NEW
YORK, May 3, 2022 /PRNewswire/ -- Macquarie
Infrastructure Holdings, LLC (NYSE: MIC) (the "Company") today
announced its financial and operational results from continuing
operations for the first quarter of 2022.
"Our financial results in the first quarter of 2022 reflect
positive trends in the number of visitors to Hawaii which contributed to an increase in the
volume of gas sold by Hawaii Gas," said Christopher Frost, chief executive officer of
MIC.
In June 2021, the Company entered
into a merger agreement with an entity managed by Argo
Infrastructure Partners, LP.
"We have received all the approvals other than that from the
Hawaii Public Utilities Commission relating to completing the
proposed merger. We continue to expect to receive the remaining
approval and to conclude the transaction in the first half of
2022," Frost added. "If the merger is concluded on or prior to
July 1, 2022, unitholders will
receive consideration of $3.83 per
unit in cash. If the merger is concluded after July 1, 2022, unitholders will receive
$4.11 per unit in cash."
Financial and Operational Results
MIC's results from continuing operations in the first quarter of
2022 reflect improved operating conditions driven by the increase
in the number of visitors to Hawaii relative to COVID-induced lows in 2020.
The number of visitors to Hawaii
in the first quarter increased to approximately 79% of pre-pandemic
levels. The increase drove hotel occupancy and restaurant patronage
higher and consequently gas sales by Hawaii Gas.
The volume of gas sold by Hawaii Gas in the first quarter
increased 11% versus the first quarter in 2021 (the "prior
corresponding period") but was 13% below the level recorded in the
first quarter of 2019 prior to the pandemic. The financial impact
of the increase in gas sales was partially offset by a higher
average wholesale cost of Liquified Petroleum Gas distributed by
the business.
MIC recorded net income from continuing operations of
$11.4 million in the first quarter
compared with a net loss of $6.3
million in the prior comparable period.
The Company reported Adjusted EBITDA excluding non-cash items
from continuing operations of $9.3
million in the first quarter versus $12.1 million in the prior comparable period.
MIC used $4.5 million of cash in
operating activities during the first quarter compared with use of
$12.9 million in the prior comparable
period.
The Company reported Adjusted Free Cash Flow from continuing
operations of $3.4 million in the
first quarter versus $9.6 million in
the prior comparable period.
Summary Financial Information
|
Quarter
Ended
March 31,
|
|
Change
Favorable/
(Unfavorable)
|
|
2022
|
|
2021
|
|
$
|
|
%
|
|
($ In Thousands, Except
Unit and Per Unit Data) (Unaudited)
|
GAAP
Metrics
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
11,446
|
|
$
(6,270)
|
|
17,716
|
|
NM
|
Net income (loss) per
unit attributable to MIH
|
0.13
|
|
(0.08)
|
|
0.21
|
|
NM
|
Cash used in operating
activities
|
(4,531)
|
|
(12,942)
|
|
8,411
|
|
65
|
Discontinued
Operations
|
|
|
|
|
|
|
|
Net income
|
$
—
|
|
$
20,067
|
|
(20,067)
|
|
(100)
|
Net income per unit
attributable to MIH
|
—
|
|
0.23
|
|
(0.23)
|
|
(100)
|
Cash provided by
operating activities
|
—
|
|
52,935
|
|
(52,935)
|
|
(100)
|
Weighted average number
of units outstanding: basic
|
88,494,560
|
|
87,411,455
|
|
1,083,105
|
|
1
|
MIH Non-GAAP
Metrics
|
|
|
|
|
|
|
|
EBITDA excluding
non-cash items - continuing operations
|
$
10,420
|
|
$
7,863
|
|
2,557
|
|
33
|
Investment and
acquisition/disposition costs
|
(1,072)
|
|
4,279
|
|
(5,351)
|
|
(125)
|
Adjusted EBITDA
excluding non-cash items – continuing operations
|
9,348
|
|
12,142
|
|
(2,794)
|
|
(23)
|
Cash
interest
|
(486)
|
|
(3,288)
|
|
2,802
|
|
85
|
Cash taxes
|
(2,960)
|
|
1,848
|
|
(4,808)
|
|
NM
|
Maintenance capital
expenditures
|
(2,482)
|
|
(1,114)
|
|
(1,368)
|
|
(123)
|
Adjusted Free Cash Flow
- continuing operations
|
$
3,420
|
|
$
9,588
|
|
(6,168)
|
|
(64)
|
About MIC
MIC owns and operates businesses providing energy services,
production and distribution in Hawaii. For additional information, please
visit the MIC website at www.macquarie.com/mic.
