Macquarie Infrastructure Holdi (MIC) 2021 Q1 法說會逐字稿

Good morning, and welcome to the Macquarie Infrastructure Corporation's First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Jay Davis, Head of Investor Relations. Please go ahead.

早安，歡迎參加麥格理基礎建設公司2021年第一季業績電話會議。 （接線員指示）請注意，本次會議正在錄音。現在我將把電話會議交給投資者關係主管傑伊·戴維斯。請開始。

Thank you, and welcome to Macquarie Infrastructure Corporation's Earnings Conference call, this covering the first quarter of 2021. Our call today is being webcast and is open to the media. In addition to discussing our financial performance on this call, we have published a press release summarizing the results and filed a financial report on Form 10-Q with the Securities and Exchange Commission. These materials were released this morning and copies may be downloaded from our website at www.macquarie.com/mic.

謝謝大家，歡迎參加麥格理基礎建設公司2021年第一季業績電話會議。今天的電話會議將進行網路直播，並向媒體開放。除了在本次電話會議上討論我們的財務業績外，我們還發布了一份新聞稿，概述了業績，並向美國證券交易委員會提交了10-Q表財務報告。這些資料已於今天上午發布，您可以從我們的網站www.macquarie.com/mic下載。

Before turning the proceedings over to Macquarie Infrastructure Corporation's Chief Executive Officer, Christopher Frost, let me remind you that this presentation is proprietary and all rights are reserved. Any recording, rebroadcast or other use of this presentation in whole or in part without the prior written consent of Macquarie Infrastructure Corporation is prohibited.

在將會議移交給麥格理基礎設施公司執行長克里斯托弗·弗羅斯特之前，請允許我提醒您，本簡報為專有，保留所有權利。未經麥格理基礎設施公司事先書面許可，禁止錄製、轉播或以其他方式使用本簡報的全部或部分內容。

This presentation is based on information generally available to the public and does not contain any material nonpublic information. The presentation has been prepared solely for information purposes and is not a solicitation of an offer to buy or sell any security or instrument. This presentation contains forward-looking statements.

本簡報是基於公眾普遍可得的信息，不包含任何重大非公開資訊。本簡報僅供參考，不構成買賣任何證券或工具的要約邀請。本簡報包含前瞻性陳述。

We may, in some cases, use words that convey uncertainty of future events or outcomes to identify these forward-looking statements, including those used to describe the anticipated specific and overall impacts of COVID-19. Forward-looking statements in this presentation are subject to a number of risks and uncertainties. A description of known risks that could cause our actual results to differ appears under the caption Risk Factors in our Form 10-K.

在某些情況下，我們可能會使用表達未來事件或結果不確定性的字詞來識別這些前瞻性陳述，包括用於描述COVID-19預期具體和整體影響的字詞。本簡報中的前瞻性陳述受多種風險和不確定性的影響。可能導致我們實際結果出現差異的已知風險的描述，請參閱我們10-K表格中「風險因素」標題下的描述。

Our actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which we are not currently aware could also cause our actual results to differ.

我們的實際結果、績效、前景或機會可能與前瞻性陳述中明示或暗示的內容有重大差異。我們目前尚未知曉的其他風險也可能導致我們的實際結果出現差異。

The forward-looking events discussed in this presentation may not occur. 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 after the completion of this presentation, whether as a result of new information, future events or otherwise, except as required by law.

本簡報中討論的前瞻性事件可能不會發生。這些前瞻性陳述截至本簡報發布之日有效。除非法律另有規定，否則我們不承擔在本簡報完成後公開更新或修改任何前瞻性陳述的義務，無論其是否因新資訊、未來事件或其他原因而發生。

During today's call, we will reference the non-GAAP measures, earnings before interest, taxes, depreciation and amortization, or EBITDA, and free cash flow as defined by us. A reconciliation of these non-GAAP measures to the most comparable GAAP measures can be found in our 10-Q and in the tables attached to our earnings press release.

在今天的電話會議上，我們將參考非公認會計準則 (Non-GAAP) 指標，即息稅折舊攤銷前利潤 (EBITDA) 以及我們定義的自由現金流。這些非公認會計準則 (Non-GAAP) 指標與最具可比性的公認會計準則 (GAAP) 指標的對帳表，請參閱我們的 10-Q 報表以及財報新聞稿的附表。

Also participating in today's call is Macquarie Infrastructure Corporation's Chief Financial Officer, Nick O'Neil. With that, it is my pleasure to welcome MIC's Chief Executive Officer, Christopher Frost.

麥格理基礎設施公司財務長尼克·奧尼爾也出席了今天的電話會議。同時，我很高興歡迎麥格理基礎設施公司執行長克里斯托弗·弗羅斯特的到來。

Thank you, Jay, and thanks to those of you joining our call this morning. We intend to provide you with an update on our results for the first quarter, including our revised guidance, the sales processes involving our remaining businesses and our 2 upcoming shareholder meetings.

