FTAI Infrastructure Inc. Reports First Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock

FTAI Infrastructure Inc. 公佈2024年第一季度業績，宣佈普通股每股派息0.03美元

NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today reported financial results for the first quarter 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	Q1'24
Net Loss Attributable to Stockholders	$	(56,582)
Basic and Diluted Loss per Share of Common Stock	$	(0.54)
Adjusted EBITDA ⁽¹⁾	$	27,231
Adjusted EBITDA - Four core segments ⁽¹⁾⁽²⁾	$	37,168

_______________________________
(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.

First Quarter 2024 Dividends

On May 7, 2024, 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 March 31, 2024, payable on May 29, 2024 to the holders of record on May 17, 2024.

Business Highlights

Transtar revenue of $46.3 million represented a new quarterly record, with momentum continuing into Q2.
Jefferson Terminal revenue of $18.6 million impacted by an accelerated customer turnaround in Q1; with the turnaround now complete, Jefferson Terminal volumes and revenue are running at record levels.
Long Ridge operated at 98% capacity factor; close to signing several long-term "behind the meter" contracts and seeing rapidly increasing demand in the AI data center space.

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 Quarterly Report on Form 10-Q, 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 Wednesday, May 8, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BIca642246d3df458aad5fd075de5e813a. 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 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 Wednesday, May 8, 2024 through 11:30 A.M. on Wednesday, May 15, 2024 on https://ir.fipinc.com/news-events/events.

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, Transtar's continued momentum, and Long Ridge's potential new "behind the meter" contracts. 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 STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

	Three Months Ended March 31,
		2024		2023
Revenues
Total revenues	$	82,535	$	76,494

Expenses
Operating expenses		64,575		65,162
General and administrative		4,861		3,201
Acquisition and transaction expenses		926		269
Management fees and incentive allocation to affiliate		3,001		2,982
Depreciation and amortization		20,521		20,135
Asset impairment		—		141
Total expenses		93,884		91,890

Other (expense) income
Equity in (losses) earnings of unconsolidated entities		(11,902)		4,366
Loss on sale of assets, net		(13)		(124)
Interest expense		(27,593)		(23,250)
Other income		2,365		221
Total other expense		(37,143)		(18,787)
Loss before income taxes		(48,492)		(34,183)
Provision for income taxes		1,805		1,729
Net loss		(50,297)		(35,912)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries		(10,690)		(9,893)
Less: Dividends and accretion of redeemable preferred stock		16,975		14,570
Net loss attributable to stockholders	$	(56,582)	$	(40,589)

Loss per share:
Basic	$	(0.54)	$	(0.39)
Diluted	$	(0.54)	$	(0.40)
Weighted average shares outstanding:
Basic		104,189,287		102,787,640
Diluted		104,189,287		102,787,640


FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

	(Unaudited)
	March 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	22,968	$	29,367
Restricted cash		41,328		58,112
Accounts receivable, net		53,914		55,990
Other current assets		46,321		42,034
Total current assets		164,531		185,503
Leasing equipment, net		35,652		35,587
Operating lease right-of-use assets, net		68,921		69,748
Property, plant, and equipment, net		1,610,731		1,630,829
Investments		68,085		72,701
Intangible assets, net		50,735		52,621
Goodwill		275,367		275,367
Other assets		70,659		57,253
Total assets	$	2,344,681	$	2,379,609

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	139,662	$	130,796
Current debt, net		77,683		—
Operating lease liabilities		7,242		7,218
Other current liabilities		15,180		12,623
Total current liabilities		239,767		150,637
Debt, net		1,266,506		1,340,910
Operating lease liabilities		61,599		62,441
Other liabilities		114,068		87,530
Total liabilities		1,681,940		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 March 31, 2024 and December 31, 2023; redemption amount of $446.5 million at March 31, 2024 and December 31, 2023)		342,207		325,232

Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 101,693,823 and 100,589,572 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)		1,016		1,006
Additional paid in capital		822,956		843,971
Accumulated deficit		(221,780)		(182,173)
Accumulated other comprehensive loss		(199,643)		(178,515)
Stockholders' equity		402,549		484,289
Non-controlling interest in equity of consolidated subsidiaries		(82,015)		(71,430)
Total equity		320,534		412,859
Total liabilities, redeemable preferred stock and equity	$	2,344,681	$	2,379,609


FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)

	Three Months Ended March 31,
		2024		2023
Cash flows from operating activities:
Net loss	$	(50,297)	$	(35,912)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses (earnings) of unconsolidated entities		11,902		(4,366)
Loss on sale of assets, net		13		124
Equity-based compensation		2,340		895
Depreciation and amortization		20,521		20,135
Asset impairment		—		141
Change in deferred income taxes		1,337		1,547
Change in fair value of non-hedge derivative		—		1,125
Amortization of deferred financing costs		1,929		1,429
Amortization of bond discount		1,426		1,045
Provision for (benefit from) credit losses		169		(165)
Change in:
Accounts receivable		1,907		(10,825)
Other assets		(4,289)		8,140
Accounts payable and accrued liabilities		9,206		6,700
Other liabilities		(47)		(2,157)
Net cash used in operating activities		(3,883)		(12,144)