Use of Non-GAAP Measures
Earnings Before Interest,
Taxes, Depreciation and Amortization ("EBITDA") excluding non-cash
items and Free Cash Flow
In addition to MIC's results under U.S. GAAP, the Company uses
the non-GAAP measures EBITDA excluding non-cash items and Free Cash
Flow to assess the performance and prospects of its business.
MIC measures EBITDA excluding non-cash items as a reflection of
its ability to effectively manage the volume of products sold, the
operating margin earned on those transactions and the management of
operating expenses independent of its capitalization and tax
position.
The Company believes investors use EBITDA excluding non-cash
items primarily as a measure of its operating performance and to
make comparisons with the operating performance of other businesses
whose depreciation and amortization expense may vary from MIC's,
particularly where acquisitions and other non-operating factors are
involved. MIC defines EBITDA excluding non-cash items as net income
(loss) or earnings — the most comparable GAAP measure —
before interest, taxes, depreciation and amortization and non-cash
items including impairments, unrealized derivative gains and
losses, adjustments for other non-cash items and pension expense
reflected in the statements of income (loss). Other non-cash items,
net, excludes the adjustment to bad debt expense related to the
specific reserve component, net of recoveries. EBITDA excluding
non-cash items also excludes base management fees and performance
fees, if any, whether paid in cash or units.
MIC defines Free Cash Flow as cash from operating activities —
the most comparable GAAP measure — less maintenance capital
expenditures and adjusted for changes in working capital.
Management uses Free Cash Flow as a measure of its ability to
fund acquisitions, invest in growth projects, to reduce or repay
indebtedness, and/or to return capital to unitholders. GAAP metrics
such as net income (loss) do not provide MIC management with the
same level of visibility into the performance and prospects of the
business as a result of: (i) the capital intensive nature of its
operations and the generation of non-cash depreciation and
amortization; (ii) units issued to the Company's external manager
under the Management Services Agreement, (iii) the Company's
ability to defer all or a portion of current federal income taxes;
(iv) non-cash mark-to-market adjustment of the value of derivative
instruments; (v) gains (losses) related to the write-off or
disposal of assets or liabilities, (vi) non-cash compensation
expense incurred in relation to the incentive plans for senior
management of the Company's operating business; and (vii) pension
expense. Pension expenses primarily consist of interest expense,
expected return on plan assets, and amortization of actuarial and
performance gains and losses. Any cash contributions to pension
plans are reflected as a reduction in Free Cash Flow and are not
included in pension expense. Management believes that external
consumers of its financial statements, including investors and
research analysts, could use Free Cash Flow to assess the Company's
ability to fund acquisitions, invest in growth projects,
reduce or repay indebtedness, and/or return capital to
unitholders.
Management believes that both EBITDA excluding non-cash items
and Free Cash Flow support a more complete and accurate
understanding of the financial and operating performance of its
business than would otherwise be achieved using GAAP results
alone.
Free Cash Flow does not take into consideration required
payments on indebtedness and other fixed obligations or other cash
items that are excluded from MIC's definition of Free Cash Flow.
Management notes that Free Cash Flow may be calculated differently
by other companies thereby limiting its usefulness as a comparative
measure. Free Cash Flow should be used as a supplemental measure to
help understand MIC's financial performance and not in lieu of its
financial results reported under GAAP.
See the tables below for a reconciliation of Net Income (Loss)
to EBITDA excluding non-cash items from continuing operations and a
reconciliation of cash used in operating activities from continuing
operations to Free Cash Flow from continuing operations.
Classification of Maintenance Capital Expenditures and Growth
Capital Expenditures
MIC categorizes capital expenditures as either maintenance
capital expenditures or growth capital expenditures. As neither
maintenance capital expenditure nor growth capital expenditure is a
GAAP term, the Company has adopted a framework to categorize
specific capital expenditures. In broad terms, maintenance capital
expenditures primarily maintain MIC's current levels of operations,
capability, profitability, or cash flow, while growth capital
expenditures primarily provide new or enhanced levels of
operations, capability, profitability, or cash flow. Management
considers various factors in determining whether a specific capital
expenditure will be classified as maintenance or growth.