謝謝傑伊，也謝謝各位今天上午參加我們的電話會議。我們計劃向大家通報第一季業績的最新情況，包括修訂後的業績指引、剩餘業務的出售流程以及即將召開的兩次股東大會。

I will begin with the proposal that will be put before our shareholders later this week and next. Our Special Meeting of Shareholders will take place at 3:00 p.m. Eastern Time on Thursday, May 6. At the special meeting, shareholders will be asked to approve a plan of merger as part of a reorganization of the company. Under the plan, MIC would become a wholly owned subsidiary of a newly formed entity, Macquarie Infrastructure Holdings LLC, or MIH.

我首先要介紹的是本週稍後和下週提交給股東的提案。我們的特別股東大會將於5月6日星期四美國東部時間下午3點舉行。在特別股東大會上，股東將被要求批准合併計劃，作為公司重組的一部分。根據該計劃，MIC將成為新成立的麥格理基礎設施控股有限公司（Macquarie Infrastructure Holdings LLC，簡稱MIH）的全資子公司。

The reorganization facilitates the sale of our remaining businesses in any order without altering the tax efficiency of such sales as MIH would be treated as a partnership for federal income tax purposes.

此次重組有利於以任何順序出售我們剩餘的業務，而不會改變此類銷售的稅收效率，因為 MIH 在聯邦所得稅方面將被視為合夥企業。

The approval of the plan authorizes MIC's Board of Directors to determine if and when reorganizing the company would be in the best interest of shareholders. Consistent with our previous statements, we expect to implement the reorganization only after we've entered into an agreement to sell Atlantic Aviation and just prior to the closing of such sale. We currently expect to sell Atlantic Aviation this year.

該計劃的批准授權MIC董事會決定公司重組是否以及何時符合股東的最佳利益。與我們先前的聲明一致，我們預計重組將在達成出售大西洋航空的協議之後，並在出售完成之前實施。我們目前預計今年將出售大西洋航空。

The regulatory approval process associated with MIC Hawaii makes it more likely that a sale of that segment occurs in 2022. Please refer to our proxy statement for a complete description of the matters to be considered at the special meeting of shareholders. We would welcome the opportunity to discuss the proposal with any shareholders who may have questions about the matter.

鑑於MIC夏威夷的相關監管審批流程，該部門很可能在2022年完成出售。請參閱我們的股東委託書，以了解特別股東會將審議事項的完整描述。我們歡迎任何對此事項有疑問的股東就此提案進行討論。

Our Annual General Meeting of Shareholders will commence at 10:00 a.m. Eastern Time on Wednesday, May 12. At that meeting, shareholders will be asked to approve the reelection of our directors to 1 year terms, to ratify the appointment of KPMG as our auditors for 2021 and to approve on an advisory basis, the compensation of our seconded executives.

我們的年度股東大會將於美國東部時間 5 月 12 日星期三上午 10:00 開始。在此次會議上，股東將被要求批准連任董事，任期為 1 年，批准任命畢馬威 (KPMG) 為我們 2021 年的審計師，並以諮詢方式批准我們借調高管的薪酬。

Both the special meeting and the annual meeting will be conducted virtually and instructions on how to participate were delivered to shareholders of record with the relevant proxy statements.

特別股東大會和年度股東大會都將以線上方式進行，有關如何參與的說明已透過相關代理聲明發送給登記在冊的股東。

As noted in our earnings press release published this morning, the sale processes involving our remaining businesses are progressing. Given this and not wanting to prejudice MIC's position with potential buyers, we will limit our remarks during this call to the following points. We are pleased with the level of interest from potential buyers, particularly in our Atlantic Aviation business and remain confident in our ability to unlock value for shareholders through separate sales of Atlantic Aviation and MIC Hawaii.

正如我們今早發布的收益新聞稿中所述，我們剩餘業務的出售流程正在推進中。有鑑於此，並且為了避免損害MIC在潛在買家中的立場，我們將在本次電話會議上的發言限制在以下幾點。我們對潛在買家的濃厚興趣感到滿意，尤其是對我們大西洋航空業務的興趣，我們仍然有信心透過單獨出售大西洋航空和MIC夏威夷業務，為股東創造價值。

In connection with the sale processes, we are winding down operations of our shared services center, MIC Global Services. Functions other than those supporting the public company are being allocated to or reconstituted in our remaining businesses.

