PR Newswire
NEW YORK, May 3, 2022
NEW YORK, May 3, 2022 /PRNewswire/ -- Macquarie Infrastructure Holdings, LLC (NYSE: MIC) (the "Company") today announced its financial and operational results from continuing operations for the first quarter of 2022.
"Our financial results in the first quarter of 2022 reflect positive trends in the number of visitors to Hawaii which contributed to an increase in the volume of gas sold by Hawaii Gas," said Christopher Frost, chief executive officer of MIC.
In June 2021, the Company entered into a merger agreement with an entity managed by Argo Infrastructure Partners, LP.
"We have received all the approvals other than that from the Hawaii Public Utilities Commission relating to completing the proposed merger. We continue to expect to receive the remaining approval and to conclude the transaction in the first half of 2022," Frost added. "If the merger is concluded on or prior to July 1, 2022, unitholders will receive consideration of $3.83 per unit in cash. If the merger is concluded after July 1, 2022, unitholders will receive $4.11 per unit in cash."
Financial and Operational Results
MIC's results from continuing operations in the first quarter of 2022 reflect improved operating conditions driven by the increase in the number of visitors to Hawaii relative to COVID-induced lows in 2020. The number of visitors to Hawaii in the first quarter increased to approximately 79% of pre-pandemic levels. The increase drove hotel occupancy and restaurant patronage higher and consequently gas sales by Hawaii Gas.
The volume of gas sold by Hawaii Gas in the first quarter increased 11% versus the first quarter in 2021 (the "prior corresponding period") but was 13% below the level recorded in the first quarter of 2019 prior to the pandemic. The financial impact of the increase in gas sales was partially offset by a higher average wholesale cost of Liquified Petroleum Gas distributed by the business.
MIC recorded net income from continuing operations of $11.4 million in the first quarter compared with a net loss of $6.3 million in the prior comparable period.
The Company reported Adjusted EBITDA excluding non-cash items from continuing operations of $9.3 million in the first quarter versus $12.1 million in the prior comparable period.
MIC used $4.5 million of cash in operating activities during the first quarter compared with use of $12.9 million in the prior comparable period.
The Company reported Adjusted Free Cash Flow from continuing operations of $3.4 million in the first quarter versus $9.6 million in the prior comparable period.
Summary Financial Information
| Quarter Ended | | Change Favorable/ (Unfavorable) | ||||
| 2022 | | 2021 | | $ | | % |
| ($ In Thousands, Except Unit and Per Unit Data) (Unaudited) | ||||||
GAAP Metrics | | | | | | | |
Continuing Operations | | | | | | | |
Net income (loss) | $ 11,446 | | $ (6,270) | | 17,716 | | NM |
Net income (loss) per unit attributable to MIH | 0.13 | | (0.08) | | 0.21 | | NM |
Cash used in operating activities | (4,531) | | (12,942) | | 8,411 | | 65 |
Discontinued Operations | | | | | | | |
Net income | $ — | | $ 20,067 | | (20,067) | | (100) |
Net income per unit attributable to MIH | — | | 0.23 | | (0.23) | | (100) |
Cash provided by operating activities | — | | 52,935 | | (52,935) | | (100) |
Weighted average number of units outstanding: basic | 88,494,560 | | 87,411,455 | | 1,083,105 | | 1 |
MIH Non-GAAP Metrics | | | | | | | |
EBITDA excluding non-cash items - continuing operations | $ 10,420 | | $ 7,863 | | 2,557 | | 33 |
Investment and acquisition/disposition costs | (1,072) | | 4,279 | | (5,351) | | (125) |
Adjusted EBITDA excluding non-cash items – continuing operations | 9,348 | | 12,142 | | (2,794) | | (23) |
Cash interest | (486) | | (3,288) | | 2,802 | | 85 |
Cash taxes | (2,960) | | 1,848 | | (4,808) | | NM |
Maintenance capital expenditures | (2,482) | | (1,114) | | (1,368) | | (123) |
Adjusted Free Cash Flow - continuing operations | $ 3,420 | | $ 9,588 | | (6,168) | | (64) |
| | |
NM — Not meaningful. |
About MIC
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