Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q4 2015 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Feb 18, 2016
Slide 1: 4th Quarter 2015 Earnings Report
4th Quarter 2015 Earnings Report February 18, 2016
Slide 2: Forward Looking Statements
This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Fourth Quarter earnings conference call held on February 18, 2016. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a number of assumptions conc
Slide 3: Consolidated Results
Consolidated Results Fourth Quarter Year to Date (In millions, except for EPS/EPU/Distributions) 12/31/2015 12/31/2014 Percent Change 12/31/2015 12/31/2014 Percent Change Net income (loss) attributable to CVR Energy stockholders $ (45.0) $ (44.4) 1% $ 169.6 $ 173.9 -2% Diluted earnings (loss) per sh
Slide 4: Capital Structure
Capital Structure $50 $0 -$50 -$100 -$150 -$200 -$250 -$300 -$350 -$400 2012 2013 2014 2015 $2.2 $(165.9) $(78.8) $(91.6) Note: Refer to slide 8 for metrics used in calculation Financial Metrics 2012 2013 2014 2015 w Debt to Capital 37% 36% 41% 41% w Debt to Adj. EBITDA 0.7 1.0 1.4 1.4 As of 12/31/2
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Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income (loss) is not a recognized term under GAAP and should not be substituted for net income (loss) as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Managem
Slide 8: Capital Structure Financials
Capital Structure Financials Full Year ($ in millions) 2012 2013 2014 2015 n Cash $ 896.0 $ 842.1 $ 753.7 $ 765.1 n Total Debt, including current portion 898.2 676.2 674.9 673.5 n Net Debt (Cash) 2.2 (165.9) (78.8) (91.6) n CVR Stockholder's Equity 1,525.1 1,188.6 988.1 984.1 n Adjusted EBITDA(1)(2)
Slide 9: Consolidated Full Year Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Full Year ($ in millions) 2012 2013 2014 2015 Net income attributable to CVR Energy stockholders $ 378.6 $ 370.7 $ 173.9 $ 169.6 Interest expense and other financing costs, net of interest income 74.5 49.3 39.1 47.4 Income tax expense 225.6 183.7 9
Slide 10: Consolidated Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions, except per share data) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Income (loss) before income tax expense (benefit) $ (98.6) $ (90.7) $ 382.3 $ 407.1 FIFO impact (favorable) unfavorable 26.6 154.6 60.3 1
Slide 11: Consolidated EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Net income (loss) attributable to CVR Energy stockholders $ (45.0) $ (44.4) $ 169.6 $ 173.9 Interest expense and other financing costs, net of interest income 1
Slide 12: Petroleum EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Petroleum net income (loss) $ (122.2) $ (108.5) $ 291.2 $ 358.7 Interest expense and other financing cost, net of interest income 10.4 9.6 42.2 33.9 Income tax exp
Slide 13: Fertilizer EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2015 12/31/2014 12/31/2015 12/31/2014 Nitrogen Fertilizer net income $ 18.7 $ 24.8 $ 62.0 $ 76.1 Interest expense and other financing costs, net 1.8 1.7 7.0 6.7 Income tax expense — — — — Depreciation