ABERDEEN, United Kingdom, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Altera Infrastructure GP LLC (Altera GP), the general partner of Altera Infrastructure L.P. (Altera or the Partnership), today reported the Partnership’s results for the quarter ended December 31, 2021.
- Revenues of 315.7 million and net loss of $87.9 million, or $(0.23) per common unit, in the fourth quarter of 2021
- Adjusted EBITDA(1) of $165.8 million in the fourth quarter of 2021
The following table presents the Partnership's Consolidated Financial Summary:
| Three Months Ended | |||||||
| December 31, | September 30, | December 31, | |||||
| 2021 | 2021 | 2020 | |||||
| In thousands of U.S. Dollars, unaudited | $ | $ | $ | ||||
| IFRS FINANCIAL RESULTS | |||||||
| Revenues | 315,734 | 295,837 | 278,657 | ||||
| Net Income (loss) | (87,879 | ) | (25,984 | ) | (73,029 | ) | |
| Limited partners' interest in net income (loss) per common unit - basic | (0.23 | ) | (0.08 | ) | (0.20 | ) | |
| NON-IFRS FINANCIAL MEASURE: | |||||||
| Adjusted EBITDA (1) | 165,801 | 156,295 | 142,193 | ||||
(1) Please refer to "Non-IFRS Measures" for the definition of this term and reconciliation of this non-IFRS measure as used in this release to the most directly comparable measure under IFRS.
The Partnership generated a net loss of $88 million for the three months ended December 31, 2021, compared to a net loss of $73 million for the three months ended December 31, 2020. Net loss for the quarter reflects the impact of $152 million of vessel impairments.
Adjusted EBITDA increased to $166 million for the three months ended December 31, 2021, compared to $142 million for the same period last year. The increase was mainly driven by oil price tariff revenue in the FPSO segment and higher utilization in the Towage segment, partially offset by lower utilization in the Shuttle Tanker segment and FPSO assets in lay-up.
Operating Results
The commentary below compares certain results of the Partnership's operating segments on the basis of the non-IFRS measure of Adjusted EBITDA for the three months ended December 31, 2021 to the same period of the prior year.
The following table presents the Partnership's Adjusted EBITDA by segment:
| Three Months Ended | ||||||
| December 31, | September 30, | December 31, | ||||
| 2021 | 2021 | 2020 | ||||
| In thousands of U.S. Dollars, unaudited | $ | $ | $ | |||
| FPSO | 94,191 | 83,237 | 72,352 | |||
| Shuttle Tanker | 59,033 | 53,835 | 71,822 | |||
| FSO | 11,516 | 12,254 | (456 | ) | ||
| UMS | (2,004 | ) | (2,100 | ) | (1,772 | ) |
| Towage | 7,208 | 6,655 | (743 | ) | ||
| Corporate/Eliminations | (4,143 | ) | 2,414 | 990 | ||
| Partnership Adjusted EBITDA | 165,801 | 156,295 | 142,193 | |||
Fourth Quarter 2021 Compared with Fourth Quarter 2020
The Partnership's FPSO segment generated Adjusted EBITDA of $94 million for the three months ended December 31, 2021, compared to $72 million for the three months ended December 31, 2020. The increase of $22 million is mainly driven by oil price tariff revenue related to the Knarr and Petrojarl I units.
The Partnership's Shuttle Tanker segment generated Adjusted EBITDA of $59 million for the three months ended December 31, 2021, compared to $72 million for the three months ended December 31, 2020. The decrease of $13 million is mainly driven by lower utilization and the termination of the Foinaven CoA contract in May 2021.
The Partnership's FSO segment generated Adjusted EBITDA of $12 million for the three months ended December 31, 2021, compared to $nil for the three months ended December 31, 2020. The increase of $12 million is mainly driven by the absence of decommissioning and operating costs for certain vessels which left the fleet in the same quarter prior year.
The Partnership's UMS segment generated an Adjusted EBITDA loss of $(2) million for the three months ended December 31, 2021, which was in line with the same quarter prior year.