配合出售流程，我們將逐步關閉共享服務中心 MIC Global Services 的營運。除支援上市公司的職能外，其他職能將被分配或重組至我們剩餘的業務部門。

Following the sale of Atlantic Aviation, we expect to distribute the net proceeds to unitholders of MIH by way of a special distribution. The subsequent sale of MIC Hawaii would be achieved through a sale of the units of MIH and unitholders would receive a per unit consideration from the purchaser. I will not speculate on any outcomes with respect to value or the timing of any sale announcement.

大西洋航空出售後，我們預計將以特別分配的方式將淨收益分配給MIH的單位持有人。 MIC Hawaii的後續出售將透過出售MIH的單位來實現，單位持有人將從購買者獲得按單位計算的對價。我不會對任何出售公告的價值或時間做出任何推測。

Regarding our ongoing businesses, we continue to focus on ensuring the health and safety of our employees and customers. The protocols we've had in place for the past year to protect against COVID-19 continue to work effectively. The operations of both of our businesses are being carried out without interruption.

關於我們正在進行的業務，我們將繼續致力於保障員工和客戶的健康和安全。過去一年來，我們為防範新冠疫情而製定的各項規程依然有效。我們兩項業務的營運均在不間斷地進行。

MIC'S financial and operational results for the first quarter reflect an acceleration of the COVID-19 vaccine program in the U.S., yielding one, an increase in general aviation flight activity that exceeded our expectations and two, a substantial uptick in the number of visitor arrivals to Hawaii that contributed to an increase in gas consumption.

MIC 第一季的財務和營運表現反映了美國新冠疫苗接種計劃的加速，其結果是，一是通用航空飛行活動的增長超出了我們的預期，二是到訪夏威夷的遊客數量大幅增加，導致天然氣消耗量增加。

Together with lower expenses at the holding company level, MIC generated approximately $77 million of adjusted EBITDA, excluding noncash items for the quarter, up 2% on the first quarter in 2020.

加上控股公司層級的支出降低，MIC 本季的調整後 EBITDA（不含非現金項目）約為 7,700 萬美元，較 2020 年第一季成長 2%。

The fundamental drivers of our operating businesses improved during the first quarter. Based on data reported by the FAA, flight activity nationwide was up 8% in the first quarter versus the first quarter in 2020 and just 3% below the level recorded in 2019.

我們經營業務的基本驅動力在第一季有所改善。根據美國聯邦航空管理局 (FAA) 報告的數據，第一季全國航班活動較 2020 年第一季成長了 8%，僅比 2019 年同期水準低 3%。

Activity levels for the month of March exceeded those in March of 2019 by 7%. Flight activity at the airports on which Atlantic Aviation operates, was up 5% for the quarter versus 2020 and was just 6% below the level recorded in 2019.

3月份的航空活動水準較2019年3月高出7%。大西洋航空營運機場的航班活動本季較2020年同期成長了5%，僅比2019年同期低6%。

Activity at those airports in the month of March was up 3% versus March of 2019. The difference in the overall industry results and those of our business remains Atlantic Aviation's exposure to business-oriented locations that have yet to see a full recovery in activity.

與 2019 年 3 月相比，這些機場 3 月的活動增加了 3%。整個產業績效與我們業務績效之間的差異仍然是大西洋航空對商務導向地區的曝險，而這些地區的活動尚未完全恢復。

As has been the case for much of the past year, leisure-oriented locations in the Intermountain West and Florida regions continue to lead the recovery. However, we also saw an increase in activity of business-oriented locations, including New York and Chicago in March. On top of the increase in flight activity, Atlantic Aviation continued to benefit from steady growth in tenant hanger rent year-over-year.

與過去一年大部分時間的情況一樣，落基山脈西部和佛羅裡達地區的休閒度假區繼續引領復甦。然而，我們也看到商務目的地的活動增加，包括3月的紐約和芝加哥。除了航班活動的增加外，大西洋航空還繼續受益於租戶機庫租金的同比穩步增長。

Activity levels across the portfolio increased through the first half of April, although slowed as expected in the second half of the month reflecting typical seasonal factors. The driver of the performance improvement at MIC Hawaii was increasing visitor arrivals to Hawaii. This resulted in an increase in consumption of gas by commercial and industrial customers, including hotels, laundries and restaurants. The number of visitors increased to 33% of 2019 levels in the first quarter, up sequentially from 19% in the fourth quarter of 2020.

整個投資組合的活動量在4月上半月有所上升，但下半月如預期般放緩，反映出典型的季節性因素。 MIC夏威夷業績改善的驅動力是造訪夏威夷的遊客人數增加。這導致包括酒店、洗衣店和餐廳在內的商業和工業客戶的天然氣消耗量增加。第一季度，遊客數量增至2019年水準的33%，較上季成長，高於2020年第四季的19%。

Preliminary indications are that the number of visitors to Hawaii in April was consistent with what we saw in March. At this point, I will turn the call over to Nick for some additional color on our operating performance, capital management strategies and revised guidance for 2021.

