Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q3 2024 Earnings Presentation
19 slides from Icahn Enterprises L.p's earnings presentation, Nov 8, 2024
Slide 1: Icahn Enterprises L.P. Q3 2024 Earnings Presentation
Icahn Enterprises L.P. Q3 2024 Earnings Presentation November 8, 2024 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our business
Slide 3: Q3 2024 Highlights and Recent Developments
Q3 2024 Highlights and Recent Developments • Q3 2024 net income attributable to IEP of $22 million, or income of $0.05 per depositary unit, compared to net loss attributable to IEP of $6 million, or a loss of $0.01 per depositary unit, for Q3 2023 FINANCIAL RESULTS • Q3 2024 Adjusted EBITDA attribut
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Three Months Ended September 30, September 30, ($Millions) 2024 2023 ($Millions) 2024 2023 Segments: Segments: Energy ($88) $235 Energy ($38) $347 Automot
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • Our Investment segment is comprised of various private • As of September 30, 2024, the Funds had a net short notional exposure of 2% investment funds (“Investment Funds”) in which we have general partner interests and throu
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company • CVR Energy Q3 2024 Highlights primarily engaged in the petroleum refining and nitrogen • Adjusted EBITDA attributable to IEP decreased by $385 million to negative
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • We conduct our Automotive segment’s operations through • Net sales and other revenues, which include Automotive Services, Aftermarket our wholly owned subsidiaries, Icahn Automotive Group LLC Parts, and Leasing revenues, de
Slide 8: All Other Operating Segments
All Other Operating Segments All Other Segments Description Highlights and Recent Developments • Real Estate: Our Real Estate segment consists of investment properties which includes land, retail, office and industrial properties leased to corporate tenants, • Q3 2024 Adjusted EBITDA attributable to
Slide 9: Financial Performance
Financial Performance 9
Slide 10: Liquidity
Liquidity Our operating subsidiaries and the Holding Company maintain liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 9/30/2024 Liquid Assets: Holding Company Cash & Cash Equivalents $1,566 Holding Company Investment in Investment Funds 2,730
Slide 11: Indicative Net Asset Value
Indicative Net Asset Value As of ($Millions) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Market-valued Subsidiaries and Investments: Holding Company interest in Investment Funds (1) $ 3,634 $ 3,243 $ 3,202 $ 2,946 $ 2,745 CVR Energy(2) 2,270 2,021 2,378 1,785 1,536 Total market-valued Subsidi
Slide 12: Indicative Net Asset Value
Indicative Net Asset Value Use of Indicative Net Asset Value Data The Company uses indicative net asset value as an additional method for considering the value of the Company’s assets, and we believe that this information can be helpful to investors. Please note, however, that the indicative net ass
Slide 13: Non-GAAP Reconciliations
Non-GAAP Reconciliations 13
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before net interest expense (excluding our Investment Segment), income tax (benefit
Slide 15: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2024
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2024 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net income (loss) $296 ($134) ($24) $0 $2 ($5) $4 ($59) $80 Interest
Slide 16: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2023
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2023 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($297) $342 $7 $0 $10 ($1) $0 ($91) ($30) Interest
Slide 17: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2024
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2024 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($174) ($31) ($26) $4 $0 ($6) $8 ($207) ($432) Inte
Slide 18: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2023
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2023 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($1,107) $745 ($2) $12 $13 ($2) ($4) ($462) ($807)
Slide 19: Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer
Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer Petroleum Nitrogen Fertilizer Three Months Ended Three Months Ended September 30, September 30, ($Millions) 2024 2023 2024 2023 Net income (loss) ($110) $460 $4 $1 Interest (Income) expense, net (5) (26) 7 8 Depreciation and