Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q2 2013 Earnings Presentation
16 slides from Cvr Energy's earnings presentation, Aug 1, 2013
Slide 1: 2nd Quarter 2013 Earnings Report
2nd Quarter 2013 Earnings Report August 1, 2013
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Second Quarter earnings conference call held on August 1, 2013. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a nu
Slide 3: Consolidated Results
Consolidated Results Note: Adjusted EBITDA for the second quarter 2013 and 2012 excludes turnaround expenses of $0.0mm and $2.5mm, respectively and for year to date 2013 and 2012 excludes turnaround expenses of $0.0 and $23.5mm, respectively (1) Non-GAAP reconciliation on slide 10 for second quarter
Slide 4: Financial Results
Financial Results Note: Adjusted EBITDA for the second quarter 2013 and 2012 excludes turnaround expenses of $0.0mm and $2.5mm, respectively and for year to date 2013 and 2012 excludes turnaround expenses of $0.0 and $23.5mm, respectively (1) Non-GAAP reconciliation on slide 10 for second quarter an
Slide 5: Debt Metrics
Debt Metrics Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2008 2009 2010 2011 2012 LTM Q2 2013 Debt to Capital 46% 43% 41% 43% 37% 34% Debt to Adj. EBITDA 2.3 2.4 2.5 1.2 0.7 0.6 Consolidated Net Debt (Cash) ($s in millions) 487.0 454.4 277.0 475.5 2.2 (457.7) ($600) ($4
Slide 6: Appendix
Appendix
Slide 7: Non-GAAP Financials Measures
Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative for GAAP
Slide 8: Non-GAAP Financials Measures
Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for FIFO impacts (favorable
Slide 9: Capital Structure
Capital Structure* Note: 2011 includes debt related to acquisition of Gary Williams but only 16 days of EBITDA contribution * Includes cash and debt of CVR Partners LP and CVR Refining LP (1) Adjusted for FIFO, turnaround expenses, SBC, financing costs and gains/losses on derivatives, asset disposit
Slide 10: EBITDA Reconciliation Full Year 2008-LTM Q2 2013
Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year 2008 2009 2010 2011 2012 LTM Q2 2013 Net income attributable to CVR Energy stockholders $ 163.9 $ 69.4 $ 14.3 $ 345.8 $ 378.6 $ 597.5 Interest expense and other financing costs, net of interest income 37.6 42.5 48.1 55.3 7
Slide 11: EBITDA Reconciliation Second Quarter
Consolidated Non-GAAP Financial Measures Financials ($ in millions) Second Quarter 6/30/2013 6/30/2012 Net income attributable to CVR Energy stockholders $ 183.4 $ 154.7 Interest expense and other financing costs, net of interest income 12.2 18.8 Depreciation and amortization 35.0 32.2 Income tax ex
Slide 12: EBITDA Reconciliation Year to Date
Consolidated Non-GAAP Financial Measures Financials ($ in millions) Year to Date 6/30/2013 6/30/2012 Net income attributable to CVR Energy stockholders $ 348.4 $ 129.5 Interest expense and other financing costs, net of interest income 27.3 38.0 Depreciation and amortization 69.2 64.3 Income tax expe
Slide 13: Adjusted Net Income Reconciliation Second Quarter
Consolidated Non-GAAP Financial Measures Financials ($ in millions) Second Quarter 6/30/2013 6/30/2012 Income before income tax expense $ 371.2 $ 256.4 FIFO impacts (favorable) unfavorable (24.2) 105.4 Share-based compensation 4.3 17.8 Loss on extinguishment of debt - - Loss on disposition of assets
Slide 14: Adjusted Net Income Reconciliation Year to Date
Consolidated Non-GAAP Financial Measures Financials ($ in millions) Year to Date 6/30/2013 6/30/2012 Income before income tax $ 677.7 $ 230.7 FIFO impacts (favorable) unfavorable (29.0) 95.0 Share-based compensation 10.3 21.9 Loss on extinguishment of debt 26.1 - Loss on disposition of assets - - Ma
Slide 15: Fertilizer Adjusted EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials ($ in millions) Second Quarter Year to Date 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Operating income $ 37.1 $ 36.1 $ 73.9 $ 67.5 Depreciation and amortization 6.2 5.2 12.0 10.6 Other income, net - - - - Major scheduled turnaround expenses - - - - Sha
Slide 16: Petroleum Adjusted EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials ($ in millions) Second Quarter Year to Date 6/30/2013 6/30/2012 6/30/2013 6/30/2012 Operating income $ 229.1 $ 248.9 $ 564.7 $ 383.8 FIFO impacts (favorable) unfavorable (24.2) 105.4 (29.0) 95.0 Share-based compensation, non-cash 2.5 5.4 6.1 6.4 Major