Third Quarter 2013 Earnings Call

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
Third Quarter Earnings Conference Call Support Slides
October 2013

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

MIC – Cash Generation

180

Third Quarter and YTD 2013 Proportionately Combined Free Cash Flow1
165.7
165 7

160
140

Proportionately
Combined Free Cash
Flow:

128.3
128 3

$ Millions

120
100
80
60

57.0
40.8

40
20
0
3Q'13
1
2

3Q'12

2

YTD'13

YTD'12

2

$3.28 / share for nine
$
months ended
p
September 30, 2013
vs.
$2.76/ share for nine
months ended
September 30, 20122

Includes 50% equity interest in IMTT, 50.01% controlling interest in District Energy and controlling interest in MIC Solar
Excludes interest rate swap breakage costs of $8.7 million incurred by MIC’s Hawaii Gas business in the third quarter of 2012

3

Proportionately Combined Net Income, EBITDA
Excluding Non-Cash Items and Free Cash Flow
3Q 2013

$ Millions

3Q 2012

YTD 2013

YTD 2012

Net Income

10.5

(1.8)

18.7

25.4

EBITDA ex Non-cash
Non cash
Items

85.1
8 1

76.6
66

252.4

227.1

Free Cash Flow1

57.0

40.8

165.7

128.3

Consolidated Net Income (Loss), EBITDA
Excluding Non-Cash Items and Free Cash Flow
$ Millions

3Q 2013

3Q 2012

YTD 2013

YTD 2012

Net Income2

10.4

(1.9)

15.4

23.4

EBITDA ex Non-cash
Non cash
Items

68.7
68 7

59.7
59 7

183.1
183 1

173.4
1 34

Free Cash Flow

54.5

29.0

145.4

153.2

1 Excludes
2

interest rate swap breakage costs incurred by MIC’s Hawaii Gas business in the third quarter of 2012
Net income (loss) attributable to MIC LLC excludes net loss attributable to noncontrolling interests of $2.2 million and $1.4 million for the quarter and nine months
ended September 30, 2013, respectively, and net income attributable to noncontrolling interests of $1.8 million and $2.8 million for the quarter and nine months
ended September 30, 2012, respectively.
4

Third Quarter 2013 Proportionately Combined EBITDA1 by Segment
aáëíêáÅí=båÉêÖó
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QQKOB

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j~íÉñ=q~åâ=
qÉêãáå~äë
O
PSKTB
PS TB

e~ï~áá=d~ë
e~ï~áá d~ë
NQKVB
Excludes non-operating holding company loss and MIC Solar loss of $1.1 million and $470,000, respectively. See 3Q’13 earnings press release for
reconciliation of net income (loss) to EBITDA
2 Represents MIC’s 50% interest in IMTT and 50.01% interest in District Energy
1

5

MIC – Performance Overview
3Q’13 - Key Elements in Results
• Underlying p p
y g proportionately Combined Free Cash Flow (PCFCF) up 40% per
y
(
) p
p
share versus prior comparable period
• Increase in terminal revenue and capacity at IMTT
• Lower interest expense driven by lower average cost of debt and
reduced debt levels primarily at Atlantic Aviation
• Improved gross profit at Atlantic Aviation
• Cash dividend of $0.875 ($3.50 annualized) per share declared
• Record date: November 11, 2013
• Payable date: November 14, 2013
• Per share metrics reflect 6.4 million (13.6%) increase in weighted average
shares outstanding as a result of a public equity offering conducted by the
Company in May 2013 as well as management and performance fees settled
in shares during the past year
MIC reiterates guidance for proportionately combined Free Cash Flow of
$4.10 to $4.20 per share for full year 2013

