Company Quick10K Filing
Quick10K
Macquarie Infrastructure
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$37.13 86 $3,195
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-15 Shareholder Vote
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-20 Earnings, Exhibits
8-K 2018-12-05 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-30 Enter Agreement, Earnings, Regulation FD, Exhibits
8-K 2018-10-12 M&A, Regulation FD, Exhibits
8-K 2018-09-05 Officers, Exhibits
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-07-27 Enter Agreement, Regulation FD, Exhibits
8-K 2018-06-27 Other Events
8-K 2018-05-16 Shareholder Vote
8-K 2018-05-09 Other Events, Exhibits
8-K 2018-01-03 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
CHRW CH Robinson Worldwide 11,488
BCO Brinks 3,754
HUNT Hunter Maritime Acquisition 1,985
FWRD Forward Air 1,687
GLP Global Partners 629
CAPL Crossamerica Partners 594
SRLP Sprague Resources 357
RRTS Roadrunner Transportation Systems 308
AE Adams Resources & Energy 173
SUN Sunoco 0
MIC 2019-06-30
Part I
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 mic-20190630xex311.htm
EX-31.2 mic-20190630xex312.htm
EX-32.1 mic-20190630xex321.htm
EX-32.2 mic-20190630xex322.htm

Macquarie Infrastructure Earnings 2019-06-30

MIC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
_____________________________

FORM 10-Q
_____________________________
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from             to           
Commission File Number: 001-32384
_____________________________
MACQUARIE INFRASTRUCTURE CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
_____________________________
Delaware
43-2052503
(State or Other Jurisdiction of
Incorporation or Organization)
(IRS Employer
Identification No.)
125 West 55th Street
New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
(212) 231-1000
(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year if Changed Since Last Report): N/A
_____________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share
 
MIC
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
  
 
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes No ý
There were 86,260,548 shares of common stock, with $0.001 par value, outstanding at July 30, 2019.
 


TABLE OF CONTENTS

MACQUARIE INFRASTRUCTURE CORPORATION
TABLE OF CONTENTS
 
 
Page
Macquarie Infrastructure Corporation is not an authorized 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 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Infrastructure Corporation.

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Cautionary Note Regarding Forward-Looking Statements
In addition to historical information, this quarterly report on Form 10-Q (Quarterly Report) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements may appear throughout this Quarterly Report, including without limitation, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section. We use words such as “believe”, “intend”, “expect”, “anticipate”, “plan”, “may”, “will”, “should”, “estimate”, “potential”, “project” and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks identified in our Annual Report on the Form 10-K for the year ended December 31, 2018, and in other reports we file from time to time with the Securities and Exchange Commission (SEC).
Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Many of these factors are beyond our ability to control or predict. Our forward-looking statements speak only as of the date of this Quarterly Report. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

