FTAI Infrastructure Inc. Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.03 per Share of Common Stock
FTAI Infrastructure (NASDAQ:FIP) has announced its Q4 and full year 2024 results, declaring a quarterly dividend of $0.03 per share payable on March 26, 2025. The company reported significant business developments across its portfolio:
Key highlights include the completion of debt refinancing and acquisition of a 49.9% stake in Long Ridge, expected to generate $160 million in annual Adjusted EBITDA. At Repauno, a second contract for phase two NGL exports was secured, with contracted annual Adjusted EBITDA of approximately $50 million. Jefferson's three long-term contracts, commencing in spring/summer, are projected to contribute $25 million in annual Adjusted EBITDA. The company is also actively pursuing M&A opportunities at Transtar.
FTAI Infrastructure (NASDAQ:FIP) ha annunciato i risultati del quarto trimestre e dell'intero anno 2024, dichiarando un dividendo trimestrale di $0,03 per azione che sarà pagato il 26 marzo 2025. L'azienda ha riportato sviluppi significativi nel suo portafoglio:
I punti salienti includono il completamento del rifinanziamento del debito e l'acquisizione di una partecipazione del 49,9% in Long Ridge, che si prevede genererà $160 milioni di EBITDA rettificato annuale. A Repauno, è stato assicurato un secondo contratto per le esportazioni di NGL della fase due, con un EBITDA rettificato annuale contrattato di circa $50 milioni. I tre contratti a lungo termine di Jefferson, che inizieranno in primavera/estate, sono previsti per contribuire con $25 milioni di EBITDA rettificato annuale. L'azienda sta anche attivamente cercando opportunità di M&A presso Transtar.
FTAI Infrastructure (NASDAQ:FIP) ha anunciado sus resultados del cuarto trimestre y del año completo 2024, declarando un dividendo trimestral de $0,03 por acción que se pagará el 26 de marzo de 2025. La compañía reportó desarrollos comerciales significativos en su cartera:
Los aspectos más destacados incluyen la finalización del refinanciamiento de deudas y la adquisición de una participación del 49,9% en Long Ridge, que se espera genere $160 millones en EBITDA ajustado anual. En Repauno, se aseguró un segundo contrato para las exportaciones de NGL de la fase dos, con un EBITDA ajustado anual contratado de aproximadamente $50 millones. Los tres contratos a largo plazo de Jefferson, que comenzarán en primavera/verano, se proyecta que contribuirán con $25 millones en EBITDA ajustado anual. La empresa también está buscando activamente oportunidades de M&A en Transtar.
FTAI Infrastructure (NASDAQ:FIP)는 2024년 4분기 및 연간 실적을 발표하며, 2025년 3월 26일에 지급될 주당 $0.03의 분기 배당금을 선언했습니다. 회사는 포트폴리오 전반에 걸쳐 중요한 사업 발전을 보고했습니다:
주요 하이라이트로는 부채 재융자 완료와 Long Ridge의 49.9% 지분 인수가 있으며, 이는 연간 조정 EBITDA $160백만을 생성할 것으로 예상됩니다. Repauno에서는 2단계 NGL 수출을 위한 두 번째 계약이 체결되었으며, 계약된 연간 조정 EBITDA는 약 $50백만입니다. Jefferson의 세 개의 장기 계약은 봄/여름에 시작되며, 연간 조정 EBITDA $25백만을 기여할 것으로 예상됩니다. 회사는 또한 Transtar에서 M&A 기회를 적극적으로 모색하고 있습니다.
FTAI Infrastructure (NASDAQ:FIP) a annoncé ses résultats du quatrième trimestre et de l'année complète 2024, déclarant un dividende trimestriel de $0,03 par action payable le 26 mars 2025. L'entreprise a rapporté des développements commerciaux significatifs dans son portefeuille :
Les points saillants incluent l'achèvement du refinancement de la dette et l'acquisition d'une participation de 49,9 % dans Long Ridge, qui devrait générer $160 millions d'EBITDA ajusté annuel. À Repauno, un deuxième contrat pour les exportations de NGL de la phase deux a été sécurisé, avec un EBITDA ajusté annuel contracté d'environ $50 millions. Les trois contrats à long terme de Jefferson, qui commenceront au printemps/été, devraient contribuer $25 millions d'EBITDA ajusté annuel. L'entreprise recherche également activement des opportunités de fusions et acquisitions chez Transtar.
