MACQUARIE INFRASTRUCTURE CORPORATION MIC Cash Flow

Macquarie infrastructure corporation (MIC)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Operating activities
Net income from continuing operations
101,000	65,000	434,000	128,465	-113,807	1,039,283	28,080	14,251	28,888	91,329	-130,544
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Net income from discontinued operations before noncontrolling interests
-	-	-	-	-	-	-	-	-	81,323	-21,860
Goodwill, Impairment Loss
0	3,000	0	0	-	-	-	-	-	-	71,200
Depreciation and amortization of property and equipment
195,000	193,000	178,000	175,518	215,243	102,816	45,876	38,314	40,454	36,276	42,899
Amortization of intangible assets
59,000	68,000	64,000	60,997	101,435	42,695	34,651	34,601	42,107	34,898	60,892
Loss on disposal of assets
-	-	-	-	-	-	-	1,979	-617	-17,869	-
Loss from customer contract termination
-	-	-	-	-	-	-	0	0	-	-
Equity in earnings and amortization charges of investee
-	-	-	-	-	26,391	39,115	32,327	22,763	31,301	22,561
Equity distributions from investee
-	-	-	-	-	25,330	39,115	86,952	0	15,000	7,000
Gain from acquisition/divestiture of businesses
-	-	-	-	-	1,027,181	0	0	-	-	-
Amortization of debt financing costs
9,000	11,000	7,000	19,552	9,075	5,376	3,874	4,232	4,086	4,347	5,121
Amortization of debt discount
4,000	4,000	3,000	1,007	0	0	-	-	-	-	-
Loss on extinguishment of debt
-	-	-	-	-	-	-	0	0	-	-
Adjustments to derivative instruments
-25,000	-12,000	4,000	49,787	47,208	567	5,138	26,428	18,244	-23,410	-29,540
Fees to Manager-related party
32,000	45,000	71,000	68,486	287,139	103,182	85,367	-	-	-	-
Base management fees to be settled/settled in shares
-	-	-	-	-	-	-	21,898	15,475	5,403	4,384
Performance fees to be settled in shares
-	-	-	-	-	-	-	67,329	0	-	-
Equipment lease receivable, net
-	-	-	-	-	-2,805	-3,807	-3,548	-3,105	-2,761	-2,752
Deferred rent
-	-	-	-	-	-	-	421	385	413	183
Deferred taxes
27,000	36,000	-240,000	62,009	-58,734	-27,942	13,295	-1,580	19,209	-11,729	-17,923
Pension expense
-	-	-	8,601	7,300	4,148	-	-	-	-	-
Other non-cash expense, net
-22,000	-31,000	-14,000	-5,677	1,047	-5,411	-8,777	-2,036	-2,748	-1,817	-2,115
Changes in other assets and liabilities, net of acquisitions:
Restricted cash
-	-	-	-	-722	-35,858	28,303	0	0	-50	-
Accounts receivable
2,000	-14,000	32,000	7,488	-5,418	-1,645	4,239	933	4,633	2,424	-13,020
Inventories
3,000	2,000	6,000	2,363	84	-4,779	4,662	-3,087	5,061	2,833	-1,233
Prepaid expenses and other current assets
5,000	2,000	5,000	-8,070	6,964	-5,448	-1,062	3,461	3,602	-453	-2,944
Due to Manager – related party
-	-	-	135	-33	-11	29	57	10	-15	-3,438
Accounts payable and accrued expenses
14,000	0	-7,000	4,492	-8,002	-12,446	-23,796	6,479	-9,696	-4,821	-4,670
Income taxes payable
-10,000	1,000	0	8,251	-5,926	288	1,037	-414	668	1,051	535
Pension contribution
-	-	-	3,500	0	26,960	3,150	3,833	-	-	-
Other, net
0	6,000	13,000	-5	3,371	5,951	1,450	-5,661	2,711	2,076	3,566
Net cash provided by operating activities
468,000	473,000	464,000	488,127	381,156	251,615	155,117	217,911	91,042	98,555	82,976
Investing activities
Acquisitions of businesses and investments, net of cash, cash equivalents and restricted cash acquired
0	18,000	201,000	37,091	266,895	1,222,266	28,953	64,817	23,149	-	-
Investment in capital leased assets
-	-	-	-	-	-	-	-	24	2,976	-
Return of investment in unconsolidated business
-	-	-	-	-	12,319	371	101,110	0	-	-
Proceeds from sale of assets
-	-	-	-	-	-	-	-	17,006	-	29,500
Purchases of property and equipment
260,000	177,000	214,000	257,198	194,148	123,946	111,208	39,288	33,764	22,690	30,320
Proceeds from insurance claim
-	-	-	10,740	0	0	-	-	-	-	-
Loan to project developer
1,000	19,000	23,000	5,000	0	-	-	-	-	-	-
Loan repayment from project developer
16,000	17,000	17,000	0	0	-	-	-	-	-	-
Proceeds from sale of business, net of cash divested
0	41,000	0	0	-	265,295	0	5,625	-	-	-
Change in restricted cash
-	-	-	-	-10,559	0	0	-	-	-	-
Other, net