初步跡象表明，4月份前往夏威夷的遊客數量與3月份持平。現在，我將把電話會議交給Nick，請他進一步介紹我們的營運績效、資本管理策略以及2021年的修訂指引。

Thank you, Chris, and good morning, everyone. I'll begin by commenting on some of the capital management initiatives we completed during the quarter. In February, we launched a tender offer for any and all of our convertible notes, of which there were approximately $403 million outstanding. The offer closed on March 16, with approximately $359 million of notes being tendered at par plus accrued interest. Since then, we have purchased an additional $6 million of notes in the open market also at par.

謝謝克里斯，大家早安。首先，我想談談我們在本季完成的一些資本管理措施。 2月份，我們啟動了所有可轉換票據的要約收購，其中未償還金額約為4.03億美元。收購於3月16日結束，約3.59億美元的票據以票面價格加上應計利息收購。此後，我們又在公開市場上以票面價格購買了600萬美元的票據。

In total, we have repurchased 91% of the notes outstanding, and we expect to continue to acquire notes in the open market. In any case, we will continue to reserve cash equal to the balance of the notes outstanding.

總體而言，我們已回購了91%的未償還票據，並預計將繼續在公開市場上購入票據。無論如何，我們將繼續保留與未償還票據餘額相等的現金。

In April, we fully repaid the $100 million of senior secured notes outstanding at MIC Hawaii and amended the remaining debt to remove the change of control risk that could have otherwise affected the reorganization of MIC and the subsequent sale of MIH and MIC Hawaii.

4 月份，我們全額償還了 MIC Hawaii 未償還的 1 億美元優先擔保票據，並修改了剩餘債務，以消除控制權變更風險，否則該風險可能會影響 MIC 的重組以及隨後 MIH 和 MIC Hawaii 的出售。

The benefits of the repayment and amendment that they, one, facilitate the timely reorganization of MIC and the sale of Atlantic Aviation prior to the sale of MIC Hawaii, and two, leave MIC Hawaii with a prudent level of leverage on a stand-alone basis as the business recovers.

償還和修改的好處在於：第一，有利於及時重組 MIC，並在出售 MIC 夏威夷之前出售大西洋航空；第二，使 MIC 夏威夷在業務復甦時能夠保持審慎的獨立槓桿水平。

The remaining debt outstanding at our MIC Hawaii businesses totals $94 million and consists of 2 term loans with a weighted average remaining maturity of approximately 2.3 years.

我們 MIC 夏威夷業務的剩餘未償還債務總額為 9,400 萬美元，包括 2 筆定期貸款，加權平均剩餘期限約為 2.3 年。

We had approximately $290 million of unrestricted cash available in our consolidated balance sheet at the end of April or approximately $250 million after reserving for the convertible notes that remain outstanding. We believe this amount of cash results in a reasonable net leverage position and is an appropriate level of liquidity given the current and expected performance of our businesses.

截至4月底，我們的合併資產負債表中擁有約2.9億美元的非限制性現金，扣除未償還可轉換債券的準備金後，約2.5億美元。我們認為，這筆現金將帶來合理的淨槓桿率，並且考慮到我們目前和預期的業務表現，流動性水準也處於合理水準。

Turning to our financial performance for the quarter. Gross margin at Atlantic Aviation is still being affected by the mix of activity across the portfolio, including smaller planes, shorter trips and leisure-oriented travel. As a result, gross margin was down 2% versus the prior comparable quarter. However, the team at Atlantic Aviation continued to manage expenses effectively.

回顧本季的財務業績。大西洋航空的毛利率仍受到其整體業務組合的影響，包括小型飛機、短途旅行和休閒旅遊。因此，毛利率較上一季下降了2%。然而，大西洋航空團隊繼續有效地管理費用。

Atlantic Aviation generated adjusted EBITDA of just over $67 million for the quarter, up 2% over the first quarter in 2020. The free cash flow of over $50 million produced by Atlantic Aviation, a $10 million increase year-over-year reflects lower interest expense, cash taxes and maintenance capital expenditures. Importantly, the strong cash generation positions the business well with respect to funding its growth agenda for the year.

大西洋航空本季調整後息稅折舊攤提前利潤（EBITDA）略高於6,700萬美元，較2020年第一季成長2%。大西洋航空產生的自由現金流超過5000萬美元，年增1000萬美元，這反映了利息支出、現金稅費和維護資本支出的下降。重要的是，強勁的現金產生能力為公司今年的成長計畫提供了良好的資金支持。

MIC Hawaii generated adjusted EBITDA of slightly under $14 million in the first quarter, down 11% versus the first quarter last year. The result reflects a decrease in the amount of gas sold, partially offset by lower selling, general and administrative expenses. The free cash flow produced by MIC Hawaii of $9 million was approximately $1 million higher than in the first quarter of 2020.

