Financial Performance - FTAI Infrastructure reported a net loss attributable to stockholders of $49.971 million for Q3 2024, compared to a loss of $56.101 million in Q3 2023[3]. - Total revenues for Q3 2024 were $83.311 million, an increase from $80.706 million in Q3 2023, representing a growth of approximately 2%[11]. - Adjusted EBITDA for Q3 2024 was $36.928 million, while adjusted EBITDA from the four core segments was $42.543 million[3]. - The company reported a basic and diluted loss per share of $0.45 for Q3 2024, compared to a loss of $0.55 in Q3 2023[11]. - Net loss for the nine months ended September 30, 2024, was $141,393 million, compared to a net loss of $119,833 million for the same period in 2023, indicating a deterioration in performance[15]. - Net loss attributable to stockholders for Q3 2024 was $(49,971) thousand, a decrease of $6,130 thousand compared to Q3 2023's loss of $(56,101) thousand[20]. - Adjusted EBITDA for Q3 2024 was $36,928 thousand, an increase of $12,273 thousand from $24,655 thousand in Q3 2023[20]. - The company reported a net loss of $(7,030) thousand across its four core segments for Q3 2024[21]. Expenses and Liabilities - Operating expenses decreased to $62.766 million in Q3 2024 from $68.416 million in Q3 2023, reflecting a reduction of about 8%[11]. - Total expenses for Q3 2024 were $90.580 million, down from $94.938 million in Q3 2023[11]. - Interest expense increased to $31,513 thousand in Q3 2024, up by $5,514 thousand from $25,999 thousand in Q3 2023[20]. - Depreciation and amortization expense for Q3 2024 was $20,725 thousand, a slight increase of $575 thousand compared to $20,150 thousand in Q3 2023[20]. - Total liabilities increased to $1,817,385 million from $1,641,518 million, reflecting a rise of 10.7%[13]. - Debt, net, rose to $1,535,679 million, up from $1,340,910 million, indicating an increase of 14.5%[13]. - Stockholders' equity decreased to $370,771 million from $484,289 million, a decline of 23.4%[14]. Assets and Cash Flow - Total assets increased to $2,437,489 million as of September 30, 2024, up from $2,379,609 million at December 31, 2023, representing a growth of 2.4%[13]. - Current assets rose to $247,067 million, compared to $185,503 million in the previous period, marking a significant increase of 33.2%[13]. - Cash and cash equivalents, along with restricted cash, totaled $144,633 million at the end of the period, a substantial increase from $77,924 million at the end of the previous period[16]. - Net cash used in operating activities was $7,223 million for the nine months ended September 30, 2024, compared to $2,214 million in the same period of 2023, showing increased cash outflow[15]. - Net cash provided by financing activities was $154,015 million, significantly higher than $69,506 million in the previous period, indicating improved financing operations[15]. Operational Highlights - Long Ridge power plant operated at a 99% capacity factor, with new capacity pricing expected to generate an additional $16 million in annual adjusted EBITDA for the 2025-26 season[5]. - The company signed a long-term contract and additional letter of intent at Repauno, commencing construction for phase 2 of the transloading system[5]. - The Railroad segment reported a net income of $14,528 thousand for Q3 2024, while the Power and Gas segment reported a net loss of $(8,562) thousand[21]. - Acquisition and transaction expenses for Q3 2024 amounted to $1,776 thousand, with a notable contribution from the Railroad segment[21]. - The company experienced an increase in equity-based compensation expense, totaling $2,526 thousand for Q3 2024[21]. - The pro-rata share of Adjusted EBITDA from unconsolidated entities was $7,512 thousand for Q3 2024[21]. Dividends - The company declared a cash dividend of $0.03 per share for the quarter ended September 30, 2024, payable on November 19, 2024[4].
FTAI Infrastructure (FIP) - 2024 Q3 - Quarterly Results