MIC does not bifurcate specific capital expenditures into growth
and maintenance components. Each discrete capital expenditure is
considered within the above framework and the entire capital
expenditure is classified as either maintenance or growth.
Disclaimer on Forward Looking Statements
This communication contains forward-looking statements.
The Company may, in some cases, use words such as "project,"
"believe," "anticipate," "plan," "expect," "estimate," "intend,"
"should," "would," "could," "potentially," "may," or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. Such statements include,
among others, those concerning the Company's expected financial
performance and strategic and operational plans, statements
regarding the proposed sale of the Company and the anticipated uses
of any proceeds therefrom, the completion of the sale of the
Company or the termination of the sale effort, statements regarding
the anticipated specific and overall impacts of the COVID-19
pandemic, as well as all assumptions, expectations, predictions,
intentions, or beliefs about future events. Forward-looking
statements in this communication are subject to a number of risks
and uncertainties, some of which are beyond the Company's control,
including, among other things: changes in general economic or
business conditions; the ongoing impact of the COVID-19 pandemic;
the Company's ability to complete the announced sale; uncertainties
as to the timing of the consummation of the proposed transaction;
the risk that conditions to closing of the proposed transaction are
not satisfied, including the failure to timely obtain the requisite
approvals or regulatory clearances; the occurrence of any event
giving rise to a termination of the proposed transaction; the
Company's ability to service, comply with the terms of and
refinance debt; its ability to retain or replace qualified
employees; in the absence of a sale, its ability to complete growth
projects, deploy growth capital and manage growth, make and finance
future acquisitions and implement its strategy; the regulatory
environment; demographic trends; the political environment; the
economy, tourism, construction and transportation costs; air
travel; environmental costs and risks; fuel and gas and other
commodity costs; the Company's ability to recover increases in
costs from customers; cybersecurity risks; work interruptions or
other labor stoppages; risks associated with acquisitions or
dispositions; litigation risks; reliance on sole or limited source
suppliers, risks or conflicts of interests involving the Company's
relationship with the Macquarie Group; and changes in U.S. federal
tax law. These and other risks and uncertainties are
described under the caption "Risk Factors" in Item 1A of the
Company's Annual Report on Form 10-K for the year ended
December 31, 2021, and in its other
reports filed from time to time with the SEC.
The Company's actual results, performance, prospects, or
opportunities could differ materially from those expressed in or
implied by the forward-looking statements. Additional risks of
which the Company is not currently aware could also cause its
actual results to differ. In light of these risks, uncertainties,
and assumptions, you should not place undue reliance on any
forward-looking statements. The forward-looking events discussed in
this press release may not occur. These forward-looking
statements are made as of the date of this press release. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
MACQUARIE INFRASTRUCTURE
HOLDINGS, LLC
|
|
CONSOLIDATED
CONDENSED BALANCE SHEETS
|
($ in Thousands,
Except Unit Data)
|
|
|
March
31,
|
|
December
31,
|
|
2022
|
|
2021
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
37,589
|
|
$
47,259
|
Restricted
cash
|
1,025
|
|
1,051
|
Accounts receivable,
net of allowance for doubtful accounts
|
27,422
|
|
27,824
|
Inventories
|
12,175
|
|
11,658
|
Prepaid
expenses
|
7,491
|
|
1,813
|
Fair value of
derivative instruments
|
8,344
|
|
909
|
Other current
assets
|
5,547
|
|
2,255
|
Total current
assets
|
99,593
|
|
92,769
|
Property, equipment,
land, and leasehold improvements, net
|
298,746
|
|
297,190
|
Operating lease assets,
net
|
12,186
|
|
12,591
|
Goodwill
|
120,193
|
|
120,193
|
Intangible assets,
net
|
4,392
|
|
4,498
|
Fair value of
