Enterprise Products Partners L.P.

SEC Filings

8-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 8-K on 11/02/2017
Entire Document
 


Enterprise Products Partners L.P.
         
Exhibit E
 
Adjusted EBITDA – UNAUDITED
             
($ in millions)
                 
               
For the Twelve Months Ended
September 30,
 
   
For the Three Months
Ended September 30,
   
For the Nine Months
Ended September 30,
 
   
2017
   
2016
   
2017
   
2016
   
2017
 
Net income (GAAP)
 
$
621.3
   
$
643.1
   
$
2,058.3
   
$
1,883.3
   
$
2,728.0
 
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
                                       
Subtract equity in income of unconsolidated affiliates
   
(113.4
)
   
(92.3
)
   
(315.2
)
   
(269.8
)
   
(407.4
)
Add distributions received from unconsolidated affiliates
   
123.1
     
99.0
     
353.0
     
333.5
     
471.0
 
Add interest expense, including related amortization
   
243.9
     
250.9
     
739.0
     
735.6
     
986.0
 
Add provision for income taxes
   
5.4
     
4.8
     
20.1
     
13.1
     
30.4
 
Add depreciation, amortization and accretion in costs and expenses
   
393.0
     
374.8
     
1,165.1
     
1,108.2
     
1,543.8
 
Add non-cash asset impairment and related charges
   
10.0
     
6.8
     
35.2
     
29.1
     
59.6
 
Subtract net gains attributable to asset sales
   
(1.1
)
   
(8.9
)
   
(1.1
)
   
(2.3
)
   
(1.3
)
Add non-cash expense attributable to changes in fair
   value of the Liquidity Option Agreement
   
8.9
     
6.9
     
33.0
     
28.0
     
29.5
 
Add losses or subtract gains attributable to unrealized changes
   in the fair market value of commodity derivative instruments
   
29.6
     
(26.2
)
   
(14.1
)
   
42.1
     
(11.2
)
Adjusted EBITDA (non-GAAP)
   
1,320.7
     
1,258.9
     
4,073.3
     
3,900.8
     
5,428.4
 
Adjustments to non-GAAP Adjusted EBITDA to derive GAAP net cash flow provided by operating activities:
                                       
Subtract interest expense, including related amortization, reflected in
   Adjusted EBITDA
   
(243.9
)
   
(250.9
)
   
(739.0
)
   
(735.6
)
   
(986.0
)
Subtract provision for income taxes reflected in
Adjusted EBITDA
   
(5.4
)
   
(4.8
)
   
(20.1
)
   
(13.1
)
   
(30.4
)
Subtract distributions received for return of capital from
               unconsolidated affiliates
   
(12.0
)
   
(12.5
)
   
(36.8
)
   
(51.9
)
   
(55.9
)
Add deferred income tax expense
   
0.4
     
1.0
     
1.1
     
5.3
     
2.4
 
Add or subtract the net effect of changes in operating accounts, as applicable
   
(594.2
)
   
(195.1
)
   
(512.1
)
   
(489.7
)
   
(203.3
)
Add miscellaneous non-cash and other amounts to reconcile non-GAAP Adjusted EBITDA with GAAP net cash flow provided by operating activities
   
19.4
     
17.2
     
53.5
     
43.2
     
72.5
 
Net cash flow provided by operating activities (GAAP)
 
$
485.0
   
$
813.8
   
$
2,819.9
   
$
2,659.0
   
$
4,227.7
 

Adjusted EBITDA
Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the financial performance of our assets without regard to financing methods, capital structures or historical cost basis; the ability of our assets to generate cash sufficient to pay interest and support our indebtedness; and the viability of projects and the overall rates of return on alternative investment opportunities.

Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies.  The GAAP measure most directly comparable to Adjusted EBITDA is net cash flow provided by operating activities.


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