CVR Energy Inc. · NYSE:CVI
CVR Energy — Q4 2016 Earnings Presentation
13 slides from CVR Energy's earnings presentation, Feb 16, 2017
Slide 1: 4th Quarter 2016 Earnings Report
4th Quarter 2016 Earnings Report February 16, 2017
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 16, 2017. 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) 12/31/2016 12/31/2015 Percent Change 12/31/2016 12/31/2015 Percent Change Net income (loss) attributable to CVR Energy stockholders $ 7.1 $ (45.0) -116% $ 24.7 $ 169.6 -85% Diluted earnings (loss) per sh
Slide 4: Capital Structure
Capital Structure $500 $400 $300 $200 $100 $0 -$100 -$200 -$300 -$400 2013 2014 2015 2016 $(165.9) $(78.8) $(91.6) $458.3 Note: Refer to slide 8 for metrics used in calculation (1) Amounts presented are gross debt not net of unamortized debt issuance costs or unamortized discount. Financial Metrics
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Slide 6: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP financial measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative
Slide 7: Non-GAAP Financial Measures (cont'd)
Non-GAAP Financial Measures (cont'd) Adjusted net income (loss) is not a recognized term under GAAP and should not be substituted for net income (loss) as a measure of our performance but rather should be utilized as a supplemental measure of financial performance in evaluating our business. Managem
Slide 8: Capital Structure Financials
Capital Structure Financials Full Year ($ in millions) 2013 2014 2015 2016 n Cash $ 842.1 $ 753.7 $ 765.1 $ 735.8 n Total Debt, including current portion(1) 676.2 674.9 673.5 1,194.1 n Net Debt (Cash) (165.9) (78.8) (91.6) 458.3 n CVR Stockholder's Equity 1,188.6 988.1 984.1 858.1 n Adjusted EBITDA(
Slide 9: Consolidated Full Year Adjusted EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Full Year ($ in millions) 2013 2014 2015 2016 Net income attributable to CVR Energy stockholders $ 370.7 $ 173.9 $ 169.6 $ 24.7 Interest expense and other financing costs, net of interest income 49.3 39.1 47.4 83.2 Income tax expense (benefit) 183.
Slide 10: Consolidated Adjusted Net Income Reconciliation
Consolidated Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions, except per share data) 12/31/2016 12/31/2015 12/31/2016 12/31/2015 Income (loss) before income tax expense (benefit) $ (28.1) $ (98.6) $ (10.9) $ 382.3 FIFO impact, (favorable) unfavorable (22.4) 26.6 (52
Slide 11: Consolidated EBITDA Reconciliation
Consolidated Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2016 12/31/2015 12/31/2016 12/31/2015 Net income (loss) attributable to CVR Energy stockholders $ 7.1 $ (45.0) $ 24.7 $ 169.6 Interest expense and other financing costs, net of interest income 26.9
Slide 12: Petroleum EBITDA Reconciliation
Petroleum Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2016 12/31/2015 12/31/2016 12/31/2015 Petroleum net income (loss) $ (10.7) $ (122.2) $ 15.3 $ 291.2 Interest expense and other financing cost, net of interest income 11.6 10.4 43.3 42.2 Income tax expe
Slide 13: Fertilizer EBITDA Reconciliation
Fertilizer Non-GAAP Financial Measures Financials Fourth Quarter Year to Date ($ in millions) 12/31/2016 12/31/2015 12/31/2016 12/31/2015 Nitrogen Fertilizer net income (loss) $ (14.5) $ 18.7 $ (26.9) $ 62.0 Interest expense and other financing costs, net 15.8 1.8 48.6 7.0 Income tax expense — — 0.3