Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q3 2016 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Oct 27, 2016
Slide 1: 3rd Quarter 2016 Earnings Report
3rd Quarter 2016 Earnings Report October 27, 2016
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Third Quarter earnings conference call held on October 27, 2016. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a n
Slide 3: Consolidated Results
Consolidated Results Third Quarter Year to Date (In millions, except for EPS/EPU/Distributions) 9/30/2016 9/30/2015 Percent Change 9/30/2016 9/30/2015 Percent Change Net income attributable to CVR Energy stockholders $ 5.4 $ 57.9 -91% $ 17.6 $ 214.6 -92% Diluted earnings per share $ 0.06 $ 0.67 -91%
Slide 4: Capital Structure
Capital Structure $600 $400 $200 $0 -$200 2013 2014 2015 Q3 2016 $(165.9) $(78.8) $(91.6) $433.9 Note: Refer to slide 8 for metrics used in calculation (1) Amounts presented are gross debt not net of unamortized debt issuance costs or unamortized discount Financial Metrics 2013 2014 2015 Q3 2016 LTM
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Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income is not a recognized term under GAAP and should not be substituted for net income (loss) as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Management bel
Slide 8: Capital Structure
Capital Structure Financials Full Year LTM ($ in millions) 2013 2014 2015 Q3 2016 n Cash $ 842.1 $ 753.7 $ 765.1 $ 762.6 n Total Debt, including current portion(1) 676.2 674.9 673.5 1,196.5 n Net Debt (Cash) (165.9) (78.8) (91.6) 433.9 n CVR Stockholders' Equity 1,188.6 988.1 984.1 894.4 n Adjusted
Slide 9: Consolidated Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Full Year LTM ($ in millions) 2013 2014 2015 Q3 2016 Net income (loss) attributable to CVR Energy stockholders $ 370.7 $ 173.9 $ 169.6 $ (27.4) Interest expense and other financing costs, net of interest income 49.3 39.1 47.4 68.0 Income tax expens
Slide 10: Consolidated Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions, except per share data) 9/30/2016 9/30/2015 9/30/2016 9/30/2015 Income before income tax expense $ 4.5 $ 122.0 $ 17.3 $ 480.9 FIFO impact, (favorable) unfavorable 7.7 45.6 (29.7) 33.7 Share-based compensati
Slide 11: Consolidated EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2016 9/30/2015 9/30/2016 9/30/2015 Net income attributable to CVR Energy stockholders $ 5.4 $ 57.9 $ 17.6 $ 214.6 Interest expense and other financing costs, net of interest income 26.0 11.6 56.3 35.8
Slide 12: Petroleum EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2016 9/30/2015 9/30/2016 9/30/2015 Petroleum net income $ 15.9 $ 138.9 $ 26.0 $ 413.4 Interest expense and other financing cost, net of interest income 10.8 10.3 31.7 31.9 Income tax expense — — — — Depr
Slide 13: Fertilizer EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2016 9/30/2015 9/30/2016 9/30/2015 Nitrogen fertilizer net income (loss) $ (13.4) $ (13.5) $ (12.4) $ 43.3 Interest expense and other financing costs, net 15.6 1.8 32.8 5.2 Income tax expense 0.2 — 0.3