MIC Hawaii 第一季調整後息稅折舊攤銷前利潤 (EBITDA) 略低於 1,400 萬美元，較去年同期下降 11%。這一結果反映了天然氣銷售量的下降，但部分被銷售、一般及行政費用的下降所抵銷。 MIC Hawaii 產生的自由現金流為 900 萬美元，較 2020 年第一季高出約 100 萬美元。

As with Atlantic Aviation, it reflects lower maintenance capital expenditures, cash taxes and interest, though partially offset by the reduction in EBITDA. On the back of the performance of our businesses in the first quarter, we raised our EBITDA guidance for 2021. We now expect Atlantic Aviation to generate between $245 million and $260 million of adjusted EBITDA for the year.

與大西洋航空一樣，其利潤成長反映了維護資本支出、現金稅費及利息的下降，但部分抵消了EBITDA的下降。鑑於第一季業務表現，我們上調了2021年的EBITDA預期。我們目前預計大西洋航空全年調整後EBITDA將在2.45億美元至2.6億美元之間。

The increase is inclusive of any expenses allocated to the business as a result of the wind down of our shared services center. Based on demand during the first quarter, we believe that the ongoing rollout of effective COVID-19 vaccines will continue to boost activity at leisure-oriented locations through the summer.

此次成長包含因共享服務中心關閉而分配給業務的任何費用。根據第一季的需求，我們相信，持續推廣的有效新冠疫苗將在整個夏季持續提振休閒場所的活動。

Consistent with our prior guidance, we assume the bulk of the recovery at business-oriented locations as well as international and event-driven travel will occur during the second half of the year. We continue to expect the business to return to 2019 levels, including patterns of activity by the end of 2021.

與先前的預測一致，我們預計商務旅行、國際旅行和活動驅動型旅行的復甦主要將在今年下半年出現。我們仍然預計，到2021年底，業務將恢復到2019年的水平，包括活動模式。

Factors that could affect the outcome to the upside include an acceleration in the reopening of the economy or sustained leisure demand above historic levels through the remainder of 2021. The current guidance does not assume a spreading of COVID-19 variants resistant to the current therapies or resurgence of COVID-19 generally.

可能影響結果的因素包括經濟重新開放的加速或在 2021 年剩餘時間內休閒需求持續高於歷史水準。目前的指導並不假設對當前療法有抗藥性的 COVID-19 變種會蔓延或 COVID-19 普遍會復發。

The better-than-expected number of visitors to Hawaii during the first quarter supported an upward revision in the adjusted EBITDA guidance for MIC Hawaii to between $35 million and $45 million in 2021. Assumed volume-driven increases in revenue are expected to be partially offset by higher propane costs and higher selling, general and administrative expenses.

第一季造訪夏威夷的遊客數量優於預期，支持 MIC Hawaii 將 2021 年的調整後 EBITDA 指引上調至 3,500 萬美元至 4,500 萬美元之間。預計銷售驅動的收入成長將被更高的丙烷成本和更高的銷售、一般及管理費用部分抵銷。

We expect the costs recorded in our Corporate and Other segment to be lower than previously estimated due to the wind down of our shared services center. Segment adjusted EBITDA is now expected to be a loss of approximately $15 million for the year, down from a $20 million loss previously.

由於共享服務中心的逐步關閉，我們預計企業及其他部門的成本記錄將低於先前的估計。部門調整後EBITDA預計全年虧損約1,500萬美元，低於先前的2,000萬美元。

At this point, I will hand the call back over to Chris for a few closing comments.

現在，我將把電話轉回給克里斯，請他發表一些結束語。

Thank you, Nick. Our highest priority remains unlocking value for shareholders through the sales of both Atlantic Aviation and MIC Hawaii. The processes related to the sales are progressing, and we are confident in our ability to sell Atlantic Aviation in 2021. If approved by shareholders at our special meeting on Thursday of this week, the flexibility to reorganize MIC will allow us to complete the sale of Atlantic Aviation prior to a sale of MIC Hawaii without altering the tax efficiency of the sales.

謝謝，尼克。我們的首要任務仍然是透過出售大西洋航空和MIC夏威夷公司來為股東釋放價值。出售相關流程正在推進，我們有信心在2021年出售大西洋航空。如果在本週四的特別股東大會上獲得股東批准，重組MIC的靈活性將使我們能夠在出售MIC夏威夷公司之前完成大西洋航空的出售，而不會影響出售的稅收效率。

We believe the additional flexibility provides a real benefit to shareholders and your Board of Directors unanimously recommends a vote in favor of the proposal. If you have not yet voted, please do so.