6

MIC 3Q’13 – IMTT (100%)
(
)
Operations
Underlying Trends Remain Positive
• Terminal revenue up 8 1% on average storage rate increases of 2.1% and
8.1%
2 1%
revenue from ancillary services increases of 19.4%
• Capacity utilization declined to 92.9% from 93.3% due to one 500,000 barrel
p
y
,
tank being off-line for cleaning and inspection – tank returned to service in
October and a second 500,000 barrel tank was taken off-line
• Terminal operating costs were higher primarily due to higher labor costs and
increased fuel costs from product heating (which are offset in revenue), partially
y
p
offset by lower repairs and maintenance costs
• After spiking in the second quarter of the year, maintenance capital
expenditures decreased to $14.5 million in the third quarter
• Free cash flow increased 30.7% to $33.2 million versus $25.4 million in the
prior comparable quarter primarily on growth in EBITDA

7

MIC 3Q’13 – Hawaii Gas
Operations
Slight Uplift in Volume
• Non utility volume increased by 1.9% driven by customer gains partially offset
Non-utility
1 9%
by a significant customer being offline during the quarter
• Non-utility contribution margin increased 1.0% to $15.7 million
• Volume sold by the utility business increased by 0.1%
• Utility contribution margin increased 1.2% to $9.4 million
• The combined volume of utility and non-utility gas sold increased 0.9%
• The Free Cash Flow generated by Hawaii Gas increased to $9.2 million from
($440,000) in the third quarter of 2012 primarily as a result of the interest rate
swap breakage costs incurred in 2012 and not in 2013 and a decrease in the
business’ tax provision
• Excluding the impact of the swap break costs, underlying Free Cash
Flow grew by 10 8%
Fl
b 10.8%
8

MIC 3Q’13 - District Energy (100%)
gy (
)
Operations

Below Average Temperatures Reduce Consumption Revenue
• Cooler average temperatures in the third quarter of 2013 v. the third quarter of
2012 results in a decrease in consumption gross profit
• Capacity revenue increased 3.0% to $5.8 million with CPI escalators and the
addition of new customers
• Dispute with terminating customer ongoing — business seeking recovery of
unamortized lease principal through mediation expected to commence prior to
year end
• Free cash flow decreased 7.4% to $5.0 million on reduced consumption,
partially offset by a decrease in maintenance capital expenditures

9

MIC 3Q’13 - Atlantic Aviation
Operations
Lower Debt/Interest Expense, Performance Improvement Drive Cash
•

Lower cash interest expense excluding interest rate swap breakage fees,
fees
down $6.8 million versus 2012 due to:
• Decrease in cost of debt resulting from expiration of swap contracts
• Reduction in debt levels resulting from refinance

•

The volume of GA fuel sold increased by 3.5% and the average margin on GA
fuel sales increased 1.2%
1 2%

•

Non-fuel gross profit increased 8.9% primarily due to an increase in hangar
and office rental revenue of 6 1%
6.1%

•

Free Cash Flow increased 74.1% to $30.8 million on lower debt/interest
p
, p
p
g
p
expense, improved operating results and lower maintenance capital
expenditures

10

MIC 3Q’13 – Solar (100%)
(
)
Operations
Cash Flow Negative as a Result of Acquisition-Related Costs
•

As of October 8 2013 MIC Solar has invested in five solar photovoltaic power
8, 2013,
generation facilities capable of generating 57 megawatts

•

MIC Solar’s two operating facilities performed as anticipated during the third
quarter, were cash flow positive

•

Generated Free Cash Flow of approximately ($689,000) due to expenses
iincurred related t th acquisition of th
d l t d to the
i iti
f three f iliti currently under
facilities
tl
d
development

11

MIC – Debt Profile, Maturity
Profile

Weighted Average Debt Maturity of 5.7 Years1
$600,000

($ 000)

$500,000
$400,000

Atlantic Aviation 2
Hawaii Gas

$300,000

District Energy 2

$200,000

IMTT

$100,000
$$
2013

1
2

2014

2015

2016

2017

2018

2019 2020+

Excludes $82.9 million of fully amortizing debt associated with MIC Solar’s two operating facilities and $32.6 million of MIC Solar construction debt
Assumes current balance on all facilities at September 30, 2013, does not reflect future draws or mandatory repayments with excess cash flow

12

MIC – Debt Profile, Balance
Profile

tÉáÖÜíÉÇ=^îÉê~ÖÉ=^ääJfå=aÉÄí=`çëí=çÑ=QKQB

Business

Maturity

Amount 2
($000)

