$CVI
CVR ENERGY INC

2021 Q2 Form 10-Q Financial Statement

#000137613921000087 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q4 2020 Q2
Revenue $1.783B $1.119B $675.0M
YoY Change 164.15% -28.68% -59.99%
Cost Of Revenue $1.745B $1.150B $634.0M
YoY Change 175.24% -17.74% -57.02%
Gross Profit $38.00M -$31.00M $41.00M
YoY Change -7.32% -118.02% -80.66%
Gross Profit Margin 2.13% -2.77% 6.07%
Selling, General & Admin $28.00M $21.00M $22.00M
YoY Change 27.27% -34.38% -18.52%
% of Gross Profit 73.68% 53.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.00M $70.00M $74.00M
YoY Change -2.7% 0.0% -5.13%
% of Gross Profit 189.47% 180.49%
Operating Expenses $28.00M $91.00M $22.00M
YoY Change 27.27% -10.78% -18.52%
Operating Profit $6.000M -$122.0M -$26.00M
YoY Change -123.08% -276.81% -113.54%
Interest Expense -$38.00M $22.00M -$31.00M
YoY Change 22.58% -188.0% 19.23%
% of Operating Profit -633.33%
Other Income/Expense, Net $3.000M $4.000M -$1.000M
YoY Change -400.0% 33.33% -133.33%
Pretax Income -$8.000M -$101.0M -$37.00M
YoY Change -78.38% -314.89% -121.89%
Income Tax -$6.000M -$22.00M -$5.000M
% Of Pretax Income
Net Earnings -$6.000M -$68.00M -$5.000M
YoY Change 20.0% -254.55% -104.31%
Net Earnings / Revenue -0.34% -6.08% -0.74%
Basic Earnings Per Share -$0.06 -$0.05
Diluted Earnings Per Share -$0.06 -$676.6K -$0.05
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares 100.5M shares
Diluted Shares Outstanding 100.5M shares 100.5M shares

Balance Sheet

Concept 2021 Q2 2020 Q4 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $519.0M $667.0M $606.0M
YoY Change -14.36% 2.3% 12.22%
Cash & Equivalents $519.0M $667.0M $606.0M
Short-Term Investments
Other Short-Term Assets $43.00M $259.0M $253.0M
YoY Change -83.0% 286.57% 328.81%
Inventory $404.0M $298.0M $252.0M
Prepaid Expenses
Receivables $234.0M $178.0M $148.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.200B $1.402B $1.259B
YoY Change -4.69% 10.05% 8.82%
LONG-TERM ASSETS
Property, Plant & Equipment $2.304B $2.240B $2.294B
YoY Change 0.44% -4.11% -3.45%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $294.0M $336.0M $375.0M
YoY Change -21.6% 13.9% 26.26%
Total Long-Term Assets $2.598B $2.576B $2.669B
YoY Change -2.66% -2.09% -0.15%
TOTAL ASSETS
Total Short-Term Assets $1.200B $1.402B $1.259B
Total Long-Term Assets $2.598B $2.576B $2.669B
Total Assets $3.798B $3.978B $3.928B
YoY Change -3.31% 1.87% 2.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $432.0M $282.0M $236.0M
YoY Change 83.05% -31.55% -26.93%
Accrued Expenses $123.0M $92.00M $75.00M
YoY Change 64.0%
Deferred Revenue $15.00M $31.00M $3.000M
YoY Change 400.0% 10.71%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $8.000M $7.000M
YoY Change -14.29% 60.0%
Total Short-Term Liabilities $1.112B $659.0M $369.0M
YoY Change 201.36% 10.57% -23.44%
LONG-TERM LIABILITIES
Long-Term Debt $1.687B $1.683B $1.683B
YoY Change 0.24% 41.43% 41.43%
Other Long-Term Liabilities $64.00M $49.00M $55.00M
YoY Change 16.36% -10.91% 7.84%
Total Long-Term Liabilities $2.016B $2.100B $2.146B
YoY Change -6.06% 27.97% 30.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.112B $659.0M $369.0M
Total Long-Term Liabilities $2.016B $2.100B $2.146B
Total Liabilities $3.128B $2.759B $2.515B
YoY Change 24.37% 23.33% 18.41%
SHAREHOLDERS EQUITY
Retained Earnings -$1.026B -$490.0M -$327.0M
YoY Change 213.76% 333.63% 170.25%
Common Stock $1.511B $1.511B $1.509B
YoY Change 0.13% 0.2% 0.13%
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 $483.0M $1.019B $1.180B
YoY Change
Total Liabilities & Shareholders Equity $3.798B $3.978B $3.928B
YoY Change -3.31% 1.87% 2.56%

