Antero Midstream Partners
the financial measure nearest to adjusted operating cash flow is cash flow from operating activities as reported in a useful midstream consolidated financial statements management believes that adjusted operating cash flow is indicator of the company ability to internally fund its activities and to service or incur additional debt management believes that changes in current assets and liabilities which are excluded from the calculation of these measures relate to the timing of cash receipts and disbursements and therefore may not relate to the period in which the operating activities occurred and generally do not have a material impact on the ability of the company to fund its operations management believes that free a useful measure for assessing the company financial performance and measuring its ability to generate cash flow is excess cash from its operations there are significant limitations to using adjusted operating cash flow and free cash flow as measures of performance including the inability to analyze the effect of certain recurring and non recurring items that materially affect the company net income the lack of comparability of results of operations of different companies and the different methods of calculating adjusted operating cash flow does not represent funds adjusted operating cash flow reported by different companies available for discretionary use because those funds may be required for debt service capital expenditures working capital income taxes and other commitments and obligations midstream has not included reconciliations of adjusted operating cash flow and free cash flow to their nearest financial measures for because it would be impractical to forecast changes in current assets and liabilities a reconciling item between free cash flow and its most midstream is able to forecast capital expenditures which is comparable financial measure for the to period forecasts cumulative capital expenditures of billion resources non measures and definitions are included in the resources analyst day presentation which can be found on appendix | Antero Midstream Partners
Sector
Deck date
November 2018
Slide
46 of 49
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