Exhibit 99.1

MIC

125 West 55th Street New York, NY10019 United States		Telephone Facsimile Internet:		+1 212 231 1825 +1 212 231 1828 www.macquarie.com/mic

MEDIA RELEASE

MIC REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS,
CASH DIVIDEND OF $1.00 PER SHARE

Financial Performance for the Quarter in Line with Expectations:

Progress on Strategic Priorities:

NEW YORK, August 1, 2018 — Macquarie Infrastructure Corporation (NYSE: MIC) reported its financial results for the second quarter of 2018 in line with expectations.

Net income increased 39.4% to $36.3 million from $26.0 million in the second quarter of 2017 (the prior comparable period) on unrealized gains on derivative instruments (versus losses in 2017), a reduction in management fees and lower taxes.

Adjusted Proportionately Combined EBITDA excluding non-cash items of $170.8 million was down 2.9% versus the prior comparable period reflecting primarily a reduced contribution from IMTT, as forecast.

Cash generated by operating activities was flat with the prior comparable period at $121.9 million, with higher interest and tax expenses offset by favorable movements in working capital.

Adjusted Free Cash Flow, which excludes certain one-time items including transaction related costs, was $126.6 million, down 10.3% from $141.1 million in the prior comparable period on increased interest expense, taxes and maintenance capital expenditures.

The MIC board of directors authorized a cash dividend of $1.00 per share, or $4.00 annualized, for the second quarter of 2018. The dividend will be payable on August 16, 2018 to shareholders of record on August 13, 2018. The Company reaffirmed its previous guidance for a distribution of $1.00 per share in each quarter of 2018.

Christopher Frost, MIC chief executive officer, said: “We are pleased with the progress on our strategic priorities, particularly the sale of BEC and momentum in repurposing and repositioning initiatives at IMTT. MIC's financial results for the second quarter continue to demonstrate the underlying strength and resilience of our businesses.”

“MIC’s financial and operational performance was consistent with our guidance for the year and supported the authorization of a dividend of $1.00 per share. We remain confident in the sustainability of our dividend at the current level and the prospect of dividend growth over the medium term,” added Frost.

Second Quarter Segment Results

Strategic Initiatives

Sale of Bayonne Energy Center (BEC)

On July 29, 2018 MIC announced that it had entered into an agreement to sell 100% of BEC to NHIP II Bayonne Holdings LLC for $900 million in cash and assumed debt. Closing of the transaction is subject to receipt of customary approvals from the New York Public Service Commission and the Federal Energy Regulatory Commission, among others, and is expected to occur in the fourth quarter of 2018.

The debt balance outstanding at BEC at closing is expected to be $243.5 million. MIC anticipates using part of the net proceeds of approximately $650 million, after transaction fees and expenses, to reduce debt including $150 million outstanding on the revolving credit facility at the Company’s IMTT business. MIC expects its ratio of net debt to EBITDA to be less than 4.5 times at year end 2018.

Proceeds not used to reduce debt will be available to fund a portion of MIC’s planned growth capital deployments. The MIC Board will consider options for returning any excess capital to shareholders.

MIC expects the taxable gain from the sale of BEC to utilize the majority of its federal prior year Net Operating Loss carry-forward although the Company expects to be able to offset future federal taxable income with the tax benefits associated with capital deployments.

IMTT Repurposing and Repositioning

As previously announced, MIC is undertaking initiatives related to the repurposing of certain IMTT storage assets and repositioning portions of the business in response to shifts in global demand and trade flows impacting IMTT.

IMTT anticipates repurposing up to three million barrels of storage capacity on the Lower Mississippi River away from primarily heavy and residual oils to gasoline and distillates, chemicals and vegetable and/or tropical oils. Capacity utilization at IMTT is expected to average in the mid-80s percent range in 2018 and to increase to the low 90s percent range in 2020, both subject to market conditions. Capacity utilization averaged 86.1%during the second quarter and 84.8% during June.

Approximately 1.3 million barrels of IMTT storage capacity is currently being repurposed. Of that, 500,000 barrels were contracted in the second quarter and an additional 370,000 barrels were contracted in the third quarter. IMTT expects to invest approximately $15 million in the repurposing of storage capacity in 2018 and had deployed approximately $2.8 million through June.

IMTT expects to deploy an additional approximately $15 million in 2018 on projects that will develop new storage capacity and/or improve terminal (primarily pipeline) connectivity. In July, repositioning activities included the negotiation and signing of an agreement with a chemicals manufacturer for the construction of approximately 200,000 barrels of new capacity and related eight year storage contract. The project is expected to be completed in late 2019 and require an investment of approximately $20.0 million.

Portfolio and Capital Management

In its results release for the first quarter of 2018 MIC noted that it expected to deploy approximately $300 million during the year on a combination of growth projects and “bolt-on” acquisitions and to exit certain smaller, non-core businesses. To date, the Company has deployed, or committed to deploy, approximately $200 million including in the acquisition (on-field consolidation) of a fixed base operation by Atlantic Aviation in January 2018, the completion of the development of additional power generating capacity prior to the sale of BEC and the development of additional capacity and capability at IMTT.

