Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q3 2015 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Oct 29, 2015
Slide 1: 3rd Quarter 2015 Earnings Report
3rd Quarter 2015 Earnings Report October 29, 2015
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 29, 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
Consolidated Results Third Quarter Year to Date (In millions, except for EPS/EPU/Distributions) 9/30/2015 9/30/2014 Percent Change 9/30/2015 9/30/2014 Percent Change Net income attributable to CVR Energy stockholders $ 57.9 $ 7.9 633% $ 214.6 $ 218.3 -2% Diluted earnings per share $ 0.67 $ 0.09 644%
Slide 4: Capital Structure
Capital Structure $50 $0 $-50 $-100 $-150 $-200 $-250 $-300 $-350 $-400 2012 2013 2014 Q3 2015 $2.2 $(165.9) $(78.8) $(338.1) Note: Refer to slide 8 for metrics used in calculation Financial Metrics 2012 2013 2014 Q3 2015 LTM w Debt to Capital 37% 36% 41% 39% w Debt to Adj. EBITDA 0.7 1.0 1.4 1.2 As
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Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income is not a recognized term under GAAP and should not be substituted for net income as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Management believes t
Slide 8: Capital Structure Financials
Capital Structure Financials Full Year LTM ($ in millions) 2012 2013 2014 Q3 2015 n Cash $ 896.0 $ 842.1 $ 753.7 $ 1,012.0 n Total Debt, including current portion 898.2 676.2 674.9 673.9 n Net Debt (Cash) 2.2 (165.9) (78.8) (338.1) n CVR Stockholder's Equity 1,525.1 1,188.6 988.1 1,072.5 n Adjusted
Slide 9: Consolidated Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Full Year LTM ($ in millions) 2012 2013 2014 Q3 2015 Net income attributable to CVR Energy stockholders $ 378.6 $ 370.7 $ 173.9 $ 170.2 Interest expense and other financing costs, net of interest income 74.5 49.3 39.1 46.8 Income tax expense 225.6
Slide 10: Consolidated Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions, except per share data) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Income before income tax expense $ 122.0 $ 25.5 $ 480.9 $ 497.8 FIFO impact (favorable) unfavorable 45.6 52.0 33.7 6.2 Share-based compensatio
Slide 11: Consolidated EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Net income attributable to CVR Energy stockholders $ 57.9 $ 7.9 $ 214.6 $ 218.3 Interest expense and other financing costs, net of interest income 11.6 9.1 35.8 28.1
Slide 12: Petroleum EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Petroleum net income $ 138.9 $ 21.8 $ 413.4 $ 467.2 Interest expense and other financing cost, net of interest income 10.3 7.8 31.9 24.2 Income tax expense — — — — Depr
Slide 13: Fertilizer EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials Third Quarter Year to Date ($ in millions) 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Nitrogen Fertilizer net income (loss) $ (13.5) $ 12.7 $ 43.3 $ 51.3 Interest expense and other financing costs, net 1.8 1.7 5.2 5.0 Income tax expense — — — — Deprecia