1

Weighted Average
All-in
All in Rate 1,3

Atlantic Aviation

31-May-20

469,193

4.70%

Hawaii Gas

08-Aug-17

180,000

3.63%

District Energy

27-Sep-14

157,987

6.01%

IMTT

15-Feb-18

940,600

4.23%

MIC Solar

25-Jan-34

82,938
82 938

4.15%
4 15%

4

Reflects primary facilities
Reflects outstanding balance on all facilities at September 30, 2013
30
3 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)
4 Reflects weighted average maturity of the two solar operating facilities’ term loans
1
2

13

Appendix: R
A
di Reconciliation of Segment Financiall Data,
ili ti
fS
t Fi
i D t
Third Quarter 2013

International Matex Tank Terminals (100%)
International-Matex

Q uarter Ended
September 30,
2013
$
R evenue
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
Generall and administrative expenses
G
d d i i
i
Depreciation and amortization
Casualty losses, net(1)
Operating income
Interest expense, net(2)
Other income
Provision for income taxes
Noncontrolling interest
Net income
_____________________
NM - Not meaningful

120,560
5,887
126,447
50,371
5,201
55,572
70,189
686
70,875
8,084
8 084
19,051
200
43,540
(9,376)
620
(15,181)
(44)
19,559

Nine Months Ended
September 30,

2012
$

111,532
7,069
118,601
49,509
5,913
55,422
62,023
1,156
63,179
7,605
60
16,992
38,582
(10,533)
417
(11,631)
(451)
16,384

Change
Favorable/(Unfavorable)
2013
$
%
$
($ In Thousands) (Unaudited)

2012
$

Change
$
%

9,028
(1,182)
7,846

8.1
(16.7)
6.6

361,412
22,341
383,753

332,316
18,052
350,368

29,096
4,289
33,385

8.8
23.8
9.5

(862)
712
(150)
8,166
(470)
7,696
(479)
(4 9)
(2,059)
(200)
4,958
1,157
203
(3,550)
407
3,175

(1.7)
12.0
(0.3)
13.2
(40.7)
12.2
(6.3)
(6 3)
(12.1)
NM
12.9
11.0
48.7
(30.5)
90.2
19.4

145,581
18,661
164,242
215,831
3,680
219,511
24,420
24 420
56,109
6,700
132,282
(17,099)
1,804
(48,894)
(220)
67,873

141,886
15,515
157,401
190,430
2,537
192,967
22,405
22 40
51,016
119,546
(28,914)
1,680
(37,867)
(636)
53,809

(3,695)
(3,146)
(6,841)
25,401
1,143
26,544
(2,015)
(2 01 )
(5,093)
(6,700)
12,736
11,815
124
(11,027)
416
14,064

(2.6)
(20.3)
(4.3)
13.3
45.1
13.8
(9.0)
(9 0)
(10.0)
NM
10.7
40.9
7.4
(29.1)
65.4
26.1

(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 nine months ended September 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 nine months ended September 30, 2013. The classification of capital expenditures as either growth or maintenance is the subject of ongoing review and discussions
between MIC and its co-investor in IMTT.

15

International Matex Tank Terminals (100%)
International-Matex
Q uarter Ended
Q uarter Ended
September 30,
September 30,
2013
2013
$$

Nine Months Ended
Nine Months Ended
September 30,
September 30,

2012
2012
$$

Change
Change
Favorable/(Unfavorable
2013
2013
%
$ $
$$
%
($($ In Thousands) (Unaudited)
In Thousands) (Unaudited)

2012
2012
$$

Change
Change
Favorable/(Unfavorabl
$$
%%

Reconciliation of net income to EBITDA excluding non-cash items:
Net income
Casualty losses, net(1)
Other non-cash expenses
EBITDA excluding non-cash items
Interest e pense
Inte est 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 iin working capitall
Ch
ki
it
Maintenance capital expenditures(3)
Free cash flow