FTAI Infrastructure (NASDAQ:FIP) hat seine Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 bekannt gegeben und eine vierteljährliche Dividende von $0,03 pro Aktie erklärt, die am 26. März 2025 zahlbar ist. Das Unternehmen berichtete über bedeutende Geschäftsentwicklungen in seinem Portfolio:
Zu den wichtigsten Punkten gehört der Abschluss der Schuldenrefinanzierung und die Übernahme eines 49,9% Anteils an Long Ridge, der voraussichtlich $160 Millionen an jährlichem bereinigtem EBITDA generieren wird. In Repauno wurde ein zweiter Vertrag für die NGL-Exporte der Phase zwei gesichert, mit einem vertraglich vereinbarten jährlichen bereinigten EBITDA von etwa $50 Millionen. Die drei langfristigen Verträge von Jefferson, die im Frühjahr/Sommer beginnen, sollen voraussichtlich $25 Millionen an jährlichem bereinigtem EBITDA beitragen. Das Unternehmen verfolgt auch aktiv M&A-Möglichkeiten bei Transtar.
- Acquired 49.9% stake in Long Ridge with $160M annual Adjusted EBITDA potential
- Secured second contract at Repauno worth $50M annual Adjusted EBITDA
- New Jefferson contracts to add $25M annual Adjusted EBITDA
- Active M&A pipeline at Transtar
- Relatively low quarterly dividend of $0.03 per share
Insights
FTAI Infrastructure's latest announcement reveals significant operational momentum across its asset portfolio, though notably absent are the actual Q4 and full-year 2024 financial figures despite being mentioned in the title. The company declared a
The most substantial development is FTAI's consolidation of ownership in Long Ridge through debt refinancing and acquisition of the remaining
Revenue diversification continues with Repauno securing a second contract for phase two NGL exports, with both contracts now expected to contribute approximately
The company's mention of "multiple M&A opportunities in active market at Transtar" suggests potential for additional growth through acquisition, though specific targets or transaction sizes remain undisclosed. These operational developments collectively point to FTAI's focus on building stable, contracted revenue streams across its infrastructure portfolio, which should support dividend sustainability and potentially create a foundation for future dividend growth.
NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2024. 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 | Three Months Ended December 31, 2024 | Year Ended December 31, 2024 | |||||
| Net Loss Attributable to Stockholders | $ | (137,236 | ) | $ | (298,139 | ) | |
| Basic Loss per Share of Common Stock | $ | (1.24 | ) | $ | (2.75 | ) | |
| Diluted Loss per Share of Common Stock | $ | (1.24 | ) | $ | (2.75 | ) | |
| Adjusted EBITDA (1) | $ | 29,173 | $ | 127,588 | |||
| Adjusted EBITDA - Four Core Segments (1)(2) | $ | 39,777 | $ | 161,281 | |||
_______________________________
| (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. |
Fourth Quarter 2024 Dividends
On February 27, 2025, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of
Business Highlights
- Closed debt refinancing and purchase of
49.9% third-party stake in Long Ridge; now expect to generate approximately$160 million of annual Adjusted EBITDA at Long Ridge going forward. - Signed second contract at Repauno for phase two NGL exports; now contracted for approximately
$50 million of annual Adjusted EBITDA. - Revenue under three long-term contracts at Jefferson commencing this spring and summer, expected to contribute approximately
$25 million of annual Adjusted EBITDA. - Pursuing multiple M&A opportunities in active market at Transtar.
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 Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Friday, February 28, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIbd4cd7169e8b41e38ce81294e421c670. 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, February 28, 2025 through 11:30 A.M. on Friday, March 7, 2025 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, the ability for Transtar to make any acquisitions and the ability of Long Ridge to reach its annual Adjusted EBITDA targets. 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.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com
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 December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | |||||||||||||||
| Total revenues | $ | 80,764 | $ | 81,440 | $ | 331,497 | $ | 320,472 | |||||||
| Expenses | |||||||||||||||
| Operating expenses | 59,108 | 57,319 | 247,674 | 253,672 | |||||||||||
| General and administrative | 4,108 | 3,445 | 14,798 | 12,833 | |||||||||||
