Investor Presentaiton slide image

Investor Presentaiton

(1) 2022 2021 Year Ended December 31, 2020 2019 (2) 2018 2017 Includes the change in estimated redemption value of the mandatorily redeemable preferred interests. Gains or losses on debt repurchases or early debt extinguishments. (In millions) (3) Non-GAAP Measures Reconciliation (11) CHP Includes financial advisory, legal and other professional fees, and other one-time transaction costs. Risk management activities related to derivative instruments including the cash impact of hedges acquired in the 2015 mergers with Atlas Energy L.P. and Atlas Pipeline Partners L.P. The cash impact of the acquired hedges ended in December 2017. Represents one-time severance and related benefit expense related to the Company's cost reduction measures. Noncontrolling interest portion of depreciation and amortization expense (including the effects of the impairment of long-lived assets on non-controlling interests). Beginning in the second quarter of 2019, we revised our reconciliation of Net Income (Loss) attributable to TRC to Adjusted EBITDA to exclude the Splitter Agreement adjustment previously included in the comparative periods presented herein. For all comparative periods presented, our Adjusted EBITDA measure previously included the Splitter Agreement adjustment, which represented the recognition of the annual cash payment received under the condensate splitter agreement ratably over four quarters. The effect of these revisions reduced TRC's Adjusted EBITDA by $75.2 million and $43.0 million for 2018 and 2017. There was no impact to Distributable Cash Flow. In Distributable Cash Flow, Splitter Agreement represents the annual cash payment in the period received. Excludes amortization of interest expense. Represents capital expenditures, net of contributions from noncontrolling interests and includes net contributions to investments in unconsolidated affiliates. Includes an adjustment, reflecting the benefit from net operating loss carryback to 2015 and 2014, which was recognized over the periods between the third quarter 2016 recognition of the receivable and the anticipated receipt date of the refund. The refund, previously expected to be received on or before the fourth quarter of 2017, was received in the second quarter of 2017. The remaining $20.9 million unamortized balance of the tax refund was therefore included in Distributable Cash Flow in the second quarter of 2017. Also includes a refund of Texas margin tax paid in previous periods and received in 2017. Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow Net income (loss) attributable to Targa Resources Corp. Income attributable to TRP preferred limited partners Interest (income) expense, net (1) Income tax expense (benefit) Depreciation and amortization expense Impairment of long-lived assets Impairment of goodwill (Gain) loss on sale or disposition of business and assets Write-down of assets (Gain) loss from financing activities (2) (4) $ 1,195.5 $ 71.2 $ (1,553.9) 15.1 $ (209.2) $ 11.3 1.6 11.3 $ 446.1 131.8 387.9 14.8 391.3 337.8 185.8 (248.1) (87.9) 5.5 1,096.0 870.6 865.1 971.6 815.9 452.3 2,442.8 225.3 54.0 11.3 233.7 (397.1) 809.5 378.0 (5) (6) 210.0 (9.6) 2.0 58.4 71.1 (0.1) 15.9 (7) 9.8 10.3 55.6 17.9 49.6 16.6 (45.6) 1.4 2.0 16.8 (Gain) loss from sale of equity-method investment (435.9) (69.3) Transaction costs related to business acquisition (3) 23.9 5.6 Equity (earnings) loss (9.1) 23.9 (72.6) (39.0) (7.3) 17.0 Distributions from unconsolidated affiliates and preferred partner interests, net Change in contingent considerations 27.2 116.5 108.6 61.2 31.5 18.0 0.1 (0.3) 8.7 (8.8) (99.6) Compensation on equity grants 57.5 59.2 66.2 60.3 56.3 Risk management activities (4) 302.5 116.0 (228.2) 112.8 8.5 42.3 10.0 Severance and related benefits (5) 6.5 Noncontrolling interests adjustments (6) Adjusted EBITDA (7) $ 15.8 2,901.1 (89.4) (224.3) (38.5) (21.1) $ 2,052.0 $ 1,636.6 $ 1,435.5 $ 1,291.1 $ (18.6) 1,096.8 (8) (9) Distributions to TRP preferred limited partners (15.1) (11.3) (11.3) Splitter Agreement (8) Interest expense on debt obligations (9) Maintenance capital expenditures, net (10) Cash taxes (11) Distributable Cash Flow Growth capital expenditures, net (10) Adjusted Free Cash Flow 43.0 (11.3) 43.0 (10) (447.6) (376.2) (388.9) (342.1) (252.5) (224.3) (168.1) (131.7) (104.2) (134.9) (127.9) (99.1) (6.7) (2.7) 44.4 46.7 $ 2,278.7 (1,177.2) $ 1,541.4 $ $ 1,101.5 $ (407.7) 1,133.7 $ 1,172.8 (597.9) 574.9 $ 947.2 $ 942.4 $ 851.8 (2,281.7) (1,320.0) $ (1,334.5) $ (377.6) $ (562.0) 289.8 TR TARGA INVESTOR PRESENTATION 27 27
View entire presentation