Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q3 2016 Earnings Presentation
24 slides from Icahn Enterprises L.p's earnings presentation, Nov 3, 2016
Slide 1: Icahn Enterprises L.P. Q3 2016 Earnings Presentation
Icahn Enterprises L.P. Q3 2016 Earnings Presentation November 3, 2016
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 busines
Slide 3: Q3 2016 Highlights and Recent Developments
Q3 2016 Highlights and Recent Developments Board declared $1.50 quarterly dividend payable in either cash or additional units Net loss attributable to Icahn Enterprises for Q3 2016 was $16 million, compared to a net loss of $440 million for Q3 2015 Icahn Enterprises announced that it has exten
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Nine Months Ended Consolidated Results September 30, September 30, ($ millions) 2016 2015 2016 2015 Select Income Statement Data: Revenues $4,899 $3,212 $12,376 $12,707 Expenses 4,646 4,130 13,951 12,500 Income (loss) before income tax expense 253 (918) (1,575
Slide 5: Financial Performance
Financial Performance Net Income Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises $458 $685 $1,168 ($16) ($440) ($922) ($67) ($31) Q3 2016 Q3 2015 YTD 2016 YTD 2015 Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Ni
Slide 6: Segment: Investment
Segment: Investment Company Description Highlights and Recent Developments IEP invests its proprietary capital through various Returns of 6.5% for Q3 2016 private investment funds (the “Funds”) managed From inception in November 2004, the Funds' gross return is 136.8%, representing by the Inve
Slide 7: Segment: Energy
Segment: Energy Company Description Highlights and Recent Developments CVR Energy, Inc. (NYSE:CVI) operates as a holding CVR Energy Q3 2016 Highlights company that owns majority interests in two ─ Announced Q3 2016 cash dividend of $0.50 per share, bringing the separate operating subsidiaries: C
Slide 8: Segment: Automotive
Segment: Automotive Company Description Highlights and Recent Developments We conduct our Automotive segment through our majority During Q1 2016, Icahn Enterprises completed the acquisition of Pep Boys ownership in Federal-Mogul Holdings Corporation (NasdaqGS:FDML) and our wholly owned subsidiar
Slide 9: Segment: Railcar
Segment: Railcar Segment Description Highlights and Recent Developments American Railcar Industries, Inc. (NASDAQ:ARII) On February 29, 2016, Icahn Enterprises entered into a contribution agreement operates in three business segments: with IRL Holding, LLC, an affiliate of Mr. Icahn, to acquire
Slide 10: Segment: Gaming
Segment: Gaming Company Description Highlights and Recent Developments We conduct our Gaming segment through our majority ownership in Tropicana and our wholly owned subsidiary, During Q1 2016, IEP obtained control and began consolidating the results of Trump Entertainment Resorts, Inc. Trump En
Slide 11: Segment: Food Packaging
Segment: Food Packaging Company Description Highlights and Recent Developments Viskase Companies, Inc (OTCPK:VKSC) is a Net sales for Q3 2016 decreased by $5 million or 6% as compared to the worldwide leader in the production and sale of corresponding prior year period due to lower sales volume
Slide 12: Segment: Metals
Segment: Metals Company Description Highlights and Recent Developments PSC Metals, Inc. is one of the largest independent Net sales for Q3 2016 decreased by $20 million, or 22%, compared to the prior metal recycling companies in the U.S. year period Collects industrial and obsolete scrap metal
Slide 13: Segment: Real Estate
Segment: Real Estate Company Description Highlights and Recent Developments Consists of rental real estate, property development Business strategy is based on long-term investment outlook and operational expertise and club operations Rental real estate consists primarily of retail, office Rent
Slide 14: Segment: Mining
Segment: Mining Company Description Highlights and Recent Developments IEP acquired a controlling interest in Ferrous Mining segment has been concentrating on sales in Brazil, where the best Resources on June 8, 2015 margins are being captured Ferrous Resources has certain rights to iron ore m
Slide 15: Segment: Home Fashion
Segment: Home Fashion Company Description Highlights and Recent Developments WestPoint Home LLC is engaged in Q3 2016 net sales were $48 million, which was flat with the prior year period manufacturing, sourcing, marketing, distributing and selling home fashion consumer products Adjusted EBITD
Slide 16: Financial Performance
Financial Performance 16
Slide 17: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ($Millions) The Company and its subsidiaries maintain ample liquidity to take advantage of attractive opportunities for their respective businesses Liquidity As of 9/30/2016 Liquid Assets: Hold Co. Cash & Cash Equivalents (1) $193 IEP Interest in Investm
Slide 18: IEP Summary Financial Information
IEP Summary Financial Information Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets As of ($ Millions) Sept 30 Dec 31 March 31 June 30 Sept 30 2015 2015 2016 2016 2016 Market-va
Slide 19: Appendix Adjusted EBITDA
Appendix Adjusted EBITDA 19
Slide 20: 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, Adjusted EBITDA and Adjusted Net Income. EBITDA represents earnings before interest expense, income tax (benefit) expense and depreciation and amortization.
Slide 21: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2016
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2016 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net (loss) income $362 $33 ($8) ($6) $21 ($83) ($3) $2 $4 ($4)
Slide 22: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2015
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2015 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) ($1,041) ($10) $89 ($8) $54 $17 ($7) ($4) $2
Slide 23: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2016
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2016 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) ($972) $103 ($588) ($13) $123 ($69) ($21) $8
Slide 24: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2015
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2015 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) ($263) $0 $347 ($22) $154 $33 ($13) $2 $55 ($