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

FTAI製造行業公司報告2024年第三季度業績，宣佈每股普通股派息0.03美元

NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today reported financial results for the third 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	Q3'24
Net Loss Attributable to Stockholders	$	(49,971)
Basic and Diluted Loss per Share of Common Stock	$	(0.45)
Adjusted EBITDA (1)	$	36,928
Adjusted EBITDA - Four core segments (1)(2)	$	42,543

_______________________________

(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.

Third Quarter 2024 Dividends

On October 30, 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 September 30, 2024, payable on November 19, 2024 to the holders of record on November 12, 2024.

Business Highlights

Signed long-term contract and additional LOI at Repauno and commenced construction for phase 2 transloading system.
Construction projects at Jefferson progressing on schedule, on budget for contracts commencing in 2025.
Long Ridge power plant operated at a 99% capacity factor; new capacity pricing for 2025-26 season represents $16 million of incremental annual Adj. EBITDA and expected to continue for foreseeable future(1).

(1) Represents management's estimates; actual results may vary.

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, , 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 Thursday, October 31, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link . 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 . 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 Thursday, October 31, 2024 through 11:30 A.M. on Thursday, November 7, 2024 on .

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 ability to add substantial EBITDA for mid-2025 to mid-2026 period. 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 (). 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues
Total revenues	$	83,311	$	80,706	$	250,733	$	239,032

Expenses
Operating expenses		62,766		68,416		188,566		196,353
General and administrative		2,989		2,485		10,690		9,388
Acquisition and transaction expenses		2,526		649		4,373		1,554
Management fees and incentive allocation to affiliate		2,807		3,238		8,584		9,304
Depreciation and amortization		19,492		20,150		60,176		60,577
Asset impairment		—		—		—		743
Total expenses		90,580		94,938		272,389		277,919

Other (expense) income
Equity in losses of unconsolidated entities		(14,308)		(9,914)		(38,998)		(7,173)
Gain (loss) on sale of assets, net		2,758		(263)		2,595		260
Gain (loss) on modification or extinguishment of debt		747		(2,020)		(8,423)		(2,020)
Interest expense		(31,513)		(25,999)		(88,796)		(73,431)
Other income		6,537		2,387		15,865		3,978
Total other expense		(35,779)		(35,809)		(117,757)		(78,386)
Loss before income taxes		(43,048)		(50,041)		(139,413)		(117,273)
(Benefit from) provision for income taxes		(92)		8		1,980		2,560
Net loss		(42,956)		(50,049)		(141,393)		(119,833)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries		(9,963)		(9,932)		(32,053)		(30,101)
Less: Dividends and accretion of redeemable preferred stock		16,978		15,984		51,563		45,811
Net loss attributable to stockholders	$	(49,971)	$	(56,101)	$	(160,903)	$	(135,543)

Loss per share:
Basic	$	(0.45)	$	(0.55)	$	(1.51)	$	(1.32)
Diluted	$	(0.45)	$	(0.55)	$	(1.51)	$	(1.32)
Weighted average shares outstanding:
Basic		109,723,831		102,820,651		106,317,677		102,800,818
Diluted		109,723,831		102,820,651		106,317,677		102,800,818

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

	(Unaudited)
	September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	20,295	$	29,367
Restricted cash		124,338		58,112
Accounts receivable, net		55,168		55,990
Other current assets		47,266		42,034
Total current assets		247,067		185,503
Leasing equipment, net		36,173		35,587
Operating lease right-of-use assets, net		68,859		69,748
Property, plant, and equipment, net		1,624,906		1,630,829
Investments		54,148		72,701
Intangible assets, net		47,237		52,621
Goodwill		275,367		275,367
Other assets		83,732		57,253
Total assets	$	2,437,489	$	2,379,609

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	152,957	$	130,796
Operating lease liabilities		7,270		7,218
Other current liabilities		13,449		12,623
Total current liabilities		173,676		150,637
Debt, net		1,535,679		1,340,910
Operating lease liabilities		61,651		62,441
Other liabilities		46,379		87,530
Total liabilities		1,817,385		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 September 30, 2024 and December 31, 2023; redemption amount of $436.8 million and $446.5 million at September 30, 2024 and December 31, 2023)		366,913		325,232

Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 113,745,115 and 100,589,572 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)		1,137		1,006
Additional paid in capital		785,734		843,971
Accumulated deficit		(291,513)		(182,173)
Accumulated other comprehensive loss		(124,587)		(178,515)
Stockholders' equity		370,771		484,289
Non-controlling interest in equity of consolidated subsidiaries		(117,580)		(71,430)
Total equity		253,191		412,859
Total liabilities, redeemable preferred stock and equity	$	2,437,489	$	2,379,609

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

	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net loss	$	(141,393)	$	(119,833)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated entities		38,998		7,173
Gain on sale of assets, net		(2,595)		(260)
Loss on modification or extinguishment of debt		8,423		2,020
Gain on sale of easement		(3,486)		—
Equity-based compensation		6,768		5,814
Depreciation and amortization		60,176		60,577
Asset impairment		—		743
Change in deferred income taxes		1,187		2,148
Change in fair value of non-hedge derivative		—		1,125
Amortization of deferred financing costs		6,370		4,910
Amortization of bond discount		4,419		3,472
Provision for credit losses		569		1,661
Change in:
Accounts receivable		253		(5,547)
Other assets		(5,982)		17,387
Accounts payable and accrued liabilities		17,676		15,130
Other liabilities		1,394		1,266
Net cash used in operating activities		(7,223)		(2,214)

Cash flows from investing activities:
Investment in unconsolidated entities		(2,273)		(6,070)
Investment in convertible promissory notes		(31,500)		(51,044)
Acquisition of business, net of cash acquired		—		(4,448)
Acquisition of leasing equipment		(1,627)		—
Acquisition of property, plant and equipment		(53,322)		(78,712)
Investment in equity instruments		(5,000)		—
Proceeds from sale of leasing equipment		—		116
Proceeds from sale of property, plant and equipment		598		1,148
Proceeds from sale of easement		3,486		—
Net cash used in investing activities		(89,638)		(139,010)

