Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q3 2017 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Nov 1, 2017
Slide 1: 3rd Quarter 2017 Earnings Report
3rd Quarter 2017 Earnings Report November 1, 2017
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 November 1, 2017. 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) 9/30/2017 9/30/2016 9/30/2017 9/30/2016 Net income attributable to CVR Energy stockholders $ 22.2 $ 5.4 $ 33.9 $ 17.6 Diluted earnings per share $ 0.26 $ 0.06 $ 0.39 $ 0.20 Adjusted net income per diluted
Slide 4: Capital Structure
Capital Structure $600 $400 $200 $0 -$200 2014 2015 2016 Q3 2017 Note: Refer to slide 8 for metrics used in calculation (1) Amounts presented are gross debt, not net of unamortized debt issuance costs or unamortized discount Financial Metrics 2014 2015 2016 Q3 2017 LTM w Debt to Capital 41% 41% 58%
Slide 5: ‘@ Nua ;
‘@ Nua ; ith ee rit | ee See eC
Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income is not a recognized term under GAAP and should not be substituted for net income as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Management believes t
Slide 8: Capital Structure Financials
Capital Structure Financials Full Year LTM ($ in millions) 2014 2015 2016 Q3 2017 n Cash $ 753.7 $ 765.1 $ 735.8 $ 849.1 n Total Debt, including current portion(1) 674.9 673.5 1,194.1 1,192.7 n Net Debt (Cash) (78.8) (91.6) 458.3 343.6 n CVR Stockholders' Equity 988.1 984.1 858.1 761.8 n Adjusted EB
Slide 9: Consolidated Adjusted EBITDA Reconciliation (Full Year and LTM)
Consolidated Non-GAAP Financial Measures Financials Full Year LTM ($ in millions) 2014 2015 2016 Q3 2017 Net income attributable to CVR Energy stockholders $ 173.9 $ 169.6 $ 24.7 $ 41.0 Interest expense and other financing costs, net of interest income 39.1 47.4 83.2 108.4 Income tax expense (benefi
Slide 10: Consolidated Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions, except per share data) 9/30/2017 9/30/2016 9/30/2017 9/30/2016 Income before income tax expense $ 34.5 $ 4.5 $ 61.6 $ 17.3 FIFO impact, (favorable) unfavorable (14.9) 7.7 0.8 (29.7) Major scheduled turnaro
Slide 11: Consolidated EBITDA and Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2017 9/30/2016 9/30/2017 9/30/2016 Net income attributable to CVR Energy stockholders $ 22.2 $ 5.4 $ 33.9 $ 17.6 Interest expense and other financing costs, net of interest income 27.4 26.0 81.5 56.3
Slide 12: Petroleum
Petroleum Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2017 9/30/2016 9/30/2017 9/30/2016 Petroleum net income $ 70.0 $ 15.9 $ 117.8 $ 26.0 Interest expense and other financing costs, net of interest income 11.8 10.8 34.8 31.7 Income tax expense — — — — Depr
Slide 13: Fertilizer
Fertilizer Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2017 9/30/2016 9/30/2017 9/30/2016 Nitrogen Fertilizer net loss $ (31.6) $ (13.4) $ (45.4) $ (12.4) Interest expense and other financing costs, net 15.7 15.6 47.1 32.8 Income tax expense — 0.2 — 0.3 Dep