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PART I
FINANCIAL INFORMATION
Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion of the financial condition and results of operations of Macquarie Infrastructure Corporation (MIC) should be read in conjunction with the consolidated condensed financial statements and the notes to those statements included elsewhere herein.
MIC is a Delaware corporation formed on May 21, 2015. MIC’s predecessor, Macquarie Infrastructure Company LLC, was formed on April 13, 2004. Except as otherwise specified, all references in this Form 10-Q to “MIC”, “we”, “us”, and “our” refer to Macquarie Infrastructure Corporation and its subsidiaries.
MIC is externally managed by Macquarie Infrastructure Management (USA) Inc. (our Manager), pursuant to the terms of a Management Services Agreement, subject to the oversight and supervision of our Board. The majority of the members of our Board, and each member of all Board committees, is independent and has no affiliation with Macquarie. Our Manager is a member of the Macquarie Group of companies comprising Macquarie Group Limited and its subsidiaries and affiliates worldwide. Macquarie Group Limited is headquartered in Australia and is listed on the Australian Securities Exchange.
We currently own and operate a portfolio of infrastructure and infrastructure-like businesses that provide services to other corporate, government agencies and individual customers primarily in the U.S. Our businesses are organized into four segments:
International-Matex Tank Terminals (IMTT):  a business providing bulk liquid terminalling to third parties at 17 terminals in the U.S. and two in Canada;
Atlantic Aviation:  a provider of fuel, terminal, aircraft hangaring and other services primarily to owners and operators of general aviation (GA) jet aircraft at 70 airports throughout the U.S.;
MIC Hawaii:  comprising an energy company that processes and distributes gas and provides related services (Hawaii Gas) and several smaller businesses collectively engaged in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii; and
Corporate and Other:  comprising MIC Corporate (holding company), a shared services center and other smaller businesses.
Effective October 1, 2018, the Bayonne Energy Center (BEC) and substantially all of the Company’s portfolio of solar and wind power generation businesses were classified as discontinued operations and the Company’s Contracted Power segment was eliminated. Effective January 1, 2019, the Company’s majority interest in a renewable power development business was also classified as a discontinued operation and thereafter a sale process related to this interest was commenced. The Company did not restate the prior period related to the commencement of the sale process as the disposition was deemed insignificant. A remaining relationship with a third-party developer of renewable power facilities has been reported as a component of Corporate and Other through the expiration of the relationship in July 2019. All prior comparable periods have been restated to reflect this change.
In July 2019, the Company completed the sales of its wind power generating portfolio, all but one of the assets in its solar power generating portfolio and its majority interest in a renewable development business. The remainder of the operating solar portfolio is expected to close in August 2019. For additional information, see Note 3, “Discontinued Operations and Dispositions”, in our Notes to Consolidated Condensed Financial Statements in Part I of this Form 10-Q.
Our businesses generally operate in sectors with barriers to entry including high initial development and construction costs, contracted revenues or the requirement to obtain government approvals and a lack of immediate cost-effective alternatives to the services provided. Collectively, they tend to generate sustainable, stable and growing cash flows over the long-term.
Overview
Use of Non-GAAP measures
In addition to our results under U.S. GAAP, we use certain non-GAAP measures to assess the performance and prospects of our businesses. In particular, we use EBITDA excluding non-cash items and Free Cash Flow.
We measure EBITDA excluding non-cash items as it reflects our businesses’ ability to effectively manage the volume of products sold or services provided, the operating margin earned on those transactions and the management of operating expenses independent of the capitalization and tax attributes of those businesses.
In analyzing the financial performance of our businesses, we focus primarily on cash generation and Free Cash Flow in particular. We believe investors use Free Cash Flow as a measure of our ability to sustain and potentially increase our quarterly cash dividend and to fund a portion of our growth.

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See “Results of Operations — Consolidated — Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cash items and Free Cash Flow” for further information on our calculation of EBITDA excluding non-cash items and Free Cash Flow and for reconciliations of these non-GAAP measures to the most comparable GAAP measures.
At IMTT, we focus on providing bulk liquid storage, handling and other services pursuant to “take-or-pay” contracts to customers who place a premium on ease of access and operational flexibility. The revenue weighted average remaining contract life was 1.9 years at June 30, 2019.
At Atlantic Aviation, our focus is on the sale of fuel and other services to owners and pilots of GA aircraft through our fixed based operations (FBOs) resulting in a gross margin that is positively correlated with the number of GA flight movements (take-offs and landings) in the U.S. and the business’ ability to service a portion of the aircraft involved in those operations.
MIC Hawaii comprises Hawaii Gas and several smaller businesses that generate revenue primarily from the provision of gas services to commercial, residential and governmental customers and the generation of power while engaging in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii.
Dividends
Since January 1, 2018, MIC has paid or declared the following dividends:
Declared
 