Cash flows from financing activities:
Proceeds from debt, net		449,689		162,100
Repayment of debt		(247,594)		(75,131)
Payment of financing costs		(10,397)		(6,472)
Cash dividends - common stock		(9,707)		(9,254)
Cash dividends - redeemable preferred stock		(9,723)		—
Settlement of equity-based compensation		(3,214)		(90)
Distributions to non-controlling interests		(15,039)		(1,647)
Net cash provided by financing activities		154,015		69,506

Net increase (decrease) in cash and cash equivalents and restricted cash		57,154		(71,718)
Cash and cash equivalents and restricted cash, beginning of period		87,479		149,642
Cash and cash equivalents and restricted cash, end of period	$	144,633	$	77,924

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 and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in thousands)	2024		2023		Change		2024		2023		Change
Net loss attributable to stockholders	$	(49,971)	$	(56,101)	$	6,130	$	(160,903)	$	(135,543)	$	(25,360)
Add: (Benefit from) provision for income taxes		(92)		8		(100)		1,980		2,560		(580)
Add: Equity-based compensation expense		2,629		4,277		(1,648)		6,768		5,814		954
Add: Acquisition and transaction expenses		2,526		649		1,877		4,373		1,554		2,819
Add: (Gains) losses on the modification or extinguishment of debt and capital lease obligations		(747)		2,020		(2,767)		8,423		2,020		6,403
Add: Changes in fair value of non-hedge derivative instruments		—		—		—		—		1,125		(1,125)
Add: Asset impairment charges		—		—		—		—		743		(743)
Add: Incentive allocations		—		—		—		—		—		—
Add: Depreciation and amortization expense (1)		20,725		20,150		575		63,418		60,577		2,841
Add: Interest expense		31,513		25,999		5,514		88,796		73,431		15,365
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)		5,625		5,554		71		15,090		20,630		(5,540)
Add: Dividends and accretion of redeemable preferred stock		16,978		15,984		994		51,563		45,811		5,752
Add: Interest and other costs on pension and OPEB liabilities		(248)		480		(728)		214		1,440		(1,226)
Add: Other non-recurring items (3)		—		1,131		(1,131)		—		2,470		(2,470)
Less: Equity in losses of unconsolidated entities		14,308		9,914		4,394		38,998		7,173		31,825
Less: Non-controlling share of Adjusted EBITDA (4)		(6,318)		(5,410)		(908)		(20,305)		(15,577)		(4,728)
Adjusted EBITDA (non-GAAP)	$	36,928	$	24,655	$	12,273	$	98,415	$	74,228	$	24,187

_______________________________

(1)	Includes the following items for the three months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $19,492 and $20,150 and (ii) capitalized contract costs amortization of $1,233 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $60,176 and $60,577 and (ii) capitalized contract costs amortization of $3,242 and $—, respectively.

(2)	Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(14,352) and $(9,941), (ii) interest expense of $10,826 and $8,830, (iii) depreciation and amortization expense of $6,911 and $6,965, (iv) acquisition and transaction expenses of $47 and $50, (v) changes in fair value of non-hedge derivative instruments of $(2,572) and $(352), (vi) equity-based compensation of $— and $2, (vii) asset impairment of $24 and $—, (viii) equity method basis adjustments of $17 and $— and (ix) loss on modification or extinguishment of debt of $4,724 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) net loss of $(39,132) and $(7,283), (ii) interest expense of $32,901 and $25,166, (iii) depreciation and amortization expense of $20,091 and $20,598, (iv) acquisition and transaction expenses of $97 and $307, (v) changes in fair value of non-hedge derivative instruments of $(4,394) and $(18,162), (vi) equity-based compensation of $2 and $4, (vii) asset impairment of $274 and $—, (viii) equity method basis adjustments of $49 and $—, (ix) loss on modification or extinguishment of debt of $4,724 and $— and (x) other non-recurring items of $478 and $—, respectively.

(3)	Includes the following item for the three and nine months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs and Railroad severance expense of $1,131 and $2,470, respectively.

(4)	Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $240 and $718, (ii) benefit from income taxes of $(98) and $(19), (iii) interest expense of $3,078 and $1,821, (iv) depreciation and amortization expense of $3,274 and $2,870, (v) acquisition and transaction expense of $— and $19, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $1 and (vii) loss on modification or extinguishment of debt of $(175) and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) equity-based compensation of $939 and $904, (ii) (benefit from) provision for income taxes of $(374) and $69, (iii) interest expense of $7,906 and $5,558, (iv) depreciation and amortization expense of $9,855 and $8,950, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) acquisition and transaction expense of $3 and $27, (vii) interest and other costs on pension and OPEB liabilities of $1 and $3, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $1,975 and $— and (x) 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 September 30, 2024:

	Three Months Ended September 30, 2024
(in thousands)	Railroad		Jefferson Terminal		Repauno		Power and Gas		Four Core Segments
Net income (loss) attributable to stockholders	$	14,528	$	(8,009)	$	(4,987)	$	(8,562)	$	(7,030)
Add: Provision for (benefit from) income taxes		1,174		(426)		(73)		—		675
Add: Equity-based compensation expense		547		673		1,306		—		2,526
Add: Acquisition and transaction expenses		95		—		—		1,681		1,776
Add: Gains on the modification or extinguishment of debt and capital lease obligations		—		(747)		—		—		(747)
Add: Changes in fair value of non-hedge derivative instruments		—		—		—		—		—
Add: Asset impairment charges		—		—		—		—		—
Add: Incentive allocations		—		—		—		—		—
Add: Depreciation and amortization expense (1)		4,936		13,221		2,489		—		20,646
Add: Interest expense		78		13,107		92		—		13,277
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)		—		—		—		7,512		7,512
Add: Dividends and accretion of redeemable preferred stock		—		—		—		—		—
Add: Interest and other costs on pension and OPEB liabilities		(248)		—		—		—		(248)
Add: Other non-recurring items		—		—		—		—		—
Less: Equity in losses of unconsolidated entities		—		—		—		10,474		10,474
Less: Non-controlling share of Adjusted EBITDA (3)		(30)		(6,055)		(233)		—		(6,318)
Adjusted EBITDA (non-GAAP)	$	21,080	$	11,764	$	(1,406)	$	11,105	$	42,543

_______________________________

(1)	Jefferson Terminal
	Includes the following items for the three months ended September 30, 2024: (i) depreciation and amortization expense of $11,988 and (ii) capitalized contract costs amortization of $1,233.

