Jefferson Energy's Main Terminal is a 6.2 MMbbl storage terminal and multi-modal transloading facility situated on a 250-acre site on the Neches River, handling crude oil and refined products with pipeline connectivity to the 630,000 bbl/day Motiva Port Arthur Refinery and the 630,000 bbl/day ExxonMobil Beaumont Refinery. Jefferson Energy's Main Terminal has three docks capable of handling barges, Aframax, and Suezmax vessels for inbound/outbound product movements, and over 23 miles of rail track, with four ...

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 March 31, 2024 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 001-41370 FTAI INFRASTRUCTURE INC. (Exact name of registrant as specified in its charter) | Delaware | | 87-4407005 | | | --- | --- | ...

1) This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 17 Jefferson Terminal (unaudited) Three Months Ended | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------|-------------|-----------|-------------|--------------|------------|-------|-----------| | ($s in thousands) \nRevenues | | | 3/31/2023 | 6/30/2023 | 9/30/20 ...

[Press Release Summary](index=1&type=section&id=Press%20Release%20Summary) FTAI Infrastructure's Q1 2024 results show a net loss, declared dividends, and strong operational performance across key segments like Transtar and Long Ridge [Financial Overview](index=1&type=section&id=Financial%20Overview) For the first quarter of 2024, FTAI Infrastructure reported a net loss attributable to stockholders of $56.6 million, or ($0.54) per share, with Adjusted EBITDA at $27.2 million, and core segments contributing $37.2 million Q1 2024 Selected Financial Results | Selected Financial Results | Q1'24 (USD in thousands, except per share) | | :--- | :--- | | Net Loss Attributable to Stockholders | $(56,582) | | Basic and Diluted Loss per Share | $(0.54) | | Adjusted EBITDA | $27,231 | | Adjusted EBITDA - Four core segments | $37,168 | [First Quarter 2024 Dividends](index=1&type=section&id=First%20Quarter%202024%20Dividends) The Board of Directors declared a cash dividend of $0.03 per share of common stock for the first quarter of 2024 - A cash dividend of **$0.03 per share** was declared for Q1 2024, payable on May 29, 2024, to shareholders of record on May 17, 2024[4](index=4&type=chunk) [Business Highlights](index=1&type=section&id=Business%20Highlights) The company reported strong operational performance across its key segments, with Transtar achieving record quarterly revenue, Jefferson Terminal volumes at record levels post-turnaround, and Long Ridge experiencing high demand from the AI data center sector - **Transtar** achieved a new quarterly revenue record of **$46.3 million**, with strong momentum expected to continue into Q2[8](index=8&type=chunk) - **Jefferson Terminal** Q1 revenue was **$18.6 million**, impacted by a customer turnaround, but post-turnaround, volumes and revenue are at record levels[8](index=8&type=chunk) - **Long Ridge** operated at a high **98% capacity factor** and is seeing rapidly increasing demand from the AI data center space, with several long-term contracts nearing completion[8](index=8&type=chunk) [Exhibit - Financial Statements](index=3&type=section&id=Exhibit%20-%20Financial%20Statements) This section presents the company's consolidated financial statements, including statements of operations, balance sheets, and cash flows for the reported periods [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 2024, total revenues increased to $82.5 million from $76.5 million year-over-year, but the net loss attributable to stockholders widened to $56.6 million from $40.6 million in Q1 2023, driven by higher total expenses and a significant negative swing in equity earnings of unconsolidated entities Q1 2024 vs Q1 2023 Statement of Operations (USD in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $82,535 | $76,494 | | Total expenses | $93,884 | $91,890 | | Loss before income taxes | $(48,492) | $(34,183) | | Net loss | $(50,297) | $(35,912) | | Net loss attributable to stockholders | $(56,582) | $(40,589) | | Diluted Loss per share | $(0.54) | $(0.40) | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2024, total assets stood at $2.34 billion, a slight decrease from $2.38 billion at the end of 2023, while total liabilities increased to $1.68 billion, contributing to a decrease in total stockholders' equity to $402.5 million from $484.3 million Balance Sheet Comparison (USD in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $164,531 | $185,503 | | Total assets | $2,344,681 | $2,379,609 | | Total current liabilities | $239,767 | $150,637 | | Total liabilities | $1,681,940 | $1,641,518 | | Stockholders' equity | $402,549 | $484,289 | | Total equity | $320,534 | $412,859 | [Consolidated Statements of Cash Flows](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2024, net cash used in operating activities was $3.9 million, an improvement from $12.1 million used in Q1 2023, with cash used in investing activities decreasing significantly to $18.8 million from $66.8 million year-over-year, ending the period with a cash and restricted cash balance of $64.3 million Cash Flow Summary (USD in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,883) | $(12,144) | | Net cash used in investing activities | $(18,846) | $(66,842) | | Net cash (used in) provided by financing activities | $(454) | $37,777 | | Net decrease in cash | $(23,183) | $(41,209) | | Cash, end of period | $64,296 | $108,433 | [Key Performance Measures (Non-GAAP)](index=6&type=section&id=Key%20Performance%20Measures) This section provides non-GAAP financial measures, including the reconciliation of net loss to Adjusted EBITDA and a breakdown of Adjusted EBITDA by core segment [Reconciliation of Net Loss to Adjusted EBITDA](index=6&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) The company's Adjusted EBITDA, a key non-GAAP performance measure, increased to $27.2 million in Q1 2024 from $21.9 million in Q1 2023, with the reconciliation from net loss attributable to stockholders including significant add-backs for depreciation & amortization ($21.1M), interest expense ($27.6M), and dividends on preferred stock ($17.0M) Adjusted EBITDA Reconciliation (USD in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss attributable to stockholders | $(56,582) | $(40,589) | | Add: Depreciation & amortization expense | $21,097 | $20,135 | | Add: Interest expense | $27,593 | $23,250 | | Add: Pro-rata share of Adj. EBITDA from unconsolidated entities | $6,257 | $8,190 | | Add: Dividends and accretion of redeemable preferred stock | $16,975 | $14,570 | | Less: Equity in (losses) earnings of unconsolidated entities | $11,902 | $(4,366) | | **Adjusted EBITDA (non-GAAP)** | **$27,231** | **$21,896** | [Segment Adjusted EBITDA](index=7&type=section&id=Segment%20Adjusted%20EBITDA) For Q1 2024, the four core segments generated a combined Adjusted EBITDA of $37.2 million, with the Railroad segment as the primary contributor at $21.7 million, followed by Power and Gas at $10.4 million, Jefferson Terminal at $6.8 million, and Repauno at a negative ($1.7) million Q1 2024 Adjusted EBITDA by Core Segment (USD in thousands) | Segment | Adjusted EBITDA (USD in thousands) | | :--- | :--- | | Railroad | $21,658 | | Jefferson Terminal | $6,801 | | Repauno | $(1,683) | | Power and Gas | $10,392 | | **Total Four Core Segments** | **$37,168** |