Cash flows from investing activities:
Investment in unconsolidated entities		(611)		(2,126)
Acquisition of consolidated subsidiary		—		(4,448)
Acquisition of leasing equipment		(396)		—
Acquisition of property, plant and equipment		(12,859)		(39,861)
Investment in promissory notes and loans		—		(20,500)
Investment in equity instruments		(5,000)		—
Proceeds from sale of property, plant and equipment		20		93
Net cash used in investing activities		(18,846)		(66,842)

Cash flows from financing activities:
Proceeds from debt		—		41,600
Payment of deferred financing costs		(265)		(649)
Cash dividends - common stock		—		(3,084)
Settlement of equity-based compensation		(189)		(90)
Net cash (used in) provided by financing activities		(454)		37,777

Net decrease in cash and cash equivalents and restricted cash		(23,183)		(41,209)
Cash and cash equivalents and restricted cash, beginning of period		87,479		149,642
Cash and cash equivalents and restricted cash, end of period	$	64,296	$	108,433

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 months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
(in thousands)		2024		2023
Net loss attributable to stockholders	$	(56,582)	$	(40,589)
Add: Provision for income taxes		1,805		1,729
Add: Equity-based compensation expense		2,340		895
Add: Acquisition and transaction expenses		926		269
Add: Losses on the modification or extinguishment of debt and capital lease obligations		—		—
Add: Changes in fair value of non-hedge derivative instruments		—		1,125
Add: Asset impairment charges		—		141
Add: Incentive allocations		—		—
Add: Depreciation & amortization expense ⁽¹⁾		21,097		20,135
Add: Interest expense		27,593		23,250
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities ⁽²⁾		6,257		8,190
Add: Dividends and accretion of redeemable preferred stock		16,975		14,570
Add: Interest and other costs on pension and OPEB liabilities		600		480
Add: Other non-recurring items ⁽³⁾		—		1,288
Less: Equity in losses (earnings) of unconsolidated entities		11,902		(4,366)
Less: Non-controlling share of Adjusted EBITDA ⁽⁴⁾		(5,682)		(5,221)
Adjusted EBITDA (non-GAAP)	$	27,231	$	21,896

_______________________________
(1)	Includes the following items for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $20,521 and $20,135 and (ii) capitalized contract costs amortization of $576 and $—.

(2)	Includes the following items for the three months ended March 31, 2024 and 2023: (i) net (loss) income of $(11,942) and $4,318, (ii) interest expense of $10,893 and $8,032, (iii) depreciation and amortization expense of $5,130 and $5,666, (iv) acquisition and transaction expenses of $19 and $20, (v) changes in fair value of non-hedge derivative instruments of $2,053 and $(9,847), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $87 and $— and (viii) equity method basis adjustments of $16 and $—, respectively.

(3)	Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288.

(4)	Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $431 and $110, (ii) (benefit from) provision for income taxes of $(134) and $53, (iii) interest expense of $2,189 and $1,857, (iv) depreciation and amortization expense of $3,194 and $3,136, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) interest and other costs on pension and OPEB liabilities of $2 and $1 and (vii) other non-recurring items of $— and $3, 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 ended March 31, 2024:

	Three Months Ended March 31, 2024
(in thousands)	Railroad		Jefferson Terminal		Repauno		Power and Gas		Four Core Segments
Net income (loss) attributable to stockholders	$	14,436	$	(11,120)	$	(4,260)	$	(5,427)	$	(6,371)
Add: Provision for (benefit from) income taxes		1,092		(554)		(136)		—		402
Add: Equity-based compensation expense		290		1,759		291		—		2,340
Add: Acquisition and transaction expenses		184		2		—		—		186
Add: Losses on the modification or extinguishment of debt and capital lease obligations		—		—		—		—		—
Add: Changes in fair value of non-hedge derivative instruments		—		—		—		—		—
Add: Asset impairment charges		—		—		—		—		—
Add: Incentive allocations		—		—		—		—		—
Add: Depreciation & amortization expense ⁽¹⁾		5,012		12,906		2,444		—		20,362
Add: Interest expense		69		9,297		146		—		9,512
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities ⁽²⁾		—		—		—		8,782		8,782
Add: Dividends and accretion of redeemable preferred stock		—		—		—		—		—
Add: Interest and other costs on pension and OPEB liabilities		600		—		—		—		600
Add: Other non-recurring items		—		—		—		—		—
Less: Equity in losses of unconsolidated entities		—		—		—		7,037		7,037
Less: Non-controlling share of Adjusted EBITDA ⁽³⁾		(25)		(5,489)		(168)		—		(5,682)
Adjusted EBITDA (non-GAAP)	$	21,658	$	6,801	$	(1,683)	$	10,392	$	37,168

_______________________________
(1)	Jefferson Terminal

	Includes the following items for the three months ended March 31, 2024: (i) depreciation and amortization expense of $12,330 and (ii) capitalized contract costs amortization of $576, respectively.

