Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q4 2017 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Feb 22, 2018
Slide 1: 4th Quarter 2017 Earnings Report
4th Quarter 2017 Earnings Report February 22, 2018
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 22, 2018. 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) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Net income attributable to CVR Energy stockholders $ 200.5 $ 7.1 $ 234.4 $ 24.7 Diluted earnings per share $ 2.31 $ 0.08 $ 2.70 $ 0.28 Adjusted net income per
Slide 4: Capital Structure
Capital Structure $800 $600 $400 $200 $0 -$200 2014 2015 2016 2017 Note: Refer to slide 8 for metrics used in calculation (1) Amounts presented are gross debt, not net of unamortized debt issuance costs or unamortized discount. Financial Metrics 2014 2015 2016 2017 w Debt to Capital 41% 41% 58% 56%
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Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income (loss) is not a recognized term under GAAP and should not be substituted for net income (loss) as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Managem
Slide 8: Capital Structure Financials
Capital Structure Financials Full Year ($ in millions) 2014 2015 2016 2017 n Cash $ 753.7 $ 765.1 $ 735.8 $ 481.8 n Total Debt, including current portion(1) 674.9 673.5 1,194.1 1,192.2 n Net Debt (Cash) (78.8) (91.6) 458.3 710.4 n CVR Stockholder's Equity 988.1 984.1 858.1 918.8 n Adjusted EBITDA(2)
Slide 9: Consolidated Full Year Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Full Year ($ in millions) 2014 2015 2016 2017 Net income attributable to CVR Energy stockholders $ 173.9 $ 169.6 $ 24.7 $ 234.4 Interest expense and other financing costs, net of interest income 39.1 47.4 83.2 109.0 Income tax expense (benefit) 97.
Slide 10: Consolidated Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions, except per share data) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Income (loss) before income tax benefit $ (61.6) $ (28.1) $ — $ (10.9) FIFO impact, favorable (30.4) (22.4) (29.6) (52.1) Major scheduled
Slide 11: Consolidated EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Net income attributable to CVR Energy stockholders $ 200.5 $ 7.1 $ 234.4 $ 24.7 Interest expense and other financing costs, net of interest income 27.5 26.9 109
Slide 12: Petroleum EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Petroleum net income (loss) $ (29.0) $ (10.7) $ 88.8 $ 15.3 Interest expense and other financing cost, net of interest income 11.9 11.6 46.7 43.3 Income tax expens
Slide 13: Fertilizer EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2017 12/31/2016 12/31/2017 12/31/2016 Nitrogen Fertilizer net loss $ (27.4) $ (14.5) $ (72.8) $ (26.9) Interest expense and other financing costs, net 15.8 15.8 62.9 48.6 Income tax expense 0.2 — 0.2