The Partnership's Towage segment generated Adjusted EBITDA of $7 million for the three months ended December 31, 2021, compared to $(1) million for the three months ended December 31, 2020. The increase of $8 million is mainly driven by higher day rates and utilization in the current quarter.
Strategic updates
Shuttle Tanker newbuildings
The Partnership's newbuild, the Altera Thule, is expected to be delivered in March 2022 and will operate off the East Coast of Canada.
Contract updates
In January 2022, a 1-year firm contract extension to May 2024 and a further 1-year option for the Petrojarl I FPSO was signed with Enauta.
The Knarr FPSO is expected to cease production on the Knarr field in the North Sea around May, 1 2022 and commence decommissioning activities.
Vessel sales
In November 2021, the Navion Stavanger shuttle tanker was delivered to its buyer for responsible recycling.
Liquidity Update
As at December 31, 2021 the Partnership had total liquidity of $191 million, compared to $195 million in the prior quarter, representing a decrease of $4 million.
In December 2021, the Partnership's subsidiary, Altera Shuttle Tankers, issued a new $180 million bond due in 2025. The proceeds were used to repay bonds due in 2022.
In relation to the above bond issue, the $70 million Shuttle revolving credit facility was cancelled and replaced by a new $70 million PIK loan by Brookfield Business Partners L.P. (or Brookfield).
Forward Looking Statements
This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among others: the Partnership’s strategic initiatives intended to improve its debt maturity profile and enhance its liquidity and financial flexibility; and the timing of vessel deliveries, the commencement of charter contracts and the employment of newbuilding vessels. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: delays in vessel deliveries or the commencement of charter contracts or changes in expected employment of newbuilding vessels; the potential ineffectiveness of measures taken to improve the Partnership’s maturity profile and enhance its liquidity; and other factors discussed in the Partnership’s filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2021. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
About Altera Infrastructure L.P.
Altera Infrastructure L.P. is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera has consolidated assets of approximately $3.9 billion, comprised of 45 vessels, including floating production, storage and offloading (FPSO) units, shuttle tankers (including one newbuilding), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera’s fleet is employed on medium-term, stable contracts.
Altera's preferred units trade on the New York Stock Exchange under the symbols "ALIN PR A", "ALIN PR B" and "ALIN PR E", respectively.
For Investor Relations enquiries contact:
Jan Rune Steinsland, Chief Financial Officer
Email: investor.relations@alterainfra.com
Tel: +47 97 05 25 33
Website: www.alterainfra.com
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands of U.S. Dollars)
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| $ | $ | $ | $ | |||||||||
| Revenues | 315,734 | 278,657 | 1,151,260 | 1,182,110 | ||||||||
| Direct operating costs | (167,976 | ) | (143,896 | ) | (654,580 | ) | (627,792 | ) | ||||
| General and administrative expenses | (12,988 | ) | (24,217 | ) | (40,770 | ) | (44,360 | ) | ||||
