Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q1 2015 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Apr 30, 2015
Slide 1: 1st Quarter 2015 Earnings Report
1st Quarter 2015 Earnings Report April 30, 2015
Slide 2: Forward Looking Statements
Forward Looking Statements 2 This presentation should be reviewed in conjunction with CVR Energy, Inc.’s First Quarter earnings conference call held on April 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 First Quarter (In millions, except for EPS/EPU/Distributions) 3/31/2015 3/31/2014 Percent Change Net income attributa
Slide 4: Capital Structure
Capital Structure 4 Consolidated Net Debt (Cash) ($ in millions) Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2012 2013 2014 Q1 2015 LTM Debt to Capital 37% 36% 41% 40% Debt to Adj. EBITDA 0.7 1.0 1.4 1.4 Capitalization ($ in millions) As of 3/31/2015 Consolidated Ca
Slide 5: yoo Ce :
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Slide 6: Non-GAAP financial measures discussion
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: Adjusted net income and EBITDA 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 2015 Cash $ 896.0 $ 842.1 $ 753.7 $ 852.2 Total Debt, including current portion 898.2 676.2 674.9 674.6 Net Debt (Cash) 2.2 (165.9) (78.8) (177.6) CVR Stockholders’ Equity 1,525.1 1,188.6 988.1 999.5 Adjusted EBITD
Slide 9: Consolidated Adjusted EBITDA reconciliation
9 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year LTM 2012 2013 2014 2015 Net income attributable to CVR Energy stockholders $ 378.6 $ 370.7 $ 173.9 $ 102.1 Interest expense and other financing costs, net of interest income 74.5 49.3 39.1 41.7 Depreciation and amortizat
Slide 10: Consolidated Financials
10 Consolidated Non-GAAP Financial Measures Financials ($ in millions, except for per share data) First Quarter 3/31/2015 3/31/2014 Income before income tax expense $ 108.7 $ 283.1 FIFO impact (favorable) unfavorable 24.5 (21.6) Share-based compensation 4.0 4.1 (Gain) loss on derivatives, net 51.4 (
Slide 11: Consolidated EBITDA reconciliation, first quarter
11 Consolidated Non-GAAP Financial Measures Financials ($ in millions) First Quarter 3/31/2015 3/31/2014 Net income attributable to CVR Energy stockholders $ 54.9 $ 126.7 Interest expense and other financing costs, net of interest income 12.5 9.9 Depreciation and amortization 42.0 37.3 Income tax ex
Slide 12: Fertilizer EBITDA reconciliation
Fertilizer Non-GAAP Financial Measures 12 Financials ($ in millions) First Quarter 3/31/2015 3/31/2014 Nitrogen Fertilizer net income $ 29.8 $ 21.5 Interest expense and other financing costs, net 1.7 1.6 Income tax expense - - Depreciation and amortization 6.8 6.7 Nitrogen Fertilizer EBITDA(1) $ 38.
Slide 13: Petroleum EBITDA reconciliation
Petroleum Non-GAAP Financial Measures 13 Financials ($ in millions) First Quarter 3/31/2015 3/31/2014 Petroleum net income $ 46.7 $ 265.4 Interest expense and other financing costs, net of interest income 11.2 8.6 Income tax expense - - Depreciation and amortization 34.0 29.5 Petroleum EBITDA(1) $ 9