Period Covered
 
$ per Share
 
Record Date
 
Payable Date
July 30, 2019
 
Second quarter 2019
 
$
1.00

 
August 12, 2019
 
August 15, 2019
April 29, 2019
 
First quarter 2019
 
1.00

 
May 13, 2019
 
May 16, 2019
February 14, 2019
 
Fourth quarter 2018
 
1.00

 
March 4, 2019
 
March 7, 2019
October 30, 2018
 
Third quarter 2018
 
1.00

 
November 12, 2018
 
November 15, 2018
July 31, 2018
 
Second quarter 2018
 
1.00

 
August 13, 2018
 
August 16, 2018
May 1, 2018
 
First quarter 2018
 
1.00

 
May 14, 2018
 
May 17, 2018
February 19, 2018
 
Fourth quarter 2017
 
1.44

 
March 5, 2018
 
March 8, 2018
We intend to provide investors with the benefits of access to a portfolio of infrastructure and infrastructure-like businesses that we believe will generate growing amounts of cash flow over time as a result of their positive correlation with inflation and provision of basic services to customers. Consistent with this, we intend to distribute the majority of the cash generated from operations of our businesses as a quarterly cash dividend. Our Board has authorized a quarterly cash dividend of $1.00 per share for the quarter ended June 30, 2019.
Our Board regularly reviews our dividend policy and the proportion of our Free Cash Flow that the distribution represents (payout ratio). In determining whether to adjust the amount of our quarterly dividend, our Board will take into account such matters as the state of the capital markets and general business and economic conditions, the Company’s financial condition, results of operations, indebtedness levels, capital requirements, capital opportunities and any contractual, legal and regulatory restrictions on the payment of dividends by the Company to its shareholders or by its subsidiaries to the Company, and any other factors that it deems relevant, subject to maintaining a prudent level of reserves and without creating undue volatility in the amount of such dividends where possible. Moreover, the Company’s senior secured credit facility and the debt commitments at our businesses contain restrictions that may limit the Company’s ability to pay dividends. Although historically we have declared cash dividends on our shares, any or all of these or other factors could result in the modification of our dividend policy, or the reduction, modification or elimination of our dividend in the future.
Recent Developments
2.875% Convertible Senior Notes due July 2019
On July 15, 2019, the Company repaid the outstanding balance of $350 million on its 2.875% Convertible Senior Notes due July 2019 at maturity using cash on hand.
Business Divestitures
During the fourth quarter of 2018, the Company commenced a sale process involving its portfolios of 142 megawatts (MW) (gross) of solar generation assets and 203 MW (gross) of wind generation assets, both of which had been designated as discontinued operations. In April 2019, the Company entered into agreements for the sale of these portfolios and completed the sale of its wind power generating portfolio and all but one of the assets in its solar power generating portfolio in July 2019. The remainder of the operating solar portfolio is expected to close in August 2019. In July 2019, the Company also completed the sale of its majority interest in a renewable power development business. The aggregate gross proceeds to the Company from the above sales are expected to be approximately $276 million or approximately $210 million net of taxes and transaction related expenses. Upon closing of the transactions involving the portfolios of operating solar and wind assets, MIC will deconsolidate $297 million of

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long-term debt. For additional information, see Note 3, “Discontinued Operations and Dispositions”, in our Notes to Consolidated Condensed Financial Statements in Part I of this Form 10-Q.
Results of Operations
Consolidated
Consistent with our strategic objective of divesting of smaller and non-core businesses, in July 2019, we completed the sales of our wind power generating portfolio, all but one of the assets in our solar power generating portfolio and our majority interest in a renewable development business. The remainder of the operating solar portfolio is expected to close in August 2019. We also concluded a relationship with a third party developer of renewable power facilities in July 2019.
In July 2019, we fully repaid the outstanding balance of $350 million of 2.875% Convertible Senior Notes that matured on July 15, 2019 using cash on hand. The repayment of the Notes using available cash had no impact on our net debt outstanding (long-term debt less cash). Proforma for the sales of the renewable businesses and the deconsolidation of the related debt, leverage at July 31, 2019 was 3.6 times net debt/EBITDA from 4.0 times at the end of the second quarter.
For the quarter and six months ended June 30, 2019, our consolidated results reflect: (i) increases in the volume of fuel sold and hangar rental income at Atlantic Aviation; (ii) the positive impact of new utility rates implemented in July 2018 at Hawaii Gas; and (iii) the sale of the mechanical contractor business by our MIC Hawaii segment and the sale of an environmental services business by our IMTT segment. Our consolidated results for the six months ended June 30, 2019 also included proceeds received in respect of the termination of an agreement with the owner of a refinery at IMTT’s terminal in St. Rose, LA (the refinery termination payment) and fee income from a third party developer of renewable power projects recorded as a component of Corporate and Other. Contributions to the results for the quarter and six months ended June 30, 2019 were partially offset by the expected lower storage utilization levels and average storage rates at IMTT and overall higher professional services fees.
Results for discontinued operations decreased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily due to the sale of BEC in October 2018.

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Results of Operations: Consolidated – (continued)

Our consolidated results of operations are as follows:
 
Quarter Ended
June 30,
 
Change
Favorable/(Unfavorable)
 
Six Months Ended
June 30,
 
Change
Favorable/(Unfavorable)
 
2019
 
2018
 
$
 
%
 
2019
 
2018
 
$
 
%
 
($ In Millions, Except Share and Per Share Data) (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service revenue
$
355

 
$
376

 
(21
)
 
(6
)
 
$
773

 
$
779

 
$
(6
)
 
(1
)
Product revenue
61

 
60

 
1

 
2

 
125

 
124

 
1

 
1

Total revenue
416

 
436

 
(20
)
 
(5
)
 
898

 
903

 
(5
)
 
(1
)
Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of services
162

 
180

 
18

 
10

 
330

 
367

 
37

 
10

Cost of product sales
45

 
41

 
(4
)
 
(10
)
 
85

 
89

 
4

 
4

Selling, general and administrative
84

 
82

 
(2
)
 
(2
)
 
164

 
162

 
(2
)
 
(1
)
Fees to Manager-related party
7

 
11

 
4

 
36

 
15

 
24

 
9

 
38

Depreciation
48

 
47

 
(1
)
 
(2
)
 
96

 
94

 
(2
)
 
