MACQUARIE INFRASTRUCTURE CORPORATION MIC Cash Flow

Macquarie infrastructure corporation (MIC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Operating activities
Net income from continuing operations
11,000	16,000	15,000	6,000	64,000	-4,000	2,000	27,000	40,000	339,164	36,173	26,025	32,638	44,727	42,481	21,081	20,176	31,883	8,342	-63,517	-90,515	18,705	990,674	9,744	20,160	14,073	8,249	-956	6,714	-11,866	-121	12,028	14,210	12,441	9,504	-3,915	10,858
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Depreciation and amortization of property and equipment
51,000	50,000	49,000	48,000	48,000	50,000	49,000	47,000	47,000	5,247	58,009	57,063	57,681	3,393	59,242	59,662	53,221	52,950	53,070	51,801	57,422	37,902	36,921	14,135	13,858	12,125	11,659	11,139	10,953	10,574	9,281	9,234	9,225	9,580	11,736	10,281	8,857
Amortization of intangible assets
14,000	15,000	14,000	15,000	15,000	15,000	20,000	17,000	16,000	13,080	17,329	15,898	17,693	11,080	15,417	16,713	17,787	17,779	17,783	17,902	47,971	13,105	11,369	9,456	8,765	8,785	8,618	8,620	8,628	8,709	8,800	8,546	8,546	8,707	8,637	16,044	8,719
Loss on disposal of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6	-816	0	-	0	0	-106	-	-	-	-	-	-	-	-
Equity in earnings and amortization charges of investee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	312	993	10,799	14,287	8,788	8,576	11,289	10,462	9,032	6,989	6,805	9,501	8,695	2,436	3,270	8,362
Equity distributions from investee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	244	0	16,959	8,127	20,090	11,146	7,879	0	-	-	-	-	-	-	-	-
Amortization of debt financing costs
2,000	2,000	2,000	2,000	3,000	5,000	2,000	1,000	3,000	536	2,163	2,099	2,202	12,016	2,287	2,370	2,879	2,318	2,191	2,951	1,615	909	2,326	1,100	1,041	982	995	950	947	942	1,347	965	978	1,012	1,014	1,030	1,030
Amortization of debt discount
1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	623	882	876	619	1,007	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments to derivative instruments
-12,000	4,000	-7,000	-15,000	-7,000	-21,000	2,000	2,000	5,000	7,414	4,968	-6,410	-1,972	69,809	9,008	-5,752	-23,278	11,129	-4,386	43,298	-2,833	-3,370	9,304	-4,273	-1,094	6,298	-4,449	1,950	1,339	2,748	10,566	7,484	5,630	8,671	4,608	-545	5,510
Fees to Manager-related party
7,000	9,000	8,000	7,000	8,000	9,000	12,000	11,000	13,000	16,390	17,954	18,433	18,223	18,916	18,382	16,392	14,796	17,009	18,118	86,739	165,273	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Base management fees to be settled/settled in shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,994	-	8,336	8,053	7,135	6,299	5,844	4,760	4,995	4,222	3,465	4,156	3,632
Performance fees to be settled in shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	6,906	24,440	22,042	-	-	-	-	-	-	-	-
Equipment lease receivable, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-777	-1,032	-996	-993	-740	-1,107	-967	-953	-885	-872	-838	-834	-778	-753	-740
Deferred rent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	104	139	50	-	69	64	64	107	129	111	74	113	71	111	90
Deferred taxes
2,000	7,000	3,000	0	17,000	15,000	-1,000	8,000	14,000	-296,791	23,393	15,046	18,352	6,883	27,907	14,558	12,661	19,589	10,989	-33,174	-56,138	10,870	-48,842	3,591	6,439	6,728	5,030	-1,533	3,070	-12,039	-3,671	8,362	5,768	10,529	3,310	-684	6,054
Pension expense
-	-	-	-	-	-	-	-	-	-	2,160	1,627	2,694	2,089	2,117	2,197	2,198	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash expense, net
