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Second Quarter 2013 Earnings Call
1. These materials are intended to be viewed in connection with the
specific earnings conference call to which they refer, and are
qualified in their entirety by reference to that earnings conference
call and to the Company’s underlying report on Form 10-Q and
Company s
10 Q
Form 10-K.
Macquarie Infrastructure Company
Second Quarter Earnings Conference Call Support Slides
August 2013
2. Disclaimer
This presentation by Macquarie Infrastructure Company LLC (MIC) is proprietary and all rights are reserved.
Any reproduction, in whole or in part, without the prior written consent of Macquarie Infrastructure
Company is prohibited.
This presentation is based on information generally available to the public and does not contain any
material, non-public information. The presentation has been prepared solely for information purposes, it is
not a solicitation of any offer to buy or sell any security or instrument.
This
Thi presentation contains f
t ti
t i forward-looking statements. F
d l ki
t t
t Forward-looking statements iin thi presentation are
d l ki
t t
t
this
t ti
subject to a number of risks and uncertainties, some of which are beyond our control. Our actual results,
performance, prospects or opportunities could differ materially from those expressed in or implied by the
forward-looking statements. A description of known risks that could cause our actual results to differ
g
p
appears under the caption “Risk Factors” in our Form 10-K and Form 10-Q. Additional risks of which we
are not currently aware could also cause our actual results to differ.
These forward-looking statements are made as of the date of this presentation. We undertake no
obligation to publicly update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.
“Macquarie Group” consists of Macquarie Group Limited and its worldwide subsidiaries and affiliates.
MIC is not an authorised deposit-taking institution for the purposes of the Banking Act 1959
(Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie
Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide
assurance in respect of the obligations of MIC
MIC.
2
3. MIC – Cash Generation
Second Quarter and YTD 2013 Proportionately Combined Free Cash Flow1
120
106.8
100
87.5
$ Millions
80
60
46.7
2Q'12
$2.17 / share at 1H’13
$
vs.
$1.88 / share at 1H’12
43.5
2Q'13
Proportionately
Combined Free Cash
Flow:
40
20
0
1
1H'13
Includes 50% equity interest in IMTT and 50.01% controlling interest in District Energy
1H'12
3
4. MIC – Cash Generation
Proportionately Combined Net Income, EBITDA
Excluding Non-Cash Items and Free Cash Flow
2Q 2013
$ Millions
2Q 2012
1H 2013
1H 2012
0.4
11.9
7.3
27.2
EBITDA ex Non-cash
Non cash
Items
82.6
82 6
75.2
2
168.8
150.4
Free Cash Flow
46.7
43.5
106.8
87.5
Net Income
Consolidated Net (Loss) Income, EBITDA
Excluding Non-Cash Items and Free Cash Flow
$ Millions
2Q 2013
2Q 2012
1H2013
1H2012
Net Income1
11.1
5.0
25.2
EBITDA ex Non-cash
Non cash
Items
59.0
59 0
66.1
66 1
114.4
114 4
113.7
113
Free Cash Flow
1
(0.8)
44.2
97.8
88.2
124.1
Net (loss) income attributable to MIC LLC excludes net loss attributable to noncontrolling interests of $108,000 and net income attributable to noncontrolling
interests of $735,000 for the quarter and six months ended June 30, 2013, respectively, and net income attributable to noncontrolling interests of $890,000 and
$1.0 million for the quarter and six months ended June 30, 2012, respectively.
