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Williams Companies
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Q1 2024 Earnings Call Presentation
| Alan Armstrong | Page 11 of 11 |
May 19, 2024
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"Q1 2024 Earnings Call Presentation"
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$7.2B $7.6B $1.85 $2.10 $5.075B $5.375B $4.13 $4.38 >2.0x ~3.6x (midpoint) $1.65B $1.95B $750MM $850MM Targeting 5-7% growth 203 Adjusted EBITDA $6.779B $6.8B $7.1B Adjusted Diluted EPS 1 $1.91 $1.65 $1.86 Available Funds From Operations (AFFO) $5.213B $4.925B $5.175B AFFO Per Share $4.27 $4.02 $4.23 Dividend Coverage Ratio 2.39x 2.18x (midpoint) Debt-to-Adjusted EBITDA 2 ~3.58x ~3.85x (midpoint) Growth CAPEX 3 $1.89B $1.45B $1.75B Maintenance CAPEX (Includes ERP 4 modernization) $821MM $1.1B $1.3B Dividend Growth Rate 5.3% 6.1% annual growth Anticipating continued base business strength in 2024 and 2025 1 From continuing operations attributable to Williams available to common stockholders. 2 Book Debt-to-Adjusted EBITDA ratio does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Consolidated debt is net of cash on hand. 3 2023 growth capital excludes MountainWest and DJ Basin acquisitions and 2024 growth capital excludes Gulf Coast Storage acquisition. 4 Emissions reduction program. 5 Free cash flow is defined as Available Funds from Operations minus capex (excluding acquisitions). Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the back of this presentation. Financial guidance assumes approximately $100 and $300 million of total cash income taxes in 2024 and 2025, respectively. Cash income taxes might be materially reduced or eliminated if 100% bonus depreciation is restored and/or capital investments are added. $6.950B $1.76 $5.050B $4.13 $1.6B $1.2B $7.4B $1.97 $5.225B $4.25 $1.8B $800MM Generating ~$7.4B in free cash flow 2023-2025 5 2023 actuals 2024 guidance 2025 guidance ($300MM-$400MM) ($50MM-$150MM)