(2)	Power and Gas
	Includes the following items for the three months ended September 30, 2024: (i) net loss of $(10,489), (ii) interest expense of $9,544, (iii) depreciation and amortization expense of $6,217, (iv) acquisition and transaction expenses of $47, (v) changes in fair value of non-hedge derivative instruments of $(2,572), (vi) asset impairment of $24, (vii) equity method basis adjustments of $17 and (viii) loss on modification or extinguishment of debt of $4,724.

(3)	Railroad
	Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $3, (ii) provision for income taxes of $6, (iii) depreciation and amortization expense of $22 and (iv) interest and other costs on pension and OPEB liabilities of $(1).

	Jefferson Terminal
	Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $157, (ii) benefit from income taxes of $(100), (iii) interest expense of $3,073, (iv) depreciation and amortization expense of $3,100, and (v) loss on modification or extinguishment of debt of $(175).

	Repauno
	Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $80, (ii) benefit from income taxes of $(4), (iii) interest expense of $5 and (iv) depreciation and amortization expense of $152.

紐約，2024年10月30日（環球新聞社） - FTAI基礎設施公司（納斯達克：FIP）（"公司"或"FTAI基礎設施"）今天公佈了2024年第三季度的財務業績。公司的合併比較財務報表和關鍵績效指標已作爲本新聞稿的附件。

Financial Overview

財務總覽

(in thousands, except per share data)
Selected Financial Results	Q3'24
Net Loss Attributable to Stockholders	$	(49,971)
Basic and Diluted Loss per Share of Common Stock	$	(0.45)
Adjusted EBITDA (1)	$	36,928
Adjusted EBITDA - Four core segments (1)(2)	$	42,543

(以千爲單位，除每股數據外)
精選財務結果	2024年第三季度
歸屬股東的淨虧損	$	(49,971)
普通股每股基本和攤薄損失	$	非GAAP攤薄後每股收益
調整後的EBITDA（1）	$	36,928
調整後的EBITDA-四個核心部門（1）（2）	$	42,543

_______________________________

(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GAAP措施的定義和調和，請參閱本新聞稿的附件。
（2）不包括可持續性與能源轉型、企業和其他部門。

Third Quarter 2024 Dividends

2024年第三季度股息

2024年10月30日，公司董事會宣佈，截至2024年9月30日的季度，每股普通股分紅$0.03，將於2024年11月19日支付給2024年11月12日記錄持有人。

Business Highlights

業務亮點

Signed long-term contract and additional LOI at Repauno and commenced construction for phase 2 transloading system.
Construction projects at Jefferson progressing on schedule, on budget for contracts commencing in 2025.
Long Ridge power plant operated at a 99% capacity factor; new capacity pricing for 2025-26 season represents $16 million of incremental annual Adj. EBITDA and expected to continue for foreseeable future(1).

簽署了長期合同及Repаuno的額外LOI，並開始第2階段過渡系統的施工。
傑斐遜的施工項目按計劃進行，2025年合同開始時符合預算。
Long Ridge發電廠運轉率達到99％；2025-26賽季的新容量定價代表1600萬美元的年增量調整EBITDA，並預計會持續到可預見的未來(1)。

(1) Represents management's estimates; actual results may vary.

(1) 代表管理層的估計；實際結果可能會有所不同。

Additional Information

附加信息

有關管理層認爲對投資者有用的附加信息，請參閱公司網站的投資者關係部分的演示文稿，以及公司的第10-Q表格季度報告，在公司網站上提供時可得。公司網站上的任何內容均不包括或被引用在此。

Conference Call

電話會議

此外，管理層將於2024年10月31日星期四上午8:00舉行電話會議。可通過以下鏈接註冊並參加電話會議。一旦註冊，參與者將收到撥號和唯一代碼以接入通話。

同時，電話會議的同步網絡廣播將公開提供，僅供聽取，網址爲。請在通話之前留出額外的時間訪問該網站並下載必要的軟件以便收聽網絡廣播。

A replay of the conference call will be available after 11:30 A.M. on Thursday, October 31, 2024 through 11:30 A.M. on Thursday, November 7, 2024 on .

2024年10月31日星期四上午11:30至2024年11月7日星期四上午11:30將提供電話會議回放。

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.

本新聞稿所包含或可訪問的任何網站上的信息均不構成參考，並且不應視爲本新聞稿的一部分。

About FTAI Infrastructure Inc.