4
5. MIC – Cash Generation
Second Quarter 2013 Proportionately EBITDA1 by Segment
International-Matex
Tank Terminals2
41%
Hawaii Gas
14%
District Energy2
3%
Atlantic Aviation
42%
1
2
Excludes non-operating holding company results. See 2Q’13 earnings press release for reconciliation of net income (loss) to EBITDA
Represents MIC’s 50% interest in IMTT and 50.01% interest in District Energy
5
6. MIC – Performance Overview
2Q’13 - Key Elements in Results
• Proportionately Combined Free Cash Flow (PCFCF) down $0 01 per share
$0.01
• Improved operating results at IMTT, Atlantic Aviation
• Lower interest expense at Atlantic Aviation and Hawaii Gas
• Improvement partially offset by increased maintenance capital
expenditures at IMTT, reduced contribution margin at Hawaii Gas
• Cash dividend of $0.875 ($3.50 annualized) per share declared
• Record date: August 12, 2013
• Payable date: August 15, 2013
• Per share metrics reflect 4.4 million (9.4%) increase in weighted average
shares outstanding as a result of management and performance fees settled
in shares and equity offering conducted in May, 2013
MIC reiterates guidance for proportionately combined Free Cash Flow of
it t
id
f
ti
t l
bi d F
C h Fl
f
$4.10 to $4.20 per share for full year 2013
6
7. MIC 2Q’13 – IMTT
Operations
Underlying Trends Remain Positive
• Terminal revenue up 9 5% on average storage rate increases of 6.5%
9.5%
6 5%
• Capacity utilization increased sequentially to 92.9% from 92.7%
• T
Terminall operating costs lower in the quarter on reduced repair and
i
ti
t l
i th
t
d
d
i
d
maintenance costs, partially offset by higher healthcare costs and higher fuel
costs related to product heating
• Maintenance capital expenditures increased to $26.9 million from $7.3 million
on Hurricane Sandy related activities, scope expansion and new projects
• Free cash flow declined 34.6% versus prior comparable quarter primarily on
higher maintenance capital expenditures and higher taxes, partially offset by
growth in EBITDA
MIC reiterates guidance f EBITDA at IMTT in a range of between $260.0
i
id
for
i
fb
$260 0
and $270.0 million for full year 2013
7
8. MIC 2Q’13 – Hawaii Gas
Operations
Decline in Consumption Impact Results
• Volume of gas sold decreased 2.9% versus prior comparable period
• Anticipating LPG supply chain issues has proved challenging
• Kauai resort offline during quarter
• Aggregate contribution margin declined 5.0%
• Free cash flow decreased 24 5% versus prior comparable period on lower
24.5%
contribution margin and higher maintenance capital expenditures, partially
offset by lower interest expense and lower taxes
MIC reiterates guidance for EBITDA at Hawaii Gas in a range of between
g
g
$57.0 and $63.0 million for full year 2013
8
9. MIC 2Q’13 - District Energy
gy
Operations
Below Average Temperatures Reduce Consumption Revenue
• Cooler spring in 2013 v. 2012 results in decrease in consumption gross profit
• Capacity gross profit increased with CPI escalators addition of new customers
escalators,
• Dispute with terminating customer ongoing; business seeking recovery of
p
p
g
unamortized lease principal through mediation in October
• Free cash flow declined $0.2 million to $3.6 million on reduced consumption
MIC reiterates guidance for EBITDA at District Energy of $20.0 million for full
year 2013
9
10. MIC 2Q’13 - Atlantic Aviation
Operations
Lower Debt/Interest Expense, Performance Improvement Drive Cash
•
Lower cash interest expense down $8 5 million versus 2012 due to
expense,
$8.5
• Decrease in cost of debt resulting from expiration of swap contracts
• Reduction in debt levels resulting from refinance
•
Leverage ratio reduced to 3.3x at June 30 from 5.3x at March 31
•
Fuel gross profit up 5.0% on 2.9% volume growth (same store) and 3.6%
g
p
(same store)
)
margin expansion (
•
Free Cash Flow increased 79.9% on lower debt/interest expense,
improvements in volume/margin
MIC reiterates guidance for EBITDA at Atlantic Aviation in a range of
g
g
between $137.0 and $145.0 million for full year 2013
10
11. MIC – Refinancing of Atlantic Aviation
Refinancing Terms
• Debt reduced using $217 8 million of net proceed from equity offering in May
$217.8
• New debt facilities obtained
• 7-year, $
$465 million, senior secured term loan, L+2.50%
• 5-year, $70 million, revolving credit facility, L+2.50%
• Senior secured facility fully drawn at closing, proceeds used to fully repay
outstanding balance on prior facility
• Senior secured facility hedged (effective July 31) using 6-year swap of LIBOR
for fixed 2.198%, resulting in all-in cost of debt of 4.698%
• Revolving credit facility undrawn and unhedged at June 30
11
12. MIC – Debt Profile, Maturity
Profile
Weighted Average Debt Maturity of 5.7 Years1
$1,000,000
($ 000)
0
$750,000
2
Atlantic Aviation
Hawaii Gas
$500,000
2
District Energy
IMTT
$250,000
$$
2013 2014 2015 2016 2017 2018 2019 2020
1
2
Excludes $89.2 million of amortizing debt associated with MIC Solar.
