Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q2 2017 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Jul 27, 2017
Slide 1: 2nd Quarter 2017 Earnings Report
2nd Quarter 2017 Earnings Report July 27, 2017
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Second Quarter earnings conference call held on July 27, 2017. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a num
Slide 3: Consolidated Results
Consolidated Results Second Quarter Year to Date (In millions, except for EPS/EPU/Distributions) 6/30/2017 6/30/2016 Percent Change 6/30/2017 6/30/2016 Percent Change Net income (loss) attributable to CVR Energy stockholders $ (10.5) $ 28.4 -137% $ 11.7 $ 12.2 -4% Diluted earnings (loss) per share $
Slide 4: Capital Structure
Capital Structure $600 $400 $200 $0 -$200 2014 2015 2016 Q2 2017 Note: Refer to slide 8 for metrics used in calculation (1) Amounts presented are gross debt, not net of unamortized debt issuance costs or unamortized discount Financial Metrics 2014 2015 2016 Q2 2017 LTM w Debt to Capital 41% 41% 58%
Slide 5: ‘@ Nua ;
‘@ Nua ; ith ee rit | ee See eC
Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income (loss) is not a recognized term under GAAP and should not be substituted for net income (loss) as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Managem
Slide 8: Capital Structure Financials
Capital Structure Financials Full Year LTM ($ in millions) 2014 2015 2016 Q2 2017 n Cash $ 753.7 $ 765.1 $ 735.8 $ 829.9 n Total Debt, including current portion(1) 674.9 673.5 1,194.1 1,193.2 n Net Debt (Cash) (78.8) (91.6) 458.3 363.3 n CVR Stockholders' Equity 988.1 984.1 858.1 783.0 n Adjusted EB
Slide 9: Consolidated Adjusted EBITDA Reconciliation (Full Year and LTM)
Consolidated Non-GAAP Financial Measures Financials Full Year LTM ($ in millions) 2014 2015 2016 Q2 2017 Net income attributable to CVR Energy stockholders $ 173.9 $ 169.6 $ 24.7 $ 24.2 Interest expense and other financing costs, net of interest income 39.1 47.4 83.2 107.0 Income tax expense (benefi
Slide 10: Consolidated Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials Second Quarter Year to Date ($ in millions, except per share data) 6/30/2017 6/30/2016 6/30/2017 6/30/2016 Income (loss) before income tax expense $ (25.9) $ 65.4 $ 27.1 $ 12.7 FIFO impact, (favorable) unfavorable 15.4 (46.2) 15.7 (37.4) Major sche
Slide 11: Consolidated EBITDA and Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Second Quarter Year to Date ($ in millions) 6/30/2017 6/30/2016 6/30/2017 6/30/2016 Net income (loss) attributable to CVR Energy stockholders $ (10.5) $ 28.4 $ 11.7 $ 12.2 Interest expense and other financing costs, net of interest income 27.3 18.4
Slide 12: Petroleum EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials Second Quarter Year to Date ($ in millions) 6/30/2017 6/30/2016 6/30/2017 6/30/2016 Petroleum net income (loss) $ (19.2) $ 78.1 $ 47.8 $ 10.1 Interest expense and other financing costs, net of interest income 11.8 10.1 23.0 20.9 Income tax expense — —
Slide 13: Fertilizer EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials Second Quarter Year to Date ($ in millions) 6/30/2017 6/30/2016 6/30/2017 6/30/2016 Nitrogen Fertilizer net income (loss) $ (3.5) $ (17.0) $ (13.8) $ 1.0 Interest expense and other financing costs, net 15.7 15.5 31.4 17.2 Income tax expense — 0.1 — 0