{
  "docId": "019de50f-3d3d-7277-bb63-e69d994f092a",
  "docSlug": "251e9de47ce49a270acb2265f2b02797",
  "documentTitle": "Antero Midstream Partners | Investor Presentation Deck | 54 slides",
  "authorId": "antero-midstream-partners",
  "authorName": "Antero Midstream Partners",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2018-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3314841,
  "pageNumber": 23,
  "pageCount": 54,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 50,
  "notes": "The slide uses a bar chart to show FCF yield across peers and a line chart to show the performance divergence between positive and negative FCF companies.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-3d3d-7277-bb63-e69d994f092a/23",
  "deckHref": "/decks/019de50f-3d3d-7277-bb63-e69d994f092a",
  "deckJsonHref": "/decks/019de50f-3d3d-7277-bb63-e69d994f092a.json",
  "deckAnchorHref": "/decks/019de50f-3d3d-7277-bb63-e69d994f092a#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Leading E&P for FCF Yield",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f7a54ae-cc94-49f6-93d8-d341c62d11a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "chart",
      "text": "FCF Yield by Company",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "faecc96d-c3f0-4ea9-b608-c47e57aa65b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.5,
        "x": 0.45,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Weighted Average Price Index Based on FCF Performance",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8520d8ec-d980-4110-ba7e-0abbb9109979",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Note: 1H18 used as a proxy for proven free cash flow story. Cash flow yield defined as free cash flow divided by market capitalization. AR estimate is based on Bloomberg consensus 2019 estimates, adjusted for Stand-Alone metrics. Peer FCF per Bloomberg consensus estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a8b9318-1a23-4f91-8b11-c9140b5c2ebe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.2,
        "x": 0.25,
        "y": 0.33
      },
      "kind": "subtitle",
      "text": "E&P's with established FCF yield tend to trade in the 5% to 8% range on a FCF yield basis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3616109f-a757-4665-a33a-68ece08b5536",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "title",
      "text": "Free Cash Flow is a “Prove It” story and has been rewarded by the market",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f825094d-9b33-43af-8a65-7f830374ebe6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.02
      },
      "kind": "title",
      "text": "Market Premium for Free Cash Flow Yield",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edb5bbb9-c90b-400d-9b60-772ff362de15",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "cabb0ce4-106a-4402-942a-e6dccdfa21a5",
      "evidence": "Comparing FCF yield performance between positive and negative FCF groups",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 21,
      "beatId": "607568e3-6ca2-423c-92ba-a23084fdf998",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The document provides detailed financial information and performance metrics",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 21,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "31d04600-cb6f-4482-83de-c6b0eedfc994",
      "evidence": "The document presents detailed financial information and performance metrics",
      "position": 2,
      "objective": "Highlight the company's financial performance and growth prospects",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}