Ftai Infrastructure Inc (FIP) 2025 Q2 法說會逐字稿

Good day, and welcome to the second quarter 2025 FTAI Infrastructure earnings conference call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 2025 年第二季 FTAI 基礎設施收益電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

I would now like to turn the call over to Alan Andreini, Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係部的 Alan Andreini。請繼續。

Thank you, Michelle. I would like to welcome you all to the FTAI Infrastructure earnings call for the second quarter of 2025. Joining me here today are Ken Nicholson, the CEO of FTAI Infrastructure; and Buck Fletcher, the company's CFO.

謝謝你，米歇爾。歡迎大家參加 2025 年第二季 FTAI 基礎設施收益電話會議。今天與我一起出席的還有 FTAI Infrastructure 執行長 Ken Nicholson 和公司財務長 Buck Fletcher。

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.

我們已經在我們的網站上發布了投資者介紹和新聞稿，如果您還沒有下載，我們鼓勵您下載。另外請注意，本次電話會議以僅收聽模式向公眾開放，並進行網路直播。

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.

此外，我們將在今天的電話會議中討論一些非公認會計準則財務指標，包括調整後的 EBITDA。這些指標與最直接可比較的 GAAP 指標的對帳可以在收益補充報告中找到。

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.

在我將電話轉給肯之前，我想指出，今天發表的某些聲明將是前瞻性的聲明，包括有關未來收益的聲明。這些陳述本質上是不確定的，可能與實際結果有重大差異。

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.

我們鼓勵您查看我們的新聞稿和投資者介紹中有關非公認會計準則財務指標和前瞻性聲明的免責聲明，並查看我們向美國證券交易委員會提交的季度報告中包含的風險因素。

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

現在，我想把電話轉給肯恩。

Okay. Thank you, Alan, and good morning, everyone. Welcome to our earnings call for the second quarter of 2025. We're going to walk through the details for the quarter, as we typically do. But first and foremost, we want to get into the details of two important developments for our company.

好的。謝謝你，艾倫，大家早安。歡迎參加我們 2025 年第二季的財報電話會議。我們將像往常一樣介紹本季的詳細資訊。但首先，我們想詳細了解我們公司兩個重要的發展。

Just two days ago, we announced a major acquisition that we expect to transform our freight rail segment. In addition, we plan to refinance our corporate balance sheet in a manner that materially increases our free cash flow and provides ample flexibility for future growth. These two transactions tee us up for what we expect to be a dynamic second half of 2025 and multiple opportunities for long-term growth in the years ahead.

就在兩天前，我們宣布了一項重大收購，預計這將改變我們的貨運鐵路部門。此外，我們計劃以大幅增加自由現金流並為未來成長提供充足靈活性的方式對公司資產負債表進行再融資。這兩筆交易為我們預期的充滿活力的 2025 年下半年以及未來幾年的長期成長的多重機會做好了準備。

For the call today, we'll be referring to the earnings supplement, which you can find posted on our website, and I'm going to kick things off on page 3 of the supplement with some details on the acquisition. We signed an agreement earlier this week to acquire the Wheeling & Lake Erie Railway, one of the largest regional freight railroads in the US, for total cash consideration of $1.05 billion.

在今天的電話會議上，我們將參考收益補充報告，您可以在我們的網站上找到報告，我將在補充報告的第 3 頁開始介紹有關收購的一些細節。本週早些時候，我們簽署了一項協議，以 10.5 億美元的現金總價收購美國最大的區域貨運鐵路之一惠靈和伊利湖鐵路。

In the freight rail sector, the Wheeling & Lake Erie has been a highly sought-after asset, given its strategic location, customer diversity, and growth potential. And we are thrilled to have had the opportunity to negotiate a transaction and combine it with our Transtar business.

在貨運鐵路領域，惠靈和伊利湖鐵路因其戰略位置、客戶多樣性和成長潛力而成為備受追捧的資產。我們很高興有機會談判交易並將其與我們的 Transtar 業務合併。

The Wheeling operates roughly 1,000 miles of track in the states of Ohio, Pennsylvania, West Virginia, and Maryland. The Wheeling is a great fit for a combination with Transtar.

惠靈鐵路在俄亥俄州、賓夕法尼亞州、西維吉尼亞州和馬裡蘭州運營著大約 1,000 英里的鐵軌。Wheeling 非常適合與 Transtar 結合使用。

The map on the left side of slide 3 says it all. The geographic overlay of the two businesses allows us to realize multiple immediate efficiencies and capitalize on a number of growth opportunities. For the latest 12 months, the Wheeling generated total revenue of approximately $150 million, serving a diverse base of over 250 customers and a broad range of commodities.

第三張幻燈片左側的地圖說明了一切。兩項業務的地理重疊使我們能夠實現多種即時效率並利用大量成長機會。最近 12 個月，Wheeling 的總收入約為 1.5 億美元，為超過 250 個客戶群和廣泛的商品提供服務。

On slide 4, we'll walk through our integration plan and our financial expectations for our combined rail platform. We expect to consummate the acquisition quickly and are preparing for closing later in this month of August.

在第 4 張投影片上，我們將介紹我們的整合計畫以及我們對聯合鐵路平台的財務預期。我們預計將迅速完成收購，並準備在八月下旬完成。

We'll close initially into a voting trust while we await formal approval for active control from the Surface Transportation Board. Closing transactions like this into an interim voting trust is relatively common in the freight rail sector. And it's something we at Fortress have done a number of times since it allows us to immediately execute on the transaction and benefit from the revenue and cash flow that the Wheeling generates while allowing time for the mandated regulatory process to be completed.

我們將首先關閉投票信託，同時等待地面運輸委員會正式批准主動控制。將此類交易交由臨時投票信託來處理在鐵路貨運領域是比較常見的做法。這是我們 Fortress 多次做過的事情，因為它使我們能夠立即執行交易並從 Wheeling 產生的收入和現金流中獲益，同時為完成強制性監管流程留出時間。

We currently expect regulatory approval around the end of 2025. While the Wheeling is held in a voting trust, we have asked John Giles, the former CEO of RailAmerica, to act as trustee on our behalf.

我們目前預計監管部門將於 2025 年底左右批准。雖然惠靈鐵路是由投票信託持有的，但我們已要求 RailAmerica 前執行長 John Giles 代表我們擔任受託人。

John is an incredibly seasoned freight rail industry executive. He helped us grow RailAmerica during our ownership, more than doubling the EBITDA of RailAmerica over our four years of ownership.

約翰是一位經驗豐富的鐵路貨運業主管。在我們擁有 RailAmerica 期間，他幫助我們發展了 RailAmerica，在我們擁有的四年裡，RailAmerica 的 EBITDA 增加了一倍多。

We do expect this to be a highly accretive investment, and we're targeting annual EBITDA of the combined rail companies of at least $200 million by the end of 2026. The building blocks to that target are provided in the bar chart, and I'll walk through the pieces.

