Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q1 2013 Earnings Presentation
14 slides from Cvr Energy's earnings presentation, May 2, 2013
Slide 1: 1st Quarter 2013 Earnings Report
1st Quarter 2013 Earnings Report May 2, 2013
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s First Quarter earnings conference call held on May 2, 2013. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a number
Slide 3: Consolidated Results
Consolidated Results Note: Adjusted EBITDA for the first quarter 2013 and 2012 excludes turnaround expense of $0.0mm and $21.0mm, respectively. Non-GAAP reconciliation on slide 10 (1) Non-GAAP reconciliation on slide 10 (2) Non-GAAP reconciliation on slide 11 (3) Non-GAAP reconciliation on slide (4)
Slide 4: Financial Results
Financial Results Note: Adjusted EBITDA for the first quarter 2013 and 2012 excludes turnaround expense of $0.0mm and $21.0mm, respectively. Definition on slide 7 and Non-GAAP reconciliation on slide 10 Non-GAAP reconciliation on slide 10 Non-GAAP reconciliation on slide 10 Non-GAAP reconciliation o
Slide 5: Debt Metrics
Debt Metrics Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2008 2009 2010 2011 2012 LTM Q1 2013 Debt to Capital 46% 43% 41% 43% 37% 32% Debt to Adj. EBITDA 2.3 2.4 2.5 1.2 0.7 0.5 Consolidated Net Debt (Cash) ($s in millions) 487.0 454.4 277.0 475.5 2.2 (363.8) ($500) ($4
Slide 6: Appendix
Appendix
Slide 7: Non-GAAP Financials Measures
Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative for GAAP
Slide 8: Non-GAAP Financials Measures: EBITDA and Adjusted EBITDA
Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense and (iii) depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for FIFO impacts (favorable
Slide 9: Capital Structure
Capital Structure* Note: 2011 includes debt related to acquisition of Gary Williams but only 16 days of EBITDA contribution * Includes cash and debt of CVR Partners LP and CVR Refining LP Adjusted for FIFO, turnaround expense, SBC, financing costs and gains/losses on derivatives, asset dispositions,
Slide 10: Consolidated Full Year Reconciliation
Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year 2008 2009 2010 2011 2012 LTM Q1 2013 Net income (loss) attributable to CVR Energy stockholders $ 163.9 $ 69.4 $ 14.3 $ 345.8 $ 378.6 $ 568.8 Interest expense, net of interest income 37.6 42.5 48.1 55.3 74.6 70.5 Depreciati
Slide 11: Consolidated First Quarter EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials ($ in millions) First Quarter 3/31/2013 3/31/2012 Net income (loss) attributable to CVR Energy stockholders $ 165.0 $ (25.2) Interest expense and other financing costs, net of interest income 15.1 19.2 Depreciation and amortization 34.2 32.1 Income
Slide 12: Consolidated First Quarter Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials ($ in millions) First Quarter 3/31/2013 3/31/2012 Income (loss) before income tax expense (benefit) $ 306.5 $ (25.8) FIFO impact (favorable) unfavorable (4.7) (19.3) Share-based compensation 6.0 4.0 Loss on extinguishment of debt 26.1 - Loss on dis
Slide 13: Fertilizer First Quarter Reconciliation
Fertilizer Non-GAAP Financial Measures Financials ($ in millions) First Quarter 3/31/2013 3/31/2012 Operating income $ 36.8 $ 31.4 Depreciation and amortization 5.8 5.4 Other income (expense) - - Major scheduled turnaround expense - - Share-based compensation, non-cash 1.2 1.2 Adjusted EBITDA $ 43.8
Slide 14: Petroleum First Quarter Reconciliation
Petroleum Non-GAAP Financial Measures Financials ($ in millions) First Quarter 3/31/2013 3/31/2012 Operating income $ 335.6 $ 134.9 FIFO impacts (favorable) unfavorable (4.7) (19.3) Share-based compensation, non-cash 3.5 1.0 Major scheduled turnaround - 21.0 Loss on disposition of assets - - Realize