$CVI
CVR ENERGY INC

2022 Q4 Form 10-Q Financial Statement

#000137613922000067 Filed on November 01, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $2.680B $2.699B
YoY Change 26.83% 43.34%
Cost Of Revenue $2.392B $2.559B
YoY Change 17.54% 52.78%
Gross Profit $288.0M $140.0M
YoY Change 269.23% -32.69%
Gross Profit Margin 10.75% 5.19%
Selling, General & Admin $39.00M $35.00M
YoY Change 14.71% 16.67%
% of Gross Profit 13.54% 25.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $73.00M $75.00M
YoY Change -1.35% 11.94%
% of Gross Profit 25.35% 53.57%
Operating Expenses $41.00M $35.00M
YoY Change 10.81% 16.67%
Operating Profit $247.0M $103.0M
YoY Change 502.44% -41.14%
Interest Expense -$18.00M -$19.00M
YoY Change -30.77% -17.39%
% of Operating Profit -7.29% -18.45%
Other Income/Expense, Net $4.000M $3.000M
YoY Change 33.33% 50.0%
Pretax Income $223.0M $87.00M
YoY Change 1138.89% -43.14%
Income Tax $51.00M $7.000M
% Of Pretax Income 22.87% 8.05%
Net Earnings $112.0M $93.00M
YoY Change -900.0% 10.71%
Net Earnings / Revenue 4.18% 3.45%
Basic Earnings Per Share $0.92
Diluted Earnings Per Share $1.11 $0.92
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares
Diluted Shares Outstanding 100.5M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $510.0M $618.0M
YoY Change 0.0% 9.19%
Cash & Equivalents $510.0M $618.0M
Short-Term Investments
Other Short-Term Assets $101.0M $88.00M
YoY Change 32.89% 15.79%
Inventory $624.0M $632.0M
Prepaid Expenses
Receivables $358.0M $320.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.593B $1.658B
YoY Change 16.36% 27.15%
LONG-TERM ASSETS
Property, Plant & Equipment $2.247B $2.267B
YoY Change -1.14% -1.05%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $76.00M
YoY Change -3.8%
Other Assets $279.0M $281.0M
YoY Change 5.68% 1.44%
Total Long-Term Assets $2.526B $2.548B
YoY Change -0.43% -0.78%
TOTAL ASSETS
Total Short-Term Assets $1.593B $1.658B
Total Long-Term Assets $2.526B $2.548B
Total Assets $4.119B $4.206B
YoY Change 5.45% 8.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $497.0M $557.0M
YoY Change 21.52% 36.19%
Accrued Expenses $145.0M $145.0M
YoY Change 26.09% 35.51%
Deferred Revenue $48.00M $65.00M
YoY Change -44.83% 91.18%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $1.439B $1.531B
YoY Change 24.48% 47.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.585B $1.587B
YoY Change -4.17% -4.97%
Other Long-Term Liabilities $55.00M $72.00M
YoY Change -5.17% 4.35%
Total Long-Term Liabilities $1.889B $1.904B
YoY Change -4.6% -8.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.439B $1.531B
Total Long-Term Liabilities $1.889B $1.904B
Total Liabilities $3.328B $3.435B
YoY Change 6.12% 10.56%
SHAREHOLDERS EQUITY
Retained Earnings -$976.0M -$947.0M
YoY Change 2.09% 0.53%
Common Stock $1.509B $1.509B
YoY Change -0.13% -0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $531.0M $560.0M
YoY Change
Total Liabilities & Shareholders Equity $4.119B $4.206B
YoY Change 5.45% 8.63%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $112.0M $93.00M
YoY Change -900.0% 10.71%
Depreciation, Depletion And Amortization $73.00M $75.00M
YoY Change -1.35% 11.94%
Cash From Operating Activities $99.00M $156.0M
YoY Change 607.14% 12.23%
INVESTING ACTIVITIES
Capital Expenditures $55.00M -$63.00M
YoY Change -244.74% 0.0%
Acquisitions
YoY Change
Other Investing Activities $1.000M $2.000M
YoY Change -75.0%
Cash From Investing Activities -$54.00M -$61.00M
YoY Change 58.82% -3.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -153.0M -370.0M
YoY Change 325.0% 1175.86%
NET CHANGE
Cash From Operating Activities 99.00M 156.0M
Cash From Investing Activities -54.00M -61.00M
Cash From Financing Activities -153.0M -370.0M
Net Change In Cash -108.0M -275.0M
YoY Change 92.86% -685.11%
FREE CASH FLOW
Cash From Operating Activities $99.00M $156.0M
Capital Expenditures $55.00M -$63.00M
Free Cash Flow $44.00M $219.0M
YoY Change -15.38% 8.42%