derivative instruments
|
4,078
|
|
470
|
Other noncurrent
assets
|
8,458
|
|
8,740
|
Total assets
|
$
547,646
|
|
$
536,451
|
LIABILITIES AND
UNITHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Due to Manager-related
party
|
$
274
|
|
$
260
|
Accounts
payable
|
7,214
|
|
6,169
|
Accrued
expenses
|
13,476
|
|
18,449
|
Current portion of
long-term debt
|
1,118
|
|
1,107
|
Operating lease
liabilities - current
|
1,800
|
|
1,794
|
Other current
liabilities
|
6,820
|
|
5,223
|
Total current
liabilities
|
30,702
|
|
33,002
|
Long-term debt, net of
current portion
|
97,443
|
|
97,655
|
Deferred income
taxes
|
40,236
|
|
38,540
|
Operating lease
liabilities - noncurrent
|
10,365
|
|
10,810
|
Other noncurrent
liabilities
|
53,049
|
|
53,062
|
Total
liabilities
|
231,795
|
|
233,069
|
Commitments and
contingencies
|
—
|
|
—
|
Unitholders'
equity(1):
|
|
|
|
Common units paid in
capital (500,000,000 authorized; 88,805,519 units issued and
outstanding
on March 31,
2022 and 88,343,762 units issued and outstanding on December 31,
2021)
|
194,494
|
|
193,471
|
Accumulated other
comprehensive loss
|
(5,106)
|
|
(5,106)
|
Retained
earnings
|
117,681
|
|
106,539
|
Total unitholders'
equity
|
307,069
|
|
294,904
|
Noncontrolling
interests
|
8,782
|
|
8,478
|
Total equity
|
315,851
|
|
303,382
|
Total liabilities and
equity
|
$
547,646
|
|
$
536,451
|
|
|
|
|
|
|
|
|
(1)
|
The Company is
authorized to issue 100,000,000 preferred units. On March 31, 2022
and December 2021, no preferred units were issued or outstanding.
The Company had 100 special units issued and outstanding to its
Manager on March 31, 2022 and December 31, 2021,
respectively.
|
MACQUARIE INFRASTRUCTURE
HOLDINGS, LLC
|
|
CONSOLIDATED
CONDENSED STATEMENTS OF INCOME (LOSS)
|
(Unaudited)
|
($ in Thousands,
Except Unit and Per Unit Data)
|
|
|
Quarter ended March
31,
|
|
2022
|
|
2021
|
Revenue
|
|
|
|
Product
revenue
|
$
68,681
|
|
$
54,587
|
Total
revenue
|
68,681
|
|
54,587
|
Costs and
expenses
|
|
|
|
Cost of product
sales
|
40,004
|
|
34,756
|
Selling, general and administrative
|
8,381
|
|
11,582
|
Disposition payment to Manager
|
—
|
|
19
|
Total Selling, general
and administrative
|
8,381
|
|
11,601
|
Fees to Manager -
related party
|
800
|
|
5,552
|
Depreciation
|
3,675
|
|
3,642
|
Amortization of
intangibles
|
106
|
|
106
|
Total operating
expenses
|
52,966
|
|
55,657
|
Operating income
(loss)
|
15,715
|
|
(1,070)
|
Other income
(expense)
|
|
|
|
Interest
income
|
7
|
|
3
|
Interest
expense(1)
|
(38)
|
|
(7,049)
|
Other income (expense),
net
|
418
|
|
(336)
|
Net income (loss) from
continuing operations before income taxes
|
16,102
|
|
(8,452)
|
(Provision) benefit for
income taxes
|
(4,656)
|
|
2,182
|
Net income (loss)
from continuing operations
|
11,446
|
|
(6,270)
|
Discontinued
Operations(2)
|
|
|
|
Net income from
discontinued operations before income taxes
|
—
|
|
27,615
|
Provision for income
taxes
|
—
|
|
(7,548)
|
Net income from
discontinued operations
|
—
|
|
20,067
|
Net
income
|
11,446
|
|
13,797
|
|
|
|
|
Net income (loss) from
continuing operations
|
11,446
|
|
(6,270)
|
Less: net income
attributable to noncontrolling interest
|
304
|
|
597
|
Net income (loss)
from continuing operations attributable to MIH
|
11,142
|
|
(6,867)
|
Net income from
discontinued operations
|
—
|
|
20,067
|
Net income from
discontinued operations attributable to MIH
|
—
|
|
20,067
|
Net income
attributable to MIH
|
$
11,142
|
|
$
13,200
|
|
|
|
|
Basic income (loss) per
unit from continuing operations attributable to MIH
|
$
0.13
|
|
$
(0.08)
|
Basic income per unit
from discontinued operations attributable to MIH
|
—
|
|
0.23
|
Basic income per unit
attributable to MIH
|
$
0.13
|
|
$
0.15
|
Weighted average number
of units outstanding: basic
|
88,494,560
|
|
87,411,455
|
|
|
|
|
Diluted income (loss)
per unit from continuing operations attributable to MIH
|
$
0.12
|
|
$
(0.08)
|
Diluted income per unit
from discontinued operations attributable to MIH
|
—
|
|
0.23
|
Diluted income per unit
attributable to MIH
|
$
0.12
|
|
$
0.15
|
Weighted average number
of units outstanding: diluted
|
89,860,394
|
|
87,411,455
|
|
|
|
|
|
|
|
|
(1)
|
Interest expense
includes non-cash gains on derivative instruments of $489,000 and
$283,000 for the quarters ended March 31, 2022 and 2021,
respectively.
