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Williams Companies
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Q1 2024 Earnings Call Presentation
| Alan Armstrong | Page 40 of 11 |
May 20, 2024
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"Q1 2024 Earnings Call Presentation"
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Reconciliation of Income (Loss) From Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income 2021-2022 Cont. 2021 2022 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Gas & NGL Marketing Services Amortization of purchase accounting inventory fair value adjustment — — 2 16 18 15 — — — 15 Impact of volatility on NGL linefill transactions — — — — — (20) — 23 6 9 Net unrealized (gain) loss from derivative instruments — — 294 (188) 106 57 288 (5) (66) 274 Total Gas & NGL Marketing Services adjustments — — 296 (172) 124 52 288 18 (60) 298 Other Net unrealized (gain) loss from derivative instruments — 4 16 (20) — 66 (47) (29) (15) (25) Regulatory liability charge associated with decrease in Transco’s estimated deferred state income tax rate — — — — — — — 5 — 5 Expenses associated with Sequent acquisition and transition — — 3 2 5 — — — — — Accrual for loss contingencies 5 5 — — 10 — — 11 — 11 Total Other adjustments 5 9 19 (18) 15 66 (47) (13) (15) (9) Adjustments included in Modified EBITDA 5 11 315 (190) 141 118 249 38 (62) 343 Adjustments below Modified EBITDA Acclelerated depreciation for decommissioning assets — 20 13 — 33 — — — — — Amortization of intangible assets from Sequent acquisition — — 21 (3) 18 42 41 42 42 167 Depreciation adjustment related to Eminence storage cavern abandonments — — — — — — — (1) — (1) — 20 34 (3) 51 42 41 41 42 166 Total adjustments 5 31 349 (193) 192 160 290 79 (20) 509 Less tax effect for above items (1) (8) (87) 48 (48) (40) (72) (17) 5 (124) Adjustments for tax-related items (2) — — — — — — (134) (69) — (203) Adjusted income from continuing operations available to common stockholders $ 429 $ 327 $ 426 $ 476 $ 1,658 $ 499 $ 484 $ 592 $ 653 $ 2,228 Adjusted income from continuing operations - diluted earnings per common share (1) $ .35 $ .27 $ .35 $ .39 $ 1.36 $ .41 $ .40 $ .48 $ .53 $ 1.82 Weighted-average shares - diluted (thousands) 1,217,211 1,217,476 1,217,979 1,221,454 1,218,215 1,221,279 1,222,694 1,222,472 1,224,212 1,222,672 (1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. (2) The second quarter of 2022 includes adjustments for the reversal of valuation allowance due to the expected utilization of certain deferred income tax assets and previously unrecognized tax benefits from the resolution of certain federal income tax audits. The third quarter of 2022 includes an unfavorable adjustment to reverse the net benefit primarily associated with a significant decrease in our estimated deferred state income tax rate, partially offset by an unfavorable revision to a state net operating loss carryforward.