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Q1 2024 Investor Presentation
| Jesse Arenivas | Page 27 of 11 |
May 19, 2024
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"Q1 2024 Investor Presentation"
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Reconciliation of Net Income (Loss) to Adjusted EBITDA and Free Cash Flow After Distributions Three Months Ended 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Net income $94.2 $89.9 $65.8 $100.1 $50.0 Interest expense, net of interest income 68.5 68.8 67.9 66.5 65.4 Depreciation and amortization 160.4 165.3 163.8 167.6 165.3 Impairments — — 20.7 — 14.2 Loss from unconsolidated affiliate investments 0.1 4.6 (1.0) 4.5 0.8 Distributions from unconsolidated affiliate investments 0.1 2.2 0.1 0.1 — Gain on disposition of assets (0.4) (0.8) (0.6) 1.5 (1.7) Loss on litigation settlement (1) — — — — 23.0 Unit-based compensation 4.0 4.5 5.7 5.0 5.6 Income tax expense (benefit) 10.9 19.0 10.6 22.3 (3.8) Unrealized loss on commodity derivatives 1.4 (5.3) 22.9 (6.9) 26.1 Costs associated with the relocation of processing facilities (2) 0.4 1.7 2.9 9.6 9.3 Other (3) 0.3 0.2 0.1 (0.5) 1.6 Adjusted EBITDA before non-controlling interest 339.9 350.1 358.9 369.8 355.8 Non-controlling interest share of adjusted EBITDA from joint ventures (4) (16.2) (16.5) (17.0) (19.0) (18.1) Adjusted EBITDA, net to ENLC 323.7 333.6 341.9 350.8 337.7 Growth capital expenditures, net to ENLC (5) (92.7) (74.6) (97.4) (90.1) (80.8) Maintenance capital expenditures, net to ENLC (5) (14.2) (20.0) (18.3) (16.9) (14.3) Interest expense, net of interest income (68.5) (68.8) (67.9) (66.5) (65.4) Distributions declared on common units (58.7) (58.1) (57.5) (60.0) (59.7) ENLK preferred unit cash distributions earned (6) (23.6) (24.0) (24.6) (24.8) (24.4) Earnout payments (7) — — — — (2.5) Payment to redeem mandatorily redeemable non-controlling interest (8) (10.5) — — — — Costs associated with the relocation of processing facilities, net to ENLC (2)(5)(9) (0.4) 7.1 (1.7) (5.7) (6.3) Contributions to investment in unconsolidated affiliates (49.7) — (8.7) (9.7) (9.4) Other (10) 0.3 0.5 0.4 2.3 (0.9) Free cash flow after distributions $5.7 $95.7 $66.2 $79.4 $74.0 1. Relates to the loss incurred to settle litigation that arose from Winter Storm Uri and is not part of our ongoing operations. 2. Represents cost incurred to execute discrete, project-based strategic initiatives aimed at realigning available processing capacity from our Oklahoma and North Texas segments to the Permian segment. These costs are not part of our ongoing operations. 3. Includes transaction costs, non-cash expense related to changes in the fair value of contingent consideration, accretion expense associated with asset retirement obligations, and non-cash rent, which relates to lease incentives pro-rated over the lease term. 4. Non-controlling interest share of adjusted EBITDA from joint ventures includes NGP’s 49.9% share of adjusted EBITDA from the Delaware Basin JV and Marathon Petroleum Corporation’s 50% share of adjusted EBITDA from the Ascension JV. 5. Excludes capital expenditures and costs associated with the relocation of processing facilities that were contributed by other entities and relate to the non-controlling interest share of our consolidated entities. 6. Represents the cash distributions earned by the Series B Preferred Units and Series C Preferred Units, which are not available to common unitholders. 7. Earnout payments were made in connection to the consideration paid for the Amarillo Rattler Acquisition and the Central Oklahoma Acquisition, both of which included a contingent component payable beginning in 2024. 8. In January 2023, we settled the redemption of the mandatorily redeemable non-controlling interest in one of our non-wholly owned subsidiaries. 9. Includes a one-time $8.0 million contribution from an affiliate of NGP in May 2023 in connection with the Delaware Basin JV’s purchase of the Cowtown processing plant. 10. Includes current income tax expense, a reduction for non-cash gain associated with a lease modification, and proceeds from the sale of surplus or unused equipment and land, which occurred in the normal operation of our business.