| Depreciation and amortization | (73,735 | ) | (81,128 | ) | (313,120 | ) | (316,317 | ) | ||||
| Interest expense | (55,056 | ) | (50,511 | ) | (206,176 | ) | (192,723 | ) | ||||
| Interest income | 32 | 1,870 | 91 | 2,770 | ||||||||
| Equity-accounted income (loss) | (15,536 | ) | 19,658 | 25,062 | 35,921 | |||||||
| Impairment expense, net | (116,420 | ) | (83,615 | ) | (116,420 | ) | (268,612 | ) | ||||
| Gain (loss) on dispositions, net | (2 | ) | 5,380 | 10,502 | 3,411 | |||||||
| Realized and unrealized gain (loss) on derivative instruments | 3,788 | 7,190 | 15,732 | (96,499 | ) | |||||||
| Foreign currency exchange gain (loss) | (177 | ) | (514 | ) | (825 | ) | (7,861 | ) | ||||
| Gain (loss) on modification of financial liabilities, net | (10,694 | ) | — | (45,920 | ) | — | ||||||
| Other income (expenses), net | 50,864 | (844 | ) | 48,323 | (10,472 | ) | ||||||
| Income (loss) before income tax (expense) benefit | (82,166 | ) | (71,970 | ) | (126,841 | ) | (340,424 | ) | ||||
| Income tax (expense) benefit | ||||||||||||
| Current | (707 | ) | (1,303 | ) | (4,603 | ) | (6,543 | ) | ||||
| Deferred | (5,006 | ) | 244 | (5,006 | ) | 804 | ||||||
| Net income (loss) | (87,879 | ) | (73,029 | ) | (136,450 | ) | (346,163 | ) | ||||
| Attributable to: | ||||||||||||
| Limited partners - common units | (93,667 | ) | (80,120 | ) | (160,218 | ) | (368,341 | ) | ||||
| General partner | (716 | ) | (615 | ) | (1,225 | ) | (2,771 | ) | ||||
| Limited partners - preferred units | 7,880 | 7,989 | 31,520 | 32,103 | ||||||||
| Non-controlling interests in subsidiaries | (1,376 | ) | (283 | ) | (6,527 | ) | (7,154 | ) | ||||
| (87,879 | ) | (73,029 | ) | (136,450 | ) | (346,163 | ) | |||||
| Basic and diluted earnings (loss) per limited partner common unit | (0.23 | ) | (0.20 | ) | (0.39 | ) | (0.90 | ) | ||||
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands of U.S. Dollars)
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| $ | $ | $ | $ | |||||||||
| Net income (loss) | (87,879 | ) | (73,029 | ) | (136,450 | ) | (346,163 | ) | ||||
| Other comprehensive income (loss) | ||||||||||||
| Items that will not be reclassified subsequently to net income (loss): | ||||||||||||
| Pension adjustments, net of taxes | 233 | 1,438 | 233 | 1,438 | ||||||||
| Items that may be reclassified subsequently to net income (loss): | ||||||||||||
| To interest expense: | ||||||||||||
| Realized gain on qualifying cash flow hedging instruments | (182 | ) | (189 | ) | (750 | ) | (811 | ) | ||||
| To equity-accounted income (loss): | ||||||||||||
| Realized gain on qualifying cash flow hedging instruments | (159 | ) | (201 | ) | (743 | ) | (966 | ) | ||||
| Total other comprehensive income (loss) | (108 | ) | 1,048 | (1,260 | ) | (339 | ) | |||||
| Comprehensive income (loss) | (87,987 | ) | (71,981 | ) | (137,710 | ) | (346,502 | ) | ||||
| Attributable to: | ||||||||||||
| Limited partners - common units | (93,774 | ) | (79,080 | ) | (161,468 | ) | (368,677 | ) | ||||
| General partner | (717 | ) | (607 | ) | (1,235 | ) | (2,774 | ) | ||||
| Limited partners - preferred units | 7,880 | 7,989 | 31,520 | 32,103 | ||||||||
| Non-controlling interests in subsidiaries | (1,376 | ) | (283 | ) | (6,527 | ) | (7,154 | ) | ||||
| (87,987 | ) | (71,981 | ) | (137,710 | ) | (346,502 | ) | |||||
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of U.S. Dollars)
| As at | As at | As at | ||||||
