Investor Presentaiton
Adjusted EBITDA Reconciliation
San Mateo(1)
San Mateo
MIDSTREAM
The following table presents the calculation of Adjusted EBITDA and reconciliation of Adjusted EBITDA to the GAAP financial measures of
net income (loss) and net cash provided by (used in) operating activities, respectively, for San Mateo Midstream, LLC and San Mateo
Midstream II, LLC.
Three Months Ended
3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020
(In thousands)
Unaudited Adjusted EBITDA reconciliation to
Net Income (Loss):
Net income
Total income tax provision
Depletion, depreciation and amortization
Interest expense
Accretion of asset retirement obligations
Net loss on impairment
Adjusted EBITDA (Non-GAAP)
1,016
$ 5,741 $ 6,422 $ 5,937 $
54
951
64
63
1,083
8,291
88
1,181
$ 10,266 $ 11,901
$14,940 $ 15,051 $ 15,229 $ 16,979 $ 20,000 $ 19,642 $ 19,088 $ 15,252 $ 20,323
1,268
2,086
2,392
3,713
3,406
3,565
3,848
4,249
4,600
4,786
5,822
9
10
11
11
12
18
333
20
2,142
2,180
25
2,458
27
2,502
58
2,437
45
1,854
49
1,261
1,766
50
$ 6,746 $ 7,511 $ 7,093 $ 9,571 $ 11,545 $ 13,999 $ 17,350 $ 19,117 $20,777 $22,749 $ 26,333 $ 26,451 $ 26,170 $ 23,202 $ 27,961
Three Months Ended
(In thousands)
Unaudited Adjusted EBITDA reconciliation to
Net Cash Provided by (Used in) Operating Activities:
Net cash provided by (used in) operating activities
Net change in operating assets and liabilities
Interest expense, net of non-cash portion
Current income tax provision
Adjusted EBITDA (Non-GAAP)
3/31/2017 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 6/30/2020
9/30/2020
$ (1,064) $ 2,630 $ 22,509 $ (2,767) $ 10,385 $ (160) $2,093 $ 23,070 $ 32,616 $ 18,650 $31,550 $ 23,834 $ 25,244 $ 20,164
7,756 4,817 (15,479) 12,250 1,160 14,159 15,257 (4,273) (13,899) 2,031 (7,468)
(1,341)
320 2,060 2,068
2,267
$ 24,795
2,251
199
2,418
1,354
1,684
1,477
1,689
54
64
$ 6,746 $ 7,511
88
63
$ 7,093 $ 9,571 $ 11,545 $ 13,999 $ 17,350 $ 19,117 $ 20,777 $22,749 $ 26,333 $ 26,451 $ 26,170 $ 23,202 $ 27,961
Matador 56
(1) Pro forma for February 2017 San Mateo I transaction and the purchase of the non-controlling interest in Fulcrum Delaware Water Resources, LLC not previously owned by Matador.
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