-5,000	-10,000	-3,000	-5,000	-4,000	-5,000	-19,000	-2,000	-5,000	-16,651	-284	1,581	1,354	-7,932	506	844	905	4,639	-202	-1,959	-1,431	-3,527	-2,203	1,011	-692	-9,520	-749	-421	1,913	304	-808	-973	-559	-443	-1,087	-555	-663
Changes in other assets and liabilities, net of acquisitions:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,641	-166	-2,202	43	1,306	-1,402	-669	-7,377	-3,219	-10,619	-14,643	27,838	-9,025	10,761	-1,271	-	-	-	-	-	-	-	-
Accounts receivable
-23,000	6,000	-6,000	-9,000	11,000	-1,000	2,000	-10,000	-5,000	13,062	11,067	8,930	-1,059	-2,606	8,306	5,698	-3,910	-10,876	-7,623	13,303	-222	-5,827	-6,669	4,420	6,431	-4,285	1,659	627	6,238	-7,949	226	429	8,227	-6,747	746	3,888	6,746
Inventories
-7,000	2,000	0	1,000	0	0	0	0	2,000	1,437	307	538	3,718	1,316	-1,057	3,983	-1,879	-759	691	2,239	-2,087	-3,773	-2,233	3,200	-1,973	1,127	1,197	-56	2,394	-855	-498	-224	-1,510	4,270	746	-800	845
Prepaid expenses and other current assets
2,000	-5,000	-1,000	6,000	5,000	3,000	-1,000	-3,000	3,000	-2,040	4,511	-5,030	7,559	-2,103	3,531	-146	-9,352	12,202	-1,658	2,321	-5,901	-8,537	3,966	-1,369	492	-36	3,055	-6,543	2,462	3,856	1,091	-3,181	1,695	152	4,562	-3,432	2,320
Due to Manager – related party
-	-	-	-	-	-	-	-	-	-	-56	-133	11	114	-69	163	-73	11	-67,857	67,901	-88	-65,009	65,049	65	-116	27	-29	42	-11	-11	35	22	11	9	-7	21	-13
Accounts payable and accrued expenses
-27,000	9,000	4,000	3,000	-2,000	-6,000	21,000	-10,000	-5,000	-2,556	11,338	-3,400	-12,382	7,857	10,424	-496	-13,293	-4,868	7,355	7,664	-18,153	-27,379	14,663	4,436	-4,166	-10,002	-10,834	-959	-2,001	1,857	5,094	-3,552	3,080	-8,241	-19	-5,915	4,479
Income taxes payable
4,000	-57,000	44,000	-4,000	7,000	0	0	-1,000	2,000	1,223	283	-2,847	1,341	4,403	2,455	-1,360	2,753	-171	-294	-4,608	-853	17,921	-17,320	-244	-69	1,856	26	-939	94	-1,141	793	47	-113	120	799	-845	594
Pension contribution
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	25,825	825	310	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
11,000	3,000	0	-8,000	5,000	2,000	4,000	-1,000	1,000	1,751	-664	10,035	1,878	-1,365	-362	-2,533	4,255	1,185	594	-1,069	2,661	-2,019	6,614	-528	1,884	1,282	-2,266	932	1,502	-7,237	-254	932	898	519	1,195	619	378
Net cash provided by operating activities
99,000	52,000	157,000	108,000	151,000	107,000	121,000	115,000	130,000	65,640	149,723	121,043	127,594	51,139	159,070	129,352	148,566	126,237	60,975	76,928	117,016	57,252	63,028	72,258	59,077	27,357	50,663	43,428	33,669	53,328	39,752	101,101	23,730	23,877	25,878	19,745	21,542
Investing activities
Acquisitions of businesses and investments, net of cash, cash equivalents and restricted cash acquired
13,000	0	0	0	0	5,000	1,000	1,000	11,000	-7,377	142,056	66,321	0	-1,898	22,376	13,460	3,153	29,939	0	218,819	18,137	80,960	908,359	231,895	1,052	14,287	14,666	0	0	-	-	-	-	-	-	-	-
Purchases of property and equipment
71,000	88,000	70,000	58,000	44,000	46,000	45,000	46,000	40,000	-20,833	104,482	70,482	59,869	59,047	79,417	56,141	62,593	97,082	47,041	24,544	25,481	42,034	45,859	14,440	21,613	59,773	12,985	23,616	14,834	13,845	10,110	8,264	7,069	10,268	7,909	8,425	7,162
Loan to project developer
0	0	0	0	1,000	1,000	0	7,000	11,000	4,325	4,000	6,675	8,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan repayment from project developer
-	-	-	-	-	0	0	12,000	5,000	10,396	5,208	1,396	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	390	-	-	-	-
