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MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

(MIC)
  Report
Delayed Nyse  -  04:00 2022-07-20 pm EDT
4.090 USD   -.--%
10/28Macquarie Group announces $A2,305 million half-year profit
AQ
07/21Macquarie Infrastructure Llc : MIC ANNOUNCES COMPLETION OF MERGER WITH ARGO - Form 8-K
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07/21MIC Announces Completion of Merger With Argo
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MIC REPORTS FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL AND OPERATIONAL RESULTS

02/22/2022 | 07:01am EST

NEW YORK, Feb. 22, 2022 /PRNewswire/ -- Macquarie Infrastructure Holdings, LLC (NYSE: MIC) (the "Company") today announced its financial and operational results from continuing operations for the fourth quarter and full year 2021.

"Following the successful conclusion of the sales of our IMTT and Atlantic Aviation businesses, our continuing operations are composed principally of Hawaii Gas," said Christopher Frost, chief executive officer of MIC. "The ongoing approval process related to the proposed merger of the Company with an entity managed by Argo Infrastructure Partners, LP is proceeding as anticipated. We continue to expect to receive the remaining approval from the Hawaii Public Utilities Commission and to conclude the transaction in the first half of 2022."

"If the merger is concluded on or prior to July 1, 2022, unitholders will receive merger consideration of $3.83 per unit in cash," Frost added. "If the merger is concluded after July 1, 2022, unitholders will receive $4.11 per unit in cash."

"Our financial results from continuing operations in the fourth quarter and full year 2021 reflect a continued increase in the number of people visiting Hawaii and the resulting growth in gas sales by our Hawaii Gas business," said Frost.

Financial and Operational Results

MIC's ongoing businesses include Hawaii Gas and several smaller operations collectively engaged in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii. These businesses generate revenue primarily from the provision of gas to commercial, residential, and governmental customers and the generation of power.

MIC's results from continuing operations in 2021 reflect improving conditions for its operations as the number of visitors to Hawaii recovers from COVID-induced lows. The number of visitors to Hawaii increased to approximately 65% of pre-pandemic levels for the full year. The increase in the number of visitors drove hotel occupancy and restaurant patronage higher and consequently gas sales by Hawaii Gas.

The volume of gas sold by Hawaii Gas increased 21% in 2021 versus 2020. The financial impact of the increase in sales was partially offset by a higher average wholesale cost of Liquified Petroleum Gas distributed by the business. The total volume of gas sold was 11% below the level recorded in 2019 prior to the pandemic.

Each of MIC's key financial performance metrics for 2021 reflect the impact of increased expenses of approximately $291.3 million primarily associated with the sale of its Atlantic Aviation business and the Company's reorganization as a limited liability company. The majority of these expenses were incurred in the third quarter of the year.

MIC recorded a net loss from continuing operations of $300.3 million in 2021 compared with a net loss of $96.6 million in 2020.

The Company reported Adjusted EBITDA excluding non-cash items from continuing operations (excluding the above-noted transaction and reorganization expenses) of $39.2 million in 2021 versus $34.2 million in 2020.

MIC used $288.2 million of cash in operating activities during the year compared with use of $46.4 million in 2020.

The Company reported Adjusted Free Cash Flow from continuing operations (excluding the above-noted transaction and reorganization expenses) of $27.8 million in 2021 versus $12.1 million in 2020. 

Summary Financial Information


Quarter Ended
December 31,


Change

Favorable/

(Unfavorable)


Year Ended
December 31,


Change

Favorable/

(Unfavorable)


2021


2020


$


%


2021


2020


$


%


($ In Thousands, Except Unit and Per Unit Data) (Unaudited)

GAAP Metrics
















Continuing Operations
















Net loss

$    (3,833)


$  (71,453)


67,620


95


$ (300,294)


$  (96,645)


(203,649)


NM

Net loss per unit attributable to MIH

(0.05)


(0.82)


0.77


94


(3.42)


(1.11)


(2.31)


