$CVI
CVR ENERGY INC

2021 Q4 Form 10-Q Financial Statement

#000137613921000114 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $2.113B $1.883B $1.005B
YoY Change 88.83% 87.36% -38.04%
Cost Of Revenue $2.035B $1.675B $1.029B
YoY Change 76.96% 62.78% -27.99%
Gross Profit $78.00M $208.0M -$24.00M
YoY Change -351.61% -966.67% -112.44%
Gross Profit Margin 3.69% 11.05% -2.39%
Selling, General & Admin $34.00M $30.00M $20.00M
YoY Change 61.9% 50.0% -31.03%
% of Gross Profit 43.59% 14.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $74.00M $67.00M $69.00M
YoY Change 5.71% -2.9% -2.82%
% of Gross Profit 94.87% 32.21%
Operating Expenses $37.00M $30.00M $20.00M
YoY Change -59.34% 50.0% -31.03%
Operating Profit $41.00M $175.0M -$46.00M
YoY Change -133.61% -480.43% -128.93%
Interest Expense -$26.00M -$23.00M -$31.00M
YoY Change -218.18% -25.81% 19.23%
% of Operating Profit -63.41% -13.14%
Other Income/Expense, Net $3.000M $2.000M $3.000M
YoY Change -25.0% -33.33% -40.0%
Pretax Income $18.00M $153.0M -$139.0M
YoY Change -117.82% -210.07% -200.72%
Income Tax -$7.000M $47.00M -$31.00M
% Of Pretax Income -38.89% 30.72%
Net Earnings -$14.00M $84.00M -$96.00M
YoY Change -79.41% -187.5% -180.67%
Net Earnings / Revenue -0.66% 4.46% -9.55%
Basic Earnings Per Share $0.83 -$0.96
Diluted Earnings Per Share -$139.3K $0.83 -$0.96
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 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $510.0M $566.0M $672.0M
YoY Change -23.54% -15.77% -2.89%
Cash & Equivalents $510.0M $566.0M $672.0M
Short-Term Investments
Other Short-Term Assets $76.00M $76.00M $183.0M
YoY Change -70.66% -58.47% 177.27%
Inventory $484.0M $422.0M $266.0M
Prepaid Expenses
Receivables $299.0M $240.0M $133.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.369B $1.304B $1.254B
YoY Change -2.35% 3.99% -5.5%
LONG-TERM ASSETS
Property, Plant & Equipment $2.273B $2.291B $2.267B
YoY Change 1.47% 1.06% -3.78%
Goodwill $0.00 $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $79.00M
YoY Change
Other Assets $264.0M $277.0M $355.0M
YoY Change -21.43% -21.97% 27.24%
Total Long-Term Assets $2.537B $2.568B $2.622B
YoY Change -1.51% -2.06% -0.49%
TOTAL ASSETS
Total Short-Term Assets $1.369B $1.304B $1.254B
Total Long-Term Assets $2.537B $2.568B $2.622B
Total Assets $3.906B $3.872B $3.876B
YoY Change -1.81% -0.1% -2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $409.0M $409.0M $242.0M
YoY Change 45.04% 69.01% -37.95%
Accrued Expenses $115.0M $107.0M $74.00M
YoY Change 25.0% 44.59%
Deferred Revenue $87.00M $34.00M $12.00M
YoY Change 180.65% 183.33%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M $7.000M
YoY Change -25.0% -14.29%
Total Short-Term Liabilities $1.156B $1.035B $457.0M
YoY Change 75.42% 126.48% -22.54%
LONG-TERM LIABILITIES
Long-Term Debt $1.654B $1.670B $1.683B
YoY Change -1.72% -0.77% 41.43%
Other Long-Term Liabilities $58.00M $69.00M $55.00M
YoY Change 18.37% 25.45% 5.77%
Total Long-Term Liabilities $1.980B $2.072B $2.117B
YoY Change -5.71% -2.13% 28.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.156B $1.035B $457.0M
Total Long-Term Liabilities $1.980B $2.072B $2.117B
Total Liabilities $3.136B $3.107B $2.574B
YoY Change 13.66% 20.71% 15.06%
SHAREHOLDERS EQUITY
Retained Earnings -$956.0M -$942.0M -$423.0M
YoY Change 95.1% 122.7% 449.35%
Common Stock $1.511B $1.511B $1.509B
YoY Change 0.0% 0.13% 0.07%
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 $553.0M $567.0M $1.084B
YoY Change
Total Liabilities & Shareholders Equity $3.906B $3.872B $3.876B
YoY Change -1.81% -0.1% -2.17%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$14.00M $84.00M -$96.00M
YoY Change -79.41% -187.5% -180.67%
Depreciation, Depletion And Amortization $74.00M $67.00M $69.00M
YoY Change 5.71% -2.9% -2.82%
Cash From Operating Activities $14.00M $139.0M $111.0M
YoY Change -50.0% 25.23% -58.74%
INVESTING ACTIVITIES
Capital Expenditures -$38.00M -$63.00M -$35.00M
YoY Change 58.33% 80.0% 16.67%
Acquisitions
YoY Change
Other Investing Activities $4.000M $0.00 $0.00
YoY Change -233.33%
Cash From Investing Activities -$34.00M -$63.00M -$35.00M
YoY Change 25.93% 80.0% 16.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.00M -29.00M -3.000M
YoY Change 500.0% 866.67% -96.55%
NET CHANGE
Cash From Operating Activities 14.00M 139.0M 111.0M
Cash From Investing Activities -34.00M -63.00M -35.00M
Cash From Financing Activities -36.00M -29.00M -3.000M
Net Change In Cash -56.00M 47.00M 73.00M
YoY Change 1020.0% -35.62% -51.97%
FREE CASH FLOW
Cash From Operating Activities $14.00M $139.0M $111.0M
Capital Expenditures -$38.00M -$63.00M -$35.00M
Free Cash Flow $52.00M $202.0M $146.0M
YoY Change 0.0% 38.36% -51.17%