Including a previously announced sale of IMTT subsidiary OMI Environmental Solutions, Inc., through June 30, 2018, MIC has exited businesses and terminated projects that have generated an aggregate approximately $40 million of cash proceeds.

Segment EBITDA Guidance

MIC adjusted its prior guidance for the generation of EBITDA in 2018 to reflect primarily the expected early fourth quarter closing of the sale of BEC. As a result, the expected contribution from Contracted Power has been reduced by $10 to $15 million to a range of $80 to $90 million. The Company also increased its estimate of expenses incurred in its Corporate/Other segment by $5 million to reflect the expected higher cost of advisory services incurred in connection with addressing shareholder matters.

IMTT:		$	285 – $295 million
Atlantic Aviation:		$	265 – $275 million
Contracted Power:		$	80 – $90 million
MIC Hawaii:		$	60 – $65 million
Corporate/Other:		$	(20) – $(20) million

Summary Financial Information

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017				$				%				2018				2017				$				%
		($ In Thousands, Except Share and Per Share Data) (Unaudited)
GAAP Metrics
Net income		$	36,279			$	26,025				10,254				39.4			$	83,074			$	58,663				24,411				41.6
Weighted average number of shares outstanding: basic			85,082,209				82,430,324				2,651,885				3.2				84,952,551				82,285,053				2,667,498				3.2
Net income per share attributable to MIC		$	0.45			$	0.32				0.13				40.6			$	1.36			$	0.75				0.61				81.3
Cash provided by operating activities(1)			121,900				121,043				857				0.7				266,002				248,637				17,365				7.0
MIC Non-GAAP Metrics
EBITDA excluding non-cash items(2)		$	168,935			$	170,924				(1,989	)			(1.2	)		$	349,854			$	351,239				(1,385	)			(0.4	)
Shared service implementation costs(3)			—				3,091				(3,091	)			(100.0	)			—				5,445				(5,445	)			(100.0	)
Investment and acquisition/disposition costs(3)			4,651				4,850				(199	)			(4.1	)			5,595				4,850				745				15.4
Adjusted EBITDA excluding non-cash items(3)		$	173,586			$	178,865				(5,279	)			(3.0	)		$	355,449			$	361,534				(6,085	)			(1.7	)
Cash interest(4)		$	(31,789	)		$	(26,410	)			(5,379	)			(20.4	)		$	(61,602	)		$	(52,284	)			(9,318	)			(17.8	)
Cash taxes			(3,712	)			(2,618	)			(1,094	)			(41.8	)			(7,583	)			(6,339	)			(1,244	)			(19.6	)
Maintenance capital expenditures			(9,490	)			(6,480	)			(3,010	)			(46.5	)			(19,352	)			(10,956	)			(8,396	)			(76.6	)
Noncontrolling interest(5)			(1,948	)			(2,244	)			296				13.2				(4,379	)			(3,915	)			(464	)			(11.9	)
Adjusted Free Cash Flow(3)		$	126,647			$	141,113				(14,466	)			(10.3	)		$	262,533			$	288,040				(25,507	)			(8.9	)

Conference Call and Webcast

When: MIC has scheduled a conference call for 8:00 a.m. Eastern Time on Thursday, August 2, 2018 during which management will review and comment on the second quarter 2018 results.

How: To listen to the conference call dial +1(650) 521-5252 or +1(877) 852-2928 at least 10 minutes prior to the scheduled start time. A webcast of the call will be accessible via the Company's website at www.macquarie.com/mic. Allow extra time prior to the call to visit the site and download the software needed to listen to the webcast.

Supplemental Materials: MIC will prepare materials in support of its conference call. The materials will be available for downloading from the Company's website prior to the call.

Replay: For interested individuals unable to participate in the live conference call, a replay will be available after 2:00 p.m. on August 2, 2018 through midnight on August 8, 2018, at +1(404) 537-3406 or +1(855) 859-2056, Passcode: 7635099. An online archive of the webcast will be available on the Company's website for one year following the call.

About MIC

MIC owns and operates a diversified group of businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals; an airport services business, Atlantic Aviation; entities comprising an energy services, production and distribution segment, MIC Hawaii; and entities comprising a Contracted Power segment. For additional information, please visit the MIC website at www.macquarie.com/mic. MIC-G

Use of Non-GAAP Measures

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding non-cash items, Free Cash Flow and Proportionately Combined Metrics

In addition to MIC’s results under U.S. GAAP, the Company uses certain non-GAAP measures to assess the performance and prospects of its businesses. In particular, MIC uses EBITDA excluding non-cash items, Free Cash Flow and certain proportionately combined financial metrics. Proportionately combined financial metrics, including Free Cash Flow, reflect MIC’s proportionate interest in its wind and solar facilities.

MIC measures EBITDA excluding non-cash items as a reflection of its 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. The Company believes investors use EBITDA excluding non-cash items primarily as a measure to assess the operating performance of its businesses and to make comparisons with the operating performance of other businesses whose depreciation and amortization expense may vary widely from MIC’s, particularly where acquisitions and other non-operating factors are involved. MIC defines EBITDA excluding non-cash itemsas 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.

