2023 Q2 Form 10-Q Financial Statement

#000142529223000019 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $183.0M $226.3M
YoY Change -25.0% 1.52%
Cost Of Revenue $89.17M $109.3M
YoY Change -19.65% -0.63%
Gross Profit $93.84M $116.9M
YoY Change -29.46% 3.62%
Gross Profit Margin 51.28% 51.68%
Selling, General & Admin $7.291M $7.384M
YoY Change 4.04% -15.55%
% of Gross Profit 7.77% 6.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.75M $15.21M
YoY Change -6.91% -21.85%
% of Gross Profit 21.05% 13.01%
Operating Expenses $27.05M $7.384M
YoY Change 285.93% -15.55%
Operating Profit $66.79M $109.4M
YoY Change -46.96% 5.22%
Interest Expense -$6.919M -$7.173M
YoY Change -16.72% -28.53%
% of Operating Profit -10.36% -6.56%
Other Income/Expense, Net $52.00K -$265.0K
YoY Change -35.8% -1046.43%
Pretax Income $59.86M $101.9M
YoY Change -49.14% 8.51%
Income Tax $2.000K $44.00K
% Of Pretax Income 0.0% 0.04%
Net Earnings $59.86M $101.9M
YoY Change -49.09% 8.76%
Net Earnings / Revenue 32.71% 45.02%
Basic Earnings Per Share $5.66 $9.64
Diluted Earnings Per Share $5.66 $9.64
COMMON SHARES
Basic Shares Outstanding 10.57M shares 10.57M shares
Diluted Shares Outstanding 10.57M shares 10.57M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.70M $121.4M
YoY Change -56.05% -11.64%
Cash & Equivalents $68.70M $121.4M
Short-Term Investments
Other Short-Term Assets $6.825M $9.918M
YoY Change 20.6% 30.11%
Inventory $78.87M $86.64M
Prepaid Expenses
Receivables $33.93M $52.74M
Other Receivables $0.00 $0.00
Total Short-Term Assets $188.3M $270.7M
YoY Change -33.54% 6.67%
LONG-TERM ASSETS
Property, Plant & Equipment $794.7M $796.6M
YoY Change -3.2% -4.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.99M $48.99M
YoY Change 148.4% 269.76%
Total Long-Term Assets $830.7M $845.6M
YoY Change -0.57% -0.39%
TOTAL ASSETS
Total Short-Term Assets $188.3M $270.7M
Total Long-Term Assets $830.7M $845.6M
Total Assets $1.019B $1.116B
YoY Change -8.92% 1.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.97M $27.14M
YoY Change -31.97% -44.88%
Accrued Expenses $12.11M $20.59M
YoY Change -12.24% 0.64%
Deferred Revenue $6.666M $44.87M
YoY Change 58.87% -44.52%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.31M $113.4M
YoY Change -28.69% -34.56%
LONG-TERM LIABILITIES
Long-Term Debt $547.1M $546.9M
YoY Change 0.09% 0.09%
Other Long-Term Liabilities $51.31M $15.23M
YoY Change 236.26% -2.14%
Total Long-Term Liabilities $598.4M $600.2M
YoY Change 6.5% 6.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.31M $113.4M
Total Long-Term Liabilities $598.4M $600.2M
Total Liabilities $666.7M $713.6M
YoY Change 1.38% -2.94%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $352.3M $402.7M
YoY Change
Total Liabilities & Shareholders Equity $1.019B $1.116B
YoY Change -8.92% 1.23%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $59.86M $101.9M
YoY Change -49.09% 8.76%
Depreciation, Depletion And Amortization $19.75M $15.21M
YoY Change -6.91% -21.85%
Cash From Operating Activities $60.84M $130.4M
YoY Change 24.98% -21.86%
INVESTING ACTIVITIES
Capital Expenditures $4.153M $3.438M
YoY Change -170.73% -143.52%
Acquisitions
YoY Change
Other Investing Activities $885.0K $19.00M
YoY Change 2058.54%
Cash From Investing Activities -$3.268M $15.56M
YoY Change -43.95% -297.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -110.2M -$111.0M
YoY Change 361.49% -17.3%
NET CHANGE
Cash From Operating Activities 60.84M $130.4M
Cash From Investing Activities -3.268M $15.56M
Cash From Financing Activities -110.2M -$111.0M
Net Change In Cash -52.66M $35.02M
YoY Change -377.69% 41.05%
FREE CASH FLOW
Cash From Operating Activities $60.84M $130.4M
Capital Expenditures $4.153M $3.438M
Free Cash Flow $56.69M $127.0M
YoY Change 3.91% -27.35%

