Company Quick10K Filing
Quick10K
Fortress Transportation & Infrastructure Investors
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$14.87 85 $1,259
10-Q 2019-09-30 Quarter: 2019-09-30
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 2019-11-19 Enter Agreement, Other Events, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-09-12 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-09-05 Enter Agreement, Exhibits
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 2019-02-27 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
HEES H&E Equipment Services 860
MITT AG Mortgage Investment Trust 504
MRBK Mercantile Bankshares 110
IFRX Inflarx 72
ACV Alberto-Culver 0
PFLT Pennantpark Floating Rate Capital 0
FIF Financial Federal 0
GAIN Gladstone Investment Corporation 0
BKCC Blackrock Capital Investment 0
DRIV Digital River 0
FTAI 2019-09-30
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 ftai9302019exhibit311.htm
EX-31.2 ftai9302019exhibit312.htm
EX-32.1 ftai9302019exhibit321.htm
EX-32.2 ftai9302019exhibit322.htm

Fortress Transportation & Infrastructure Investors Earnings 2019-09-30

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 September 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

logoa16.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
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
 
FTAI PR A
 
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 October 29, 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

September 30, 2019
 
December 31, 2018
Assets





Cash and cash equivalents
2

$
99,343


$
99,601

Restricted cash
2

51,241


21,236

Accounts receivable, net


61,970


53,789

Leasing equipment, net
3

1,498,679


1,432,210

Operating lease right-of-use assets, net
12
 
42,590

 

Finance leases, net
4

8,620


18,623

Property, plant, and equipment, net
5

945,052


708,853

Investments
6

51,109


40,560

Intangible assets, net
7

30,182


38,513

Goodwill


116,584


116,584

Other assets
2

229,643


108,809

Total assets


$
3,135,013


$
2,638,778







Liabilities





Accounts payable and accrued liabilities


$
135,155


$
112,188

Debt, net
8

1,582,262


1,237,347

Maintenance deposits
 

197,989


158,163

Security deposits
 

42,761


38,539

Operating lease liabilities
12
 
43,036

 

Other liabilities


28,158


38,759

Total liabilities


$
2,029,361


$
1,584,996







Commitments and contingencies
18










Equity





Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 84,903,138 and 84,050,889 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively)


$
849


$
840

Preferred shares ($0.01 par value per share; 3,450,000 shares authorized; 3,450,000 and 0 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively)
 
 
35

 

Additional paid in capital


1,027,451


1,029,376

Retained earnings (accumulated deficit)

 
6,806

 
(32,817
)
Accumulated other comprehensive income


25,474



Shareholders' equity


1,060,615


997,399

Non-controlling interest in equity of consolidated subsidiaries


45,037


56,383

Total equity


1,105,652


1,053,782

Total liabilities and equity


$
3,135,013


$
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 September 30,

Nine Months Ended September 30,
 
Notes

2019

2018

2019

2018
Revenues









Equipment leasing revenues


$
87,259


$
70,890


$
238,911


$
186,004

Infrastructure revenues


74,962


30,265


206,942


55,974

Total revenues
11

162,221


101,155


445,853


241,978











Expenses









Operating expenses


89,368


41,667


244,049


96,839

General and administrative


6,284


4,012


15,313


12,171

Acquisition and transaction expenses


5,618


1,460


9,400


4,734

Management fees and incentive allocation to affiliate
15

7,378


3,846


16,926


12,080

Depreciation and amortization
3, 5, 7

43,744


34,422


125,877


96,853

Interest expense


25,488


15,142


72,263


39,870

Total expenses


177,880


100,549


483,828


262,547











Other income (expense)









Equity in losses of unconsolidated entities
6

(974
)

(442
)

(1,527
)

(598
)
Gain on sale of equipment, net


37,061


262


61,416


5,253

Interest income


121


111


452


361

Other income


1,131


737


3,465


2,074

Total other income


37,339


668


63,806


7,090











Income (loss) before income taxes


21,680


1,274


25,831


(13,479
)
Provision for (benefit from) income taxes
14

1,004


551


(842
)

1,580

Net income (loss)


20,676


723


26,673


(15,059
)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries


(4,995
)

(3,855
)

(12,950
)

(19,904
)
Net income attributable to shareholders


$
25,671


$
4,578


$
39,623


$
4,845















Earnings per common share
17

 

 

 

 
Basic
 

$
0.30

 
$
0.05

 
$
0.46

 
$
0.06

Diluted
 
 
$
0.30

 
$
0.05

 
$
0.46

 
$
0.06

 
 
 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding:
 
 
 
 
 
 
 
 
 
Basic
 

85,996,067


84,708,071


85,990,131


83,178,546

Diluted
 
 
86,005,604

 
84,709,656

 
86,013,539

 
83,179,181













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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
20,676

 
$
723

 
$
26,673

 
$
(15,059
)
Other comprehensive income (loss), net of deferred tax:
 
 
 
 
 
 
 
Change in fair value of cash flow hedge, net (1)
(8,584
)
 

 
25,474

 

Comprehensive income (loss)
12,092

 
723

 
52,147

 
(15,059
)
Comprehensive loss attributable to non-controlling interest
(4,995
)
 
(3,855
)
 
(12,950
)
 
(19,904
)
Comprehensive income attributable to shareholders
$
17,087

 
$
4,578

 
$
65,097

 
$
4,845

________________________________________________________
(1) Net of deferred tax (benefit) expense of $(2,282) and $3,904 for the three and nine months ended September 30, 2019, respectively.


















































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 Nine Months Ended September 30, 2019
 
Common Shares
 
Preferred Shares
 
Additional Paid In Capital
 
Retained Earnings (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 income (loss) for the period
 
 
 
 
 
 
13,952

 
 
 
(7,955
)
 
5,997

Other comprehensive income
 
 
 
 
 
 

 
34,058

 

 
34,058

Total comprehensive income (loss)
 
 
 
 
 
 
13,952


34,058


(7,955
)

40,055

Issuance of common shares
8

 
 
 
234

 
 
 
 
 

 
242

Conversion of participating securities
 
 
 
 
(7
)
 
 
 
 
 
 
 
(7
)
Dividends declared - common shares
 
 
 
 
(56,767
)
 
 
 
 
 

 
(56,767
)
Equity-based compensation
 
 
 
 

 
 
 
 
 
928