| December 31, | December 31, | January 1, | ||||||
| 2021 | 2020 Restated(1) | 2020 Restated(1) | ||||||
| $ | $ | $ | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 190,942 | 235,734 | 199,388 | |||||
| Financial assets | 19,400 | 103,514 | 107,992 | |||||
| Accounts and other receivable, net | 127,453 | 222,629 | 204,825 | |||||
| Vessels and equipment classified as held for sale | 5,800 | 7,500 | 15,374 | |||||
| Inventory | 26,601 | 16,308 | 18,581 | |||||
| Due from related parties | 978 | 9,980 | — | |||||
| Other assets | 43,668 | 37,326 | 16,844 | |||||
| Total current assets | 414,842 | 632,991 | 563,004 | |||||
| Non-current assets | ||||||||
| Financial assets | 45,740 | 36,372 | — | |||||
| Accounts and other receivable, net | — | — | 17,276 | |||||
| Vessels and equipment | 2,869,395 | 3,029,415 | 3,025,716 | |||||
| Advances on newbuilding contracts | 51,918 | 127,335 | 297,100 | |||||
| Equity-accounted investments | 237,469 | 241,731 | 232,216 | |||||
| Deferred tax assets | — | 5,153 | 7,000 | |||||
| Other assets | 138,247 | 185,521 | 218,813 | |||||
| Goodwill | 127,113 | 127,113 | 127,113 | |||||
| Total non-current assets | 3,469,882 | 3,752,640 | 3,925,234 | |||||
| Total assets | 3,884,724 | 4,385,631 | 4,488,238 | |||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Accounts payable and other | 249,297 | 286,295 | 256,114 | |||||
| Other financial liabilities | 34,679 | 198,985 | 21,697 | |||||
| Borrowings | 407,274 | 362,079 | 353,238 | |||||
| Due to related parties | — | 16,126 | 37,810 | |||||
| Total current liabilities | 691,250 | 863,485 | 668,859 | |||||
| Non-current liabilities | ||||||||
| Accounts payable and other | 49,253 | 128,671 | 222,659 | |||||
| Other financial liabilities | 188,658 | 144,350 | 164,511 | |||||
| Borrowings | 2,056,753 | 2,397,638 | 2,407,649 | |||||
| Due to related parties | 797,432 | 605,888 | 423,625 | |||||
| Deferred tax liabilities | 700 | 700 | 3,133 | |||||
| Total non-current liabilities | 3,092,796 | 3,277,247 | 3,221,577 | |||||
| Total liabilities | 3,784,046 | 4,140,732 | 3,890,436 | |||||
| EQUITY | ||||||||
| Limited partners - common units | — | — | 169,737 | |||||
| Limited partners - Class A common units | (4,539 | ) | (2,505 | ) | — | |||
| Limited partners - Class B common units | (314,153 | ) | (157,897 | ) | — | |||
| Limited partners - preferred units | 392,248 | 376,512 | 384,274 | |||||
| General partner | 5,603 | 6,828 | 9,587 | |||||
| Accumulated other comprehensive income | 2,811 | 4,071 | 4,410 | |||||
| Non-controlling interests in subsidiaries | 18,708 | 17,890 | 29,794 | |||||
| Total equity | 100,678 | 244,899 | 597,802 | |||||
| Total liabilities and equity | 3,884,724 | 4,385,631 | 4,488,238 | |||||
(1) The Partnership has restated its December 31, 2020 and January 1, 2020 consolidated statements of financial position to retrospectively show the change in accounting policy adopted during the year ended December 31, 2021. The impact of the accounting policy change as at December 31, 2020 and January 1, 2020 is a reclassification of the Partnerships $411.3 million and $423.6 million, respectively, outstanding senior unsecured bonds held by Brookfield from Borrowings (non-current) to Due to related parties (non-current) and $16.1 million and $16.5 million, respectively, in accrued interest on said bonds from Accounts payable and other (current) to Due to related parties (current).