(2)	Power and Gas

	Includes the following items for the three months ended March 31, 2024: (i) net loss of $(7,053), (ii) interest expense of $9,210, (iii) depreciation and amortization expense of $4,449, (iv) acquisition and transaction expenses of $19, (v) changes in fair value of non-hedge derivative instruments of $2,053, (vi) equity-based compensation of $1, (vii) asset impairment of $87 and (viii) equity method basis adjustments of $16.

(3)	Railroad

	Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $1, (ii) provision for income taxes of $4, (iii) depreciation and amortization expense of $18 and (iv) interest and other costs on pension and OPEB liabilities of $2.

	Jefferson Terminal

	Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $412, (ii) benefit from income taxes of $(130), (iii) interest expense of $2,180 and (iv) depreciation and amortization expense of $3,027.

	Repauno

	Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $18, (ii) benefit from income taxes of $(8), (iii) interest expense of $9 and (iv) depreciation and amortization expense of $149.

紐約，2024年5月7日（GLOBE NEWSWIRE）——FTAI基礎設施公司（納斯達克股票代碼：FIP）（“公司” 或 “FTAI基礎設施”）今天公佈了2024年第一季度的財務業績。公司的合併比較財務報表和關鍵績效指標作爲附錄附在本新聞稿中。

Financial Overview

財務概覽

(in thousands, except per share data)

Selected Financial Results	Q1'24
Net Loss Attributable to Stockholders	$	(56,582)
Basic and Diluted Loss per Share of Common Stock	$	(0.54)
Adjusted EBITDA ⁽¹⁾	$	27,231
Adjusted EBITDA - Four core segments ⁽¹⁾⁽²⁾	$	37,168

（以千計，每股數據除外）

精選財務業績	Q1'24
歸屬於股東的淨虧損	$	(56,582)
普通股每股基本虧損和攤薄虧損	$	(0.54)
調整後 EBITDA ⁽¹⁾	$	27,231
調整後的息稅折舊攤銷前利潤——四個核心細分市場 ^{(1) (2)}	$	37,168

_______________________________
(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.

_________________________
(1)	有關非公認會計准則指標的定義和對賬，請參閱本新聞稿附錄。
(2)	不包括可持續發展和能源轉型以及企業和其他細分市場。

First Quarter 2024 Dividends

2024 年第一季度股息

2024 年 5 月 7 日，公司董事會（“董事會”）宣佈截至2024 年 3 月 31 日的季度普通股現金股息爲每股 0.03 美元，將於 2024 年 5 月 29 日支付給 2024 年 5 月 17 日的登記持有人。

Business Highlights

業務亮點

Transtar revenue of $46.3 million represented a new quarterly record, with momentum continuing into Q2.
Jefferson Terminal revenue of $18.6 million impacted by an accelerated customer turnaround in Q1; with the turnaround now complete, Jefferson Terminal volumes and revenue are running at record levels.
Long Ridge operated at 98% capacity factor; close to signing several long-term "behind the meter" contracts and seeing rapidly increasing demand in the AI data center space.

Transtar的收入爲4,630萬美元，創下了新的季度紀錄，這一勢頭一直持續到第二季度。
受第一季度客戶週轉加速的影響，傑斐遜碼頭收入爲1,860萬美元；隨着週轉的完成，傑斐遜碼頭的吞吐量和收入均處於創紀錄的水平。
Long Ridge的運營容量係數爲98％；即將簽署幾份長期的 “儀表背後” 合同，並看到人工智能數據中心領域的需求迅速增長。

Additional Information

附加信息

有關管理層認爲對投資者有用的其他信息，請參閱公司網站www.fipinc.com投資者關係部分發布的演示文稿以及公司網站上發佈的10-Q表季度報告。本公司網站上的任何內容均未包含或以引用方式納入。

Conference Call

電話會議

此外，管理層將在美國東部時間2024年5月8日星期三上午 8:00 主持電話會議。通過以下鏈接 https://register.vevent.com/register/BIca642246d3df458aad5fd075de5e813a 註冊即可參加電話會議。註冊後，參與者將收到一個撥號和唯一的密碼，用於訪問通話。

電話會議的同步網絡直播將在www.fipinc.com上向公衆開放，僅限收聽。請在致電之前留出更多時間訪問該網站並下載收聽互聯網廣播所需的必要軟件。

A replay of the conference call will be available after 11:30 A.M. on Wednesday, May 8, 2024 through 11:30 A.M. on Wednesday, May 15, 2024 on https://ir.fipinc.com/news-events/events.

電話會議的重播將在2024年5月8日星期三上午11點30分之後至2024年5月15日星期三上午11點30分在 https://ir.fipinc.com/news-events/events 上播出。

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.

