Investor Presentaiton
Non-GAAP Measures Reconciliation
(1)
(2)
KINETIK
Three Months Ended
December 31,
Twelve Months Ended
2023
Net Income Including Non-controlling Interests to Adjusted EBITDA
Net income including non-controlling interests (GAAP)
Add back:
Interest expense
Income tax (benefit) expense
267,354
December 31,
2022
2023
2022(1)
(In thousands)
48,462 $
386,452 $
250,721
75,411
(234,938)
56,667
372
205,854
(232,908)
149,252
2,616
Depreciation and amortization
72,715
67,736
280,986
260,345
Amortization of contract costs
1,655
463
6,620
1,807
Proportionate EBITDA from unconsolidated affiliates
81,139
78,388
306,072
268,826
Share-based compensation
12,642
11,814
55,983
42,780
Loss on disposal of assets
4,236
9
19,402
12,611
Loss on debt extinguishment
1,876
1,876
27,975
30
2,197
1,015
12,208
648
6,412
4,356
5,385
11,901
16,355
Integration costs
Acquisition transaction costs
Other one-time cost or amortization
Deduct:
Interest and other income
Warrant valuation adjustment
Gain on redemption of mandatorily redeemable Preferred Units
Unrealized gain on derivatives
Gain on embedded derivative
Equity income from unconsolidated affiliates
Adjusted EBITDA (2) (non-GAAP)
363
677
14
133
88
133
9,580
4,907
4,291
89,050
53,187
60,250
200,015
180,956
$
228,005
$
211,110 $
838,830 $
772,189
The results of the legacy ALTM business are not included in the Company's consolidated financials prior to February 22, 2022.
Adjusted EBITDA is defined as net income including non-controlling interests adjusted for interest, taxes, depreciation and amortization, impairment charges, asset write-offs, the proportionate EBITDA from unconsolidated affiliates, equity in earnings from
unconsolidated affiliates, share-based compensation expense, non-cash increases and decreases related to trading and hedging agreements, extraordinary losses and unusual or non-recurring charges. Adjusted EBITDA provides a basis for comparison of our
business operations between current, past and future periods by excluding items that we do not believe are indicative of our core operating performance. Adjusted EBITDA should not be considered as an alternative to the GAAP measure of net income including
non-controlling interests or any other measure of financial performance presented in accordance with GAAP.
26
26View entire presentation