關於FTAI基礎設施公司。

FTAI基礎設施主要投資於鐵路、港口和碼頭、以及電力和燃氣領域具有高進入壁壘的關鍵基礎設施，這些基礎設施在合併基礎上產生強大穩定的現金流，並具有收益增長和資產增值的潛力。FTAI基礎設施由Fortress投資集團LLC的子公司外部管理，這是一家領先的多元化全球投資公司。

Cautionary Note Regarding Forward-Looking Statements

關於前瞻性聲明的警示說明

本新聞稿中的某些聲明可能構成根據1995年《私人證券訴訟改革法》的前瞻性聲明，包括但不限於Transtar持續的勢頭，以及Long Ridge有潛力在2025年中期至2026年中期爲EBITDA帶來實質性增長。這些聲明基於管理層當前的期望和信念，受到一些可能導致實際結果與前瞻性聲明描述有實質差異的趨勢和不確定性影響，其中許多超出公司的控制範圍。公司不能保證其期望會實現，這些差異可能是重大的。因此，您不應過於依賴本新聞稿中包含的任何前瞻性聲明。關於可能影響這些前瞻性聲明的一些風險和重要因素的討論，請參閱公司最近一份《10-k表格》的年度報告和《10-Q表格》的季度報告中名爲「風險因素」和「管理對財務狀況和經營成果的討論與分析」的部分，這些報告可在公司網站（）上獲得。此外，新的風險和不確定性不時出現，公司無法預測或評估可能導致其實際結果與任何前瞻性聲明不同的因素的影響。此類前瞻性聲明僅適用於本新聞稿日期。公司明確聲明不承擔公開發表任何更新或修訂本新聞稿中包含的任何前瞻性聲明以反映公司期望方面的任何變化或聲明基礎的事件、狀況或環境變化的義務。本發佈不構成銷售要約或要約購買任何證券。

For further information, please contact:

如需更多信息，請聯繫：

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

Alan Andreini
投資者關係
FTAI 製造行業公司。
（646）734-9414
aandreini@fortress.com

Exhibit - Financial Statements

陳列-基本報表

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues
Total revenues	$	83,311	$	80,706	$	250,733	$	239,032

Expenses
Operating expenses		62,766		68,416		188,566		196,353
General and administrative		2,989		2,485		10,690		9,388
Acquisition and transaction expenses		2,526		649		4,373		1,554
Management fees and incentive allocation to affiliate		2,807		3,238		8,584		9,304
Depreciation and amortization		19,492		20,150		60,176		60,577
Asset impairment		—		—		—		743
Total expenses		90,580		94,938		272,389		277,919

Other (expense) income
Equity in losses of unconsolidated entities		(14,308)		(9,914)		(38,998)		(7,173)
Gain (loss) on sale of assets, net		2,758		(263)		2,595		260
Gain (loss) on modification or extinguishment of debt		747		(2,020)		(8,423)		(2,020)
Interest expense		(31,513)		(25,999)		(88,796)		(73,431)
Other income		6,537		2,387		15,865		3,978
Total other expense		(35,779)		(35,809)		(117,757)		(78,386)
Loss before income taxes		(43,048)		(50,041)		(139,413)		(117,273)
(Benefit from) provision for income taxes		(92)		8		1,980		2,560
Net loss		(42,956)		(50,049)		(141,393)		(119,833)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries		(9,963)		(9,932)		(32,053)		(30,101)
Less: Dividends and accretion of redeemable preferred stock		16,978		15,984		51,563		45,811
Net loss attributable to stockholders	$	(49,971)	$	(56,101)	$	(160,903)	$	(135,543)

Loss per share:
Basic	$	(0.45)	$	(0.55)	$	(1.51)	$	(1.32)
Diluted	$	(0.45)	$	(0.55)	$	(1.51)	$	(1.32)
Weighted average shares outstanding:
Basic		109,723,831		102,820,651		106,317,677		102,800,818
Diluted		109,723,831		102,820,651		106,317,677		102,800,818

FTAI 製造行業公司。
合併營業收入表（未經審計）
（金額以千爲單位，股份和每股數據除外）

	截至9月30日的三個月				截至9月30日的九個月
	2024		2023		2024		2023
收入
總收入	$	83,311	$	80,706	$	250,733	$	239,032

費用
營業費用		62,766		68,416		188,566		196,353
ZSCALER, INC.		2,989		2,485		10,690		9,388
收購和交易費用		2,526		649		4,373		1,554
管理費和激勵分配給附屬機構		2,807		3,238		8,584		9,304
折舊和攤銷		19,492		20,150		60,176		60,577
資產減值		—		—		—		743
總支出		90,580		94,938		272,389		277,919

其他（費用）收入
未納入合併的實體的損失中的股權		(14,308)		(9,914)		(38,998)		(7,173)
資產售賣所得(損失)淨額		2,758		(263)		2,595		260
債務修改或熄滅的獲利（損失）		747		(2,020)		(8,423)		(2,020)
利息支出		(31,513)		(25,999)		(88,796)		(73,431)
其他收入		6,537		2,387		15,865		3,978
其他費用總計		(35,779)		(35,809)		(117,757)		(78,386)
稅前虧損		(43,048)		(50,041)		(139,413)		(117,273)
所得稅（收益）費用)		(92)		8		1,980		2,560
淨損失		(42,956)		(50,049)		(141,393)		(119,833)
非控股子公司其他股東損失減少		(9,963)		(9,932)		(32,053)		(30,101)
減少：分紅和贖回優先股溢價		16,978		15,984		51,563		45,811
股東應占淨虧損	$	(49,971)	$	(56,101)	$	(160,903)	$	(135,543)

每股虧損:
Basic	$	非GAAP攤薄後每股收益	$	（0.55）	$	(1.51)	$	(1.32)
Diluted	$	(0.45)	$	(0.55)	$	(1.51)	$	(1.32)
加權平均股數：
Basic		109,723,831		102,820,651		106,317,677		102,800,818
Diluted		109,723,831		102,820,651		106,317,677		102,800,818

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

	(Unaudited)
	September 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	20,295	$	29,367
Restricted cash		124,338		58,112
Accounts receivable, net		55,168		55,990
Other current assets		47,266		42,034
Total current assets		247,067		185,503
Leasing equipment, net		36,173		35,587
Operating lease right-of-use assets, net		68,859		69,748
Property, plant, and equipment, net		1,624,906		1,630,829
Investments		54,148		72,701
Intangible assets, net		47,237		52,621
Goodwill		275,367		275,367
Other assets		83,732		57,253
Total assets	$	2,437,489	$	2,379,609