本新聞稿中包含的任何網站上包含或可通過其訪問的信息未以引用方式納入本新聞稿，也不應被視爲本新聞稿的一部分。

About FTAI Infrastructure Inc.

關於 FTAI 基礎設施公司

FTAI Infrastructure主要投資於鐵路、港口和碼頭以及電力和天然氣行業進入門檻高的關鍵基礎設施，這些基礎設施綜合起來會產生強勁而穩定的現金流，並有可能實現收益增長和資產增值。FTAI基礎設施由領先的多元化全球投資公司豐澤投資集團有限責任公司的子公司外部管理。

Cautionary Note Regarding Forward-Looking Statements

關於前瞻性陳述的警示說明

本新聞稿中的某些陳述可能構成1995年《私人證券訴訟改革法》所指的前瞻性陳述，包括但不限於Transtar的持續勢頭以及Long Ridge潛在的新 “儀表背後” 合同。這些陳述基於管理層當前的預期和信念，受許多趨勢和不確定性的影響，這些趨勢和不確定性可能導致實際業績與前瞻性陳述中描述的結果存在重大差異，其中許多是公司無法控制的。公司無法保證其期望會得到滿足，這種差異可能是實質性的。因此，您不應過分依賴本新聞稿中包含的任何前瞻性陳述。有關可能影響此類前瞻性陳述的一些風險和重要因素的討論，請參閱公司最新的10-K表年度報告和10-Q表季度報告中標題爲 “風險因素” 和 “管理層對財務狀況和經營業績的討論和分析” 的章節，這些章節可在公司網站（www.fipinc.com）上查閱。此外，不時出現新的風險和不確定性，公司無法預測或評估可能導致其實際業績與任何前瞻性陳述中包含的業績不同的每個因素的影響。此類前瞻性陳述僅代表截至本新聞稿發佈之日。公司明確表示沒有義務公開發布此處包含的任何前瞻性陳述的任何更新或修訂，以反映公司對此的預期的任何變化或任何陳述所依據的事件、條件或情況的變化。本新聞稿不構成賣出要約或徵求購買任何證券的要約。

For further information, please contact:

欲了解更多信息，請聯繫：

Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com

艾倫·安德雷尼
投資者關係
FTAI 基礎設施公司
(646) 734-9414
aandreini@fortress.com

Exhibit - Financial Statements

展品-財務報表


FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

	Three Months Ended March 31,
		2024		2023
Revenues
Total revenues	$	82,535	$	76,494

Expenses
Operating expenses		64,575		65,162
General and administrative		4,861		3,201
Acquisition and transaction expenses		926		269
Management fees and incentive allocation to affiliate		3,001		2,982
Depreciation and amortization		20,521		20,135
Asset impairment		—		141
Total expenses		93,884		91,890

Other (expense) income
Equity in (losses) earnings of unconsolidated entities		(11,902)		4,366
Loss on sale of assets, net		(13)		(124)
Interest expense		(27,593)		(23,250)
Other income		2,365		221
Total other expense		(37,143)		(18,787)
Loss before income taxes		(48,492)		(34,183)
Provision for income taxes		1,805		1,729
Net loss		(50,297)		(35,912)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries		(10,690)		(9,893)
Less: Dividends and accretion of redeemable preferred stock		16,975		14,570
Net loss attributable to stockholders	$	(56,582)	$	(40,589)

Loss per share:
Basic	$	(0.54)	$	(0.39)
Diluted	$	(0.54)	$	(0.40)
Weighted average shares outstanding:
Basic		104,189,287		102,787,640
Diluted		104,189,287		102,787,640


FTAI 基礎設施公司
合併運營報表（未經審計）
（美元金額以千美元計，股票和每股數據除外）

	截至3月31日的三個月
		2024		2023
收入
總收入	$	82,535	$	76,494

開支
運營費用		64,575		65,162
一般和行政		4,861		3,201
收購和交易費用		926		269
管理費和對關聯公司的激勵分配		3,001		2,982
折舊和攤銷		20,521		20,135
資產減值		—		141
支出總額		93,884		91,890

其他（支出）收入
未合併實體的權益（虧損）收益		(11,902)		4,366
資產出售虧損，淨額		(13)		(124)
利息支出		(27,593)		(23,250)
其他收入		2,365		221
其他支出總額		(37,143)		(18,787)
所得稅前虧損		(48,492)		(34,183)
所得稅準備金		1,805		1,729
淨虧損		(50,297)		(35,912)
減去：歸屬於合併子公司非控股權益的淨虧損		(10,690)		(9,893)
減去：股息和可贖回優先股的增加		16,975		14,570
歸屬於股東的淨虧損	$	(56,582)	$	(40,589)

每股虧損：
基本	$	(0.54)	$	(0.39)
稀釋	$	(0.54)	$	(0.40)
已發行股票的加權平均值：
基本		104,189,287		102,787,640
稀釋		104,189,287		102,787,640


FTAI INFRASTRUCTURE INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands, except share and per share data)