我們確實預計這將是一項高度增值的投資，我們的目標是到 2026 年底，合併後的鐵路公司的年度 EBITDA 至少達到 2 億美元。長條圖中提供了實現該目標的構建塊，我將逐一介紹各個部分。

For the most recent second quarter, the two companies generated combined annual EBITDA as is of $150 million, with $83 million attributable to Transtar and $63 million to the Wheeling. We expect $20 million of annual cost savings to be implemented in the near term at the Wheeling, with the bulk related to network efficiencies, including quicker transit times, optimized use of assets, as well as capitalizing on purchasing power and a variety of cost savings.

在最近的第二季度，兩家公司合計產生的年度 EBITDA 為 1.5 億美元，其中 Transtar 貢獻 8,300 萬美元，Wheeling 貢獻 6,300 萬美元。我們預計惠靈鐵路近期每年可節省 2,000 萬美元的成本，其中大部分與網路效率有關，包括縮短運輸時間、優化資產使用，以及利用購買力和各種成本節約。

Our $20 million target is comprised of a detailed line item-based work plan that Jon Carnes, current CEO of Transtar, will implement together with Wheeling's senior management team. We expect the entirety of these savings to be implemented in the next 12 months.

我們的 2000 萬美元目標包含一項詳細的分項工作計劃，Transtar 現任執行長 Jon Carnes 將與 Wheeling 的高階管理團隊一起實施該計劃。我們預計這些節省措施將在未來 12 個月內全部實施。

The next two components relate to high confidence revenue opportunities. The first is a unique opportunity related to our Repauno terminal. Our Phase 2 project at Repauno will handle large volumes of natural gas liquids for export. Those liquids include propane and butane being sourced from fractionators located directly on the Wheeling's rail system.

接下來的兩個組成部分與高信心收入機會有關。第一個是與我們的雷帕烏諾航站樓相關的獨特機會。我們在雷帕烏諾的第二階段專案將處理大量天然氣液體以供出口。這些液體包括丙烷和丁烷，來自位於惠靈鐵路系統上的分餾塔。

Starting late next year, a unit train each day will be loaded, representing 80 carloads daily or about 30,000 carloads annually. At current market rates per carload, that represents $20 million of annual EBITDA at the Wheeling. Recall that those volumes are contracted at Repauno for a total of five years, so we have high visibility into that revenue stream.

從明年年底開始，每天將裝載一列火車，每天裝載 80 車皮，每年裝載約 30,000 車皮。以目前每輛車的市價計算，這相當於惠靈每年 EBITDA 為 2000 萬美元。回想一下，這些產量是在雷帕諾簽訂的，合約期限為五年，因此我們對該收入流有很高的了解。

The second revenue opportunity is at Transtar, where additional freight volumes into and out of US Steel's facilities will be substantial as a result of the commitments made by Nippon Steel. Nippon has committed to invest a total of $5 billion to expand production specifically at US Steel's Pittsburgh and Gary, Indiana, facilities.

第二個收入機會是 Transtar，由於新日鐵所做的承諾，進出美國鋼鐵公司設施的貨運量將大幅增加。新日鐵承諾投資總計 50 億美元，專門用於擴大美國鋼鐵公司位於匹茲堡和印第安納州加里市的工廠的生產。

We expect these investments to result in 10% to 20% increases in shipments or approximately $15 million of annual EBITDA. Nippon is also committed to building a new production facility, which may be located on one of Transtar's existing rail lines.

我們預計這些投資將使出貨量增加 10% 至 20%，或每年增加約 1,500 萬美元的 EBITDA。Nippon 還承諾建造一個新的生產設施，該設施可能位於 Transtar 現有的鐵路線上。

If that transpires, we expect substantial additional EBITDA not included in this bar chart. The bar chart also excludes continued pricing gains, third-party revenue growth at Transtar, and a pipeline of new business opportunities at the Wheeling.

如果發生這種情況，我們預計本條形圖中未包含的大量額外 EBITDA。這張長條圖還不包括持續的價格上漲、Transtar 的第三方收入成長以及 Wheeling 的新業務機會管道。

Given the diversity and growth profile of the combined business, we believe we now own a rail asset that could trade at industry multiples that historically have averaged 15 times EBITDA. With at least $200 million of targeted annual EBITDA after deducting $1 billion of preferred stock at the rail level that I'm going to discuss shortly, that implies significant value creation that ultimately flows to our common shareholders.

鑑於合併後業務的多樣性和成長前景，我們相信，我們現在擁有的鐵路資產的交易本益比可以達到行業歷史平均 EBITDA 的 15 倍。在扣除我將很快討論的 10 億美元鐵路優先股後，目標年度 EBITDA 至少為 2 億美元，這意味著最終將流向我們的普通股股東的巨大價值創造。

I'm now going to shift to the financing that we are closing together with the acquisition. The financing has two components.

我現在要談談我們與收購同時完成的融資。融資包括兩個部分。

First, we're issuing preferred stock at a newly formed subsidiary that will own the combined Transtar and Wheeling assets. Total preferred issuance is $1 billion with proceeds used to fund the bulk of the acquisition purchase price.

首先，我們將向新成立的子公司發行優先股，該子公司將擁有 Transtar 和 Wheeling 的合併資產。優先股發行總額為 10 億美元，所得款項將用於支付大部分收購價格。

The preferred is being purchased by affiliates of Ares Management and will carry a 10% annual dividend rate, which will be non-cash paying, meaning all the cash flow generated by our combined rail business will be available at our corporate holding company level.

該優先股由 Ares Management 的附屬公司購買，年股息率為 10%，且不支付現金，這意味著我們合併後的鐵路業務產生的所有現金流都將在我們的企業控股公司層級使用。

The preferred will also receive warrants at the rail company that allow the investor to participate at a strike price at our investment basis in the value that we create over time. The warrants are only being issued at the rail entity and not at our publicly traded parent, so there is no dilution to our publicly traded equity.

優先股還將獲得鐵路公司的認股權證，使投資者能夠以我們的投資基礎的執行價格參與我們隨著時間推移所創造的價值。認股權證僅在鐵路實體發行，而不是在我們的公開交易母公司發行，因此不會稀釋我們的公開交易股權。

Secondly, at the corporate level, we are issuing $1.25 billion of new debt to refinance our existing 10.5% senior notes and our existing Series A preferred stock and fund working capital. The new debt will carry an interest rate of S plus 400 or roughly 8.25% annually, having a positive impact on our leverage and cash flow position.

其次，在公司層面，我們正在發行 12.5 億美元的新債務，以再融資我們現有的 10.5% 優先票據和我們現有的 A 系列優先股並為營運資金提供資金。新債務的利率為 S 加 400 或每年約 8.25%，這將對我們的槓桿和現金流狀況產生正面影響。

Cash fixed charges today at FIP of just over $130 million annually will drop by $30 million to just over $100 million annually going forward. Cash generated by our rail business and distributed up to FIP will more than double on a pro forma basis for the acquisition. So coverage ratios and excess cash generation will be materially higher going forward.