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	152,957	$	130,796
Operating lease liabilities		7,270		7,218
Other current liabilities		13,449		12,623
Total current liabilities		173,676		150,637
Debt, net		1,535,679		1,340,910
Operating lease liabilities		61,651		62,441
Other liabilities		46,379		87,530
Total liabilities		1,817,385		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 September 30, 2024 and December 31, 2023; redemption amount of $436.8 million and $446.5 million at September 30, 2024 and December 31, 2023)		366,913		325,232

Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 113,745,115 and 100,589,572 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)		1,137		1,006
Additional paid in capital		785,734		843,971
Accumulated deficit		(291,513)		(182,173)
Accumulated other comprehensive loss		(124,587)		(178,515)
Stockholders' equity		370,771		484,289
Non-controlling interest in equity of consolidated subsidiaries		(117,580)		(71,430)
Total equity		253,191		412,859
Total liabilities, redeemable preferred stock and equity	$	2,437,489	$	2,379,609

FTAI 製造行業公司。
聯合資產負債表（未經審計）
（金額以千爲單位，股份和每股數據除外）

	（未經審計）
	2024年9月30日		2023年12月31日
資產
流動資產：
現金及現金等價物	$	20,295	$	29,367
受限現金		124,338		58,112
2,687,823		55,168		55,990
其他資產		47,266		42,034
總流動資產		247,067		185,503
Leasing equipment, net		36,173		35,587
經營租賃使用權資產，淨值		68,859		69,748
固定資產淨額		1,624,906		1,630,829
投資		54,148		72,701
無形資產, 淨額		47,237		52,621
商譽		275,367		275,367
其他		Table of Contents		57,253
資產總額	$	2,437,489	$	2,379,609

負債
流動負債:
應付賬款及應計費用	$		$	130,796
經營租賃負債		7,270		7,218
其他流動負債		13,449		12,623
流動負債合計		173,676		150,637
淨債務		1,535,679		1,340,910
營業租賃負債		61,651		62,441
其他負債		46,379		87,530
負債合計		1,817,385		1,641,518

承諾和 contingencies		—		—

每股面值$0.01的可贖回優先股；截至2024年9月30日和2023年12月31日，授權發行2億股，發行並流通股份30萬股；2024年9月30日和2023年12月31日的贖回金額分別爲$43680萬和$44650萬。				325,232

股權
普通股（每股面值0.01美元；授權2,000,000,000股；截至2024年9月30日和2023年12月31日分別發行和流通113,745,115股和100,589,572股）		百萬美元，並用於減少歐元、以色列新謝克爾（「NIS」）、英鎊、日元、韓元和人民幣的外幣風險。關於這些衍生工具，獲得了$		1,006
股票認購應收款項。		785,734		843,971
累積赤字		(291,513)		(182,173)
累計其他綜合損失		(124,587)		(178,515)
股東權益		370,771		484,289
非控制股權參股子公司的權益		(117,580)		(71,430)
股東權益總計		253,191		412,859
總負債、可贖回優先股和股權	$	2,437,489	$	2,379,609

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

	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net loss	$	(141,393)	$	(119,833)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated entities		38,998		7,173
Gain on sale of assets, net		(2,595)		(260)
Loss on modification or extinguishment of debt		8,423		2,020
Gain on sale of easement		(3,486)		—
Equity-based compensation		6,768		5,814
Depreciation and amortization		60,176		60,577
Asset impairment		—		743
Change in deferred income taxes		1,187		2,148
Change in fair value of non-hedge derivative		—		1,125
Amortization of deferred financing costs		6,370		4,910
Amortization of bond discount		4,419		3,472
Provision for credit losses		569		1,661
Change in:
Accounts receivable		253		(5,547)
Other assets		(5,982)		17,387
Accounts payable and accrued liabilities		17,676		15,130
Other liabilities		1,394		1,266
Net cash used in operating activities		(7,223)		(2,214)

Cash flows from investing activities:
Investment in unconsolidated entities		(2,273)		(6,070)
Investment in convertible promissory notes		(31,500)		(51,044)
Acquisition of business, net of cash acquired		—		(4,448)
Acquisition of leasing equipment		(1,627)		—
Acquisition of property, plant and equipment		(53,322)		(78,712)
Investment in equity instruments		(5,000)		—
Proceeds from sale of leasing equipment		—		116
Proceeds from sale of property, plant and equipment		598		1,148
Proceeds from sale of easement		3,486		—
Net cash used in investing activities		(89,638)		(139,010)

Cash flows from financing activities:
Proceeds from debt, net		449,689		162,100
Repayment of debt		(247,594)		(75,131)
Payment of financing costs		(10,397)		(6,472)
Cash dividends - common stock		(9,707)		(9,254)
Cash dividends - redeemable preferred stock		(9,723)		—
Settlement of equity-based compensation		(3,214)		(90)
Distributions to non-controlling interests		(15,039)		(1,647)
Net cash provided by financing activities		154,015		69,506

Net increase (decrease) in cash and cash equivalents and restricted cash		57,154		(71,718)
Cash and cash equivalents and restricted cash, beginning of period		87,479		149,642
Cash and cash equivalents and restricted cash, end of period	$	144,633	$	77,924

FTAI 製造行業公司。
合併現金流量表（未經審計）
(金額以千爲單位，除非另有註明)

	截至9月30日的九個月
	2024		2023
經營活動現金流量：
淨損失	$	(141,393)	$	(119,833)
調整爲淨損失到經營活動現金流量淨使用：
未納入合併的實體的損失中的股權		38,998		7,173
出售資產的收益淨額		(2,595)		(260)
債務修改或熄滅的損失		8,423		2,020
出售通行權益的收益		(3,486)		—
以股票爲基礎的補償		6,768		5,814
折舊和攤銷		60,176		60,577
資產減值		—		743
遞延所得稅負債變動		1,187		2,148
非套保衍生工具公允價值變動		—		1,125
推遲融資成本的攤銷		6,370		4,910
債券型折價攤銷		4,419		3,472
撥備		569		1,661
變化
應收賬款		253		(5,547)
其他		(5,982)		17,387
應付賬款及應計費用		17,676		15,130
其他負債		1,394		1,266
經營活動使用的淨現金流量		(7,223)		(2,214)