NM

Cash provided by (used in) operating activities

4,012


(45,034)


49,046


109


(288,187)


(46,358)


(241,829)


NM

Discontinued Operations
















Net (loss) income

$  (12,631)


$    33,170


(45,801)


(138)


$ 2,984,353


$ (831,079)


3,815,432


NM

Net (loss) income per unit attributable to MIH

(0.14)


0.38


(0.52)


(137)


33.99


(9.56)


43.55


NM

Cash provided by operating activities


103,477


(103,477)


(100)


28,965


386,983


(358,018)


(93)

Weighted average number of units outstanding: basic

88,226,852


87,209,829


1,017,023


1


87,791,951


86,951,642


840,309


1

MIH Non-GAAP Metrics
















EBITDA excluding non-cash items - continuing
     operations

$     8,141


$  (43,761)


51,902


119


$ (252,107)


$  (35,503)


(216,604)


NM

Investment and acquisition/disposition costs

222


53,517


(53,295)


(100)


291,258


69,678


221,580


NM

Adjusted EBITDA excluding non - cash items–
     continuing operations

8,363


9,756


(1,393)


(14)


39,151


34,175


4,976


15

Cash interest

(474)


(3,531)


3,057


87


(9,952)


(14,466)


4,514


31

Cash taxes (1)

(720)


(8,774)


8,054


92


5,215


(801)


6,016


NM

Maintenance capital expenditures

(1,801)


(1,327)


(474)


(36)


(6,568)


(6,762)


194


3

Adjusted Free Cash Flow - continuing operations

$     5,368


$    (3,876)


9,244


NM


$    27,846


$    12,146


15,700


129

 












NM — Not meaningful.

(1)

Cash taxes in 2021 includes a $7.4 million benefit for income taxes that will be utilized by discontinued operations.

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 or services provided, 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 operations. Other non-cash expenses, 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 Loss to EBITDA excluding non-cash items from continuing operations and a reconciliation of cash provided by (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" or "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, 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 BALANCE SHEETS

($ in Thousands, Except Unit Data)

 


As of December 31,


2021


2020

ASSETS




Current assets:




Cash and cash equivalents

$           47,259


$       1,518,108

Restricted cash

1,051


1,036

Accounts receivable, net of allowance for doubtful accounts

27,824


23,113

Inventories

11,658


9,564

Prepaid expenses

1,813


2,212

Other current assets

3,164


1,715

Current assets held for sale(1)


2,185,002

Total current assets

92,769


3,740,750

Property, equipment, land, and leasehold improvements, net

297,190


297,375

Operating lease assets, net

12,591


9,878

Goodwill

120,193


120,193

Intangible assets, net

4,498


4,923

Other noncurrent assets

9,210


5,520

Total assets

$         536,451


$       4,178,639

LIABILITIES AND UNITHOLDERS' EQUITY




Current liabilities:




Due to Manager-related party

$                260


$             1,203

Accounts payable

6,169


13,082

Accrued expenses

18,449


17,798

Current portion of long-term debt

1,107


1,060

Distribution payable


960,981

Operating lease liabilities - current

1,794


2,019

Other current liabilities

5,223


9,591

Current liabilities held for sale(1)


1,613,830

Total current liabilities

33,002


2,619,564

Long-term debt, net of current portion

97,655


578,169

Deferred income taxes

38,540


26,453

Operating lease liabilities - noncurrent

10,810


7,869

Other noncurrent liabilities

53,062


53,278

Total liabilities

233,069


3,285,333

Commitments and contingencies


Unitholders' equity(2):




Common units paid in capital (500,000,000 authorized; 88,343,762 and 87,361,929 units issued and outstanding

  on December 31, 2021 and 2020, respectively)

193,471


178,062

Accumulated other comprehensive loss

(5,106)


(6,175)

Retained earnings

106,539


713,129

Total unitholders' equity

294,904


885,016

Noncontrolling interests

8,478


8,290

Total equity

303,382


893,306

Total liabilities and equity

$         536,451


$       4,178,639

 








(1)

See Note 4, "Discontinued Operations and Dispositions", in our Notes to Consolidated Financial Statements in Part II, Item 8, of Form 10-K for the year
ended December 31, 2021, for further discussions on assets and liabilities held for sale.