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. Dollars)
| Year Ended December 31, | ||||||
| 2021 | 2020 | |||||
| $ | $ | |||||
| Operating Activities | ||||||
| Net income (loss) | (136,450 | ) | (346,163 | ) | ||
| Adjusted for the following items: | ||||||
| Depreciation and amortization | 313,120 | 316,317 | ||||
| Equity-accounted (income) loss, net of distributions received | 8,368 | (6,532 | ) | |||
| Impairment expense, net | 116,420 | 268,612 | ||||
| (Gain) loss on dispositions, net | (10,502 | ) | (3,411 | ) | ||
| Unrealized (gain) loss on derivative instruments | (173,195 | ) | 36,045 | |||
| Deferred income tax expense (recovery) | 5,006 | (804 | ) | |||
| Provisions and other items | (54,698 | ) | (3,503 | ) | ||
| Other non-cash items | 59,937 | 34,629 | ||||
| Changes in non-cash working capital, net | 87,289 | (12,871 | ) | |||
| Net operating cash flow | 215,295 | 282,319 | ||||
| Financing Activities | ||||||
| Proceeds from borrowings | 276,120 | 312,149 | ||||
| Repayments of borrowings and settlement of related derivative instruments | (579,180 | ) | (329,073 | ) | ||
| Financing costs related to borrowings | (7,720 | ) | (8,023 | ) | ||
| Proceeds from borrowings related to sale and leaseback of vessels | 71,400 | 119,073 | ||||
| Repayments of borrowings related to sale and leaseback of vessels | (11,335 | ) | (1,190 | ) | ||
| Financing costs related to borrowings from sale and leaseback of vessels | (584 | ) | (187 | ) | ||
| Proceeds from borrowings from related parties | 147,000 | 205,000 | ||||
| Prepayment of borrowings from related parties | (30,000 | ) | — | |||
| Lease liability repayments | (14,506 | ) | (20,332 | ) | ||
| Capital provided by others who have interests in subsidiaries | 17,950 | — | ||||
| Distributions to limited partners and preferred unitholders | (15,760 | ) | (32,103 | ) | ||
| Distributions to others who have interests in subsidiaries | (10,605 | ) | (4,750 | ) | ||
| Repurchase of preferred units | (24 | ) | (6,200 | ) | ||
| Net financing cash flow | (157,244 | ) | 234,364 | |||
| Investing Activities | ||||||
| Additions: | ||||||
| Vessels and equipment | (211,448 | ) | (479,981 | ) | ||
| Equity-accounted investments | (4,847 | ) | (3,948 | ) | ||
| Dispositions: | ||||||
| Vessels and equipment | 44,894 | 27,996 | ||||
| Restricted cash | 68,575 | (26,520 | ) | |||
| Acquisition of company (net of cash acquired of $6.4 million) | — | 6,430 | ||||
| Net investing cash flow | (102,826 | ) | (476,023 | ) | ||
| Cash and cash equivalents | ||||||
| Change during the year | (44,775 | ) | 40,660 | |||
| Impact of foreign exchange on cash | (17 | ) | (4,314 | ) | ||
| Balance, beginning of the year | 235,734 | 199,388 | ||||
| Balance, end of the year | 190,942 | 235,734 | ||||
Non-IFRS Measures
To supplement the unaudited interim condensed consolidated financial statements, the Partnership uses Adjusted EBITDA, which is a non-IFRS financial measure, as a measure of the Partnership's performance. Adjusted EBITDA represents net income (loss) before interest expense, interest income, income tax (expense) benefit, and depreciation and amortization and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include impairment expenses, gain (loss) on dispositions, net, unrealized gain (loss) on derivative instruments, foreign currency exchange gain (loss) and certain other income or expenses. Adjusted EBITDA also excludes: realized gain or loss on interest rate swaps (as the Partnership in assessing its performance, views these gains or losses as an element of interest expense); realized gain or loss on derivative instruments resulting from amendments or terminations of the underlying instruments; realized gain or loss on foreign currency forward contracts; and equity-accounted income (loss). Adjusted EBITDA also includes the Partnership's proportionate share of Adjusted EBITDA from its equity-accounted investments and excludes the non-controlling interests' proportionate share of Adjusted EBITDA. The Partnership does not have control over the operations of, nor does it have any legal claim to the revenues and expenses of its equity-accounted investments. Consequently, the cash flow generated by the Partnership's equity-accounted investments may not be available for use by the Partnership in the period that such cash flows are generated.
