Macquarie Infrastructure Corp
CIK:0001289790|SEC Filings
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Operating activities | ||
| Net income (loss) from continuing operations | $ 20,730 | $ (31,417) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities from continuing operations: | ||
| Depreciation | 38,860 | 39,271 |
| Amortization of intangibles | 16,575 | 20,278 |
| Write-off of debt financing costs | 4,562 | 1,468 |
| Amortization of debt discount and financing costs | 2,476 | 5,218 |
| Adjustments to derivative instruments | (5,153) | 1,192 |
| Fees to Manager - related party | 13,103 | 11,180 |
| Deferred taxes | 9,675 | (7,443) |
| Other non-cash expense, net | 6,647 | 4,944 |
| Changes in other assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (8,136) | 25,756 |
| Inventories | (3,720) | 6,079 |
| Prepaid expenses and other current assets | (5,480) | (2,734) |
| Due to Manager - related party | 0 | (41) |
| Accounts payable and accrued expenses | 3,988 | (13,010) |
| Income taxes payable | (128,085) | (2,263) |
| Other, net | (5,588) | 10,841 |
| Net cash (used in) provided by operating activities from continuing operations | (39,546) | 69,319 |
| Investing activities | ||
| Acquisitions of businesses and investments, net of cash, cash equivalents, and restricted cash acquired | 0 | (13,495) |
| Purchases of property and equipment | (32,864) | (29,285) |
| Other, net | 59 | 11 |
| Net cash used in investing activities from continuing operations | (32,805) | (42,769) |
| Financing activities | ||
| Proceeds from long-term debt | 0 | 874,000 |
| Payment of long-term debt | (474,113) | (280,874) |
| Dividends paid to common stockholders | (960,981) | (86,742) |
| Distributions paid to noncontrolling interest | (3) | 0 |
| Debt financing costs paid | (292) | (386) |
| Net cash (used in) provided by financing activities from continuing operations | (1,435,389) | 505,998 |
| Net change in cash, cash equivalents, and restricted cash from continuing operations | (1,507,740) | 532,548 |
| Cash flows provided by (used in) discontinued operations: | ||
| Net cash provided by operating activities | 0 | 103,276 |
| Net cash used in investing activities | 0 | (106,003) |
| Net cash used in discontinued operations | 0 | (2,727) |
| Effect of exchange rate changes on cash and cash equivalents | 0 | (222) |
| Net change in cash, cash equivalents, and restricted cash | (1,507,740) | 529,599 |
| Cash, cash equivalents, and restricted cash, beginning of period | 1,839,220 | 358,565 |
| Cash, cash equivalents, and restricted cash, end of period | 331,480 | 888,164 |
| Continuing Operations | ||
| Non-cash investing and financing activities: | ||
| Accrued purchases of property and equipment | 6,231 | 3,317 |
| Accrued debt financing costs from continuing operations | 0 | 59 |
| Leased assets obtained in exchange for new operating lease liabilities from continuing operations | 806 | 5,267 |
| Taxes paid, net | 135,894 | 1,444 |
| Interest paid, net | 32,899 | 39,205 |
| Discontinued Operations | ||
| Non-cash investing and financing activities: | ||
| Accrued purchases of property and equipment | 0 | 15,939 |
| Leased assets obtained in exchange for new operating lease liabilities from continuing operations | 0 | 726 |
| Taxes paid, net | 0 | 2,653 |
| Interest paid, net | $ 0 | $ 19,689 |
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 319,690 | $ 1,828,063 | ||
| Restricted cash | 11,790 | 11,157 | ||
| Accounts receivable, net of allowance for doubtful accounts | 55,057 | 46,862 | ||
| Inventories | 19,663 | 16,551 | ||
| Prepaid expenses | 13,385 | 8,326 | ||
| Other current assets | 12,101 | 9,197 | ||
| Total current assets | 431,686 | 1,920,156 | ||
| Property, equipment, land and leasehold improvements, net | 849,530 | 854,200 | ||
| Operating lease assets, net | 321,941 | 322,892 | ||
| Goodwill | 617,072 | 616,939 | ||
| Intangible assets, net | 441,012 | 457,587 | ||
| Other noncurrent assets | 8,863 | 6,865 | ||
| Total assets | 2,670,104 | 4,178,639 | ||
| Current liabilities: | ||||
| Due to Manager-related party | 2,755 | 1,203 | ||
| Accounts payable | 31,406 | 30,470 | ||
| Accrued expenses | 50,177 | 46,112 | ||
| Current portion of long-term debt | 11,333 | 11,310 | ||
| Dividend payable | 0 | 960,981 | ||
| Operating lease liabilities - current | 17,069 | 17,157 | ||
| Income taxes payable | 3,200 | 132,113 | ||
| Other current liabilities | 24,121 | 22,861 | ||
| Total current liabilities | 140,061 | 1,222,207 | ||
| Long-term debt, net of current portion | 1,097,923 | 1,554,359 | ||
| Deferred income taxes | 132,738 | 126,858 | ||
| Operating lease liabilities - noncurrent | 311,122 | 311,597 | ||
| Other noncurrent liabilities | 64,893 | 70,312 | ||
| Total liabilities | 1,746,737 | 3,285,333 | ||
| Commitments and contingencies | 0 | 0 | ||
| Stockholders’ equity: | ||||
| Common Stock ($0.001 par value; 500,000,000 authorized; 87,780,539 shares issued and outstanding on June 30, 2021 and 87,361,929 shares issued and outstanding on December 31, 2020) | [1] | 88 | 87 | |
| Additional paid in capital | [1] | 180,346 | 177,975 | |
| Accumulated other comprehensive loss | [1] | (6,175) | (6,175) | |
| Retained earnings | [1] | 740,640 | 713,129 | |
| Total stockholders’ equity | [1] | 914,899 | 885,016 | |
| Noncontrolling interests | [1] | 8,468 | 8,290 | |
| Total equity | [1] | 923,367 | 893,306 | |
| Total liabilities and equity | $ 2,670,104 | $ 4,178,639 | ||
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