Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q3 2014 Earnings Presentation
16 slides from Cvr Energy's earnings presentation, Oct 30, 2014
Slide 1: 3rd Quarter 2014 Earnings Report
0 3rd Quarter 2014 Earnings Report October 30, 2014
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 October 30, 2014. 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 2014 and 2013 excludes turnaround expenses of $5.5mm and $0.0mm, respectively and for year to date 2014 and 2013 excludes turnaround expenses of $5.5mm and $0.0mm, 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 2014 and 2013 excludes turnaround expenses of $5.5mm and $0.0mm, respectively and for year to date 2014 and 2013 excludes turnaround expenses of $5.5mm and $0.0mm, respectively (1) Non-GAAP reconciliation on slide 10 for third quarter a
Slide 5: Debt Metrics
4 Debt Metrics Note: Refer to slide 8 for metrics used in calculations Consolidated Net Debt (Cash) ($s in millions) Financial Metrics 2009 2010 2011 2012 2013 Q3 2014 LTM Debt to Capital 43% 41% 43% 37% 36% 38% Debt to Adj. EBITDA 2.4 2.5 1.2 0.7 1.0 1.3 454.4 277.0 475.5 2.2 (165.9) (117.8) ($
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
7 Non-GAAP Financials Measures Petroleum and Nitrogen Fertilizer EBITDA and Adjusted EBITDA. EBITDA by operating segment 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 EBIT
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, gains/losses on derivatives, net, current pe
Slide 10: Consolidated Non-GAAP Financial Measures
9 Consolidated Non-GAAP Financial Measures (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlemen
Slide 11: Consolidated Non-GAAP Financial Measures
10 (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated
Slide 12: Consolidated Non-GAAP Financial Measures
11 Consolidated Non-GAAP Financial Measures (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settleme
Slide 13: Consolidated Non-GAAP Financial Measures
12 Consolidated Non-GAAP Financial Measures (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settleme
Slide 14: Consolidated Non-GAAP Financial Measures
13 (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated
Slide 15: Fertilizer Non-GAAP Financial Measures
14 Fertilizer Non-GAAP Financial Measures Financials ($ in millions) Third Quarter Year to Date 9/30/2014 9/30/2013 9/30/2014 9/30/2013 Nitrogen Fertilizer net income $ 12.7 $ 19.7 $ 51.3 $ 90.7 Interest expense, net 1.7 1.6 5.0 4.6 Income tax expense - - - - Depreciation and amortization 6.8 6.6 20
Slide 16: Petroleum Non-GAAP Financial Measures
15 Petroleum Non-GAAP Financial Measures Financials ($ in millions) Fourth Quarter Full Year 12/31/2013 12/31/2012 12/31/2013 12/31/2012 Operating income $ 14.9 $ 121.3 $ 603.0 $ 1,012.5 FIFO impacts (favorable) unfavorable 62.0 12.9 (21.3) 58.4 Share-based compensation, non-cash 1.2 4.7 9.5 13.5 Ma