Assumes current balance on all facilities at June 30, 2013, does not reflect future draws or mandatory repayments with excess cash flow
12
13. MIC – Debt Profile, Balance
Profile
tÉáÖÜíÉÇ=^îÉê~ÖÉ=^ääJfå=aÉÄí=`çëí=çÑ=QKRBN
Maturity2
atu ty
Amount3
($000)
Weighted Average
All-in Rate 2,4
All i R 2 4
Atlantic Aviation
31-May-20
470,500
4.70%
Hawaii Gas
08-Aug-17
08 Aug 17
180,000
180 000
3.63%
3 63%
District Energy
27-Sep-14
159,100
5.97%
IMTT
15-Feb-18
5 eb 8
9 5, 00
945,400
4.23%
3%
Business
us ess
Excludes debt of MIC Solar
Reflects primary facilities
3 Reflects outstanding balance on all facilities at June 30, 2013
4 Reflects annualized costs associated with interest on all facilities including, interest rate hedges (excludes non-cash deferred financing costs, letters of credit and
commitment fees)
1
2
13
15. International Matex Tank Terminals
International-Matex
Quarter Ended
J une 30,
2013
$
Revenue
Terminal revenue
Environmental response revenue
Total revenue
Costs and expenses
Terminal operating costs
Environmental response operating costs
Total operating costs
Terminal gross profit
Environmental response gross profit
Gross profit
General and administrative expenses
Depreciation and amortization
D
i ti
d
ti ti
Casualty losses, net(1)
Operating income
Interest expense, net(2)
Other income
Provision for income taxes
Noncontrolling iinterest
N
t lli
t
t
Net income
2012
$
119,520
6,301
125,821
109,167
4,596
113,763
44,906
5,573
50,479
74,614
728
75,342
7,854
18,636
18 636
6,500
42,352
(1,117)
442
(16,592)
(101)
24,984
45,905
4,446
50,351
63,262
150
63,412
7,341
17,117
17 117
38,954
(11,790)
807
(11,869)
(86)
16,016
Six Months Ended
J une 30,
Change
2013
Favorable/(Unfavorable)
$
%
$
($ In Thousands) (Unaudited)
2012
$
Change
Favorable/(Unfavorable)
$
%
10,353
1,705
12,058
9.5
37.1
10.6
240,852
16,454
257,306
220,784
10,983
231,767
20,068
5,471
25,539
9.1
49.8
11.0
999
(1,127)
(128)
11,352
578
11,930
(513)
(1,519)
(1 519)
(6,500)
3,398
10,673
(365)
(4,723)
(15)
8,968
2.2
(25.3)
(0.3)
17.9
NM
18.8
(7.0)
(8.9)
(8 9)
NM
8.7
90.5
(45.2)
(39.8)
(17.4)
(17 4)
56.0
95,210
13,460
108,670
145,642
2,994
148,636
16,336
37,058
37 058
6,500
88,742
(7,723)
1,184
(33,713)
(176)
48,314
92,377
9,602
101,979
128,407
1,381
129,788
14,800
34,024
34 024
80,964
(18,381)
1,263
(26,236)
(185)
37,425
(2,833)
(3,858)
(6,691)
17,235
1,613
18,848
(1,536)
(3,034)
(3 034)
(6,500)
7,778
10,658
(79)
(7,477)
9
10,889
(3.1)
(40.2)
(6.6)
13.4
116.8
14.5
(10.4)
(8.9)
(8 9)
NM
9.6
58.0
(6.3)
(28.5)
4.9
49
29.1
15
16. International Matex Tank Terminals
International-Matex
Q uarter Ended
J une 30,
2013
$
2012
$
Six Months Ended
J une 30,
Change
Favorable/(Unfavorable)
2013
$
%
$
($ In Thousands) (Unaudited)
2012
$
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net income to EBITDA excluding non-cash items:
Net income
Interest expense, net(2)
Provision for income taxes
Depreciation and amortization
Casualty losses, net(1)
Other non-cash expenses
EBITDA excluding non-cash items
24,984
1,117
16,592
18,636
6,500
6 500
101
67,930
16,016
11,790
11,869
17,117
90
56,882
EBITDA excluding non-cash items
Interest expense, net(2)
67,930
(1,117)
(9,607)
56,882
(11,790)
2,316
11,048
19.4
48,314
7,723
33,713
37,058
6,500
6 500
176
133,484
37,425
18,381
26,236
34,024
278
116,344
133,484
(7,723)
(14,016)
116,344
(18,381)
(363)
17,140
14.7
Adjustments to derivative instruments recorded in interest expense(2)
500
809
1,166
1,614
Amortization of debt financing costs(2)
Provision for income taxes, net of changes in deferred taxes
(6,538)
(3,769)
(8,223)
(8,603)
Changes in working capital
12,303
4,683
(5,084)
12,298
Cash provided by operating activities
63,471
49,131
99,604
102,909
Changes in working capital
(12,303)
(4,683)
5,084
(12,298)
(26,878)
(7,335)
(45,999)
Maintenance capital expenditures(3)
(15,453)
Free cash flow
24,290
37,113
(12,823)
(34.6)
58,689
75,158
(16,469)
(21.9)
_____________________
NM - Not meaningful
(1) Casualty losses, net, includes $2.5 million and $1.5 million related to the quarters ended December 31, 2012 and March 31, 2013, respectively, which were recorded in terminal operating costs in those
periods. These amounts have been included in the quarter and six months ended June 30, 2013.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.
(3) Maintenance capital expenditures includes a reclassification from growth capital expenditures in the quarters ended December 31, 2012 and March 31, 2013 of $1.2 million and $509,000, respectively. These
amounts have been included in the quarter and six months ended June 30, 2013.
16
17. Hawaii Gas
Q uarter Ended
J une 30,
2013
$
Contribution margin
Revenue - non-utility
Cost of revenue - non-utility
Contribution margin - non-utility
Revenue - utility
Cost of revenue - utility
Contribution margin - utility
Total contribution margin
Production
Transmission and distribution(1)
G ross profit
Selling, general and administrative expenses
Depreciation and amortization
D
i ti
d
ti ti
O perating income
Interest expense, net(2)
Other expense
Provision for income taxes
Net income (3 )
28,420
13,333
15,087
34,193
24,726
9,467
24,554
2,667
4,740
17,147
5,989
2,190
2 190
8,968
(1,238)
(73)
(2,995)
4,662
2012
$
29,748
13,554
16,194
36,807
27,149
9,658
25,852
2,127
5,649
18,076
4,558
1,902
1 902
11,616
(1,516)
(63)
(3,913)
6,124
Six Months Ended
J une 30,
Change
Favorable/(Unfavorable)
2013
$
%
$
(
($ In Thousands) (Unaudited)
)(
)
(1,328)
221
(1,107)
(2,614)
2,423
(191)
(1,298)
(540)
909
(929)
(1,431)
(288)
(2,648)
278
(10)
918
(1,462)
(4.5)
1.6
(6.8)
(7.1)
8.9
(2.0)
(5.0)
(25.4)
16.1
(5.1)
(31.4)
(15.1)
(15 1)
(22.8)
18.3
(15.9)
23.5
(23.9)
60,505
26,687
33,818
71,114
51,380
19,734
53,552
5,382
10,606
37,564
11,321
4,348
4 348
21,895
(2,943)
(105)
(7,478)
11,369
2012
$
61,377
29,127
32,250
75,121
55,366
19,755
52,005
4,133
11,097
36,775
9,815
3,843
3 843
23,117
(3,407)
(132)
(7,712)
11,866
Change
Favorable/(Unfavorable)
$
%
(872)
2,440
1,568
(4,007)
3,986
(21)
1,547
(1,249)
491
789
(1,506)
(505)
(1,222)
464
27
234
(497)
(1.4)
8.4
4.9
(5.3)
7.2
(0.1)
3.0
(30.2)
4.4
2.1
(15.3)
(13.1)
(13 1)
(5.3)
13.6
20.5
3.0
(4.2)
17
18. Hawaii Gas
Q uarter Ended
J une 30,
2013
$
Six Months Ended
J une 30,
2012
$
Change
Favorable/(Unfavorable)
2013
$
%
$
($ In Thousands) (Unaudited)
2012
$
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net income to EBITDA excluding non-cash items:
Net income(3)
Interest expense, net(2)
Provision for income taxes
Depreciation and amortization
Other non-cash expenses(1)
EBITDA excluding non-cash items
4,662
1,238
2,995
2,190
326
11,411
6,124
1,516
3,913
1,902
995
14,450
EBITDA excluding non-cash items
Interest expense, net(2)
Adjustments to derivative instruments recorded in interest expense(2)
Amortization of debt financing costs(2)
Provision for income taxes, net of changes in deferred taxes
Changes in working capital
Cash provided by operating activities
Changes in working capital
p
p
Maintenance capital expenditures
Free cash flow
11,411
(1,238)
(
(617)
)
123
(775)
9,780
18,684
(9,780)
(
(2,415)
)
6,489
14,450
(1,516)
(
(832)
)
119
(2,205)
(847)
9,169
847
(
(1,421)
)
8,595
(3,039)
(21.0)
11,369
2,943
7,478
4,348
988
27,126
11,866
3,407
7,712
3,843
1,802
28,630
27,126
(2,943)
(
(695)
)
229
(3,867)
(787)
19,063
787
(
(3,421)
)
16,429
28,630
(3,407)
( ,
(1,297)
)
239
(4,375)
(3,705)
16,085
3,705
(
(3,185)
)
16,605
(1,504)
(5.3)
(2,106)
(24.5)
(176)
(1.1)
_____________________
(1) For the quarter and six months ended June 30, 2013, transmission and distribution includes non-cash income of $518,000 for asset retirement obligation credit that is not expected to recur. This non-cash
income is excluded when calculating EBITDA excluding non-cash items.
(2) Interest expense, net,adjustments to derivative instruments and non-cash amortization of deferred financing fees.
( )
(3) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.
p
p
,
p y
y
18
20. District Energy
Quarter Ended
J une 30,
2013
$
Six Months Ended
J une 30,
2012
$
Change
Favorable/(Unfavorable)
2013
$
%
$
($ In Thousands) (Unaudited)
I Th
d ) (U
dit d)
2012
$
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net (loss) income to EBITDA excluding noncash items:
Net (loss) income
Interest expense, net(2)
(Benefit) provision for income taxes
Depreciation(1)
Amortization of intangibles
Loss from customer contract termination
Other non-cash expenses
EBITDA excluding non-cash items
EBITDA excluding non-cash items
Interest expense, net(2)
Adjustments to derivative instruments recorded in interest expense(2)
Amortization of debt financing costs(2)
Equipment lease receivable, net
Benefit/provision for income taxes, net of changes in deferred taxes
taxes
Changes in working capital
Cash provided by operating activities
Changes in working capital
Maintenance capital expenditures
Free cash flow
(2)
1,233
(1)
1,703
331
1,626
197
5,087
886
2,127
621
1,677
341
240
5,892
5,087
(1,233)
(1,361)
177
1,107
(73)
(1,771)
1,933
1,771
(103)
3,601
5,892
(2,127)
(566)
175
872
(320)
(47)
3,879
47
(77)
3,849
(805)
(248)
(13.7)
305
2,518
213
3,401
668
1,626
208
8,939
872
4,456
611
3,351
682
269
10,241
(1,302)
(12.7)
(6.4)
8,939
(2,518)
(2,647)
354
2,074
(276)
(2,187)
3,739
2,187
(249)
5,677
10,241
(4,456)
(869)
345
1,710
(273)
(1,872)
4,826
1,872
(164)
6,534
(857)
(13.1)
_____________________
NM - Not meaningful
(1) Includes depreciation expense of $1.7 million and $3.4 million for the quarter and six months ended June 30, 2013, respectively, and $1.7 million and $3.4 million for the quarter and six months ended June
30, 2012, respectively.
