Quarter Ended June 30, |
Change Favorable/ (Unfavorable) |
Six Months Ended June 30, |
Change Favorable/ (Unfavorable) | |||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||
($ In Thousands, Except Share and Per Share Data) (Unaudited) | ||||||||||||
GAAP Metrics | ||||||||||||
Continuing Operations | ||||||||||||
Net income (loss) | $ | 6,933 | $ | (24,429) | 31,362 | 128 | $ | 20,730 | $ | (31,417) | 52,147 | 166 |
Net income (loss) per share attributable to MIC | 0.08 | (0.29) | 0.37 | 128 | 0.23 | (0.37) | 0.60 | 162 | ||||
Cash (used in) provided by operating activities | (79,539) | 17,779 | (97,318) | NM | (39,546) | 69,319 | (108,865) | (157) | ||||
Discontinued Operations | ||||||||||||
Net income | $ | - | $ | 17,131 | (17,131) | (100) | $ | - | $ | 35,346 | (35,346) | (100) |
Net income per share attributable to MIC | - | 0.20 | (0.20) | (100) | - | 0.41 | (0.41) | (100) | ||||
Cash provided by operating activities | - | 54,588 | (54,588) | (100) | - | 103,276 | (103,276) | (100) | ||||
Weighted average number of shares outstanding: basic | 87,628,429 | 86,871,892 | 756,537 | 1 | 87,520,541 | 86,779,432 | 741,109 | 1 | ||||
MIC Non-GAAP Metrics | ||||||||||||
EBITDA excluding non-cash items - continuing operations
| $ | 71,278 | $ | 16,878 | 54,400 | NM | $ | 143,928 | $ | 81,342 | 62,586 | 77 |
Investment and acquisition/disposition costs | 6,596 | 1,719 | 4,877 | NM | 10,875 | 12,826 | (1,951) | (15) | ||||
Adjusted EBITDA excluding non - cash items-continuing operations
| 77,874 | 18,597 | 59,277 | NM | 154,803 | 94,168 | 60,635 | 64 | ||||
Cash interest | (15,387) | (19,264) | 3,877 | 20 | (28,442) | (37,834) | 9,392 | 25 | ||||
Cash taxes | (4,730) | 5,638 | (10,368) | (184) | (7,939) | 818 | (8,757) | NM | ||||
Maintenance capital expenditures | (6,140) | (3,738) | (2,402) | (64) | (9,804) | (9,452) | (352) | (4) | ||||
Adjusted Free Cash Flow - continuing operations | $ | 51,617 | $ | 1,233 | 50,384 | NM | $ | 108,618 | $ | 47,700 | 60,918 | 128 |
EBITDA excluding non-cash items - discontinued operations
| $ | - | $ | 67,689 | (67,689) | (100) | $ | - | $ | 145,336 | (145,336) | (100) |
Cash interest | - | (10,059) | 10,059 | 100 | - | (19,828) | 19,828 | 100 | ||||
Cash taxes | - | (847) | 847 | 100 | - | (2,954) | 2,954 | 100 | ||||
Maintenance capital expenditures | - | (12,872) | 12,872 | 100 | - | (18,487) | 18,487 | 100 | ||||
Free Cash Flow - discontinued operations | $ | - | $ | 43,911 | (43,911) | (100) | $ | - | $ | 104,067 | (104,067) | (100) |
Adjusted Free Cash Flow - consolidated | $ | 51,617 | $ | 45,144 | 6,473 | 14 | $ | 108,618 | $ | 151,767 | (43,149) | (28) |
Investors:
Jay Davis
Investor Relations
MIC
212-231-1825
|
Media:
Lee Lubarsky
Corporate Communications
MIC
212-231-2638
|
June 30, 2021 | December 31, 2020 | |||
(Unaudited) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 319,690 | $ | 1,828,063 |
Restricted cash | 11,790 | 11,157 | ||
Accounts receivable, net of allowance for doubtful accounts | 55,057 | 46,862 | ||
Inventories | 19,663 | 16,551 | ||
Prepaid expenses | 13,385 | 8,326 | ||
Other current assets | 12,101 | 9,197 | ||
Total current assets | 431,686 | 1,920,156 | ||
Property, equipment, land and leasehold improvements, net | 849,530 | 854,200 | ||
Operating lease assets, net | 321,941 | 322,892 | ||
Goodwill | 617,072 | 616,939 | ||
Intangible assets, net | 441,012 | 457,587 | ||
Other noncurrent assets | 8,863 | 6,865 | ||
Total assets | $ | 2,670,104 | $ | 4,178,639 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Due to Manager-related party | $ | 2,755 | $ | 1,203 |
Accounts payable | 31,406 | 30,470 | ||
Accrued expenses | 50,177 | 46,112 | ||
Current portion of long-term debt | 11,333 | 11,310 | ||
Dividend payable | - | 960,981 | ||
Operating lease liabilities - current | 17,069 | 17,157 | ||
Income taxes payable | 3,200 | 132,113 | ||
Other current liabilities | 24,121 | 22,861 | ||