Facts In Submission

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us-gaap Goodwill Impairment Loss
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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%">Certain reclassifications have been made within the condensed consolidated financial statements for prior periods to conform with 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, 2021 or any other interim or annual period.</span></div>
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InterestIncomeExpenseNonoperatingNet
-92000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-98000000 USD
CY2021Q3 us-gaap Investment Income Net
InvestmentIncomeNet
-1000000 USD
CY2020Q3 us-gaap Investment Income Net
InvestmentIncomeNet
-65000000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
82000000 USD
us-gaap Investment Income Net
InvestmentIncomeNet
-13000000 USD
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000000 USD
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
153000000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-139000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
48000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-314000000 USD
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
67000000 USD
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
69000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
205000000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
208000000 USD
CY2021Q3 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
38000000 USD
CY2020Q3 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
23000000 USD
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
189000000 USD
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
96000000 USD
CY2021Q3 us-gaap Assets
Assets
3872000000 USD
CY2020Q4 us-gaap Assets
Assets
3978000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
35000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-2000000 USD
us-gaap Interest Paid Net
InterestPaidNet
92000000 USD
us-gaap Interest Paid Net
InterestPaidNet
75000000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
11000000 USD
us-gaap Operating Lease Payments
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12000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
4000000 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
1000000 USD
cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
-5000000 USD
cvi Increase Decrease In Accounts Payable Deferred Financing Costs
IncreaseDecreaseInAccountsPayableDeferredFinancingCosts
1000000 USD
cvi Increase Decrease In Accounts Payable Deferred Financing Costs
IncreaseDecreaseInAccountsPayableDeferredFinancingCosts
0 USD
cvi Non Cash Dividends To Stockholders
NonCashDividendsToStockholders
251000000 USD
cvi Non Cash Dividends To Stockholders
NonCashDividendsToStockholders
0 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
566000000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
667000000 USD
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
7000000 USD
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
7000000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
573000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
674000000 USD
CY2020 us-gaap Payments Of Dividends
PaymentsOfDividends
121000000 USD
CY2021Q3 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
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

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