Part I [Business](index=8&type=section&id=Item%201.%20Business) FTAI Infrastructure Inc. acquires and operates critical infrastructure assets across four primary business lines, with Railroad and Ports and Terminals driving 2023 revenue - The company operates through four main business lines: **Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition**[17](index=17&type=chunk) FY 2023 Revenue Contribution by Business Line | Business Line | Revenue Contribution (%) | | :--- | :--- | | Railroad | 53% | | Ports and Terminals | 26% | | Corporate and other | 21% | - The company is externally managed by FIG LLC, an affiliate of Fortress Investment Group LLC, receiving an annual management fee of **1.50% of average total equity**[23](index=23&type=chunk) - In FY 2023, the largest customer accounted for **51% of total revenue** and **30% of total accounts receivable**[46](index=46&type=chunk) [Our Portfolio](index=9&type=section&id=Our%20Portfolio) The company's portfolio is structured across its primary business lines, encompassing railroads, multi-modal terminals, power generation, and green technology investments - **Railroad:** Includes **six short-line freight railroads** under Transtar, with a **15-year exclusive strategic rail partnership** with U.S. Steel Corporation[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - **Ports and Terminals:** Features Jefferson Terminal with **6.2 million barrels of storage** and Repauno, a **1,600-acre deep-water port** with underground storage[28](index=28&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) - **Power and Gas:** Consists of an equity investment in Long Ridge Energy & Power, operating a **485 MW combined-cycle power plant** and developing hydrogen blending capabilities[33](index=33&type=chunk)[34](index=34&type=chunk) - **Sustainability and Energy Transition:** Focuses on green technology investments such as **lithium-ion battery recycling (Aleon)**, **waste-to-fuel conversion (Clean Planet USA)**, and **carbon capture (CarbonFree)**[37](index=37&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks related to business operations, capital structure, external management, spin-off, and common stock, compounded by a material internal control weakness - **Business Risks:** Exposure to macroeconomic conditions, industry oversupply, competition, and significant customer concentration, with one Railroad customer accounting for **51% of 2023 revenue**[303](index=303&type=chunk)[305](index=305&type=chunk)[93](index=93&type=chunk) - **Internal Control Weakness:** A material weakness was identified in internal control over financial reporting regarding the review of cash flow projections for the **Jefferson Terminal goodwill impairment test** as of October 1, 2023[93](index=93&type=chunk) - **Manager-related Risks:** Dependence on its external manager, an affiliate of Fortress, creates potential conflicts of interest due to overlapping investment objectives[99](index=99&type=chunk)[100](index=100&type=chunk)[102](index=102&type=chunk) - **Capital Structure Risks:** Restrictive debt covenants and Series A Redeemable Preferred Stock obligations may limit flexibility, with potential for preferred stockholders to elect a majority of the board if cash dividends are not paid after **August 1, 2024**[85](index=85&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - **Spin-off Risks:** Potential failure to achieve expected benefits from the spin-off from FTAI and conflicts of interest due to overlapping directors and officers[105](index=105&type=chunk)[109](index=109&type=chunk) [Unresolved Staff Comments](index=34&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None reported[132](index=132&type=chunk) [Cybersecurity](index=34&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity is overseen by the CEO and managed by the Manager's ISSC, utilizing third-party risk assessments, with no material impact from threats to date - Cybersecurity is overseen by the CEO and managed by the **Manager's Information Security Steering Committee (ISSC)**, which formulates and implements policies[132](index=132&type=chunk) - Third-party advisors are engaged for risk assessments using standards like the **NIST framework** to inform cybersecurity controls[132](index=132&type=chunk) - To date, cybersecurity threats have not materially affected the company's business, operations, or financial condition[134](index=134&type=chunk) [Properties](index=35&type=section&id=Item%202.