| Acquisition and transaction expenses | 1,084 | 2,586 | 5,457 | 4,140 | |||||||||||
| Management fees and incentive allocation to affiliate | 2,734 | 3,163 | 11,318 | 12,467 | |||||||||||
| Depreciation and amortization | 19,234 | 20,415 | 79,410 | 80,992 | |||||||||||
| Asset impairment | 72,336 | — | 72,336 | 743 | |||||||||||
| Total expenses | 158,604 | 86,928 | 430,993 | 364,847 | |||||||||||
| Other (expense) income | |||||||||||||||
| Equity in losses of unconsolidated entities | (16,498 | ) | (17,534 | ) | (55,496 | ) | (24,707 | ) | |||||||
| (Loss) gain on sale of assets, net | (225 | ) | 6,595 | 2,370 | 6,855 | ||||||||||
| Loss on modification or extinguishment of debt | (502 | ) | (16 | ) | (8,925 | ) | (2,036 | ) | |||||||
| Interest expense | (33,312 | ) | (26,172 | ) | (122,108 | ) | (99,603 | ) | |||||||
| Other income | 5,039 | 2,608 | 20,904 | 6,586 | |||||||||||
| Total other expense | (45,498 | ) | (34,519 | ) | (163,255 | ) | (112,905 | ) | |||||||
| Loss before income taxes | (123,338 | ) | (40,007 | ) | (262,751 | ) | (157,280 | ) | |||||||
| Provision for (benefit from) income taxes | 5,013 | (90 | ) | 6,993 | 2,470 | ||||||||||
| Net loss | (128,351 | ) | (39,917 | ) | (269,744 | ) | (159,750 | ) | |||||||
| Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (10,366 | ) | (8,313 | ) | (42,419 | ) | (38,414 | ) | |||||||
| Less: Dividends and accretion of redeemable preferred stock | 19,251 | 16,589 | 70,814 | 62,400 | |||||||||||
| Net loss attributable to stockholders | $ | (137,236 | ) | $ | (48,193 | ) | $ | (298,139 | ) | $ | (183,736 | ) | |||
| Loss per share: | |||||||||||||||
| Basic | $ | (1.24 | ) | $ | (0.47 | ) | $ | (2.75 | ) | $ | (1.78 | ) | |||
| Diluted | $ | (1.24 | ) | $ | (0.47 | ) | $ | (2.75 | ) | $ | (1.79 | ) | |||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 113,856,854 | 103,426,793 | 108,217,871 | 102,960,812 | |||||||||||
| Diluted | 113,856,854 | 103,426,793 | 108,217,871 | 102,960,812 | |||||||||||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 27,785 | $ | 29,367 | |||
| Restricted cash and cash equivalents | 119,511 | 58,112 | |||||
| Accounts receivable, net | 52,994 | 55,990 | |||||
| Other current assets | 19,561 | 42,034 | |||||
| Total current assets | 219,851 | 185,503 | |||||
| Leasing equipment, net | 37,453 | 35,587 | |||||
| Operating lease right-of-use assets, net | 67,937 | 69,748 | |||||
| Property, plant, and equipment, net | 1,653,468 | 1,630,829 | |||||
| Investments | 12,529 | 72,701 | |||||
| Intangible assets, net | 46,229 | 52,621 | |||||
| Goodwill | 275,367 | 275,367 | |||||
| Other assets | 61,554 | 57,253 | |||||
| Total assets | $ | 2,374,388 | $ | 2,379,609 | |||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 176,425 | $ | 130,796 | |||
| Debt, net | 48,594 | — | |||||
| Operating lease liabilities | 7,172 | 7,218 | |||||
| Other current liabilities | 18,603 | 12,623 | |||||
| Total current liabilities | 250,794 | 150,637 | |||||
| Debt, net | 1,539,241 | 1,340,910 | |||||
| Operating lease liabilities | 60,893 | 62,441 | |||||
| Other liabilities | 70,784 | 87,530 | |||||
| Total liabilities | 1,921,712 | 1,641,518 | |||||
| Commitments and contingencies | |||||||
| Redeemable preferred stock ( 300,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively; redemption amount of 2024 and December 31, 2023, respectively) | 381,218 | 325,232 | |||||
| Equity | |||||||
| Common stock ( 00,589,572 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively) | 1,139 | 1,006 | |||||
| Additional paid in capital | 764,381 | 843,971 | |||||
| Accumulated deficit | (409,498 | ) | (182,173 | ) | |||
| Accumulated other comprehensive loss | (157,051 | ) | (178,515 | ) | |||
| Stockholders' equity | 198,971 | 484,289 | |||||
| Non-controlling interests in equity of consolidated subsidiaries | (127,513 | ) | (71,430 | ) | |||
| Total equity | 71,458 | 412,859 | |||||
| Total liabilities, redeemable preferred stock and equity | $ | 2,374,388 | $ | 2,379,609 | |||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollar amounts in thousands, unless otherwise noted) | ||||||||
| Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (269,744 | ) | $ | (159,750 | ) | ||
| Equity in losses of unconsolidated entities | 55,496 | 24,707 | ||||||
| Gain on sale of assets, net | (2,370 | ) | (6,855 | ) | ||||
| Loss on modification or extinguishment of debt | 8,925 | 2,036 | ||||||
| Gain on sale of easement | (3,486 | ) | — | |||||
| Equity-based compensation | 8,636 | 9,199 | ||||||
