2019 Q2 Form 10-Q Financial Statement

#000137613919000029 Filed on April 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $1.687B $1.486B $1.738B
YoY Change -11.91% -3.26% 9.1%
Cost Of Revenue $1.475B $1.292B $1.388B
YoY Change -16.57% -5.97% -9.19%
Gross Profit $212.0M $194.0M $350.0M
YoY Change 44.22% 19.75% 442.64%
Gross Profit Margin 12.57% 13.06% 20.14%
Selling, General & Admin $27.00M $30.00M $29.00M
YoY Change -12.9% 25.0% -7.94%
% of Gross Profit 12.74% 15.46% 8.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $78.00M $67.00M $70.00M
YoY Change 9.86% 0.0% 27.74%
% of Gross Profit 36.79% 34.54% 20.0%
Operating Expenses $27.00M $30.00M $99.00M
YoY Change -12.9% 25.0% 214.29%
Operating Profit $192.0M $160.0M $124.0M
YoY Change 77.78% 17.65% -3200.0%
Interest Expense -$26.00M -$26.00M -$23.00M
YoY Change 0.0% -195.94% -182.44%
% of Operating Profit -13.54% -16.25% -18.55%
Other Income/Expense, Net $3.000M $3.000M $9.000M
YoY Change 50.0% -91.15% -109.83%
Pretax Income $169.0M $137.0M $109.0M
YoY Change 103.61% 23.42% -276.95%
Income Tax $41.00M $35.00M $14.00M
% Of Pretax Income 24.26% 25.55% 12.84%
Net Earnings $116.0M $101.0M $73.00M
YoY Change 152.17% 68.33% -66.82%
Net Earnings / Revenue 6.88% 6.8% 4.2%
Basic Earnings Per Share
Diluted Earnings Per Share $1.154M $1.005M $735.6K
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares 100.5M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $540.0M $467.0M $668.0M
YoY Change 1.12% 11.19% 38.65%
Cash & Equivalents $540.0M $467.0M $668.0M
Short-Term Investments
Other Short-Term Assets $59.00M $58.00M $72.00M
YoY Change 9.26% -49.26% 113.65%
Inventory $390.0M $403.0M $380.0M
Prepaid Expenses
Receivables $168.0M $193.0M $169.0M
Other Receivables $0.00 $4.000M $4.000M
Total Short-Term Assets $1.157B $1.290B $1.293B
YoY Change -4.46% 12.46% 19.94%
LONG-TERM ASSETS
Property, Plant & Equipment $2.376B $2.456B $2.430B
YoY Change -4.73% -3.22% -5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $297.0M $333.0M $277.0M
YoY Change 104.83% 2278.57% -8.28%
Total Long-Term Assets $2.673B $2.789B $2.707B
YoY Change 1.29% 4.21% -5.84%
TOTAL ASSETS
Total Short-Term Assets $1.157B $1.290B $1.293B
Total Long-Term Assets $2.673B $2.789B $2.707B
Total Assets $3.830B $4.079B $4.000B
YoY Change -0.52% 6.69% 1.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $323.0M $359.0M $320.0M
YoY Change -9.27% 4.45% -4.19%
Accrued Expenses
YoY Change
Deferred Revenue $69.00M
YoY Change 101.75%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $482.0M $512.0M $496.0M
YoY Change -18.44% -1.97% -8.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.190B $1.191B $1.167B
YoY Change 2.15% 2.25% 0.22%
Other Long-Term Liabilities $51.00M $54.00M $14.00M
YoY Change 292.31% 583.54% 55.56%
Total Long-Term Liabilities $1.642B $1.624B $1.561B
YoY Change 4.45% 4.14% -1.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $482.0M $512.0M $496.0M
Total Long-Term Liabilities $1.642B $1.624B $1.561B
Total Liabilities $2.124B $2.136B $2.057B
YoY Change -1.8% 2.61% -3.43%
SHAREHOLDERS EQUITY
Retained Earnings -$121.0M -$162.0M -$187.0M
YoY Change -61.34% -36.37% -10.1%
Common Stock $1.507B $1.507B $1.475B
YoY Change 25.79% 25.74% 23.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M $2.000M $2.000M
YoY Change 0.0% -13.04% 0.0%
Treasury Stock Shares 98.61K shares 98.61K shares 98.61K shares
Shareholders Equity $1.384B $1.343B $1.286B
YoY Change
Total Liabilities & Shareholders Equity $3.830B $4.079B $4.000B
YoY Change -0.52% 6.69% 1.19%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $116.0M $101.0M $73.00M
YoY Change 152.17% 68.33% -66.82%
Depreciation, Depletion And Amortization $78.00M $67.00M $70.00M
YoY Change 9.86% 0.0% 27.74%
Cash From Operating Activities $156.0M $228.0M $102.0M
YoY Change -23.15% 776.92% -163.79%
INVESTING ACTIVITIES
Capital Expenditures -$37.00M -$42.00M -$35.00M
YoY Change 76.19% 100.0% -9.56%
Acquisitions
YoY Change
Other Investing Activities $36.00M $0.00 $1.000M
YoY Change 3500.0% -101.32%
Cash From Investing Activities -$1.000M -$42.00M -$34.00M
YoY Change -95.0% 100.0% -70.33%
FINANCING ACTIVITIES
Cash Dividend Paid $75.00M $75.00M $75.00M
YoY Change 0.0% 74.42% 74.42%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -82.00M -$387.0M -102.0M
YoY Change 18.84% 477.61% 9.91%
NET CHANGE
Cash From Operating Activities 156.0M $228.0M 102.0M
Cash From Investing Activities -1.000M -$42.00M -34.00M
Cash From Financing Activities -82.00M -$387.0M -102.0M
Net Change In Cash 73.00M -$201.0M -34.00M
YoY Change -35.96% 224.19% -90.74%
FREE CASH FLOW
Cash From Operating Activities $156.0M $228.0M $102.0M
Capital Expenditures -$37.00M -$42.00M -$35.00M
Free Cash Flow $193.0M $270.0M $137.0M
YoY Change -13.84% 474.47% -213.04%

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CY2019Q1 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Treasury Stock Shares
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CY2019Q1 us-gaap Treasury Stock Value
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CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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100500000 shares
CY2019Q1 us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#e5a70f;font-weight:bold;">(2) Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;color:#e5a70f;font-weight:bold;"> </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) and in accordance with the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;). These condensed consolidated financial statements should be read in conjunction with the </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> audited consolidated financial statements and notes thereto included in CVR Energy&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, which was filed with the SEC on February 21, 2019 the (the &#8220;2018 Form 10-K&#8221;). Our condensed consolidated financial statements include the consolidated results of CVR Partners, which is defined as a variable interest entity. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of the Company&#8217;s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary to fairly present the financial position of the Company as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the results of operations of the Company for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> month periods ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> and the cash flows of the Company for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> month periods ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">. Such adjustments are of a normal recurring nature, unless otherwise disclosed. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made within the condensed consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2018</font><font style="font-family:inherit;font-size:10pt;"> to include gain (loss) on derivatives within the Cost of Materials and Other financial statement line item to conform with current presentation. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> or any other interim or annual period.</font></div></div>

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