$CVI
CVR ENERGY INC

2020 Q4 Form 10-Q Financial Statement

#000137613920000054 Filed on November 03, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $1.119B $1.005B $1.569B
YoY Change -28.68% -38.04% -9.72%
Cost Of Revenue $1.150B $1.029B $1.398B
YoY Change -17.74% -27.99% 0.72%
Gross Profit -$31.00M -$24.00M $172.0M
YoY Change -118.02% -112.44% -50.86%
Gross Profit Margin -2.77% -2.39% 10.96%
Selling, General & Admin $21.00M $20.00M $32.00M
YoY Change -34.38% -31.03% 10.34%
% of Gross Profit 18.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.00M $69.00M $70.00M
YoY Change 0.0% -2.82% 0.0%
% of Gross Profit 40.7%
Operating Expenses $91.00M $20.00M $102.0M
YoY Change -10.78% -31.03% 3.03%
Operating Profit -$122.0M -$46.00M $69.00M
YoY Change -276.81% -128.93% -44.35%
Interest Expense $22.00M -$31.00M -$25.00M
YoY Change -188.0% 19.23% 8.7%
% of Operating Profit -36.23%
Other Income/Expense, Net $4.000M $3.000M $3.000M
YoY Change 33.33% -40.0% -66.67%
Pretax Income -$101.0M -$139.0M $47.00M
YoY Change -314.89% -200.72% -56.88%
Income Tax -$22.00M -$31.00M $19.00M
% Of Pretax Income 40.43%
Net Earnings -$68.00M -$96.00M $44.00M
YoY Change -254.55% -180.67% -39.73%
Net Earnings / Revenue -6.08% -9.55% 2.8%
Basic Earnings Per Share -$0.96
Diluted Earnings Per Share -$676.6K -$0.96 $437.8K
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares 100.5M shares
Diluted Shares Outstanding 100.5M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $667.0M $672.0M $652.0M
YoY Change 2.3% -2.89% -2.4%
Cash & Equivalents $667.0M $672.0M $652.0M
Short-Term Investments
Other Short-Term Assets $259.0M $183.0M $67.00M
YoY Change 286.57% 177.27% -6.94%
Inventory $298.0M $266.0M $373.0M
Prepaid Expenses
Receivables $178.0M $133.0M $182.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.402B $1.254B $1.274B
YoY Change 10.05% -5.5% -1.47%
LONG-TERM ASSETS
Property, Plant & Equipment $2.240B $2.267B $2.336B
YoY Change -4.11% -3.78% -3.87%
Goodwill $0.00 $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $336.0M $355.0M $295.0M
YoY Change 13.9% 27.24% 6.5%
Total Long-Term Assets $2.576B $2.622B $2.631B
YoY Change -2.09% -0.49% -2.81%
TOTAL ASSETS
Total Short-Term Assets $1.402B $1.254B $1.274B
Total Long-Term Assets $2.576B $2.622B $2.631B
Total Assets $3.978B $3.876B $3.905B
YoY Change 1.87% -2.17% -2.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $282.0M $242.0M $412.0M
YoY Change -31.55% -37.95% 28.75%
Accrued Expenses $92.00M $74.00M
YoY Change
Deferred Revenue $31.00M $12.00M $28.00M
YoY Change 10.71% -59.42%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.000M $7.000M $5.000M
YoY Change 60.0%
Total Short-Term Liabilities $659.0M $457.0M $596.0M
YoY Change 10.57% -22.54% 20.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.683B $1.683B $1.190B
YoY Change 41.43% 41.43% 1.97%
Other Long-Term Liabilities $49.00M $55.00M $55.00M
YoY Change -10.91% 5.77% 292.86%
Total Long-Term Liabilities $2.100B $2.117B $1.641B
YoY Change 27.97% 28.54% 5.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $659.0M $457.0M $596.0M
Total Long-Term Liabilities $2.100B $2.117B $1.641B
Total Liabilities $2.759B $2.574B $2.237B
YoY Change 23.33% 15.06% 8.75%
SHAREHOLDERS EQUITY
Retained Earnings -$490.0M -$423.0M -$113.0M
YoY Change 333.63% 449.35% -39.57%
Common Stock $1.511B $1.509B $1.508B
YoY Change 0.2% 0.07% 2.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 98.61K shares 98.61K shares 98.61K shares
Shareholders Equity $1.019B $1.084B $1.393B
YoY Change
Total Liabilities & Shareholders Equity $3.978B $3.876B $3.905B
YoY Change 1.87% -2.17% -2.38%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$68.00M -$96.00M $44.00M
YoY Change -254.55% -180.67% -39.73%
Depreciation, Depletion And Amortization $70.00M $69.00M $70.00M
YoY Change 0.0% -2.82% 0.0%
Cash From Operating Activities $28.00M $111.0M $94.00M
YoY Change -70.21% -58.74% -7.84%
INVESTING ACTIVITIES
Capital Expenditures -$24.00M -$35.00M -$50.00M
YoY Change -52.0% 16.67% 42.86%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $0.00 $2.000M
YoY Change -250.0% 100.0%
Cash From Investing Activities -$27.00M -$35.00M -$48.00M
YoY Change -43.75% 16.67% 41.18%
FINANCING ACTIVITIES
Cash Dividend Paid $80.00M
YoY Change 6.67%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.000M -3.000M -86.00M
YoY Change -93.02% -96.55% -15.69%
NET CHANGE
Cash From Operating Activities 28.00M 111.0M 94.00M
Cash From Investing Activities -27.00M -35.00M -48.00M
Cash From Financing Activities -6.000M -3.000M -86.00M
Net Change In Cash -5.000M 73.00M -40.00M
YoY Change -87.5% -51.97% 17.65%
FREE CASH FLOW
Cash From Operating Activities $28.00M $111.0M $94.00M
Capital Expenditures -$24.00M -$35.00M -$50.00M
Free Cash Flow $52.00M $146.0M $144.0M
YoY Change -63.89% -51.17% 5.11%