目前，FIP 的現金固定費用每年略高於 1.3 億美元，未來將下降 3,000 萬美元，至每年略高於 1 億美元。我們的鐵路業務產生的並分配給 FIP 的現金將在收購的形式基礎上增加一倍以上。因此，未來的覆蓋率和超額現金產生率將會大幅提高。

The $1.25 billion in corporate debt is initially being funded in the form of a short-term bank loan, which we plan to refinance during the fall this year with a new long-term bond issuance. We expect the terms of the new bond to be less restrictive than our existing debt, providing flexibility and access to additional debt in the future to continue to invest in accretive opportunities.

12.5 億美元的公司債務最初以短期銀行貸款的形式提供資金，我們計劃在今年秋季透過發行新的長期債券進行再融資。我們預計新債券的條款將比我們現有的債務限制更少，從而提供靈活性並在未來獲得額外債務的管道，以繼續投資於增值機會。

Now on to our current business. On the quarter, adjusted EBITDA was $45.9 million for 2Q, up 30% from the first quarter of 2025 and up 34% from the second quarter of last year.

現在開始討論我們目前的業務。本季度，第二季調整後的 EBITDA 為 4,590 萬美元，較 2025 年第一季成長 30%，較去年第二季成長 34%。

Sequential EBITDA grew at each of Transtar, Long Ridge, and Jefferson. And Repauno in the second quarter continues to reflect only Phase 1 operations while we progressed construction at our highly accretive and contracted Phase 2 transloading system.

Transtar、Long Ridge 和 Jefferson 的 EBITDA 均實現了連續成長。而第二季的雷帕諾仍然只反映第一階段的運營，同時我們正在推動高度增值和簽約的第二階段轉運系統的建設。

With contracted business commencing during the remainder of this year and the Wheeling acquisition, we expect 2025 to be transformational for our company, demonstrating substantial growth in revenues and EBITDA.

隨著今年剩餘時間合約業務的開始以及 Wheeling 的收購，我們預計 2025 年將成為公司轉型的一年，營收和 EBITDA 將大幅成長。

As the bar chart on the right side of the slide illustrates, we have a line of sight across our portfolio on just over $350 million of annual EBITDA before the impact of the acquisition. Including the acquisition, we expect annual EBITDA to exceed $450 million.

如投影片右側的長條圖所示，在收購影響之前，我們的投資組合的年度 EBITDA 略高於 3.5 億美元。包括此次收購在內，我們預計年度 EBITDA 將超過 4.5 億美元。

Importantly, our targets exclude a number of growth opportunities, including additional volumes at Transtar, data center developments at Long Ridge, and Repauno's Phase 3 terminal project.

重要的是，我們的目標排除了許多成長機會，包括 Transtar 的額外運量、Long Ridge 的資料中心開發以及 Repauno 的第三階段終端專案。

Touching upon the key highlights at each of our companies. At Transtar, adjusted EBITDA of $20.7 million was up 4% from the first quarter as volumes. Average rates and revenues remained steady for the quarter.

觸及我們每家公司的關鍵亮點。Transtar 調整後的 EBITDA 為 2,070 萬美元，較第一季成長 4%，原因是銷量增加。本季平均費率和收入保持穩定。

During the quarter, Nippon Steel officially closed on the acquisition of US Steel, and in doing so, crystallized the commitments for substantial investments in US Steel's largest production facilities in Pittsburgh and Gary. We've already seen some pickup in volumes here in the third quarter and expect the bulk of volume increase to impact 2026 and the years ahead.

本季度，新日鐵正式完成對美國鋼鐵公司的收購，並由此明確了對美國鋼鐵公司位於匹茲堡和加里的最大生產設施進行大量投資的承諾。我們已經看到第三季的銷量有所回升，預計大部分銷售成長將影響 2026 年及未來幾年。

At Long Ridge, reported EBITDA for the quarter was $23 million, up from $18.1 million in Q1. The second-quarter results included the impact of a 14-day planned maintenance outage and reflected only a portion of the increased capacity revenues, which commenced on June 1.

長嶺公司報告稱，本季的 EBITDA 為 2,300 萬美元，高於第一季的 1,810 萬美元。第二季業績包括為期 14 天的計畫維護停機的影響，僅反映了 6 月 1 日開始增加的容量收入的一部分。

By the end of this third quarter, we expect Long Ridge to reach annual run rate EBITDA of $160 million, which includes the impact of increased gas sales coming out of our West Virginia resources commencing production in this month of August.

到第三季末，我們預計 Long Ridge 的年運行率 EBITDA 將達到 1.6 億美元，其中包括 8 月開始生產的西維吉尼亞資源產生的天然氣銷售成長的影響。

At Jefferson, EBITDA was $11.1 million, up from $8 million in Q1 as we brought four storage tanks previously off lease into service at the beginning of the quarter. It's an important second half of the year ahead for Jefferson as we have $20 million of long-term annual EBITDA commencing under two contracts, each with minimum volume commitments.

在傑斐遜，EBITDA 為 1,110 萬美元，高於第一季的 800 萬美元，因為我們在本季度初將四個先前租賃的儲罐投入使用。對於傑斐遜來說，今年下半年至關重要，因為我們有兩份合同，即每年 2000 萬美元的長期 EBITDA，每份合約都有最低數量承諾。

At Repauno, we completed financing for our Phase 2 transloading project. We issued $300 million of tax-exempt debt at average pricing of 6.5% to fund construction and a number of reserve accounts. Importantly, we signed an additional letter of intent for our Phase 2 project, bringing our total volumes under contracts and LOI to just over 70,000 barrels per day and representing a total of approximately $80 million of annual contracted EBITDA.

在雷帕烏諾，我們完成了第二階段轉運專案的融資。我們以平均 6.5% 的利率發行了 3 億美元的免稅債務，用於資助建設和一些儲備帳戶。重要的是，我們為第二階段專案簽署了一份額外的意向書，使我們的合約和意向書總量​​達到每天 70,000 桶以上，相當於每年合約 EBITDA 總額約為 8000 萬美元。

Starting on slide 10, I'll get into some more detailed quarterly figures at our segments before wrapping up the call. Digging a little bit more into Transtar, we posted revenue of $42.1 million and adjusted EBITDA of $20.7 million in Q2 compared to revenue of $42.6 million and adjusted EBITDA of $19.9 million in Q1.

從第 10 張投影片開始，在結束電話會議之前，我將介紹我們各部門更詳細的季度數據。進一步了解 Transtar 的情況，我們公佈第二季的營收為 4,210 萬美元，調整後 EBITDA 為 2,070 萬美元，而第一季的營收為 4,260 萬美元，調整後 EBITDA 為 1,990 萬美元。

Carloads, average rates, and revenues for the quarter were largely unchanged versus last quarter. Operating expenses also continue to be stable as fuel costs and other material cost items have been largely unchanged.

本季的車輛裝載量、平均費率和收入與上一季相比基本沒有變化。由於燃料成本和其他材料成本項目基本上沒有變化，營運費用也保持穩定。

Earlier on the call, I described our expectations resulting from Nippon's acquisition of US Steel, but we continue to drive third-party customer growth on each of Transtar's railroads.

