Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q1 2016 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Apr 28, 2016
Slide 1: 1st Quarter 2016 Earnings Report
1st Quarter 2016 Earnings Report April 28, 2016
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s First Quarter earnings conference call held on April 28, 2016. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a num
Slide 3: Consolidated Results First Quarter
Consolidated Results First Quarter (In millions, except for EPS/EPU/Distributions) 3/31/2016 3/31/2015 Percent Change Net income (loss) attributable to CVR Energy stockholders $ (16.2) $ 54.9 -130% Diluted earnings (loss) per share $ (0.19) $ 0.63 -130% Adjusted net income per diluted share(1) $ 0.1
Slide 4: Capital Structure
Capital Structure $50 $0 -$50 -$100 -$150 -$200 -$250 -$300 -$350 -$400 2013 2014 2015 Q1 2016 $(165.9) $(78.8) $(91.6) $(8.7) Note: Refer to slide 8 for metrics used in calculation (1) Amounts presented are gross debt not net of unamortized debt issuance costs Financial Metrics 2013 2014 2015 Q1 20
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Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income is not a recognized term under GAAP and should not be substituted for net income (loss) as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Management bel
Slide 8: Capital Structure Financials
Capital Structure Financials Full Year LTM ($ in millions) 2013 2014 2015 Q1 2016 n Cash $ 842.1 $ 753.7 $ 765.1 $ 681.8 n Total Debt, including current portion(1) 676.2 674.9 673.5 673.1 n Net Debt (Cash) (165.9) (78.8) (91.6) (8.7) n CVR Stockholder's Equity 1,188.6 988.1 984.1 924.5 n Adjusted EB
Slide 9: Consolidated Full Year and LTM Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Full Year LTM ($ in millions) 2013 2014 2015 Q1 2016 Net income (loss) attributable to CVR Energy stockholders $ 370.7 $ 173.9 $ 169.6 $ 98.5 Interest expense and other financing costs, net of interest income 49.3 39.1 47.4 46.8 Income tax expense
Slide 10: Consolidated First Quarter Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials First Quarter ($ in millions, except per share data) 3/31/2016 3/31/2015 Income (loss) before income tax expense $ (52.7) $ 108.7 FIFO impact, unfavorable 8.8 24.5 Share-based compensation(1) — 4.0 Major scheduled turnaround expenses 29.4 — Loss on
Slide 11: Consolidated First Quarter EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials First Quarter ($ in millions) 3/31/2016 3/31/2015 Net income (loss) attributable to CVR Energy stockholders $ (16.2) $ 54.9 Interest expense and other financing costs, net of interest income 11.9 12.5 Income tax expense (benefit) (21.8) 24.0 Deprec
Slide 12: Petroleum First Quarter EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials First Quarter ($ in millions) 3/31/2016 3/31/2015 Petroleum net income (loss) $ (68.0) $ 46.7 Interest expense and other financing cost, net of interest income 10.8 11.2 Income tax expense — — Depreciation and amortization 31.5 34.0 Petroleum EBITDA(1
Slide 13: Fertilizer First Quarter EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials First Quarter ($ in millions) 3/31/2016 3/31/2015 Nitrogen Fertilizer net income $ 18.0 $ 29.8 Interest expense and other financing costs, net 1.7 1.7 Income tax expense — — Depreciation and amortization 7.0 6.8 Nitrogen Fertilizer EBITDA(1) $ 26.7 $