Company Quick10K Filing
Quick10K
Fortress Transportation & Infrastructure Investors
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$15.99 84 $1,350
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
8-K 2019-08-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-24 Shareholder Vote
8-K 2019-05-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-17 Other Events
8-K 2019-05-17 Other Events
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-02-15 Enter Agreement, Off-BS Arrangement
8-K 2019-02-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-06 Other Events
8-K 2019-02-06 Earnings, Other Events
8-K 2018-12-04 Other Events, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-14 Other Events
8-K 2018-09-11 Other Events
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-21 Sale of Shares
8-K 2018-06-01 Shareholder Vote
8-K 2018-05-31 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-29 Other Events
8-K 2018-02-28 Earnings, Exhibits
8-K 2018-01-10 Enter Agreement, Exhibits
8-K 2018-01-02 Officers
RCKT Rocket Pharmaceuticals 951
FLNT Fluent 540
EBTC Enterprise Bancorp 360
NKSH National Bankshares 272
CHMG Chemung Financial 232
CDTI CDTI Advanced Materials 0
DUG Dutch Oven Gold Group 0
JRVS Imine 0
DDR DDR 0
MONO Monopar Therapeutics 0
FTAI 2019-06-30
Part I-Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ftai6302019exhibit311.htm
EX-31.2 ftai6302019exhibit312.htm
EX-32.1 ftai6302019exhibit321.htm
EX-32.2 ftai6302019exhibit322.htm

Fortress Transportation & Infrastructure Investors Earnings 2019-06-30

FTAI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____
Commission file number 001-37386

logoa15.jpg
FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
(Exact name of registrant as specified in its charter)

Delaware
 
32-0434238
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
1345 Avenue of the Americas, 45th Floor
 
New York
 
NY
 
10105
(Address of principal executive offices)
 
(Zip Code)

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

(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
 
Trading Symbol:
 
Name of exchange on which registered:
Class A common shares, $0.01 par value per share
 
FTAI
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
þ
Accelerated filer
¨
 
 
Non-accelerated filer
¨
Smaller reporting company
 
 
 
 
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.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
There were 84,903,138 common shares representing limited liability company interests outstanding at July 30, 2019.



FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to us. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to:
changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy;
reductions in cash flows received from our assets, as well as contractual limitations on the use of our aviation assets to secure debt for borrowed money;
our ability to take advantage of acquisition opportunities at favorable prices;
a lack of liquidity surrounding our assets, which could impede our ability to vary our portfolio in an appropriate manner;
the relative spreads between the yield on the assets we acquire and the cost of financing;
adverse changes in the financing markets we access affecting our ability to finance our acquisitions;
customer defaults on their obligations;
our ability to renew existing contracts and enter into new contracts with existing or potential customers;
the availability and cost of capital for future acquisitions;
concentration of a particular type of asset or in a particular sector;
competition within the aviation, energy, intermodal transport and rail sectors;
the competitive market for acquisition opportunities;
risks related to operating through joint ventures or partnerships or through consortium arrangements;
obsolescence of our assets or our ability to sell, re-lease or re-charter our assets;
exposure to uninsurable losses and force majeure events;
infrastructure operations may require substantial capital expenditures;
the legislative/regulatory environment and exposure to increased economic regulation;
exposure to the oil and gas industry’s volatile oil and gas prices;
difficulties in obtaining effective legal redress in jurisdictions in which we operate with less developed legal systems;
our ability to maintain our exemption from registration under the Investment Company Act of 1940 and the fact that maintaining such exemption imposes limits on our operations;
our ability to successfully utilize leverage in connection with our investments;
foreign currency risk and risk management activities;
effectiveness of our internal control over financial reporting;
exposure to environmental risks, including increasing environmental legislation and the broader impacts of climate change;
changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes;
actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets;
our dependence on our Manager and its professionals and actual, potential or perceived conflicts of interest in our relationship with our Manager;
effects of the merger of Fortress Investment Group LLC with affiliates of SoftBank Group Corp.;
volatility in the market price of our common shares;
the inability to pay dividends to our shareholders in the future; and
other risks described in the “Risk Factors” section of this report.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.

2



If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

3



FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
INDEX TO FORM 10-Q

 
PART I - FINANCIAL INFORMATION
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
PART II - OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


4




PART I—FINANCIAL INFORMATION
Item 1. Financial Statements

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)

 
 
 
(Unaudited)
 
 

Notes

June 30, 2019
 
December 31, 2018
Assets





Cash and cash equivalents
2

$
115,559


$
99,601

Restricted cash
2

58,817


21,236

Accounts receivable, net


61,878


53,789

Leasing equipment, net
3

1,509,848


1,432,210

Operating lease right-of-use assets, net
12
 
42,993

 

Finance leases, net
4

20,092


18,623

Property, plant, and equipment, net
5

855,013


708,853

Investments
6

38,727


40,560

Intangible assets, net
7

32,409


38,513

Goodwill


116,584


116,584

Other assets
2

236,589


108,809

Total assets


$
3,088,509


$
2,638,778







Liabilities





Accounts payable and accrued liabilities


$
117,280


$
112,188

Debt, net
8

1,631,136


1,237,347

Maintenance deposits
 

180,824


158,163

Security deposits
 

41,103


38,539

Operating lease liabilities
12
 
43,459

 

Other liabilities


36,474


38,759

Total liabilities


$
2,050,276


$
1,584,996







Commitments and contingencies
18










Equity





Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 84,846,083 and 84,050,889 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively)


$
848


$
840

Additional paid in capital


972,836


1,029,376

Accumulated deficit

 
(18,865
)
 
(32,817
)
Accumulated other comprehensive income


34,058



Shareholders' equity


988,877


997,399

Non-controlling interest in equity of consolidated subsidiaries


49,356


56,383

Total equity


1,038,233


1,053,782

Total liabilities and equity


$
3,088,509


$
2,638,778






See accompanying notes to consolidated financial statements.