%20Properties) The company's principal executive offices are in New York, NY, with key properties including leased and owned land for terminal and railroad operations across multiple states - The company's main properties include leased and owned land for its terminal and railroad operations across multiple states, including **Texas, New Jersey, Pennsylvania, and Indiana**[136](index=136&type=chunk) [Legal Proceedings](index=35&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, with no expected material adverse effect on its business or financial position - Management does not expect current legal proceedings to have a material adverse effect on the company[137](index=137&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[137](index=137&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ, with management planning to eliminate future common stock dividends to address liquidity risk, and an incentive plan with available shares for issuance - Common stock trades on NASDAQ under the symbol **"FIP"** since **August 1, 2022**[141](index=141&type=chunk) - A **$0.03 per share cash dividend** for Q4 2023 was declared, but future common stock dividends are planned for elimination to manage liquidity[141](index=141&type=chunk) - The company's Incentive Plan has **25,177,237 securities** remaining available for future issuance as of December 31, 2023[142](index=142&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operations, noting increased FY 2023 revenues and Adjusted EBITDA, a widened net loss, and a plan to address liquidity risk [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Total revenues increased by **$58.5 million** in 2023, driven by rail and terminal services, while net loss widened and Adjusted EBITDA significantly grew to **$107.5 million** Consolidated Results of Operations | Metric | 2023 (in thousands) | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | :--- | | Total Revenues | $320,472 | $261,966 | $120,219 | | Total Expenses | $364,847 | $319,605 | $191,758 | | Net Loss | $(159,750) | $(187,517) | $(106,341) | | Net Loss Attributable to Stockholders | $(183,736) | $(177,241) | $(79,869) | Adjusted EBITDA Reconciliation (Non-GAAP) | Metric | 2023 (in thousands) | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | :--- | | Net loss attributable to stockholders | $(183,736) | $(177,241) | $(79,869) | | **Adjusted EBITDA (Non-GAAP)** | **$107,522** | **$61,028** | **$33,711** | - **2023 vs. 2022:** Revenue increased by **$58.5 million**, driven by higher rail, terminal, and roadside services revenue, while interest expense rose by **$46.4 million**[163](index=163&type=chunk)[166](index=166&type=chunk) - **2022 vs. 2021:** Revenue increased by **$141.7 million**, primarily due to the **Transtar acquisition** adding **$86.3 million** in rail revenue and the **FYX acquisition** adding **$47.9 million** in roadside services revenue[167](index=167&type=chunk) [Segment Results](index=44&type=section&id=Segment%20Results) In 2023, Railroad and Jefferson Terminal segments showed significant Adjusted EBITDA growth, Repauno's loss narrowed, Power and Gas increased, while Sustainability's loss widened due to developmental stage investments Adjusted EBITDA by Segment (Non-GAAP) | Segment | 2023 (in thousands) | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | :--- | | Railroad | $78,521 | $64,286 | $26,449 | | Jefferson Terminal | $35,694 | $18,490 | $10,631 | | Repauno | $(8,061) | $(12,743) | $(4,149) | | Power and Gas | $34,784 | $18,039 | $25,524 | | Sustainability and Energy Transition | $(7,253) | $(2,334) | $(372) | | Corporate and Other | $(26,163) | $(24,710) | $(24,372) | | **Total Adjusted EBITDA** | **$107,522** | **$61,028** | **$33,711** | [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company addresses liquidity risk from an upcoming **$79.1 million** bond maturity with a plan including refinancing and dividend elimination, alongside improved 2023 operating cash flow - Management identified a liquidity risk from the **January 2025 maturity of $79.1 million in bonds** and has a plan including refinancing, delaying capital expenditures, and eliminating common dividends[237](index=237&type=chunk) Historical Cash Flow | Cash Flow Activity | 2023 (in thousands) | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $5,513 | $(42,690) | $(61,716) | | Net cash used in investing activities | $(147,123) | $(267,266) | $(828,716) | | Net cash provided by financing activities | $79,447 | $157,743 | $1,136,866 | - As of December 31, 2023, outstanding principal and interest payment obligations were **$1.4 billion** and **$531.3 million**, respectively[251](index=251&type=chunk) [Application of Critical Accounting Policies](index=58&type=section&id=Application%20of%20Critical%20Accounting%20Policies) Critical accounting policies include goodwill impairment testing, with the Jefferson