Total current liabilities | 140,061 | 1,222,207 | ||
Long-term debt, net of current portion | 1,097,923 | 1,554,359 | ||
Deferred income taxes | 132,738 | 126,858 | ||
Operating lease liabilities - noncurrent | 311,122 | 311,597 | ||
Other noncurrent liabilities | 64,893 | 70,312 | ||
Total liabilities | 1,746,737 | 3,285,333 | ||
Commitments and contingencies | - | - | ||
Stockholders' equity(1):
| ||||
Common Stock ($0.001 par value; 500,000,000 authorized; 87,780,539 shares issued and outstanding on June 30, 2021 and 87,361,929 shares issued and outstanding on December 31, 2020) | $ | 88 | $ | 87 |
Additional paid in capital | 180,346 | 177,975 | ||
Accumulated other comprehensive loss | (6,175) | (6,175) | ||
Retained earnings | 740,640 | 713,129 | ||
Total stockholders' equity | 914,899 | 885,016 | ||
Noncontrolling interests | 8,468 | 8,290 | ||
Total equity | 923,367 | 893,306 | ||
Total liabilities and equity | $ | 2,670,104 | $ | 4,178,639 |
(Unaudited)
Quarter Ended June 30, |
Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue | ||||||||
Service revenue | $ | 230,037 | $ | 104,318 | $ | 439,641 | $ | 328,315 |
Product revenue | 58,740 | 36,795 | 113,327 | 97,257 | ||||
Total revenue | 288,777 | 141,113 | 552,968 | 425,572 | ||||
Costs and expenses | ||||||||
Cost of services | 99,534 | 29,280 | 181,767 | 123,943 | ||||
Cost of product sales | 37,834 | 18,225 | 72,590 | 60,159 | ||||
Selling, general and administrative | 80,822 | 73,049 | 157,834 | 160,632 | ||||
Fees to Manager - related party | 7,551 | 3,824 | 13,103 | 11,180 | ||||
Depreciation | 19,629 | 19,745 | 38,860 | 39,271 | ||||
Amortization of intangibles | 8,287 | 9,273 | 16,575 | 20,278 | ||||
Total operating expenses | 253,657 | 153,396 | 480,729 | 415,463 | ||||
Operating income (loss) | 35,120 | (12,283) | 72,239 | 10,109 | ||||
Other income (expense) | ||||||||
Interest income | 41 | 189 | 202 | 657 | ||||
Interest expense(1)
| (16,773) | (23,639) | (35,392) | (50,344) | ||||
Other income (expense), net | 793 | 46 | 1,295 | (100) | ||||
Net income (loss) from continuing operations before income taxes | 19,181 | (35,687) | 38,344 | (39,678) | ||||
(Provision) benefit for income taxes | (12,248) | 11,258 | (17,614) | 8,261 | ||||
Net income (loss) from continuing operations | 6,933 | (24,429) | 20,730 | (31,417) | ||||
Discontinued Operations(2)
| ||||||||
Net income from discontinued operations before income taxes | - | 22,371 | - | 46,916 | ||||
Provision for income taxes | - | (5,240) | - | (11,570) | ||||
Net income from discontinued operations | - | 17,131 | - | 35,346 | ||||
Net income (loss) | 6,933 | (7,298) | 20,730 | 3,929 | ||||
Net income (loss) from continuing operations | 6,933 | (24,429) | 20,730 | (31,417) | ||||
Less: net (loss) income attributable to noncontrolling interest | (416) | 656 | 181 | 581 | ||||
Net income (loss) from continuing operations attributable to MIC | 7,349 | (25,085) | 20,549 | (31,998) | ||||
Net income from discontinued operations | - | 17,131 | - | 35,346 | ||||
Net income from discontinued operations attributable to MIC | - | 17,131 | - | 35,346 | ||||
Net income (loss) attributable to MIC | $ | 7,349 | $ | (7,954) | $ | 20,549 | $ | 3,348 |
Basic income (loss) per share from continuing operations attributable to MIC | $ | 0.08 | $ | (0.29) | $ | 0.23 | $ | (0.37) |
Basic income per share from discontinued operations attributable to MIC | - | 0.20 | - | 0.41 | ||||
Basic income (loss) per share attributable to MIC | $ | 0.08 | $ | (0.09) | $ | 0.23 | $ | 0.04 |
Weighted average number of shares outstanding: basic | 87,628,429 | 86,871,892 | 87,520,541 | 86,779,432 | ||||
Diluted income (loss) per share from continuing operations attributable to MIC | $ | 0.08 | $ | (0.29) | $ | 0.23 | $ | (0.37) |
Diluted income per share from discontinued operations attributable to MIC | - | 0.20 | - | 0.41 | ||||