Given MIC’s varied ownership levels in its CP and MIC Hawaii segments, together with obligations to report the results of these businesses on a consolidated basis, GAAP measures such as net income (loss) do not fully reflect all of the items management considers in assessing the amount of cash generated based on its ownership interest in its businesses. The Company notes that the proportionately combined metrics used may be calculated in a different manner by other companies and may limit their usefulness as a comparative measure. Therefore, proportionately combined metrics should be used as a supplemental measure to help understand MIC’s financial performance and not in lieu of financial results reported under GAAP.

The Company’s businesses can be characterized as owners of high-value, long-lived assets capable of generating substantial Free Cash Flow. MIC defines 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.

Management uses Free Cash Flow as a measure of its ability to provide investors with an attractive risk-adjusted return by sustaining and potentially increasing MIC’s quarterly cash dividend and funding a portion of the Company’s growth. GAAP metrics such as net income (loss) do not provide MIC management with the same level of visibility to into the performance and prospects of the business as a result of: (i) the capital intensive nature of MIC’s businesses and the generation of non-cash depreciation and amortization; (ii) shares issued to the Company’s external manager under the Management Services Agreement, (iii) the Company’s ability to defer all or a portion of current federal income taxes; (iv) non-cash unrealized gains or losses on derivative instruments; (v) amortization of tolling liabilities; (vi) gains (losses) on disposal of assets, and (vii) pension expense. Pension expenses primarily consist of interest expense, 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. Management believes that external consumers of its financial statements, including investors and research analysts, use Free Cash Flow both to assess the Company’s performance and as an indicator of its success in generating an attractive risk-adjusted return.

In its Quarterly Report on Form 10-Q, the Company has disclosed Free Cash Flow on a consolidated basis and for each of its operating segments and MIC Corporate. Management believes 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 its 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 MIC’s definition of Free Cash Flow. Management notes 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 to help understand MIC’s financial performance and not in lieu of its financial results reported under GAAP.

See tables below for a reconciliation of EBITDA excluding non-cash items and EBITDA excluding non-cash items, to Net Income (loss) and a reconciliation of Free Cash Flow to cash from operating activities.

Classification of Maintenance Capital Expenditures and Growth Capital Expenditures

MIC categorizes capital expenditures as either maintenance capital expenditures or growth capital expenditures. As neither maintenance capital expenditure nor growth capital expenditure is a GAAP term, the Company has adopted a framework to categorize specific capital expenditures. In broad terms, maintenance capital expenditures primarily maintain MIC’s 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 flow. Management considers a number of factors in determining whether a specific capital expenditure will be classified as maintenance or growth.

In some cases, specific capital expenditures contain characteristics of both maintenance and growth capital expenditures. MIC does not bifurcate specific capital expenditures into growth and maintenance components. Each discrete capital expenditure is considered within the above framework and the entire capital expenditure is classified as either maintenance or growth.

Forward-Looking Statements

This press release contains forward-looking statements. MIC may, in some cases, use words such as “project”, “believe”, “anticipate”, “plan”, “expect”, “estimate”, “intend”, “should”, “would”, “could”, “potentially”, or “may” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements in this release are subject to a number of risks and uncertainties, some of which are beyond MIC’s control including, among other things: changes in general economic or business conditions; its ability to service, comply with the terms of and refinance debt, successfully integrate and manage acquired businesses, retain or replace qualified employees, manage growth, make and finance future acquisitions, and implement its strategy; risks associated with development, investment and expansion in the power industry; its regulatory environment establishing rate structures and monitoring quality of service; demographic trends, the political environment, the economy, tourism, construction and transportation costs, air travel, environmental costs and risks; fuel and gas and other commodity costs; its ability to recover increases in costs from customers, cybersecurity risks, work interruptions or other labor stoppages; risks associated with acquisitions or dispositions, litigation risks; risks related to its shared services initiative; reliance on sole or limited source suppliers, risks or conflicts of interests involving its relationship with the Macquarie Group and changes in U.S. federal tax law.

MIC’s actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which MIC is not currently aware could also cause its actual results to differ. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this release may not occur. These forward-looking statements are made as of the date of this release. MIC undertakes 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. MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC 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 MIC.

For further information, please contact:

Investors Jay A. Davis Investor Relations MIC 212-231-1825		Media Melissa McNamara Corporate Communications MIC 212-231-1667

MACQUARIE INFRASTRUCTURE CORPORATION
 
CONSOLIDATED CONDENSED BALANCE SHEETS
($ in Thousands, Except Share Data)