Other, net
-	-	-	-	-	-	-	-	-	179	-118	-11	-50	-162	-348	-465	-48	-561	-585	22	-544	-123	377	6	-52	-90	-74	-31	41	225	74	-120	-26	-197	-45	-21	14
Net cash used in investing activities
-84,000	-88,000	-57,000	-58,000	-45,000	-52,000	-46,000	-1,000	-57,000	34,102	-245,212	-142,071	-67,819	-61,249	-98,678	-61,901	-65,698	-126,460	-35,897	-243,385	-43,074	-123,116	-689,033	-234,044	-22,613	-73,599	-27,577	-23,585	-14,875	-28,676	6,317	31,489	-6,653	-10,145	-30,849	8,488	-7,176
Financing activities
Proceeds from long-term debt
874,000	0	0	0	0	1,131,000	67,000	67,000	142,000	345,500	321,000	160,500	104,000	941,000	119,000	75,000	176,000	366,000	466,000	1,625,569	29,000	216,000	92,000	100,000	4,884	79,336	10,165	450,560	21,192	1,428	181,142	0	10,000	0	10,917	1,519	970
Payment of long-term debt
3,000	3,000	355,000	0	3,000	1,181,000	48,000	98,000	58,000	212,278	102,180	25,908	72,634	1,156,530	79,369	56,851	159,730	359,017	450,774	1,292,133	452,628	67,568	464,137	5,642	11,084	7,916	8,715	703,987	28,050	33,812	187,583	9,262	6,583	1,760	10,070	10,000	14,500
Proceeds from the issuance of shares
-	-	-	-	-	-	-	-	-	301	378	3,272	2,049	4,972	6,328	230	1,093	185	4,123	93	488,032	115	764,937	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Contributions received from noncontrolling interests
-	-	-	-	-	-	-	-	-	-102	102	0	0	-	-	-	-	-	-	-	-	-	-	-	-	51,250	0	20,362	2,000	-	-	-	-	-	-	-	-
Dividends paid to common stockholders
87,000	86,000	86,000	86,000	86,000	86,000	86,000	85,000	122,000	120,133	116,359	108,794	107,714	105,566	101,919	96,405	92,203	90,234	88,359	84,892	78,075	69,532	66,501	53,033	51,469	46,831	46,258	35,881	0	64,771	29,154	9,294	9,268	-	-	-	-
Purchase of noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	9,909	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions paid to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	922	689	1,351	-3,682	1,177	681	1,824	698	610	238	1,000	1,141	59,991	750	656	714	463	942	247	495	2,153	608	1,525	2,954	1,172	1,456	2,495
Offering and equity raise costs paid
-	-	-	-	-	-	-	-	-	-	173	113	69	923	529	44	105	195	249	576	15,964	12	25,571	12	5	-	-	-	-	-	-	-	-	-	-	-	-
Debt financing costs paid
0	0	0	0	1,000	31,000	0	0	3,000	553	0	12	435	15,501	581	84	1,119	286	9,237	14,293	0	18	12,807	1,267	1,050	726	67	18,906	0	-	-	-	-	-	-	-	-
Proceeds from the issuance of common stock pursuant to MIC Direct
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	58	72	-	0	0	0	-	-	-	-	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,283	-2,917	5,013	-2,842	-2,967	-72	11,047	-8	1,608	-1,093	-1,506	-226	-973	5,009	0	-	-	-	-	-	-	-	-
Payment of capital lease obligations
-	-	-	-	-	-	-	-	-	-	-313	-32	-21	-1,450	-362	-356	-433	-466	-461	-661	-758	-788	-566	-461	-454	-661	-465	-422	-485	-432	-349	-176	-97	-17	-31	-116	40
Other, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-133	-	-	-	-	-	-	-	-
Net proceeds on line of credit facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,000
Net cash (used in) provided by financing activities
784,000	-89,000	-441,000	-86,000	-90,000	-167,000	-66,000	-116,000	-41,000	16,418	101,533	28,224	-76,175	66,805	-55,326	-66,677	-83,217	-87,553	-82,534	233,329	-20,346	77,048	578,842	37,800	-61,268	196,572	-46,811	-67,522	-5,723	-34,073	-40,846	-19,406	-7,473	-12,763	-9,566	-16,743	-14,065
Net change in cash, cash equivalents and restricted cash from continuing operations