Diluted income (loss) per share attributable to MIC | $ | 0.08 | $ | (0.09) | $ | 0.23 | $ | 0.04 |
Weighted average number of shares outstanding: diluted | 87,728,174 | 86,871,892 | 87,612,379 | 86,779,432 |
(Unaudited)
Six Months Ended June 30, | ||||
2021 | 2020 | |||
Operating activities | ||||
Net income (loss) from continuing operations | $ | 20,730 | $ | (31,417) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities from continuing operations: | ||||
Depreciation | 38,860 | 39,271 | ||
Amortization of intangibles | 16,575 | 20,278 | ||
Write-off of debt financing costs | 4,562 | 1,468 | ||
Amortization of debt discount and financing costs | 2,476 | 5,218 | ||
Adjustments to derivative instruments | (5,153) | 1,192 | ||
Fees to Manager - related party | 13,103 | 11,180 | ||
Deferred taxes | 9,675 | (7,443) | ||
Other non-cash expense, net | 6,647 | 4,944 | ||
Changes in other assets and liabilities, net of acquisitions: | ||||
Accounts receivable | (8,136) | 25,756 | ||
Inventories | (3,720) | 6,079 | ||
Prepaid expenses and other current assets | (5,480) | (2,734) | ||
Due to Manager - related party | - | (41) | ||
Accounts payable and accrued expenses | 3,988 | (13,010) | ||
Income taxes payable | (128,085) | (2,263) | ||
Other, net | (5,588) | 10,841 | ||
Net cash (used in) provided by operating activities from continuing operations | (39,546) | 69,319 | ||
Investing activities | ||||
Acquisitions of businesses and investments, net of cash, cash equivalents, and restricted cash acquired | - | (13,495) | ||
Purchases of property and equipment | (32,864) | (29,285) | ||
Other, net | 59 | 11 | ||
Net cash used in investing activities from continuing operations | (32,805) | (42,769) | ||
Financing activities | ||||
Proceeds from long-term debt | - | 874,000 | ||
Payment of long-term debt | (474,113) | (280,874) | ||
Dividends paid to common stockholders | (960,981) | (86,742) | ||
Distributions paid to noncontrolling interest | (3) | - | ||
Debt financing costs paid | (292) | (386) | ||
Net cash (used in) provided by financing activities from continuing operations | (1,435,389) | 505,998 | ||
Net change in cash, cash equivalents, and restricted cash from continuing operations | (1,507,740) | 532,548 |
(Unaudited)
Six Months Ended June 30, | ||||
2021 | 2020 | |||
Cash flows provided by (used in) discontinued operations: | ||||
Net cash provided by operating activities | $ | - | $ | 103,276 |
Net cash used in investing activities | - | (106,003) | ||
Net cash used in discontinued operations | - | (2,727) | ||
Effect of exchange rate changes on cash and cash equivalents | - | (222) | ||
Net change in cash, cash equivalents, and restricted cash | (1,507,740) | 529,599 | ||
Cash, cash equivalents, and restricted cash, beginning of period | 1,839,220 | 358,565 | ||
Cash, cash equivalents, and restricted cash, end of period | $ | 331,480 | $ | 888,164 |
Supplemental disclosures of cash flow information: | ||||
Non-cash investing and financing activities: | ||||
Accrued purchases of property and equipment from continuing operations | $ | 6,231 | $ | 3,317 |
Accrued purchases of property and equipment from discontinued operations | - | 15,939 | ||
Accrued debt financing costs from continuing operations | - | 59 | ||
Leased assets obtained in exchange for new operating lease liabilities from continuing operations | 806 | 5,267 | ||
Leased assets obtained in exchange for new operating lease liabilities from discontinued operations | - | 726 | ||
Taxes paid, net, from continuing operations | 135,894 | 1,444 | ||
Taxes paid, net, from discontinued operations | - | 2,653 | ||
Interest paid, net, from continuing operations | 32,899 | 39,205 | ||
Interest paid, net, from discontinued operations | - | 19,689 |
As of June 30, | ||||
2021 | 2020 | |||
Cash and cash equivalents | $ | 319,690 | $ | 845,604 |
Restricted cash - current | 11,790 | 13,721 | ||
