$UAN
CVR PARTNERS, LP

2024 Q2 Form 10-Q Financial Statement

#000142529224000008 Filed on April 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $132.9M $127.7M $141.6M
YoY Change -27.38% -43.58% -33.27%
Cost Of Revenue $93.02M $81.00M $96.54M
YoY Change 4.32% -25.92% 16.9%
Gross Profit $39.88M $46.67M $45.08M
YoY Change -57.5% -60.09% -65.23%
Gross Profit Margin 30.01% 36.56% 31.83%
Selling, General & Admin $6.308M $7.311M $7.043M
YoY Change -13.48% -0.99% -15.5%
% of Gross Profit 15.82% 15.67% 15.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.04M $19.29M $20.64M
YoY Change 1.45% 26.82% 6.79%
% of Gross Profit 50.25% 41.34% 45.78%
Operating Expenses $6.308M $26.60M $27.68M
YoY Change -76.68% 260.27% 0.07%
Operating Profit $33.56M $20.07M $17.40M
YoY Change -49.75% -81.65% -82.94%
Interest Expense -$7.510M -$7.665M -$7.059M
YoY Change 8.54% 6.86% -9.46%
% of Operating Profit -22.38% -38.2% -40.57%
Other Income/Expense, Net $165.0K $160.0K $54.00K
YoY Change 217.31% -160.38% -94.32%
Pretax Income $26.22M $12.55M $10.19M
YoY Change -56.2% -87.68% -89.29%
Income Tax $0.00 -$25.00K $212.0K
% Of Pretax Income 0.0% -0.2% 2.08%
Net Earnings $26.22M $12.58M $9.975M
YoY Change -56.2% -87.65% -89.54%
Net Earnings / Revenue 19.73% 9.85% 7.04%
Basic Earnings Per Share $2.48 $1.19
Diluted Earnings Per Share $2.48 $1.19 $0.94
COMMON SHARES
Basic Shares Outstanding 10.57M shares 10.57M shares 10.57M shares
Diluted Shares Outstanding 10.57M shares 10.57M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.52M $64.62M $45.28M
YoY Change -30.82% -46.75% -47.56%
Cash & Equivalents $47.52M $64.62M $45.28M
Short-Term Investments
Other Short-Term Assets $959.0K $1.326M $9.532M
YoY Change -85.95% -86.63% -16.38%
Inventory $80.61M $72.40M $69.17M
Prepaid Expenses $6.431M $6.842M $8.078M
Receivables $48.11M $37.28M $41.89M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $183.6M $182.5M $165.9M
YoY Change -2.49% -32.58% -37.57%
LONG-TERM ASSETS
Property, Plant & Equipment $728.2M $744.2M $761.0M
YoY Change -8.36% -6.58% -6.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $47.61M $45.53M $48.44M
YoY Change 32.29% -7.06% 104.35%
Total Long-Term Assets $775.8M $789.7M $809.5M
YoY Change -6.6% -6.61% -3.02%
TOTAL ASSETS
Total Short-Term Assets $183.6M $182.5M $165.9M
Total Long-Term Assets $775.8M $789.7M $809.5M
Total Assets $959.4M $972.2M $975.3M
YoY Change -5.84% -12.91% -11.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.11M $32.27M $38.81M
YoY Change -11.36% 18.92% -14.76%
Accrued Expenses $15.16M $21.57M $16.27M
YoY Change 25.13% 4.78% 8.99%
Deferred Revenue $7.479M $19.80M $15.80M
YoY Change 12.2% -55.88% -66.76%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.50M $79.53M $75.47M
YoY Change -12.91% -29.84% -40.13%
LONG-TERM LIABILITIES
Long-Term Debt $547.6M $547.4M $547.3M
YoY Change 0.1% 0.09% 0.09%
Other Long-Term Liabilities $18.61M $15.82M $16.36M
YoY Change -63.73% 3.87% 3.98%
Total Long-Term Liabilities $596.3M $595.0M $597.0M
YoY Change -0.34% -0.87% 6.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.50M $79.53M $75.47M
Total Long-Term Liabilities $596.3M $595.0M $597.0M
Total Liabilities $655.8M $674.5M $672.5M
YoY Change -1.63% -5.47% -2.34%
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 $303.6M $297.7M $302.9M
YoY Change
Total Liabilities & Shareholders Equity $959.4M $972.2M $975.3M
YoY Change -5.84% -12.91% -11.37%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $26.22M $12.58M $9.975M
YoY Change -56.2% -87.65% -89.54%
Depreciation, Depletion And Amortization $20.04M $19.29M $20.64M
YoY Change 1.45% 26.82% 6.79%
Cash From Operating Activities $8.608M $42.42M -$17.87M
YoY Change -85.85% -67.48% 545.04%
INVESTING ACTIVITIES
Capital Expenditures $6.168M $8.095M $10.50M
YoY Change 48.52% 135.46% -6.51%
Acquisitions
YoY Change
Other Investing Activities $755.0K $2.778M $774.0K
YoY Change -14.69% -85.38% 15380.0%
Cash From Investing Activities -$5.413M -$5.317M -$9.622M
YoY Change 65.64% -134.17% -14.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.29M -$17.76M -16.36M
YoY Change -81.59% -84.0% -12.53%
NET CHANGE
Cash From Operating Activities 8.608M $42.42M -17.87M
Cash From Investing Activities -5.413M -$5.317M -9.622M
Cash From Financing Activities -20.29M -$17.76M -16.36M
Net Change In Cash -17.10M $19.34M -43.86M
YoY Change -67.53% -44.77% 34.12%
FREE CASH FLOW
Cash From Operating Activities $8.608M $42.42M -$17.87M
Capital Expenditures $6.168M $8.095M $10.50M
Free Cash Flow $2.440M $34.32M -$28.37M
YoY Change -95.7% -72.98% 102.67%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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 these condensed consolidated financial statements. Therefore, these condensed consolidated financial statements </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">should be read in conjunction with the December 31, 2023 audited consolidated financial statements and notes thereto included in 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%">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, 2024 or any other interim or annual period.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></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:9pt"><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 Partnership’s annual reporting beginning January 1, 2025 with early adoption permitted. The Partnership is evaluating the effects of adopting this new accounting guidance on its disclosures but does not currently expect adoption will have a material impact on the Partnership’s consolidated financial statements. The Partnership does not intend to early adopt this ASU.</span></div><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>, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Partnership’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. The Partnership is still evaluating the effects of adopting this new accounting guidance on its disclosures.
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DeferredCompensationShareBasedArrangementsLiabilityCurrent
1910000 usd
CY2023Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
1195000 usd
CY2024Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1797000 usd
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1825000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2269000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3283000 usd
CY2024Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
27459000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
20872000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2560000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2692000 usd
CY2024Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
547440000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
547308000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
127665000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
226261000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
14200000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4300000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5000000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5200000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
11900000 usd
CY2024Q1 cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
-3484000 usd
CY2023Q1 cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
87000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
5000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2027000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1933000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
114000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
126000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
947000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1006000 usd
CY2024Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.68
CY2024Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
17757000 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
CY2023Q2 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
10.43
CY2023Q2 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
110241000 usd
CY2023Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
4.14
CY2023Q3 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
43759000 usd
CY2023Q4 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.55
CY2023Q4 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
16383000 usd
CY2023 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
26.62
CY2023 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
281364000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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cvi-20240331_lab.xml Edgar Link unprocessable
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