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Macquarie Infrastructure Corp (MIC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Macquarie Infrastructure Corp

CIK: 1289790 Ticker: MIC


MIC

125 West 55th Street
New York, NY10019
United States
 
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+1 212 231 1825
+1 212 231 1828
www.macquarie.com/mic
FOR IMMEDIATE RELEASE

MIC REPORTS FIRST QUARTER 2020
FINANCIAL AND OPERATIONAL RESULTS

Results from continuing operations for the first quarter of 2020 compared with the first quarter of 2019 reflect:
A downturn in activity at Atlantic Aviation and MIC Hawaii commencing in the second half of March as a result of the implementation of travel restrictions related to the outbreak of COVID-19, partially offset by improved performance at IMTT as a result of increased demand for petroleum storage and the recognition of fees earned from customers for tank cleaning
The absence of a one-time $39 million contract termination payment received by IMTT in the first quarter of 2019
New York, May 5, 2020 —
 Macquarie Infrastructure Corporation (NYSE: MIC) today announced its first quarter 2020 operational and financial results. The first quarter results reflect the stable performance of its operating businesses through the first ten weeks of the quarter and a sharp decline in Atlantic Aviation and MIC Hawaii’s performance in the last two weeks as a result of the implementation of travel, public gathering and other restrictions to combat the outbreak of COVID-19.
The impact of the COVID-19 pandemic on Atlantic Aviation and MIC Hawaii was partially offset by improved performance by International-Matex Tank Terminals (“IMTT”), excluding the impact of an approximately $39 million contract termination payment (“termination fee”) received in the first quarter of 2019 (“the prior comparable period”). IMTT benefited from the recognition of $15 million in fees from customers for tank cleaning and higher utilization driven by increased demand for storage of petroleum and other liquids.
MIC’s Chief Executive Officer, Christopher Frost, said: “I am very proud of our team’s efforts and appreciate their commitment to ensuring that the essential services our businesses provide continue to be delivered safely and efficiently as we navigate the unprecedented challenges of the COVID-19 pandemic. We remain focused on ensuring the health and safety of our employees and customers, while maintaining business continuity.”
MIC reported net income from continuing operations of $11 million, down 83% compared with the first quarter of 2019. This decrease reflects the absence of the termination fee at IMTT, reduced sales activity at Atlantic Aviation and MIC Hawaii and increased general and administrative expenses primarily related to MIC’s pursuit of strategic alternatives.
Adjusted EBITDA excluding non-cash items from continuing operations totaled $152 million for the quarter, down 25% versus the prior comparable period or 7% excluding the termination fee. The decrease reflects the reductions in contributions from each of Atlantic Aviation and MIC Hawaii and costs recorded in Corporate and Other related to MIC's pursuit of strategic alternatives, partially offset by the larger contribution from IMTT, excluding the 2019 termination fee.
MIC generated cash from operating activities of $99 million for the quarter, a decrease of 34% versus the prior comparable period. The decrease primarily reflects the reduction in EBITDA and declines in the amounts of products purchased and lower wholesale product prices, partially offset by declines in the amount of products sold and lower retail product prices.
The Company’s Adjusted Free Cash Flow from continuing operations totaled $104 million, down 34% versus the prior comparable period or 13% excluding the termination fee. The decrease reflects the reduction in EBITDA, higher maintenance capital expenditures and cash interest.
Actions Related to COVID-19
In response to the impact of COVID-19 and the uncertainty around when travel and other restrictions may be eased, MIC’s businesses have taken decisive steps to reduce operating expenses and maintain strong cash positions. These include furloughing a small number of employees and reducing scheduled work hours, eliminating certain non-payroll expenses, deferring maintenance capital expenditures unrelated to health and safety and reducing general and administrative expenses.
To preserve value and ensure the continued safe operation of its businesses through the pandemic, MIC has also sought to retain and increase its available cash where appropriate. In mid-March the Company announced that it had drawn $599 million on its holding company revolving credit facility and $275 million on the revolving credit facility at Atlantic Aviation. The drawn cash added to the Company’s approximately $300 million of cash on hand.

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The following information was filed by Macquarie Infrastructure Corp (MIC) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Condensed Balance Sheets
Consolidated Condensed Balance Sheets (Parentheticals)
Consolidated Condensed Statements Of Cash Flows
Consolidated Condensed Statements Of Comprehensive Income
Consolidated Condensed Statements Of Comprehensive Income (Parenthetical)
Consolidated Condensed Statements Of Operations
Consolidated Condensed Statements Of Operations (Parentheticals)
Consolidated Condensed Statements Of Stockholders' Equity
Consolidated Condensed Statements Of Stockholders' Equity (Parentheticals)
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
Basis Of Presentation (Policies)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Narrative) (Details)
Derivative Instruments And Hedging Activities (Schedule Of Fair Value Of Derivative Instruments) (Details)
Derivative Instruments And Hedging Activities (Schedule Of Location Of Hedging Activities) (Details)
Derivative Instruments And Hedging Activities (Tables)
Discontinued Operations And Dispositions
Discontinued Operations And Dispositions (Narrative) (Details)
Discontinued Operations And Dispositions (Statement Of Operations) (Details)
Discontinued Operations And Dispositions (Tables)
Impact Of Covid-19 - Narrative (Details)
Impact Of Covid-19 Impact Of Covid-19
Income Per Share
Income Per Share (Schedule Of Reconciliation Of The Basic And Diluted Income (Loss) Per Share Computations (Details)
Income Per Share (Schedule Of Shares Excluded From Calculation) (Details)
Income Per Share (Tables)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Narrative) (Details)
Intangible Assets And Goodwill (Schedule Of Goodwill) (Details)
Intangible Assets And Goodwill (Schedule Of Intangible Assets) (Details)
Intangible Assets And Goodwill (Tables)
Legal Proceedings And Contingencies
Long-Term Contracted Revenue
Long-Term Contracted Revenue (Details)
Long-Term Contracted Revenue (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Schedule Of 2.00% Convertible Senior Notes) (Details)
Long-Term Debt (Schedule Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Organization And Description Of Business
Organization And Description Of Business (Details)
Property, Equipment, Land And Leasehold Improvements
Property, Equipment, Land And Leasehold Improvements (Details)
Property, Equipment, Land And Leasehold Improvements (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Related Party Transactions (Schedule Of Base Management Fees And Performance Fees) (Details)
Related Party Transactions (Schedule Of Dividends Paid To Manager) (Details)
Related Party Transactions (Tables)
Reportable Segments
Reportable Segments (Narrative) (Details)
Reportable Segments (Revenue From External Customers For The Company's Consolidated Reportable Segments) (Details)
Reportable Segments (Schedule Of Assets Of Reportable Segments) (Details)
Reportable Segments (Schedule Of Capital Expenditures) (Details)
Reportable Segments (Schedule Of Ebitda For Reportable Segments) (Details)
Reportable Segments (Schedule Of Reconciliation Of Ebitda For Reportable Segments) (Details)
Reportable Segments (Tables)
Stockholders' Equity
Stockholders' Equity (Narrative) (Details)
Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Loss) (Details)
Stockholders' Equity (Schedule Of Unvested Stock Unit) (Details)
Stockholders' Equity (Tables)
Ticker: MIC
CIK: 1289790
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-006351
Submitted to the SEC: Tue May 05 2020 7:06:05 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Wholesale Petroleum And Petroleum Products No Bulk Stations

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