Business Context and Reporting Period
Company: Global Partners LP
Filing Type: Form 8-K (Current Report)
Date of Report: November 25, 2009
Context: The Partnership issued an updated quarterly presentation regarding net income, distributable cash flow, and adjusted operating surplus. This update incorporates data for the quarter ended September 30, 2009, and aligns with the Definitive Proxy Statement filed on November 5, 2009.
Key Financial Metrics
The filing references an attached presentation (Exhibit 99.1) containing specific values for the following metrics for the quarter ended September 30, 2009:
- Net Income
- Distributable Cash Flow
- Adjusted Operating Surplus
Note: The text of this 8-K filing does not provide the specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the referenced Exhibit 99.1, which is not included in the provided text. Distributable cash flow and adjusted operating surplus are identified as non-GAAP financial measures.
Material Changes
The filing does not explicitly detail material changes versus prior periods within the text body. It states that the updated presentation is identical to the one in the November 5, 2009 Definitive Proxy Statement, with the sole addition of the financial data for the quarter ended September 30, 2009.
Guidance, Outlook, and Risks
Management Commentary: Management emphasizes that distributable cash flow and adjusted operating surplus are non-GAAP measures used in the Partnership agreement. They caution that these measures should not be considered alternatives to GAAP net income or cash flow from operations and may not be comparable to similarly titled measures of other companies.
Reconciliation: Exhibit 99.1 provides a reconciliation of these non-GAAP measures to directly comparable GAAP financial measures.
Regulation FD: The information is disclosed under Regulation FD but is not deemed "filed" for purposes of Section 18 of the Exchange Act unless specifically incorporated by reference in a future filing.
Investor Verification Checklist
- Review Exhibit 99.1 (Selected Financial Information) to obtain the specific numerical values for net income, distributable cash flow, and adjusted operating surplus for the quarter ended September 30, 2009.
- Examine the reconciliation in Exhibit 99.1 to understand the adjustments made to derive non-GAAP measures from GAAP figures.
- Compare the September 30, 2009 data against the Definitive Proxy Statement filed on November 5, 2009, to verify consistency.
- Assess the comparability of the Partnership's non-GAAP measures against industry peers, noting the explicit disclaimer regarding comparability.