(2
)
Amortization of intangibles
15

 
17

 
2

 
12

 
30

 
33

 
3

 
9

Total operating expenses
361

 
378

 
17

 
4

 
720

 
769

 
49

 
6

Operating income
55

 
58

 
(3
)
 
(5
)
 
178

 
134

 
44

 
33

Other income (expense)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income
1

 

 
1

 
NM

 
4

 

 
4

 
NM

Interest expense(1)
(46
)
 
(25
)
 
(21
)
 
(84
)
 
(88
)
 
(43
)
 
(45
)
 
(105
)
Other (expense) income, net
(2
)
 
6

 
(8
)
 
(133
)
 
2

 
6

 
(4
)
 
(67
)
Net income from continuing operations before income taxes
8

 
39

 
(31
)
 
(79
)
 
96

 
97

 
(1
)
 
(1
)
Provision for income taxes
(2
)
 
(12
)
 
10

 
83

 
(26
)
 
(30
)
 
4

 
13

Net income from continuing operations
$
6

 
$
27

 
(21
)
 
(78
)
 
$
70

 
$
67

 
$
3

 
4

Discontinued Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income from discontinued operations before income taxes
$
5

 
$
9

 
(4
)
 
(44
)
 
$
8

 
$
15

 
$
(7
)
 
(47
)
(Provision) benefit for income taxes
(2
)
 

 
(2
)
 
NM

 

 
1

 
(1
)
 
(100
)
Net income from discontinued operations
$
3

 
$
9

 
(6
)
 
(67
)
 
$
8

 
$
16

 
$
(8
)
 
(50
)
Net income
$
9

 
$
36

 
(27
)
 
(75
)
 
$
78

 
$
83

 
$
(5
)
 
(6
)
Net income from continuing operations
$
6

 
$
27

 
(21
)
 
(78
)
 
$
70

 
$
67

 
$
3

 
4

Net income from continuing operations attributable to MIC
$
6

 
$
27

 
(21
)
 
(78
)
 
$
70

 
$
67

 
$
3

 
4

Net income from discontinued operations
$
3

 
$
9

 
(6
)
 
(67
)
 
$
8

 
$
16

 
$
(8
)
 
(50
)
Less: net loss attributable to noncontrolling interests
(2
)
 
(2
)
 

 

 
(3
)
 
(32
)
 
(29
)
 
(91
)
Net income from discontinued operations attributable to MIC
$
5

 
$
11

 
(6
)
 
(55
)
 
$
11

 
$
48

 
$
(37
)
 
(77
)
Net income attributable to MIC
$
11

 
$
38

 
(27
)
 
(71
)
 
$
81

 
$
115

 
$
(34
)
 
(30
)
Basic income per share from continuing operations attributable to MIC
$
0.07

 
$
0.32

 
(0.25
)
 
(78
)
 
$
0.81

 
$
0.79

 
$
0.02

 
3

Basic income per share from discontinued operations attributable to MIC
0.06

 
0.13

 
(0.07
)
 
(54
)
 
0.13

 
0.57

 
(0.44
)
 
(77
)
Basic income per share attributable to MIC
$
0.13

 
$
0.45

 
(0.32
)
 
(71
)
 
$
0.94

 
$
1.36

 
$
(0.42
)
 
(31
)
Weighted average number of shares outstanding: basic
86,073,372

 
85,082,209

 
991,163

 
1

 
85,973,308

 
84,952,551

 
1,020,757

 
1

___________
NM — Not meaningful
(1)
Interest expense includes losses on derivative instruments of $8 million and $12 million for the quarter and six months ended June 30, 2019, respectively. For the quarter and six months ended June 30, 2018, interest expense includes gains on derivative instruments of $4 million and $14 million, respectively.

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Results of Operations: Consolidated – (continued)