在早期的電話會議上，我描述了我們對新日鐵收購美國鋼鐵公司的預期，但我們將繼續推動 Transtar 旗下每條鐵路的第三方客戶成長。

Also, while the combination with Wheeling is our primary focus in the near term, we are actively pursuing additional acquisitions of complementary railroads that further diversify our revenue and commodity base and open up additional growth opportunities through an expanded platform. We very much expect freight rail to grow as a percentage of our total assets in the quarters and years to come.

此外，雖然與惠靈的合併是我們近期的主要關注點，但我們正在積極尋求對互補鐵路的更多收購，以進一步實現收入和商品基礎的多樣化，並透過擴大平台開闢更多的成長機會。我們非常期待未來幾季和幾年內貨運鐵路在我們總資產中所佔的比例能夠成長。

Next on to Long Ridge. Long Ridge generated $23 million of EBITDA in Q2 versus $18.1 million in Q1. Power plant capacity factor was 83%, reflecting the 14-day maintenance outage that we took in May.

接下來是長嶺。Long Ridge 第二季的 EBITDA 為 2,300 萬美元，而第一季為 1,810 萬美元。發電廠的容量係數為 83%，反映了我們在 5 月進行的 14 天的維護停電。

We typically take outages twice a year and try to plan them during periods of lower power demand in the spring and early fall to minimize the financial impact. In 2Q, the outage represented approximately $3 million of EBITDA that did not materialize while the plant was down.

我們通常每年停電兩次，並嘗試在春季和初秋電力需求較低的時期進行規劃，以盡量減少財務影響。在第二季度，停電導致約 300 萬美元的 EBITDA 損失，而這筆損失在工廠停工期間並未實現。

Gas production averaged about 64,000 MMBtu per day. We're bringing our West Virginia gas production online later this month, resulting in a substantial increase in production and allowing us to generate incremental revenue and EBITDA from excess gas sales. Higher capacity revenues kicked in on June 1, representing approximately $30 million of additional annual EBITDA.

天然氣產量平均每天約 64,000 MMBtu。我們將於本月稍後開始在西維吉尼亞州生產天然氣，這將大幅提高產量，並使我們能夠從過剩的天然氣銷售中獲得增量收入和 EBITDA。6 月 1 日開始，容量收入開始增加，這意味著年度 EBITDA 增加了約 3,000 萬美元。

As I mentioned earlier, the reported results of Q2 reflect only this one month of the higher capacity revenue. So we expect to report significantly higher results in Q3 just by virtue of reflecting a full period of capacity revenue. And the 20-megawatt upgrade in our power generation continues to advance, and we expect to receive authorization at some point here in the remainder of 2025.

正如我之前提到的，第二季的報告結果僅反映了這一個月較高的容量收入。因此，我們預計，僅透過反映整個時期的產能收入，第三季的業績就會大幅提高。我們的發電量 20 兆瓦的升級仍在繼續推進，我們預計將在 2025 年剩餘時間的某個時候獲得授權。

With a solid first half of the year behind us, our focus now is advancing multiple behind-the-meter projects, including most notably negotiations with data center developers. Based on the current state of discussions, we continue to anticipate entering into one or more transactions for data centers at Long Ridge during the remainder of 2025.

憑藉著上半年的穩健表現，我們現在的重點是推進多個用戶側項目，其中最引人注目的是與資料中心開發商的談判。根據目前的討論情況，我們預計在 2025 年剩餘時間內將就長嶺資料中心達成一項或多項交易。

On to Jefferson. Jefferson generated $21.6 million of revenue and $11.1 million of adjusted EBITDA in Q2 versus $19.4 million of revenue and $8 million of EBITDA in Q1. Volumes were higher in the first quarter and average realized price per barrel was higher as the four tanks, which were previously off lease, returned to service on April 1.

繼續前往杰斐遜。傑佛遜第二季的營收為 2,160 萬美元，調整後 EBITDA 為 1,110 萬美元，而第一季的營收為 1,940 萬美元，EBITDA 為 800 萬美元。由於先前租賃期滿的四個儲油罐於 4 月 1 日恢復使用，第一季的產量增加，每桶平均實現價格也上漲。

As discussed, we have two contracts, representing a total of $20 million of incremental annual EBITDA commencing during the second half. In addition, we are in late-stage negotiations for additional contracts with multiple parties to handle conventional crude and refined products, as well as renewable fuels, with some of these negotiations involving business that would commence this year in 2025.

如上所述，我們有兩份合同，代表從下半年開始的年度增量 EBITDA 總計 2000 萬美元。此外，我們正與多方就處理常規原油和精煉產品以及可再生燃料的額外合約進行後期談判，其中一些談判涉及的業務將於今年或 2025 年開始。

And closing out with Repauno, we closed our tax-exempt financing for Phase 2 in May. Construction is well underway for the above-ground storage tank, manifolds, and additional rail unloading capacity. We have two customers signed up under the long-term contracts and the additional customer with whom we're advancing the letter of intent.

與 Repauno 合作結束後，我們於 5 月結束了第二階段的免稅融資。地上儲槽、歧管和額外鐵路卸貨能力的建設正在順利進行中。我們已與兩家客戶簽訂了長期合同，另外還有一家客戶正在推進意向書的簽署。

In the aggregate, these three pieces of business represent volumes of 71,000 barrels per day and $80 million of annual EBITDA. The two contracts are each for five-year terms commencing upon completion of the Phase 2 construction, while the third letter of intent is for five years with a two-year extension at the option of our customer.

總體而言，這三項業務的日產量為 71,000 桶，年 EBITDA 為 8,000 萬美元。兩份合約的期限均為五年，從第二階段建造完成後開始生效，而第三份意向書的期限為五年，可由客戶選擇延長兩年。

Phase 2 remains our current priority. But we're excited about the advancement of the next phase at Repauno, including the development of additional underground storage for which we expect to complete permitting prior to the end of this third quarter.

第二階段仍然是我們目前的首要任務。但我們對雷帕諾下一階段的進展感到非常興奮，包括開發額外的地下儲存設施，我們預計將在第三季末之前完成許可。

In conclusion, we are extremely happy with our team's progress during the first half of the year. We're even more excited than ever about the opportunities that lay ahead. The Wheeling acquisition and the refinancing transform our company and set the stage for meaningful growth in the quarters to come.

總而言之，我們對團隊在上半年的進展感到非常高興。我們對未來的機會感到比以往任何時候都更加興奮。惠靈的收購和再融資改變了我們公司，並為未來幾季的有意義的成長奠定了基礎。

I'll now turn the call back to Alan.

我現在將電話轉回給艾倫。

Thank you, Ken. Michelle, you may now open the call to Q&A.

謝謝你，肯。米歇爾，現在您可以開始問答環節了。

(Operator Instructions) Giuliano Bologna, Compass Point.

（操作員指示）朱利亞諾·博洛尼亞，指南針點。

Congrats, Ken, on continued execution on the Wheeling transaction. As a first question, can you talk a little bit more about the synergies of putting Transtar and Wheeling together?

