Summary
Enterprise Products Partners L.P. (EPD) filed an 8-K on May 4, 2005, to disclose presentation materials that will be used by its CEO and President at an RBC Dain Rauscher Luncheon Meeting. These materials, attached as Exhibit 99.1, provide investors with an overview of the company's performance and strategy. A key takeaway for investors is the use of non-GAAP financial measures, specifically gross operating margin and EBITDA, in the presentation. The filing clarifies the definitions of these measures and notes that reconciliations to comparable GAAP measures (operating income for gross operating margin and cash provided by or used in operating activities for EBITDA) are provided within the presentation slides.
Key Highlights
- 1EPD is filing an 8-K to provide investors with presentation materials from a May 4, 2005, luncheon meeting.
- 2The presentation will be delivered by Robert G. Phillips, CEO and President of the general partner.
- 3Key financial performance indicators discussed may include non-GAAP measures: gross operating margin and EBITDA.
- 4The filing defines gross operating margin as operating income before D&A, certain operating lease expenses, gains/losses on asset sales, and G&A expenses.
- 5EBITDA is defined as net income/loss plus interest expense, income taxes, and depreciation/amortization.
- 6Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the presentation slides.
- 7The presentation slides will be made available on EPD's website under 'Investor Resources'.
Frequently Asked Questions
The main purpose of this 8-K filing is to publicly disseminate presentation materials that Enterprise Products Partners L.P. (EPD) will use at a luncheon meeting. This ensures that all investors have access to the same information being presented by company management.
The presentation will utilize two non-GAAP financial measures: gross operating margin and EBITDA. Gross operating margin is presented as operating income before depreciation and amortization, certain operating lease expenses, gains/losses on asset sales, and general and administrative expenses. EBITDA is defined as net income or loss plus interest expense, provision for income taxes, and depreciation and amortization expense.
Yes, the filing states that reconciliations of gross operating margin to operating income and EBITDA to cash provided by or used in operating activities are presented within the accompanying slide presentation (specifically on Slides 33, 34, and 35).
The presentation slides are attached as Exhibit 99.1 to this Form 8-K filing. Additionally, they will be posted on Enterprise Products Partners L.P.'s website (www.epplp.com) in the 'Investor Resources' section.