Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q1 2014 Earnings Presentation
14 slides from Cvr Energy's earnings presentation, May 1, 2014
Slide 1: 1st Quarter 2014 Earnings Report
0 1st Quarter 2014 Earnings Report May 1, 2014
Slide 2: Forward Looking Statements
1 Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s First Quarter earnings conference call held on May 1, 2014. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a numb
Slide 3: Consolidated Results
2 Consolidated Results (1) Non-GAAP reconciliation on slide 10 (2) Non-GAAP reconciliation on slide 11 (3) Non-GAAP reconciliation on slide 12 (4) Non-GAAP reconciliation on slide 13 First Quarter (In millions, except for EPS/ EPU/Distributions) Q1 2014 Q1 2013 Percent Change Adjusted EBITDA(1) $ 15
Slide 4: Financial Results
3 Financial Results (1) Non-GAAP reconciliation on slide 10 (2) Non-GAAP reconciliation on slide 10 (3) Non-GAAP reconciliation on slide 11 First Quarter (In millions, except for EPS) Q1 2014 Q1 2013 Net earnings attributable to CVR Energy stockholders $ 126.7 $ 165.0 Earnings per diluted share $ 1.
Slide 5: Debt Metrics
4 Debt Metrics Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2009 2010 2011 2012 2013 Q1 2014 LTM Debt to Capital 43% 41% 43% 37% 36% 35% Debt to Adj. EBITDA 2.4 2.5 1.2 0.7 1.0 1.3 Consolidated Net Debt (Cash) ($ in millions) 454.4 277.0 475.5 2.2 (165.9) (286.2) ($4
Slide 6: Appendix
Appendix
Slide 7: Non-GAAP Financials Measures
6 Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non- GAAP measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative for G
Slide 8: Non-GAAP Financials Measures: EBITDA and Adjusted EBITDA
7 Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for FIFO impacts (favorab
Slide 9: Capital Structure
8 Capital Structure* Note: 2011 includes debt related to acquisition of Gary Williams but only 16 days of EBITDA contribution * Includes cash and debt of CVR Partners LP and CVR Refining LP (1) Adjusted for FIFO, turnaround expenses, SBC, financing costs, gains/losses on derivatives, net, current pe
Slide 10: Consolidated Non-GAAP Financial Measures
9 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year LTM 2009 2010 2011 2012 2013 Q1 2014 Net income attributable to CVR Energy stockholders $ 69.4 $ 14.3 $ 345.8 $ 378.6 $ 370.7 $ 332.4 Interest expense and other financing costs, net of interest income 42.5 48.1 55.3 74.5
Slide 11: Consolidated Non-GAAP Financial Measures
10 (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated
Slide 12: Consolidated Non-GAAP Financial Measures
11 Consolidated Non-GAAP Financial Measures Financials ($ in millions, except for per share data) First Quarter 3/31/2014 3/31/2013 Income before income tax expense $ 283.1 $ 306.5 FIFO impact (favorable) unfavorable (21.6) (4.7) Share-based compensation 4.1 6.0 Loss on extinguishment of debt - 26.1
Slide 13: Fertilizer Non-GAAP Financial Measures
12 Fertilizer Non-GAAP Financial Measures Financials ($ in millions) First Quarter 3/31/2014 3/31/2013 Nitrogen Fertilizer net income $ 21.5 $ 35.6 Interest expense, net 1.6 1.2 Income tax expense - - Depreciation and amortization 6.7 5.8 Nitrogen Fertilizer EBITDA $ 29.8 $ 42.6 Share-based compensa
Slide 14: Petroleum Non-GAAP Financial Measures
13 Petroleum Non-GAAP Financial Measures Financials ($ in millions) First Quarter 3/31/2014 3/31/2013 Petroleum net income $ 265.4 $ 275.4 Interest expense and other financing costs, net of interest income 8.6 14.1 Income tax expense - - Depreciation and amortization 29.5 28.0 Petroleum EBITDA $ 303