19,559
9,376
15,181
19,051
19 051
200
253
63,620

16,384
10,533
11,631
16,992
16 992
369
55,909

63,620
(9,376)
(9 376)
(1,768)
824
(5,624)
9,119
56,795
(9,119)
(9 119)
(14,514)
33,162

55,909
(10,533)
(10 533)
461
805
(5,962)
5,382
46,062
(5,382)
(5 382)
(15,303)
25,377

7,711

7,785

13.8

67,873
17,099
48,894
56,109
56 109
6,700
429
197,104

53,809
28,914
37,867
51,016
51 016
647
172,253

24,851

14.4

30.7

197,104
(17,099)
(17 099)
(15,784)
1,990
(13,847)
4,035
156,399
(4,035)
(4 035)
(60,513)
91,851

172,253
(28,914)
(28 914)
98
2,419
(14,565)
17,680
148,971
(17,680)
(17 680)
(30,756)
100,535

(8,684)

(8.6)

_____________________
NM - Not meaningful
( )
(1) Casualty losses, net, includes $2.5 million and $1.5 million related to the q
y
quarters ended December 31, 2012 and March 31, 2013, respectively, which were recorded in terminal operating costs in those
p
y
p
g
periods. These amounts have been included in the nine months ended September 30, 2013.
(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 nine months ended September 30, 2013. The classification of capital expenditures as either growth or maintenance is the subject of ongoing review and discussions
between MIC and its co-investor in IMTT.

16

Hawaii Gas
Q uarter E nded
September 30,
2013
$

2012
$

Nine Months Ended
September 30,
Change
2013
$
%
$

2012
$

Change
$
%

Contribution margin
Revenue - non-utility
28,488
26,894
1,594
5.9
88,993
88,271
722
0.8
Cost of revenue - non-utility
12,838
11,393
(1,445)
(12.7)
39,525
40,520
995
2.5
Contribution margin - non-utility
15,650
15,501
149
1.0
49,468
47,751
1,717
3.6
Revenue - utility
32,981
35,535
(2,554)
(7.2)
104,095
110,656
(6,561)
(5.9)
Cost f
C t of revenue - utility
tilit
23,534
23 534
26,202
26 202
2,668
2 668
10.2
10 2
74,914
74 914
81,568
81 568
6,654
6 654
8.2
82
Contribution margin - utility
9,447
9,333
114
1.2
29,181
29,088
93
0.3
Total contribution margin
25,097
24,834
263
1.1
78,649
76,839
1,810
2.4
Production
2,737
2,819
82
2.9
8,119
6,952
(1,167)
(16.8)
5,121
5,339
218
4.1
15,727
709
4.3
Transmission and distribution(1)
16,436
G ross profit
17,239
16,676
563
3.4
54,803
53,451
1,352
2.5
Selling, gene al
Selling general and administrative e penses
administ ati e expenses
4,818
4 818
4,760
4 760
(58)
(1.2)
(1 2)
16,139
16 139
14,575
14 575
(1,564)
(1 564)
(10.7)
(10 7)
2,160
1,965
(195)
(9.9)
6,508
5,808
(700)
(12.1)
O perating income
10,261
9,951
310
3.1
32,156
33,068
(912)
(2.8)
(2,097)
(5,695)
3,598
63.2
(5,040)
4,062
44.6
(9,102)
Other expense
(146)
(153)
7
4.6
(251)
(285)
34
11.9
(3,191)
(1,631)
(1,560)
(95.6)
(10,669)
(9,343)
(1,326)
(14.2)
4,827
4 827
2,472
2 472
2,355
2 355
95.3
95 3
16,196
16 196
14,338
14 338
1,858
1 858
13.0
13 0
Net income (3 )
_____________________
NM - Not meaningful
(1) For the nine months ended September 30, 2013, transmission and distribution includes non-cash income of $489,000 for asset retirement obligation credit. This non-cash income is excluded when calculating
EBITDA excluding non-cash items.
(2) Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and interest rate swap breakage 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.
expense
Inc level

