2024 Q4 Form 10-Q Financial Statement

#000142529224000021 Filed on October 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $125.2M
YoY Change -4.13%
Cost Of Revenue $106.8M
YoY Change -6.01%
Gross Profit $18.45M
YoY Change 8.45%
Gross Profit Margin 14.73%
Selling, General & Admin $7.447M
YoY Change -4.59%
% of Gross Profit 40.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.73M
YoY Change 2.54%
% of Gross Profit 134.07%
Operating Expenses $7.447M
YoY Change -4.59%
Operating Profit $11.00M
YoY Change 35.12%
Interest Expense -$7.241M
YoY Change -3.45%
% of Operating Profit -65.85%
Other Income/Expense, Net $52.00K
YoY Change -58.4%
Pretax Income $3.807M
YoY Change 399.61%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $3.807M
YoY Change 420.79%
Net Earnings / Revenue 3.04%
Basic Earnings Per Share $0.36
Diluted Earnings Per Share $0.36
COMMON SHARES
Basic Shares Outstanding 10.57M shares 10.57M shares
Diluted Shares Outstanding 10.57M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.5M
YoY Change 23.92%
Cash & Equivalents $110.5M
Short-Term Investments
Other Short-Term Assets $821.0K
YoY Change -79.48%
Inventory $75.30M
Prepaid Expenses $3.956M
Receivables $36.01M
Other Receivables $0.00
Total Short-Term Assets $226.6M
YoY Change 11.42%
LONG-TERM ASSETS
Property, Plant & Equipment $715.0M
YoY Change -7.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.01M
YoY Change -1.77%
Total Long-Term Assets $760.0M
YoY Change -6.83%
TOTAL ASSETS
Total Short-Term Assets $226.6M
Total Long-Term Assets $760.0M
Total Assets $986.6M
YoY Change -3.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.06M
YoY Change -7.2%
Accrued Expenses $26.65M
YoY Change 22.26%
Deferred Revenue $39.34M
YoY Change 0.99%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.2M
YoY Change -7.1%
LONG-TERM LIABILITIES
Long-Term Debt $547.7M
YoY Change 0.1%
Other Long-Term Liabilities $17.83M
YoY Change 23.07%
Total Long-Term Liabilities $594.1M
YoY Change -0.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.2M
Total Long-Term Liabilities $594.1M
Total Liabilities $699.3M
YoY Change -1.48%
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 $287.4M
YoY Change
Total Liabilities & Shareholders Equity $986.6M
YoY Change -3.18%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $3.807M
YoY Change 420.79%
Depreciation, Depletion And Amortization $24.73M
YoY Change 2.54%
Cash From Operating Activities $86.73M
YoY Change 23.72%
INVESTING ACTIVITIES
Capital Expenditures $4.465M
YoY Change -26.8%
Acquisitions
YoY Change
Other Investing Activities $838.0K
YoY Change 4.75%
Cash From Investing Activities -$3.627M
YoY Change -32.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.08M
YoY Change -54.67%
NET CHANGE
Cash From Operating Activities 86.73M
Cash From Investing Activities -3.627M
Cash From Financing Activities -20.08M
Net Change In Cash 63.02M
YoY Change 208.9%
FREE CASH FLOW
Cash From Operating Activities $86.73M
Capital Expenditures $4.465M
Free Cash Flow $82.26M
YoY Change 28.53%

Facts In Submission

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-265481000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
65260000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2836000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45279000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86339000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110539000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
89175000 usd
CY2024Q3 cvi Numberof Manufacturing Facilities
NumberofManufacturingFacilities
2 manufacturing_facility
cvi Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest Held By Public
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterestHeldByPublic
0.63
us-gaap Basis Of Accounting
BasisOfAccounting
<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 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 </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%">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. While the Partnership 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 Partnership does not intend to early adopt this ASU.</span></div><div style="padding-left:9pt;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%">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. The guidance also requires that a public entity that has a single reportable segment provide all the disclosures required by the guidance and all existing segment disclosures under the FASB Accounting Standards Codification (“ASC”) Topic 280, </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</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. 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. While the Partnership 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>
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
15015000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2472000 usd
CY2023Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
51678000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
69165000 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1533419000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1517921000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
756898000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
761023000 usd
CY2024Q3 cvi Depreciation Depletion And Amortization Initial Expense
DepreciationDepletionAndAmortizationInitialExpense
24500000 usd
cvi Depreciation Depletion And Amortization Initial Expense
DepreciationDepletionAndAmortizationInitialExpense
63300000 usd
CY2024Q3 cvi Depreciation Depletion And Amortization Additional Expense
DepreciationDepletionAndAmortizationAdditionalExpense
4900000 usd
cvi Depreciation Depletion And Amortization Additional Expense
DepreciationDepletionAndAmortizationAdditionalExpense
10600000 usd
CY2023Q3 cvi Depreciation Depletion And Amortization Initial Expense
DepreciationDepletionAndAmortizationInitialExpense
23900000 usd
cvi Depreciation Depletion And Amortization Initial Expense
DepreciationDepletionAndAmortizationInitialExpense
58500000 usd
CY2024Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
200000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
700000 usd
CY2023Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
200000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
400000 usd
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1450000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1100000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
4026000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
3466000 usd
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
684000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1031000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2186000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2300000 usd
CY2024Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
21000000 usd
CY2024Q3 us-gaap Interest Payable Current
InterestPayableCurrent
9826000 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1404000 usd
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9234000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8404000 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3830000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3176000 usd
CY2024Q3 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
2466000 usd
CY2024Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
2113000 usd
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1825000 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3763000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3283000 usd
CY2024Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
31785000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
20872000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2290000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2692000 usd
CY2024Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
547710000 usd
CY2023Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
547308000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
125203000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
130592000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
385769000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
539858000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
8600000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
900000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4100000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14100000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
46400000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
714000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3830000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3416000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7966000 usd
us-gaap Interest Paid Net
InterestPaidNet
17181000 usd
us-gaap Interest Paid Net
InterestPaidNet
17123000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
84000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
281000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
3523000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2804000 usd
cvi Increase Decrease In Accounts Payable Capital Expenditures
IncreaseDecreaseInAccountsPayableCapitalExpenditures
477000 usd
cvi Increase Decrease In Accounts Payable Capital Expenditures
IncreaseDecreaseInAccountsPayableCapitalExpenditures
4353000 usd
us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
5.50
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
58132000 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
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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