CVR Partners, LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CVR Partners, LP filed its Q1 2024 10-Q, detailing financial assets, liabilities, and operational data.</b>

AI Summary

CVR PARTNERS, LP (UAN) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. CVR Partners, LP reported financial results for the period ending March 31, 2024. The filing details various financial statement line items, including property, plant, and equipment categories. Specific asset categories like Machinery and Equipment, Buildings, and Transportation Equipment are itemized. The company's debt structure, including Senior Notes due June 2028, is referenced. Fair value inputs for certain financial instruments are disclosed, categorized as Level 2.

Why It Matters

For investors and stakeholders tracking CVR PARTNERS, LP, this filing contains several important signals. This 10-Q provides a quarterly update on CVR Partners' financial health and operational status, crucial for investors assessing performance and future prospects. The detailed breakdown of assets and liabilities offers insight into the company's capital structure and investment in its manufacturing facilities.

Risk Assessment

Risk Level: medium — CVR PARTNERS, LP shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a comprehensive overview of financial performance and risk factors, but lacks specific forward-looking guidance or significant new developments that would alter the risk profile.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to understand CVR Partners' current operational and financial standing.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01 2024-03-31)
• 2023-03-31 — Prior Year Q1 End Date (2023-01-01 2023-03-31)

Key Players & Entities

• CVR PARTNERS, LP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-30 (date) — FILED AS OF DATE
• SUGAR LAND (location) — CITY
• 281-207-3200 (phone) — BUSINESS PHONE
• CVR Partners, LP (company) — COMPANY CONFORMED NAME
• 20240331 (date) — cvi-20240331
• 2023-03-31 (date) — us-gaap:NonrelatedPartyMember

FAQ

Industry Context

CVR Partners operates in the agriculture chemicals sector, focusing on the production and distribution of nitrogen-based fertilizers and related products.

Regulatory Implications

As a publicly traded partnership, CVR Partners is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the detailed asset and liability schedules for changes from the previous reporting period.
2. Review any disclosed fair value measurements and their underlying inputs.
3. Examine the specific line items related to property, plant, and equipment for capital expenditure trends.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 update, providing current financial data compared to previous periods, though specific comparative figures are not detailed in this header information.

Filing Documents

• cvi-20240331.htm (10-Q) — 696KB
• exhibit101-cvrpartnerslp20.htm (EX-10.1) — 91KB
• exhibit311-uanq12024.htm (EX-31.1) — 11KB
• exhibit312-uanq12024.htm (EX-31.2) — 11KB
• exhibit313-uanq12024.htm (EX-31.3) — 11KB
• exhibit314-uanq12024.htm (EX-31.4) — 11KB
• exhibit321-uanq12024.htm (EX-32.1) — 12KB
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• fertilizer-appendixb1a.jpg (GRAPHIC) — 160KB
• fertilizer-appendixb2a.jpg (GRAPHIC) — 92KB
• 0001425292-24-000008.txt (&nbsp;) — 6350KB
• cvi-20240331.xsd (EX-101.SCH) — 36KB
• cvi-20240331_cal.xml (EX-101.CAL) — 40KB
• cvi-20240331_def.xml (EX-101.DEF) — 142KB
• cvi-20240331_lab.xml (EX-101.LAB) — 423KB
• cvi-20240331_pre.xml (EX-101.PRE) — 281KB
• cvi-20240331_htm.xml (XML) — 466KB

Financial Information

PART I. Financial Information

Other Information

PART II. Other Information Item 1.

Financial Statements

Financial Statements 5 Item 1.

Legal Proceedings

Legal Proceedings 31 Condensed Con solidate d Balance Sheets - March 31, 2024 and December 31, 2023 (unaudited) 5 Item 1A.

Risk Factors

Risk Factors 31 Condensed Consolidated Statements of Operations - Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Item 5. Other Information 31 Condensed Consolidated Statements of Partners' Capital - Three Months Ended March 31, 2024 and 2023 (unaudited) 7 Item 6. Exhibits 31 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023 (unaudited) 8

Signatures

Signatures 33 Notes to the Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 This Quarterly Report on Form 10-Q (including documents incorporated by reference herein) contains statements with respect to our expectations or beliefs as to future events. These types of statements are "forward-looking" and subject to uncertainties. See "Important Information Regarding Forward-Looking Statements" section of this filing. March 31, 2024 | 2 Table of Contents Important Information Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including, but not limited to, those under Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements other than statements of historical fact, including without limitation, statements regarding future operations, financial position, estimated revenues and losses, growth, capital projects, unit repurchases, impacts of legal proceedings, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words "could", "believe", "anticipate", "intend", "estimate", "expect", "may", "continue", "predict", "potential", "project", and similar terms and phrases are intended to identify forward-looking statements. Although we believe our assumptions concerning future events are reasonable, a number of risks, uncertainties and other factors could cause actual results and trends to differ materially from those projected or forward-looking. Forward-looking statements, as well as certain risks, contingencies, or uncertainties that may impact our forward-looking statements, include, but are not limited to, the following: our ability to

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CVR PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 64,622 $ 45,279 Accounts receivable, net 37,278 41,893 Inventories 72,401 69,165 Prepaid expenses 6,842 8,078 Other current assets 1,326 1,454 Total current assets 182,469 165,869 Property, plant, and equipment, net 744,216 761,023 Other long-term assets 45,530 48,440 Total assets $ 972,215 $ 975,332 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 23,657 $ 33,486 Accounts payable to affiliates 8,617 5,319 Deferred revenue 19,795 15,796 Other current liabilities 27,459 20,872 Total current liabilities 79,528 75,473 Long-term liabilities: Long-term debt, net 547,440 547,308 Long-term deferred revenue 31,724 33,311 Other long-term liabilities 15,821 16,360 Total long-term liabilities 594,985 596,979 Commitments and contingencies ( See Note 11 ) Partners' capital: Common unitholders, 10,569,637 and 10,569,637 units issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 297,701 302,879 General partner interest 1 1 Total partners' capital 297,702 302,880 Total liabilities and partners' capital $ 972,215 $ 975,332 The accompanying notes are an integral part of these condensed consolidated financial statements. March 31, 2024 | 5 CVR PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, (in thousands, except per unit data) 2024 2023 Net sales $ 127,665 $ 226,261 Operating costs and expenses: Cost of materials and other 25,327 36,579 Direct operating expenses (exclusive of depreciation and amortization) 55,669 57,543 Depreciation and amortization 19,291 15,211 Cost of sales 100,287 109,333 Selling, general and administrative expenses 7,311 7,384 Loss on asset disposal 8 192 Operating inc

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View this 10-Q filing on SEC EDGAR