Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q2 2015 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Jul 30, 2015
Slide 1: 2nd Quarter 2015 Earnings Report
2nd Quarter 2015 Earnings Report July 30, 2015
Slide 2: Forward Looking Statements
Forward Looking Statements 2 This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Second Quarter earnings conference call held on July 30, 2015. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a n
Slide 3: Consolidated Results
3 Consolidated Results (1) Non-GAAP reconciliation on slide 10 (2) Non-GAAP reconciliation on slide 11 (3) Non-GAAP reconciliation on slide 12 (4) Non-GAAP reconciliation on slide 13 Second Quarter Year to Date (In millions, except for EPS/EPU/Distributions) 6/30/2015 6/30/2014 Percent Change 6/30/2
Slide 4: Capital Structure: Consolidated Net Debt (Cash)
Capital Structure 4 Consolidated Net Debt (Cash) ($ in millions) Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2012 2013 2014 Q2 2015 LTM Debt to Capital 37% 36% 41% 39% Debt to Adj. EBITDA 0.7 1.0 1.4 1.4 Capitalization ($ in millions) As of 6/30/2015 Consolidated Ca
Slide 5: yoo Ce :
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Slide 6: Non-GAAP financial measures
Non-GAAP Financial Measures 6 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 alternat
Slide 7: Non-GAAP definitions (cont'd)
Non-GAAP Financial Measures (cont’d) 7 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
Slide 8: Capital Structure
8 Capital Structure Financials ($ in millions) Full Year LTM 2012 2013 2014 Q2 2015 Cash $ 896.0 $ 842.1 $ 753.7 $ 937.7 Total Debt, including current portion 898.2 676.2 674.9 674.2 Net Debt (Cash) 2.2 (165.9) (78.8) (263.5) CVR Stockholder’s Equity 1,525.1 1,188.6 988.1 1,058.0 Adjusted
Slide 9: Consolidated Adjusted EBITDA reconciliation
9 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year LTM 2012 2013 2014 Q2 2015 Net income attributable to CVR Energy stockholders $ 378.6 $ 370.7 $ 173.9 $ 120.2 Interest expense and other financing costs, net of interest income 74.5 49.3 39.1 44.3 Income tax expense 225.
Slide 10: Consolidated Financials: Adjusted Net Income
10 Consolidated Non-GAAP Financial Measures Financials ($ in millions, except for per share data) Second Quarter Year to Date 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Income before income tax expense $ 250.2 $ 189.2 $ 358.9 $ 472.3 FIFO impact (favorable) unfavorable (36.4) (24.3) (11.9) (45.9) Share
Slide 11: Consolidated EBITDA reconciliation
11 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Second Quarter Year to Date 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Net income attributable to CVR Energy stockholders $ 101.9 $ 83.7 $ 156.7 $ 210.4 Interest expense and other financing costs, net of interest income 11.6 9.1 24.
Slide 12: Petroleum EBITDA reconciliation
Petroleum Non-GAAP Financial Measures 12 Financials ($ in millions) Second Quarter Year to Date 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Petroleum net income $ 227.8 $ 180.0 $ 274.5 $ 445.4 Interest expense and other financing costs, net of interest income 10.3 7.8 21.5 16.4 Income tax expense - - -
Slide 13: Fertilizer EBITDA reconciliation
Fertilizer Non-GAAP Financial Measures 13 Financials ($ in millions) Second Quarter Year to Date 6/30/2015 6/30/2014 6/30/2015 6/30/2014 Nitrogen Fertilizer net income $ 27.0 $ 17.1 $ 56.8 $ 38.6 Interest expense and other financing costs, net 1.7 1.7 3.4 3.3 Income tax expense - - - - Depreciation