Cash, cash equivalents, and restricted cash included in assets held for sale | - | 28,839 | ||
Total of cash, cash equivalents, and restricted cash shown in the consolidated condensed statements of cash flows | $ | 331,480 | $ | 888,164 |
Quarter Ended June 30, |
Change Favorable/(Unfavorable) |
Six Months Ended June 30, |
Change Favorable/(Unfavorable) | |||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||
($ In Thousands, Except Share and Per Share Data) (Unaudited) | ||||||||||||
Revenue | ||||||||||||
Service revenue | $ | 230,037 | $ | 104,318 | 125,719 | 121 | $ | 439,641 | $ | 328,315 | 111,326 | 34 |
Product revenue | 58,740 | 36,795 | 21,945 | 60 | 113,327 | 97,257 | 16,070 | 17 | ||||
Total revenue | 288,777 | 141,113 | 147,664 | 105 | 552,968 | 425,572 | 127,396 | 30 | ||||
Costs and expenses | ||||||||||||
Cost of services | 99,534 | 29,280 | (70,254) | NM | 181,767 | 123,943 | (57,824) | (47) | ||||
Cost of product sales | 37,834 | 18,225 | (19,609) | (108) | 72,590 | 60,159 | (12,431) | (21) | ||||
Selling, general and administrative | 80,822 | 73,049 | (7,773) | (11) | 157,834 | 160,632 | 2,798 | 2 | ||||
Fees to Manager - related party | 7,551 | 3,824 | (3,727) | (97) | 13,103 | 11,180 | (1,923) | (17) | ||||
Depreciation and amortization | 27,916 | 29,018 | 1,102 | 4 | 55,435 | 59,549 | 4,114 | 7 | ||||
Total operating expenses | 253,657 | 153,396 | (100,261) | (65) | 480,729 | 415,463 | (65,266) | (16) | ||||
Operating income (loss) | 35,120 | (12,283) | 47,403 | NM | 72,239 | 10,109 | 62,130 | NM | ||||
Other income (expense) | ||||||||||||
Interest income | 41 | 189 | (148) | (78) | 202 | 657 | (455) | (69) | ||||
Interest expense(1)
| (16,773) | (23,639) | 6,866 | 29 | (35,392) | (50,344) | 14,952 | 30 | ||||
Other income (expense), net | 793 | 46 | 747 | NM | 1,295 | (100) | 1,395 | NM | ||||
Net income (loss) from continuing operations before income taxes | 19,181 | (35,687) | 54,868 | 154 | 38,344 | (39,678) | 78,022 | 197 | ||||
(Provision) benefit for income taxes | (12,248) | 11,258 | (23,506) | NM | (17,614) | 8,261 | (25,875) | NM | ||||
Net income (loss) from continuing operations | 6,933 | (24,429) | 31,362 | 128 | 20,730 | (31,417) | 52,147 | 166 | ||||
Discontinued Operations | ||||||||||||
Net income from discontinued operations before income taxes | - | 22,371 | (22,371) | (100) | - | 46,916 | (46,916) | (100) | ||||
Provision for income taxes | - | (5,240) | 5,240 | 100 | - | (11,570) | 11,570 | 100 | ||||
Net income from discontinued operations | - | 17,131 | (17,131) | (100) | - | 35,346 | (35,346) | (100) | ||||
Net income (loss) | 6,933 | (7,298) | 14,231 | 195 | 20,730 | 3,929 | 16,801 | NM | ||||
Net income (loss) from continuing operations | 6,933 | (24,429) | 31,362 | 128 | 20,730 | (31,417) | 52,147 | 166 | ||||
Less: net (loss) income attributable to noncontrolling interests | (416) | 656 | 1,072 | 163 | 181 | 581 | 400 | 69 | ||||
Net income (loss) from continuing operations attributable to MIC | 7,349 | (25,085) | 32,434 | 129 | 20,549 | (31,998) | 52,547 | 164 | ||||
Net income from discontinued operations | - | 17,131 | (17,131) | (100) | - | 35,346 | (35,346) | (100) | ||||
Net income from discontinued operations attributable to MIC | - | 17,131 | (17,131) | (100) | - | 35,346 | (35,346) | (100) | ||||
Net income (loss) attributable to MIC | $ | 7,349 | $ | (7,954) | 15,303 | 192 | $ | 20,549 | $ | 3,348 | 17,201 | NM |
Basic income (loss) per share from continuing operations attributable to MIC | $ | 0.08 | $ | (0.29) | 0.37 | 128 | $ | 0.23 | $ | (0.37) | 0.60 | 162 |
Basic income per share from discontinued operations attributable to MIC | - | 0.20 | (0.20) | (100) | - | 0.41 | (0.41) | (100) | ||||
Basic income (loss) per share attributable to MIC | $ | 0.08 | $ | (0.09) | 0.17 | 189 | $ | 0.23 | $ | 0.04 | 0.19 | NM |
Weighted average number of shares outstanding:
basic