Terminal reporting unit's fair value exceeding carrying value by **10-20%**, indicating sensitivity to assumptions - Goodwill impairment testing is a critical accounting estimate, with the Jefferson Terminal reporting unit's fair value exceeding its carrying value by **10-20%** as of October 1, 2023, indicating sensitivity to future performance[255](index=255&type=chunk)[307](index=307&type=chunk) - No goodwill impairments were recorded for the years ended **December 31, 2023, 2022, and 2021**[255](index=255&type=chunk)[307](index=307&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on variable-rate debt, with a **100-basis point change** impacting annual interest expense by approximately **$1.3 million** - The company's main market risk is **interest rate risk** from variable-rate debt[258](index=258&type=chunk)[259](index=259&type=chunk) - A hypothetical **100-basis point change** in variable interest rates would impact annual interest expense by approximately **$1.3 million**[260](index=260&type=chunk) [Financial Statements and Supplementary Data](index=60&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited financial statements and the auditor's report, which includes an unqualified opinion on financials but an adverse opinion on internal controls due to a material weakness - The independent auditor, **Ernst & Young LLP**, issued an **unqualified opinion** on the financial statements[265](index=265&type=chunk) - The auditor issued an **adverse opinion** on internal control over financial reporting as of December 31, 2023, due to a **material weakness** in the goodwill impairment process for the Jefferson Terminal reporting unit[422](index=422&type=chunk) Consolidated Balance Sheet Highlights | Account | Dec 31, 2023 (in thousands) | Dec 31, 2022 (in thousands) | | :--- | :--- | :--- | | Total Assets | $2,379,609 | $2,478,399 | | Total Liabilities | $1,641,518 | $1,689,015 | | Redeemable preferred stock | $325,232 | $264,590 | | Total Equity | $412,859 | $524,794 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=106&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[413](index=413&type=chunk) [Controls and Procedures](index=106&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of December 31, 2023, due to a material weakness in goodwill impairment analysis, with a remediation plan underway - Management concluded disclosure controls and procedures were **not effective** due to a material weakness[414](index=414&type=chunk) - A material weakness was identified in the review of cash flow projections and key assumptions for the **Jefferson Terminal goodwill impairment analysis**[415](index=415&type=chunk) - A remediation plan is underway, focusing on more rigorous review procedures, but its effectiveness has not yet been confirmed[416](index=416&type=chunk) [Other Information](index=109&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None[426](index=426&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=109&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's **2024 definitive proxy statement** - Information is incorporated by reference from the **2024 definitive proxy statement**[428](index=428&type=chunk) [Executive Compensation](index=109&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's **2024 definitive proxy statement** - Information is incorporated by reference from the **2024 definitive proxy statement**[428](index=428&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=109&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the company's **2024 definitive proxy statement** - Information is incorporated by reference from the **2024 definitive proxy statement**[429](index=429&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=109&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's **2024 definitive proxy statement** - Information is incorporated by reference from the **2024 definitive proxy statement**[430](index=430&type=chunk) [Principal Accountant Fees and Services](index=109&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's **2024 definitive proxy statement** - Information is incorporated by reference from the **2024 definitive proxy statement**[430](index=430&type=chunk) Part IV [Exhibits](index=110&type=section&id=Item%2015.%20Exhibits) This section lists all exhibits filed as part of the Form 10-K, including key agreements and certifications - Lists all exhibits filed with the Form 10-K, including key agreements and certifications[432](index=432&type=chunk) [Form 10-K Summary](index=111&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is noted as 'None' in the report, indicating no summary is provided here - None[437](index=437&type=chunk)

