FTAI Infrastructure Inc. (NASDAQ:FIP) Q1 2024 Earnings Conference Call May 8, 2024 8:00 AM ET

Company Participants

Ken Nicholson - Chief Executive Officer
Scott Christopher - Chief Financial Officer
Alan Andreini - Investor Relations

Conference Call Participants

Guiliano Bologna - Compass Point

Operator

Good day and thank you for standing by. Welcome to the Q1, 2024, FTAI Infrastructure Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Alan Andreini, Investor Relations. Please go ahead.

Alan Andreini

Thank you, Dee Dee. I would like to welcome you all to the FTAI Infrastructure, First Quarter 2024 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 the 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 reconciliation of those measures to the most directly comparable GAAP measures can be found in the earning 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

Okay, thank you very much, Alan, and good morning everyone. This morning we will be discussing our financial results for the first quarter of 2024, and in doing so, I'll be referring to the earning 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 May 29^th for the holders of record on May 17^th.

Now onto the results. First quarter adjusted EBITDA prior to corporate expenses came in at $37.2 million, up 24% from the first quarter of 2023, and largely in line with EBITDA for the fourth quarter of 2023, when you exclude the impact of several one-time items at our Jefferson Terminal. Our performance for the quarter was driven by continued strength of Transtar, our biggest cash flow generator, and steady operations at Long Ridge, while Jefferson results were impacted by a longer than expected maintenance overhaul at the Motiva refinery, which I'll talk more about shortly.