		June 30, 2018				December 31, 2017
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	53,976			$	47,121
Restricted cash			27,509				24,963
Accounts receivable, less allowance for doubtful accounts of $1,143 and $895, respectively			128,629				158,152
Inventories			31,495				36,955
Prepaid expenses			10,073				14,685
Fair value of derivative instruments			15,893				11,965
Other current assets			14,261				13,804
Assets held for sale(1)			951,982				—
Total current assets			1,233,818				307,645
Property, equipment, land and leasehold improvements, net			3,760,023				4,659,614
Investment in unconsolidated business			9,073				9,526
Goodwill			2,046,896				2,068,668
Intangible assets, net			833,325				914,098
Fair value of derivative instruments			26,652				24,455
Other noncurrent assets			26,527				24,945
Total assets		$	7,936,314			$	8,008,951
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Due to Manager-related party		$	7,435			$	5,577
Accounts payable			42,187				60,585
Accrued expenses			71,293				89,496
Current portion of long-term debt			42,676				50,835
Fair value of derivative instruments			730				1,710
Other current liabilities			39,709				47,762
Liabilities held for sale(1)			307,149				—
Total current liabilities			511,179				255,965
Long-term debt, net of current portion			3,342,260				3,530,311
Deferred income taxes			651,080				632,070
Fair value of derivative instruments			1,705				4,668
Tolling agreements – noncurrent			—				52,595
Other noncurrent liabilities			186,020				182,639
Total liabilities			4,692,244				4,658,248
Commitments and contingencies			—				—

MACQUARIE INFRASTRUCTURE CORPORATION
 
CONSOLIDATED CONDENSED BALANCE SHEETS – (continued)
($ in Thousands, Except Share Data)

		June 30, 2018				December 31, 2017
		(Unaudited)
Stockholders’ equity(2):
Common stock ($0.001 par value; 500,000,000 authorized; 85,186,385 shares issued and outstanding at June 30, 2018 and 84,733,957 shares issued and outstanding at December 31, 2017)		$	85			$	85
Additional paid in capital			1,655,367				1,840,033
Accumulated other comprehensive loss			(33,466	)			(29,993	)
Retained earnings			1,458,767				1,343,567
Total stockholders’ equity			3,080,753				3,153,692
Noncontrolling interests			163,317				197,011
Total equity			3,244,070				3,350,703
Total liabilities and equity		$	7,936,314			$	8,008,951

MACQUARIE INFRASTRUCTURE CORPORATION
 
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
($ in Thousands, Except Share and Per Share Data)

		Quarter Ended June 30,								Six Months Ended June 30,
		2018				2017				2018				2017
Revenue
Service revenue		$	375,997			$	345,045			$	778,606			$	708,849
Product revenue			102,083				93,945				201,030				181,598
Total revenue			478,080				438,990				979,636				890,447
Costs and expenses
Cost of services			179,725				147,114				367,195				301,820
Cost of product sales			47,164				40,249				100,549				87,474
Selling, general and administrative			88,927				82,967				175,884				159,919
Fees to Manager-related party			10,852				18,433				23,780				36,656
Depreciation			61,086				57,063				122,444				114,744
Amortization of intangibles			18,224				15,898				35,440				33,591
Total operating expenses			405,978				361,724				825,292				734,204
Operating income			72,102				77,266				154,344				156,243
Other income (expense)
Interest income			111				41				191				75
Interest expense(1)			(30,287	)			(35,356	)			(49,077	)			(60,838	)
Other income, net			6,248				1,738				6,290				2,920
Net income before income taxes			48,174				43,689				111,748				98,400
Provision for income taxes			(11,895	)			(17,664	)			(28,674	)			(39,737	)
Net income		$	36,279			$	26,025			$	83,074			$	58,663
Less: net (loss) income attributable to noncontrolling interests			(2,087	)			5				(32,126	)			(3,372	)
Net income attributable to MIC		$	38,366			$	26,020			$	115,200			$	62,035
Basic income per share attributable to MIC		$	0.45			$	0.32			$	1.36			$	0.75
Weighted average number of shares outstanding: basic			85,082,209				82,430,324				84,952,551				82,285,053
Diluted income per share attributable to MIC		$	0.45			$	0.32			$	1.34			$	0.75
Weighted average number of shares outstanding: diluted			85,091,945				82,439,840				89,316,951				82,294,608
Cash dividends declared per share		$	1.00			$	1.38			$	2.00			$	2.70

MACQUARIE INFRASTRUCTURE CORPORATION
 
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
($ in Thousands)

		Six Months Ended June 30,
		2018				2017(1)
Operating activities
Net income		$	83,074			$	58,663
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment			122,444				114,744
Amortization of intangible assets			35,440				33,591
Amortization of debt financing costs			5,239				4,301
Amortization of debt discount			1,800				1,495
Adjustments to derivative instruments			(16,424	)			8,382
Fees to Manager-related party			23,780				36,656
Deferred taxes			21,091				33,398
Pension expense			4,190				4,321
Other non-cash expense (income), net			35				(2,935	)
Changes in other assets and liabilities, net of acquisitions/dispositions:
Accounts receivable			9,603				(7,871	)
Inventories			(1,816	)			(4,256	)
Prepaid expenses and other current assets			324				(2,529	)
Due to Manager-related party			(18	)			(122	)
Accounts payable and accrued expenses			(15,637	)			(15,782	)
Income taxes payable			517				(1,506	)
Other, net			(7,640	)			(11,913	)
Net cash provided by operating activities			266,002				248,637
Investing activities
Acquisitions of businesses and investments, net of cash acquired			(12,420	)			(66,321	)
Purchases of property and equipment			(109,830	)			(130,351	)
Loan to project developer			(17,800	)			(14,675	)
Loan repayment from project developer			16,561				1,396
Proceeds from sale of business, net of cash divested			41,038				—
Other, net			157				61
Net cash used in investing activities			(82,294	)			(209,890	)