799,000	-125,000	-341,000	-36,000	16,000	-112,000	9,000	-2,000	32,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash flows (used in) provided by discontinued operations:
Net cash used in operating activities
0	9,000	-46,000	2,000	-13,000	-1,000	26,000	7,000	14,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
0	0	255,000	-8,000	-8,000	644,000	-4,000	-16,000	-8,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
0	0	-3,000	4,000	23,000	-8,000	-9,000	-7,000	-7,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by discontinued operations
0	9,000	206,000	-2,000	2,000	635,000	13,000	-16,000	-1,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of exchange rate changes on cash and cash equivalents
-	-	-	-	-	-	-	-	-	551	261	188	0	-283	52	-15	457	-169	-389	0	-298	-514	-76	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash, cash equivalents and restricted cash
799,000	-116,000	-135,000	-38,000	18,000	522,000	23,000	-19,000	31,000	13,711	6,305	7,384	-16,400	13,862	5,118	759	108	-87,945	-57,845	66,872	53,298	10,670	-47,239	-123,986	-24,804	150,330	-23,725	-47,679	13,071	-9,421	5,223	113,184	9,604	969	-14,537	11,490	301
Non-cash investing and financing activities:
Accrued equity offering costs
-	-	-	-	-	-	-	-	-	-	53	-49	93	-	-170	31	229	-	-152	-181	349	-	-274	285	1	298	-11	-184	195	-	-	-	-	-	-	-	-
Accrued financing costs
-	-	-	-	-	-	-	-	-	-	-	-	0	-545	105	375	68	-314	-570	761	126	105	-315	322	0	479	-93	-572	665	-	-	-	-	-	-	-	-
Accrued purchases of property and equipment
25,000	14,000	5,000	1,000	12,000	3,000	5,000	-3,000	18,000	-11,184	-8,170	15,756	25,598	-9,255	10,934	1,476	19,318	2,826	4,211	11,120	5,239	-2,463	8,084	704	1,797	1,619	9,562	-2,986	5,755	7,881	-322	586	1,478	975	63	374	1,789
Issuance of shares to Manager
9,000	8,000	8,000	7,000	8,000	11,000	15,000	11,000	11,000	17,073	18,000	18,465	18,462	18,972	85,396	15,869	15,108	17,578	18,554	167,292	15,221	-	-	-	-	42,339	24,440	22,042	43,820	-	-	-	-	-	-	-	-
Acquisition of equipment through capital leases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	398	3,012	732	0	0	0	185	0	1,135	493	0	1,708	916	-	-	-	-
Leased assets obtained in exchange for new operating lease liabilities
5,000	-	-	-	1,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of shares to manager for base management fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,777	-	8,053	7,135	6,299	5,844	4,760	4,995	4,222	3,465	4,156	3,632	3,214
Conversion of convertible senior notes to shares
-	-	-	-	-	-	-	-	-	-	0	0	17	0	0	0	4	0	0	23	2	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Conversion of construction loan to term loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	60,360	0	24,749	0	0	-	-	-	-	-	-	-	-
Distributions payable to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	32	-29	29	-	-	-	42	-535	529	-36	75	54	-19	278	128	-5	-7	74	214	-	-	-	-	-	-	-	-
Taxes paid, net
3,000	56,000	3,000	5,000	1,000	10,000	3,000	6,000	2,000	1,190	1,965	5,466	2,379	-2,324	-1,340	3,019	-253	302	443	4,252	1,657	1,749	13,701	2,138	2,116	217	773	1,382	1,338	1,136	1,121	1,748	865	531	1,033	1,040	309
Interest paid, net
21,000	36,000	28,000	36,000	31,000	25,000	22,000	31,000	20,000	2,892	27,507	27,837	26,764	2,114	26,042	30,468	25,488	30,344	24,897	27,241	26,968	23,857	21,226	12,822	11,351	10,866	11,906	7,713	8,471	8,053	15,891	17,442	17,530	17,771	17,882	18,337	18,959