NON-GAAP RECONCILIATION
The following table presents a reconciliation of the non-GAAP financial measures of Adjusted EBITDA and Distributable Cash Flow to their
most closely related GAAP financial measures ($ in thousands):
Three Months Ended
March 31,
2014
Net Income attributable to Access Midstream Partners, L.P...............................
$
Adjusted for:
Interest expense ..................................................................................................
Income tax expense .............................................................................................
Depreciation and amortization expense................................................................
Other ...................................................................................................................
Income from unconsolidated affiliates...................................................................
EBITDA from unconsolidated affiliates(1) (2) ...........................................................
Expense for non-cash equity awards ....................................................................
Implied minimum volume commitment..................................................................
Adjusted EBITDA ..................................................................................................
2013
61,078
$
38,573
1,804
85,544
(781)
(42,878)
66,526
9,814
30,500
$
Adjusted for:
Maintenance capital expenditures ........................................................................
Cash portion of interest expense ..........................................................................
Income tax expense .............................................................................................
250,180
59,538
27,062
1,240
66,650
(640)
(25,008)
39,459
7,390
8,750
$
(32,500)
(36,624)
(1,804)
184,441
(27,500)
(25,092)
(1,240)
Distributable cash flow .........................................................................................
$
179,252
$
130,609
Cash distribution
Limited partner units
2014: ($0.575 x 189,562,283 units) 2013: ($0.4675 x 187,999,820 units) .......
General partner interest .....................................................................................
$
108,998
20,995
$
87,890
5,468
Total cash distribution .........................................................................................
$
129,993
$
93,358
Distribution coverage ratio ..................................................................................
1.38
1.40
NON-GAAP RECONCILIATION
The following table presents a reconciliation of the non-GAAP financial measures of Adjusted EBITDA and Distributable Cash Flow to their
most closely related GAAP financial measures ($ in thousands):
Reconciliation of Adjusted EBITDA
and distributable cash flow to net
cash provided by operating activities:
Three Months Ended
March 31,
2014
Cash provided by operating activities .................................................................
$
2013
269,824
$
80,130
Adjusted for:
Change in assets and liabilities ............................................................................
(43,973)
26,343
Distribution of earnings received from unconsolidated affiliates ............................
Interest expense ..................................................................................................
Income tax expense .............................................................................................
Other non-cash items...........................................................................................
EBITDA from unconsolidated affiliates(1) (2) ...........................................................
Expense for non-cash equity awards ....................................................................
Implied minimum volume commitment..................................................................
(112,042)
38,573
1,804
(10,846)
66,526
9,814
30,500
—
27,062
1,240
(5,933)
39,459
7,390
8,750
Adjusted EBITDA ..................................................................................................
$
Adjusted for:
Maintenance capital expenditures ........................................................................
Cash portion of interest expense ..........................................................................
Income tax expense .............................................................................................
Distributable cash flow .........................................................................................
250,180
$
(32,500)
(36,624)
(1,804)
184,441
(27,500)
(25,092)
(1,240)
$
179,252
$
130,609
$
42,878
$
25,008
(1)
EBITDA from unconsolidated affiliates is calculated as follows:
Net Income ............................................................................................................
Adjusted for:
Depreciation and amortization expense................................................................
Other ...................................................................................................................
EBITDA from unconsolidated affiliates................................................................
(2)
23,650
(2)
$
66,526
The Partnership maintains equity investments in 10 gathering systems in the Marcellus Shale, Utica East Ohio Midstream, LLC. and Ranch
Westex JV, LLC.
14,466
(15)
$
39,459
NON-GAAP RECONCILIATION
The following table presents a reconciliation of the non-GAAP financial measures of net capital expenditures and revenues including
revenues from equity investments to their most closely related GAAP financial measures ($ in thousands):
Three Months Ended
March 31,
2014
2013
GAAP Capital Expenditures .............................................................
$
Adjusted for:
Capital expenditures included in unconsolidated affiliates................
Capital expenditures attributable to non-controlling interest .............
Net Capital Expenditures ..................................................................
269,631
$
109,390
(46,947)
$
332,074
270,954
165,506
(27,752)
$
408,708
Three Months Ended
March 31,
2014
2013
Revenues ...........................................................................................
$
Adjusted for:
Revenues included in investments in unconsolidated affiliates ........
Total Revenues including revenues from equity investments ......
277,078
$
78,880
$
355,958
236,959
47,147
$
284,106
NON-GAAP RECONCILIATION
The following table presents the projected reconciliation of the non-GAAP financial measures of Adjusted EBITDA and Capital Expenditures to
their most closely related GAAP financial measures (in thousands):
Net Income attributable to
Access Midstream Partners, L.P.
Adjusted for:
Interest expense
Income tax expense
Depreciation and amortization expense
Twelve Months Ended
December 31,
2014 (Low)
2014 (High)
Twelve Months Ended
December 31,
2015 (Low)
2015 (High)
Twelve Months Ended
December 31,
2016 (Low)
2016 (High)
$
$
$
345,000
$
520,000
470,000
$
645,000
515,000
$
790,000
200,000
5,000
475,000
150,000
5,000
450,000
225,000
5,000
550,000
175,000
5,000
525,000
275,000
10,000
600,000
225,000
10,000
575,000
Adjusted EBITDA
$ 1,025,000
$ 1,125,000
$ 1,250,000
$ 1,350,000
$ 1,400,000
$ 1,600,000
GAAP capital expenditures
Twelve Months Ended
December 31,
2014 (Low)
2014 (High)
$ 1,030,000
$ 1,130,000
Adjusted for:
Capital expenditures attributable to noncontrolling interest
Capital expenditures included in unconsolidated affiliates
Capital expenditure outlook
(225,000)
425,000
$ 1,230,000
(250,000)
450,000
$ 1,330,000
Twelve Months Ended
December 31,
2015 (Low)
2015 (High)
$ 955,000
$ 1,055,000
(125,000)
200,000
$ 1,030,000
Twelve Months Ended
December 31,
2016 (Low)
2016 (High)
$ 730,000
$ 930,000
(150,000)
225,000
$ 1,130,000
(50,000)
50,000
$
730,000
(75,000)
75,000
$
930,000