MACQUARIE INFRASTRUCTURE CORPORATION
 
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS – (continued)
(Unaudited)
($ in Thousands)

		Six Months Ended June 30,
		2018				2017(1)
Financing activities
Proceeds from long-term debt		$	208,500			$	264,500
Payment of long-term debt			(168,223	)			(98,542	)
Proceeds from the issuance of shares			125				5,321
Dividends paid to common stockholders			(207,344	)			(216,508	)
Contributions received from noncontrolling interests			373				—
Distributions paid to noncontrolling interests			(1,943	)			(2,040	)
Offering and equity raise costs paid			(80	)			(182	)
Debt financing costs paid			(2,874	)			(447	)
Payment of capital lease obligations			(54	)			(53	)
Net cash used in financing activities			(171,520	)			(47,951	)
Effect of exchange rate changes on cash and cash equivalents			(670	)			188
Net change in cash, cash equivalents and restricted cash			11,518				(9,016	)
Cash, cash equivalents and restricted cash, beginning of period			72,084				61,257
Cash, cash equivalents and restricted cash, end of period		$	83,602			$	52,241
Supplemental disclosures of cash flow information
Non-cash investing and financing activities:
Accrued equity offering costs		$	27			$	44
Accrued purchases of property and equipment		$	23,489			$	41,354
Issuance of shares to Manager		$	21,905			$	36,927
Issuance of shares to independent directors		$	750			$	681
Conversion of convertible senior notes to shares		$	6			$	17
Distributions payable to noncontrolling interests		$	21			$	—
Taxes paid, net		$	7,862			$	7,845
Interest paid		$	62,541			$	54,601

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated condensed balance sheets that sum to the total of the same amounts presented in the consolidated condensed statements of cash flows:

		As of June 30,
		2018				2017
Cash and cash equivalents		$	53,976			$	28,873
Restricted cash – current			27,509				23,368
Restricted cash held for sale(2)			2,117				—
Total of cash, cash equivalents and restricted cash shown in the consolidated condensed statement of cash flows		$	83,602			$	52,241

MACQUARIE INFRASTRUCTURE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS – MD&A

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017				$				%				2018				2017				$				%
		($ In Thousands, Except Share and Per Share Data) (Unaudited)
Revenue
Service revenue		$	375,997			$	345,045				30,952				9.0			$	778,606			$	708,849				69,757				9.8
Product revenue			102,083				93,945				8,138				8.7				201,030				181,598				19,432				10.7
Total revenue			478,080				438,990				39,090				8.9				979,636				890,447				89,189				10.0
Costs and expenses
Cost of services			179,725				147,114				(32,611	)			(22.2	)			367,195				301,820				(65,375	)			(21.7	)
Cost of product sales			47,164				40,249				(6,915	)			(17.2	)			100,549				87,474				(13,075	)			(14.9	)
Selling, general and administrative			88,927				82,967				(5,960	)			(7.2	)			175,884				159,919				(15,965	)			(10.0	)
Fees to Manager-related party			10,852				18,433				7,581				41.1				23,780				36,656				12,876				35.1
Depreciation			61,086				57,063				(4,023	)			(7.1	)			122,444				114,744				(7,700	)			(6.7	)
Amortization of intangibles			18,224				15,898				(2,326	)			(14.6	)			35,440				33,591				(1,849	)			(5.5	)
Total operating expenses			405,978				361,724				(44,254	)			(12.2	)			825,292				734,204				(91,088	)			(12.4	)
Operating income			72,102				77,266				(5,164	)			(6.7	)			154,344				156,243				(1,899	)			(1.2	)
Other income (expense)
Interest income			111				41				70				170.7				191				75				116				154.7
Interest expense(1)			(30,287	)			(35,356	)			5,069				14.3				(49,077	)			(60,838	)			11,761				19.3
Other income, net			6,248				1,738				4,510				NM				6,290				2,920				3,370				115.4
Net income before income taxes			48,174				43,689				4,485				10.3				111,748				98,400				13,348				13.6
Provision for income taxes			(11,895	)			(17,664	)			5,769				32.7				(28,674	)			(39,737	)			11,063				27.8
Net income		$	36,279			$	26,025				10,254				39.4			$	83,074			$	58,663				24,411				41.6
Less: net (loss) income attributable to noncontrolling interests			(2,087	)			5				2,092				NM				(32,126	)			(3,372	)			28,754				NM
Net income attributable to MIC		$	38,366			$	26,020				12,346				47.4			$	115,200			$	62,035				53,165				85.7
Basic income per share attributable to MIC		$	0.45			$	0.32				0.13				40.6			$	1.36			$	0.75				0.61				81.3
Weighted average number of shares outstanding: basic			85,082,209				82,430,324				2,651,885				3.2				84,952,551				82,285,053				2,667,498				3.2