Cashflow Statement

Concept 2021 Q2 2020 Q4 2020 Q2
OPERATING ACTIVITIES
Net Income -$6.000M -$68.00M -$5.000M
YoY Change 20.0% -254.55% -104.31%
Depreciation, Depletion And Amortization $72.00M $70.00M $74.00M
YoY Change -2.7% 0.0% -5.13%
Cash From Operating Activities $147.0M $28.00M $9.000M
YoY Change 1533.33% -70.21% -94.23%
INVESTING ACTIVITIES
Capital Expenditures -$93.00M -$24.00M -$167.0M
YoY Change -44.31% -52.0% 351.35%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$3.000M $2.000M
YoY Change 200.0% -250.0% -94.44%
Cash From Investing Activities -$87.00M -$27.00M -$165.0M
YoY Change -47.27% -43.75% 16400.0%
FINANCING ACTIVITIES
Cash Dividend Paid $40.00M
YoY Change -46.67%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -248.0M -6.000M -43.00M
YoY Change 476.74% -93.02% -47.56%
NET CHANGE
Cash From Operating Activities 147.0M 28.00M 9.000M
Cash From Investing Activities -87.00M -27.00M -165.0M
Cash From Financing Activities -248.0M -6.000M -43.00M
Net Change In Cash -188.0M -5.000M -199.0M
YoY Change -5.53% -87.5% -372.6%
FREE CASH FLOW
Cash From Operating Activities $147.0M $28.00M $9.000M
Capital Expenditures -$93.00M -$24.00M -$167.0M
Free Cash Flow $240.0M $52.00M $176.0M
YoY Change 36.36% -63.89% -8.81%

Facts In Submission

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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 (“SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2020 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 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 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%">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, 2021 or any other interim or annual period.</span></div>
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CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-37000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-105000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-175000000 USD
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
72000000 USD
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
74000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
138000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
138000000 USD
CY2021Q2 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
83000000 USD
CY2020Q2 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
26000000 USD
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
151000000 USD
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
73000000 USD
CY2021Q2 us-gaap Assets
Assets
3798000000 USD
CY2020Q4 us-gaap Assets
Assets
3978000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-4000000 USD
us-gaap Interest Paid Net
InterestPaidNet
65000000 USD
us-gaap Interest Paid Net
InterestPaidNet
49000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
8000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
8000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3000000 USD
cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
25000000 USD
cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
-4000000 USD
cvi Non Cash Dividends To Stockholders
NonCashDividendsToStockholders
251000000 USD
cvi Non Cash Dividends To Stockholders
NonCashDividendsToStockholders
0 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
519000000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
667000000 USD
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
7000000 USD
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
7000000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
526000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
674000000 USD
cvi Common Stock Dividends Per Share Declared Related To Quarterly Results
CommonStockDividendsPerShareDeclaredRelatedToQuarterlyResults
0
cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0
CY2021Q2 cvi Common Stock Dividends Per Share Declared Related To Quarterly Results
CommonStockDividendsPerShareDeclaredRelatedToQuarterlyResults
0
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
4.89
CY2021Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
112000000 USD
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
CY2020 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.20
CY2020 us-gaap Payments Of Dividends
PaymentsOfDividends
121000000 USD

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