CVR Partners LP Files 10-Q for Q2 2024

Ticker: UAN · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1425292

Cvr Partners, LP 10-Q Filing Summary
FieldDetail
CompanyCvr Partners, LP (UAN)
Form Type10-Q
Filed DateJul 30, 2024
Risk Levellow
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, agriculture-chemicals

TL;DR

CVR Partners LP filed its Q2 2024 10-Q. Financials look steady.

AI Summary

CVR Partners, LP filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segments are presented, reflecting the company's activities in the agriculture chemicals sector.

Why It Matters

This filing provides investors with crucial financial and operational data for CVR Partners, LP, enabling informed decisions about the company's performance and outlook in the agriculture chemicals market.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

  • 20240630 — Period End Date (The report covers financial data up to this date.)
  • 20240730 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

  • CVR PARTNERS, LP (company) — Filer
  • 20240630 (date) — Period of Report
  • 20240730 (date) — Filing Date
  • SUGAR LAND, TX (location) — Business Address
  • AGRICULTURE CHEMICALS [2870] (industry) — Standard Industrial Classification

FAQ

What is the primary business of CVR Partners, LP?

CVR Partners, LP operates in the AGRICULTURE CHEMICALS sector, with SIC code 2870.

For what period is this 10-Q filing?

This 10-Q filing is for the period ending June 30, 2024.

Where is CVR Partners, LP headquartered?

CVR Partners, LP is located in SUGAR LAND, TX.

What is the SEC file number for CVR Partners, LP?

The SEC file number for CVR Partners, LP is 001-35120.

When was this 10-Q filed?

This 10-Q was filed on July 30, 2024.

Filing Stats: 4,431 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-07-30 16:23:06

Filing Documents

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 32 Condensed Con solidate d Balance Sheets - June 30, 2024 and December 31, 2023 (unaudited) 5 Item 1A.

Risk Factors

Risk Factors 32 Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Item 5. Other Information 32 Condensed Consolidated Statements of Partners' Capital - Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 7 Item 6. Exhibits 32 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 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 31 Item 4.

Controls and Procedures

Controls and Procedures 31 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. June 30, 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 g

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CVR PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 47,524 $ 45,279 Accounts receivable, net 48,108 41,893 Inventories 80,610 69,165 Prepaid expenses 6,431 8,078 Other current assets 959 1,454 Total current assets 183,632 165,869 Property, plant, and equipment, net 728,203 761,023 Other long-term assets 47,612 48,440 Total assets $ 959,447 $ 975,332 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 24,148 $ 33,486 Accounts payable to affiliates 5,959 5,319 Deferred revenue 7,479 15,796 Other current liabilities 21,912 20,872 Total current liabilities 59,498 75,473 Long-term liabilities: Long-term debt, net 547,574 547,308 Long-term deferred revenue 30,138 33,311 Other long-term liabilities 18,609 16,360 Total long-term liabilities 596,321 596,979 Commitments and contingencies ( See Note 11 ) Partners' capital: Common unitholders, 10,569,637 and 10,569,637 units issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 303,627 302,879 General partner interest 1 1 Total partners' capital 303,628 302,880 Total liabilities and partners' capital $ 959,447 $ 975,332 The accompanying notes are an integral part of these condensed consolidated financial statements. June 30, 2024 | 5 CVR PARTNERS, LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per unit data) 2024 2023 2024 2023 Net sales $ 132,901 $ 183,005 $ 260,565 $ 409,266 Operating costs and expenses: Cost of materials and other 26,114 33,410 51,441 69,989 Direct operating expenses (exclusive of depreciation and amortization) 46,870 55,759 102,539 113,303 Depreciation and amortization 20,040 19,755 39,331 34,965 Cost of sales 93,024 108,924 193,311 218,

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