May 9, First Quarter 2018 Results Earnings Conference Call

Transcription

1 May 9, 2018 Earnings Conference Call

2 Non-GAAP Financial Measures SemGroup s non-gaap measures, Adjusted EBITDA and Total Segment Profit, are not GAAP measures and are not intended to be used in lieu of GAAP presentation of net income (loss) and operating income, respectively, which are the most closely associated GAAP measures. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted for selected items that SemGroup believes impact the comparability of financial results between reporting periods. In addition to non-cash items, we have selected items for adjustment to EBITDA which management feels decrease the comparability of our results among periods. These items are identified as those which are generally outside of the results of day to day operations of the business. These items are not considered non-recurring, infrequent or unusual, but do erode comparability among periods in which they occur with periods in which they do not occur or occur to a greater or lesser degree. Historically, we have selected items such as gains on the sale of NGL Energy Partners LP common units, costs related to our predecessor s bankruptcy, significant business development related costs, significant legal settlements, severance and other similar costs. Management believes these types of items can make comparability of the results of day to day operations among periods difficult and have chosen to remove these items from our Adjusted EBITDA. We expect to adjust for similar types of items in the future. Although we present selected items that we consider in evaluating our performance, you should be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, mechanical interruptions and numerous other factors. We do not adjust for these types of variances. Total Segment Profit represents revenue, less cost of products sold (exclusive of depreciation and amortization) and operating expenses, plus equity earnings and is adjusted to remove unrealized gains and losses on commodity derivatives and to reflect equity earnings on an EBITDA basis. Reflecting equity earnings on an EBITDA basis is achieved by adjusting equity earnings to exclude our percentage of interest, taxes, depreciation and amortization from equity earnings for operated equity method investees. For our investment in NGL Energy, we exclude equity earnings and include cash distributions received. Segment profit is the measure by which management assess the performance of our reportable segments. These measures may be used periodically by management when discussing our financial results with investors and analysts and are presented as management believes they provide additional information and metrics relative to the performance of our businesses. These non-gaap financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider non-gaap measures in isolation or as substitutes for analysis of our results as reported under GAAP. Management compensates for the limitations of our non-gaap measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the non-gaap measure and the most comparable GAAP measure and incorporating this knowledge into its decision-making processes. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating our operating results. Because all companies do not use identical calculations, our presentations of non-gaap measures may be different from similarly titled measures of other companies, thereby diminishing their utility. SemGroup does not provide guidance for net income, the GAAP financial measure most directly comparable to the non-gaap financial measure Adjusted EBITDA, because Net Income includes items such as unrealized gains or losses on derivative activities or similar items which, because of their nature, cannot be accurately forecasted. We do not expect that such amounts would be significant to Adjusted EBITDA as they are largely non-cash items. 2

