$CVI
CVR ENERGY INC

2020 Q2 Form 10-Q Financial Statement

#000137613920000045 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $675.0M $1.687B
YoY Change -59.99% -11.91%
Cost Of Revenue $634.0M $1.475B
YoY Change -57.02% -16.57%
Gross Profit $41.00M $212.0M
YoY Change -80.66% 44.22%
Gross Profit Margin 6.07% 12.57%
Selling, General & Admin $22.00M $27.00M
YoY Change -18.52% -12.9%
% of Gross Profit 53.66% 12.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.00M $78.00M
YoY Change -5.13% 9.86%
% of Gross Profit 180.49% 36.79%
Operating Expenses $22.00M $27.00M
YoY Change -18.52% -12.9%
Operating Profit -$26.00M $192.0M
YoY Change -113.54% 77.78%
Interest Expense -$31.00M -$26.00M
YoY Change 19.23% 0.0%
% of Operating Profit -13.54%
Other Income/Expense, Net -$1.000M $3.000M
YoY Change -133.33% 50.0%
Pretax Income -$37.00M $169.0M
YoY Change -121.89% 103.61%
Income Tax -$5.000M $41.00M
% Of Pretax Income 24.26%
Net Earnings -$5.000M $116.0M
YoY Change -104.31% 152.17%
Net Earnings / Revenue -0.74% 6.88%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.05 $1.154M
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares
Diluted Shares Outstanding 100.5M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $606.0M $540.0M
YoY Change 12.22% 1.12%
Cash & Equivalents $606.0M $540.0M
Short-Term Investments
Other Short-Term Assets $253.0M $59.00M
YoY Change 328.81% 9.26%
Inventory $252.0M $390.0M
Prepaid Expenses
Receivables $148.0M $168.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.259B $1.157B
YoY Change 8.82% -4.46%
LONG-TERM ASSETS
Property, Plant & Equipment $2.294B $2.376B
YoY Change -3.45% -4.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $375.0M $297.0M
YoY Change 26.26% 104.83%
Total Long-Term Assets $2.669B $2.673B
YoY Change -0.15% 1.29%
TOTAL ASSETS
Total Short-Term Assets $1.259B $1.157B
Total Long-Term Assets $2.669B $2.673B
Total Assets $3.928B $3.830B
YoY Change 2.56% -0.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $236.0M $323.0M
YoY Change -26.93% -9.27%
Accrued Expenses $75.00M
YoY Change
Deferred Revenue $3.000M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.000M
YoY Change
Total Short-Term Liabilities $369.0M $482.0M
YoY Change -23.44% -18.44%
LONG-TERM LIABILITIES
Long-Term Debt $1.683B $1.190B
YoY Change 41.43% 2.15%
Other Long-Term Liabilities $55.00M $51.00M
YoY Change 7.84% 292.31%
Total Long-Term Liabilities $2.146B $1.642B
YoY Change 30.69% 4.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $369.0M $482.0M
Total Long-Term Liabilities $2.146B $1.642B
Total Liabilities $2.515B $2.124B
YoY Change 18.41% -1.8%
SHAREHOLDERS EQUITY
Retained Earnings -$327.0M -$121.0M
YoY Change 170.25% -61.34%
Common Stock $1.509B $1.507B
YoY Change 0.13% 25.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M $2.000M
YoY Change 0.0% 0.0%
Treasury Stock Shares 98.61K shares 98.61K shares
Shareholders Equity $1.180B $1.384B
YoY Change
Total Liabilities & Shareholders Equity $3.928B $3.830B
YoY Change 2.56% -0.52%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$5.000M $116.0M
YoY Change -104.31% 152.17%
Depreciation, Depletion And Amortization $74.00M $78.00M
YoY Change -5.13% 9.86%
Cash From Operating Activities $9.000M $156.0M
YoY Change -94.23% -23.15%
INVESTING ACTIVITIES
Capital Expenditures -$167.0M -$37.00M
YoY Change 351.35% 76.19%
Acquisitions
YoY Change
Other Investing Activities $2.000M $36.00M
YoY Change -94.44% 3500.0%
Cash From Investing Activities -$165.0M -$1.000M
YoY Change 16400.0% -95.0%
FINANCING ACTIVITIES
Cash Dividend Paid $40.00M $75.00M
YoY Change -46.67% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.00M -82.00M
YoY Change -47.56% 18.84%
NET CHANGE
Cash From Operating Activities 9.000M 156.0M
Cash From Investing Activities -165.0M -1.000M
Cash From Financing Activities -43.00M -82.00M
Net Change In Cash -199.0M 73.00M
YoY Change -372.6% -35.96%
FREE CASH FLOW
Cash From Operating Activities $9.000M $156.0M
Capital Expenditures -$167.0M -$37.00M
Free Cash Flow $176.0M $193.0M
YoY Change -8.81% -13.84%