|
(2)
|
See Note 4,
"Discontinued Operations and Dispositions", in our Notes to
Consolidated Condensed Financial Statements in Part I of Form 10-Q
for the quarter ended March 31, 2022, for further discussions on
businesses classified as held for sale.
|
MACQUARIE INFRASTRUCTURE
HOLDINGS, LLC
|
|
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
($ in
Thousands)
|
|
|
Quarter Ended March
31,
|
|
2022
|
|
2021
|
Operating
activities
|
|
|
|
Net income (loss) from
continuing operations
|
$
11,446
|
|
$
(6,270)
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities from continuing operations:
|
|
|
|
Depreciation
|
3,675
|
|
3,642
|
Amortization of intangibles
|
106
|
|
106
|
Amortization of debt financing costs
|
73
|
|
4,084
|
Adjustments to derivative instruments
|
(11,164)
|
|
(1,459)
|
Fees to Manager - related party
|
800
|
|
5,552
|
Deferred taxes
|
1,696
|
|
(334)
|
Other non-cash expense, net
|
389
|
|
1,133
|
Changes in other assets and liabilities, net of
acquisitions:
|
|
|
|
Accounts receivable
|
192
|
|
(1,897)
|
Inventories
|
(347)
|
|
(1,497)
|
Prepaid expenses and other
current assets
|
(9,058)
|
|
(2,653)
|
Accounts payable and accrued
expenses
|
(4,068)
|
|
(7,507)
|
Income taxes payable
|
2,878
|
|
(2,332)
|
Other, net
|
(1,149)
|
|
(3,510)
|
Net cash used in
operating activities from continuing operations
|
(4,531)
|
|
(12,942)
|
Investing
activities
|
|
|
|
Purchases of property
and equipment
|
(5,033)
|
|
(3,339)
|
Other, net
|
142
|
|
15
|
Net cash used in
investing activities from continuing operations
|
(4,891)
|
|
(3,324)
|
Financing
activities
|
|
|
|
Payment of long-term
debt
|
(274)
|
|
(358,843)
|
Distributions paid to
common unitholders
|
—
|
|
(960,981)
|
Net cash used in
financing activities from continuing operations
|
(274)
|
|
(1,319,824)
|
Net change in cash,
cash equivalents, and restricted cash from continuing
operations
|
(9,696)
|
|
(1,336,090)
|
MACQUARIE INFRASTRUCTURE
HOLDINGS, LLC
|
|
CONSOLIDATED
CONDENSED STATEMENTS OF CASH
FLOWS – (continued)
|
(Unaudited)
|
($ in
Thousands)
|
|
|
|
Quarter Ended March
31,
|
|
2022
|
|
2021
|
Cash flows provided
by (used in) discontinued operations:
|
|
|
|
Net cash provided by
operating activities
|
$
—
|
|
$
52,935
|
Net cash used in
investing activities
|
—
|
|
(12,515)
|
Net cash used in
financing activities
|
—
|
|
(2,562)
|
Net cash provided by
discontinued operations
|
—
|
|
37,858
|
Net change in cash,
cash equivalents, and restricted cash
|
(9,696)
|
|
(1,298,232)
|
Cash, cash equivalents,
and restricted cash, beginning of period
|
48,310
|
|
1,839,220
|
Cash, cash equivalents,
and restricted cash, end of period
|
$
38,614
|
|
$
540,988
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
Non-cash investing and
financing activities:
|
|
|
|
Accrued purchases of property and equipment from continuing
operations
|
$
743
|
|
$
237
|
Accrued purchases of property and equipment from discontinued
operations
|
—
|
|
3,665
|
Leased assets obtained in exchange for new operating lease
liabilities from
discontinued
operations
|
—
|
|
787
|
Taxes received, net,
from continuing operations
|
—
|
|
(755)
|
Taxes paid , net, from
discontinued operations
|
—
|
|
1,415
|
Interest paid, net,
from continuing operations
|
471
|
|
6,761
|
Interest paid, net,
from discontinued operations
|
—
|
|
9,809
|
The following table
provides a reconciliation of cash, cash equivalents, and restricted
