Financial Highlights

($ millions except per share amounts) 2022 2021 2020 2019 2018 2017 2016 2015
Revenue 14,087 10,573 5,587 5,495 4,257 2,556 2,190 2,193
Normalized EBITDA(1)(2)(3) 1,537 1,472 1,310 1,302 1,009 797 701 582
  Utilities(2)(4) 933 771 788 698 426 298 277 257
  Midstream(2)(3)(4) 607 717 473 531 277 221 163 172
  Power(4) - - - - 320 303 285 177
  Corporate(4) - - - - (14) (25) (24) (24)
  Corporate/Other(3)(4) (3) (16) 49 73 - - - -
Income (loss) before income taxes 716 446 699 812 (717) 66 246 108
  Utilities(4) 548 538 687 408 (252) 215 201 174
  Midstream(4) 526 242 235 305 56 138 96 61
  Power(4) - - - - (276) 46 152 50
  Corporate(4) - - - - (245) (332) (203) (177)
  Corporate/Other(4) (358) (334) (223) 99 - - - -
Net income (loss) applicable to common shares 399 230 486 769 (502) 30 155 10
Normalized net income(1)(2)(3) 530 481 396 347 195 204 153 140
Total assets 23,965 21,593 21,532 19,795 23,488 10,032 10,201 10,100
Total long-term liabilities 12,940 11,335 11,264 9,301 11,746 4,578 4,589 4,949
Net invested capital(1)(5) 988 449 1,277 (2,130) 6,729 408 666 1,556
Cash flow from (used by) investing activities (977) (483) (1,211) 2,184 (5,834) (499) (752) (1,516)
Dividends declared 298 281 268 266 463 362 320 260
Cash flows                
  Normalized funds from operations(1)(3) 1,204 1,180 1,003 895 657 615 554 470
  Cash flow from (used by) operations 539 738 773 616 (79) 545 456 501
($ per basic share, except shares outstanding and debt to capitalization ratio)  
Net income (loss) per common share - basic 1.42 0.82 1.74 2.78 (2.25) 0.18 0.99 0.07
Net income (loss) per common share - diluted  1.41 0.82 1.74 2.77 (2.25) 0.18 0.99 0.07
Normalized net income(1)(2)(3) 1.89 1.72 1.42 1.25 0.88 1.19 0.98 1.02
Dividends declared 1.06 1.00 0.96 0.96 2.09 2.12 2.03 1.89
Cash flows                
  Normalized funds from operations(1)(3) 4.28 4.21 3.59 3.23 2.95 3.60 3.52 3.41
  Cash flow from (used by) operations 1.92 2.64 2.77 2.23 (0.35) 3.19 2.91 3.63
Shares outstanding - basic (millions)                
  During the period(6) 281 280 279 277 223 171 157 138
  End of period 282 280 279 279 275 175 167 146
Debt-to-total capitalization ratio (%) 56 52 52 49 57 44 45 48

Notes:

(1) Non-GAAP financial measure; see discussion and reconciliations to the nearest GAAP measure in the Non-GAAP Financial Measures section of the MD&A.
(2) Beginning in 2020, Management no longer adjusts normalized EBITDA or normalized net income for changes in the fair value of natural gas optimization inventory. As such, 2019 balances have been adjusted to reflect the impacts of this change.
(3) In the third quarter of 2022, Management changed AltaGas' non-GAAP policy to remove normalization adjustments related to acquired contingencies. Prior periods have been restated to reflect this change.
(4) In 2020, AltaGas revised its reportable segments to align with the structure of its business following asset sales completed as part of its 2019 asset monetization program. Beginning in 2020, AltaGas has two operating segments: Utilities (which includes the WGL retail marketing business) and Midstream. The Corporate/Other segment consists of AltaGas' corporate activities and a small portfolio of remaining power assets. Segment totals for 2019 have been adjusted to reflect the impacts of this change.
(5) In prior periods, invested capital did not include adjustments for the cost of removal of utility assets; however, beginning in the fourth quarter of 2021, Management has adjusted for these costs to better align with the investing section of the Consolidated Statements of Cash Flows. As such, 2020 balances have been restated to reflect this change.
(6) Weighted average.