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 all to the FTAI Infrastructure third quarter 2023 earnings call. Joining me here today are Ken Nicholson, the CEO of FTAI Infrastructure; and Scott Christopher, the company's CFO. We have posted an investor presentation and press release on our website, which we encourage you to download if you have not already done so.

Also, please note that this call is open to the public in listen-only mode and is being webcast. In addition, we will be discussing some non-GAAP financial measures during the call today, including adjusted EBITDA and the reconciliations of those measures to the most directly comparable GAAP measures can be found in the earnings supplement.

Before I turn the call over to Ken, I would like to point out that certain statements made today will be forward-looking statements, including regarding future earnings. These statements by their nature are uncertain and may differ materially from actual results. We encourage you to review the disclaimers in our press release and investor presentation regarding non-GAAP financial measures and forward-looking statements and to review the risk factors contained in our quarterly report filed with the SEC.

Now I would like to turn the call over to Ken.

Ken Nicholson

Thank you very much, Alan, and good morning, everyone. This morning, we'll be discussing our third quarter financial results and also providing an update on the latest developments at each of our business segments. For this call, I'll be referring to the third quarter supplemental materials recently posted to our website.

To kick things off, I'm pleased to report that our Board has authorized a $0.03 per share quarterly dividend to be paid on November 16 to the holders of record on November 9. On to the financial results. Adjusted EBITDA prior to corporate expenses came in at $32.2 million for the quarter and $98.8 million for the 9 months year-to-date. Our year-to-date results are up 25% versus last year, with each of our 4 segments demonstrating growth. Reflecting on the results, while the headline third quarter numbers may not show it, I believe this was our most productive quarter since the spin-off of our business in August of last year.