	(Unaudited)
	March 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	22,968	$	29,367
Restricted cash		41,328		58,112
Accounts receivable, net		53,914		55,990
Other current assets		46,321		42,034
Total current assets		164,531		185,503
Leasing equipment, net		35,652		35,587
Operating lease right-of-use assets, net		68,921		69,748
Property, plant, and equipment, net		1,610,731		1,630,829
Investments		68,085		72,701
Intangible assets, net		50,735		52,621
Goodwill		275,367		275,367
Other assets		70,659		57,253
Total assets	$	2,344,681	$	2,379,609

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	139,662	$	130,796
Current debt, net		77,683		—
Operating lease liabilities		7,242		7,218
Other current liabilities		15,180		12,623
Total current liabilities		239,767		150,637
Debt, net		1,266,506		1,340,910
Operating lease liabilities		61,599		62,441
Other liabilities		114,068		87,530
Total liabilities		1,681,940		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 March 31, 2024 and December 31, 2023; redemption amount of $446.5 million at March 31, 2024 and December 31, 2023)		342,207		325,232

Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 101,693,823 and 100,589,572 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)		1,016		1,006
Additional paid in capital		822,956		843,971
Accumulated deficit		(221,780)		(182,173)
Accumulated other comprehensive loss		(199,643)		(178,515)
Stockholders' equity		402,549		484,289
Non-controlling interest in equity of consolidated subsidiaries		(82,015)		(71,430)
Total equity		320,534		412,859
Total liabilities, redeemable preferred stock and equity	$	2,344,681	$	2,379,609


FTAI 基礎設施公司
合併資產負債表（未經審計）
（美元金額以千美元計，股票和每股數據除外）

	（未經審計）
	2024年3月31日		2023年12月31日
資產
流動資產：
現金和現金等價物	$	22,968	$	29,367
受限制的現金		41,328		58,112
應收賬款，淨額		53,914		55,990
其他流動資產		46,321		42,034
流動資產總額		164,531		185,503
租賃設備，網		35,652		35,587
經營租賃使用權資產，淨額		68,921		69,748
不動產、廠房和設備，淨額		1,610,731		1,630,829
投資		68,085		72,701
無形資產，淨額		50,735		52,621
善意		275,367		275,367
其他資產		70,659		57,253
總資產	$	2,344,681	$	2,379,609

負債
流動負債：
應付賬款和應計負債	$	139,662	$	130,796
當前債務，淨額		77,683		—
經營租賃負債		7,242		7,218
其他流動負債		15,180		12,623
流動負債總額		239,767		150,637
債務，淨額		1,266,506		1,340,910
經營租賃負債		61,599		62,441
其他負債		114,068		87,530
負債總額		1,681,940		1,641,518

承付款和意外開支		—		—

可贖回優先股（每股面值0.01美元；已授權2億股；截至2024年3月31日和2023年12月31日已發行和流通30萬股；截至2024年3月31日和2023年12月31日的贖回金額爲4.465億美元）		342,207		325,232

公平
普通股（截至2024年3月31日和2023年12月31日，每股面值0.01美元；已發行和流通的股票分別爲101,693,823股和100,589,572股）		1,016		1,006
額外已繳資本		822,956		843,971
累計赤字		(221,780)		(182,173)
累計其他綜合虧損		(199,643)		(178,515)
股東權益		402,549		484,289
合併子公司股權中的非控股權益		(82,015)		(71,430)
權益總額		320,534		412,859
總負債、可贖回優先股和股權	$	2,344,681	$	2,379,609


FTAI INFRASTRUCTURE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands, unless otherwise noted)

	Three Months Ended March 31,
		2024		2023
Cash flows from operating activities:
Net loss	$	(50,297)	$	(35,912)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses (earnings) of unconsolidated entities		11,902		(4,366)
Loss on sale of assets, net		13		124
Equity-based compensation		2,340		895
Depreciation and amortization		20,521		20,135
Asset impairment		—		141
Change in deferred income taxes		1,337		1,547
Change in fair value of non-hedge derivative		—		1,125
Amortization of deferred financing costs		1,929		1,429
Amortization of bond discount		1,426		1,045
Provision for (benefit from) credit losses		169		(165)
Change in:
Accounts receivable		1,907		(10,825)
Other assets		(4,289)		8,140
Accounts payable and accrued liabilities		9,206		6,700
Other liabilities		(47)		(2,157)
Net cash used in operating activities		(3,883)		(12,144)

Cash flows from investing activities:
Investment in unconsolidated entities		(611)		(2,126)
Acquisition of consolidated subsidiary		—		(4,448)
Acquisition of leasing equipment		(396)		—
Acquisition of property, plant and equipment		(12,859)		(39,861)
Investment in promissory notes and loans		—		(20,500)
Investment in equity instruments		(5,000)		—
Proceeds from sale of property, plant and equipment		20		93
Net cash used in investing activities		(18,846)		(66,842)

