FTAI Infrastructure Inc. (NASDAQ:FIP) Q3 2024 Earnings Conference Call October 31, 2024 8:00 AM ET

Company Participants

Alan Andreini - Head of Investor Relations
Ken Nicholson - Chief Executive Officer & President

Conference Call Participants

Giuliano Bologna - Compass Point
Brian McKenna - Citizens JMP
Sherif Elmaghrabi - BTIG

Operator

Hello, and welcome to FTAI Infrastructure Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers presentation there will be a question and answer session. [Operator Instructions]

I would now like to hand the conference over to Alan Andreini, Investor Relations. You may begin.

Alan Andreini

Thank you, Towanda. I would like to welcome you all to the FTAI Infrastructure Third 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 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

All right. Thank you, Alan. Good morning, everyone and welcome to our third quarter 2024 earnings call. For the call today, I'll be referring to the earnings supplement, which you can find posted on 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 November 19 to the holders of record on November 12.

Now on to the results. We recorded adjusted EBITDA of $36.9 million in the third quarter a new quarterly record, up 8% from the second quarter of 2024 and up 50% year-over-year from the third quarter of 2023. We're pleased with the results but we're even more excited about the opportunities that lay ahead.