恭喜 Ken，繼續執行 Wheeling 交易。第一個問題，您能否詳細談談 Transtar 和 Wheeling 合併後的綜效？

Yeah, absolutely. We've been active in the freight rail space now for roughly 20 years between RailAmerica, where we made a number of acquisitions; the FEC; and the Central Maine & Quebec. And so combinations, acquisitions, integration of rail assets is something we and our management teams have had a good amount of experience in.

是的，絕對是如此。我們在鐵路貨運領域已經活躍了大約 20 年，其中包括 RailAmerica（我們對其進行了多次收購）、FEC 以及中央緬因和魁北克鐵路。因此，我們和我們的管理團隊在鐵路資產的合併、收購和整合方面擁有豐富的經驗。

I feel really good about the $20 million of annual savings between the two companies. It's a long list of individual items, but they're very discrete. There's a little bit of upfront cost to implementing these savings. But once you invest, you stick with them.

我對兩家公司每年節省 2000 萬美元感到非常高興。這是一份很長的單獨項目清單，但它們非常獨立。實施這些節省措施需要一點前期成本。但一旦你投資了，你就會堅持下去。

I mean, the map on the first slide of the presentation, I think, was very important. I mean, this is a perfect fit; and the types of efficiencies that we can realize immediately upon closing of the transaction are incredibly meaningful. I am highly confident that the $20 million of annual cost savings is something we will certainly be realizing in the next 6 to 12 months.

我的意思是，我認為簡報第一張投影片上的地圖非常重要。我的意思是，這是一個完美的契合；而且我們在交易結束後可以立即實現的效率類型非常有意義。我非常有信心，我們一定能在未來 6 到 12 個月內實現每年 2,000 萬美元的成本節約。

That's very helpful. And then as a follow-up, you spoke in the past about the importance of diversification in the short line rail space. Can you expand on that and the implications that this deal has on the combined transfer?

這非常有幫助。然後作為後續問題，您過去曾談到短線鐵路領域多樣化的重要性。您能否詳細說明這一點以及這筆交易對聯合轉會的影響？

Definitely. Yeah, I'm glad you asked that. I do think that this transaction is a game changer for the overall value proposition of our rail platform. Diversification -- I mean, Transtar is a super rail asset, and it's been growing, generating significant cash flow. It has some great attributes.

確實。是的，我很高興你問這個問題。我確實認為這筆交易將改變我們鐵路平台的整體價值主張。多樣化——我的意思是，Transtar 是一項超級鐵路資產，它一直在增長，產生大量現金流。它具有一些很好的屬性。

It does not have a tremendous amount of diversification in terms of its customer. Transtar is 85% of our existing business. Pro forma for the combination with the Wheeling, Transtar, US Steel will become a third of our total business.

就其客戶而言，其多樣化程度並不高。Transtar 占我們現有業務的 85%。預計與 Wheeling、Transtar、US Steel 的合併將成為我們總業務的三分之一。

We're adding 250 customers and a whole bunch of different commodities into the mix for the combined company. What that means is, as I said in some of my prepared remarks, I think it's a significant uplift in the implied multiple when you think about valuing the business.

我們將為合併後的公司增加 250 名客戶和大量不同的商品。這意味著，正如我在一些準備好的發言中所說的那樣，當你考慮對企業進行估值時，我認為隱含倍數會顯著提升。

Diversified freight railroads consistently trade in the mid-teens. There have been probably 20 transactions over the past 5 to 10 years in the rail space, including a big one most recently with the UP, Norfolk Southern news, which, by the way, occurred at just north of 15 times EBITDA.

多元化貨運鐵路的營運成本始終維持在十幾美元左右。過去 5 到 10 年間，鐵路領域大概發生了 20 筆交易，包括最近與聯合鐵路公司諾福克南方鐵路公司達成的一筆大交易，順便說一下，這筆交易的市盈率略高於 EBITDA 的 15 倍。

I really feel comfortable that now, we have a business that trades in line with those industry multiples, and that's great. I'm not sure Transtar on a stand-alone basis would trade at that multiple. It might; it might not. Maybe it's a 12 or something like that, but the diversification gives us that multiple expansion opportunity. And I think it's a big thing for our common shareholders.

我現在真的感到很安心，我們的業務現在的交易金額與行業倍數一致，這很好。我不確定 Transtar 的獨立交易價格是否會達到這個倍數。有可能，也有可能不會。也許是 12 或類似的數字，但多樣化為我們提供了多重擴張機會。我認為這對我們的普通股股東來說是一件大事。

Greg Lewis, BTIG LLC.

格雷格·劉易斯（Greg Lewis），BTIG LLC。

My first one was, I guess, a continuation of Giuliano's questions on the rail. I mean, you called out the Union Pacific deal. and obviously, now with you guys acquiring Wheeling. Has something -- has anything changed here in the last year that's making -- that's driving this maybe pickup in consolidation in the rail space? And do you see continued opportunities to continue to bolt on potential other short rails?

我想，我的第一個問題是朱利亞諾在鐵軌上提問的延續。我的意思是，你提到了聯合太平洋公司的交易。顯然，現在你們又收購了惠靈公司。去年這裡是否發生了一些變化，從而推動了鐵路領域整合的回升？您是否看到了繼續利用潛在其他短軌的機會？

Yes. The UPNS deal, I won't comment much on. We obviously have a very business-friendly administration, and I'm sure that's part of the atmospherics.

是的。對於 UPNS 交易，我不會發表太多評論。我們的政府顯然非常重視商業，我相信這也是我們氛圍的一部分。

Generally, our experience has been that these rail transactions and M&A activity tends to come in waves. And there have been a handful of transactions over the past 12 months. We're aware of a number of opportunities over the next 12 months, and we're in a dialogue with a handful of counterparties.

整體而言，我們的經驗是，這些鐵路交易和併購活動往往會呈現波浪式。過去 12 個月內已發生過少量交易。我們意識到未來 12 個月內有很多機會，並且我們正在與一些交易對手進行對話。

I can't say anything has fundamentally changed in the industry. It's an industry that's been around for about 150 years. So -- it's one of America's oldest industries. So nothing fundamentally has changed, but I can say we are seeing, I'd say, a mild pickup in activity.

我不能說這個行業發生了根本性的變化。這個行業已經存在了大約150年。所以——它是美國最古老的產業之一。因此，從根本上來說，一切都沒有改變，但我可以說，我們看到了活動的溫和回升。

Look, more importantly, we, as a buyer, are much more potent and competitive than we might have been last quarter. The combination with the Wheeling's scale allows us to integrate additional railroads, either regionally focused or elsewhere, and finance additional acquisitions at a lower cost and more readily.

看起來，更重要的是，身為買家，我們比上個季度更強大、更具競爭力。與惠靈的規模相結合使我們能夠整合額外的鐵路，無論是區域性的還是其他的，並以更低的成本和更容易的方式為額外的收購提供資金。

So hopefully, we continue to see a good pace of opportunities. I think we're better positioned to act on them than we were yesterday. And so we're excited about that.