Facts In Submission

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IncreaseDecreaseinCurrentAssetsLiabilitiesNet
130000000 USD
cvi Increase Decreasein Current Assets Liabilities Net
IncreaseDecreaseinCurrentAssetsLiabilitiesNet
22000000 USD
cvi Increase Decreasein Noncurrent Assets Liabilities Net
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-3000000 USD
cvi Increase Decreasein Noncurrent Assets Liabilities Net
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-2000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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384000000 USD
us-gaap Payments To Acquire Productive Assets
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77000000 USD
us-gaap Payments To Acquire Productive Assets
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55000000 USD
cvi Paymentsfor Turnaround Costs
PaymentsforTurnaroundCosts
147000000 USD
cvi Paymentsfor Turnaround Costs
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24000000 USD
us-gaap Proceeds From Sale Of Productive Assets
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1000000 USD
us-gaap Proceeds From Sale Of Productive Assets
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36000000 USD
us-gaap Payments To Acquire Marketable Securities
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140000000 USD
us-gaap Payments To Acquire Marketable Securities
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0 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-2000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-361000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-43000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1000000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
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500000000 USD
us-gaap Repayments Of Long Term Debt
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0 USD
us-gaap Payments Of Debt Extinguishment Costs
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5000000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments To Minority Shareholders
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0 USD
us-gaap Payments To Minority Shareholders
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301000000 USD
us-gaap Payments Of Dividends
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121000000 USD
us-gaap Payments Of Dividends
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150000000 USD
us-gaap Payments Of Distributions To Affiliates
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0 USD
us-gaap Payments Of Distributions To Affiliates
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14000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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-9000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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-4000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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364000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-46000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-128000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
652000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
668000000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
606000000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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540000000 USD
CY2020Q2 us-gaap Deferred Tax Liabilities Investments
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400000 USD
us-gaap Basis Of Accounting
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<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#e5a70f;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">(2) Basis of Presentation </span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2019 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”). </span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Our condensed consolidated financial statements include the consolidated results of CVR Partners, which is defined as a variable interest entity. </span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Company for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. </span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Certain reclassifications have been made within the condensed consolidated balance sheets as of December 31, 2019 and the condensed consolidated statements of operations for the three and six months ended June 30, 2019. Catalyst inventory with a value of $17 million as of December 31, 2019 was reclassified during the first quarter of 2020 to Other long-term assets to conform to current presentation.</span></div><div style="text-indent:18pt;text-align:justify;"><span><br/></span></div><div style="text-indent:18pt;text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 December 31, 2020 or any other interim or annual period.</span></div>
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CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
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InventoryRawMaterialsNetOfReserves
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CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
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15000000 USD
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2020Q2 us-gaap Inventory Parts And Components Net Of Reserves
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64000000 USD
CY2019Q4 us-gaap Inventory Parts And Components Net Of Reserves
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4210000000 USD
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4163000000 USD
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2294000000 USD
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CY2019Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Short Term Lease Cost
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CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2020Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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11000000 USD
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11000000 USD
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CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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4000000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
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CY2020Q2 cvi Lessee Operating Lease Liability To Be Paid After Year Four
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CY2020Q2 cvi Finance Lease Liability To Be Paid After Year Four
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CY2020Q2 us-gaap Finance Lease Liability Payments Due
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CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3000000 USD
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27000000 USD
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29000000 USD
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28000000 USD
CY2020Q2 us-gaap Interest Payable Current
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12000000 USD
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CY2020Q2 us-gaap Other Liabilities Current
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CY2019Q4 us-gaap Other Liabilities Current
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184000000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations
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CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations
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1190000000 USD
CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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1195000000 USD
CY2020Q2 us-gaap Revenues
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us-gaap Revenues
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CY2019Q2 us-gaap Revenues
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us-gaap Revenues
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3173000000 USD
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CY2020Q2 us-gaap Derivative Gain Loss On Derivative Net
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CY2019Q2 us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
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65000000 USD
us-gaap Derivative Gain Loss On Derivative Net
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CY2019Q2 us-gaap Investment Income Dividend
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0 USD
us-gaap Investment Income Dividend
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us-gaap Investment Income Dividend
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us-gaap Marketable Securities Unrealized Gain Loss
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48000000 USD
us-gaap Marketable Securities Unrealized Gain Loss
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21000000 USD
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0 USD
us-gaap Investment Income Nonoperating
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52000000 USD
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us-gaap Revenues
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1806000000 USD
us-gaap Revenues
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us-gaap Investment Income Nonoperating
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169000000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
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us-gaap Income Taxes Paid Net
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us-gaap Finance Lease Interest Payment On Liability
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us-gaap Finance Lease Principal Payments
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us-gaap Finance Lease Principal Payments
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cvi Increase Decrease In Accounts Payable Construction In Progress
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cvi Increase Decrease In Accounts Payable Construction In Progress
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CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.80
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
80000000 USD
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.40
CY2020Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
40000000 USD
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.20
us-gaap Payments Of Dividends
PaymentsOfDividends
121000000 USD
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.75
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
75000000 USD
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.75
CY2019Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
75000000 USD
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.75
CY2019Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
75000000 USD
CY2019Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.80
CY2019Q4 us-gaap Payments Of Dividends
PaymentsOfDividends
80000000 USD
CY2019 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
3.05
CY2019 us-gaap Payments Of Dividends
PaymentsOfDividends
307000000 USD

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0001376139-20-000045.txt Edgar Link pending
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cvi-20200630.xsd Edgar Link pending
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cvi-20200630_htm.xml Edgar Link completed
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