| Depreciation and amortization | 79,410 | 80,992 | ||||||
| Asset impairment | 72,336 | 743 | ||||||
| Change in deferred income taxes | 5,600 | 2,016 | ||||||
| Change in fair value of non-hedge derivatives | — | 1,125 | ||||||
| Amortization of deferred financing costs | 6,248 | 6,769 | ||||||
| Bad debt expense | 863 | 1,977 | ||||||
| Amortization of bond discount | 8,682 | 4,853 | ||||||
| Change in: | ||||||||
| Accounts receivable | 2,133 | 2,840 | ||||||
| Other assets | (1,976 | ) | 25,183 | |||||
| Accounts payable and accrued liabilities | 20,970 | 8,553 | ||||||
| Other liabilities | (7,001 | ) | 1,125 | |||||
| Net cash (used in) provided by operating activities | (15,278 | ) | 5,513 | |||||
| Cash flows from investing activities: | ||||||||
| Investment in unconsolidated entities | (3,826 | ) | (7,077 | ) | ||||
| Acquisition of business, net of cash acquired | — | (4,448 | ) | |||||
| Acquisition of leasing equipment | (3,288 | ) | (1,724 | ) | ||||
| Acquisition of property, plant and equipment | (79,536 | ) | (99,022 | ) | ||||
| Investment in promissory notes | (31,438 | ) | (36,044 | ) | ||||
| Investment in equity instruments | (5,000 | ) | — | |||||
| Proceeds from sale of leasing equipment | — | 105 | ||||||
| Proceeds from insurance recoveries | 267 | — | ||||||
| Proceeds from sale of property, plant and equipment | 1,198 | 1,087 | ||||||
| Proceeds from sale of easement | 3,486 | — | ||||||
| Net cash used in investing activities | (118,137 | ) | (147,123 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from debt, net | 498,426 | 181,350 | ||||||
| Repayment of debt | (247,594 | ) | (75,131 | ) | ||||
| Payment of financing costs | (11,438 | ) | (8,834 | ) | ||||
| Distributions to non-controlling interests | (15,039 | ) | (1,647 | ) | ||||
| Settlement of equity-based compensation | (3,335 | ) | (2,161 | ) | ||||
| Cash dividends - common stock | (13,124 | ) | (12,372 | ) | ||||
| Cash dividends - redeemable preferred stock | (14,664 | ) | (1,758 | ) | ||||
| Net cash provided by financing activities | 193,232 | 79,447 | ||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 59,817 | (62,163 | ) | |||||
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 87,479 | 149,642 | ||||||
| Cash and cash equivalents and restricted cash and cash equivalents, end of period | $ | 147,296 | $ | 87,479 | ||||
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 stockholders, 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 and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of 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.
The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023:
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net loss attributable to stockholders | $ | (137,236 | ) | $ | (48,193 | ) | $ | (298,139 | ) | $ | (183,736 | ) | |||
| Add: Provision for (benefit from) income taxes | 5,013 | (90 | ) | 6,993 | 2,470 | ||||||||||
| Add: Equity-based compensation expense | 1,868 | 3,385 | 8,636 | 9,199 | |||||||||||
| Add: Acquisition and transaction expenses | 1,084 | 2,586 | 5,457 | 4,140 | |||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 502 | 16 | 8,925 | 2,036 | |||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | — | 1,125 | |||||||||||
| Add: Asset impairment charges | 70,401 | — | 70,401 | 743 | |||||||||||
| Add: Incentive allocations | — | — | — | — | |||||||||||
| Add: Depreciation & amortization expense(1) | 20,467 | 20,964 | 83,885 | 81,541 | |||||||||||
| Add: Interest expense | 33,312 | 26,172 | 122,108 | 99,603 | |||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | 5,182 | (421 | ) | 20,272 | 20,209 | ||||||||||
| Add: Dividends and accretion of redeemable preferred stock | 19,251 | 16,589 | 70,814 | 62,400 | |||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (280 | ) | 690 | (66 | ) | 2,130 | |||||||||
| Add: Other non-recurring items(3) | — | — | — | 2,470 | |||||||||||
| Less: Equity in losses of unconsolidated entities | 16,498 | 17,534 | 55,496 | 24,707 | |||||||||||
| Less: Non-controlling share of Adjusted EBITDA(4) | (6,889 | ) | (5,938 | ) | (27,194 | ) | (21,515 | ) | |||||||
| Adjusted EBITDA (Non-GAAP) | $ | 29,173 | $ | 33,294 | $ | 127,588 | $ | 107,522 | |||||||
_______________________________
| (1) | Includes the following items for the years ended December 31, 2024 and 2023: (i) depreciation and amortization expense of Includes the following items for the three months ended December 31, 2024 and 2023: (i) depreciation and amortization expense of |