因此，希望我們能繼續看到良好的機會。我認為與昨天相比，我們現在更有能力採取行動。因此我們對此感到興奮。

Okay, great. And then just on Long Ridge, I appreciate the prepared comments. As we think about the opportunity there in the EBITDA bridge, you called out $70 million of opportunity. Could you maybe talk what's in there and potentially what's not in there?

好的，太好了。然後就長嶺而言，我很感謝大家準備好的評論。當我們思考 EBITDA 橋樑的機會時，您提到了 7000 萬美元的機會。您能否談談其中有什麼以及可能不包含什麼？

It looks like it came down sequentially. Clearly, I'm curious about the 20 megawatts that you potentially have in development and anything else that maybe you could comment. Maybe you mentioned data centers again. Could you talk about what's in that $70 million and what's not?

看起來它是按順序下來的。顯然，我對您可能正在開發的 20 兆瓦以及其他您可能評論的內容感到好奇。也許您再次提到了資料中心。您能談談這 7000 萬美元裡面有什麼和沒有什麼嗎？

Yes, definitely. So yeah, I'm glad you asked. We tried to communicate in that bar chart only revenue and EBITDA, in particular, that is locked in. The -- you mentioned something that I'll respond to. It looked like the $70 million came down.

是的，當然。是的，我很高興你問這個問題。我們試圖在長條圖中傳達鎖定的收入和 EBITDA。您提到了一些我會回應的事情。看起來 7000 萬美元已經落空了。

The way that we show things in that bar chart is we take the total contracted EBITDA for each asset., and then we just show the increment from what is already reported in the most recent quarter.

我們在長條圖中展示的方式是，我們取得每項資產的總合約 EBITDA，然後我們只顯示最近一個季度已報告的增量。

And so the number and expectation for Long Ridge has not come down. It sat at $160 million. But over time, how much of it is baked into the bar on the left versus how much is on the come, more will be shifted to the bar on the left and less on the come as we pass through a number of quarters.

因此，對長嶺的期望值和數量並沒有下降。其價值為 1.6 億美元。但隨著時間的推移，有多少被融入到左邊的條形中，有多少在即將到來的，隨著我們經過多個季度，更多的將被轉移到左邊的條形中，而即將到來的將減少。

Long Ridge, in particular, has been a very dynamic business segment for us, one, because of the financing activity and the consolidation of the business in Q1; and two, in Q2 here because of higher capacity revenues. And in Q3, we'll see materially higher EBITDA from Long Ridge as we reflect both the full quarter's capacity revenue and the excess gas sales.

尤其是長嶺，對我們來說，它是一個非常活躍的業務部門，首先，因為第一季度的融資活動和業務整合；其次，由於第二季度的產能收入增加。在第三季度，我們將看到 Long Ridge 的 EBITDA 大幅提高，因為我們反映了整個季度的產能收入和過剩的天然氣銷售。

And so what you'll see over time in that bar chart, I am guessing these bar charts for the next quarter, is the left-hand bar will get bigger. And the increments as we make our way to the right, if nothing else changes, will become smaller because more of the actual financial contribution will be in the reported results.

因此，隨著時間的推移，您會在長條圖中看到，我猜測下一季的長條圖左側的長條會變大。如果沒有其他變化，隨著我們向右移動，增量將會變得更小，因為更多的實際財務貢獻將體現在報告的結果中。

Outside of that, what's not in the results? I mean, nothing regarding data center opportunities that could be -- we've spoken before. I think a data center opportunity may add $75 million of annual EBITDA. That's not in the bar chart.

除此之外，結果還缺什麼？我的意思是，我們之前已經談過有關資料中心機會的事情了。我認為資料中心機會可能會增加每年 7,500 萬美元的 EBITDA。這不在長條圖中。

The new 2026, 2027 capacity revenue and auction results, which, by the way, are now at a new record -- and we just saw PJM capacity revenue increase for next year from $270 per megawatt day to $329 per megawatt day. That is a new record.

順便說一下，2026 年、2027 年新的容量收入和拍賣結果現在已創下新高——我們剛剛看到 PJM 明年的容量收入從每兆瓦日 270 美元增加到每兆瓦日 329 美元。這是一個新紀錄。

That uplift is not in the bar chart. Up rates and other elements of the business are not in the bar chart. Only what is in the bag, contracted, is included in those bar charts.

長條圖中沒有顯示這種提升。上漲率和其他業務要素未包含在長條圖中。只有袋子裡的東西，也就是收縮的東西，才會被包含在這些長條圖中。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

Congrats on all the announcements this week. Ken, it would be great to get an update on Phase 3 and the caverns at Repauno. Where do things stand in terms of finalizing the permitting process? And then can you just remind us of the financials of the project, what the time line could look like from start to finish? And then really, how are you thinking about the long-term value creation opportunity here?

祝賀本週的所有公告。肯，如果能了解有關第三階段和雷帕諾洞穴的最新消息就太好了。最終許可流程的進度如何？然後您能否提醒我們該專案的財務狀況，以及從開始到結束的時間軸是怎樣的？那麼，您實際上如何看待這裡的長期價值創造機會？

Great. The permitting of Phase 3 has been -- it's certainly been a lengthy process. We, of course, do not control the pen. The New Jersey DEP is the final authority on awarding the permit. We have been informed that a final permit -- signed final permit should be in our hands by September 30.

偉大的。第三階段的許可無疑是一個漫長的過程。當然，我們並不控制這支筆。新澤西州環境保護部 (DEP) 是頒發許可證的最終權力機構。我們已獲悉，最終許可證——簽署的最終許可證應該在 9 月 30 日之前到達我們手中。

So that is our current expectation, and we don't have any reason to be hesitant around that date. Phase 3 could be ultimately very significant. Our initial plans are to develop two underground caverns of 600,000 barrels each for 1.2 million barrels. Total cost to do so would be about $200 million.

這就是我們目前的期望，我們沒有任何理由對這個日期猶豫不決。第三階段最終可能非常重要。我們最初的計劃是開發兩個地下洞穴，每個洞穴容量為 60 萬桶，共 120 萬桶。這樣做的總成本約為 2 億美元。

The beauty of caverns is they are less costly to build and they last forever. They're much, much easier to maintain. So about $200 million of upfront capital.

洞穴的美妙之處在於建造成本較低，而且可以永久存在。它們非常容易維護。因此前期資本約 2 億美元。

And just using our Phase 2 contracted rates, that represents about $100 million of EBITDA. So the payback is a two-year payback on assets that live for 50 to 100 years. So it is an extremely attractive investment. The -- we financed it with additional tax-exempt debt. We just had some great success in the market during 2Q, raising $300 million.

僅使用我們第二階段的合約費率，就代表著約 1 億美元的 EBITDA。因此，對於使用壽命為 50 至 100 年的資產，回報期為兩年。因此這是一項極具吸引力的投資。我們透過額外的免稅債務為其提供資金。我們第二季在市場上取得了巨大成功，籌集了 3 億美元。

We launched that transaction at a 7.5% coupon. There was plenty of demand, and we were able to bring the coupon down to a 6.5% blended coupon. So we're really happy and very much appreciate the support from the tax-exempt investor market in that transaction. And we'd love to come back to that market for more capital for Phase 3 when it's ready to go.