(2) Interest expense, net, includes adjustments to derivative instruments and non-cash amortization of deferred financing fees.
20
21. Atlantic Aviation
Q uarter Ended
J une 30,
2013
$
Revenue
Fuel revenue
Non-fuel revenue
Total revenue
Cost of revenue
Cost of revenue-fuel
Cost of revenue-non-fuel
Total cost of revenue
Fuel gross profit
Non-fuel gross profit
Gross profit
Selling, general and administrative expenses
Depreciation and amortization
D
i ti
d
ti ti
Loss on disposal of assets
Operating income
Interest expense, net(1)
Loss on extinguishment of debt
Other income
Provision f
P i i for iincome t
taxes
Net income (2 )
2012
$
Six Months Ended
J une 30,
Change
Favorable/(Unfavorable)
2013
$
%
$
(
($ In Thousands) (Unaudited)
)(
)
2012
$
Change
Favorable/(Unfavorable)
$
%
135,929
38,573
174,502
139,381
38,291
177,672
(3,452)
282
(3,170)
(2.5)
0.7
(1.8)
276,273
82,369
358,642
280,706
81,093
361,799
(4,433)
1,276
(3,157)
(1.6)
1.6
(0.9)
93,038
3,625
96,663
42,891
34,948
77,839
42,910
13,974
13 974
3
20,952
(4,626)
(2,472)
4
(5,426)
(5 426)
8,432
98,567
4,563
103,130
40,814
33,728
74,542
42,903
13,860
13 860
327
17,452
(7,282)
64
(4,574)
(4 574)
5,660
5,529
938
6,467
2,077
1,220
3,297
(7)
(114)
324
3,500
2,656
(2,472)
(60)
(852)
2,772
5.6
20.6
6.3
5.1
3.6
4.4
(0.8)
(0 8)
99.1
20.1
36.5
NM
(93.8)
(18.6)
(18 6)
49.0
192,823
8,346
201,169
83,450
74,023
157,473
86,387
27,845
27 845
176
43,065
(8,725)
(2,472)
(12,824)
(12 824)
19,044
198,875
10,130
209,005
81,831
70,963
152,794
86,847
27,675
27 675
327
37,945
(16,067)
48
(9,284)
(9 284)
12,642
6,052
1,784
7,836
1,619
3,060
4,679
460
(170)
151
5,120
7,342
(2,472)
(48)
(3,540)
(3 540)
6,402
3.0
17.6
3.7
2.0
4.3
3.1
0.5
(0.6)
(0 6)
46.2
13.5
45.7
NM
(100.0)
(38.1)
(38 1)
50.6
21
22. Atlantic Aviation
Six Months Ended
J une 30,
Quarter Ended
J une 30,
2013
$
2012
$
Change
2013
Favorable/(Unfavorable)
$
%
$
($ In Thousands) (Unaudited)
)(
)
2012
$
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net income to EBITDA excluding non-cash items:
Net income(2)
Interest expense, net(1)
Provision for income taxes
Depreciation and amortization
Loss on extinguishment of debt
Loss on disposal of assets
Other non-cash income
EBITDA excluding non-cash items
8,432
4,626
,
5,426
13,974
2,434
(47)
34,845
5,660
7,282
4,574
,
13,860
47
(88)
31,335
EBITDA excluding non-cash items
Interest expense, net(1)
Interest rate swap breakage fees(1)
Adjustments to derivative instruments recorded in interest expense(1)
Amortization of debt financing costs(1)
Provision for income taxes, net of changes in deferred taxes
Changes in working capital
Cash provided by operating activities
Changes in working capital
Maintenance capital expenditures
Free cash flow
34,845
(4,626)
28
648
(1,127)
1,735
31,503
(1,735)
(3,436)
26,332
31,335
(7,282)
(252)
(5,834)
671
(768)
305
18,175
(305)
(3,236)
14,634
3,510
11.2
19,044
8,725
12,824
,
27,845
2,434
106
(115)
70,863
12,642
16,067
9,284
,
27,675
47
(229)
65,486
5,377
8.2
70,863
(8,725)
53
1,309
(5,175)
4,893
63,218
(4,893)
(4,901)
53,424
65,486
(16,067)
(500)
(10,448)
1,359
(975)
645
39,500
(645)
(5,112)
33,743
19,681
58.3
11,698
79.9
_____________________
NM - Not meaningful
(1) Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and interest rate swap breakage fees.
