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FTAI Infrastructure (FIP) - 2024 Q4 - Annual Results
FIPFTAI Infrastructure (FIP)2025-02-27 23:45

Financial Performance - FTAI Infrastructure reported a net loss attributable to stockholders of 137,236,000forQ42024,comparedtoalossof137,236,000 for Q4 2024, compared to a loss of 48,193,000 in Q4 2023[2]. - The basic and diluted loss per share for Q4 2024 was 1.24,whileforthefullyear2024,itwas1.24, while for the full year 2024, it was 2.75[2]. - Net loss attributable to stockholders for the year ended December 31, 2024, was (298,139)thousand,comparedto(298,139) thousand, compared to (183,736) thousand in 2023, representing a 62.5% increase in losses[23]. - Power and Gas reported a net loss of (37,211,000)fortheyear,alongsideinterestexpensesof(37,211,000) for the year, alongside interest expenses of 37,600,000[28]. Revenue and EBITDA - Total revenues for Q4 2024 were 80,764,000,slightlydownfrom80,764,000, slightly down from 81,440,000 in Q4 2023; full year revenues increased to 331,497,000from331,497,000 from 320,472,000[14]. - Adjusted EBITDA for Q4 2024 was 29,173,000,andforthefullyear,itwas29,173,000, and for the full year, it was 127,588,000[2]. - Adjusted EBITDA (Non-GAAP) for the year was 161,281,000,withcontributionsfromJeffersonTerminal(161,281,000, with contributions from Jefferson Terminal (84,254,000), Power and Gas (41,967,000),Railroad(41,967,000), Railroad (40,246,000), and Repauno ((5,186,000))[27].CashFlowandLiquidity−Cashflowsfromoperatingactivitiesresultedinanetcashusedof(5,186,000))[27]. Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of (15,278) thousand for 2024, a significant decline from net cash provided of 5,513thousandin2023[20].−Totalcashandcashequivalentsattheendoftheperiodincreasedto5,513 thousand in 2023[20]. - Total cash and cash equivalents at the end of the period increased to 147,296 thousand in 2024 from 87,479thousandin2023,markinga68.587,479 thousand in 2023, marking a 68.5% increase[20]. - The company reported a net cash provided by financing activities of 193,232 thousand in 2024, compared to 79,447thousandin2023,representinga143.579,447 thousand in 2023, representing a 143.5% increase[20]. Assets and Liabilities - Total assets as of December 31, 2024, were 2,374,388,000, a slight decrease from 2,379,609,000in2023[17].−Totalliabilitiesincreasedto2,379,609,000 in 2023[17]. - Total liabilities increased to 1,921,712,000 as of December 31, 2024, compared to 1,641,518,000in2023[17].DividendsandShareholderReturns−Thecompanydeclaredacashdividendof1,641,518,000 in 2023[17]. Dividends and Shareholder Returns - The company declared a cash dividend of 0.03 per share for Q4 2024, payable on March 26, 2025[4]. - The company’s cash dividends for common stock increased to (13,124)thousandin2024from(13,124) thousand in 2024 from (12,372) thousand in 2023, reflecting a 6.1% increase[20]. Expenses and Depreciation - Depreciation and amortization expense for the year was 83,885thousand,slightlyhigherthan83,885 thousand, slightly higher than 81,541 thousand in 2023[23]. - The total depreciation and amortization expense for the year was 82,461,000,withJeffersonTerminalaccountingfor82,461,000, with Jefferson Terminal accounting for 52,347,000[27]. - Equity-based compensation expense for the year totaled 8,142,000,withsignificantcontributionsfromJeffersonTerminalandPowerandGas[27].InvestmentsandFinancing−Proceedsfromdebtinfinancingactivitiesincreasedsignificantlyto8,142,000, with significant contributions from Jefferson Terminal and Power and Gas[27]. Investments and Financing - Proceeds from debt in financing activities increased significantly to 498,426 thousand in 2024, compared to 181,350thousandin2023,reflectinga175.5181,350 thousand in 2023, reflecting a 175.5% increase[20]. - Net cash used in investing activities decreased to (118,137) thousand in 2024 from (147,123)thousandin2023,indicatinga19.7(147,123) thousand in 2023, indicating a 19.7% improvement[20]. Other Financial Metrics - Equity in losses of unconsolidated entities for the year was 55,496 thousand, up from 24,707thousandin2023,indicatinga124.524,707 thousand in 2023, indicating a 124.5% increase[23]. - The total provision for (benefit from) income taxes across segments was 6,274,000[27]. - The company recorded a loss on modification or extinguishment of debt amounting to 2,086,000inJeffersonTerminalfortheyear[30].−JeffersonTerminalincurredacquisitionandtransactionexpensestotaling2,086,000 in Jefferson Terminal for the year[30]. - Jefferson Terminal incurred acquisition and transaction expenses totaling 5,000 for the year[30].