我們以 7.5% 的票面利率推出了該交易。由於需求量很大，我們能夠將息票率降至 6.5% 的混合票息率。因此，我們非常高興，並非常感謝免稅投資者市場對此交易的支持。當第三階段準備就緒時，我們很樂意回到該市場為第三階段籌集更多資金。

Okay, that's great. And then I guess just one follow-up there. Just in terms of the construction time line for Phase 3, I mean, roughly how long will that be?

好的，太好了。然後我想就只有一個後續行動了。就第三階段的建設時間表而言，我的意思是，大概需要多長時間？

It's about two years, about two years from beginning to end.

大概是兩年的時間，從開始到結束大概有兩年的時間。

Yeah, got it. Okay. Cool. And then a follow-up on Repauno as well. Just Phase 2 construction, how is that going thus far? And then I guess just from the outset, are there any major milestones we should be watching just in terms of the progress there and ultimately marching toward the 4Q '26 start date?

是的，明白了。好的。涼爽的。然後對雷帕烏諾進行後續報道。剛進入第二階段建設，目前進展如何？然後我想從一開始，我們就應該關注那裡的進展以及最終向 2026 年第四季的開始日期邁進的重要里程碑是什麼？

Yeah. Everything on time, on budget, going great. The team that is administering construction is the same team that built everything we own today at Jefferson. I mean, Jefferson is on the construction front, a great success story.

是的。一切都按時、按預算進行，進展順利。負責施工的團隊與建造我們今天在傑斐遜擁有的一切的團隊是同一個團隊。我的意思是，傑斐遜在建築領域取得了巨大的成功。

Virtually, everything we built at Jefferson has been on time, on budget. A good chunk of what we built was during the pandemic with supply chain issues, but the team did a remarkable job keeping things in line with budget and time frames.

實際上，我們在傑斐遜建造的所有工程都按時、按預算完成。我們建造的大部分工程是在疫情期間完成的，當時出現了供應鏈問題，但團隊出色地完成了工作，確保所有工作都符合預算和時間表。

Essentially, it's just going to be a continuous process. I can't say there are particular milestones, per se. We need to complete the project in Q3, so we can commission and have it operating in Q4. And I'm confident our team is going to be able to do that.

本質上，這只是一個連續的過程。我不能說本質上存在特定的里程碑。我們需要在第三季完成該項目，以便我們可以在第四季度投入運作。我相信我們的團隊能夠做到這一點。

Okay, great. And then just last one for me on Long Ridge. Just given all the demand for power in the PJM, have you seen an increase in reverse inquiries for both power as well as the power plant?

好的，太好了。接下來是我在長嶺的最後一個故事。考慮到 PJM 對電力的所有需求，您是否看到對電力和發電廠的反向詢價增加？

Yeah. The -- definitely getting plenty of inbounds on Long Ridge. A fair amount of interest in the asset. It's a dynamic time in the power sector, of course.

是的。長嶺上肯定會有大量的入境者。對資產有相當大的興趣。當然，現在是電力產業充滿活力的時期。

And owning one of the most reliable and efficient power plants in North America, one of the few that can blend hydrogen, has hundreds of acres of adjacent land in a state, that is incredibly business-friendly, I mean that's -- you can't get much better than that. So we are in an active dialogue with a number of folks.

並且擁有北美最可靠、最高效的發電廠之一，也是少數幾個可以混合氫氣的發電廠之一，在一個對商業極為友好的州擁有數百英畝的相鄰土地，我的意思是，你不可能得到比這更好的了。因此，我們正在與許多人進行積極的對話。

You mentioned an interesting point. Yes, the dialogue is, of course, with data center developers, first and foremost; but there are a number of other parties who have an interest in either power or bigger developments at Long Ridge. So I would be surprised if we don't have some development here in the coming months.

您提到了一個有趣的觀點。是的，對話當然首先是與資料中心開發商進行的；但還有許多其他方對長嶺的電力或更大的開發項目感興趣。因此，如果我們在未來幾個月內沒有取得一些進展，我會感到驚訝。

As I said in my earlier remarks, we're certainly on a pace to have something announceable here. We're comfortable saying prior to the end of 2025.

正如我在之前的演講中所說，我們肯定會盡快宣布一些事情。我們可以肯定地說，在 2025 年底之前。

Giuliano Bologna, Compass Point.

朱利亞諾·博洛尼亞，指南針點。

I just want to recap go back because there's been a lot of things that happened this year.

我只是想回顧一下，因為今年發生了很多事情。

At the beginning of this year, one of the things you said was that you want to refinance -- you want to complete a refinancing at Long Ridge, along with some other related transactions. You want to go out and finance -- raise the financing for Phase 2 at Repauno.

今年年初，您說的一件事是，您想進行再融資——您想完成 Long Ridge 的再融資，以及其他一些相關交易。你想出去融資——為雷帕諾第二階段籌集資金。

You also want to refinance or recap the holdco balance sheet and also make a large rail acquisition. You've accomplished all of those items this year. And I'm curious, when we look forward, what's next in terms of things that you're looking to achieve or complete this year and next year?

您也想對控股公司資產負債表進行再融資或重組，並進行大規模鐵路收購。今年你已經完成了所有這些事情。我很好奇，當我們展望未來時，您希望今年和明年實現或完成什麼目標？

Yeah. Well, I appreciate that. We certainly -- it's been a very active first half of the year, and I'm really happy between the first half and then these very recent announcements that we've gotten all that stuff behind us.

是的。嗯，我很感激。我們當然——今年上半年非常活躍，我很高興從上半年到最近的這些公告中我們已經完成了所有這些事情。

First and foremost, closing on the acquisition of the Wheeling and making sure the integration between the two companies goes smoothly and flawlessly is a priority for us.

首先，完成對惠靈的收購並確保兩家公司之間的整合順利、完美地進行是我們的首要任務。

Look, I think over time, we're going to continue to be focused on growing the freight rail segment. That is a sector we've loved. We've had a tremendous amount of experience in. And I think there's a lot of value left to create in freight railroads.

看，我認為隨著時間的推移，我們將繼續專注於發展貨運鐵路領域。這是我們熱愛的領域。我們在這方面擁有豐富的經驗。我認為貨運鐵路還有很多價值可以創造。

Our other assets over time will become a smaller percentage of our total assets and cash flow. And as they reach stabilization, I wouldn't be surprised if we seek to monetize some of those assets once stabilized at the valuations we're expecting.

隨著時間的推移，我們的其他資產在我們的總資產和現金流中所佔的比例將會越來越小。當它們達到穩定狀態時，如果我們在預期的估值水平上穩定下來並尋求將部分資產貨幣化，我不會感到驚訝。

And look, I'd love to monetize some of those other assets and buy more freight railroads. Ultimately, you could see our company predominantly or entirely becoming a publicly-traded freight rail business, just like RailAmerica was and a handful of other companies that were great public companies.

