Antero Midstream Partners Investor Presentation Deck
Antero Midstream Non-GAAP Measures
Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures. The GAAP measure most directly comparable to
Adjusted EBITDA and Distributable Cash Flow is Net Income. The non-GAAP financial measures of Adjusted EBITDA and
Distributable Cash Flow should not be considered as alternatives to the GAAP measure of Net Income. Adjusted EBITDA and
Distributable Cash Flow are not presentations made in accordance with GAAP and have important limitations as an analytical tool
because they include some, but not all, items that affect Net Income and Adjusted EBITDA. You should not consider Adjusted
EBITDA and Distributable Cash Flow in isolation or as a substitute for analyses of results as reported under GAAP. Antero
Midstream's definition of Adjusted EBITDA and Distributable Cash Flow may not be comparable to similarly titled measures of other
partnerships.
Antero Midstream has not included a reconciliation of Adjusted EBITDA and Distributable Cash Flow to their nearest GAAP financial
measure for 2019 because it cannot do so without unreasonable effort and any attempt to do so would be inherently imprecise.
Antero Midstream is able to forecast the following reconciling items between Adjusted EBITDA and Distributable Cash Flow and net
income (in thousands):
Depreciation expense
Equity based compensation expense..
Equity in earnings of unconsolidated affiliates..
Distributions from unconsolidated affiliates..
S
Twelve Months Ending
December 31, 2019
Low
180,000
48,000
68,000
87,000
High
185,000
52,000
73,000
92,000
The Partnership cannot forecast interest expense due to the timing and uncertainty of debt issuances and associated interest rates.
Additionally, Antero Midstream cannot reasonably forecast impairment expense as the impairment is driven by a number of factors
that will be determined in the future and are beyond Antero Midstream's control currently.
s
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