Revenue
Consolidated revenues decreased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily as a result of, (i) the sale of the mechanical contractor business by our MIC Hawaii segment; (ii) the sale of an environmental services business by IMTT; (iii) lower storage utilization and lower average storage rates at IMTT; and (iv) lower wholesale cost of fuel, partially offset by increases in hangar rentals and volume of fuel sold at Atlantic Aviation. Consolidated revenues for the six months ended June 30, 2019 also included the refinery termination payment received by IMTT.
Cost of Services and Product Sales
Consolidated cost of services and product sales decreased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily as a result of, (i) the absence of costs related to the mechanical contractor business at MIC Hawaii and the environmental services business at IMTT; and (ii) lower wholesale cost of fuel at Atlantic Aviation.
For the quarter and six months ended June 30, 2019, MIC Hawaii recorded unfavorable changes in unrealized gains (losses) on commodity hedges at Hawaii Gas versus the prior comparable periods. See “Results of Operations — MIC Hawaii” below).
Selling, General and Administrative Expenses
Selling, general and administrative expenses increased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily as a result of, (i) higher professional services fees, including costs incurred in connection with defending litigation and other legal matters; (ii) consulting expenses incurred in conjunction with our evaluation of opportunities for improved efficiencies; (iii) higher salaries and benefits; and (iv) expenses related to a long-term incentive compensation plan for senior management of the operating businesses implemented in 2019. The increase in selling, general and administrative expenses was partially offset by the absence of expenses related to businesses that were sold during 2018 and lower costs incurred in connection with the evaluation of various investment and acquisition and disposition opportunities.
Fees to Manager
Our Manager is entitled to a monthly base management fee based on our market capitalization and potentially a quarterly performance fee based on total stockholder returns relative to a U.S. utilities index. For the quarter and six months ended June 30, 2019, we incurred base management fees of $7 million and $15 million, respectively, compared with $11 million and $24 million for the quarter and six months ended June 30, 2018, respectively. Base management fees decreased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily due to the Manager’s waiver of two elements of the base management fee to which it is entitled and a reduction in the market capitalization of our Company. For the quarter and six months ended June 30, 2019, base management fees were calculated on the equity market capitalization of our Company less cash on hand at the holding company. No performance fees were incurred in either of the current or prior comparable periods. The unpaid portion of base management fees and performance fees, if any, at the end of each reporting period is included in the line item Due to Manager-related party in our consolidated condensed balance sheets.
In all of the periods shown below, our Manager elected to reinvest any fees to which it was entitled in new primary shares. In accordance with the Third Amended and Restated Management Services Agreement, our Manager has currently elected to reinvest future base management fees and performance fees, if any, in new primary shares.
Period
 
Base Management
Fee Amount
($ in millions)
 
Performance
Fee Amount
($ in millions)
 
Shares
Issued
2019 Activities:
 
 
 
 
 
 
 
Second quarter 2019
 
$
7

 
$

 
192,103

(1) 
First quarter 2019
 
8

 

 
184,448

 
 
 
 
 
 
 
 
 
2018 Activities:
 
 
 
 
 
 
 
Fourth quarter 2018
 
$
9

 
$

 
220,208

 
Third quarter 2018
 
12

 

 
269,286

 
Second quarter 2018
 
11

 

 
277,053

 
First quarter 2018
 
13

 

 
265,002

 
___________
(1)
Our Manager elected to reinvest all of the monthly base management fees for the second quarter of 2019 in shares. We issued 192,103 shares for the quarter ended June 30, 2019, including 64,602 shares that were issued in July 2019 for the June 2019 monthly base management fee.

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Results of Operations: Consolidated – (continued)

