8-KEarnings & ResultsExhibits & Filings

Blackstone Inc. 8-K Report, Financial Results (Aug 13, 2007)

Filed August 13, 2007For Securities:BX

Summary

Blackstone Inc. (BX) filed an 8-K on August 13, 2007, to report its financial results for the second quarter ended June 30, 2007. The report primarily serves to attach a press release detailing these results and introduces several non-GAAP financial measures that the company uses for performance and liquidity assessment. Investors should note that this filing precedes Blackstone's initial public offering (IPO), as indicated by the discussion of "pre-initial public offering reorganization and initial public offering" in the non-GAAP definitions. The key financial metrics highlighted include Economic Net Income (ENI) and Adjusted Cash Flow from Operations, along with their pro forma equivalents. ENI is presented as a measure of value creation, while Adjusted Cash Flow from Operations is used to assess liquidity and amounts available for distributions. The company emphasizes that these non-GAAP measures should be considered alongside, and not as a substitute for, GAAP-based financial statements.

Key Highlights

  • 1Blackstone Inc. (BX) reported Q2 2007 financial results via an 8-K filing on August 13, 2007.
  • 2The filing includes a press release detailing the company's financial performance for the quarter ending June 30, 2007.
  • 3Blackstone introduced and explained several key non-GAAP financial measures: Economic Net Income (ENI), Pro Forma Economic Net Income After Taxes, Adjusted Cash Flow from Operations, and Pro Forma Adjusted Cash Flow from Operations.
  • 4ENI is highlighted as a primary performance measure for assessing value creation.
  • 5Adjusted Cash Flow from Operations is presented as a supplemental measure for evaluating liquidity and distribution capacity.
  • 6The company explicitly mentions "pre-initial public offering reorganization and initial public offering" in its pro forma financial measure definitions, indicating these results relate to a period prior to its public listing.
  • 7All non-GAAP financial information provided in the press release is furnished, not filed, and should be reviewed in conjunction with GAAP measures.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Blackstone's financial results for the second quarter ended June 30, 2007, by attaching a press release that contains these details. It also serves to define and explain the non-GAAP financial measures used by the company.

The key non-GAAP metrics are Economic Net Income (ENI), Pro Forma Economic Net Income After Taxes, Adjusted Cash Flow from Operations, and Pro Forma Adjusted Cash Flow from Operations. These are used by management to assess performance, value creation, and liquidity.

The pro forma measures, such as Pro Forma Economic Net Income After Taxes and Pro Forma Adjusted Cash Flow from Operations, adjust historical financial data to reflect Blackstone's pre-IPO reorganization and IPO as if they had occurred on January 1, 2006. This provides a more comparable view of performance over time, considering structural changes related to becoming a public entity.

No, Blackstone explicitly states that these non-GAAP measures should be considered in addition to, and not as a substitute for, or superior to, measures of financial performance presented in accordance with GAAP. Reconciliations to GAAP measures are available in the attached press release.