{ "docId": "019de514-0edd-7158-b790-a3a47e4b4ecf", "docSlug": "77784122d4ddd9a78fe0f503e309f947", "documentTitle": "DT Midstream | Investor Presentation Deck | 26 slides", "authorId": "dt-midstream", "authorName": "DT Midstream", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2022-09-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 25, "pageCount": 26, "prevPage": 24, "nextPage": 26, "slideType": "disclaimer", "function": "appendix", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de514-0edd-7158-b790-a3a47e4b4ecf/25", "deckHref": "/decks/019de514-0edd-7158-b790-a3a47e4b4ecf", "deckJsonHref": "/decks/019de514-0edd-7158-b790-a3a47e4b4ecf.json", "deckAnchorHref": "/decks/019de514-0edd-7158-b790-a3a47e4b4ecf#slide-25", "components": [ { "bbox": { "h": 0.12, "w": 0.901, "x": 0.049, "y": 0.71 }, "kind": "disclaimer", "text": "Reconciliation of net income attributable to DT Midstream to Adjusted EBITDA or DCF as projected for full-year 2022 is not provided. We do not forecast net income as we cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, management is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, we are not able to provide a corresponding GAAP equivalent for Adjusted EBITDA or DCF.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "08335dbc-9905-460e-89cf-3d2abf2f1751", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.23, "w": 0.901, "x": 0.049, "y": 0.14 }, "kind": "disclaimer", "text": "Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include our proportional share of net income from our equity method investees (excluding taxes, depreciation and amortization), and to exclude certain items we consider non-routine. We believe Adjusted EBITDA is useful to us and external users of our financial statements in understanding our operating results and the ongoing performance of our underlying business because it allows our management and investors to have a better understanding of our actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in our industry to evaluate a company's operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. We use Adjusted EBITDA to assess our performance by reportable segment and as a basis for strategic planning and forecasting.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2c5c0ab7-5007-4fc1-8277-bc9604258e58", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.901, "x": 0.049, "y": 0.37 }, "kind": "disclaimer", "text": "Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "88eb9531-4207-44ec-87d0-94145911ca6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.901, "x": 0.049, "y": 0.56 }, "kind": "disclaimer", "text": "Adjusted EBITDA and DCF are not measures calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for the results of operations presented in accordance with GAAP. There are significant limitations to using Adjusted EBITDA and DCF as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect our net income or loss. Additionally, because Adjusted EBITDA and DCF exclude some, but not all, items that affect net income and are defined differently by different companies in our industry, Adjusted EBITDA and DCF do not intend to represent net income attributable to DT Midstream, the most comparable GAAP measure, as an indicator of operating performance and are not necessarily comparable to similarly titled measures reported by other companies.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "efae77f7-57f4-4161-9e8c-e53bb349770d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.102, "x": 0.017, "y": 0.926 }, "kind": "image", "text": null, "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7c005407-6ec7-4252-bf51-29320d496be4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.016, "w": 0.02, "x": 0.936, "y": 0.936 }, "kind": "source-note", "text": "25", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f3951d3d-5426-4081-9148-f765ef33c305", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.859, "x": 0.034, "y": 0.049 }, "kind": "title", "text": "Adjusted EBITDA and distributable cash flow (DCF) are non-GAAP measures", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f062fa6f-b855-445d-8a05-e8a3216bdc22", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }