Baird Investment Banking Pitch Book
AM / AMGP FORECAST DETAIL
($ in millions, except per share and unit data)
Antero Midstream
EBITDA
AM Distributable Cash Flow
DCF Coverage Ratio
Distribution per Common Unit
Year-over-Year Growth (%)
Unit Summary
Common Units Owned by Public
Common Units Owned by AR
Distributions Summary
LP Distributions to Public
LP Distributions to AR
IDRS
Total AM Distributions
GP % of Total Distributions
Growth Capital Expenditures
Net Debt / EBITDA
Antero Midstream GP
Distributions from AM IDRS
Series B Profits Interest
G&A Expense
Taxes
AMGP Distributable Cash Flow
DCF Coverage Ratio
Distribution per Common Share
Year-over-Year Growth (%)
Common Shares Outstanding
Total AMGP Distributions
Source: Antero management.
2017A
$529
$421
1.3x
$1.325
29%
88.1
98.9
$109
138
70
$317
22%
$746
2.3x
Q1 18E
$157
$130
1.3x
$0.390
30%
88.1
98.9
$34
39
28
$101
28%
$109
2.3x
$28
(1)
(1)
(7)
$20
1.0x
$0.107
186.2
$20
Q2 18E
$181
$145
1.3x
$0.415
30%
88.1
98.9
$37
41
33
$111
30%
$154
2.3x
$33
(2)
(1)
(8)
$23
1.0x
$0.125
186.2
$23
Q3 18E
$192
$154
1.3x
$0.440
88.1
98.9
$39
44
38
$120
31%
$156
2.3x
$38
(2)
(1)
(9)
$27
1.0x
$0.142
186.2
$27
Q4 18E
T
$199
$165
1.3x
$0.470
29% I
88.1
98.9 I
$41
46
43 1
$131
33% 1
$159 |
2.3x!
$43
(2)
(1)
(10)
$30 1
1.0x I
$0.164
186.2
$30
2018E
$730
$594
1.3x
$1.715
29%
88.1
98.9
$151
170
143
$463
31%
$579
2.3x
$143
(7)
(2)
(34)
$100
1.0x
$0.538
186.2
$100
2019E
$989
$851
1.3x
$2.210
29%
88.3
98.9
$195
219
236
$649
36%
$776
2.2x
$236
(12)
(2)
(56)
$165
1.0x
$0.888
65%
186.2
$165
2020E
$1,222
$1,034
1.2x
$2.850
29%
88.3
98.9
$252
282
355
$889
40%
$656
2.2x
$355
(19)
(2):
(85)
$249
1.0x
$1.340
51%
186.2
$249
2021E
$1,413
$1,226
1.1x
$3.420
20%
88.3
98.9
$302
338
462
$1,102
42%
$386
2.1x
$462
Confidential
(26)
(2)
(110)
$324
1,0x
$1.742
30%
186.2
$324
2022E
$1,642
$1,429
1.1x
$4.100
20%
88.3
98.9
$362
405
589
$1,356
43%
$294
2.0x
$589
(33)
(2)
(140)
$414
1.0x
$2.223
28%
186.2
$414
BAIRD
2018-2022
CAGR
22%
25%
24%
31%
43%
43%
Project Bronco | Page 27View entire presentation