我們相信，額外的靈活性將為股東帶來真正的利益，貴公司董事會一致建議投票支持該提案。如果您尚未投票，請立即投票。

With the anticipated sales of our operating businesses, we are moving to unwind our shared services function. Our operating businesses are performing well, increases in general aviation flight activity and in the number of visitors to Hawaii led to better-than-anticipated financial performance in the first quarter.

隨著營運業務的預期出售，我們正在逐步剝離共享服務功能。我們的營運業務表現良好，通用航空飛行活動的增加以及夏威夷遊客數量的增加，使得第一季的財務表現優於預期。

On the strength of that performance, we have raised our consolidated earnings guidance for 2021 to a range of between $265 million and $290 million. Thank you again for your participation in our call this morning.

基於此業績，我們已將2021年合併獲利預期上調至2.65億美元至2.9億美元之間。再次感謝您參加我們今天早上的電話會議。

I will now ask our operator to open the phone lines for your questions.

我現在請我們的接線生開電話線來回答你們的問題。

(Operator Instructions) Our first question today is from Tristan Richardson of Truist Securities.

（操作員指示）我們今天的第一個問題來自 Truist Securities 的 Tristan Richardson。

I really appreciate all the updates. Thanks for all the comments, particularly on the big step forward on strategic alternatives.

我非常感謝所有更新。感謝大家的評論，尤其是關於策略替代方案方面取得的重大進展的評論。

Just a quick 1 on activity levels. You noted the guidance assumes sort of a return to activity levels reached in '19 by year-end 2021. I guess since you noted strong activity in March and April versus 2019, should we think of that by year-end 2021 assumption as a sort of a comfortable outlook that would get you towards the lower end? Or since you're already sort of seeing activity levels in March and April look towards that '19, should we think of -- if the rest of the year goes as well as April and March has that there is potential upside to that comment?

關於經濟活動水平，我只想簡單問一下。您提到，該指引假設到2021年底，經濟活動水準將恢復到2019年的水準。既然您指出3月和4月的經濟活動與2019年相比強勁，那麼我們是否應該將2021年底的這個假設視為一種舒適的預期，從而讓您接近較低的預期？或者，既然您已經看到3月和4月的經濟活動水準與2019年持平，我們是否應該考慮——如果今年剩餘時間的經濟狀況與4月和3月一樣好，那麼這一評論是否可能存在上漲空間？

Yes. Thanks for the question, Tristan. I think in terms of guidance, what we're assuming is the recovery to 2019 flight activity levels by the end of the year. And importantly, also the patterns of demand that we've seen historically.

是的。謝謝你的提問，特里斯坦。我認為，就預期而言，我們假設航班活動到年底將恢復到2019年的水平。更重要的是，這也符合我們歷史上所觀察到的需求模式。

And what I mean by that is really geographic mix and purpose of travel. And so as part of that, we are assuming that there's a transition from what we're seeing at the moment, which is sort of leisure-oriented travel towards those sort of historic patterns of demand, which obviously include a recovery in business oriented or business-focused travel, return of events and the return of international travel.

我指的是旅行的地理分佈和目的。因此，作為其中的一部分，我們假設，我們目前看到的以休閒為主的旅行，正在向歷史性的需求模式轉變，這顯然包括商務旅行或以商務為中心的旅行的復甦、大型活動的回歸以及國際旅行的回歸。

So as part of that, we are sort of expecting a transition. I think the other point to note is that and there's obviously part of the step-up in guidance is that, that leisure-oriented demand, as we've pointed out, has been -- has exceeded our expectations thus far for the year. There's obviously a lot of discussion at the moment regarding pent-up demand for a lot of different things coming out of the pandemic. And so we may see a continuation of that leisure-oriented demand through the summer, which could be -- could give rise to upside relative to the, call it, the midpoint of guidance.

因此，作為其中的一部分，我們預計會出現一個過渡。我認為另一點需要注意的是，顯然，指引上調的部分原因是，正如我們所指出的，休閒導向的需求已經超出了我們今年迄今為止的預期。目前，關於疫情導致的各類被壓抑的需求，顯然有許多討論。因此，我們可能會看到這種休閒導向的需求在整個夏季持續增長，這可能會帶來相對於指引中點的上行空間。

That's helpful. And just a follow-up. I mean clearly, without discussing value directly, you just -- you noted that you're pleased with the level of bids you're seeing. Can you talk about expectations as we think about your business, should we see -- are there any major differences between your business and some of your peers out there where there is a clear and direct marker such that expectations versus that marker would be meaningfully different?

