Investor Presentaiton
Free Cash Flow: Historical Detail
GAAP CFFO to Non-GAAP FCF
2016
2017
2018
2019
1Q20
2Q20
3Q20
4Q20
2020
1Q21
2Q21
3Q21
4Q21
2021
(4)
(2)
$
(544) $ 927 $ 1,795 $
(1,627) (1,391) (1,032)
Net Cash Provided by Op. Activities (GAAP)
Net Cash (Used in) / Provided by Investing Activities
Cash Contributions from Noncontrolling Interests
Cash Distributions Paid to Noncontrolling Interests (1)
Sale of Noncontrolling Interest in a Sub
Free Cash Flow (non-GAAP)
Total Distributions (2)
$ 733 $ 2,499 $ 2,608 $ 2,504 $ 890 $
(1,273) (1,570) (813)
84 $ 282 $ 258 $1,514 $ 791 $ 235 $
336 $
635 $ 1,996
(1,765)
(610)
8
(248)
2
(208)
1
(27)
(1,093)
(108)
(175)
761
(92)
386
12
1
-
1
(6)
(4)
(2)
(4)
(10)
(6)
(4)
(14)
128
861 $
288 $
(166) $
73 $
228 $
423 $
678 $
60 $1,093 $
539 $2,369
(1,202)
(299)
(193)
(168)
(193)
(853)
(167)
(192)
(166) (190) (715)
FCF after Distributions (non-GAAP)
$ (2,171) $ (464) $
763 $
(341) $
(11) $
(359) $
(95) $
35 $
(430) $
511 $
(132) $ 927 $
349 $ 1,654
Expect to generate meaningful multi-year Free Cash Flow based on financial performance
and continued capital discipline
Note: Does not factor in material, unforeseen changes in ST working capital, i.e. hedged inventory storage activities/volume/price / margin
(1) Cash distributions paid during the period presented.
(2) Cash distributions paid to our preferred and common unitholders during the period presented. The 2016 period also includes distributions paid to our general partner.
Management uses the non-GAAP financial measures Free Cash Flow ("FCF") and Free Cash Flow after Distributions ("FCFAD") to assess the amount of cash that is available for distributions, debt repayments, equity repurchases and other general partnership
purposes. FCF is defined as net cash provided by operating activities, less net cash used in investing activities, which primarily includes acquisition, expansion and maintenance capital expenditures, investments in unconsolidated entities and the impact from
the purchase and sale of linefill and base gas, net of proceeds from the sales of assets and further impacted by distributions to, contributions from and proceeds from the sale of noncontrolling interests. FCF is further reduced by cash distributions paid to
preferred and common unitholders to arrive at FCF after Distributions.
Our definition and calculation of FCF may not be comparable to similarly-titled measures of other companies. FCF and FCF after Distributions are reconciled to net cash flows from operating activities, the most directly comparable measures as reported in
accordance with GAAP, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and accompanying notes.
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