| 87,628,429 | 86,871,892 | 756,537 | 1 | 87,520,541 | 86,779,432 | 741,109 | 1 |
Quarter Ended June 30, |
Change Favorable/(Unfavorable) |
Six Months Ended June 30, |
Change Favorable/(Unfavorable) | |||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | |||||
($ In Thousands) (Unaudited) | ||||||||||||
Net income (loss) from continuing operations | $ | 6,933 | $ | (24,429) | $ | 20,730 | $ | (31,417) | ||||
Interest expense, net(1)
| 16,732 | 23,450 | 35,190 | 49,687 | ||||||||
Provision (benefit) for income taxes | 12,248 | (11,258) | 17,614 | (8,261) | ||||||||
Depreciation and amortization | 27,916 | 29,018 | 55,435 | 59,549 | ||||||||
Fees to Manager - related party | 7,551 | 3,824 | 13,103 | 11,180 | ||||||||
Other non-cash (income) expense, net(2)
| (102) | (3,727) | 1,856 | 604 | ||||||||
EBITDA excluding non-cash items - continuing operations | $ | 71,278 | $ | 16,878 | 54,400 | NM | $ | 143,928 | $ | 81,342 | 62,586 | 77 |
EBITDA excluding non-cash items - continuing operations | $ | 71,278 | $ | 16,878 | $ | 143,928 | $ | 81,342 | ||||
Interest expense, net(1)
| (16,732) | (23,450) | (35,190) | (49,687) | ||||||||
Non-cash interest expense, net(1)
| 1,345 | 4,186 | 6,748 | 11,853 | ||||||||
(Provision) benefit for current income taxes | (4,730) | 5,638 | (7,939) | 818 | ||||||||
Changes in working capital | (130,700) | 14,527 | (147,093) | 24,993 | ||||||||
Cash (used in) provided by operating activities - continuing operations | (79,539) | 17,779 | (39,546) | 69,319 | ||||||||
Changes in working capital | 130,700 | (14,527) | 147,093 | (24,993) | ||||||||
Maintenance capital expenditures | (6,140) | (3,738) | (9,804) | (9,452) | ||||||||
Free cash flow - continuing operations | $ | 45,021 | $ | (486) | 45,507 | NM | $ | 97,743 | $ | 34,874 | 62,869 | 180 |
Quarter Ended June 30, |
Change Favorable/(Unfavorable) |
Six Months Ended June 30, |
Change Favorable/(Unfavorable) | |||||
2021 | 2020 | 2021 | 2020 | |||||
$ | $ | $ | % | $ | $ | $ | % | |
($ In Thousands) (Unaudited) | ||||||||
Service revenue | 230,037 | 104,318 | 125,719 | 121 | 439,641 | 328,315 | 111,326 | 34 |
Cost of services (exclusive of depreciation and amortization shown separately below) | 99,534 | 29,280 | (70,254) | NM | 181,767 | 123,943 | (57,824) | (47) |
Gross margin | 130,503 | 75,038 | 55,465 | 74 | 257,874 | 204,372 | 53,502 | 26 |
Selling, general and administrative expenses | 62,512 | 58,860 | (3,652) | (6) | 124,098 | 123,000 | (1,098) | (1) |
Depreciation and amortization | 23,589 | 24,865 | 1,276 | 5 | 46,889 | 51,444 | 4,555 | 9 |
Operating income (loss) | 44,402 | (8,687) | 53,089 | NM | 86,887 | 29,928 | 56,959 | 190 |
Interest expense, net(1)
| (10,764) | (14,129) | 3,365 | 24 | (21,494) | (33,005) | 11,511 | 35 |
Other income (expense), net | 2 | (133) | 135 | 102 | (16) | (205) | 189 | 92 |
(Provision) benefit for income taxes | (9,015) | 6,401 | (15,416) | NM | (17,611) | 922 | (18,533) | NM |
Net income (loss) | 24,625 | (16,548) | 41,173 | NM | 47,766 | (2,360) | 50,126 | NM |
Reconciliation of net income (loss) to EBITDA excluding non-cash items and a reconciliation of cash provided by operating activities to Free Cash Flow: | ||||||||
Net income (loss) | 24,625 | (16,548) | 47,766 | (2,360) | ||||
Interest expense, net(1)
| 10,764 | 14,129 | 21,494 | 33,005 | ||||
Provision (benefit) for income taxes | 9,015 | (6,401) | 17,611 | (922) | ||||
Depreciation and amortization | 23,589 | 24,865 | 46,889 | 51,444 | ||||
Other non-cash expense, net(2)
| 2,326 | 849 | 3,895 | 1,662 | ||||
EBITDA excluding non-cash items | 70,319 | 16,894 | 53,425 | NM | 137,655 | 82,829 | 54,826 | 66 |
EBITDA excluding non-cash items | 70,319 | 16,894 | 137,655 | 82,829 | ||||
Interest expense, net(1)
| (10,764) | (14,129) | (21,494) | (33,005) | ||||
Non-cash interest expense, net(1)
| 938 | 2,486 | 1,881 | 7,645 | ||||
(Provision) benefit for current income taxes | (6,490) | 8,497 | (10,970) | (80) | ||||