3,000	0	0	-1,023	-1,668	208	-154	153	-249	-892	-304
Net cash used in investing activities
-248,000	-156,000	-421,000	-287,526	-448,816	-1,068,806	-139,636	2,477	-39,682	-24,774	-516
Financing activities
Proceeds from long-term debt
0	1,407,000	931,000	1,311,000	2,486,569	412,884	561,253	192,570	13,406	141	10,000
Payment of long-term debt
361,000	1,385,000	413,000	1,452,480	2,554,552	548,431	748,668	237,240	36,330	74,036	81,621
Proceeds from the issuance of shares
0	0	6,000	12,623	492,433	765,052	355,890	0	0	-	-
Contributions received from noncontrolling interests
0	1,000	0	15,431	532	0	73,612	55,473	0	300	-
Dividends paid to common stockholders
344,000	379,000	453,000	396,093	341,560	240,535	128,970	112,487	27,618	-	-
Purchase of noncontrolling interest
-	-	-	9,909	0	0	-	-	-	-	-
Distributions paid to noncontrolling interests
-	-	-	0	2,546	62,538	2,366	4,781	8,077	5,346	583
Offering and equity raise costs paid
-	-	-	1,601	16,984	25,600	16,313	0	0	-	-
Debt financing costs paid
1,000	34,000	1,000	17,285	23,816	15,142	19,699	2,942	4	186	-
Proceeds from the issuance of convertible senior notes
-	-	-	402,500	0	350,000	0	0	-	-	-
Proceeds from the issuance of common stock pursuant to MIC Direct
-	-	-	-	-	-	-	0	0	-	-
Change in restricted cash
-	-	-	-	5,166	-999	3,810	8,663	1,010	2,236	-33
Payment of capital lease obligations
-	-	-	-2,601	-2,346	-2,269	-2,033	-1,054	-124	-137	181
Net proceeds on line of credit facilities
-	-	-	-	-	-	-	-	4,600	500	-45,400
Net cash (used in) provided by financing activities
-706,000	-390,000	70,000	-138,415	42,896	632,422	76,516	-101,798	-53,137	-76,528	-117,818
Net change in cash, cash equivalents and restricted cash from continuing operations
-486,000	-73,000	113,000	62,186	-	-	-	-	-	-2,747	-35,358
Cash flows (used in) provided by discontinued operations:
Net cash used in operating activities
-48,000	46,000	65,000	71,668	-	-	-	-	-	-12,703	-4,732
Net cash used in investing activities
239,000	616,000	-136,000	-85,733	-	-	-	-	-	134,356	-445
Net cash provided by financing activities
24,000	-31,000	-32,000	-28,485	-	-	-	-	-	-124,183	2,144
Net cash provided by discontinued operations
215,000	631,000	-103,000	-42,550	-	-	-	-	-	-2,530	-3,033
Effect of exchange rate changes on cash and cash equivalents
0	-1,000	1,000	211	-856	-590	0	0	-	-	-
Net change in cash, cash equivalents and restricted cash
-271,000	557,000	11,000	19,847	-25,620	-185,359	91,997	118,590	-1,777	-2,892	-38,599
Non-cash investing and financing activities:
Accrued equity offering costs
-	-	-	-	-	-	298	0	0	-	-
Accrued financing costs
-	-	-	3	3	112	479	0	0	-	-
Accrued purchases of property and equipment
32,000	23,000	22,000	22,473	23,396	8,122	13,950	9,623	3,201	3,593	1,277
Issuance of shares to Manager
31,000	48,000	72,000	135,345	218,645	101,345	132,641	23,509	0	-	-
Acquisition of equipment through capital leases
-	-	-	-	398	3,744	1,320	3,117	2,663	139	-
Issuance of shares to independent directors
1,000	1,000	1,000	750	750	750	640	571	450	450	450
Issuance of shares for acquisition of business
0	0	125,000	0	0	115,000	0	0	-	-	-
Leased assets obtained in exchange for new operating lease liabilities
21,000	-	-	-	-	-	-	-	-	-	-
Issuance of shares to manager for base management fees
-	-	-	-	-	-	-	19,821	14,467	4,083	2,491
Conversion of convertible senior notes to shares
-	-	-	4	25	0	0	-	-	-	-
Conversion of construction loan to term loan
-	-	-	-	-	60,360	24,749	0	-	-	-
Distributions payable to noncontrolling interests
-	-	-	-	33	441	276	0	-	-	-
Conversion of LLC interests to common stock
-	-	-	-	79	0	0	-	-	-	-
Conversion of LLC interests to additional paid in capital
-	-	-	-	2,428,334	0	0	-	-	-	-
Taxes paid, net
65,000	21,000	11,000	-898	6,654	19,704	3,710	4,870	2,913	1,655	1,231
Interest paid, net
131,000	98,000	85,000	84,112	109,450	69,256	38,956	58,916	72,949	78,718	87,308
Change in cash of discontinued operations held for sale
-	-	-	-	-	-	-	-	-	2,385	-208