而且，我很樂意將其他一些資​​產貨幣化併購買更多的貨運鐵路。最終，你會看到我們的公司主要或完全成為一家公開交易的貨運鐵路公司，就像 RailAmerica 和其他一些優秀的上市公司一樣。

So look, no promises, and that's a longer-term plan. But I think more acquisitions in the freight rail space will continue to be a focus for us. And over time, probably some accretive monetizations of our other businesses.

所以看，沒有承諾，這是一個長期計劃。但我認為，貨運鐵路領域的更多收購將繼續成為我們的重點。隨著時間的推移，我們的其他業務可能會實現一些增值的貨幣化。

That's extremely helpful. And maybe to jump in with one follow-up on the margin there. I think in the past, you talked about obviously, a lot more activity in the freight rail M&A world and that there's a handful of larger properties. I'm assuming Wheeling being one of those larger properties that you're referring to in the past and then some other small tuck-ins that could be out there for sale or acquirable.

這非常有幫助。並且也許可以在那裡進行一次邊緣跟進。我認為，您過去曾談到，貨運鐵路併購領域顯然有很多活動，有少數幾家規模較大的企業。我認為惠靈是您過去提到的那些較大的房產之一，然後還有一些其他可以出售或收購的小型房地產。

In the near term, are you seeing opportunities for smaller high single-digit EBITDA or low double-digit EBITDA assets? Or are you seeing more opportunities for assets that are closer to the size of Wheeling in the market?

短期內，您是否看到規模較小、高個位數 EBITDA 或低兩位數 EBITDA 資產的機會？或者您看到市場上有更多接近惠靈規模的資產機會？

Yeah. There are -- there is a constant flow of smaller businesses and assets. They tend to not move the needle as much. So I have to admit, we will be focused on things that are a little bit more chunky, certainly into the double-digit EBITDA levels.

是的。有——有小型企業和資產不斷流入。他們往往不會做出太大的改變。所以我必須承認，我們將專注於一些更重大的事情，肯定要達到兩位數的 EBITDA 水平。

If we find an opportunity that is particularly local or a straightforward tuck-in, sure, we would do that. It probably won't move the needle very much for us. I think we're more focused on the other short line and regional railroads out there, some of the switching lines, the Transtars of the agricultural industry.

如果我們發現一個特別具有本地特色或簡單的優惠機會，我們當然會這麼做。這可能不會為我們帶來太大的改變。我認為我們更關注其他短線和區域鐵路、一些轉乘線路以及農業行業的 Transtars。

Transtar is not the only railroad that was owned by a large industrial company. There are plenty of opportunities out there to allow bigger companies to divest of their in-house rail portfolios. And so we're in a dialogue with some of those owners.

Transtar 並不是唯一一家由大型工業公司擁有的鐵路公司。有很多機會可以讓大公司剝離其內部鐵路投資組合。因此，我們正在與其中一些業主進行對話。

It's a huge industry. There are over 500 total short line and regional railroads out there. Many of them have been consolidated. And so there's an opportunity to find chunkier transactions.

這是一個龐大的產業。那裡共有 500 多條短線鐵路和區域鐵路。其中許多已經合併。因此，就有機會找到更大宗的交易。

I'm sure we'll see plenty of opportunities come to the market over the next 6 to 12 months, and I'm excited. I think we can be really competitive in those processes.

我相信在未來 6 到 12 個月內我們會看到市場上出現大量機會，我對此感到興奮。我認為我們在這些過程中能夠真正具有競爭力。

That's extremely helpful. And congrats on the execution this year.

這非常有幫助。並祝賀今年的執行。

Brian McKenna, Citizens.

布萊恩·麥肯納，公民。

So just on the $1 billion of preferred stock. So a 10% dividend rate, it's not cash paid. So that's $100 million of incremental annual cash flow. Is there a way to think about how much of that cash flow will ultimately flow up to the holdco? And then how much of that do you want to retain for growth CapEx at the rail segment?

因此，僅涉及 10 億美元的優先股。因此，10% 的股息率不是現金支付。這就是每年 1 億美元的增量現金流。有沒有辦法考慮其中有多少現金流最終會流入控股公司？那麼，您希望保留多少用於鐵路領域的成長資本支出？

Great. I'm glad you asked because -- yes, there's an important element to both the acquisition and the financing. It is a game changer for cash flow at our holding company.

偉大的。我很高興你問這個問題，因為——是的，收購和融資都是重要因素。它徹底改變了我們控股公司的現金流。

While the preferred stock sits at the rail entity, it is non-cash pay and it doesn't trap cash. And so that $200 million target of EBITDA, there's some CapEx, of course, at the rail level, but it's not a tremendous number.

雖然優先股歸鐵路實體所有，但它是非現金支付，不會佔用現金。因此，2 億美元的 EBITDA 目標當然涉及鐵路層面的一些資本支出，但並不是一個巨大的數字。

Cash flow at the rail company can be fully distributed to FIP. We'll have debt service of roughly $100 million, but you can do the math. Net-net, there's significant excess cash flow at FIP.

鐵路公司的現金流量可以全部分配給FIP。我們將償還大約 1 億美元的債務，但你可以算一下。淨額方面，FIP 有大量的超額現金流。

Look, growth capital at the rail business, I mean, at this point, we certainly don't have anything identified. We have the ability to put a small working capital facility at the rail business. So we'll probably have that in place to fund small opportunities as they come up.

你看，鐵路業務的成長資本，我的意思是，目前我們還沒有確定任何事情。我們有能力為鐵路業務提供少量營運資金。因此，我們可能會採取這種措施來為出現的小機會提供資金。

I think the growth capital step is something you take as it comes. We have a handful of opportunities, and the folks at the Wheeling have a great pipeline of new opportunities. Most of that stuff, frankly, doesn't require a lot of capital. There are really wins that are relatively straightforward and come at very low cost.

我認為成長資本步驟是逐漸實現的。我們有很多機會，而惠靈的人們也擁有大量的新機會。坦白說，大多數這些東西並不需要大量資金。確實存在一些相對簡單且成本很低的勝利。

The additional business coming from Repauno, I mean, there's no additional capital needed for moving those railcars out of the fractionators. And so that's all been historically invested. The track systems are all there. Others are providing the railcars.

我的意思是，來自雷帕諾的額外業務不需要額外的資金來將這些火車車廂從分餾塔中移除。這些都是歷史性投資。軌道系統都在那裡。其他人則提供火車車廂。

So honestly, I don't think there's going to be a tremendous amount of capital retained at the rail company, and most of it will be distributed up to FIP for FIP to use for a variety of different purposes after debt service.

所以說實話，我認為鐵路公司不會保留大量資本，其中大部分將在償還債務後分配給 FIP，供 FIP 用於各種不同用途。

Thank you. I'm showing no further questions. This does conclude the program, and you may now disconnect. Everyone, have a great day.

謝謝。我沒有其他問題。這確實結束了程序，您現在可以斷開連接了。祝大家有個愉快的一天。