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CY2023Q1 us-gaap Basis Of Accounting
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<div style="text-align:justify"><span style="color:#5b9a04;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(2) Basis of Presentation</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="text-align:justify"><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 CVR Partners and its wholly-owned 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, 2022 audited consolidated financial statements and notes thereto included in the 2022 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%">In the opinion of the Partnership’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 Partnership 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, 2023 or any other interim or annual period.</span></div>
CY2022Q4 us-gaap Inventory Net
InventoryNet
77518000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
36635000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
28630000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2989000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3116000 usd
CY2023Q1 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
47019000 usd
CY2022Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
45772000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
86643000 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1507581000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1492210000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
710953000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
681216000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
796627000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
810994000 usd
CY2023Q1 cvi Lessee Number Of Options To Extend Lease Term
LesseeNumberOfOptionsToExtendLeaseTerm
1 option
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1223000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1059000 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0 usd
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
26000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
650000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
766000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.059
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3402000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2718000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2302000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2042000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1756000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12220000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2180000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10040000 usd
CY2022Q1 cvi Lessee Finance Lease Lease Not Yet Commenced Liability
LesseeFinanceLeaseLeaseNotYetCommencedLiability
20000000 usd
CY2022Q1 cvi Lessee Finance Lease Lease Not Yet Commenced Liability
LesseeFinanceLeaseLeaseNotYetCommencedLiability
25000000 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
9826000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1404000 usd
CY2023Q1 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
9788000 usd
CY2022Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
9231000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5105000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7539000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2698000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2931000 usd
CY2023Q1 cvi Sales Incentive Payable Current
SalesIncentivePayableCurrent
2537000 usd
CY2022Q4 cvi Sales Incentive Payable Current
SalesIncentivePayableCurrent
1772000 usd
CY2023Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
2184000 usd
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
2283000 usd
CY2023Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1706000 usd
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1789000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
777000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
768000 usd
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
34621000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
27717000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3076000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3200000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
546924000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
546800000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
226261000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
222873000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P7Y3M
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3200000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
47516000 usd
CY2023Q1 cvi Contract With Customer Liability Increase From Contracts Entered During Period
ContractWithCustomerLiabilityIncreaseFromContractsEnteredDuringPeriod
13069000 usd
CY2023Q1 cvi Contract With Customer Liability Increase For Non Cash Consideration Received
ContractWithCustomerLiabilityIncreaseForNonCashConsiderationReceived
46000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
11851000 usd
CY2023Q1 cvi Contract With Customer Liability Revenue Recognized Contracts Entered During Period
ContractWithCustomerLiabilityRevenueRecognizedContractsEnteredDuringPeriod
9712000 usd
CY2023Q1 cvi Contract With Customer Liability Revenue Recognized Non Cash Consideration
ContractWithCustomerLiabilityRevenueRecognizedNonCashConsideration
1586000 usd
CY2023Q1 cvi Contract With Customer Liability Other Changes
ContractWithCustomerLiabilityOtherChanges
496000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
82940000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
44871000 usd
CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
38069000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
898000 usd
CY2023Q1 cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
87000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1933000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12074000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
126000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1164000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1006000 usd
CY2022Q1 cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
-2250000 usd
CY2023Q1 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-5235000 usd
CY2022Q4 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-4518000 usd
CY2023Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
10.50
CY2023Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
110981000 usd
CY2022Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
5.24
CY2022Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
55970000 usd
CY2022Q2 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
2.26
CY2022Q2 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
23887000 usd
CY2022Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
10.05
CY2022Q3 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
106225000 usd
CY2022Q4 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.77
CY2022Q4 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
18708000 usd
CY2022 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
19.32
CY2022 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
204790000 usd

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