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Mar 31, 2022
Williams Q1 2022 Earnings Report
Reported strong first-quarter results and raised 2022 guidance.
Key Takeaways
Williams announced strong first-quarter results, with adjusted EBITDA up 7% and cash flow from operations up 18% compared to Q1 2021. The company also raised its 2022 Adjusted EBITDA guidance by $250 million at the midpoint.
GAAP net income was $379 million, or $0.31 per diluted share.
Adjusted EBITDA reached $1.511 billion, a 7% increase compared to Q1 2021.
Cash flow from operations totaled $1.082 billion, up 18% from Q1 2021.
The dividend coverage ratio was 2.30x on an AFFO basis.
Revenue by Segment
Forward Guidance
The company expects 2022 Adjusted EBITDA between $5.9 billion and $6.2 billion and growth capital expenditures between $2.25 billion to $2.35 billion.
Positive Outlook
- Expects 7% Adjusted EBITDA growth in 2022 with guidance midpoint of $6.05 billion.
- Anticipates achieving a leverage ratio midpoint of 3.8x.
- Expects to generate positive free cash flow after dividends and capital expenditures (excluding Trace acquisition of approximately $950 million).
- Dividend guidance increased 3.7% on an annualized basis to $1.70 in 2022 from $1.64 in 2021.
- The company now expects 2022 Adjusted EBITDA between $5.9 billion and $6.2 billion, a $250 million midpoint increase from guidance originally issued February 2022.
Challenges Ahead
- The company now expects 2022 growth capital expenditures between $2.25 billion to $2.35 billion, a $1 billion midpoint increase from guidance originally issued February 2022 driven by the strategic acquisition of Trace Midstream assets.
- Capital Investments includes increases to property, plant, and equipment (growth & maintenance capital), purchases of businesses, net of cash acquired, purchases of and contributions to equity-method investments and purchases of other long-term investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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