Enterprise Products Partners L.P.

SEC Filings

8-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 8-K on 01/31/2018
Entire Document
 


Enterprise Products Partners L.P.
   
Exhibit E
 
Adjusted EBITDA – UNAUDITED
           
($ in millions)
           
   
For the Three Months
Ended December 31,
   
For the Year
Ended December 31,
 
   
2017
   
2016
   
2017
   
2016
 
Net income (GAAP)
 
$
797.3
   
$
669.7
   
$
2,855.6
   
$
2,553.0
 
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
                               
Subtract equity in income of unconsolidated affiliates
   
(110.8
)
   
(92.2
)
   
(426.0
)
   
(362.0
)
Add distributions received from unconsolidated affiliates
   
130.0
     
118.0
     
483.0
     
451.5
 
Add interest expense, including related amortization
   
245.6
     
247.0
     
984.6
     
982.6
 
Add provision for income taxes
   
5.6
     
10.3
     
25.7
     
23.4
 
Add depreciation, amortization and accretion in costs and expenses
   
400.8
     
378.7
     
1,565.9
     
1,486.9
 
Add non-cash asset impairment and related charges
   
14.6
     
24.4
     
49.8
     
53.5
 
Subtract net gains attributable to asset sales
   
(9.6
)
   
(0.2
)
   
(10.7
)
   
(2.5
)
Add non-cash expense or subtract benefit attributable to changes in fair
   value of the Liquidity Option Agreement
   
31.3
     
(3.5
)
   
64.3
     
24.5
 
Add losses attributable to unrealized changes in the fair market
   value of commodity derivative instruments
   
37.2
     
2.9
     
23.1
     
45.0
 
Adjusted EBITDA (non-GAAP)
   
1,542.0
     
1,355.1
     
5,615.3
     
5,255.9
 
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
   
(245.6
)
   
(247.0
)
   
(984.6
)
   
(982.6
)
Subtract provision for income taxes reflected in
Adjusted EBITDA
   
(5.6
)
   
(10.3
)
   
(25.7
)
   
(23.4
)
Subtract distributions received for return of capital from
               unconsolidated affiliates
   
(12.5
)
   
(19.1
)
   
(49.3
)
   
(71.0
)
Add deferred income tax expense
   
5.0
     
1.3
     
6.1
     
6.6
 
Add or subtract the net effect of changes in operating accounts, as applicable
   
517.6
     
308.8
     
5.5
     
(180.9
)
Add miscellaneous non-cash and other amounts to reconcile non-GAAP
   Adjusted EBITDA with GAAP net cash flow provided by operating
   activities
   
18.8
     
19.0
     
72.3
     
62.2
 
Net cash flow provided by operating activities (GAAP)
 
$
1,819.7
   
$
1,407.8
   
$
4,639.6
   
$
4,066.8
 

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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