Investor Presentaiton
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND
FREE CASH FLOW AFTER DISTRIBUTIONS
ENLINK
MIDSTREAM
Net income (loss)
Interest expense, net of interest income
Depreciation and amortization
Impairments
Loss from unconsolidated affiliates
Distributions from unconsolidated affiliates
(Gain) loss on disposition of assets
Loss on extinguishment of debt
Unit-based compensation
Income tax expense (benefit)
Unrealized (gain) loss on commodity swaps
Other (2)
06/30/2021
$9.4
09/30/2021
$32.3
Three Months Ended
12/31/2021
$88.6
03/31/2022
60.0
60.1
58.6
$66.0
55.1
06/30/2022
$123.9
55.5
151.9
153.0
151.6
152.9
159.0
0.8
1.3
2.3
1.6
1.1
1.2
0.1
0.1
0.1
0.2
0.2
(0.3)
(0.4)
(0.8)
5.1
(0.4)
0.5
6.4
6.4
6.0
6.6
5.7
6.6
4.4
13.0
3.2
(1.3)
23.8
1.2
Costs associated with the relocation of processing facilities (1)
10.2
8.8
28
(20.5)
15.
(35.3)
1.7
11.3
11.1
0.4
(0.2)
(0.4)
0.3
0.4
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 (3)
(12.3)
(11.6)
(13.9)
(12.6)
(20.8)
Adjusted EBITDA, net to ENLC
257.5
256.4
286.4
304.3
299.7
Growth capital expenditures, net to ENLC (4)
(40.0)
(33.2)
(76.2)
(40.5)
(49.9)
Maintenance capital expenditures, net to ENLC (4)
(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
Partial termination of interest rate swap (6)
(46.7)
(46.6)
(55.2)
(55.5)
(54.6)
ENLK preferred unit accrued cash distributions (5)
(23.0)
(23.0)
(25.3)
(23.5)
(23.3)
(1.3)
(0.5)
Costs associated with relocation of processing facilities (1)
(10.2)
(8.8)
(1.7)
(11.3)
(11.1)
Contributions to unconsolidated affiliate investments
(26.6)
Non-cash interest expense
Other (7)
Free cash flow after distributions
2.4
0.3
$71.5
2.7
0.5
$80.5
2.2
2.8
$67.4
0.4
$104.9
(0.1)
$67.5
1) Represents cost incurred 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 that are not part of our ongoing operations. 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 fourth quarter of 2022.
2) Includes transaction costs, non-cash expense related to changes in the fair value of a contingent consideration, accretion expense associated with asset retirement obligations and non-cash rent, which relates to lease incentives pro-rated over the lease term.
3) Non-controlling interest share of adjusted EBITDA from joint ventures includes NGP Natural Resources XI, L.P.'s ("NGP") 49.9% share of adjusted EBITDA from the Delaware Basin JV, Marathon Petroleum Corporation's 50% share of adjusted EBITDA from the Ascension JV
4) Excludes capital expenditures that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities.
5) Represents the cash distributions earned by the Series B Preferred Units and Series C Preferred Units, which are not available to common unitholders.
6) 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.
7) 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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