(2)

The Company is authorized to issue 100,000,000 preferred units. On December 31, 2021 and 2020, no preferred units were issued or outstanding. The Company had 100 special units issued and outstanding to its Manager on December 31, 2021 and 2020, respectively. See Note 11, "Unitholders' Equity", in our Notes to Consolidated Financial Statements in Part II, Item 8, of Form 10-K for the year ended December 31, 2021 for further discussions.

 

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

 

CONSOLIDATED STATEMENTS OF OPERATIONS
($ in Thousands, Except Unit and Per Unit Data)

 


Year ended December 31,


2021


2020


2019

Revenue






Product revenue

$          235,984


$          180,411


$          242,637

Total revenue

235,984


180,411


242,637

Costs and expenses






Cost of product sales

165,927


112,283


165,504







Selling, general and administrative

97,893


72,704


38,596

Disposition payment to Manager

228,570


28,174


Total Selling, general and administrative

326,463


100,878


38,596

Fees to Manager - related party

21,857


21,063


32,103

Depreciation

15,313


15,463


14,985

Amortization of intangibles

425


425


425

Total operating expenses 

529,985


250,112


251,613

Operating loss

(294,001)


(69,701)


(8,976)

Other income (expense)






Interest income

27


26


17

Interest expense(1)

(14,381)


(21,103)


(22,609)

Other income (expense), net

234


(1,690)


(5,324)

Net loss from continuing operations before income taxes

(308,121)


(92,468)


(36,892)

Benefit (provision) for income taxes

7,827


(4,177)


11,640

Net loss from continuing operations

(300,294)


(96,645)


(25,252)

Discontinued Operations(2)






Net income (loss) from discontinued operations before income taxes

3,050,811


(684,660)


261,451

Provision for income taxes

(66,458)


(146,419)


(83,046)

Net income (loss) from discontinued operations

2,984,353


(831,079)


178,405

Net income (loss)

2,684,059


(927,724)


153,153







Net loss from continuing operations

(300,294)


(96,645)


(25,252)

Less: net income (loss) attributable to noncontrolling interest

191


137


(246)

Net loss from continuing operations attributable to MIH

(300,485)


(96,782)


(25,006)

Net income (loss) from discontinued operations

2,984,353


(831,079)


178,405

Less: net loss attributable to noncontrolling interests



(3,109)

Net income (loss) from discontinued operations attributable to MIH

2,984,353


(831,079)


181,514

Net income (loss) attributable to MIH

$       2,683,868


$         (927,861)


$          156,508







Basic loss per unit from continuing operations attributable to MIH

$              (3.42)


$              (1.11)


$              (0.29)

Basic income (loss) per unit from discontinued operations attributable to MIH

33.99


(9.56)


2.11

Basic income (loss) per unit attributable to MIH

$              30.57


$            (10.67)


$               1.82

Weighted average number of units outstanding: basic

87,791,951


86,951,642


86,178,212







Diluted loss per unit from continuing operations attributable to MIH

$              (3.42)


$              (1.11)


$              (0.29)

Diluted income (loss)  per unit from discontinued operations attributable to MIH

33.99


(9.56)


2.11

Diluted income (loss) per unit attributable to MIH

$              30.57


$            (10.67)


$               1.82

Weighted average number of units outstanding: diluted

87,791,951


86,951,642


86,178,212

Cash distribution declared per unit

$       37.386817


$              11.00


$               4.00

 










(1)

Interest expense includes non-cash gains on derivative instruments of $333,000 in 2021 and non-cash losses on derivative instruments of $912,000
and $875,000 in 2020 and 2019, respectively.



(2)

See Note 4, "Discontinued Operations and Dispositions", in our Notes to Consolidated Financial Statements in Part II, Item 8, of Form 10-K for the year ended December 31, 2021, for further discussions on businesses classified as held for sale.

