MACQUARIE INFRASTRUCTURE CORPORATION MIC Cash Flow

Macquarie infrastructure corporation (MIC)

CashFlow / TTM

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
48,000	101,000	81,000	68,000	89,000	65,000	408,164	442,337	441,362	434,000	139,563	145,871	140,927	128,465	115,621	81,482	-3,116	-113,807	-126,985	855,347	928,608	1,039,283	1,034,651	52,226	41,526	28,080	2,141	-6,229	6,755	14,251	38,558	48,183	32,240	28,888	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations:
Depreciation and amortization of property and equipment
198,000	195,000	195,000	195,000	194,000	193,000	148,247	157,256	167,319	178,000	176,146	177,379	179,978	175,518	225,075	218,903	211,042	215,243	200,195	184,046	146,380	102,816	77,039	51,777	48,781	45,876	44,325	41,947	40,042	38,314	37,320	39,775	40,822	40,454	0	0	0
Amortization of intangible assets
58,000	59,000	59,000	65,000	67,000	68,000	66,080	63,409	62,307	64,000	62,000	60,088	60,903	60,997	67,696	70,062	71,251	101,435	96,761	90,347	81,901	42,695	38,375	35,624	34,788	34,651	34,575	34,757	34,683	34,601	34,599	34,436	41,934	42,107	0	0	0
Loss on disposal of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-
Equity in earnings and amortization charges of investee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,391	34,867	42,450	42,940	39,115	39,359	37,772	33,288	32,327	31,990	27,437	23,902	22,763	0	0	0
Equity distributions from investee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25,330	45,176	56,322	47,242	39,115	0	0	0	-	-	-	-	-	-	-	-
Amortization of debt financing costs
8,000	9,000	12,000	12,000	11,000	11,000	6,536	6,699	7,798	7,000	18,480	18,604	18,875	19,552	9,854	9,758	10,339	9,075	7,666	7,801	5,950	5,376	5,449	4,118	3,968	3,874	3,834	4,186	4,201	4,232	4,302	3,969	4,034	4,086	0	0	0
Amortization of debt discount
4,000	4,000	4,000	4,000	4,000	4,000	3,623	3,505	3,381	3,000	3,384	2,502	1,626	1,007	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Adjustments to derivative instruments
-30,000	-25,000	-50,000	-41,000	-24,000	-12,000	16,414	19,382	10,972	4,000	66,395	70,435	71,093	49,787	-8,893	-22,287	26,763	47,208	32,709	46,399	-1,172	567	10,235	-3,518	2,705	5,138	1,588	16,603	22,137	26,428	32,351	26,393	18,364	18,244	0	0	0
Fees to Manager-related party
31,000	32,000	32,000	36,000	40,000	45,000	52,390	58,344	65,777	71,000	73,526	73,954	71,913	68,486	66,579	66,315	136,662	287,139	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Base management fees to be settled/settled in shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	29,823	27,331	24,038	21,898	19,821	17,442	16,838	15,475	0	0	0
Performance fees to be settled in shares
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-
Equipment lease receivable, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,805	-3,798	-3,761	-3,836	-3,807	-3,767	-3,912	-3,677	-3,548	-3,429	-3,322	-3,203	-3,105	0	0	0
Deferred rent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	304	364	411	421	427	369	369	385	0	0	0
Deferred taxes
12,000	27,000	35,000	31,000	39,000	36,000	-275,791	-251,398	-244,352	-240,000	63,674	68,188	67,700	62,009	74,715	57,797	10,065	-58,734	-67,453	-127,284	-90,519	-27,942	-32,084	21,788	16,664	13,295	-5,472	-14,173	-4,278	-1,580	20,988	27,969	18,923	19,209	0	0	0
Pension expense
-	-	-	-	-	-	-	-	-	-	8,570	8,527	9,097	8,601	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash expense, net