NM — Not meaningful

MACQUARIE INFRASTRUCTURE CORPORATION
RECONCILIATION OF CONSOLIDATED NET INCOME TO EBITDA EXCLUDING
NON-CASH ITEMS AND A RECONCILIATION FROM CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017				$				%				2018				2017				$				%
		($ In Thousands) (Unaudited)
Net income		$	36,279			$	26,025											$	83,074			$	58,663
Interest expense, net(1)			30,176				35,315												48,886				60,763
Provision for income taxes			11,895				17,664												28,674				39,737
Depreciation			61,086				57,063												122,444				114,744
Amortization of intangibles			18,224				15,898												35,440				33,591
Fees to Manager-related party			10,852				18,433												23,780				36,656
Pension expense(2)			1,937				1,627												4,190				4,321
Other non-cash (income) expense, net(3)			(1,514	)			(1,101	)											3,366				2,764
EBITDA excluding non-cash items		$	168,935			$	170,924				(1,989	)			(1.2	)		$	349,854			$	351,239				(1,385	)			(0.4	)
EBITDA excluding non-cash items		$	168,935			$	170,924											$	349,854			$	351,239
Interest expense, net(1)			(30,176	)			(35,315	)											(48,886	)			(60,763	)
Adjustments to derivative instruments recorded in interest expense(1)			(4,706	)			5,930												(19,755	)			2,683
Amortization of debt financing costs(1)			2,190				2,099												5,239				4,301
Amortization of debt discount(1)			903				876												1,800				1,495
Provision for current income taxes			(3,712	)			(2,618	)											(7,583	)			(6,339	)
Changes in working capital(4)			(11,534	)			(20,853	)											(14,667	)			(43,979	)
Cash provided by operating activities			121,900				121,043												266,002				248,637
Changes in working capital(4)			11,534				20,853												14,667				43,979
Maintenance capital expenditures			(9,490	)			(6,480	)											(19,352	)			(10,956	)
Free cash flow		$	123,944			$	135,416				(11,472	)			(8.5	)		$	261,317			$	281,660				(20,343	)			(7.2	)

MACQUARIE INFRASTRUCTURE CORPORATION
RECONCILIATION FROM CONSOLIDATED FREE CASH FLOW TO
PROPORTIONATELY COMBINED FREE CASH FLOW

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017				$				%				2018				2017				$				%
		($ In Thousands) (Unaudited)
Free Cash Flow – Consolidated basis		$	123,944			$	135,416				(11,472	)			(8.5	)		$	261,317			$	281,660				(20,343	)			(7.2	)
100% of Contracted Power Free Cash Flow included in consolidated Free Cash Flow			(25,973	)			(20,704	)											(40,500	)			(30,543	)
MIC’s share of Contracted Power Free Cash Flow			24,027				18,462												36,126				26,633
100% of MIC Hawaii Free Cash Flow included in consolidated Free Cash Flow			(7,226	)			(9,295	)											(17,976	)			(24,231	)
MIC’s share of MIC Hawaii Free Cash Flow			7,224				9,293												17,971				24,226
Free Cash Flow – Proportionately Combined basis		$	121,996			$	133,172				(11,176	)			(8.4	)		$	256,938			$	277,745				(20,807	)			(7.5	)

MACQUARIE INFRASTRUCTURE CORPORATION
RECONCILIATION OF SEGMENT NET INCOME (LOSS) TO EBITDA
EXCLUDING NON-CASH ITEMS AND A RECONCILIATION FROM CASH PROVIDED
BY/(USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW

IMTT

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017												2018				2017
		$				$				$				%				$				$				$				%
			($ In Thousands) (Unaudited)
Revenue			129,363				137,144				(7,781	)			(5.7	)			268,752				275,961				(7,209	)			(2.6	)
Cost of services			49,716				49,224				(492	)			(1.0	)			104,141				99,070				(5,071	)			(5.1	)
Selling, general and administrative expenses			7,814				7,485				(329	)			(4.4	)			17,120				16,523				(597	)			(3.6	)
Depreciation and amortization			32,770				30,795				(1,975	)			(6.4	)			66,019				62,315				(3,704	)			(5.9	)
Operating income			39,063				49,640				(10,577	)			(21.3	)			81,472				98,053				(16,581	)			(16.9	)
Interest expense, net(1)			(10,933	)			(11,763	)			830				7.1				(18,672	)			(20,520	)			1,848				9.0
Other income, net			154				452				(298	)			(65.9	)			450				1,160				(710	)			(61.2	)
Provision for income taxes			(8,087	)			(15,716	)			7,629				48.5				(17,773	)			(32,264	)			14,491				44.9
Net income			20,197				22,613				(2,416	)			(10.7	)			45,477				46,429				(952	)			(2.1	)
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			20,197				22,613												45,477				46,429
Interest expense, net(1)			10,933				11,763												18,672				20,520
Provision for income taxes			8,087				15,716												17,773				32,264
Depreciation and amortization			32,770				30,795												66,019				62,315
Pension expense(2)			1,743				1,350												3,823				3,766
Other non-cash expense, net			310				69												404				137
EBITDA excluding non-cash items			74,040				82,306				(8,266	)			(10.0	)			152,168				165,431				(13,263	)			(8.0	)
EBITDA excluding non-cash items			74,040				82,306												152,168				165,431
Interest expense, net(1)			(10,933	)			(11,763	)											(18,672	)			(20,520	)
Adjustments to derivative instruments recorded in interest expense(1)			(1,351	)			1,587												(5,393	)			267
Amortization of debt financing costs(1)			412				412												823				823
Provision for current income taxes			(4,376	)			(1,155	)											(8,652	)			(3,413	)
Changes in working capital			5,545				(16,881	)											10,634				(16,145	)
Cash provided by operating activities			63,337				54,506												130,908				126,443
Changes in working capital			(5,545	)			16,881												(10,634	)			16,145
Maintenance capital expenditures			(5,483	)			(2,987	)											(12,472	)			(5,447	)
Free cash flow			52,309				68,400				(16,091	)			(23.5	)			107,802				137,141				(29,339	)			(21.4	)