3 Forward-Looking Information Certain matters contained in this Presentation include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of All statements, other than statements of historical fact, included in this presentation including the prospects of our industry, our anticipated financial performance, our anticipated annual dividend growth rate, management's plans and objectives for future operations, planned capital expenditures, business prospects, outcome of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, our ability to generate sufficient cash flow from operations to enable us to pay our debt obligations and our current and expected dividends or to fund our other liquidity needs; any sustained reduction in demand for, or supply of, the petroleum products we gather, transport, process, market and store; the effect of our debt level on our future financial and operating flexibility, including our ability to obtain additional capital on terms that are favorable to us; our ability to access the debt and equity markets, which will depend on general market conditions and the credit ratings for our debt obligations and equity; the failure to realize the anticipated benefits of our acquisition of 100 percent of the equity interests in Buffalo Parent Gulf Coast Terminals LLC, the parent company of Buffalo Gulf Coast Terminals LLC and HFOTCO LLC, doing business as Houston Fuel Oil Terminal Company ( HFOTCO ); the loss of, or a material nonpayment or nonperformance by, any of our key customers; the amount of cash distributions, capital requirements and performance of our investments and joint ventures; the consequences of any divestitures of non-strategic operating assets or divestitures of interests in some of our operating assets through partnerships and/or join ventures; the amount of collateral required to be posted from time to time in our commodity purchase, sale or derivative transactions; the impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of supply of petroleum products; competition from other midstream energy companies; our ability to comply with the covenants contained in our credit agreements, continuing covenant agreement, and the indentures governing our notes, including requirements under our credit agreements and continuing covenant agreement to maintain certain financial ratios; our ability to renew or replace expiring storage, transportation and related contracts; the overall forward markets for crude oil, natural gas and natural gas liquids; the possibility that the construction or acquisition of new assets may not result in the corresponding anticipated revenue increases; any future impairment of goodwill resulting from the loss of customers or business; changes in currency exchange rates; weather and other natural phenomena, including climate conditions; a cyber attack involving our information systems and related infrastructure, or that of our business associates; the risks and uncertainties of doing business outside of the U.S., including political and economic instability and changes in local governmental laws, regulations and policies; costs of, or changes in, laws and regulations and our failure to comply with new or existing laws or regulations, particularly with regard to taxes, safety and protection of the environment; the possibility that our hedging activities may result in losses or may have a negative impact on our financial results; general economic, market and business conditions; as well as other risk factors discussed from time to time in our each of our documents and reports filed with the SEC. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements. We use our Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted and accessible on our Investor Relations website at ir.semgroupcorp.com. We are present on Twitter and LinkedIn: SemGroup Twitter and LinkedIn 3

4 2018: Delivering as Promised Ñ Execute 2018 operating budget and long-term strategic plan: First Quarter Adjusted EBITDA (1) : $93.4 million, full year 2018 guidance of $385 to $415 million First Quarter Capex Spend: $123 million, full year 2018 guidance of $350 million Capital Raise Plan ~$800 million $150 million: Sale of SemMexico and SemLogistics (2) $300 million: Sale of Glass Mountain Pipeline - December 2017 $350 million: Preferred equity raise - January 2018 Paid HFOTCO Final Payment of ~$580 million - April 2018 (3) Ñ Solid growth in earnings driven by secure cash flows: Gross Margin take-or-pay nearly 60% Ñ Streamline & simplify business with focus on three high quality areas: Canada, Mid-Continent and Gulf Coast 4 1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation 2) Approximate after-tax cash proceeds, SemMaterials Mexico closed March 2018 and SemLogistics closed April ) Reflects early payment discount of approximately $20 million

5 DJ Basin NGL Take-Away Solution Ñ White Cliffs Pipeline NGL Conversion Convert one of the 12" pipelines from crude to NGL Y-grade service Transport NGLs from capacity constrained DJ Basin to Mont Belvieu via Southern Hills Pipeline Initial capacity of 90,000 bpd and expandable up to 120,000 bpd Backstopped by 10-year agreement with DCP Midstream, the second largest gas processor in the DJ Basin DCP has contracted 50,000 bpd of NGL transportation capacity Conversion line will be taken out of service late 1Q19 and expected to be completed by 4Q19 SEMG will construct a 12-mile interconnect south of Cushing to bring NGLs to Southern Hills Pipeline Joint open season to attract additional commitments from 3rd parties SEMG capex spend of ~$30 to 33 million (1), minimal spend in 2018 Clear path to maintain current crude volumes The pipeline conversion will diversify White Cliffs Pipeline delivery capabilities and enhance service to Colorado s NGL capacity-constrained DJ Basin 5 1) Represents SemGroup's 51% expected spend; total project spend of $60-66 million, minimal capital in 2018

