Investor Presentaiton
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES
TO ADJUSTED EBITDA AND FREE CASH FLOW AFTER DISTRIBUTIONS
ENLINK
MIDSTREAM
Three Months Ended
6/30/2021
Net cash provided by operating activities
Interest expense (1)
$176.4
55.6
9/30/2021
$197.0
55.1
12/31/2021
$258.1
54.4
3/31/2022
$307.7
6/30/2022
$174.9
53.7
54.2
Payments to terminate interest rate swaps (2)
1.3
0.5
Utility credits (redeemed) earned (3)
3.4
(5.6)
(5.6)
(5.6)
(6.0)
Accruals for settled commodity swap transactions
(2.6)
(2.1)
6.7
(2.2)
0.6
Distributions from unconsolidated affiliate investment in excess of earnings
0.1
0.1
0.1
0.2
0.2
Costs associated with the relocation of processing facilities (4)
Other (5)
10.2
8.8
1.7
11.3
11.1
1.4
(0.2)
1.7
1.7
Changes in operating assets and liabilities, which (provided) used cash:
Accounts receivable, accrued revenues, inventories, and other
91.7
167.6
(3.3)
172.7
137.2
Accounts payable, accrued product purchases, and other accrued liabilities
(67.7)
(153.2)
(11.8)
(222.6)
(53.4)
Adjusted EBITDA before non-controlling interest
269.8
268.0
300.3
316.9
320.5
Non-controlling interest share of adjusted EBITDA from joint ventures (6)
(12.3)
(11.6)
(13.9)
(12.6)
(20.8)
Adjusted EBITDA, net to ENLC
Growth capital expenditures, net to ENLC (7)
257.5
256.4
286.4
304.3
299.7
(40.0)
(33.2)
(76.2)
(40.5)
(49.9)
Maintenance capital expenditures, net to ENLC (7)
(7.5)
(6.9)
(7.0)
(13.9)
(11.1)
Interest expense, net of interest income
(60.0)
(60.1)
(58.6)
(55.1)
(55.5)
Distributions declared on common units
(46.7)
(46.6)
(55.2)
(55.5)
(54.6)
ENLK preferred unit accrued cash distributions (8)
(23.0)
(23.0)
(25.3)
(23.5)
(23.3)
Relocation costs associated with the relocation of processing facility (4)
(10.2)
(8.8)
(1.7)
(11.3)
(11.1)
Contributions to unconsolidated affiliate investments
(26.6)
Non-cash interest expense
2.4
2.7
2.2
Payments to terminate interest rate swaps (2)
(1.3)
(0.5)
Other (9)
Free cash flow after distributions
0.3
$71.5
0.5
$80.5
2.8
$67.4
0.4
(0.1)
$104.9
$67.5
1) Net of amortization of debt issuance costs and discount and premium, which are included in interest expense, but not included in net cash provided by operating activities, and non-cash interest income/(expense), which is netted against interest expense, but not included in
adjusted EBITDA.
2) Represents cash paid for the early terminations of our interest rate swaps due to the partial repayments of the Term Loan in May and September 2021.
3) Under our utility agreements, we are entitled to a base load of electricity and pay or receive credits, based on market pricing, when we exceed or do not use the base load amounts.
4) Represents cost incurred that are not part of our ongoing operations related to the relocation of equipment and facilities from the Thunderbird processing plant and Battle Ridge processing plant in the Oklahoma segment to the Permian segment. The relocation of equipment
and facilities from the Battle Ridge processing plant was completed in the third quarter of 2021 and we expect to complete the relocation of equipment and facilities from the Thunderbird processing plant in the fourth quarter of 2022
5) Includes current income tax expense; transaction costs; and non-cash rent, which relates to lease incentives pro-rated over the lease term.
6) Non-controlling interest share of adjusted EBITDA from joint ventures includes NGP's 49.9% share of adjusted EBITDA from the Delaware Basin JV, Marathon Petroleum Corporation's 50.0% share of adjusted EBITDA from the Ascension JV.
7) Excludes capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
8) Represents the cash distributions earned by the Series B Preferred Units and Series C Preferred Units, which are not available to common unitholders.
9) Includes current income tax expense and proceeds from the sale of surplus or unused equipment and land, which occurred in the normal operation of our business and did not include major divestitures.
September 2022 Investor Presentation
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