Atlantic Aviation

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017												2018				2017
		$				$				$				%				$				$				$				%
			($ In Thousands) (Unaudited)
Revenue			232,931				196,939				35,992				18.3				480,133				409,692				70,441				17.2
Cost of services (exclusive of depreciation and amortization shown separately below)			115,994				86,957				(29,037	)			(33.4	)			232,687				180,879				(51,808	)			(28.6	)
Gross margin			116,937				109,982				6,955				6.3				247,446				228,813				18,633				8.1
Selling, general and administrative expenses			56,717				52,596				(4,121	)			(7.8	)			116,656				106,486				(10,170	)			(9.6	)
Depreciation and amortization			26,959				23,575				(3,384	)			(14.4	)			52,438				48,608				(3,830	)			(7.9	)
Operating income			33,261				33,811				(550	)			(1.6	)			78,352				73,719				4,633				6.3
Interest expense, net(1)			(4,242	)			(5,907	)			1,665				28.2				(4,311	)			(9,353	)			5,042				53.9
Other expense, net			(555	)			(19	)			(536	)			NM				(499	)			(105	)			(394	)			NM
Provision for income taxes			(7,600	)			(11,077	)			3,477				31.4				(19,711	)			(25,627	)			5,916				23.1
Net income			20,864				16,808				4,056				24.1				53,831				38,634				15,197				39.3
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			20,864				16,808												53,831				38,634
Interest expense, net(1)			4,242				5,907												4,311				9,353
Provision for income taxes			7,600				11,077												19,711				25,627
Depreciation and amortization			26,959				23,575												52,438				48,608
Pension expense(2)			6				5												11				10
Other non-cash expense (income), net			597				(22	)											909				40
EBITDA excluding non-cash items			60,268				57,350				2,918				5.1				131,211				122,272				8,939				7.3
EBITDA excluding non-cash items			60,268				57,350												131,211				122,272
Interest expense, net(1)			(4,242	)			(5,907	)											(4,311	)			(9,353	)
Convertible senior notes interest(3)			(2,013	)			(2,013	)											(4,025	)			(3,757	)
Adjustments to derivative instruments recorded in interest expense(1)			(1,077	)			2,553												(5,444	)			2,686
Amortization of debt financing costs(1)			283				221												562				535
Provision for current income taxes			(7,207	)			(1,730	)											(13,740	)			(4,602	)
Changes in working capital			4,572				784												10,591				(5,332	)
Cash provided by operating activities			50,584				51,258												114,844				102,449
Changes in working capital			(4,572	)			(784	)											(10,591	)			5,332
Maintenance capital expenditures			(1,807	)			(1,981	)											(3,109	)			(2,906	)
Free cash flow			44,205				48,493				(4,288	)			(8.8	)			101,144				104,875				(3,731	)			(3.6	)