6 1Q17 2Q17 3Q17 4Q17 1Q18 ($ in millions, except per share) Net Income (loss) (1) $(10.3) $9.6 $(19.1) $2.6 $(33.0) Adjusted EBITDA (2) Cash Interest Expense Maintenance Capex Cash Taxes Common Dividend declared per share $ $ $ $ $ Ñ Key Highlights Net income decreased from 4Q17, primarily due to approximately $27 million reduction in net gains and losses related to divestitures and impairments Adjusted EBITDA decreased 16%, primarily due to $12.5 million (3) of non-recurring earnings recorded in 4Q17, coupled with approximately $4.2 million HFOTCO one-time expense recorded in 1Q18 Declared common stock dividend of $ per share Elected non-cash, payment-in-kind (PIK) preferred stock dividend 6 1) Net income (loss) attributable to SemGroup 2) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation 3) The $12.5 million consists of the following 4Q17 non-recurring earnings: $4 million Glass Mountain Pipeline, $3.5 million and $5 million take-or-pay deficiencies at SemCAMS and Crude Facilities segments, respectively

7 Segment Profit 1Q17 2Q17 3Q17 4Q17 1Q18 ($ in millions) Crude Transportation $28.3 $29.0 $34.6 $41.6 $34.3 Crude Facilities Crude Supply and Logistics (2.4) (2.2) (1.7) (1.5) (6.6) HFOTCO (1) SemGas SemCAMS Corporate/Other Total Segment Profit $78.9 $83.1 $110.9 $133.6 $115.4 Ñ First Quarter 2018 vs Fourth Quarter 2017 Crude Transportation Absent ~$4 million related to Glass Mountain Pipeline 4Q17 earnings Field Services down ~$4 million driven primarily from lower volumes resulting from weather impacts during the quarter Crude Facilities - decrease related to recognition of approximately $5 million Platteville take-or-pay deficiency in 4Q17 Crude Supply and Logistics - lower marketing and blending margins HFOTCO - down $2 million as increased throughput volumes were more than offset by a $4 million write-off of an insurance claim receivable SemGas - flat with growing STACK volumes offsetting decline in Mississippi Lime SemCAMS - decrease related to the recognition of $3.5 million take-or-pay deficiency and producer recoveries in 4Q17, partially offset by timing of operating expenses 7 1) HFOTCO acquisition closed July 17, 2017

8 Leverage and Liquidity ($ in millions, unaudited) SemGroup (B2 / B+) 3/31/2018 Revolving Credit Facility - $1.0 Billion due 2021 $ 5.625% Senior unsecured notes due % Senior unsecured notes due % Senior unsecured notes due % Senior unsecured notes due Total SEMG Debt $ 1,375 HFOTCO (Ba3 / BB-) Ñ Preferred Equity Offering size - $350 million Dividend - 7% Conversion Price - $33.00 per share Closing Date - January 19, 2018 Ñ Targeting consolidated leverage of 5.0x or lower by year-end 2019 Ñ No significant debt maturities until 2021 Revolving Credit Facility - $75 Million due 2019 $ 60 Term Loan due Hurricane Ike Bonds due Total HFOTCO Debt $ 816 Leverage Metrics SEMG Net Leverage Ratio (max 5.5x) (1) 2.8x HFOTCO Net Leverage Ratio (max 7.5x) (2) 6.7x Consolidated Net Leverage Ratio (3) 4.1x Consolidated Available Liquidity (4) $ 1, ) SEMG net leverage calculated per the revolving credit agreement definitions which include material project adjustments and HFOTCO distributions 2) Calculated as net debt to LTM EBITDA 3) Calculated as consolidated net debt to consolidated covenant EBITDA, including material project adjustments and pro forma full-year HFOTCO 4) Available liquidity is reduced for outstanding letters of credit

9 Clear Path to Year-Over-Year Growth Ñ 2018: Year of Execution Execute 2018 operating budget and long-term strategic plan Solid growth in earnings driven by secure cash flows Streamline and simplify business with focus on three high quality areas: Canada, Mid-Continent and Gulf Coast Capital projects delivered on time / on budget Ñ 2019 & Beyond: Well-Positioned for Strong Value Creation New contributions from key projects: Wapiti, Smoke Lake and HFOTCO White Cliffs conversion: De-risk DJ Basin assets and created incremental economics Transforming Portfolio Executing Opportunities Delivering Shareholder Value 9

