Efficient Financing & Incremental Investment Opportunities
SEMPRA INFRASTRUCTURE ADJUSTED EBITDA
(UNAUDITED)
EBITDA is defined as Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) and is a non-GAAP financial measure. Adjusted EBITDA is EBITDA net
of noncontrolling interests and excludes our proportionate ownership share in interest expense, income tax expense, and depreciation and amortization in equity
earnings from our unconsolidated equity method investments. Our management and external users of our financial statements, such as industry analysts and
investors, use Adjusted EBITDA to assess our operating performance compared to industry peers.
Adjusted EBITDA is supplementary information that should be considered in addition to, but not as a substitute for, earnings prepared in accordance with GAAP.
Adjusted EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect earnings. We do not control our joint ventures,
and as such, the amounts shown on the individual line items do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses
presented. Adjusted EBITDA should not be considered in isolation or as a substitute for analysis of results as reported under GAAP. Additionally, because Adjusted
EBITDA may be defined differently by other companies, our definition of Adjusted EBITDA may not be comparable to similarly titled measures, thereby diminishing its
utility. The table below is presented on a proportionate basis, taking into account Sempra's ownership in Sempra Infrastructure. The table below reconciles Sempra's
proportionate share of Adjusted EBITDA to the midpoint of the Sempra Infrastructure 2022 GAAP Earnings Guidance, which we consider to be the most directly
comparable measure calculated in accordance with GAAP.
123
(Dollars in millions)
Sempra Infrastructure GAAP Earnings Guidance Midpoint²
Add:
Interest expense, net
Income tax expense
Depreciation and amortization
Interest expense from unconsolidated joint ventures³
Income tax expense from unconsolidated joint ventures³
Depreciation and amortization from unconsolidated joint ventures³
Sempra Infrastructure Adjusted EBITDA Guidance Midpoint
Amounts are shown net of noncontrolling interests.
Approximates the midpoint of the Sempra Infrastructure earnings guidance range.
Represents amounts from our unconsolidated equity method investments based on our proportionate ownership share.
95
2022 Guidance
Midpoint¹
700
70
220
210
170
40
160
1,570
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