Depreciation
Depreciation expense increased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily as a result of assets placed in service.
Amortization of Intangibles
Amortization of intangibles decreased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily due to sales of certain smaller and non-core businesses in 2018.
Interest Expense and (Losses) Gains on Derivative Instruments
Interest expense includes losses on derivative instruments of $8 million and $12 million for the quarter and six months ended June 30, 2019, respectively, and gains on derivative instruments of $4 million and $14 million for the quarter and six months ended June 30, 2018, respectively. Gains (losses) on derivatives recorded in interest expense are attributable to the change in fair value of interest rate hedging instruments. Excluding the derivative adjustments, cash interest expense was $31 million and $59 million for the quarter and six months ended June 30, 2019, respectively, compared with $25 million and $48 million for the quarter and six months ended June 30, 2018. The increase in cash interest expense reflects primarily an increase in the weighted average interest rate of all debt facilities. See discussions of interest expense for each of our operating businesses below.
Other (Expense) Income, net
Other (expense) income, net, decreased for the quarter and six months ended June 30, 2019 compared with the quarter and six months ended June 30, 2018 primarily due to the decrease in fee income from a third party developer of renewable power facilities. The relationship with the developer concluded during July 2019.
Income Taxes
We file a consolidated federal income tax return that includes the financial results of IMTT, Atlantic Aviation, MIC Hawaii and our allocable share of the taxable income (loss) from the solar and wind facilities in discontinued operations. The solar and wind facilities in which we own less than 100% of the equity are held in limited liability companies that are treated as partnerships for tax purposes. Pursuant to a tax sharing agreement, the businesses included in our consolidated federal income tax return pay MIC an amount equal to the federal income tax each would have paid on a standalone basis as if they were not part of the consolidated federal income tax return. In addition, our businesses file income tax returns and may pay taxes in the state and local jurisdictions in which they operate.
We expect our current year federal taxable income from continuing operations for the year ending December 31, 2019 to be approximately $128 million and current year state income taxes to be approximately $15 million including tax benefits associated with planned capital deployments between $250 million and $275 million. Our federal Net Operating Losses (NOLs) carryforward at December 31, 2018 was $152 million. In calculating our consolidated state income tax provision, we have provided a valuation allowance for certain state income tax NOLs, the use of which is uncertain. These estimates exclude the impact of gains from announced sales of assets concluded and expected to be concluded during the third quarter of 2019. The gains, or deployment of less than the anticipated amounts of growth capital, would increase our federal and state income taxes payable.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cash items and Free Cash Flow
In addition to our results under U.S. GAAP, we use certain non-GAAP measures to assess the performance and prospects of our businesses. In particular, we use EBITDA excluding non-cash items and Free Cash Flow.
We measure EBITDA excluding non-cash items as it reflects our businesses’ ability to effectively manage the volume of products sold or services provided, the operating margin earned on those transactions and the management of operating expenses independent of the capitalization and tax attributes of those businesses. We believe investors use EBITDA excluding non-cash items primarily as a measure of the operating performance of MIC’s businesses and to make comparisons with the operating performance of other businesses whose depreciation and amortization expense may vary widely from ours, particularly where acquisitions and other non-operating factors are involved. We define EBITDA excluding non-cash items as net income (loss) or earnings — the most comparable GAAP measure — before interest, taxes, depreciation and amortization and non-cash items including impairments, unrealized derivative gains and losses, adjustments for other non-cash items and pension expense reflected in the statements of operations. EBITDA excluding non-cash items also excludes base management fees and performance fees, if any, whether paid in cash or stock.
Our businesses are characteristically owners of high-value, long-lived assets capable of generating substantial Free Cash Flow. We define Free Cash Flow as cash from operating activities — the most comparable GAAP measure — which includes cash interest, tax payments and pension contributions, less maintenance capital expenditures, which includes principal repayments on capital lease obligations used to fund maintenance capital expenditures, and excludes changes in working capital.

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Results of Operations: Consolidated – (continued)

We use Free Cash Flow as a measure of our ability to sustain and potentially increase our quarterly cash dividend and funding a portion of our growth. GAAP metrics such as net income (loss) do not provide us with the same level of visibility into our performance and prospects as a result of: (i) the capital intensive nature of our businesses and the generation of non-cash depreciation and amortization; (ii) shares issued to our external Manager under the Management Services Agreement; (iii) our ability to defer all or a portion of current federal income taxes; (iv) non-cash unrealized gains or losses on derivative instruments; (v) gains (losses) on disposal of assets; (vi) non-cash compensation expenses related to a long-term incentive compensation plan for senior management of the operating businesses implemented in 2019; and (vii) pension expenses. Pension expenses primarily consist of interest cost, expected return on plan assets and amortization of actuarial and performance gains and losses. Any cash contributions to pension plans are reflected as a reduction to Free Cash Flow and are not included in pension expense. We believe that external consumers of our financial statements, including investors and research analysts, use Free Cash Flow both to assess MIC’s performance and as an indicator of its success in generating an attractive risk-adjusted total return.
In this Quarterly Report on Form 10-Q, we have disclosed Free Cash Flow on a consolidated basis and for each of our operating segments and MIC Corporate and Other. We believe that both EBITDA excluding non-cash items and Free Cash Flow support a more complete and accurate understanding of the financial and operating performance of our businesses than would otherwise be achieved using GAAP results alone.
Free Cash Flow does not take into consideration required payments on indebtedness and other fixed obligations or other cash items that are excluded from our definition of Free Cash Flow. We note that Free Cash Flow may be calculated differently by other companies thereby limiting its usefulness as a comparative measure. Free Cash Flow should be used as a supplemental measure and not in lieu of our financial results reported under GAAP.
Classification of Maintenance Capital Expenditures and Growth Capital Expenditures
We categorize capital expenditures as either maintenance capital expenditures or growth capital expenditures. As neither maintenance capital expenditure nor growth capital expenditure is a GAAP term, we have adopted a framework to categorize specific capital expenditures. In broad terms, maintenance capital expenditures primarily maintain our businesses at current levels of operations, capability, profitability or cash flow, while growth capital expenditures primarily provide new or enhanced levels of operations, capability, profitability or cash flows. We consider a number of factors in determining whether a specific capital expenditure will be classified as maintenance or growth.
We do not bifurcate specific capital expenditures into maintenance and growth components. Each discrete capital expenditure is considered within the above framework and the entire capital expenditure is classified as either maintenance or growth.

