   
15,984
     
9,263
     
6,721
     
45,811
     
9,263
     
36,548
 
Add: Interest and other costs on pension and OPEB liabilities
   
480
     
896
     
(416
)
   
1,440
     
896
     
544
 
Add: Other non-recurring items (2)
   
1,131
     
     
1,131
     
2,470
     
     
2,470
 
Less: Equity in losses of unconsolidated entities
   
9,914
     
12,080
     
(2,166
)
   
7,173
     
47,982
     
(40,809
)
Less: Non-controlling share of Adjusted EBITDA (3)
   
(5,410
)
   
(4,502
)
   
(908
)
   
(15,577
)
   
(12,034
)
   
(3,543
)
Adjusted EBITDA (non-GAAP)
 
$
24,655
   
$
26,104
   
$
(1,449
)
 
$
74,228
   
$
59,220
   
$
15,008
 
 


(1)
Includes the following items for the three months ended September 30, 2023 and 2022: (i) net loss of $(9,941) and $(12,177), (ii) interest expense of $8,830 and $7,551, (iii) depreciation and amortization expense of $6,965 and $7,883, (iv) acquisition and transaction expenses of $50 and $(16), (v) changes in fair value of non-hedge derivative instruments of $(352) and $6,432, (vi) equity-based compensation of $2 and $95 and (vii) asset impairment of $— and $2, respectively. Includes the following items for the nine months ended September 30, 2023 and 2022: (i) net loss of $(7,283) and $(48,184), (ii) interest expense of $25,166 and $20,809, (iii) depreciation and amortization expense of $20,598 and $20,516, (iv) acquisition and transaction expenses of $307 and $375, (v) changes in fair value of non-hedge derivative instruments of $(18,162) and $28,164, (vi) equity-based compensation of $4 and $288 and (vii) asset impairment of $— and $34, respectively.
 
(2)
Includes the following items for the three months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs of $1,131. Includes the following items for the nine months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs and Railroad severance expense of $2,470.
 
(3)
Includes the following items for the three months ended September 30, 2023 and 2022: (i) equity-based compensation of $718 and $102, (ii) (benefit from) provision for income taxes of $(19) and $464, (iii) interest expense of $1,821 and $1,326, (iv) depreciation and amortization expense of $2,870 and $2,507, (v) changes in fair value of non-hedge derivative instruments of $— and $(15), (vi) acquisition and transaction expense of $19 and $117 and (vii) 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, 2023 and 2022: (i) equity-based compensation of $904 and $352, (ii) provision for income taxes of $69 and $494, (iii) interest expense of $5,558 and $4,029, (iv) depreciation and amortization expense of $8,950 and $7,091, (v) changes in fair value of non-hedge derivative instruments of $61 and $(50), (vi) other non-recurring items of $3 and $—, (vii) acquisition and transaction expense of $27 and $117, (viii) interest and other costs on pension and OPEB liabilities of $3 and $1 and (ix) asset impairment of $2 and $—, respectively.
 
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The following table sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended September 30, 2023:
 
   
Three Months Ended September 30, 2023
 
(in thousands)
 
Railroad
   
Jefferson
Terminal
   
Repauno
   
Power and
Gas
   
Four Core
Segments
 
Net income (loss) attributable to stockholders/Former Parent
 
$
10,620
   
$
(12,017
)
 
$
(4,946
)
 
$
(6,301
)
 
$
(12,644
)
Add: Provision for (benefit from) income taxes
   
524
     
(126
)
   
103
     
     
501
 
Add: Equity-based compensation expense
   
262
     
2,932
     
1,083
     
     
4,277
 
Add: Acquisition and transaction expenses
   
186
     
80
     
     
     
266
 
Add: Losses on the modification or extinguishment of debt and capital lease obligations
   
937
     
     
     
     
937
 
Add: Changes in fair value of non-hedge derivative instruments
   
     
     
     
     
 
Add: Asset impairment charges
   
     
     
     
     
 
Add: Incentive allocations
   
     
     
     
     
 
Add: Depreciation and amortization expense
   
4,362
     
12,643
     
2,390
     
     
19,395
 
Add: Interest expense
   
82
     
8,280
     
642
     
     
9,004
 
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1)
   
     
     
     
7,214
     
7,214
 
Add: Dividends and accretion on redeemable preferred stock
   
     
     
     
     
 
Add: Interest and other costs on pension and OPEB liabilities
   
480
     
     
     
     
480
 
Add: Other non-recurring items (2)
   
     
1,131
     
     
     
1,131
 
Less: Equity in earnings of unconsolidated entities
   
     
     
     
7,057
     
7,057
 
Less: Non-controlling share of Adjusted EBITDA (3)
   
(19
)
   
(5,160
)
   
(231
)
   
     
(5,410
)
Adjusted EBITDA
 
$
17,434
   
$
7,763
   
$
(959
)
 
$
7,970
   
$
32,208
 



(1)
Power and Gas:
 
Includes the following items for the three months ended September 30, 2023: (i) net loss of $(7,057), (ii) interest expense of $7,932, (iii) depreciation and amortization expense of $6,639, (iv) acquisition and transaction expenses of $50, (v) changes in fair value of non-hedge derivative instruments of $(352) and (vi) equity-based compensation of $2.
 
(2)
Jefferson Terminal:
 
Includes the following items for the three months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs of $1,131.
 
(3)
Railroad:
 
Includes the following items for the three months ended September 30, 2023: (i) equity-based compensation of $1, (ii) provision for income taxes of $3, (iii) depreciation and amortization expense of $13, (iv) interest and other costs on pension and OPEB liabilities of $1 and (v) acquisition and transaction expense of $1.
 
Jefferson Terminal:
 
Includes the following items for the three months ended September 30, 2023: (i) equity-based compensation of $658, (ii) benefit from income taxes of $(30), (iii) interest expense of $1,786, (iv) depreciation and amortization expense of $2,728 and (v) acquisition and transaction expense of $18.
 
Repauno:
 
Includes the following items for the three months ended September 30, 2023: (i) equity-based compensation of $59, (ii) interest expense of $35, (iii) depreciation and amortization expense of $129 and (iv) provision for income taxes of $8.


9