| (2) | Includes the following items for the years ended December 31, 2024 and 2023: (i) net loss of Includes the following items for the three months ended December 31, 2024 and 2023: (i) net loss of |
| (3) | Includes the following items for the year ended December 31, 2023: certain non-cash expenses related to cancellation of restricted shares and Railroad severance expense of |
| (4) | Includes the following items for the years ended December 31, 2024 and 2023: (i) equity-based compensation of Includes the following items for the three months ended December 31, 2024 and 2023: (i) equity-based compensation of |
The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2024:
| Three Months Ended December 31, 2024 | |||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
| Net income (loss) attributable to stockholders | $ | 12,165 | $ | (15,030 | ) | $ | (4,179 | ) | $ | (10,037 | ) | $ | (17,081 | ) | |||||
| Add: Provision for (benefit from) income taxes | 1,334 | 3,605 | (197 | ) | — | 4,742 | |||||||||||||
| Add: Equity-based compensation expense | 674 | 700 | 377 | — | 1,751 | ||||||||||||||
| Add: Acquisition and transaction expenses | 94 | 13 | — | 214 | 321 | ||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | 502 | — | — | 502 | ||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | ||||||||||||||
| Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
| Add: Depreciation & amortization expense(1) | 5,392 | 12,487 | 2,501 | — | 20,380 | ||||||||||||||
| Add: Interest expense | 61 | 15,407 | 1,137 | — | 16,605 | ||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | — | — | — | 7,427 | 7,427 | ||||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | ||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (280 | ) | — | — | — | (280 | ) | ||||||||||||
| Add: Other non-recurring items | — | — | — | — | — | ||||||||||||||
| Less: Equity in losses of unconsolidated entities | — | — | — | 12,299 | 12,299 | ||||||||||||||
| Less: Non-controlling share of Adjusted EBITDA(3) | (45 | ) | (6,610 | ) | (234 | ) | — | (6,889 | ) | ||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 19,395 | $ | 11,074 | $ | (595 | ) | $ | 9,903 | $ | 39,777 | ||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
| Net income (loss) attributable to stockholders | $ | 56,917 | $ | (48,311 | ) | $ | (17,586 | ) | $ | (29,199 | ) | $ | (38,179 | ) | |||||
| Add: Provision for (benefit from) income taxes | 4,692 | 2,013 | (431 | ) | — | 6,274 | |||||||||||||
| Add: Equity-based compensation expense | 1,801 | 4,233 | 2,108 | — | 8,142 | ||||||||||||||
| Add: Acquisition and transaction expenses | 526 | 23 | — | 2,293 | 2,842 | ||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | 8,925 | — | — | 8,925 | ||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | ||||||||||||||
| Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
| Add: Depreciation & amortization expense(1) | 20,200 | 52,347 | 9,914 | — | 82,461 | ||||||||||||||
| Add: Interest expense | 306 | 49,001 | 1,617 | — | 50,924 | ||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | — | — | — | 30,006 | 30,006 | ||||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | ||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (66 | ) | — | — | — | (66 | ) | ||||||||||||
| Add: Other non-recurring items | — | — | — | — | — | ||||||||||||||
| Less: Equity in losses of unconsolidated entities | — | — | — | 37,146 | 37,146 | ||||||||||||||
| Less: Non-controlling share of Adjusted EBITDA(3) | (122 | ) | (26,264 | ) | (808 | ) | — | (27,194 | ) | ||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 84,254 | $ | 41,967 | $ | (5,186 | ) | $ | 40,246 | $ | 161,281 | ||||||||
_______________________________
| (1) | Jefferson Terminal Includes the following items for the three months and year ended December 31, 2024: (i) depreciation and amortization expense of |
| (2) | Power and Gas Includes the following items for the three months and year ended December 31, 2024: (i) net loss of |
| (3) | Railroad Includes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of Jefferson Terminal Includes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of Repauno Includes the following items for the three months and year ended ended December 31, 2024: (i) equity-based compensation of |
FAQ
What is the dividend amount and payment date for FTAI Infrastructure (FIP) Q4 2024?
How much annual Adjusted EBITDA does FIP expect from Long Ridge after the recent refinancing?
What is the expected annual Adjusted EBITDA from Repauno's phase two NGL exports?
How much revenue will Jefferson's new contracts generate for FIP?