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 certain 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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CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
153000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
578000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
48000000 usd
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
75000000 usd
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
67000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
215000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
205000000 usd
CY2022Q3 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
68000000 usd
CY2021Q3 cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
38000000 usd
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
159000000 usd
cvi Paymentsfor Productive Assets Including Capital Expenditures Incurredbut Notyet Paid
PaymentsforProductiveAssetsIncludingCapitalExpendituresIncurredbutNotyetPaid
189000000 usd
CY2022Q3 us-gaap Assets
Assets
4206000000 usd
CY2021Q4 us-gaap Assets
Assets
3906000000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
131000000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
35000000 usd
us-gaap Interest Paid Net
InterestPaidNet
78000000 usd
us-gaap Interest Paid Net
InterestPaidNet
92000000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
13000000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
11000000 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
14000000 usd
cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
1000000 usd
cvi Increase Decrease In Accounts Payable Turnaround Expenditures
IncreaseDecreaseInAccountsPayableTurnaroundExpenditures
-1000000 usd
cvi Increase Decrease In Accounts Payable Turnaround Expenditures
IncreaseDecreaseInAccountsPayableTurnaroundExpenditures
-1000000 usd
cvi Increase Decrease In Accounts Payable Deferred Financing Costs
IncreaseDecreaseInAccountsPayableDeferredFinancingCosts
0 usd
cvi Increase Decrease In Accounts Payable Deferred Financing Costs
IncreaseDecreaseInAccountsPayableDeferredFinancingCosts
1000000 usd
cvi Non Cash Dividends To Stockholders
NonCashDividendsToStockholders
0 usd
cvi Non Cash Dividends To Stockholders
NonCashDividendsToStockholders
251000000 usd
CY2021Q2 cvi Payment Of Special Dividends
PaymentOfSpecialDividends
241000000 usd
CY2021Q2 cvi Special Dividends Per Share Paid
SpecialDividendsPerSharePaid
2.40
CY2021Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
112000000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
618000000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
510000000 usd
CY2022Q3 us-gaap Restricted Cash
RestrictedCash
7000000 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
7000000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
625000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
517000000 usd
CY2022Q3 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
2.60
CY2022Q3 cvi Special Dividends Value
SpecialDividendsValue
261000000 usd
CY2021Q2 cvi Special Dividends Value
SpecialDividendsValue
492000000 usd
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2022Q3 us-gaap Dividends Cash
DividendsCash
40000000 usd
CY2022Q3 cvi Number Of Subsidiaries
NumberOfSubsidiaries
18 subsidiary
CY2022Q2 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q2 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
CY2022Q3 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q3 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.80
cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
80000000 usd
CY2022Q1 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0
CY2021 cvi Common Stock Dividends Per Share Declared Related To Quarterly Results
CommonStockDividendsPerShareDeclaredRelatedToQuarterlyResults
0
CY2021 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0

Files In Submission

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cvi-20220930_pre.xml Edgar Link unprocessable
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0001376139-22-000067-index.html Edgar Link pending
0001376139-22-000067.txt Edgar Link pending
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cvi-20220930.htm Edgar Link pending
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cvi-20220930_cal.xml Edgar Link unprocessable
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Financial_Report.xlsx Edgar Link pending
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