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  "documentTitle": "NuStar Energy | Investor Conference Presentation Deck | 36 slides",
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  "authorName": "NuStar Energy",
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  "presentationDate": "2022-03-01 00:00:00",
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      "text": "NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership's assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures and/or calculate them based on continuing operations, to enhance the comparability of our performance across periods.",
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      "text": "Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.",
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      "text": "The following is a reconciliation of net income (loss) to adjusted net income (in thousands of dollars):",
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      "text": "None of these financial measures are presented as an alternative to net income, or for any periods presented reflecting discontinued operations, income from continuing operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.",
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      "text": "Three Months Ended December 31,\nYear Ended December 31,\n2021\n2020\n2021\n2020\nNet income (loss)\n$ 57,518\n$ 15,532\n$ 38,225\n$ (198,983)\nAsset impairment losses\n154,908\nGoodwill impairment losses\n34,060\n225,000\nLoss on sale of Texas City terminals\n34,697\n34,697\nLoss on extinguishment of debt\n141,746\nGains from insurance recoveries and other\n(5,488)\n(14,860)\n3,963\nAdjusted net income\n$ 52,030\n$ 50,229\n$ 212,333\n$ 206,423",
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      "text": "Reconciliation of Non-GAAP Financial Information",
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      "evidence": "table/data: Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Net income (loss) $ 57,518 $ 15,532 $ 38,225 $ (198,983) Asset impairment losses 154,908 Goodwill impairment losses 34,060 225,000",
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