Adjusted EBITDA is intended to provide additional information and should not be considered as the sole measure of the Partnership's performance or as a substitute for net income (loss) or other measures of performance prepared in accordance with IFRS. In addition, this measure does not have a standardized meaning and may not be comparable to similar measures presented by other companies. This non-IFRS measure is used by the Partnership's management, and the Partnership believes that this supplementary metric assists investors and other users of its financial reports in comparing its financial and operating performance across reporting periods and with other companies.
Non-IFRS Financial Measures
The following table includes reconciliations of Adjusted EBITDA to net income (loss) for the periods presented in the Partnership's Consolidated Financial Summary.
| Three Months Ended | ||||||||
| December 31, | September 30, | December 31, | ||||||
| 2021 | 2021 | 2020 | ||||||
| (in thousands of U.S. Dollars, unaudited) | $ | $ | $ | |||||
| Adjusted EBITDA | 165,801 | 156,295 | 142,193 | |||||
| Depreciation and amortization | (73,735 | ) | (80,576 | ) | (81,128 | ) | ||
| Interest expense | (55,056 | ) | (53,961 | ) | (50,511 | ) | ||
| Interest income | 32 | 10 | 1,870 | |||||
| Expenses and gains (losses) relating to equity-accounted investments | (45,708 | ) | (9,635 | ) | (11,485 | ) | ||
| Impairment expense, net | (116,420 | ) | — | (83,615 | ) | |||
| Gain (loss) on dispositions, net | (2 | ) | 1,397 | 5,380 | ||||
| Realized and unrealized gain (loss) on derivative instruments | 3,788 | (403 | ) | 6,061 | ||||
| Foreign currency exchange gain (loss) | (177 | ) | (671 | ) | (514 | ) | ||
| Gain (loss) on modification of financial liabilities, net | (10,694 | ) | — | — | ||||
| Other income (expenses), net | 50,864 | (35,910 | ) | (844 | ) | |||
| Adjusted EBITDA attributable to non-controlling interests | (859 | ) | (827 | ) | 623 | |||
| Income (loss) before income tax (expense) benefit | (82,166 | ) | (24,281 | ) | (71,970 | ) | ||
| Income tax (expense) benefit: | ||||||||
| Current | (707 | ) | (1,703 | ) | (1,303 | ) | ||
| Deferred | (5,006 | ) | — | 244 | ||||
| Net loss | (87,879 | ) | (25,984 | ) | (73,029 | ) | ||
Adjusted EBITDA from equity-accounted investments, which is a non-IFRS financial measure and should not be considered as an alternative to equity accounted income (loss) or any other measure of financial performance presented in accordance with IFRS, represents our proportionate share of Adjusted EBITDA (as defined above) from equity-accounted investments. This measure does not have a standardized meaning, and may not be comparable to similar measures presented by other companies. Adjusted EBITDA from equity-accounted investments is summarized in the table below:
| Three Months Ended | ||||||||
| December 31, | September 30, | December 31, | ||||||
| 2021 | 2021 | 2020 | ||||||
| (in thousands of U.S. Dollars, unaudited) | $ | $ | $ | |||||
| Equity-accounted income (loss) | (15,536 | ) | 10,985 | 19,658 | ||||
| Less: | ||||||||
| Depreciation and amortization | (8,937 | ) | (7,551 | ) | (7,713 | ) | ||
| Interest expense, net | (1,719 | ) | (1,986 | ) | (5,102 | ) | ||
| Income tax (expense) benefit | ||||||||
| Current | (480 | ) | 22 | (139 | ) | |||
| EBITDA | (4,400 | ) | 20,500 | 32,612 | ||||
| Less: | ||||||||
| Impairment expense, net | (36,096 | ) | — | — | ||||
| Realized and unrealized gain (loss) on derivative instruments | 1,752 | 387 | 1,395 | |||||
| Foreign currency exchange gain (loss) | (228 | ) | (507 | ) | 74 | |||
| Adjusted EBITDA from equity-accounted investments | 30,172 | 20,620 | 31,143 | |||||