 

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

($ in Thousands)

 


Year Ended December 31,


2021


2020


2019

Operating activities






Net loss from continuing operations

$           (300,294)


$            (96,645)


$            (25,252)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities from
     continuing operations:






Depreciation

15,313


15,463


14,985

Amortization of intangibles

425


425


425

Write-off of debt financing costs

4,170



Amortization of debt discount and financing costs

738


5,744


5,626

Adjustments to derivative instruments

(943)


(6,598)


6,009

Fees to Manager - related party

21,857


21,063


32,103

Deferred taxes

(2,612)


3,376


(15,169)

Other non-cash expense, net

4,887


6,634


9,947

Changes in other assets and liabilities, net of acquisitions:






Accounts receivable

(4,741)


2,529


3,694

Inventories

(3,489)


1,764


(1,869)

Prepaid expenses and other current assets

(1,704)


(168)


(280)

Accounts payable and accrued expenses

(7,904)


2,492


4,746

Income taxes payable

(6,611)


(3,842)


440

Other, net

(7,279)


1,405


(4,235)

Net cash (used in) provided by operating activities from continuing operations

(288,187)


(46,358)


31,170

Investing activities






Acquisitions of businesses and investments, net of cash, cash equivalents, and restricted cash
     acquired



(94)

Purchases of property and equipment

(14,261)


(14,471)


(19,791)

Other, net

186


44


34

Net cash used in investing activities from continuing operations

(14,075)


(14,427)


(19,851)

Financing activities






Payment of long-term debt

(496,629)


(1,260)


(727)

Distributions paid to common unitholders

(4,258,401)


(86,742)


(344,689)

Distributions paid to noncontrolling interest

(3)


(3)


(5)

Debt financing costs paid

(293)



Net cash used in financing activities from continuing operations

(4,755,326)


(88,005)


(345,421)

Net change in cash, cash equivalents, and restricted cash from continuing operations

(5,057,588)


(148,790)


(334,102)

 

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

 

CONSOLIDATED STATEMENTS OF CASH FLOWS – (continued)

($ in Thousands)

 


Year Ended December 31,


2021


2020


2019

Cash flows provided by (used in) discontinued operations:






Net cash provided by operating activities

$              28,965


$            386,983


$            389,966

Net cash provided by investing activities

3,242,836


1,253,261


10,797

Net cash used in  financing activities

(5,123)


(10,700)


(337,095)

Net cash provided by discontinued operations

3,266,678


1,629,544


63,668

Effect of exchange rate changes on cash and cash equivalents


(99)


255

Net change in cash, cash equivalents, and restricted cash

(1,790,910)


1,480,655


(270,179)

Cash, cash equivalents, and restricted cash, beginning of period

1,839,220


358,565


628,744

Cash, cash equivalents, and restricted cash, end of period

$              48,310


$         1,839,220


$            358,565







Supplemental disclosures of cash flow information:






Non-cash investing and financing activities:






Accrued purchases of property and equipment from continuing operations

$                  614


$                  761


$               1,074

Accrued purchases of property and equipment from discontinued operations

4,201


28,081


30,853

   Leased assets obtained in exchange for new operating lease liabilities from

     continuing operations



1,522

   Leased assets obtained in exchange for new operating lease liabilities from

     discontinued operations

14,666


20,393


19,115

Cash distribution declared, but not yet paid


960,981


Taxes received, net, from continuing operations

(195)



(1,500)

Taxes paid (received), net, from discontinued operations

143,906


(10,686)


66,056

Interest paid, net, from continuing operations

13,688


14,699


15,132

Interest paid, net, from discontinued operations

29,616


95,670


122,890

 

     The following table provides a reconciliation of cash, cash equivalents, and restricted cash from both continuing and discontinued operations reported
within the consolidated balance sheets that is presented in the consolidated statements of cash flows:



As of December 31,


2021


2020


2019

Cash and cash equivalents

$           47,259


$       1,518,108


$           57,230

Restricted cash - current

1,051


1,036


1,165

Cash, cash equivalents, and restricted cash included in assets held for sale(1)


320,076


300,170

Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows

$           48,310


$       1,839,220


$         358,565

 









(1)

Represents cash, cash equivalents, and restricted cash related to businesses classified as held for sale. See Note 4, "Discontinued Operations
and Dispositions", in our Notes to Consolidated Financial Statements in Part II, Item 8, of Form 10-K for the year ended December 31, 2021, for further discussions.