-23,000	-22,000	-17,000	-33,000	-30,000	-31,000	-42,651	-23,935	-20,354	-14,000	-5,281	-4,491	-5,228	-5,677	6,894	6,186	3,383	1,047	-7,119	-9,120	-6,150	-5,411	-11,404	-9,950	-11,382	-8,777	1,047	988	436	-2,036	-2,783	-3,062	-2,644	-2,748	0	0	0
Changes in other assets and liabilities, net of acquisitions:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-684	-1,019	-2,255	-722	-8,142	-12,667	-21,884	-35,858	-643	-6,449	14,931	28,303	0	0	0	-	-	-	-	-	-	-	-
Accounts receivable
-32,000	2,000	-5,000	3,000	2,000	-14,000	62	9,129	28,059	32,000	16,332	13,571	10,339	7,488	-782	-16,711	-9,106	-5,418	-369	585	-8,298	-1,645	-103	8,225	4,432	4,239	575	-858	-1,056	933	2,135	2,655	6,114	4,633	0	0	0
Inventories
-4,000	3,000	1,000	1,000	0	2,000	3,437	3,744	4,282	6,000	5,879	4,515	7,960	2,363	288	2,036	292	84	-2,930	-5,854	-4,893	-4,779	121	3,551	295	4,662	2,680	985	817	-3,087	2,038	3,282	2,706	5,061	0	0	0
Prepaid expenses and other current assets
2,000	5,000	13,000	13,000	4,000	2,000	-3,040	2,471	441	5,000	4,937	3,957	8,841	-8,070	6,235	1,046	3,513	6,964	-13,775	-8,151	-11,841	-5,448	3,053	2,142	-3,032	-1,062	2,830	866	4,228	3,461	-243	3,228	2,977	3,602	0	0	0
Due to Manager – related party
-	-	-	-	-	-	-	-	-	-	-64	-77	219	135	32	-67,756	-18	-33	-65,053	67,853	17	-11	65,025	-53	-76	29	-9	55	35	57	77	35	34	10	0	0	0
Accounts payable and accrued expenses
-11,000	14,000	-1,000	16,000	3,000	0	3,444	-6,218	382	-7,000	3,413	2,499	5,403	4,492	-8,233	-11,302	-3,142	-8,002	-30,513	-23,205	-26,433	-12,446	4,931	-20,566	-25,961	-23,796	-11,937	3,991	1,398	6,479	-3,619	-8,732	-11,095	-9,696	0	0	0
Income taxes payable
-13,000	-10,000	47,000	3,000	6,000	1,000	2,223	2,506	659	0	3,180	5,352	6,839	8,251	3,677	928	-2,320	-5,926	12,166	-4,860	-496	288	-15,777	1,569	874	1,037	-1,960	-1,193	-207	-414	847	853	-39	668	0	0	0
Pension contribution
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,960	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
6,000	0	-1,000	3,000	10,000	6,000	5,751	1,087	12,122	13,000	9,884	10,186	-2,382	-5	2,545	3,501	4,965	3,371	167	6,187	6,728	5,951	9,252	372	1,832	1,450	-7,069	-5,057	-5,057	-5,661	2,095	3,544	3,231	2,711	0	0	0
Net cash provided by operating activities
416,000	468,000	523,000	487,000	494,000	473,000	431,640	460,363	466,406	464,000	449,499	458,846	467,155	488,127	563,225	465,130	412,706	381,156	312,171	314,224	309,554	251,615	221,720	209,355	180,525	155,117	181,088	170,177	227,850	217,911	188,460	174,586	93,230	91,042	0	0	0
Investing activities
Acquisitions of businesses and investments, net of cash, cash equivalents and restricted cash acquired
13,000	0	5,000	6,000	7,000	18,000	5,623	146,679	212,000	201,000	206,479	86,799	33,938	37,091	68,928	46,552	251,911	266,895	317,916	1,226,275	1,239,351	1,222,266	1,155,593	261,900	30,005	28,953	0	0	0	-	-	-	-	-	-	-	-
Purchases of property and equipment
287,000	260,000	218,000	193,000	181,000	177,000	110,167	169,649	194,131	214,000	293,880	268,815	254,474	257,198	295,233	262,857	231,260	194,148	139,100	137,918	127,814	123,946	141,685	108,811	117,987	111,208	65,280	62,405	47,053	39,288	35,711	33,510	33,671	33,764	0	0	0
Loan to project developer
0	1,000	2,000	2,000	9,000	19,000	22,325	26,325	26,000	23,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loan repayment from project developer
-	-	-	-	-	17,000	27,396	32,604	22,000	17,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Other, net
-	-	-	-	-	-	-	-	-	0	-341	-571	-1,025	-1,023	-1,422	-1,659	-1,172	-1,668	-1,230	-268	-284	208	241	-210	-247	-154	161	309	220	153	-269	-388	-289	-249	0	0	0