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Results of Operations: Consolidated – (continued)

A reconciliation of net income from continuing operations to EBITDA excluding non-cash items from continuing operations and a reconciliation from cash provided by operating activities from continuing operations to Free Cash Flow from continuing operations, on a consolidated basis, is provided below. Similar reconciliations for each of our operating businesses and Corporate and Other follow.
 
Quarter Ended June 30,
 
Change
Favorable/(Unfavorable)
 
Six Months Ended June 30,
 
Change
Favorable/(Unfavorable)
 
2019
 
2018
 
$
 
%
 
2019
 
2018
 
$
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
($ In Millions) (Unaudited)
Net income from continuing operations
$
6

 
$
27

 
 
 
 
 
$
70

 
$
67

 
 
 
 
Interest expense, net(1)
45

 
25

 
 
 
 
 
84

 
43

 
 
 
 
Provision for income taxes
2

 
12

 
 
 
 
 
26

 
30

 
 
 
 
Depreciation
48

 
47

 
 
 
 
 
96

 
94

 
 
 
 
Amortization of intangibles
15

 
17

 
 
 
 
 
30

 
33

 
 
 
 
Fees to Manager-related party
7

 
11

 
 
 
 
 
15

 
24

 
 
 
 
Other non-cash expense, net(2)
9

 
2

 
 
 
 
 
13

 
11

 
 
 
 
EBITDA excluding non-cash items-continuing operations
$
132

 
$
141

 
(9
)
 
(6
)
 
$
334

 
$
302

 
32

 
11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA excluding non-cash items-continuing operations
$
132

 
$
141

 
 
 
 
 
$
334

 
$
302

 
 
 
 
Interest expense, net(1)
(45
)
 
(25
)
 
 
 
 
 
(84
)
 
(43
)
 
 
 
 
Adjustments to derivative instruments recorded in interest expense(1)
11

 
(2
)
 
 
 
 
 
18

 
(11
)
 
 
 
 
Amortization of debt financing costs(1)
2

 
1

 
 
 
 
 
5

 
4

 
 
 
 
Amortization of debt discount(1)
1

 
1

 
 
 
 
 
2

 
2

 
 
 
 
Provision for current income taxes
(2
)
 
(4
)
 
 
 
 
 
(9
)
 
(8
)
 
 
 
 
Changes in working capital
9

 
3

 
 
 
 
 
(7
)
 
(1
)
 
 
 
 
Cash provided by operating activities-continuing operations
108

 
115

 
 
 
 
 
259

 
245

 
 
 
 
Changes in working capital
(9
)
 
(3
)
 
 
 
 
 
7

 
1

 
 
 
 
Maintenance capital expenditures
(13
)
 
(8
)
 
 
 
 
 
(23
)
 
(18
)
 
 
 
 
Free cash flow-continuing operations
86

 
104

 
(18
)
 
(17
)
 
243

 
228

 
15

 
7

Free cash flow-discontinued operations
7

 
20

 
(13
)
 
(65
)
 
14

 
33

 
(19
)
 
(58
)
Total Free Cash Flow
$
93

 
$
124

 
(31
)
 
(25
)
 
$
257

 
$
261

 
(4
)
 
(2
)
___________
(1)
Interest expense, net, includes adjustments to derivative instruments, non-cash amortization of deferred financing fees and non-cash amortization of debt discount related to the 2.00% Convertible Senior Notes due October 2023.
(2)
Other non-cash expense, net, primarily includes pension expense of $2 million and $4 million for the quarter and six month periods ended June 30, 2019 and 2018, respectively, unrealized gains (losses) on commodity hedges, expenses related to a long-term incentive compensation plan for senior management of the operating businesses implemented in 2019 and non-cash gains (losses) related to the disposal of assets. Pension expense primarily consists of interest cost, expected return on plan assets and amortization of actuarial and performance gains and losses. See “Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cash items and Free Cash Flow” above for further discussion.


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Results of Operations: IMTT
The financial performance of IMTT is in large part a function of the amount of bulk liquid storage capacity the business has under contract and the rates for storage and other services achieved on those contracts. The portion of IMTT’s storage capacity under contract (utilization) averaged 82.9% and 82.7% for the quarter and six months ended June 30, 2019, respectively, compared with 86.1% and 87.1% for the quarter and six months ended June 30, 2018, respectively. Utilization averaged 82.5% for the quarter ended March 31, 2019. IMTT expects utilization rates to increase during the balance of 2019.

