$CVI
CVR ENERGY INC

2022 Q3 Form 10-Q Financial Statement

#000137613922000054 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $2.699B $3.144B $2.113B
YoY Change 43.34% 76.33% 88.83%
Cost Of Revenue $2.559B $2.703B $2.035B
YoY Change 52.78% 54.9% 76.96%
Gross Profit $140.0M $441.0M $78.00M
YoY Change -32.69% 1060.53% -351.61%
Gross Profit Margin 5.19% 14.03% 3.69%
Selling, General & Admin $35.00M $37.00M $34.00M
YoY Change 16.67% 32.14% 61.9%
% of Gross Profit 25.0% 8.39% 43.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M $73.00M $74.00M
YoY Change 11.94% 1.39% 5.71%
% of Gross Profit 53.57% 16.55% 94.87%
Operating Expenses $35.00M $37.00M $37.00M
YoY Change 16.67% 32.14% -59.34%
Operating Profit $103.0M $402.0M $41.00M
YoY Change -41.14% 6600.0% -133.61%
Interest Expense -$19.00M -$23.00M -$26.00M
YoY Change -17.39% -39.47% -218.18%
% of Operating Profit -18.45% -5.72% -63.41%
Other Income/Expense, Net $3.000M -$74.00M $3.000M
YoY Change 50.0% -2566.67% -25.0%
Pretax Income $87.00M $305.0M $18.00M
YoY Change -43.14% -3912.5% -117.82%
Income Tax $7.000M $66.00M -$7.000M
% Of Pretax Income 8.05% 21.64% -38.89%
Net Earnings $93.00M $165.0M -$14.00M
YoY Change 10.71% -2850.0% -79.41%
Net Earnings / Revenue 3.45% 5.25% -0.66%
Basic Earnings Per Share $0.92 $1.64
Diluted Earnings Per Share $0.92 $1.64 -$139.3K
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 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $618.0M $893.0M $510.0M
YoY Change 9.19% 72.06% -23.54%
Cash & Equivalents $618.0M $893.0M $510.0M
Short-Term Investments
Other Short-Term Assets $88.00M $86.00M $76.00M
YoY Change 15.79% 100.0% -70.66%
Inventory $632.0M $722.0M $484.0M
Prepaid Expenses
Receivables $320.0M $418.0M $299.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.658B $2.119B $1.369B
YoY Change 27.15% 76.58% -2.35%
LONG-TERM ASSETS
Property, Plant & Equipment $2.267B $2.252B $2.273B
YoY Change -1.05% -2.26% 1.47%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $79.00M
YoY Change
Other Assets $281.0M $300.0M $264.0M
YoY Change 1.44% 2.04% -21.43%
Total Long-Term Assets $2.548B $2.552B $2.537B
YoY Change -0.78% -1.77% -1.51%
TOTAL ASSETS
Total Short-Term Assets $1.658B $2.119B $1.369B
Total Long-Term Assets $2.548B $2.552B $2.537B
Total Assets $4.206B $4.671B $3.906B
YoY Change 8.63% 22.99% -1.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $557.0M $666.0M $409.0M
YoY Change 36.19% 54.17% 45.04%
Accrued Expenses $145.0M $240.0M $115.0M
YoY Change 35.51% 95.12% 25.0%
Deferred Revenue $65.00M $4.000M $87.00M
YoY Change 91.18% -73.33% 180.65%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M $6.000M
YoY Change 0.0% 0.0% -25.0%
Total Short-Term Liabilities $1.531B $1.695B $1.156B
YoY Change 47.92% 52.43% 75.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.587B $1.588B $1.654B
YoY Change -4.97% -5.87% -1.72%
Other Long-Term Liabilities $72.00M $71.00M $58.00M
YoY Change 4.35% 10.94% 18.37%
Total Long-Term Liabilities $1.904B $1.916B $1.980B
YoY Change -8.11% -4.96% -5.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.531B $1.695B $1.156B
Total Long-Term Liabilities $1.904B $1.916B $1.980B
Total Liabilities $3.435B $3.611B $3.136B
YoY Change 10.56% 15.44% 13.66%
SHAREHOLDERS EQUITY
Retained Earnings -$947.0M -$738.0M -$956.0M
YoY Change 0.53% -28.07% 95.1%
Common Stock $1.509B $1.509B $1.511B
YoY Change -0.13% -0.13% 0.0%
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 $560.0M $769.0M $553.0M
YoY Change
Total Liabilities & Shareholders Equity $4.206B $4.671B $3.906B
YoY Change 8.63% 22.99% -1.81%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $93.00M $165.0M -$14.00M
YoY Change 10.71% -2850.0% -79.41%
Depreciation, Depletion And Amortization $75.00M $73.00M $74.00M
YoY Change 11.94% 1.39% 5.71%
Cash From Operating Activities $156.0M $390.0M $14.00M
YoY Change 12.23% 165.31% -50.0%
INVESTING ACTIVITIES
Capital Expenditures -$63.00M -$115.0M -$38.00M
YoY Change 0.0% 23.66% 58.33%
Acquisitions
YoY Change
Other Investing Activities $2.000M $0.00 $4.000M
YoY Change -100.0% -233.33%
Cash From Investing Activities -$61.00M -$115.0M -$34.00M
YoY Change -3.17% 32.18% 25.93%
FINANCING ACTIVITIES
Cash Dividend Paid $40.00M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -370.0M -58.00M -36.00M
YoY Change 1175.86% -76.61% 500.0%
NET CHANGE
Cash From Operating Activities 156.0M 390.0M 14.00M
Cash From Investing Activities -61.00M -115.0M -34.00M
Cash From Financing Activities -370.0M -58.00M -36.00M
Net Change In Cash -275.0M 217.0M -56.00M
YoY Change -685.11% -215.43% 1020.0%
FREE CASH FLOW
Cash From Operating Activities $156.0M $390.0M $14.00M
Capital Expenditures -$63.00M -$115.0M -$38.00M
Free Cash Flow $219.0M $505.0M $52.00M
YoY Change 8.42% 110.42% 0.0%

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, 2021 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 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 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, 2022 or any other interim or annual period.</span></div>
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us-gaap Interest Income Expense Nonoperating Net
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CY2022Q2 us-gaap Investment Income Net
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CY2021Q2 us-gaap Investment Income Net
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us-gaap Investment Income Net
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us-gaap Investment Income Net
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CY2021Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
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CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q2 us-gaap Depreciation Depletion And Amortization
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CY2021Q2 us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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CY2022Q2 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
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CY2021Q2 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
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cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
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CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q2 us-gaap Assets
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CY2021Q4 us-gaap Assets
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us-gaap Income Taxes Paid Net
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cvi Increase Decrease In Accounts Payable Turnaround Expenditures
IncreaseDecreaseInAccountsPayableTurnaroundExpenditures
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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us-gaap Finance Lease Interest Payment On Liability
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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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cvi Increase Decrease In Accounts Payable Turnaround Expenditures
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cvi Non Cash Dividends To Stockholders
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cvi Non Cash Dividends To Stockholders
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CY2021 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q2 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 cvi Number Of Subsidiaries
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CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q2 us-gaap Realized Investment Gains Losses
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CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2022Q2 us-gaap Payments Of Dividends
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CY2022Q1 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
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CY2021 cvi Common Stock Dividends Per Share Declared Related To Quarterly Results
CommonStockDividendsPerShareDeclaredRelatedToQuarterlyResults
0
CY2022Q2 us-gaap Dividends Cash
DividendsCash
40000000 usd

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