17

Hawaii Gas
Q uarter E nded
September 30,
2013
$

Nine Months Ended
September 30,

2012
$

Change
2013
$
%
$

2012
$

Change
$
%

Net income(3)
p
Other non-cash expenses(1)

4,827
2,097
3,191
2,160
,
604
12,879

2,472
5,695
1,631
1,965
,
869
12,632

Interest rate swap breakage fees(2)
Maintenance capital expenditures
Free cash flow

12,879
(2,097)
269
113
(94)
(3,023)
8,047
3,023
3 023
(1,916)
9,154

12,632
(5,695)
(8,701)
(8 701)
4,386
507
(1,513)
4,822
6,438
(4,822)
(4 822)
(2,056)
(440)

247

2.0

16,196
5,040
10,669
6,508
,
1,592
40,005

14,338
9,102
9,343
5,808
,
2,671
41,262

40,005
(5,040)
(426)
342
(3,961)
(3,810)
27,110
3,810
3 810
(5,337)
25,583

41,262
(9,102)
(8,701)
(8 701)
3,089
746
(5,888)
1,117
22,523
(1,117)
(1 117)
(5,241)
16,165

(1,257)

(3.0)

9,594
NM
9,418
58.3
_____________________
NM - Not meaningful
(1) For the nine months ended September 30, 2013, transmission and distribution includes non-cash income of $489,000 for asset retirement obligation credit. This non-cash income is excluded when calculating
non cash items.

18

District Energy (100%)
Q ua rter Ended
September 30,
2013
$

2012
$

Nine Months E nded
September 30,
Change
2013
$
%
$
$

2012
$

Cooling capacity revenue
5,780
5,613
167
3.0
17,197
Cooling consumption revenue
9,114
10,490
(1,376)
(13.1)
16,282
Other revenue
692
702
(10)
(1.4)
2,139
Finance lease revenue
817
1,119
(302)
(27.0)
2,779
Total revenue
16,403
16 403
17,924
17 924
(1,521)
(1 521)
(8.5)
(8 5)
38,397
38 397
Direct expenses — electricity
5,733
5,901
168
2.8
10,360
4,787
5,237
450
8.6
14,821
Direct expenses — other(1)
Direct expenses — total
10,520
11,138
618
5.5
25,181
Gross profit
5,883
6,786
(903)
(13.3)
13,216
Selling, general and administrative expenses
935
823
(112)
(13.6)
2,698
Amortization of intangibles
329
345
16
4.6
997
Loss from customer contract termination
1,626
Operating income
4,619
5,618
(999)
(17.8)
7,895
(1,275)
(2,065)
790
38.3
(3,793)
Other income
672
436
236
54.1
803
(1,584)
(1,560)
(24)
(1.5)
(1,797)
(174)
(203)
29
14.3
(545)
Net income
2,258
2,226
32
1.4
2,563
_____________________
NM - Not meaningful
(1) Includes depreciation expense of $1.6 million and $5.0 million for the quarter and nine months ended September 30, 2013, respectively, and $1.7 million and $5.0 million

16,675
20,853
2,023
3,448
42,999
42 999
12,587
14,866
27,453
15,546
2,675
1,027
11,844
(6,521)
568
(2,171)
(622)
3,098

Change
$
%

522
(4,571)
116
(669)
(4,602)
(4 602)
2,227
45
2,272
(2,330)
(23)
30
(1,626)
(3,949)
2,728
235
374
77
(535)

3.1
(21.9)
5.7
(19.4)
(10.7)
(10 7)
17.7
0.3
8.3
(15.0)
(0.9)
2.9
NM
(33.3)
41.8
41.4
17.2
12.4
(17.3)

for the quarter and nine months

19

District Energy (100%)
Q ua rter Ended
September 30,
2013
$

Nine Months E nded
September 30,

2012
$

Change
2013
$
%
$
$

2012
$

Change
$
%

Net income
p
Depreciation(1)
Amortization of intangibles
Loss from customer contract termination
Other non-cash expenses