IMTT expects lower average rates for storage and handling of clean petroleum products in the New York Harbor to continue to negatively impact its financial results. The business believes that it will regain the ability to raise prices as the supply of storage in the market tightens. The impact of lower average rates is expected to be partially offset by an increase in utilization related to demand for storage and logistics of a range of products coinciding with the implementation of the International Maritime Organization’s IMO Marpol Annex VI (IMO 2020) regulations limiting the sulphur content of marine fuel. The new rules go into effect on January 1, 2020. The precise impact of the implementation of IMO 2020 on demand for storage and related services cannot be determined with certainty at this time.
IMTT is evaluating and implementing a number of initiatives related to repurposing existing storage capacity and repositioning the overall business:
Repurposing
In early 2018, IMTT announced that it could repurpose up to 3.0 million barrels of capacity on the Lower Mississippi River, of which approximately 1.3 million barrels were completed in 2018. IMTT is evaluating projects which would result in up to 1.0 million barrels of capacity being repurposed, subject to identification of a corresponding amount of customer demand.
Repositioning
Repositioning includes projects intended to leverage IMTT’s existing terminal locations through increases in capacity, capability and connectivity designed to meet customer demand and/or further diversify the mix of products handled. To date, IMTT has invested approximately $35 million of the approximately $175 million of previously announced repositioning projects. IMTT has experienced delays in the expenditures associated with certain projects in Louisiana due to construction restrictions by the U.S. Army Corps of Engineers as a result of higher than normal water levels on the Mississippi River. Most of the projects that have been delayed would not have been placed in service until late 2019 or early 2020, thus their impact on IMTT’s 2019 financial results is expected to be minimal.
The successful implementation of the repurposing and repositioning initiatives is, over time, expected to, (i) improve utilization and average storage rates; (ii) increase exposure to those products that we believe have better growth prospects; (iii) generate a larger proportion of IMTT’s revenue from longer-dated contracts; and, (iv) reduce IMTT's exposure to short-term contracts for heavy and residual oil storage.

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Results of Operations: IMTT – (continued)

 
Quarter Ended June 30,
 
Change
Favorable/(Unfavorable)
 
Six Months Ended June 30,
 
Change
Favorable/(Unfavorable)
 
2019
 
2018
 
 
2019
 
2018
 
 
$
 
$
 
$
 
%
 
$
 
$
 
$
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
($ In Millions) (Unaudited)
Revenue
119

 
129

 
(10
)
 
(8
)
 
280

 
268

 
12

 
4

Cost of services
49

 
50

 
1

 
2

 
99

 
104

 
5

 
5

Selling, general and administrative expenses
9

 
8

 
(1
)
 
(13
)
 
17

 
17

 

 

Depreciation and amortization
33

 
33

 

 

 
66

 
66

 

 

Operating income
28

 
38

 
(10
)
 
(26
)
 
98

 
81

 
17

 
21

Interest expense, net(1)
(15
)
 
(11
)
 
(4
)
 
(36
)
 
(28
)
 
(19
)
 
(9
)
 
(47
)
Provision for income taxes
(4
)
 
(8
)
 
4

 
50

 
(20
)
 
(18
)
 
(2
)
 
(11
)
Net income
9

 
19

 
(10
)
 
(53
)
 
50

 
44

 
6

 
14

Reconciliation of net income to EBITDA excluding non-cash items and a reconciliation of cash provided by operating activities to Free Cash Flow:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
9

 
19

 
 
 
 
 
50

 
44

 
 
 
 
Interest expense, net(1)
15

 
11

 
 
 
 
 
28

 
19

 
 
 
 
Provision for income taxes
4

 
8

 
 
 
 
 
20

 
18

 
 
 
 
Depreciation and amortization
33

 
33

 
 
 
 
 
66

 
66

 
 
 
 
Other non-cash expense, net(2)
3

 
3

 
 
 
 
 
4

 
5

 
 
 
 
EBITDA excluding non-cash items
64

 
74

 
(10
)
 
(14
)
 
168

 
152

 
16

 
11

EBITDA excluding non-cash items
64

 
74

 
 
 
 
 
168

 
152

 
 
 
 
Interest expense, net(1)
(15
)
 
(11
)
 
 
 
 
 
(28
)
 
(19
)
 
 
 
 
Adjustments to derivative instruments recorded in interest expense(1)
5

 
(1
)
 
 
 
 
 
7

 
(5
)
 
 
 
 
Amortization of debt financing costs(1)

 

 
 
 
 
 
1

 

 
 
 
 
Provision for current income taxes
(1
)
 
(4
)
 
 
 
 
 
(12
)
 
(8
)
 
 
 
 
Changes in working capital
2

 
6

 
 
 
 
 
10

 
11

 
 
 
 
Cash provided by operating activities
55

 
64

 
 
 
 
 
146

 
131

 
 
 
 
Changes in working capital
(2
)
 
(6
)
 
 
 
 
 
(10
)
 
(11
)
 
 
 
 
Maintenance capital expenditures
(8
)