 

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

 

CONSOLIDATED STATEMENTS OF OPERATIONS – MD&A

 


Quarter Ended
December 31,


Change

Favorable/(Unfavorable)


Year Ended
December 31,


Change

Favorable/(Unfavorable)


2021


2020


$


%


2021


2020


$


%


($ In Thousands, Except Unit and Per Unit Data) (Unaudited)

Revenue
















Product revenue

$     62,571


$     44,118


18,453


42


$   235,984


$   180,411


55,573


31

Total revenue

62,571


44,118


18,453


42


235,984


180,411


55,573


31

Costs and expenses
















Cost of product sales

52,724


27,065


(25,659)


(95)


165,927


112,283


(53,644)


(48)

















Selling, general and administrative

9,464


32,143


22,679


71


97,893


72,704


(25,189)


(35)

Disposition payment to Manager


28,174


28,174


100


228,570


28,174


(200,396)


NM

Total Selling, general and administrative

9,464


60,317


50,853


84


326,463


100,878


(225,585)


NM

Fees to Manager - related party

1,056


4,903


3,847


78


21,857


21,063


(794)


(4)

Depreciation and amortization

4,286


4,664


378


8


15,738


15,888


150


1

Total operating expenses 

67,530


96,949


29,419


30


529,985


250,112


(279,873)


(112)

Operating loss

(4,959)


(52,831)


47,872


91


(294,001)


(69,701)


(224,300)


NM

Other income (expense)
















Interest income

5


4


1


25


27


26


1


4

Interest expense(1)

(390)


(4,888)


4,498


92


(14,381)


(21,103)


6,722


32

Other income (expense), net

472


(753)


1,225


163


234


(1,690)


1,924


114

Net loss from continuing operations before
     income taxes

(4,872)


(58,468)


53,596


92


(308,121)


(92,468)


(215,653)


NM

Benefit (provision) for income taxes

1,039


(12,985)


14,024


108


7,827


(4,177)


12,004


NM

Net loss from continuing operations

(3,833)


(71,453)


67,620


95


(300,294)


(96,645)


(203,649)


NM

Discontinued Operations
















Net (loss) income from discontinued operations
     before income taxes

(12,631)


3,839


(16,470)


NM


3,050,811


(684,660)


3,735,471


NM

Benefit (provision) for income taxes


29,331


(29,331)


(100)


(66,458)


(146,419)


79,961


55

Net (loss) income from discontinued operations

(12,631)


33,170


(45,801)


(138)


2,984,353


(831,079)


3,815,432


NM

Net (loss) income

(16,464)


(38,283)


21,819


57


2,684,059


(927,724)


3,611,783


NM

















Net loss from continuing operations

(3,833)


(71,453)


67,620


95


(300,294)


(96,645)


(203,649)


NM

Less: net income (loss) attributable to

   noncontrolling interests

24


(322)


(346)


(107)


191


137


(54)


(39)

Net loss from continuing operations
     attributable to MIH

(3,857)


(71,131)


67,274


95


(300,485)


(96,782)


(203,703)


NM

Net (loss) income from discontinued operations

(12,631)


33,170


(45,801)


(138)


2,984,353


(831,079)


3,815,432


NM

Net (loss) income from discontinued
     operations attributable to MIH

(12,631)


33,170


(45,801)


(138)


2,984,353


(831,079)


3,815,432


NM

Net (loss) income attributable to MIH

$    (16,488)


$    (37,961)