Financial Data and Key Metrics Changes - Fourth quarter adjusted EBITDA prior to corporate expenses was $42.4 million, up 32% quarter-over-quarter, marking a new record for the company [15] - For the full year, adjusted EBITDA reached $140.9 million, a 60% increase from fiscal 2022, also a record [15] Business Line Data and Key Metrics Changes - Transtar reported adjusted EBITDA of $23.6 million in Q4, its highest quarterly results since acquisition in 2021, with EBITDA margins exceeding 50% for the first time [17] - Jefferson generated $14.3 million in adjusted EBITDA for the quarter, also a new record, with significant volume growth and advanced negotiations for new business opportunities [18][24] - Repauno's adjusted EBITDA loss continued to narrow, with significant progress on the Phase 2 expansion project expected to transform long-term EBITDA generation [19][29] - Long Ridge generated $5.1 million in EBITDA in Q4, down from $8 million in Q3, impacted by a planned maintenance outage and lower gas prices [30] Market Data and Key Metrics Changes - The M&A market is described as more robust, with increased demand for assets but fewer available targets, positioning the company favorably [2] Company Strategy and Development Direction - The company is forecasting to exceed a run rate of $200 million in EBITDA during 2024, driven by strong performance across its business segments [16] - The company is actively pursuing new business opportunities, particularly in clean fuels and hydrogen-based products at Jefferson, which could significantly enhance EBITDA [27][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macro outlook for modern, efficient power plants, particularly for Long Ridge, as demand for data center power is expected to grow significantly [20][33] - The company is confident in its ability to refinance its corporate balance sheet during 2024, which would reduce fixed charges and increase distributable cash flow [21] Other Important Information - The Board has authorized a $0.03 per share quarterly dividend to be paid on April 5 to holders of record on March 27 [14] Q&A Session Summary Question: Insights on the railcar repair facility - The railcar repair facility, a $20 million project funded by the state, is expected to generate at least $10 million in annual revenue with EBITDA margins of 30% to 40% [39][40] Question: Impact of U.S. Steel sale on Transtar - The sale of U.S. Steel to Nippon Steel is viewed positively, as Nippon is a stronger credit and will assume existing contracts [42][43] Question: Details on the $75 million new initiatives at Jefferson - The $75 million includes contracts for ammonia and hydrogen-based fuels, with Jefferson South expected to become a hub for clean fuels [44][46] Question: Status of permits at Repauno - The permitting process is ongoing, with expectations to receive permits in the second half of the year, which will significantly enhance Repauno's value [47][53] Question: Gas prices and production plans - The company prefers to see gas prices at $2 per MMBtu before committing to large-scale production, with current prices around $1.50 [55][56]

NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today reported financial results for the fourth quarter and full year 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 ResultsThree Months Ended December 31, 2023 Year Ended December 31, 2023Net Loss Attributable to S ...

PRESS RELEASE Fourth Quarter 2023 Dividends 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, March 1, 2024 at 8:00 A. ...

FTAI Infrastructure Inc. (NASDAQ:FIP) Q3 2023 Results Conference Call October 27, 2023 8:00 AM ET Company Participants Alan Andreini - IR Ken Nicholson - CEO Conference Call Participants Giuliano Bologna - Compass Point Operator Good day, and welcome to the Q3 2023 FTAI Infrastructure Earnings Conference Call. As a reminder, this call is being recorded. I would now like to turn the call over to Alan Andreini, Investor Relations. You may begin. Alan Andreini Thank you, Michelle. I would like to welcome you ...

13 14 Electricity Derivatives—Our equity method investee, Long Ridge, enters into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. Long Ridge primarily uses swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price. Derivatives Not Designated As Hedging Instruments | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...