BIP reported better-than-expected Q4/2021BROOKFIELD INFRASTRUCTURE PARTNERS L.P. Q4/21 First Look: FFO Beat And 6% Distribution Increase Brookfield Infrastructure Partners reported better-than-expected Q4/2021 results, including FFO/unit of $0.97 compared to our estimate of $0.91 and consensus of $0.92. This represents a 12.6% Y/Y growth. Full-year FFO/unit was also 16% higher compared to 2020. The quarterly distribution was increased 6% to $0.54 per unit in 2022, in line with our expectations and consensus. The current environment has all three components of organic growth contributing tailwinds: higher inflation, strong commodity markets, and customer-initiated capital projects. As a result BIP achieved a 9% organic growth for FY2021, at the high end of the previously guided 6%-9% targeted organic growth range, demonstrating continued strength. The company is well positioned relative to inflation, with 70% of revenue indexed to inflation. The debt maturity profile includes 90% fixed-rate debt with an average maturity of eight years, and only 10% due in the next two years. BIP has also secured 50% of the 2022 capital deployment target, including AusNet Services Ltd. (AusNet), a regulated utility company in Australia, and an investment in Intellihub, a leading Australian smart meter company. On IPL, the Central Utilities Block has been placed online and is producing power to the grid, a significant milestone to getting the Heartland Petrochemical facility complete. The facility is on track for a mid-2022 start up. Adjusted EBITDA was $667MM, above our estimate of $653MM and in line with consensus of $671MM. Results were supported by strong growth from the base business and the full recovery from shutdown-related effects experienced in 2020. The Utilities segment outperformed, as the segment reported FFO of $167MM compared to our estimate of $152MM and was in line Y/Y, down (0.6%). This was a result of strong organic growth due to inflation indexation and the commissioning of ~$430 million into the rate base during the past year. The Energy segment underperformed estimates with reported FFO of $183MM compared to our estimate of $209MM which we attribute to transaction expenses from the IPL transaction, partly offset by higher commodity prices. The Transport segment outperformed with reported FFO of $185MM compared to our estimate of $141MM, benefiting from strong organic growth driven by volume increases and inflationary tariff increases. The Corporate segment also missed slightly with ($109MM) vs. ($101MM). The Data Infrastructure segment was mostly in line with estimates.