cash from both continuing and discontinued operations reported
within the consolidated condensed balance sheets that is presented
in the consolidated condensed statements of cash flows:
|
|
As of March
31,
|
|
2022
|
|
2021
|
Cash and cash
equivalents
|
$
37,589
|
|
$
192,842
|
Restricted cash -
current
|
1,025
|
|
1,085
|
Cash, cash equivalents,
and restricted cash included in assets held for sale
|
—
|
|
347,061
|
Total of cash, cash
equivalents, and restricted cash shown in the consolidated
condensed statements of cash flows
|
$
38,614
|
|
$
540,988
|
MACQUARIE INFRASTRUCTURE
HOLDINGS, LLC
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS – MD&A
|
|
|
Quarter
Ended
March 31,
|
|
Change
Favorable/(Unfavorable)
|
|
2022
|
|
2021
|
|
$
|
|
%
|
|
($ In Thousands, Except
Unit and Per Unit Data) (Unaudited)
|
Revenue
|
|
|
|
|
|
|
|
Product
revenue
|
$
68,681
|
|
$
54,587
|
|
14,094
|
|
26
|
Total
revenue
|
68,681
|
|
54,587
|
|
14,094
|
|
26
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of product
sales
|
40,004
|
|
34,756
|
|
(5,248)
|
|
(15)
|
Selling, general and administrative
|
8,381
|
|
11,582
|
|
3,201
|
|
28
|
Disposition payment to Manager
|
—
|
|
19
|
|
19
|
|
100
|
Total Selling, general
and administrative
|
8,381
|
|
11,601
|
|
3,220
|
|
28
|
Fees to Manager -
related party
|
800
|
|
5,552
|
|
4,752
|
|
86
|
Depreciation and
amortization
|
3,781
|
|
3,748
|
|
(33)
|
|
(1)
|
Total operating
expenses
|
52,966
|
|
55,657
|
|
2,691
|
|
5
|
Operating income
(loss)
|
15,715
|
|
(1,070)
|
|
16,785
|
|
NM
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest
income
|
7
|
|
3
|
|
4
|
|
133
|
Interest
expense(1)
|
(38)
|
|
(7,049)
|
|
7,011
|
|
99
|
Other income (expense),
net
|
418
|
|
(336)
|
|
754
|
|
NM
|
Net income (loss) from
continuing operations before income taxes
|
16,102
|
|
(8,452)
|
|
24,554
|
|
NM
|
(Provision) benefit for
income taxes
|
(4,656)
|
|
2,182
|
|
(6,838)
|
|
NM
|
Net income (loss)
from continuing operations
|
11,446
|
|
(6,270)
|
|
17,716
|
|
NM
|
Discontinued
Operations
|
|
|
|
|
|
|
|
Net income from
discontinued operations before income taxes
|
—
|
|
27,615
|
|
(27,615)
|
|
(100)
|
Provision for income
taxes
|
—
|
|
(7,548)
|
|
7,548
|
|
100
|
Net income from
discontinued operations
|
—
|
|
20,067
|
|
(20,067)
|
|
(100)
|
Net
income
|
11,446
|
|
13,797
|
|
(2,351)
|
|
(17)
|
|
|
|
|
|
|
|
|
Net income (loss) from
continuing operations
|
11,446
|
|
(6,270)
|
|
17,716
|
|
NM
|
Less: net income
attributable to noncontrolling interests
|
304
|
|
597
|
|
293
|
|
49
|
Net income (loss)
from continuing operations attributable to MIH
|
11,142
|
|
(6,867)
|
|
18,009
|
|
NM
|
Net income from
discontinued operations
|
—
|
|
20,067
|
|
(20,067)
|
|
(100)
|
Net income from
discontinued operations attributable to MIH
|
—
|
|
20,067
|
|
(20,067)
|
|
(100)
|
Net income
attributable to MIH
|
$
11,142
|
|
$
13,200
|
|
(2,058)
|
|
(16)
|
|
|
|
|
|
|
|
|
Basic income (loss) per
unit from continuing operations attributable to MIH
|
$
0.13
|
|
$
(0.08)
|
|
0.21
|
|
NM
|
Basic income per unit
from discontinued operations attributable to MIH
|
—
|
|
0.23
|
|
(0.23)
|
|
(100)
|
Basic income per unit
attributable to MIH
|
$
0.13
|
|
$
0.15
|
|
(0.02)
|
|
(13)
|
Weighted average number
of units outstanding: basic
|
88,494,560
|
|
87,411,455
|
|
1,083,105
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM — Not
meaningful.