這很有幫助。我只是想跟進一下。我的意思是，很明顯，雖然沒有直接討論價值，但您剛才提到您對看到的出價水平感到滿意。您能否談談對您的業務的預期？我們應該看看您的業務與一些同行之間是否存在重大差異？這些同業有明確且直接的市場標桿，以至於預期與標竿之間會有顯著差異。

Tristan, I think you are asking us to speculate a little on the value of Atlantic, which I won't do. But what I have said is that we are pleased with the level of interest and I think that people would recognize that Atlantic is really a market-leading FBO network and is very well placed.

特里斯坦，我想你是想讓我們對大西洋航空的價值做一些推測，我不會這麼做。但我說過，我們對大家的興趣程度感到滿意，而且我認為大家會認識到大西洋航空確實是市場領先的FBO網絡，而且位置非常優越。

We obviously have a great geographical and customer mix. And I think that has been evident through the rapid and sustained recovery that we've seen. It's got great exposure to the top U.S. general aviation markets. I would also argue that it's exceptionally well placed to play a leadership role in the consolidation of the FBO sector, particularly after a change of control in the #1 and the #2 players. And I think it also has a leadership team that has a significant track record in terms of acquisitions and M&A.

我們顯然擁有良好的地域和客戶結構。我認為這從我們所看到的快速而持續的復甦中就可以看出。它在美國頂級通用航空市場上擁有巨大的影響力。我還認為，它非常有能力在FBO產業的整合中發揮領導作用，尤其是在第一和第二大公司的控制權發生變更之後。而且我認為，它的領導團隊在收購和併購方面也擁有卓越的業績記錄。

So as I sort of said, I'm happy to restate what I said on my third quarter earnings call, but I believe out of the 3 operating businesses, Atlantic represents the most valuable. We are pleased with the level of interest that we have in Atlantic. We are currently under process. But it would be inappropriate to speculate as to what a sale value would be at this stage.

所以，正如我之前所說，我很樂意重申我在第三季財報電話會議上所說的話，但我認為在三大營運業務中，Atlantic 是最有價值的。我們對大西洋的關注程度感到滿意。目前我們正在進行收購。但目前階段，猜測出售價值並不合適。

Appreciate it, Chris. And then just one last one for me. You talk about the tentative plan would be proceeds would be distributed via a special distribution to unitholders. If the plan is to have a sale transacted upon in 2021, is it reasonable to expect that we could see a special distribution from MIC -- or MIH as early as 2021?

非常感謝，克里斯。最後我再問最後一個問題。您所說的暫定計劃是將收益透過特別分配的方式分配給單位持有人。如果計劃在2021年完成出售，那麼我們是否可以合理地預期MIC或MIH最早在2021年就進行特別分配？

Well, what I would sort of say to that is, and consistent with previous remarks. Certainly, it's my objective and expectation that we will be able to close a transaction in 2021. I will certainly be driving towards that outcome. And without speaking for the Board of MIH, I see no reason why we wouldn't look to distribute the net proceeds on a similar basis to what we did with IMTT.

嗯，我想說的是，這與我之前的評論一致。當然，我的目標和期望是我們能夠在2021年完成交易。我一定會努力實現這個目標。我不代表MIH董事會發言，我認為我們沒有理由不考慮以與IMTT類似的方式分配淨收益。

That's great. Really helpful.

太棒了，真的很有幫助。

The next question is from TJ Schultz of RBC.

下一個問題來自 RBC 的 TJ Schultz。

I'm just going to stick on Atlantic. So as you work through this sales process, is 2019 cash flow, at least the starting point for the discussions? Or how do you kind of navigate this process when there's still some changes in travel patterns and what may be smaller planes or smaller margins on the higher leisure travel kind of driving activity now?

我只談大西洋航空。那麼，在你們進行銷售的過程中，2019年的現金流至少是討論的起點嗎？或者，在旅行模式仍在發生變化，飛機規模可能縮小，或者高端休閒旅行的利潤率可能下降，這些因素目前是推動活動的主要因素的情況下，你們如何應對這一過程？

And I guess, the unknown is still the return of these larger events, business travel, international travel that would kind of lead to better margins?

我猜，未知的仍然是這些大型活動、商務旅行、國際旅行的回歸是否會帶來更好的利潤率？

I think what I would sort of say is that the interested parties or potential buyers are going to take a long-term view with respect to the prospects and performance of Atlantic Aviation. And it's unlikely that they would be participating in a process where they did not have high conviction regarding the recovery in general aviation.

我想說的是，有意向的各方或潛在買家會以長遠的眼光看待大西洋航空的前景和業績。如果他們對通用航空的復甦沒有很高的信心，他們不太可能參與收購過程。

And I think that the performance of Atlantic Aviation since the second half of last year, I think, is ample evidence of the defensiveness and the strength of general aviation of an asset class. So I don't want to sort of speculate as to what a potential purchases business plan looks like. But I think in terms of the thesis that general aviation is going to recover. I think it is playing out when we look at the operational and financial performance of the business.