Net cash used in investing activities
-287,000	-248,000	-212,000	-201,000	-144,000	-156,000	-69,898	-269,110	-410,181	-421,000	-516,351	-369,817	-289,647	-287,526	-352,737	-289,956	-471,440	-448,816	-445,472	-1,098,608	-1,089,267	-1,068,806	-1,019,289	-357,833	-147,374	-139,636	-94,713	-60,819	-5,745	2,477	21,008	-16,158	-39,159	-39,682	0	0	0
Financing activities
Proceeds from long-term debt
874,000	0	1,131,000	1,198,000	1,265,000	1,407,000	621,500	875,500	969,000	931,000	1,526,500	1,324,500	1,239,000	1,311,000	736,000	1,083,000	2,633,569	2,486,569	2,336,569	1,962,569	437,000	412,884	276,220	194,385	544,945	561,253	483,345	654,322	203,762	192,570	191,142	20,917	22,436	13,406	0	0	0
Payment of long-term debt
361,000	361,000	1,539,000	1,232,000	1,330,000	1,385,000	416,278	470,458	398,366	413,000	1,357,252	1,334,441	1,365,384	1,452,480	654,967	1,026,372	2,261,654	2,554,552	2,263,103	2,276,466	989,975	548,431	488,779	33,357	731,702	748,668	774,564	953,432	258,707	237,240	205,188	27,675	28,413	36,330	0	0	0
Proceeds from the issuance of shares
-	-	-	-	-	-	-	-	-	6,000	10,671	16,621	13,579	12,623	7,836	5,631	5,494	492,433	492,363	1,253,177	1,253,084	765,052	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Contributions received from noncontrolling interests
-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	73,612	0	0	0	-	-	-	-	-	-	-	-
Dividends paid to common stockholders
345,000	344,000	344,000	344,000	343,000	379,000	413,133	443,492	467,286	453,000	438,433	423,993	411,604	396,093	380,761	367,201	355,688	341,560	320,858	299,000	267,141	240,535	217,834	197,591	180,439	128,970	146,910	129,806	103,219	112,487	0	0	0	-	-	-	-
Purchase of noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	9,909	9,909	9,909	9,909	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions paid to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-720	-465	-473	0	4,380	3,813	3,370	2,546	2,989	62,370	62,882	62,538	62,111	2,583	2,775	2,366	2,147	3,837	3,503	4,781	7,240	6,259	7,107	8,077	0	0	0
Offering and equity raise costs paid
-	-	-	-	-	-	-	-	-	-	1,278	1,634	1,565	1,601	873	593	1,125	16,984	16,801	42,123	41,559	25,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Debt financing costs paid
0	1,000	32,000	32,000	32,000	34,000	3,553	3,553	3,565	1,000	15,948	16,529	16,601	17,285	2,070	10,726	24,935	23,816	23,548	27,118	14,092	15,142	15,850	3,110	20,749	19,699	0	0	0	-	-	-	-	-	-	-	-
Proceeds from the issuance of common stock pursuant to MIC Direct
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0	-	-	-	-	-	-	-	-
Change in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,537	-3,713	-868	5,166	8,000	12,575	11,554	-999	-1,217	-3,798	2,304	3,810	0	0	0	-	-	-	-	-	-	-	-
Payment of capital lease obligations
-	-	-	-	-	-	-	-	-	-	-1,816	-1,865	-2,189	-2,601	-1,617	-1,716	-2,021	-2,346	-2,668	-2,773	-2,573	-2,269	-2,142	-2,041	-2,002	-2,033	-1,804	-1,688	-1,442	-1,054	-639	-321	-261	-124	0	0	0
Other, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Net proceeds on line of credit facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash (used in) provided by financing activities
168,000	-706,000	-784,000	-409,000	-439,000	-390,000	-206,582	-39,049	105,175	70,000	120,387	-36,472	-131,373	-138,415	-292,773	-319,981	-19,975	42,896	207,497	868,873	673,344	632,422	751,946	126,293	20,971	76,516	-154,129	-148,164	-100,048	-101,798	-80,488	-49,208	-46,545	-53,137	0	0	0