Cash flows from financing activities:
Proceeds from debt		—		41,600
Payment of deferred financing costs		(265)		(649)
Cash dividends - common stock		—		(3,084)
Settlement of equity-based compensation		(189)		(90)
Net cash (used in) provided by financing activities		(454)		37,777

Net decrease in cash and cash equivalents and restricted cash		(23,183)		(41,209)
Cash and cash equivalents and restricted cash, beginning of period		87,479		149,642
Cash and cash equivalents and restricted cash, end of period	$	64,296	$	108,433


FTAI 基礎設施公司
合併現金流量表（未經審計）
（除非另有說明，否則金額以千美元計）

	截至3月31日的三個月
		2024		2023
來自經營活動的現金流：
淨虧損	$	(50,297)	$	(35,912)
爲使淨虧損與經營活動中使用的淨現金相一致而進行的調整：
未合併實體的虧損（收益）權益		11,902		(4,366)
資產出售虧損，淨額		13		124
基於股權的薪酬		2,340		895
折舊和攤銷		20,521		20,135
資產減值		—		141
遞延所得稅的變化		1,337		1,547
非對沖衍生品公允價值的變化		—		1,125
遞延融資成本的攤銷		1,929		1,429
債券折扣的攤銷		1,426		1,045
信用損失（受益）準備金		169		(165)
改進：
應收賬款		1,907		(10,825)
其他資產		(4,289)		8,140
應付賬款和應計負債		9,206		6,700
其他負債		(47)		(2,157)
用於經營活動的淨現金		(3,883)		(12,144)

來自投資活動的現金流：
對未合併實體的投資		(611)		(2,126)
收購合併子公司		—		(4,448)
購置租賃設備		(396)		—
購置不動產、廠房和設備		(12,859)		(39,861)
投資期票和貸款		—		(20,500)
投資股票工具		(5,000)		—
出售不動產、廠房和設備的收益		20		93
用於投資活動的淨現金		(18,846)		(66,842)

來自融資活動的現金流：
債務收益		—		41,600
遞延融資費用的支付		(265)		(649)
現金分紅-普通股		—		(3,084)
股權補償的結算		(189)		(90)
融資活動提供的（用於）淨現金		(454)		37,777

現金和現金等價物及限制性現金的淨減少		(23,183)		(41,209)
期初現金和現金等價物及限制性現金		87,479		149,642
現金和現金等價物以及限制性現金，期末	$	64,296	$	108,433

Key Performance Measures

關鍵績效衡量標準

The Chief Operating Decision Maker ("CODM") utilizes Adjusted EBITDA as our key performance measure.

首席運營決策者（“CODM”）使用調整後的息稅折舊攤銷前利潤作爲我們的關鍵績效指標。

調整後的息稅折舊攤銷前利潤爲CODM提供了評估運營績效以及做出資源和分配決策所需的信息。調整後的息稅折舊攤銷前利潤定義爲歸屬於股東的淨收益（虧損），經調整後（a）不包括所得稅準備金（收益）、股權薪酬支出、收購和交易費用、債務和資本租賃義務的修改或清償損失、非對沖衍生工具公允價值變動、資產減值費用、激勵性分配、折舊和攤銷費用、養老金和其他養老金的利息支出、利息支出、利息和其他養老金成本的影響支出福利（“OPEB”）負債、股息和可贖回優先股的增加以及其他非經常性項目，（b）包括我們在未合併實體中按比例分攤的調整後息稅折舊攤銷前利潤的影響，以及（c）排除未合併實體權益收益（虧損）和調整後息稅折舊攤銷前利潤非控股份額的影響。

The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three months ended March 31, 2024 and 2023:

下表列出了截至2024年3月31日和2023年3月31日的三個月中歸屬於股東的淨虧損與調整後息稅折舊攤銷前利潤的對賬情況：

	Three Months Ended March 31,
(in thousands)		2024		2023
Net loss attributable to stockholders	$	(56,582)	$	(40,589)
Add: Provision for income taxes		1,805		1,729
Add: Equity-based compensation expense		2,340		895
Add: Acquisition and transaction expenses		926		269
Add: Losses on the modification or extinguishment of debt and capital lease obligations		—		—
Add: Changes in fair value of non-hedge derivative instruments		—		1,125
Add: Asset impairment charges		—		141
Add: Incentive allocations		—		—
Add: Depreciation & amortization expense ⁽¹⁾		21,097		20,135
Add: Interest expense		27,593		23,250
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities ⁽²⁾		6,257		8,190
Add: Dividends and accretion of redeemable preferred stock		16,975		14,570
Add: Interest and other costs on pension and OPEB liabilities		600		480
Add: Other non-recurring items ⁽³⁾		—		1,288
Less: Equity in losses (earnings) of unconsolidated entities		11,902		(4,366)
Less: Non-controlling share of Adjusted EBITDA ⁽⁴⁾		(5,682)		(5,221)
Adjusted EBITDA (non-GAAP)	$	27,231	$	21,896

