FTAI Infrastructure Inc. (NASDAQ:FIP) Q4 2023 Earnings Conference Call March 1, 2024 8:00 AM ET

Company Participants

Alan Andreini - Investor Relations

Ken Nicholson - Chief Executive Officer

Conference Call Participants

Giuliano Bologna - Compass Point

Operator

Good day and welcome to the Q4 2023 FTAI Infrastructure Earnings Conference Call. At this time all participants are in listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. 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 fourth quarter and full year 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 our 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. 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, Alan, and good morning, everyone. This morning, we'll be discussing our financial results for the fourth quarter and full-year of 2023. And in doing so, I'll be referring to the earnings supplement, which we recently posted to our website.

Before getting into the financials, I'm pleased to report that our Board has authorized a $0.03 per share quarterly dividend to be paid on April 5 to the holders of record on March 27.

Now on to the results. Fourth quarter adjusted EBITDA prior to corporate expenses came in at $42.4 million, up 32% quarter-over-quarter and representing a new record for the company. For the year, adjusted EBITDA was $140.9 million, also a record and up 60% from fiscal 2022.