Changes in working capital | 6,961 | 8,050 | 8,877 | 23,717 | ||||
Cash provided by operating activities | 60,964 | 21,798 | 115,949 | 81,106 | ||||
Changes in working capital | (6,961) | (8,050) | (8,877) | (23,717) | ||||
Maintenance capital expenditures | (4,494) | (2,361) | (7,044) | (5,406) | ||||
Free cash flow | 49,509 | 11,387 | 38,122 | NM | 100,028 | 51,983 | 48,045 | 92 |
Quarter Ended June 30, |
Change Favorable/(Unfavorable) |
Six Months Ended June 30, |
Change Favorable/(Unfavorable) | |||||
2021 | 2020 | 2021 | 2020 | |||||
$ | $ | $ | % | $ | $ | $ | % | |
($ In Thousands) (Unaudited) | ||||||||
Product revenue | 58,740 | 36,795 | 21,945 | 60 | 113,327 | 97,257 | 16,070 | 17 |
Cost of product sales (exclusive of depreciation and amortization shown separately below) | 37,834 | 18,225 | (19,609) | (108) | 72,590 | 60,159 | (12,431) | (21) |
Gross margin | 20,906 | 18,570 | 2,336 | 13 | 40,737 | 37,098 | 3,639 | 10 |
Selling, general and administrative expenses | 6,929 | 6,438 | (491) | (8) | 12,606 | 12,760 | 154 | 1 |
Depreciation and amortization | 3,840 | 3,778 | (62) | (2) | 7,588 | 7,402 | (186) | (3) |
Operating income | 10,137 | 8,354 | 1,783 | 21 | 20,543 | 16,936 | 3,607 | 21 |
Interest expense, net(1)
| (5,664) | (1,780) | (3,884) | NM | (6,968) | (4,555) | (2,413) | (53) |
Other expense, net | (82) | (56) | (26) | (46) | (418) | (168) | (250) | (149) |
Provision for income taxes | (1,318) | (1,772) | 454 | 26 | (3,685) | (3,547) | (138) | (4) |
Net income | 3,073 | 4,746 | (1,673) | (35) | 9,472 | 8,666 | 806 | 9 |
Less: net (loss) income attributable to noncontrolling interests | (416) | 656 | 1,072 | 163 | 181 | 581 | 400 | 69 |
Net income attributable to MIC | 3,489 | 4,090 | (601) | (15) | 9,291 | 8,085 | 1,206 | 15 |
Reconciliation of net income to EBITDA excluding non-cash items and a reconciliation of cash (used in) provided by operating activities to Free Cash Flow: | ||||||||
Net income | 3,073 | 4,746 | 9,472 | 8,666 | ||||
Interest expense, net(1)
| 5,664 | 1,780 | 6,968 | 4,555 | ||||
Provision for income taxes | 1,318 | 1,772 | 3,685 | 3,547 | ||||
Depreciation and amortization | 3,840 | 3,778 | 7,588 | 7,402 | ||||
Other non-cash income, net(2)
| (2,836) | (4,841) | (3,092) | (1,728) | ||||
EBITDA excluding non-cash items | 11,059 | 7,235 | 3,824 | 53 | 24,621 | 22,442 | 2,179 | 10 |
EBITDA excluding non-cash items | 11,059 | 7,235 | 24,621 | 22,442 | ||||
Interest expense, net(1)
| (5,664) | (1,780) | (6,968) | (4,555) | ||||
Non-cash interest expense, net(1)
| 274 | 188 | 43 | 1,191 | ||||
Provision for current income taxes | (669) | (791) | (2,185) | (2,914) | ||||
Changes in working capital | (5,760) | 8,692 | (7,456) | 3,606 | ||||
Cash (used in) provided by operating activities | (760) | 13,544 | 8,055 | 19,770 | ||||
Changes in working capital | 5,760 | (8,692) | 7,456 | (3,606) | ||||
Maintenance capital expenditures | (1,646) | (1,377) | (2,760) | (4,046) | ||||
Free cash flow | 3,354 | 3,475 | (121) | (3) | 12,751 | 12,118 | 633 | 5 |
Quarter Ended June 30, |
Change Favorable/(Unfavorable) |
Six Months Ended June 30, |
Change Favorable/(Unfavorable) | |||||
2021 | 2020 | 2021 | 2020 | |||||
$ | $ | $ | % | $ | $ | $ | % | |
($ In Thousands) (Unaudited) | ||||||||
Selling, general and administrative expenses | 11,381 | 7,751 | (3,630) | (47) | 21,130 | 24,872 | 3,742 | 15 |
Fees to Manager - related party | 7,551 | 3,824 | (3,727) | (97) | 13,103 | 11,180 | (1,923) | (17) |
Depreciation and amortization | 487 | 375 | (112) | (30) | 958 | 703 | (255) | (36) |
Operating loss | (19,419) | (11,950) | (7,469) | (63) | (35,191) | (36,755) | 1,564 | 4 |
Interest expense, net(1)
| (304) | (7,541) | 7,237 | 96 | (6,728) | (12,127) | 5,399 | 45 |
Other income, net | 873 | 235 | 638 | NM | 1,729 | 273 | 1,456 | NM |
