Antero Midstream Partners Investor Presentation Deck
Long Track Record Of Success
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Antero Midstream has delivered a 27% dividend CAGR through the downturn
and exceeded DCF coverage targets by 22% on average since the IPO
New AM Dividend Per Share and DCF Coverage Since IPO
(2)
Dividend DCF Coverage
1)
3)
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
IPO
$0.37
4Q' 14
Annualized
Adjusted EBITDA(1):
27% Dividend CAGR
$0.56
$0.43 IPO DCF Coverage Midpoint Target 1.15x
2015A
2016A
$0.72
IPO Year 2014
$67 MM
2017A
$0.94
$1.24
(4)
9.2%
Yield (3)
2018A
Guidance
(Midpoint)
2019 Guidance
2019
Guidance
(Midpoint)
$870 MM - $920 MM
2.0x
1.8x
1.6x
1.4x
1.2x
1.0x
0.8x
0.6x
0.4x
+1,235%
+1,201%
Distributable Cash Flow(¹):
$53 MM
$680 MM - $730 MM
Adjusted EBITDA and Distributable Cash Flow are non-GAAP measures. For additional information regarding these measures, please see "Antero Midstream Non-GAAP Measures in the Appendix.
Historical dividends adjusted for pending simplification transaction based on 1.832x share exchange ratio assuming 100% equity consideration for public AM unitholders on announcement date of October 9, 2018
Based on share price of $13.41 per unit as of 2/1/2019. 4) DCF coverage ratio represents guidance range. Dividend represents actual declared dividends.
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