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  Title	FTAI Infrastructure Inc. Reports Fourth Quarter and Full Year 2024 Results, Declares Dividend of $0.03 per Share of Common Stock NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") tod
  ID	7342042
  External ID	7587212743
  Author	Unknown
  Published Date	Feb. 27, 2025, 5:45 p.m.
  Summary	NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. FIP (the "Company" or "FTAI Infrastructure") today reported financial results for the fourth quarter and full year 2024. The Compan
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  URL	https://www.benzinga.com/pressreleases/25/02/g44029730/ftai-infrastructure-inc-reports-fourth-quarter-and-full-year-2024-results-declares-dividend-of-0-0
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  Content ID	4647288
  Key	bda5320c-d655-4844-abaf-dce729e4991f
  Content	NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. 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 $0.03 per share for the quarter ended December 31, 2024, payable on March 26, 2025 to the holders of record on March 14, 2025. 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 ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively; redemption amount of $431.8 million and $446.5 million as of December 31, 2024 and December 31, 2023, respectively) 381,218 325,232 Equity Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 113,934,860 and 1 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 $79,410 and $80,992 and (ii) capitalized contract costs amortization of $4,475 and $549, respectively. Includes the following items for the three months ended December 31, 2024 and 2023: (i) depreciation and amortization expense of $19,234 and $20,415 and (ii) capitalized contract costs amortization of $1,233 and $549, respectively. (2) Includes the following items for the years ended December 31, 2024 and 2023: (i) net loss of $(55,656) and $(23,752), (ii) interest expense of $43,549 and $34,686, (iii) depreciation and amortization expense of $28,115 and $27,685, (iv) acquisition and transaction expenses of $209 and $445, (v) changes in fair value of non-hedge derivative instruments of $(1,488) and $(18,904), (vi) asset impairment of $274 and $1,135, (vii) equity-based compensation of $2 and $5, (viii) loss on modification or extinguishment of debt of $4,724 and $—, (ix) equity method basis adjustments of $65 and $(1,091) and (x) other non-recurring items of $478 and $—, respectively. Includes the following items for the three months ended December 31, 2024 and 2023: (i) net loss of $(16,524) and $(16,469), (ii) interest expense of $10,648 and $9,520, (iii) depreciation and amortization expense of $8,024 and $7,087, (iv) acquisition and transaction expenses of $112 and $138, (v) changes in fair value of non-hedge derivative instruments of $2,906 and $(742), (vi) asset impairment of $— and $1,135, (vii) equity-based compensation of $— and $1 and (viii) equity method basis adjustments of $16 and $(1,091), respectively. (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 $2,470. (4) Includes the following items for the years ended December 31, 2024 and 2023: (i) equity-based compensation of $1,127 and $1,412, (ii) (benefit from) provision for income taxes of $(510) and $578, (iii) interest expense of $11,555 and $7,391, (iv) depreciation and amortization expense of $12,930 and $11,752, (v) changes in fair value of non-hedge derivative instruments of $— and $63, (vi) acquisition and transaction expenses of $7 and $307, (vii) interest and other costs on pension and OPEB liabilities of $(1) and $6, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $2,086 and $— and (x) other recurring items of $— and $4, respectively. Includes the following items for the three months ended December 31, 2024 and 2023: (i) equity-based compensation of $188 and $508, (ii) (benefit from) provision for income taxes of $(136) and $509, (iii) interest expense of $3,649 and $1,833, (iv) depreciation and amortization expense of $3,075 and $2,802, (v) changes in fair value of non-hedge derivative instruments of $— and $2, (vi) acquisition and transaction expenses of $4 and $280, (vii) interest and other costs on pension and OPEB liabilities of $(2) and $3, (viii) loss on modification or extinguishment of debt of $111 and $— and (ix) other recurring items of $— and $1, respectively. 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 $11,254 and $47,872 and (ii) capitalized contract costs amortization of $1,233 and $4,475, respectively. (2) Power and Gas Includes the following items for the three months and year ended December 31, 2024: (i) net loss of $(12,316) and $(37,211), (ii) interest expense of $9,381 and $37,600, (iii) depreciation and amortization expense of $7,328 and $25,353, (iv) acquisition and transaction expenses of $112 and $209, (v) changes in fair value of non-hedge derivative instruments of $2,906 and $(1,488), (vi) asset impairment of $— and $274, (vii) equity-based compensation of $— and $2, (viii) loss on modification or extinguishment of debt of $— and $4,724, (ix) equity method basis adjustments of $16 and $65 and (x) other non-recurring items of $— and $478, respectively. (3) Railroad Includes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of $4 and $9, (ii) provision for income taxes of $9 and $22, (iii) interest expense of $1 and $2, (iv) depreciation and amortization expense of $32 and $88, (v) acquisition and transaction expenses of $1 and $2 and (vi) interest and other costs on pension and OPEB liabilities of $(2) and $(1), respectively. Jefferson Terminal Includes the following items for the three months and year ended December 31, 2024: (i) equity-based compensation of $161 and $989, (ii) benefit from income taxes of $(133) and $(506), (iii) interest expense of $3,578 and $11,454, (iv) depreciation and amortization expense of $2,890 and $12,236, (v) acquisition and transaction expenses of $3 and $5 and (vi) loss on modification or extinguishment of debt of $111 and $2,086, respectively. Repauno Includes the following items for the three months and year ended ended December 31, 2024: (i) equity-based compensation of $23 and $129, (ii) benefit from income taxes of $(12) and $(26), (iii) interest expense of $70 and $99 and (iv) depreciation and amortization expense of $153 and $606, respectively.
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