10 Appendix

11 2018 Adjusted EBITDA Guidance Continuing Portfolio Transformation through 2018 for Long-Term Financial Strength ($ in millions) CAGR of ~20% $385 - $415 $328 $ E ($ in millions) 2018 Adjusted EBITDA $385 - $415 Key Guidance Assumptions Crude White Cliffs Pipeline Average Volumes (mbbl/d) Average Cushing Terminal Utilization % SemGas Average Processing Volumes (mmcf/d) SemCAMS Average Throughput Volumes (mmcf/d) HFOTCO Average Terminal Utilization % Ñ Ñ Ñ Growing earnings while improving quality of earnings Divestments contributed $34 million of 2017 Adjusted EBITDA Additional EBITDA to come online in 2019 already contracted Ñ 2018 divestments contribute ~$9 million of 2018 Adjusted EBITDA Ñ SemCAMS - KA plant turnaround in 2Q18 Ñ Assume no U.S. cash taxes and minimal foreign cash taxes in

12 2018 Capital Expenditures Guidance Total Capital Expenditures 2018 Capex Guidance - $350 million Spending by Strategic Area $492 ($ in millions) $307 $255 $447 $350 $310 Canada Mid-Continent $193 55% $50 14% $52 $45 $ e Maintenance Growth Gulf Coast Maintenance $40 12% 11% $67 19% Key Projects Driving Financial Growth 2018, 2019 and beyond Projects 2Q18 3Q18 4Q18 1H19 2H HFOTCO Ship Dock 5 & Crude Storage Tanks: $120mm (1) ~7x EBITDA multiple Wapiti Plant: $250mm ~6x EBITDA multiple Smoke Lake Plant: $50mm ~6x EBITDA multiple White Cliffs Pipeline, 12" NGL Pipeline Conversion: $32mm (2) < 4x EBITDA multiple 12 1) Expected SemGroup project spend on HFOTCO projects; excludes ~$65 million spent prior to close. The 7x multiple is based on the total project cost of $185 million 2) Represents SemGroup's 51% expected spend; total project spend of $60-66 million, minimal capital in 2018

13 Operational Summary 1Q17 2Q17 3Q17 4Q17 1Q18 Crude Transportation Transportation Volumes (mbbl/d) White Cliffs Pipeline Volumes (mbbl/d) Crude Facilities Average Cushing Terminal Utilization 100% 94% 94% 100% 98% HFOTCO (1) Average Terminal Utilization n/a n/a 98% 98% 97% SemGas (2) Total Average Processing Volumes (mmcf/d) SemCAMS (3) Total Average Throughput Volumes (mmcf/d) Over 95% of total LTM gross margin from fee based cash flows 13% 11% 11% 5% 3% 64% 59% 51% 46% 39% 23% 30% 38% 49% 58% (4) Take-or-Pay Fixed Fee POP/Marketing 13 1) HFOTCO acquisition closed July 17, ) SemGas volumes include total volumes processed - Northern Oklahoma and Sherman, Texas 3) SemCAMS volumes include total volumes processed - K3, KA and West Fox Creek facilities 4) LTM March 31, 2018, pro forma for full-year HFOTCO acquisition and Maurepas Pipeline

14 Consolidated Balance Sheets (in thousands, unaudited, condensed) March 31, 2018 December 31, 2017 ASSETS Current assets $ 923,524 $ 902,899 Property, plant and equipment, net 3,380,574 3,315,131 Goodwill and other intangible assets 647, ,945 Equity method investments 279, ,281 Other noncurrent assets, net 142, ,600 Noncurrent assets held for sale 65,784 84,961 Total assets $ 5,439,325 $ 5,376,817 LIABILITIES, PREFERRED STOCK AND OWNERS' EQUITY Current liabilities: Current portion of long-term debt $ 5,527 $ 5,525 Other current liabilities 625, ,036 Total current liabilities 630, ,561 Long-term debt, excluding current portion 2,733,957 2,853,095 Other noncurrent liabilities 97,935 85,080 Noncurrent liabilities held for sale 14,258 13,716 Total liabilities 3,476,808 3,718,452 Preferred stock 342,354 Owners' equity 1,620,163 1,658,365 Total liabilities, preferred stock and owners' equity $ 5,439,325 $ 5,376,817 14

