{
  "docId": "019de50f-500e-770c-84ff-9bd1328f9f67",
  "docSlug": "6ed1092a66ccabe3536e2cc938aa4cc0",
  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 53 slides",
  "authorId": "antero-midstream-partners",
  "authorName": "Antero Midstream",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3314841,
  "pageNumber": 9,
  "pageCount": 53,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 40,
  "notes": "The chart uses a dual-axis approach where bars represent DCF growth and yellow squares represent leverage levels.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-500e-770c-84ff-9bd1328f9f67/9",
  "deckHref": "/decks/019de50f-500e-770c-84ff-9bd1328f9f67",
  "deckJsonHref": "/decks/019de50f-500e-770c-84ff-9bd1328f9f67.json",
  "deckAnchorHref": "/decks/019de50f-500e-770c-84ff-9bd1328f9f67#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.25,
        "x": 0.7,
        "y": 0.35
      },
      "kind": "callout",
      "text": "New AM: Highest DCF Growth at midpoint of target range and one of the Lowest Leverage profiles",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fabe5376-9d16-4bd0-8744-5fa254370622",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "3-Year Distributable Cash Flow CAGR (2020-2022) vs Debt/LTM Adjusted EBITDA",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e305ee9-38b1-46a2-9423-7c4fdcb0e723",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "1) Includes entities with both a publicly traded C-Corp and partnership, designated in striped blue/gray. Source: FactSet. Top 20 midstream companies by market capitalization as of 2/12/2019.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8e0afd47-398a-4fd7-86b5-e4f296b2cfd8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.25,
        "y": 0.16
      },
      "kind": "legend",
      "text": "C-Corp, MLP, Leverage, Eliminated IDRs",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53c671ba-7663-4e48-b3c3-f65149cc37a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.65,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "13 of 20 entities have simplified and 9 of 20 are C-Corps",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c09fadc-24cf-439e-add6-5a0e2a548f7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "New AM will be a unique midstream vehicle with scale, low leverage and high distributable cash flow growth all in a C-Corp structure",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7b6b5f9-cd0a-4d21-9c00-36abb03ac707",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.05,
        "y": 0.02
      },
      "kind": "title",
      "text": "Highest DCF Growth Among Top 20 Midstream",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8f07e55-2af9-48d8-a2a4-e4d50f0c5ea7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "c6837e84-5ab9-4cda-a3d9-e6f51b5ef479",
      "evidence": "The slide contains a chart with '3-Year Distributable Cash Flow CAGR (2020-2022) vs Debt/LTM Adjusted EBITDA'. This chart can be interpreted as a 2x2 matrix.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "cc913c7d-d5bd-4234-95a6-5acf2825a3c7",
      "evidence": "Benchmarking peer performance on growth vs leverage metrics",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 9,
      "from": 9,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "3b066be3-8821-457a-b14e-adc3f14ee49d",
      "evidence": "The document presents peer benchmarking information on slide 9",
      "position": 1,
      "objective": "How does Antero Midstream Partners compare to its peers?",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 0.6,
      "description": "Compare performance against best-in-class to quantify the opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}