(Provision) benefit for income taxes | (1,915) | 6,629 | (8,544) | (129) | 3,682 | 10,886 | (7,204) | (66) |
Net loss | (20,765) | (12,627) | (8,138) | (64) | (36,508) | (37,723) | 1,215 | 3 |
Reconciliation of net loss to EBITDA excluding non-cash items and a reconciliation of cash used in operating activities to Free Cash Flow: | ||||||||
Net loss | (20,765) | (12,627) | (36,508) | (37,723) | ||||
Interest expense, net(1)
| 304 | 7,541 | 6,728 | 12,127 | ||||
Provision (benefit) for income taxes | 1,915 | (6,629) | (3,682) | (10,886) | ||||
Fees to Manager - related party | 7,551 | 3,824 | 13,103 | 11,180 | ||||
Depreciation and amortization | 487 | 375 | 958 | 703 | ||||
Other non-cash expense, net(2)
| 408 | 265 | 1,053 | 670 | ||||
EBITDA excluding non-cash items | (10,100) | (7,251) | (2,849) | (39) | (18,348) | (23,929) | 5,581 | 23 |
EBITDA excluding non-cash items | (10,100) | (7,251) | (18,348) | (23,929) | ||||
Interest expense, net(1)
| (304) | (7,541) | (6,728) | (12,127) | ||||
Non-cash interest expense, net(1)
| 133 | 1,512 | 4,824 | 3,017 | ||||
Benefit (provision) for current income taxes | 2,429 | (2,068) | 5,216 | 3,812 | ||||
Changes in working capital | (131,901) | (2,215) | (148,514) | (2,330) | ||||
Cash used in operating activities | (139,743) | (17,563) | (163,550) | (31,557) | ||||
Changes in working capital | 131,901 | 2,215 | 148,514 | 2,330 | ||||
Free cash flow | (7,842) | (15,348) | 7,506 | 49 | (15,036) | (29,227) | 14,191 | 49 |
For the Quarter Ended June 30, 2021 | ||||||
Atlantic Aviation |
MIC Hawaii |
Corporate and Other |
Total Continuing Operations | Discontinued Operations | Total | |
($ in Thousands) (Unaudited) | ||||||
Net income (loss) | 24,625 | 3,073 | (20,765) | 6,933 | - | 6,933 |
Interest expense, net(1)
| 10,764 | 5,664 | 304 | 16,732 | - | 16,732 |
Provision for income taxes | 9,015 | 1,318 | 1,915 | 12,248 | - | 12,248 |
Depreciation and amortization | 23,589 | 3,840 | 487 | 27,916 | - | 27,916 |
Fees to Manager - related party | - | - | 7,551 | 7,551 | - | 7,551 |
Other non-cash expense (income), net(2)
| 2,326 | (2,836) | 408 | (102) | - | (102) |
EBITDA excluding non-cash items | 70,319 | 11,059 | (10,100) | 71,278 | - | 71,278 |
EBITDA excluding non-cash items | 70,319 | 11,059 | (10,100) | 71,278 | - | 71,278 |
Interest expense, net(1)
| (10,764) | (5,664) | (304) | (16,732) | - | (16,732) |
Non-cash interest expense, net(1)
| 938 | 274 | 133 | 1,345 | - | 1,345 |
(Provision) benefit for current income taxes | (6,490) | (669) | 2,429 | (4,730) | - | (4,730) |
Changes in working capital | 6,961 | (5,760) | (131,901) | (130,700) | - | (130,700) |
Cash provided by (used in) operating activities | 60,964 | (760) | (139,743) | (79,539) | - | (79,539) |
Changes in working capital | (6,961) | 5,760 | 131,901 | 130,700 | - | 130,700 |
Maintenance capital expenditures
| (4,494) | (1,646) | - | (6,140) | - | (6,140) |
Free Cash Flow | 49,509 | 3,354 | (7,842) | 45,021 | - | 45,021 |
For the Quarter Ended June 30, 2020 | ||||||
Atlantic Aviation |
MIC Hawaii |
Corporate and Other |
Total Continuing Operations | Discontinued Operations | Total | |
($ in Thousands) (Unaudited) | ||||||
Net (loss) income | (16,548) | 4,746 | (12,627) | (24,429) | 17,131 | (7,298) |
Interest expense, net(1)
| 14,129 | 1,780 | 7,541 | 23,450 | 9,941 | 33,391 |
(Benefit) provision for income taxes | (6,401) | 1,772 | (6,629) | (11,258) | 5,240 | (6,018) |
Depreciation and amortization
| 24,865 | 3,778 | 375 | 29,018 | 33,750 | 62,768 |
Fees to Manager - related party | - | - | 3,824 | 3,824 | - | 3,824 |
Other non-cash expense (income), net(2)
| 849 | (4,841) | 265 | (3,727) | 1,627 | (2,100) |
EBITDA excluding non-cash items
| 16,894 | 7,235 | (7,251) | 16,878 | 67,689 | 84,567 |
EBITDA excluding non-cash items
| 16,894 | 7,235 | (7,251) | 16,878 | 67,689 | 84,567 |
Interest expense, net(1)
| (14,129) | (1,780) | (7,541) | (23,450) | (9,941) | (33,391) |