15 Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share amounts, unaudited, condensed) Q1 Q1 Q2 Q3 Q4 FY2017 Revenues $ 661,609 $ 456,100 $ 473,089 $ 545,922 $ 606,806 $ 2,081,917 Expenses: Costs of products sold, exclusive of depreciation and amortization shown below 496, , , , ,534 1,514,891 Operating 69,791 52,083 73,346 62,666 66, ,764 General and administrative 26,477 21,712 26,819 38,389 26, ,779 Depreciation and amortization 50,536 24,599 25,602 50,135 58, ,421 Loss (gain) on disposal or impairment, net (3,566) 2,410 (234) 41,625 (30,468) 13,333 Total expenses 639, , , , ,679 2,055,188 Earnings from equity method investments 12,614 17,091 17,753 17,367 15,120 67,331 Operating income (loss) 34,853 23,389 25,202 (27,778) 73,247 94,060 Other expenses, net 44,805 33,571 11,966 28,574 39, ,598 Income (loss) from continuing operations before income taxes (9,952) (10,182) 13,236 (56,352) 33,760 (19,538) Income tax expense (benefit) 23, ,625 (37,249) 31,141 (2,388) Net income (loss) (33,035) (10,277) 9,611 (19,103) 2,619 (17,150) Less: cumulative preferred stock dividends 4,832 Net income (loss) attributable to common shareholders $ (37,867) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150) Net income (loss) $ (33,035) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150) Other comprehensive income (loss), net of income taxes 18,171 6,033 8,952 9,230 (4,102) 20,113 Comprehensive income (loss) $ (14,864) $ (4,244) $ 18,563 $ (9,873) $ (1,483) $ 2,963 Net income (loss) per common share: Basic $ (0.48) $ (0.16) $ 0.15 $ (0.25) $ 0.03 $ (0.24) Diluted $ (0.48) $ (0.16) $ 0.15 $ (0.25) $ 0.03 $ (0.24) Weighted average shares (thousands): Basic 78,198 65,692 65,749 75,974 78,189 71,418 Diluted 78,198 65,692 66,277 75,974 78,749 71,418 15

16 Segment Profit and Adjusted EBITDA (in thousands, unaudited) Segment Profit: Q1 Q1 Q2 Q3 Q4 FY2017 Crude Transportation $ 34,310 $ 28,251 $ 29,028 $ 34,585 $ 41,641 $ 133,505 Crude Facilities 9,341 9,564 9,481 8,806 14,116 41,967 Crude Supply and Logistics (6,583) (2,428) (2,173) (1,693) (1,507) (7,801) HFOTCO 30,988 28,504 33,032 61,536 SemGas 14,277 18,227 19,484 15,555 14,539 67,805 SemCAMS 22,113 16,865 19,037 16,704 23,668 76,274 Corporate and other 10,963 8,367 8,296 8,421 8,153 33,237 Total Segment Profit 115,409 78,846 83, , , ,523 Less: General and administrative expense 26,477 21,712 26,819 38,389 26, ,779 Other expense (income) (950) (218) (508) (3,390) (516) (4,632) Pension curtailment gain (loss) 3,097 (89) 3,008 Plus: M&A related costs 1,156 5,453 14,886 1,649 21,988 Employee severance and relocation ,694 Non-cash equity compensation 2,196 2,757 2,803 2,957 1,736 10,253 Consolidated Adjusted EBITDA $ 93,371 $ 60,667 $ 65,410 $ 90,733 $ 111,493 $ 328,303 16

