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
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