	截至3月31日的三個月
（以千計）		2024		2023
歸屬於股東的淨虧損	$	(56,582)	$	(40,589)
加：所得稅準備金		1,805		1,729
增加：基於權益的薪酬支出		2,340		895
加：收購和交易費用		926		269
加：修改或取消債務和資本租賃債務造成的損失		—		—
增加：非對沖衍生工具公允價值的變化		—		1,125
加：資產減值費用		—		141
增加：激勵分配		—		—
添加：折舊和攤銷費用 ⁽¹⁾		21,097		20,135
加：利息支出		27,593		23,250
添加：未合併實體在調整後息稅折舊攤銷前利潤中按比例分攤的份額 ⁽²⁾		6,257		8,190
添加：股息和可贖回優先股的增加		16,975		14,570
添加：養老金和OPEB負債的利息和其他成本		600		480
添加：其他非經常性項目 ⁽³⁾		—		1,288
減去：未合併實體的虧損（收益）權益		11,902		(4,366)
減去：調整後息稅折舊攤銷前利潤中的非控股份額 ⁽⁴⁾		(5,682)		(5,221)
調整後的息稅折舊攤銷前利潤（非公認會計准則）	$	27,231	$	21,896

_______________________________
(1)	Includes the following items for the three months ended March 31, 2024 and 2023: (i) depreciation and amortization expense of $20,521 and $20,135 and (ii) capitalized contract costs amortization of $576 and $—.

(2)	Includes the following items for the three months ended March 31, 2024 and 2023: (i) net (loss) income of $(11,942) and $4,318, (ii) interest expense of $10,893 and $8,032, (iii) depreciation and amortization expense of $5,130 and $5,666, (iv) acquisition and transaction expenses of $19 and $20, (v) changes in fair value of non-hedge derivative instruments of $2,053 and $(9,847), (vi) equity-based compensation of $1 and $1, (vii) asset impairment of $87 and $— and (viii) equity method basis adjustments of $16 and $—, respectively.

(3)	Includes the following item for the three months ended March 31, 2023: Railroad severance expense of $1,288.

(4)	Includes the following items for the three months ended March 31, 2024 and 2023: (i) equity-based compensation of $431 and $110, (ii) (benefit from) provision for income taxes of $(134) and $53, (iii) interest expense of $2,189 and $1,857, (iv) depreciation and amortization expense of $3,194 and $3,136, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) interest and other costs on pension and OPEB liabilities of $2 and $1 and (vii) other non-recurring items of $— and $3, respectively.

_________________________
(1)	包括截至2024年3月31日和2023年3月31日的三個月的以下項目：（i）20,521美元和20,135美元的折舊和攤銷費用，以及（ii）576美元和—美元的資本化合同成本攤銷。

(2)	包括截至2024年3月31日和2023年3月31日的三個月的以下項目：（i）淨（虧損）收益分別爲11,942美元和4,318美元，（ii）10,893美元和8,032美元的利息支出，（iii）5,130美元和5,666美元的折舊和攤銷費用，（iv）19美元和20美元的收購和交易費用，（v）非對沖衍生品公允價值的變化 2,053美元和美元（9,847美元）的工具，（vii）1美元和1美元的股權補償，（vii）87美元和—美元的資產減值以及（viii）分別爲16美元和—美元的權益法基準調整。

(3)	包括截至2023年3月31日的三個月的以下項目：鐵路遣散費1,288美元。

(4)	包括截至2024年3月31日和2023年3月31日的三個月的以下項目：（i）431美元和110美元的股權薪酬，（ii）（受益於）所得稅準備金（134美元）和53美元，（iii）2,189美元和1,857美元的利息支出，（iv）3,194美元和3,136美元的折舊和攤銷費用，（v）非對沖衍生工具公允價值的變化 —以及61美元，（vi）分別爲2美元和1美元的養老金和OPEB負債的利息和其他成本，以及（vii）其他非經常性項目，分別爲美元和3美元。

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 ended March 31, 2024:

下表列出了截至2024年3月31日的三個月，我們四個核心板塊歸屬於股東的淨收益（虧損）與調整後息稅折舊攤銷前利潤的對賬情況：

	Three Months Ended March 31, 2024
(in thousands)	Railroad		Jefferson Terminal		Repauno		Power and Gas		Four Core Segments
Net income (loss) attributable to stockholders	$	14,436	$	(11,120)	$	(4,260)	$	(5,427)	$	(6,371)
Add: Provision for (benefit from) income taxes		1,092		(554)		(136)		—		402
Add: Equity-based compensation expense		290		1,759		291		—		2,340
Add: Acquisition and transaction expenses		184		2		—		—		186
Add: Losses on the modification or extinguishment of debt and capital lease obligations		—		—		—		—		—
Add: Changes in fair value of non-hedge derivative instruments		—		—		—		—		—
Add: Asset impairment charges		—		—		—		—		—
Add: Incentive allocations		—		—		—		—		—
Add: Depreciation & amortization expense ⁽¹⁾		5,012		12,906		2,444		—		20,362
Add: Interest expense		69		9,297		146		—		9,512
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities ⁽²⁾		—		—		—		8,782		8,782
Add: Dividends and accretion of redeemable preferred stock		—		—		—		—		—
Add: Interest and other costs on pension and OPEB liabilities		600		—		—		—		600
Add: Other non-recurring items		—		—		—		—		—
Less: Equity in losses of unconsolidated entities		—		—		—		7,037		7,037
Less: Non-controlling share of Adjusted EBITDA ⁽³⁾		(25)		(5,489)		(168)		—		(5,682)
Adjusted EBITDA (non-GAAP)	$	21,658	$	6,801	$	(1,683)	$	10,392	$	37,168