17 Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) Reconciliation of net income to Adjusted EBITDA: Q1 Q1 Q2 Q3 Q4 FY2017 Net income (loss) $ (33,035) $ (10,277) $ 9,611 $ (19,103) $ 2,619 $ (17,150) Add: Interest expense 42,461 13,867 13,477 32,711 42, ,009 Add: Income tax expense (benefit) 23, ,625 (37,249) 31,141 (2,388) Add: Depreciation and amortization expense 50,536 24,599 25,602 50,135 58, ,421 EBITDA 83,045 28,284 52,315 26, , ,892 Selected Non-Cash Items and Other Items Impacting Comparability 10,326 32,383 13,095 64,239 (23,306) 86,411 Adjusted EBITDA $ 93,371 $ 60,667 $ 65,410 $ 90,733 $ 111,493 $ 328,303 Selected Non-Cash Items and Other Items Impacting Comparability Loss (gain) on disposal or impairment, net $ (3,566) $ 2,410 $ (234) $ 41,625 $ (30,468) $ 13,333 Foreign currency transaction loss (gain) 3,294 (1,011) (747) (2,951) (4,709) Adjustments to reflect equity earnings on an EBITDA basis 4,883 6,709 6,692 6,678 6,811 26,890 M&A transaction related costs 1,156 5,453 14,886 1,649 21,988 Pension plan curtailment loss (gain) (3,097) 89 (3,008) Employee severance and relocation expense ,694 Unrealized loss (gain) on derivative activities 2, (928) 1,833 (892) 40 Non-cash equity compensation 2,196 2,757 2,803 2,957 1,736 10,253 Loss on early extinguishment of debt 19, ,930 Selected Non-Cash items and Other Items Impacting Comparability $ 10,326 $ 32,383 $ 13,095 $ 64,239 $ (23,306) $ 86,411 17

18 Non-GAAP Adjusted EBITDA Calculation (in thousands, unaudited) 2016 Reconciliation of net income to Adjusted EBITDA: Q1 Q2 Q3 Q4 FY2016 Net income (loss) $ (4,893) $ 10,787 $ (4,632) $ 12,000 $ 13,262 Add: Interest expense 17,577 18,011 18,517 8,545 62,650 Add: Income tax expense (benefit) (21,407) 4,658 11,898 16,119 11,268 Add: Depreciation and amortization expense 24,051 25,055 24,922 24,776 98,804 EBITDA 15,328 58,511 50,705 61, ,984 Selected Non-Cash Items and Other Items Impacting Comparability 62,340 9,121 20,585 4,765 96,811 Adjusted EBITDA $ 77,668 $ 67,632 $ 71,290 $ 66,205 $ 282,795 Selected Non-Cash Items and Other Items Impacting Comparability Loss on disposal or impairment, net $ 13,307 $ 1,685 $ 1,018 $ 38 $ 16,048 Loss (income) from discontinued operations, net of income taxes 2 2 (3) 1 Foreign currency transaction loss 1,469 1, ,088 4,759 Adjustments to reflect equity earnings on an EBITDA basis 9,221 7,138 7,321 5,077 28,757 Remove loss (gain) on sale or impairment of NGL units 39,764 (9,120) 30,644 M&A transaction related costs 3,269 3,269 Employee severance and relocation expense ,128 Unrealized loss (gain) on derivative activities (4,548) 4,477 6,167 (5,107) 989 Non-cash equity compensation 2,866 2,560 1,620 3,170 10,216 Selected Non-Cash items and Other Items Impacting Comparability $ 62,340 $ 9,121 $ 20,585 $ 4,765 $ 96,811 18

19 Reconciliation of Operating Income to Total Segment Profit (in thousands, unaudited) Q1 Q1 Q2 Q3 Q4 FY2017 Operating income (loss) $ 34,853 $ 23,389 $ 25,202 $ (27,778) $ 73,247 $ 94,060 Plus: Adjustments to reflect equity earnings on an EBITDA basis 4,883 6,709 6,692 6,678 6,811 26,890 Unrealized loss (gain) on derivatives 2, (928) 1,833 (892) 40 General and administrative expense 26,477 21,712 26,819 38,389 26, ,779 Depreciation and amortization 50,536 24,599 25,602 50,135 58, ,421 Loss (gain) on disposal or impairment, net (3,566) 2,410 (234) 41,625 (30,468) 13,333 Total Segment Profit $ 115,409 $ 78,846 $ 83,153 $ 110,882 $ 133,642 $ 406,523 19