21,473


57


$ 2,683,868


$  (927,861)


3,611,729


NM

















Basic loss per unit from continuing operations
     attributable to MIH

$        (0.05)


$        (0.82)


0.77


94


$        (3.42)


$        (1.11)


(2.31)


NM

Basic (loss) income per unit from discontinued
     operations attributable to MIH

(0.14)


0.38


(0.52)


(137)


33.99


(9.56)


43.55


NM

Basic (loss) income per unit attributable to MIH

$        (0.19)


$        (0.44)


0.25


57


$       30.57


$      (10.67)


41.24


NM

Weighted average number of units outstanding:

   basic

88,226,852


87,209,829


1,017,023


1


87,791,951


86,951,642


840,309


1

 


NM — Not meaningful.


(1)

Interest expense includes non-cash gains on derivative instruments of $120,000 and $333,000 for the quarter and year December 31, 2021, respectively,
compared with non-cash gains on derivative instruments of $51,000 and non-cash losses on derivative instruments of $912,000 for the quarter and year
ended December 31, 2020, respectively.

 

 

MACQUARIE INFRASTRUCTURE HOLDINGS, LLC

 

RECONCILIATION OF CONSOLIDATED NET LOSS TO EBITDA EXCLUDING

NON-CASH ITEMS AND A RECONCILIATION FROM CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW

 


Quarter Ended

December 31,


Change

Favorable/(Unfavorable)


Year Ended

December 31,


Change

Favorable/(Unfavorable)


2021


2020


$


%


2021


2020


$


%


($ In Thousands) (Unaudited)

Net loss from continuing operations

$      (3,833)


$    (71,453)






$  (300,294)


$    (96,645)





Interest expense, net(1)

385


4,884






14,354


21,077





Benefit (provision) for income taxes

(1,039)


12,985






(7,827)


4,177





Depreciation and amortization

4,286


4,664






15,738


15,888





Fees to Manager - related party

1,056


4,903






21,857


21,063





Other non-cash expense (income), net(2)

7,286


256






4,065


(1,063)





EBITDA excluding non-cash items - continuing
     operations

$       8,141


$    (43,761)


51,902


119


$  (252,107)


$    (35,503)


(216,604)


NM

















EBITDA excluding non-cash items - continuing
     operations

$       8,141


$    (43,761)






$  (252,107)


$    (35,503)





Interest expense, net(1)

(385)


(4,884)






(14,354)


(21,077)





Non-cash interest (income) expense, net(1)

(89)


1,353






4,402


6,611





(Provision) benefit for current income taxes(3)

(720)


(8,774)






5,215


(801)





Changes in working capital

(2,935)


11,032






(31,343)


4,412





Cash provided by (used in) operating activities -
     continuing operations

4,012


(45,034)






(288,187)


(46,358)





Changes in working capital

2,935


(11,032)






31,343


(4,412)





Maintenance capital expenditures

(1,801)


(1,327)






(6,568)


(6,762)





Free cash flow - continuing operations

$       5,146


$    (57,393)


62,539


109


$  (263,412)


$    (57,532)


(205,880)


NM

 


NM — Not meaningful.


(1)

Interest expense, net, includes non-cash adjustments to derivative instruments, non-cash amortization of debt financing fees, and non-cash amortization of
debt discount related to our 2.00% Convertible Senior Notes. For the year ended December 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 and the full repayment of $100.0 million of senior secured notes at
Hawaii Gas. In connection with the repayment of the Hawaii Gas $100.0 million senior secured notes, the Company paid a $4.7 million 'make-whole' payment.



(2)

Other non-cash expense (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 expense (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.



(3)

Current income taxes in 2021 includes a $7.4 million benefit for income taxes that will be utilized by discontinued operations as a result of the reorganization.

 

Cision
View original content:https://www.prnewswire.com/news-releases/mic-reports-fourth-quarter-and-full-year-2021-financial-and-operational-results-301487091.html

SOURCE Macquarie Infrastructure Holdings, LLC


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