	截至2024年3月31日的三個月
（以千計）	鐵路		傑斐遜碼頭		雷保諾		電力和天然氣		四個核心細分市場
歸屬於股東的淨收益（虧損）	$	14,436	$	(11,120)	$	(4,260)	$	(5,427)	$	(6,371)
加：所得稅（受益）準備金		1,092		(554)		(136)		—		402
增加：基於權益的薪酬支出		290		1,759		291		—		2,340
加：收購和交易費用		184		2		—		—		186
加：修改或取消債務和資本租賃債務造成的損失		—		—		—		—		—
增加：非對沖衍生工具公允價值的變化		—		—		—		—		—
加：資產減值費用		—		—		—		—		—
增加：激勵分配		—		—		—		—		—
添加：折舊和攤銷費用 ⁽¹⁾		5,012		12,906		2,444		—		20,362
加：利息支出		69		9,297		146		—		9,512
添加：未合併實體在調整後息稅折舊攤銷前利潤中按比例分攤的份額 ⁽²⁾		—		—		—		8,782		8,782
添加：股息和可贖回優先股的增加		—		—		—		—		—
添加：養老金和OPEB負債的利息和其他成本		600		—		—		—		600
添加：其他非經常性項目		—		—		—		—		—
減去：未合併實體虧損中的權益		—		—		—		7,037		7,037
減去：調整後息稅折舊攤銷前利潤中的非控股份額 ⁽³⁾		(25)		(5,489)		(168)		—		(5,682)
調整後的息稅折舊攤銷前利潤（非公認會計准則）	$	21,658	$	6,801	$	(1,683)	$	10,392	$	37,168

_______________________________
(1)	Jefferson Terminal

	Includes the following items for the three months ended March 31, 2024: (i) depreciation and amortization expense of $12,330 and (ii) capitalized contract costs amortization of $576, respectively.

(2)	Power and Gas

	Includes the following items for the three months ended March 31, 2024: (i) net loss of $(7,053), (ii) interest expense of $9,210, (iii) depreciation and amortization expense of $4,449, (iv) acquisition and transaction expenses of $19, (v) changes in fair value of non-hedge derivative instruments of $2,053, (vi) equity-based compensation of $1, (vii) asset impairment of $87 and (viii) equity method basis adjustments of $16.

(3)	Railroad

	Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $1, (ii) provision for income taxes of $4, (iii) depreciation and amortization expense of $18 and (iv) interest and other costs on pension and OPEB liabilities of $2.

	Jefferson Terminal

	Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $412, (ii) benefit from income taxes of $(130), (iii) interest expense of $2,180 and (iv) depreciation and amortization expense of $3,027.

	Repauno

	Includes the following items for the three months ended March 31, 2024: (i) equity-based compensation of $18, (ii) benefit from income taxes of $(8), (iii) interest expense of $9 and (iv) depreciation and amortization expense of $149.

_________________________
(1)	傑斐遜碼頭

	包括截至2024年3月31日的三個月的以下項目：（i）12,330美元的折舊和攤銷費用以及（ii）資本化合同成本攤銷分別爲576美元。

(2)	電力和天然氣

	包括截至2024年3月31日的三個月的以下項目：（i）淨虧損（7,053美元），（ii）9,210美元的利息支出，（iii）4,449美元的折舊和攤銷費用，（iv）19美元的收購和交易費用，（v）2,053美元的非對沖衍生工具公允價值的變化，（vii）1美元的股權補償，（vii）資產減值 87美元和（viii）權益法基礎調整爲16美元。

(3)	鐵路

	包括截至2024年3月31日的三個月的以下項目：（i）1美元的股權薪酬，（ii）4美元的所得稅準備金，（iii）18美元的折舊和攤銷費用，（iv）2美元的養老金和OPEB負債的利息和其他成本。

	傑斐遜碼頭

	包括截至2024年3月31日的三個月的以下項目：（i）412美元的股權薪酬，（ii）130美元的所得稅收益，（iii）2,180美元的利息支出以及（iv）3,027美元的折舊和攤銷費用。

	雷保諾

	包括截至2024年3月31日的三個月的以下項目：（i）18美元的股權薪酬，（ii）8美元的所得稅收益，（iii）9美元的利息支出以及（iv）149美元的折舊和攤銷費用。

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