2,258
1,275
1,584
1,620
329
205
7,271

2,226
2,065
1,560
1,685
345
156
8,037

Equipment lease receivable, net
Free cash flow

7,271
(1,275)
(1,371)
177
740
(529)
(192)
4,821
192
(63)
4,950

8,037
(2,065)
(589)
177
885
(619)
419
6,245
(419)
(478)
5,348

(766)

(9.5)

2,563
3,793
1,797
5,021
997
1,626
413
16,210

3,098
6,521
2,171
,
5,036
1,027
425
18,278

16,210
(3,793)
(4,018)
531
2,814
(805)
(2,379)
8,560
2,379
(312)
10,627

18,278
(6,521)
(1,458)
522
2,595
(892)
(1,453)
11,071
1,453
(642)
11,882

(2,068)

(11.3)

(398)
(7.4)
(1,255)
(10.6)
_____________________
NM - Not meaningful
(1) Includes depreciation expense of $1.6 million and $5.0 million for the quarter and nine months ended September 30, 2013, respectively, and $1.7 million and $5.0 million for the quarter and nine months
$1 6
$5 0
30 2013 respectively
$1 7
$5 0

20

Atlantic Aviation
Quarter Ended
September 30,
2013
$
Revenue
Fuel revenue
Non-fuel revenue
Total revenue
Cost of revenue
Cost of revenue-fuel
e en e f el
Cost of revenue-non-fuel
Total cost of revenue
Fuel gross profit
Non-fuel gross profit
Gross profit

Nine Months Ended
September 30,

2012
$

Change
2013
$
%
$

2012
$

Change
$
%

141,032
42,166
183,198

139,491
39,409
178,900

1,541
2,757
4,298

1.1
7.0
2.4

417,305
124,535
541,840

420,197
120,502
540,699

(2,892)
4,033
1,141

(0.7)
3.3
0.2

97,050
97 050
3,503
100,553
43,982
38,663
82,645
44,342
44 342
14,072
50
24,181
(11,481)
54
(5,185)
7,569

96,925
96 925
3,906
100,831
42,566
35,503
78,069
43,983
43 983
14,086
(1,706)
21,706
(7,381)
( )
(10)
(6,531)
7,784

(125)
403
278
1,416
3,160
4,576
(359)
14
(1,756)
2,475
(4,100)
64
1,346
(215)

(0.1)
(0 1)
10.3
0.3
3.3
8.9
5.9
(0.8)
(0 8)
0.1
(102.9)
11.4
(55.5)
NM
20.6
(2.8)

289,873
289 873
11,849
301,722
127,432
112,686
240,118
130,729
130 729
41,917
226
67,246
(20,206)
(2,472)
54
(18,009)
26,613

295,800
295 800
14,036
309,836
124,397
106,466
230,863
130,830
130 830
41,761
(1,379)
59,651
(23,448)
38
(15,815)
20,426

5,927
5 927
2,187
8,114
3,035
6,220
9,255
101
(156)
(1,605)
7,595
3,242
(2,472)
16
(2,194)
6,187

2.0
20
15.6
2.6
2.4
5.8
4.0
0.1
01
(0.4)
(116.4)
12.7
13.8
NM
42.1
(13.9)
30.3

Selling,
Selling general and administrative expenses
Loss (gain) on disposal of assets
Operating income
Loss on extinguishment of debt
( p
)
Other income (expense)
Net income (2 )
_____________________
NM - Not meaningful

21

Atlantic Aviation
Quarter Ended
September 30,
2013
$

Nine Months Ended
September 30,

2012
$

Change
2013
$
%
$

2012
$

Change
$
%

Net income(2)
p
Loss on extinguishment of debt
(Gain) loss on disposal of assets
Other non-cash income
Interest rate swap breakage fees(1)
Free cash flow

