Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q3 2013 Earnings Presentation
16 slides from Cvr Energy's earnings presentation, Nov 4, 2013
Slide 1: 3rd Quarter 2013 Earnings Report
0 3rd Quarter 2013 Earnings Report November 1, 2013
Slide 2: Forward Looking Statements
1 Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Third Quarter earnings conference call held on November 1, 2013. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a
Slide 3: Consolidated Results
2 Consolidated Results Note: Adjusted EBITDA for the third quarter 2013 and 2012 excludes turnaround expenses of $0.0mm and $11.3mm, respectively and for year to date 2013 and 2012 excludes turnaround expenses of $0.0 and $34.8mm, respectively (1) Non-GAAP reconciliation on slide 10 for third quarte
Slide 4: Financial Results
3 Financial Results Note: Adjusted EBITDA for the third quarter 2013 and 2012 excludes turnaround expenses of $0.0mm and $11.3mm, respectively and for year to date 2013 and 2012 excludes turnaround expenses of $0.0 and $34.8mm, respectively (1) Non-GAAP reconciliation on slide 10 for third quarter a
Slide 5: Debt Metrics
4 Debt Metrics Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2008 2009 2010 2011 2012 LTM Q3 2013 Debt to Capital 46% 43% 41% 43% 37% 35% Debt to Adj. EBITDA 2.3 2.4 2.5 1.2 0.7 0.9 Consolidated Net Debt (Cash) ($s in millions) 487.0 454.4 277.0 475.5 2.2 (210.7) ($30
Slide 6: Appendix
Appendix
Slide 7: Non-GAAP Financials Measures
6 Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non- GAAP measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative for G
Slide 8: Non-GAAP Financials Measures: EBITDA and Adjusted EBITDA
7 Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for FIFO impacts (favorab
Slide 9: Capital Structure
8 Capital Structure* Note: 2011 includes debt related to acquisition of Gary Williams but only 16 days of EBITDA contribution * Includes cash and debt of CVR Partners LP and CVR Refining LP (1) Adjusted for FIFO, turnaround expenses, SBC, financing costs and gains/losses on derivatives, asset dispos
Slide 10: Consolidated Full Year Adjusted EBITDA Reconciliation
9 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year 2008 2009 2010 2011 2012 LTM Q3 2013 Net income (loss) attributable to CVR Energy stockholders $ 163.9 $ 69.4 $ 14.3 $ 345.8 $ 378.6 $ 432.6 Interest expense and other financing costs, net of interest income 37.6 42.5 48
Slide 11: Consolidated Third Quarter EBITDA Reconciliation
10 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Third Quarter 9/30/2013 9/30/2012 Net income attributable to CVR Energy stockholders $ 44.0 $ 208.9 Interest expense and other financing costs, net of interest income 11.4 18.6 Depreciation and amortization 36.2 33.1 Income tax e
Slide 12: Consolidated Year to Date EBITDA Reconciliation
11 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Year to Date 9/30/2013 9/30/2012 Net income attributable to CVR Energy stockholders $ 392.4 $ 338.4 Interest expense and other financing costs, net of interest income 38.7 56.6 Depreciation and amortization 105.4 97.4 Income tax
Slide 13: Consolidated Third Quarter Adjusted Net Income Reconciliation
12 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Third Quarter 9/30/2013 9/30/2012 Income before income tax expense $ 107.7 $ 346.1 FIFO impacts (favorable) unfavorable (54.3) (50.9) Share-based compensation 3.4 6.5 Major scheduled turnaround expenses - 11.3 (Gain) loss on deri
Slide 14: Consolidated Year to Date Adjusted Net Income Reconciliation
13 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Year to Date 9/30/2013 9/30/2012 Income before income tax expense $ 785.4 $ 576.8 FIFO impacts (favorable) unfavorable (83.3) 54.3 Share-based compensation 13.7 28.5 Loss on extinguishment of debt 26.1 - Major scheduled turnaroun
Slide 15: Fertilizer Adjusted EBITDA Reconciliation
14 Fertilizer Non-GAAP Financial Measures Financials ($ in millions) Third Quarter Year to Date 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Operating income $ 21.3 $ 32.3 $ 95.2 $ 99.8 Depreciation and amortization 6.6 5.2 18.5 15.8 Other income, net - 0.1 0.1 0.1 Major scheduled turnaround expenses - 0
Slide 16: Petroleum Adjusted EBITDA Reconciliation
15 Petroleum Non-GAAP Financial Measures Financials ($ in millions) Third Quarter Year to Date 9/30/2013 9/30/2012 9/30/2013 9/30/2012 Operating income $ 23.4 $ 507.5 $ 588.1 $ 891.2 FIFO impacts (favorable) unfavorable (54.3) (50.9) (83.3) 54.3 Share-based compensation, non-cash 2.1 2.3 8.3 8.8 Maj