(2) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation at the MIC Inc. level.
22
23. Corporate and Other
Q uarter E nded
J une 30,
2013
$
Contracted revenue
Cost of revenue
Gross profit
Base management fees
Performance fees
Selling, general and administrative expenses
Depreciation
Operating loss
Interest (expense) income, net(1)
( p
)
,
Other (expense) income, net
Benefit (provision) for income taxes
Noncontrolling interest
Net loss (2 )
2,832
553
2,279
Six Months Ended
J une 30,
Change
Favorable/(Unfavorable)
2013
$
%
$
($ In Thousands) (Unaudited)
ousa ds) (U aud ed)
2012
$
-
2,832
(553)
2,279
NM
NM
NM
4,518
662
3,856
Change
Favorable/(Unfavorable)
$
%
2012
$
-
4,518
(662)
3,856
NM
NM
NM
8,053
24,440
2,346
1,561
(34,121)
(591)
(317)
4,760
2,045
(6,805)
4
(28)
(3,293)
(24,440)
(301)
(1,561)
(27,316)
(595)
(289)
(69.2)
NM
(14.7)
NM
NM
NM
NM
15,188
46,482
4,288
3,078
(65,180)
(1,094)
2,089
9,755
7,216
(16,971)
4
(52)
(5,433)
(46,482)
2,928
(3,078)
(48,209)
(1,098)
2,141
(55.7)
NM
40.6
NM
NM
NM
NM
9,510
290
(25,229)
(827)
(681)
(8,337)
10,337
971
(16,892)
NM
142.6
NM
17,103
(364)
(47,446)
1,151
(588)
(16,456)
15,952
224
(30,990)
NM
38.1
(188.3)
23
24. Corporate and Other
Q uarter E nded
J une 30,
2013
$
Six Months Ended
J une 30,
2012
$
Change
Favorable/(Unfavorable)
2013
$
%
$
($ In Thousands) (Unaudited)
2012
$
Change
Favorable/(Unfavorable)
$
%
Reconciliation of net loss to EBITDA excluding non-cash items:
Net loss(2)
Interest expense (income), net(1)
(Benefit) provision for income taxes
p
Depreciation
Base management fees to be settled/settled in LLC interests
Performance fees to be settled/settled in LLC interests
Other non-cash (income) expense
EBITDA excluding non-cash items
(25,229)
591
(9,510)
1,561
8,053
24,440
(99)
(193)
(8,337)
(4)
827
4,760
827
(1,927)
EBITDA excluding non-cash items
Interest (expense) income, net(1)
Amortization of debt financing costs(1)
Benefit/provision for income taxes, net of changes in deferred taxes
Changes in working capital
Cash used in operating activities
Changes in working capital
Adjustment to free cash flow for MIC Solar(3)
Free cash flow
(193)
(591)
2
1,532
(17,321)
(16,571)
17,321
(854)
(104)
(1,927)
4
1,720
(850)
(1,053)
850
(203)
1,734
90.0
(47,446)
1,094
(17,103)
3,078
15,188
46,482
(1,710)
(417)
(16,456)
(4)
(1,151)
9,755
883
(6,973)
(417)
(1,094)
5
7,443
(22,739)
(16,802)
22,739
(1,130)
4,807
(6,973)
4
3,297
(2,839)
(6,511)
2,839
(3,672)
6,556
94.0
99
48.8
8,479
NM
_____________________
NM - Not meaningful
(1) Interest expense, net, includes non-cash amortization of deferred financing fees.
(2) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation.
(3) Adjustment to free cash flow for MIC Solar adjusts the free cash flow from this business to include only the cash distributions generated during the reporting period, if any. During the quarter and six months
ended June 30, 2013, MIC Solar generated $390,000 and $679,000, respectively, of distributable cash.
24