7,569
11,481
5,185
14,072
,
(1)
38,306

7,784
7,381
6,531
14,086
,
(1,850)
(39)
33,893

38,306
(11,481)
5,551
702
(394)
(3,609)
29,075
3,609
(1,910)
30,774

33,893
(7,381)
(95)
(5,567)
663
(997)
1,904
22,420
(1,904)
(2,837)
17,679

4,413

13.0

26,613
20,206
18,009
41,917
,
2,434
106
(116)
109,169

20,426
23,448
15,815
41,761
,
(1,803)
(268)
99,379

9,790

9.9

109,169
(20,206)
5,604
2,011
(5,569)
1,284
92,293
(1,284)
(5,248)
85,761

99,379
(23,448)
(595)
(16,015)
2,022
(1,972)
2,549
61,920
(2,549)
(7,949)
51,422

34,339

66.8

13,095
74.1
_____________________
NM - Not meaningful

22

MIC Solar (100%)
Q uarter Ended
September 30,

Nine Months E nded
September 30,

2013
2013
$
$
Contracted revenue
Cost of revenue
Gross profit

2,649
396
2,253

7,167
1,058
6,109

Depreciation
Operating loss

2,296
2,096
(2,139)

2,875
5,174
(1,940)

Other income, net
Benefit (provision) for income taxes
B
fit (
i i )f i
t
Net income

(897)
248
27
4,010
1,249

(2,121)
2,353
(1,175)
(1 175)
4,125
1,242

Net income
(Benefit) provision for income taxes
Depreciation
Other non-cash income

1,249
897
(27)
2,096
(4,010)
205

1,242
2,121
1,175
5,174
(6,555)
3,157

Cash used in operating activities
Free cash flow

205
(897)
3
(1,256)
(1,945)
1,256
1 256
(689)

3,157
(2,121)
8
(15,954)
(14,910)
15,954
15 954
1,044


_____________________
(1) Interest expense, net, includes non-cash amortization of deferred financing fees.

Corporate

Nine Months Ended
September 30,

Q uarter E nded
September 30,
2013
$

Base management fees
Performance fees
Operating loss
Interest income
Other expense, net
Benefit for income taxes
Net loss (1 )

2012
$

8,336
6,906
1,278
(16,520)
22
4,104
(1,678)
(14,072)

5,844
23,509
2,005
(31,358)
107
(23)
11,480
(1,556)
(21,350)

(14,072)
(22)
(4,104)
8,336
6,906
1,862
1 862
(1,094)

(21,350)
(107)
(11,480)
5,844
23,509
1,709
1 709
(1,875)

(1,094)
22
218
373
(481)
(373)
(854)

(1,875)
107
1,216
(1,788)
(1 788)
(2,340)
1,788
(552)

Change
2013
$
%
$
(2,492)
16,603
727
14,838
(85)
23
(7,376)
(122)
7,278

2012
$

Change
$
%

(42.6)
70.6
36.3
47.3
(79.4)
100.0
(64.3)
(7.8)
34.1

23,524
53,388
4,987
(81,899)
152
(16)
22,409
(2,157)
(61,511)

15,599
23,509
9,221
(48,329)
111
(75)
12,631
(2,144)
(37,806)

(7,925)
(29,879)
4,234
(33,570)
41
59
9,778
(13)
(23,705)

(50.8)
(127.1)
45.9
(69.5)
36.9
78.7
77.4
(0.6)
(62.7)

41.7

(61,511)
(152)
(22,409)
23,524
53,388
2,697
2 697
(4,463)

(37,806)
(111)
(12,631)
15,599
23,509
2,592
2 592
(8,848)

4,385

49.6

(4,463)
152
7,661
(7,668)
(7 668)
(4,318)
7,668
3,350

(8,848)
111
4,513
(4,627)
(4 627)
(8,851)
4,627
(4,224)

7,574

179.3

Reconciliation of net loss to EBITDA excluding non-cash items:
Net loss(1)
Interest income
Benefit for income taxes
Base management fees to be settled/settled in LLC interests
Performance fees to be settled/settled in LLC interests
Other non-cash expense
non cash
Interest income
Benefit for income taxes, net of changes in deferred taxes
Cash used in operating activities
Free cash flow

781

(302)
(54.7)
_____________________
(1) Corporate allocation expense, intercompany fees and the tax effect have been excluded from the above table as they are eliminated on consolidation.

24

Third Quarter 2013 Earnings Call

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