5


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(Dollars in thousands, except share and per share data)


 


Three Months Ended June 30,

Six Months Ended June 30,
 
Notes

2019
 
2018

2019

2018
Revenues









Equipment leasing revenues


$
79,200


$
59,330


$
151,652


$
115,114

Infrastructure revenues


79,805


12,649


131,980


25,709

Total revenues
11

159,005


71,979


283,632


140,823











Expenses









Operating expenses


92,763


27,593


154,681


55,172

General and administrative


4,297


4,573


9,029


8,159

Acquisition and transaction expenses


2,308


1,508


3,782


3,274

Management fees and incentive allocation to affiliate
15

5,710


4,495


9,548


8,234

Depreciation and amortization
3, 5, 7

42,600


32,844


82,133


62,431

Interest expense


25,472


12,857


46,775


24,728

Total expenses


173,150


83,870


305,948


161,998











Other income (expense)









Equity in losses of unconsolidated entities
6

(169
)

(251
)

(553
)

(156
)
Gain on sale of equipment, net


22,630


4,996


24,355


4,991

Interest income


240


74


331


250

Other income


4,938


1,157


2,334


1,337

Total other income


27,639


5,976


26,467


6,422











Income (loss) before income taxes


13,494


(5,915
)

4,151


(14,753
)
(Benefit from) provision for income taxes
14

(2,299
)

534


(1,846
)

1,029

Net income (loss)


15,793


(6,449
)

5,997


(15,782
)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries


(4,539
)

(7,288
)

(7,955
)

(16,049
)
Net income attributable to shareholders


$
20,332


$
839


$
13,952


$
267















Earnings per share
17

 

 

 

 
Basic
 

$
0.24

 
$
0.01

 
$
0.16

 
$

Diluted
 
 
$
0.24

 
$
0.01

 
$
0.16

 
$

 
 
 
 
 
 
 
 
 
 
Weighted Average Shares Outstanding:
 
 
 
 
 
 
 
 
 
Basic
 

85,987,769


83,160,037


85,987,115


82,351,736

Diluted
 
 
85,989,029

 
83,160,047

 
85,987,115

 
82,351,858














See accompanying notes to consolidated financial statements.

6


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
(Dollars in thousands)


 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
15,793

 
$
(6,449
)
 
$
5,997

 
$
(15,782
)
Other comprehensive income (loss), net of deferred tax:
 
 
 
 
 
 
 
Change in fair value of cash flow hedge, net (1)
77,070

 

 
34,058

 

Comprehensive income (loss)
92,863

 
(6,449
)
 
40,055

 
(15,782
)
Comprehensive loss attributable to non-controlling interest
(4,539
)
 
(7,288
)
 
(7,955
)
 
(16,049
)
Comprehensive income attributable to shareholders
$
97,402

 
$
839

 
$
48,010

 
$
267

________________________________________________________
(1) Net of deferred tax expense of $6,186 for the three and six months ended June 30, 2019.




















































See accompanying notes to consolidated financial statements.

7


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
(Dollars in thousands)



 
Three and Six Months Ended June 30, 2019
 
Common Shares
 
Additional Paid In Capital
 
Accumulated Deficit
 
 Accumulated Other Comprehensive Income
 
 Non-Controlling Interest in Equity of Consolidated Subsidiaries
 
Total Equity
Equity - December 31, 2018
$
840

 
$
1,029,376

 
$
(32,817
)
 
$

 
$
56,383

 
$
1,053,782

Net loss for the period
 
 
 
 
(6,380
)
 
 
 
(3,416
)
 
(9,796
)
Other comprehensive loss
 
 
 
 

 
(43,012
)
 

 
(43,012
)
Total comprehensive loss
 
 
 
 
(6,380
)

(43,012
)

(3,416
)

(52,808
)
Issuance of common shares
5

 
234

 
 
 
 
 

 
239

Conversion of participating securities
 
 
(4
)
 
 
 
 
 
 
 
(4
)
Dividends declared
 
 
(28,383
)
 
 
 
 
 

 
(28,383
)
Equity-based compensation
 
 

 
 
 
 
 
228

 
228

Equity - March 31, 2019
845


1,001,223


(39,197
)

(43,012
)

53,195


973,054

Net income (loss) for the period
 
 
 
 
20,332

 
 
 
(4,539
)
 
15,793

Other comprehensive income
 
 
 
 

 
77,070

 

 
77,070

Total comprehensive income (loss)
 
 
 
 
20,332

 
77,070

 
(4,539
)
 
92,863

Issuance of common shares
3

 

 
 
 
 
 

 
3

Conversion of participating securities
 
 
(3
)
 
 
 
 
 
 
 
(3
)
Dividends declared
 
 
(28,384
)
 
 
 
 
 

 
(28,384
)
Equity-based compensation