NM — Not meaningful

Contracted Power

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017												2018				2017
		$				$				$				%				$				$				$				%
			($ In Thousands) (Unaudited)
Product revenue			41,403				40,166				1,237				3.1				76,690				68,236				8,454				12.4
Cost of product sales			5,862				5,498				(364	)			(6.6	)			11,699				10,357				(1,342	)			(13.0	)
Selling, general and administrative expenses			7,510				6,244				(1,266	)			(20.3	)			15,022				11,409				(3,613	)			(31.7	)
Depreciation and amortization			14,519				14,861				342				2.3				30,046				30,201				155				0.5
Operating income			13,512				13,563				(51	)			(0.4	)			19,923				16,269				3,654				22.5
Interest expense, net(1)			(4,832	)			(8,767	)			3,935				44.9				(5,717	)			(14,150	)			8,433				59.6
Other income, net			6,721				1,341				5,380				NM				7,726				2,106				5,620				NM
Provision for income taxes			(3,654	)			(1,845	)			(1,809	)			(98.0	)			(4,604	)			(1,872	)			(2,732	)			(145.9	)
Net income			11,747				4,292				7,455				173.7				17,328				2,353				14,975				NM
Less: net (loss) income attributable to noncontrolling interest			(2,003	)			16				2,019				NM				(32,059	)			(3,333	)			28,726				NM
Net income attributable to MIC			13,750				4,276				9,474				NM				49,387				5,686				43,701				NM
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			11,747				4,292												17,328				2,353
Interest expense, net(1)			4,832				8,767												5,717				14,150
Provision for income taxes			3,654				1,845												4,604				1,872
Depreciation and amortization			14,519				14,861												30,046				30,201
Other non-cash income, net(2)			(1,690	)			(2,232	)											(3,578	)			(4,256	)
EBITDA excluding non-cash items			33,062				27,533				5,529				20.1				54,117				44,320				9,797				22.1
EBITDA excluding non-cash items			33,062				27,533												54,117				44,320
Interest expense, net(1)			(4,832	)			(8,767	)											(5,717	)			(14,150	)
Adjustments to derivative instruments recorded in interest expense(1)			(2,178	)			1,474												(8,148	)			(360	)
Amortization of debt financing costs(1)			379				379												758				758
(Provision) benefit for current income taxes			(54	)			85												(70	)			(3	)
Changes in working capital(3)			(12,694	)			(7,621	)											(11,775	)			(8,206	)
Cash provided by operating activities			13,683				13,083												29,165				22,359
Changes in working capital(3)			12,694				7,621												11,775				8,206
Maintenance capital expenditures			(404	)			—												(440	)			(22	)
Free cash flow			25,973				20,704				5,269				25.4				40,500				30,543				9,957				32.6

NM — Not meaningful

MIC Hawaii

		Quarter Ended June 30,								Change Favorable/ (Unfavorable)								Six Months Ended June 30,								Change Favorable/ (Unfavorable)
		2018				2017												2018				2017
		$				$				$				%				$				$				$				%
			($ In Thousands) (Unaudited)
Product revenue			60,680				53,779				6,901				12.8				124,340				113,362				10,978				9.7
Service revenue			14,935				12,193				2,742				22.5				32,184				25,650				6,534				25.5
Total revenue			75,615				65,972				9,643				14.6				156,524				139,012				17,512				12.6
Cost of product sales (exclusive of depreciation and amortization shown separately below)			41,302				34,751				(6,551	)			(18.9	)			88,850				77,117				(11,733	)			(15.2	)
Cost of services (exclusive of depreciation and amortization shown separately below)			14,015				10,944				(3,071	)			(28.1	)			30,367				21,884				(8,483	)			(38.8	)
Cost of revenue – total			55,317				45,695				(9,622	)			(21.1	)			119,217				99,001				(20,216	)			(20.4	)
Gross margin			20,298				20,277				21				0.1				37,307				40,011				(2,704	)			(6.8	)
Selling, general and administrative expenses			7,974				6,770				(1,204	)			(17.8	)			15,203				12,855				(2,348	)			(18.3	)
Depreciation and amortization			4,896				3,730				(1,166	)			(31.3	)			9,051				7,211				(1,840	)			(25.5	)
Operating income			7,428				9,777				(2,349	)			(24.0	)			13,053				19,945				(6,892	)			(34.6	)
Interest expense, net(1)			(1,887	)			(2,207	)			320				14.5				(3,177	)			(3,918	)			741				18.9
Other income (expense), net			6				(36	)			42				116.7				(1,313	)			(241	)			(1,072	)			NM
Provision for income taxes			(2,144	)			(2,563	)			419				16.3				(2,949	)			(5,942	)			2,993				50.4
Net income			3,403				4,971				(1,568	)			(31.5	)			5,614				9,844				(4,230	)			(43.0	)
Less: net loss attributable to noncontrolling interests			(84	)			(11	)			73				NM				(67	)			(39	)			28				71.8
Net income attributable to MIC			3,487				4,982				(1,495	)			(30.0	)			5,681				9,883				(4,202	)			(42.5	)
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			3,403				4,971												5,614				9,844
Interest expense, net(1)			1,887				2,207												3,177				3,918
Provision for income taxes			2,144				2,563												2,949				5,942
Depreciation and amortization			4,896				3,730												9,051				7,211
Pension expense(2)			128				272												255				545
Other non-cash (income) expense, net(3)			(954	)			897												5,245				6,468
EBITDA excluding non-cash items			11,504				14,640				(3,136	)			(21.4	)			26,291				33,928				(7,637	)			(22.5	)
EBITDA excluding non-cash items			11,504				14,640												26,291				33,928
Interest expense, net(1)			(1,887	)			(2,207	)											(3,177	)			(3,918	)
Adjustments to derivative instruments recorded in interest expense(1)			(100	)			316												(770	)			90
Amortization of debt financing costs(1)			95				99												192				204
Provision for current income taxes			(590	)			(2,041	)											(1,229	)			(3,492	)
Changes in working capital(4)			(11	)			(1,812	)											(6,150	)			(10,539	)
Cash provided by operating activities			9,011				8,995												15,157				16,273
Changes in working capital(4)			11				1,812												6,150				10,539
Maintenance capital expenditures			(1,796	)			(1,512	)											(3,331	)			(2,581	)
Free cash flow			7,226				9,295				(2,069	)			(22.3	)			17,976				24,231				(6,255	)			(25.8	)