Net change in cash, cash equivalents and restricted cash from continuing operations
297,000	-486,000	-473,000	-123,000	-89,000	-73,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash flows (used in) provided by discontinued operations:
Net cash used in operating activities
-35,000	-48,000	-58,000	14,000	19,000	46,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
247,000	239,000	883,000	624,000	616,000	616,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
1,000	24,000	16,000	10,000	-1,000	-31,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by discontinued operations
213,000	215,000	841,000	648,000	634,000	631,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of exchange rate changes on cash and cash equivalents
-	-	-	-	-	-	-	-	-	1,000	166	-43	-246	211	325	-116	-101	-856	-1,201	-888	-888	-590	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash, cash equivalents and restricted cash
510,000	-271,000	367,000	525,000	544,000	557,000	48,711	32,016	58,400	11,000	11,151	9,964	3,339	19,847	-81,960	-144,923	-78,810	-25,620	72,995	83,601	-107,257	-185,359	-45,699	-22,185	54,122	91,997	-67,754	-38,806	122,057	118,590	128,980	109,220	7,526	-1,777	0	0	0
Non-cash investing and financing activities:
Accrued equity offering costs
-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0	-	310	573	104	298	0	0	0	-	-	-	-	-	-	-	-
Accrued financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-65	3	234	-441	-55	3	422	677	238	112	486	708	-186	479	0	0	0	-	-	-	-	-	-	-	-
Accrued purchases of property and equipment
45,000	32,000	21,000	21,000	17,000	23,000	8,816	-4,354	14,402	22,000	23,929	43,033	28,753	22,473	34,554	27,831	37,475	23,396	18,107	21,980	11,564	8,122	12,204	13,682	9,992	13,950	20,212	10,328	13,900	9,623	2,717	3,102	2,890	3,201	0	0	0
Issuance of shares to Manager
32,000	31,000	34,000	41,000	45,000	48,000	54,073	57,073	64,538	72,000	73,899	141,295	138,699	135,345	133,951	67,109	218,532	218,645	0	0	0	-	-	-	-	132,641	0	0	0	-	-	-	-	-	-	-	-
Acquisition of equipment through capital leases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	398	3,410	4,142	4,142	3,744	732	185	185	1,320	1,813	1,628	3,336	3,117	0	0	0	-	-	-	-
Leased assets obtained in exchange for new operating lease liabilities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of shares to manager for base management fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	27,331	24,038	21,898	19,821	17,442	16,838	15,475	14,467	0	0	0
Conversion of convertible senior notes to shares
-	-	-	-	-	-	-	-	-	-	17	17	17	4	4	4	27	25	25	25	2	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Conversion of construction loan to term loan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	60,360	60,360	85,109	85,109	24,749	0	0	0	-	-	-	-	-	-	-	-
Distributions payable to noncontrolling interests
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	0	33	622	74	388	441	382	394	190	276	0	0	0	-	-	-	-	-	-	-	-
Taxes paid, net
67,000	65,000	19,000	19,000	20,000	21,000	12,190	11,155	10,621	11,000	7,486	4,181	1,734	-898	1,728	3,511	4,744	6,654	8,101	21,359	19,245	19,704	18,172	5,244	4,488	3,710	4,629	4,977	5,343	4,870	4,265	4,177	3,469	2,913	0	0	0
Interest paid, net
121,000	131,000	120,000	114,000	109,000	98,000	75,892	81,399	78,236	85,000	84,222	82,757	85,388	84,112	112,342	111,197	107,970	109,450	102,963	99,292	84,873	69,256	56,265	46,945	41,836	38,956	36,143	40,128	49,857	58,916	68,634	70,625	71,520	72,949	0	0	0