Non-cash interest expense, net(1)
| 2,486 | 188 | 1,512 | 4,186 | (118) | 4,068 |
Benefit (provision) for current income taxes | 8,497 | (791) | (2,068) | 5,638 | (847) | 4,791 |
Changes in working capital | 8,050 | 8,692 | (2,215) | 14,527 | (2,195) | 12,332 |
Cash provided by (used in) operating activities | 21,798 | 13,544 | (17,563) | 17,779 | 54,588 | 72,367 |
Changes in working capital | (8,050) | (8,692) | 2,215 | (14,527) | 2,195 | (12,332) |
Maintenance capital expenditures
| (2,361) | (1,377) | - | (3,738) | (12,872) | (16,610) |
Free Cash Flow | 11,387 | 3,475 | (15,348) | (486) | 43,911 | 43,425 |
For the Six Months Ended June 30, 2021 | ||||||
Atlantic Aviation |
MIC Hawaii |
Corporate and Other |
Total Continuing Operations | Discontinued Operations | Total | |
($ in Thousands) (Unaudited) | ||||||
Net income (loss) | 47,766 | 9,472 | (36,508) | 20,730 | - | 20,730 |
Interest expense, net(1)
| 21,494 | 6,968 | 6,728 | 35,190 | - | 35,190 |
Provision (benefit) for income taxes | 17,611 | 3,685 | (3,682) | 17,614 | - | 17,614 |
Depreciation and amortization | 46,889 | 7,588 | 958 | 55,435 | - | 55,435 |
Fees to Manager - related party | - | - | 13,103 | 13,103 | - | 13,103 |
Other non-cash expense (income), net(2)
| 3,895 | (3,092) | 1,053 | 1,856 | - | 1,856 |
EBITDA excluding non-cash items | 137,655 | 24,621 | (18,348) | 143,928 | - | 143,928 |
EBITDA excluding non-cash items | 137,655 | 24,621 | (18,348) | 143,928 | - | 143,928 |
Interest expense, net(1)
| (21,494) | (6,968) | (6,728) | (35,190) | - | (35,190) |
Non-cash interest expense, net(1)
| 1,881 | 43 | 4,824 | 6,748 | - | 6,748 |
(Provision) benefit for current income taxes | (10,970) | (2,185) | 5,216 | (7,939) | - | (7,939) |
Changes in working capital | 8,877 | (7,456) | (148,514) | (147,093) | - | (147,093) |
Cash provided by (used in) operating activities | 115,949 | 8,055 | (163,550) | (39,546) | - | (39,546) |
Changes in working capital | (8,877) | 7,456 | 148,514 | 147,093 | - | 147,093 |
Maintenance capital expenditures
| (7,044) | (2,760) | - | (9,804) | - | (9,804) |
Free Cash Flow | 100,028 | 12,751 | (15,036) | 97,743 | - | 97,743 |
For the Six Months Ended June 30, 2020 | ||||||
Atlantic Aviation |
MIC Hawaii |
Corporate and Other |
Total Continuing Operations | Discontinued Operations | Total | |
($ in Thousands) (Unaudited) | ||||||
Net (loss) income | (2,360) | 8,666 | (37,723) | (31,417) | 35,346 | 3,929 |
Interest expense, net(1)
| 33,005 | 4,555 | 12,127 | 49,687 | 25,240 | 74,927 |
(Benefit) provision for income taxes | (922) | 3,547 | (10,886) | (8,261) | 11,570 | 3,309 |
Depreciation and amortization
| 51,444 | 7,402 | 703 | 59,549 | 68,230 | 127,779 |
Fees to Manager - related party | - | - | 11,180 | 11,180 | - | 11,180 |
Other non-cash expense (income), net(2)
| 1,662 | (1,728) | 670 | 604 | 4,950 | 5,554 |
EBITDA excluding non-cash items
| 82,829 | 22,442 | (23,929) | 81,342 | 145,336 | 226,678 |
EBITDA excluding non-cash items
| 82,829 | 22,442 | (23,929) | 81,342 | 145,336 | 226,678 |
Interest expense, net(1)
| (33,005) | (4,555) | (12,127) | (49,687) | (25,240) | (74,927) |
Non-cash interest expense, net(1)
| 7,645 | 1,191 | 3,017 | 11,853 | 5,412 | 17,265 |
(Provision) benefit for current income taxes
| (80) | (2,914) | 3,812 | 818 | (2,954) | (2,136) |
Changes in working capital | 23,717 | 3,606 | (2,330) | 24,993 | (19,278) | 5,715 |
Cash provided by (used in) operating activities | 81,106 | 19,770 | (31,557) | 69,319 | 103,276 | 172,595 |
Changes in working capital | (23,717) | (3,606) | 2,330 | (24,993) | 19,278 | (5,715) |
Maintenance capital expenditures
| (5,406) | (4,046) | - | (9,452) | (18,487) | (27,939) |
Free Cash Flow | 51,983 | 12,118 | (29,227) | 34,874 | 104,067 | 138,941 |
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Macquarie Infrastructure Corporation published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 11:12:10 UTC.