Targa Resources Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated November 7, 2011, reports the issuance of a press release regarding Targa Resources Corp.'s financial results for the three and nine months ended September 30, 2011. The filing serves to incorporate the press release by reference under Item 2.02.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the use of non-GAAP financial measures including distributable cash flow, gross margin, operating margin, and Adjusted EBITDA, noting that reconciliations to GAAP measures are included in the attached press release (Exhibit 99.1).
Material Changes
The filing does not contain specific data regarding material changes versus prior periods. It directs investors to the press release and conference call for detailed operational and financial comparisons.
Guidance, Outlook, and Management Commentary
Management scheduled a conference call for 10:30 a.m. Eastern time on November 7, 2011, to discuss the results. A live webcast and replay were made available through the company's investor website until November 22, 2011. The filing emphasizes that non-GAAP measures should not be considered alternatives to GAAP measures such as net income or net cash provided by operating activities.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, earnings, and cash flow figures.
- Examine the reconciliation tables in the press release to understand the difference between GAAP and non-GAAP metrics.
- Listen to the conference call replay for management's commentary on operational performance and future outlook.
- Verify the specific values for distributable cash flow and Adjusted EBITDA as these are highlighted as key non-GAAP measures.