|
(1) Interest expense includes non-cash gains on
derivative instruments of $489,000 and $283,000 for the quarters
ended March 31, 2022, and 2021 respectively.
|
MACQUARIE INFRASTRUCTURE
HOLDINGS, LLC
|
|
RECONCILIATION OF
CONSOLIDATED NET INCOME (LOSS)
TO EBITDA EXCLUDING
|
NON-CASH ITEMS AND A
RECONCILIATION FROM CASH USED IN OPERATING ACTIVITIES TO
FREE
|
CASH
FLOW
|
|
|
Quarter
Ended
March
31,
|
|
Change
Favorable/(Unfavorable)
|
|
2022
|
|
2021
|
|
$
|
|
%
|
|
($ In Thousands)
(Unaudited)
|
Net income (loss) from
continuing operations
|
$
11,446
|
|
$
(6,270)
|
|
|
|
|
Interest expense,
net(1)
|
31
|
|
7,046
|
|
|
|
|
Provision (benefit) for
income taxes
|
4,656
|
|
(2,182)
|
|
|
|
|
Depreciation and
amortization
|
3,781
|
|
3,748
|
|
|
|
|
Fees to Manager -
related party
|
800
|
|
5,552
|
|
|
|
|
Other non-cash income,
net(2)
|
(10,294)
|
|
(31)
|
|
|
|
|
EBITDA excluding
non-cash items - continuing operations
|
$
10,420
|
|
$
7,863
|
|
2,557
|
|
33
|
|
|
|
|
|
|
|
|
EBITDA excluding
non-cash items - continuing operations
|
$
10,420
|
|
$
7,863
|
|
|
|
|
Interest expense,
net(1)
|
(31)
|
|
(7,046)
|
|
|
|
|
Non-cash interest
expense, net(1)
|
(455)
|
|
3,758
|
|
|
|
|
(Provision) benefit for
current income taxes
|
(2,960)
|
|
1,848
|
|
|
|
|
Changes in working
capital
|
(11,505)
|
|
(19,365)
|
|
|
|
|
Cash used in operating
activities - continuing operations
|
(4,531)
|
|
(12,942)
|
|
|
|
|
Changes in working
capital
|
11,505
|
|
19,365
|
|
|
|
|
Maintenance capital
expenditures
|
(2,482)
|
|
(1,114)
|
|
|
|
|
Free cash flow -
continuing operations
|
$
4,492
|
|
$
5,309
|
|
(817)
|
|
(15)
|
|
|
|
|
|
|
|
|
(1)
|
Interest expense, net,
includes non-cash adjustments to derivative instruments and
non-cash amortization of debt financing costs. For the quarter
ended March 31, 2021, interest expense also includes non-cash
write-offs of debt financing costs related to the repurchase of our
2.00% Convertible Senior Notes.
|
|
|
(2)
|
Other non-cash income,
net, includes primarily non-cash mark-to-market adjustment of the
value of the commodity hedge contracts, non-cash compensation
expense incurred in relation to the incentive plans for senior
management of our operating businesses, and non-cash gains (losses)
related to the write-off or disposal of assets or liabilities.
Other non-cash income, net, excludes the adjustment to bad debt
expense related to the specific reserve component, net of
recoveries, for which this adjustment is reported in working
capital in the above table. See "Earnings Before Interest,
Taxes, Depreciation and Amortization ("EBITDA") excluding non-cash
items and Free Cash Flow" above for further
discussion.
|
View original
content:https://www.prnewswire.com/news-releases/mic-reports-first-quarter-2022-financial-and-operational-results-301538274.html
SOURCE Macquarie Infrastructure Holdings, LLC