Facts In Submission

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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q2 us-gaap Profit Loss
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CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1706000000 USD
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11000000 USD
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CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Goodwill Impairment Loss
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41000000 USD
us-gaap Goodwill Impairment Loss
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us-gaap Marketable Securities Unrealized Gain Loss
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us-gaap Marketable Securities Unrealized Gain Loss
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us-gaap Deferred Income Tax Expense Benefit
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26000000 USD
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us-gaap Share Based Compensation
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36000000 USD
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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0 USD
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5000000 USD
us-gaap Payments Of Debt Extinguishment Costs
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us-gaap Payments For Repurchase Of Common Stock
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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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us-gaap Payments Of Distributions To Affiliates
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25000000 USD
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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692000000 USD
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us-gaap Basis Of Accounting
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<div style="text-align:justify"><span style="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-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="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-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="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-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="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-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="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 nine months ended September 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-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="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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us-gaap Derivative Gain Loss On Derivative Net
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OtherNonoperatingIncomeExpense
10000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-139000000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
138000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-314000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
444000000 USD
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
69000000 USD
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
71000000 USD
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
96000000 USD
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
81000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
208000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
217000000 USD
CY2020Q3 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
23000000 USD
CY2019Q3 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
34000000 USD
CY2020Q3 us-gaap Assets
Assets
3876000000 USD
CY2019Q4 us-gaap Assets
Assets
3905000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-2000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
57000000 USD
us-gaap Interest Paid Net
InterestPaidNet
81000000 USD
us-gaap Interest Paid Net
InterestPaidNet
55000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
12000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
12000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
5000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000000 USD
cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
-5000000 USD
cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
-4000000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
672000000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
652000000 USD
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
7000000 USD
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
679000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
652000000 USD
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
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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