我認為大西洋航空自去年下半年以來的表現充分證明了通用航空這一資產類別的防禦性和實力。因此，我不想猜測潛在的收購計劃是什麼樣的。但我認為，通用航空業將會復甦。從該業務的營運和財務表現來看，我認為復甦正在顯現。

Okay. Understood. And then just, it's unclear, the sale of Atlantic, is that tax free? Or is there some tax leakage that we need to expect?

好的，明白了。還有一點不太清楚，大西洋資本的出售是否免稅？還是說會存在一些我們需要預料到的稅務流失？

No.

不。

Sorry, Nick, you take it.

抱歉，尼克，你拿著吧。

Yes. So there is no corporate capital gains tax on the sale of Atlantic, assuming, obviously, that we have implemented the reorganization. Unitholders in MIH may be subject to capital gains tax. They'll obviously depend on their own circumstances. But key point or key objective of the reorganization is to mitigate the corporate capital gains tax as part of that process.

是的。所以，如果我們實施重組，出售Atlantic公司無需繳納企業資本利得稅。 MIH的單位持有人可能需要繳納資本利得稅。這顯然取決於他們自己的情況。但重組的關鍵點或關鍵目標是減輕企業資本利得稅，這也是重組過程的一部分。

The next question is from David McColl of Fort Washington Investment Advisors.

下一個問題來自 Fort Washington Investment Advisors 的 David McColl。

Glad to hear the positive update on momentum for Atlantic. Regarding Hawaii, I know there were a lot of difficulties last year associated with getting boots on the ground to do due diligence.

很高興聽到大西洋航空業務發展勢頭良好。關於夏威夷航空，我知道去年在派人前往夏威夷進行盡職調查方面遇到了很多困難。

So I'm curious if that's hampered your view of potentially closing that transaction in 2021, if that's a material concern at this point? And has access to Hawaii improved for due diligence, assuming potential buyers aren't going down to check out the beach?

所以我很好奇，如果這在目前是一個實質問題，是否會妨礙您對在2021年完成交易的可能性的看法？假設潛在買家不會去夏威夷看看海灘，那麼前往夏威夷進行盡職調查的便利性是否有所改善？

David, thanks for the question. As I said in my prepared remarks, our expectation is that we would complete a sale of MIC Hawaii through a takeout of MIH in '22. That timing reflects the fact that a sale of Hawaii Gas will require the PUC approval for the change of control. And consistent with my previous remarks, we anticipate that, that process could take between 6 to 12 months or even longer. And I certainly don't want to speak on behalf of the PUC. And so that is what is conditioning, what I said in my previous remarks about 2022.

David，謝謝你的提問。正如我在準備好的發言中所說，我們預計將在2022年透過收購MIH完成MIC夏威夷的出售。這個時間點反映了出售夏威夷天然氣公司需要獲得公共事業委員會（PUC）批准控制權變更的事實。與我之前的發言一致，我們預計這個過程可能需要6到12個月，甚至更長。我當然不想代表公共事業委員會發言。這就是我之前關於2022年發言中提到的條件。

What I also said is that we are confirming that we are currently in process with respect to the sale of MIC Hawaii through the sales structure of the takeout of MIH. And we need to see how that process plays out. But certainly, the state opening up post October 15 last year has been constructive for that.

我還說過，我們確認目前正在透過收購MIH的銷售結構出售MIC夏威夷。我們需要觀察這個過程如何進行。當然，去年10月15日之後夏威夷州的開放對此起到了積極作用。

Okay. Perfect. So we could see the sale announcement in '21, but transaction will close subject to regulators?

好的。完美。所以我們可能會在2021年看到出售公告，但交易是否完成取決於監管機構？

Yes. Look, I won't sort of speculate on the timing. But certainly, our expectation is that we can close the deal in '22.

是的。聽著，我不會對時間做任何猜測。但我們確實預計能在2022年完成交易。

We have reached the end of the question-and-answer session. And I will now turn the call over to Christopher Frost for closing remarks.

問答環節到此結束。現在，我將請克里斯多福·弗羅斯特致閉幕詞。

Thank you for participating in our conference call today. I hope you and your families remain safe and well. We look forward to engaging with you over the coming months and updating you on our progress at our next quarterly call or prior to that as circumstances warrant. With that, I wish you good morning.

感謝您今天參加我們的電話會議。祝福您和家人平安健康。我們期待在未來幾個月與您保持聯繫，並在下次季度電話會議或更早的電話會議上（視情況而定）向您通報我們的進度。祝您早安。

Thank you.

謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的發表會到此結束，各位可以掛斷電話了。感謝您的參與。