8-KEarnings & ResultsExhibits & Filings

Targa Resources Corp. 8-K Report, Financial Results (May 1, 2014)

Filed May 1, 2014For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) filed an 8-K on May 1, 2014, primarily to announce its financial results for the first quarter ended March 31, 2014. The report indicates that the company held a conference call to discuss these results on the same day. Investors should note that the accompanying press release, furnished as an exhibit, contains non-GAAP financial measures such as distributable cash flow, gross margin, operating margin, and Adjusted EBITDA. While these non-GAAP measures are presented to provide additional insights into the company's performance and liquidity, it is crucial for investors to understand that they are not substitutes for GAAP-based measures like net cash provided by operating activities or net income. The company explicitly states that these non-GAAP figures should not be considered as alternatives to standard GAAP metrics. Investors are encouraged to review the reconciliations provided in the press release to understand how these non-GAAP figures relate to GAAP. This filing serves as a notification of the earnings release and provides access to the detailed financial results and commentary.

Key Highlights

  • 1Targa Resources Corp. announced its financial results for the first quarter ended March 31, 2014, via an 8-K filing on May 1, 2014.
  • 2The company held a conference call on May 1, 2014, to discuss its Q1 2014 financial performance.
  • 3The 8-K filing includes a press release (Exhibit 99.1) containing the detailed Q1 2014 financial results.
  • 4The reported financial results utilize non-GAAP financial measures, including distributable cash flow, gross margin, operating margin, and Adjusted EBITDA.
  • 5Targa Resources explicitly cautions investors that these non-GAAP measures are not replacements for GAAP measures (e.g., net income, cash flow from operations).
  • 6Reconciliations between the non-GAAP measures and their most comparable GAAP measures are provided within the press release.
  • 7The filing is furnished under Item 2.02 (Results of Operations and Financial Condition) and Item 9.01 (Financial Statements and Exhibits).

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Targa Resources Corp.'s financial results for the first quarter ended March 31, 2014, and to furnish the related press release and details of the investor conference call.

Investors should pay attention to both GAAP measures (like net income and cash flow from operations) and the non-GAAP measures presented, which include distributable cash flow, gross margin, operating margin, and Adjusted EBITDA. The company emphasizes the importance of reviewing the reconciliations provided for these non-GAAP metrics.

The non-GAAP measures provide additional context and are often used by management to assess operational performance. However, Targa Resources explicitly states that these measures are not alternatives to GAAP measures and should not be considered as such. Investors should use them in conjunction with GAAP figures and carefully review the provided reconciliations to understand their relationship to standard accounting principles.

The detailed financial information, including the Q1 2014 results and commentary, is available in the press release furnished as Exhibit 99.1 to this 8-K filing. A replay of the conference call discussing these results may also be available on the Investor Relations section of Targa Resources' website.