投資活動現金流量：
對未合併實體的投資		(2,273)		(6,070)
投資於可轉換的應付票據		(31,500)		(51,044)
業務收購，扣除現金收購		—		(4,448)
租賃設備的收購		(1,627)		—
購置固定資產		(53,322)
股權工具投資		(5,000)		—
出售租賃設備的收入		—		279
出售固定資產收益		598		1,148
易地交易的收入		3,486		—
投資活動產生的淨現金流出		(89,638)		(139,010)

籌集資金的現金流量：
債務淨收益		449,689		162,100
償還債務		(247,594)		(75,131)
支付融資成本		(10,397)		(6,472)
普通股的現金分紅		(9,707)		(9,254)
現金股息 - 可贖回優先股		(9,723)		—
股權激勵報酬的結算		(3,214)		(90)
分配給非控股股權的股東		(15,039)		(1,647)
籌資活動產生的現金淨額		154,015		69,506

現金及現金等價物和受限制的現金淨增（減）額		（14,329）		(71,718)
現金及現金等價物和受限制的現金期初餘額		87,479		149,642
現金及現金等價物和受限制的現金期末餘額	$	144,633	$	77,924

Key Performance Measures

關鍵績效指標

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

首席營運決策者（"CODM"）將調整後的EBITDA用作我們的關鍵績效指標。

調整後的EBITDA爲CODM提供了評估運營績效以及制定資源和分配決策所必要的信息。調整後的EBITDA被定義爲歸屬股東的淨收益（損失），經調整，（a）排除了所得稅貸項（收益），股權報酬支出，收購和交易費用，債務和資本租賃義務修改或攤銷損失，非對沖衍生工具公允價值變動，資產減值損失，激勵分配，折舊及攤銷費用，利息費用，養老金和其他養老金費用的利息和其他費用（"OPEB"）負債，股息和可贖回優先股的累計，以及其他非經常性項目，（b）包含我們按比例計算的未合併實體調整後EBITDA的影響，以及（c）排除未合併實體的權益收益（損失）及未控制的調整後EBITDA的影響。

The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023:

以下表格列出了2024年和2023年9月30日結束的三個月和九個月的歸屬股東淨虧損與調整後EBITDA之間的調整。

	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
(in thousands)	2024		2023		Change		2024		2023		Change
Net loss attributable to stockholders	$	(49,971)	$	(56,101)	$	6,130	$	(160,903)	$	(135,543)	$	(25,360)
Add: (Benefit from) provision for income taxes		(92)		8		(100)		1,980		2,560		(580)
Add: Equity-based compensation expense		2,629		4,277		(1,648)		6,768		5,814		954
Add: Acquisition and transaction expenses		2,526		649		1,877		4,373		1,554		2,819
Add: (Gains) losses on the modification or extinguishment of debt and capital lease obligations		(747)		2,020		(2,767)		8,423		2,020		6,403
Add: Changes in fair value of non-hedge derivative instruments		—		—		—		—		1,125		(1,125)
Add: Asset impairment charges		—		—		—		—		743		(743)
Add: Incentive allocations		—		—		—		—		—		—
Add: Depreciation and amortization expense (1)		20,725		20,150		575		63,418		60,577		2,841
Add: Interest expense		31,513		25,999		5,514		88,796		73,431		15,365
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)		5,625		5,554		71		15,090		20,630		(5,540)
Add: Dividends and accretion of redeemable preferred stock		16,978		15,984		994		51,563		45,811		5,752
Add: Interest and other costs on pension and OPEB liabilities		(248)		480		(728)		214		1,440		(1,226)
Add: Other non-recurring items (3)		—		1,131		(1,131)		—		2,470		(2,470)
Less: Equity in losses of unconsolidated entities		14,308		9,914		4,394		38,998		7,173		31,825
Less: Non-controlling share of Adjusted EBITDA (4)		(6,318)		(5,410)		(908)		(20,305)		(15,577)		(4,728)
Adjusted EBITDA (non-GAAP)	$	36,928	$	24,655	$	12,273	$	98,415	$	74,228	$	24,187

	截至三個月結束 9月30日，				看漲		九個月結束 9月30日,				Change
（以千爲單位）	2024		2023年		看漲		2024		2023		Change
股東應占淨虧損	$	(49,971)	$	(56,101)	$	6,130	$	(160,903)	$	(135,543)	$	(25,360)
添加：從所得稅準備中獲益		(92)		8		(100)		1,980		2,560		(580)
加：基於股權的薪酬費用		2,629		4,277		(1,648)		6,768		5,814		954
加：收購和交易費用		2,526		649		1,877		4,373		1,554		2,819
添加：債務和資本租賃債務的修改或清償產生的（獲利）損失		（747）		2,020		(2,767)		8,423		2,020		6,403
加：非對沖衍生工具公平價值變動		—		—		—		—		1,125		(1,125)
加：資產減值損失		—		—		—		—		743		(743)
加：激勵分配		—		—		—		—		—		—
增加：折舊及攤銷費用（1）		20,725		20,150		575		63,418		60,577		2,841
Add: Interest expense		31,513		25,999		5,514		88,796		73,431		15,365
添加：未納入合併範圍實體的調整後息稅折舊及攤銷前利潤之按比例份額 (2)		5625		5,554		71		15,090		20,630		（5,540）
添加：分紅派息和可贖回優先股的累計		16,978		15,984		994		51,563		45,811		5,752
添加：養老金和OPEB責任的利息和其他成本		(248)		480		(728)		214		1,440		(1,226)
添加：其他非經常性項目（3）		—		1,131		（1,131）		—		2,470		(2,470)
減少：未納入合併範圍的實體的投資損失		14,308		9,914		4,394		38,998		7,173		31,825
減：非控股調整後的息稅折舊及攤銷前利潤（4）		(6,318)		(5,410)		(908)		(20,305)		(15,577)		(4,728)
調整後的EBITDA（非GAAP）	$	36,928	$	24,655	$	12,273	$	98,415	$	74,228	$	24,187

_______________________________

(1)	Includes the following items for the three months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $19,492 and $20,150 and (ii) capitalized contract costs amortization of $1,233 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of $60,176 and $60,577 and (ii) capitalized contract costs amortization of $3,242 and $—, respectively.

