$CVI
CVR ENERGY INC

2024 Q4 Form 10-Q Financial Statement

#000137613924000053 Filed on October 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $1.833B
YoY Change -27.32%
Cost Of Revenue $1.904B
YoY Change -6.53%
Gross Profit -$71.00M
YoY Change -114.64%
Gross Profit Margin -3.87%
Selling, General & Admin $40.00M
YoY Change 5.26%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M
YoY Change -7.41%
% of Gross Profit
Operating Expenses $40.00M
YoY Change 5.26%
Operating Profit -$113.0M
YoY Change -125.39%
Interest Expense -$18.00M
YoY Change 63.64%
% of Operating Profit
Other Income/Expense, Net $3.000M
YoY Change -25.0%
Pretax Income -$128.0M
YoY Change -129.22%
Income Tax -$6.000M
% Of Pretax Income
Net Earnings -$124.0M
YoY Change -135.13%
Net Earnings / Revenue -6.76%
Basic Earnings Per Share -$1.24
Diluted Earnings Per Share -$1.24
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares
Diluted Shares Outstanding 100.5M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $534.0M
YoY Change -39.93%
Cash & Equivalents $534.0M
Short-Term Investments
Other Short-Term Assets $70.00M
YoY Change -2.78%
Inventory $498.0M
Prepaid Expenses $25.00M
Receivables $281.0M
Other Receivables $0.00
Total Short-Term Assets $1.408B
YoY Change -25.38%
LONG-TERM ASSETS
Property, Plant & Equipment $2.164B
YoY Change -2.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $94.00M
YoY Change -6.93%
Other Assets $306.0M
YoY Change -0.33%
Total Long-Term Assets $2.470B
YoY Change -2.53%
TOTAL ASSETS
Total Short-Term Assets $1.408B
Total Long-Term Assets $2.470B
Total Assets $3.878B
YoY Change -12.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $464.0M
YoY Change -18.02%
Accrued Expenses $126.0M
YoY Change -35.38%
Deferred Revenue $39.00M
YoY Change 0.0%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $8.000M
YoY Change 14.29%
Total Short-Term Liabilities $1.055B
YoY Change -19.53%
LONG-TERM LIABILITIES
Long-Term Debt $1.574B
YoY Change -0.57%
Other Long-Term Liabilities $84.00M
YoY Change -15.15%
Total Long-Term Liabilities $1.967B
YoY Change 0.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.055B
Total Long-Term Liabilities $1.967B
Total Liabilities $3.022B
YoY Change -7.56%
SHAREHOLDERS EQUITY
Retained Earnings -$832.0M
YoY Change 51.27%
Common Stock $1.509B
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $675.0M
YoY Change
Total Liabilities & Shareholders Equity $3.878B
YoY Change -12.28%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$124.0M
YoY Change -135.13%
Depreciation, Depletion And Amortization $75.00M
YoY Change -7.41%
Cash From Operating Activities $48.00M
YoY Change -87.03%
INVESTING ACTIVITIES
Capital Expenditures $36.00M
YoY Change -32.08%
Acquisitions
YoY Change
Other Investing Activities $1.000M
YoY Change -50.0%
Cash From Investing Activities -$35.00M
YoY Change -31.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -65.00M
YoY Change -64.09%
NET CHANGE
Cash From Operating Activities 48.00M
Cash From Investing Activities -35.00M
Cash From Financing Activities -65.00M
Net Change In Cash -52.00M
YoY Change -137.68%
FREE CASH FLOW
Cash From Operating Activities $48.00M
Capital Expenditures $36.00M
Free Cash Flow $12.00M
YoY Change -96.21%

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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, 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”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. Certain notes and other information have been condensed or omitted from the condensed consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the December 31, 2023 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 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 (“VIE”). As the 100% owner of the general partner of CVR Partners, the Company has the sole ability to direct the activities that most significantly impact the economic performance of CVR Partners and is considered the primary beneficiary.</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%">The condensed consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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, 2024 or any other interim or annual period.</span></div><div style="text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented</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 December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company’s annual period beginning January 1, 2025 with early adoption permitted. While the Company does not expect adoption will have a material impact on its consolidated financial statements, it currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2025. The Company does not intend to early adopt this ASU.</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 November 2023, FASB issued ASU 2023-07, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which includes requirements for more robust disclosures about significant segment expenses and information used in assessing segment performance on an annual and interim basis. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 and should be applied retrospectively to all comparative periods. Early adoption is permitted. While the Company continues to evaluate the effects of adopting this new accounting guidance, it currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2024.</span></div>
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us-gaap Depreciation Depletion And Amortization
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224000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
221000000 usd
cvi Payments For Productive Assets Including Capital Expenditures Incurred But Not Yet Paid
PaymentsForProductiveAssetsIncludingCapitalExpendituresIncurredButNotYetPaid
130000000 usd
cvi Payments For Productive Assets Including Capital Expenditures Incurred But Not Yet Paid
PaymentsForProductiveAssetsIncludingCapitalExpendituresIncurredButNotYetPaid
148000000 usd
CY2024Q3 us-gaap Assets
Assets
3878000000 usd
CY2023Q4 us-gaap Assets
Assets
4707000000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
60000000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
88000000 usd
us-gaap Interest Paid Net
InterestPaidNet
94000000 usd
us-gaap Interest Paid Net
InterestPaidNet
76000000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
14000000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
13000000 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
6000000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5000000 usd
cvi Increase Decrease In Accounts Payable Capital Expenditures
IncreaseDecreaseInAccountsPayableCapitalExpenditures
6000000 usd
cvi Increase Decrease In Accounts Payable Capital Expenditures
IncreaseDecreaseInAccountsPayableCapitalExpenditures
-2000000 usd
cvi Increase Decrease In Accounts Payable Turnaround Expenditures
IncreaseDecreaseInAccountsPayableTurnaroundExpenditures
-1000000 usd
cvi Increase Decrease In Accounts Payable Turnaround Expenditures
IncreaseDecreaseInAccountsPayableTurnaroundExpenditures
0 usd
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
534000000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
581000000 usd
CY2024Q3 cvi Reserved Funds For Debt Payments
ReservedFundsForDebtPayments
0 usd
CY2023Q4 cvi Reserved Funds For Debt Payments
ReservedFundsForDebtPayments
598000000 usd
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
7000000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
534000000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1186000000 usd
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
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0001376139-24-000053.txt Edgar Link pending
0001376139-24-000053-xbrl.zip Edgar Link pending
cvi-20240930.htm Edgar Link pending
cvi-20240930.xsd Edgar Link pending
cvi-20240930_g1.gif Edgar Link pending
cvi-20240930_g10.jpg Edgar Link pending
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cvi-20240930_cal.xml Edgar Link unprocessable
cvi-20240930_def.xml Edgar Link unprocessable
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report.css Edgar Link pending
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exhibit311-cviq32024.htm Edgar Link pending
exhibit312-cviq32024.htm Edgar Link pending
exhibit313-cviq32024.htm Edgar Link pending
exhibit321-cviq32024.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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cvi-20240930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
cvi-20240930_htm.xml Edgar Link completed
cvi-20240930_lab.xml Edgar Link unprocessable