Investor Center

Financial Highlights

(unaudited)
(millions of dollars except per common unit amounts)

Three months ended
December 31

Twelve months ended
December 31

 

2018

2017

2018

2017

Net income (loss) attributable to controlling interests

(413)

66 (182) 252

Net income (loss) per common unit - basic and diluted(a)

($5.80)

$0.77

($2.68) $3.16
         
Adjusted earnings(b) 86 66 317 252
Adjusted earnings per common unit - basic and diluted(a)(b) $1.06 $0.77 $4.18 $3.16
         
Cash distributions paid

(47)

(74)

(218)

(284)
Class B distributions paid

-

-

(15)

(22)

Cash distributions declared per common unit

$0.65

$1.00

$2.60

$3.94
         
Earnings before interest, taxes, depreciation and amortization (EBITDA)(b)

(359)

117 27 445
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA)(b) 140 117 526 445
Distributable cash flow(b)

95

72 391 310
 

 

 

   
Weighted average common units outstanding - basic and diluted (millions)(c)

71.3

70.0

71.3

69.2
Common units outstanding, end of period (millions)(c)

71.3

70.6

71.3

70.6

 
(a) Net income per common unit is computed by dividing net income attributable to controlling interests, after deduction of net income attributed to PNGTS' former parent, amounts attributable to the General Partner and Class B units, by the weighted average number of common units outstanding.  Refer to the Financial Summary-Consolidated Statements of Operations section of the February 21, 2019, News Release entitled 'TC PipeLines, LP Announces 2018 Fourth Quarter and Year End Financial Results'.

(b) Distributable cash flow, EBITDA, Adjusted EBITDA, Adjusted earnings and Adjusted earnings per common unit are non-GAAP financial measures.  For further detail, refer to the description of these non-GAAP financial measures in the section entitled 'Non-GAAP Financial Measures' and the Supplemental Schedule in the February 21, 2019, News Release entitled 'TC PipeLines, LP Announces 2018 Fourth Quarter and Year End Financial Results'.
 
(c) Under the ATM program, the Partnership issued 732,973 units during the twelve months ended December 31, 2018 (all units were issued during the first quarter ended March 31, 2018).