(2)	Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of $(14,352) and $(9,941), (ii) interest expense of $10,826 and $8,830, (iii) depreciation and amortization expense of $6,911 and $6,965, (iv) acquisition and transaction expenses of $47 and $50, (v) changes in fair value of non-hedge derivative instruments of $(2,572) and $(352), (vi) equity-based compensation of $— and $2, (vii) asset impairment of $24 and $—, (viii) equity method basis adjustments of $17 and $— and (ix) loss on modification or extinguishment of debt of $4,724 and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) net loss of $(39,132) and $(7,283), (ii) interest expense of $32,901 and $25,166, (iii) depreciation and amortization expense of $20,091 and $20,598, (iv) acquisition and transaction expenses of $97 and $307, (v) changes in fair value of non-hedge derivative instruments of $(4,394) and $(18,162), (vi) equity-based compensation of $2 and $4, (vii) asset impairment of $274 and $—, (viii) equity method basis adjustments of $49 and $—, (ix) loss on modification or extinguishment of debt of $4,724 and $— and (x) other non-recurring items of $478 and $—, respectively.

(3)	Includes the following item for the three and nine months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs and Railroad severance expense of $1,131 and $2,470, respectively.

(4)	Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of $240 and $718, (ii) benefit from income taxes of $(98) and $(19), (iii) interest expense of $3,078 and $1,821, (iv) depreciation and amortization expense of $3,274 and $2,870, (v) acquisition and transaction expense of $— and $19, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $1 and (vii) loss on modification or extinguishment of debt of $(175) and $—, respectively. Includes the following items for the nine months ended September 30, 2024 and 2023: (i) equity-based compensation of $939 and $904, (ii) (benefit from) provision for income taxes of $(374) and $69, (iii) interest expense of $7,906 and $5,558, (iv) depreciation and amortization expense of $9,855 and $8,950, (v) changes in fair value of non-hedge derivative instruments of $— and $61, (vi) acquisition and transaction expense of $3 and $27, (vii) interest and other costs on pension and OPEB liabilities of $1 and $3, (viii) asset impairment of $— and $2, (ix) loss on modification or extinguishment of debt of $1,975 and $— and (x) other non-recurring items of $— and $3, respectively.

(1)	報告包括2024年和2023年截至9月30日三個月的折舊和攤銷費用分別爲19,492美元和20,150美元；資本化合同成本攤銷費用分別爲1,233美元和$—。報告包括2024年和2023年截至9月30日九個月的折舊和攤銷費用分別爲60,176美元和60,577美元；資本化合同成本攤銷費用分別爲3,242美元和$—。

(2)	報告包括2024年和2023年截至9月30日三個月的淨虧損分別爲$(14,352)和$(9,941)；利息費用分別爲10,826美元和8,830美元；折舊和攤銷費用分別爲6,911美元和6,965美元；收購和交易費用分別爲47美元和50美元；非避險衍生工具公平價值變動分別爲$（2,572）和$（352）；基於股權的補償分別爲$—和$2；資產減值分別爲24美元和$—；股權法調整分別爲17美元和$—；債務修改或滅債損失分別爲4,724美元和$—。報告包括2024年和2023年截至9月30日九個月的淨虧損分別爲$(39,132)和$(7,283)；利息費用分別爲32,901美元和25,166美元；折舊和攤銷費用分別爲20,091美元和20,598美元；收購和交易費用分別爲97美元和307美元；非避險衍生工具公平價值變動分別爲$(4,394)和$(18,162)；基於股權的補償分別爲$2和$4；資產減值分別爲274美元和$—；股權法調整分別爲49美元和$—；債務修改或滅債損失分別爲4,724美元和$—；其他非經常性項目分別爲478美元和$—。

(3)	包括以下項目，截至2023年9月30日的三個和九個月：與取消RSUs和鐵路裁員支出相關的某些非現金費用分別爲1,131美元和2,470美元。

(4)	包括以下項目，截至2024年9月30日的三個月和2023年：(i) 240美元和718美元的權益補償，(ii) (98)美元和(19)美元的所得稅收益，(iii) 3,078美元和1,821美元的利息費用，(iv) 3,274美元和2,870美元的折舊及攤銷支出，(v) $— and $19的收購和交易費用，(vi) (1)美元和1美元的養老金和OPEb負債的利息和其他成本，以及 (vii) (175)美元和$—的債務修訂或清償的損失，分別。包括以下項目，截至2024年9月30日的九個月和2023年：(i) 939美元和904美元的權益補償，(ii) (374)美元和69美元所得稅的收益/(提存)，(iii) 7,906美元和5,558美元的利息費用，(iv) 9,855美元和8,950美元的折舊及攤銷支出，(v) $— 和61美元的非套期衍生工具公允價值變動，(vi) 3美元和27 美元的收購和交易費用，(vii) 1美元和3美元的養老金和OPEb負債的利息和其他成本，(viii) $— 和2美元的資產減值，(ix) 1,975美元和$—的債務修訂或清償的損失和 (x) $—和3美元的其他非經常性項目，分別。

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 September 30, 2024:

下表顯示了2024年9月30日結束的三個月內，我們四個核心部門淨利潤（虧損）歸屬股東與調整後的EBITDA的對賬

	Three Months Ended September 30, 2024
(in thousands)	Railroad		Jefferson Terminal		Repauno		Power and Gas		Four Core Segments
Net income (loss) attributable to stockholders	$	14,528	$	(8,009)	$	(4,987)	$	(8,562)	$	(7,030)
Add: Provision for (benefit from) income taxes		1,174		(426)		(73)		—		675
Add: Equity-based compensation expense		547		673		1,306		—		2,526
Add: Acquisition and transaction expenses		95		—		—		1,681		1,776
Add: Gains on the modification or extinguishment of debt and capital lease obligations		—		(747)		—		—		(747)
Add: Changes in fair value of non-hedge derivative instruments		—		—		—		—		—
Add: Asset impairment charges		—		—		—		—		—
Add: Incentive allocations		—		—		—		—		—
Add: Depreciation and amortization expense (1)		4,936		13,221		2,489		—		20,646
Add: Interest expense		78		13,107		92		—		13,277
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)		—		—		—		7,512		7,512
Add: Dividends and accretion of redeemable preferred stock		—		—		—		—		—
Add: Interest and other costs on pension and OPEB liabilities		(248)		—		—		—		(248)
Add: Other non-recurring items		—		—		—		—		—
Less: Equity in losses of unconsolidated entities		—		—		—		10,474		10,474
Less: Non-controlling share of Adjusted EBITDA (3)		(30)		(6,055)		(233)		—		(6,318)
Adjusted EBITDA (non-GAAP)	$	21,080	$	11,764	$	(1,406)	$	11,105	$	42,543

	2024年9月30日止三個月
（以千爲單位）	鐵路		傑斐遜終端		Repauno		Power and 燃料幣		Four Core 板塊
歸屬於股東的淨利潤	$	14,528	$	(8,009)	$	(4,987)	$	(8,562)	$	(7,030)
添加：所得稅的（受益）規定		1,174		(426)		(73)		—		675
加：基於股權的薪酬費用		547		673		1,306		—		2,526
加：收購和交易費用		95		—		—		1,681		1,776
添加：債務和資本租賃債務修改或清償所產生的收益		—		（747）		—		—		(747)
加：非對沖衍生工具公平價值變動		—		—		—		—		—
加：資產減值損失		—		—		—		—		—
加：激勵分配		—		—		—		—		—
增加：折舊及攤銷費用（1）		4,936		13,221		2,489		—		20,646
Add: Interest expense		78		13,107		92		—		13,277
添加：未納入合併範圍實體的調整後息稅折舊及攤銷前利潤之按比例份額 (2)		—		—		—		7,512		7,512
添加：分紅派息和可贖回優先股的累計		—		—		—		—		—
添加：養老金和OPEB責任的利息和其他成本		(248)		—		—		—		(248)
添加：其他非經常性項目		—		—		—		—		—
減少：未納入合併範圍的實體的投資損失		—		—		—		10,474		10,474
減少：調整後的息稅折舊及攤銷前利潤中非控股權益份額(3)		（30）		(6,055)		(233)		—		(6,318)
調整後的EBITDA（非GAAP）	$	21,080	$	11,764	$	(1,406)	$	11,105	$	42,543

_______________________________

(1)	Jefferson Terminal
	Includes the following items for the three months ended September 30, 2024: (i) depreciation and amortization expense of $11,988 and (ii) capitalized contract costs amortization of $1,233.

(2)	Power and Gas
	Includes the following items for the three months ended September 30, 2024: (i) net loss of $(10,489), (ii) interest expense of $9,544, (iii) depreciation and amortization expense of $6,217, (iv) acquisition and transaction expenses of $47, (v) changes in fair value of non-hedge derivative instruments of $(2,572), (vi) asset impairment of $24, (vii) equity method basis adjustments of $17 and (viii) loss on modification or extinguishment of debt of $4,724.

(3)	Railroad
	Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $3, (ii) provision for income taxes of $6, (iii) depreciation and amortization expense of $22 and (iv) interest and other costs on pension and OPEB liabilities of $(1).

	Jefferson Terminal
	Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $157, (ii) benefit from income taxes of $(100), (iii) interest expense of $3,073, (iv) depreciation and amortization expense of $3,100, and (v) loss on modification or extinguishment of debt of $(175).

	Repauno
	Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of $80, (ii) benefit from income taxes of $(4), (iii) interest expense of $5 and (iv) depreciation and amortization expense of $152.

(1)	傑斐遜碼頭
	包括截至2024年9月30日三個月的以下項目：(i) 折舊和攤銷費用爲$11,988，(ii) 資本化合同成本攤銷爲$1,233。

(2)	能源和燃料幣
	包括2024年9月30日結束的三個月的以下項目：(i) 淨虧損爲$(10,489)，(ii) 利息費用爲$9,544，(iii) 折舊和攤銷費用爲$6,217，(iv) 收購和交易費用爲$47，(v) 非對沖衍生工具公允價值變動爲$(2,572)，(vi) 資產減值爲$24，(vii) 權益法調整爲$17，和(viii)債務修改或攤銷損失爲$4,724。

(3)	鐵路
	以下爲截至2024年9月30日三個月的項目：(i) 3美元的股權報酬，(ii) 6美元的所得稅準備，(iii) 22美元的折舊和攤銷費用，以及(iv) 養老金和OPEb責任的利息和其他成本(-1美元)。

	傑斐遜碼頭
	包括截至2024年9月30日三個月的以下項目： (i) 157美元的股權報酬、 (ii) 100美元的所得稅收益、 (iii) 3,073美元的利息費用、 (iv) 3,100美元的折舊及攤銷費用、 (v) 175美元的債務修改或清償損失。

	Repauno
	包括截至2024年9月30日三個月的以下項目： (i) 80美元的股權報酬、 (ii) 4美元的所得稅收益、 (iii) 5美元的利息費用、 (iv) 152美元的折舊及攤銷費用。

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