Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q1 2018 Earnings Presentation
25 slides from Icahn Enterprises L.p's earnings presentation, May 3, 2018
Slide 1: Icahn Enterprises L.P. Q1 2018 Earnings Presentation
Icahn Enterprises L.P. Q1 2018 Earnings Presentation May 3, 2018
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: Q1 2018 Highlights and Recent Developments
Q1 2018 Highlights and Recent Developments Board declared $1.75 quarterly dividend payable in either cash or additional units Net income attributable to Icahn Enterprises for Q1 2018 was $137 million, compared to a net loss of $18 million for Q1 2017 On April 10, 2018, IEP announced a definiti
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Consolidated Results March 31, ($ millions) 2018 2017 Select Income Statement Data: Revenues $5,445 $4,667 Expenses 4,966 4,801 Income (loss) before income tax expense 479 (134) Income tax expense (56) (26) Net income (loss) 423 (160) Less: net income (loss) a
Slide 5: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises $137 $551 $421 ($18) Q1 2018 Q1 2017 Q1 2018 Q1 2017 5
Slide 6: Segment: Investment
Segment: Investment Company Description Highlights and Recent Developments IEP invests its proprietary capital through various Returns of 5.3% for Q1 2018 private investment funds (the “Funds”) managed From inception in November 2004, the Funds' gross return is approximately 132%, by the Inves
Slide 7: Segment: Energy
Segment: Energy Company Description Highlights and Recent Developments CVR Energy, Inc. (NYSE:CVI) operates as a holding CVR Energy Q1 2018 Highlights company that owns majority interests in two ─ Announced Q1 2018 cash dividend of $0.50 per share separate operating subsidiaries: CVR Refining, L
Slide 8: Segment: Automotive
Segment: Automotive Company Description Highlights and Recent Developments We conduct our Automotive segment through our On April 10, 2018, IEP announced a definitive agreement to sell Federal-Mogul to wholly owned subsidiaries Federal-Mogul LLC Tenneco Inc. in a transaction valued at approximat
Slide 9: Segment: Railcar
Segment: Railcar Segment Description Highlights and Recent Developments American Railcar Industries, Inc. (NASDAQ:ARII) Railcar manufacturing operates in three business segments: manufacturing operations, railcar services and leasing ─ Railcar shipments for the three months ended March 31, 2018
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, On April 16, 2018, IEP announced a definitive agreement to sell Tropicana's real estate to Trump Entertainment Resorts
Slide 11: Segment: Food Packaging
Segment: Food Packaging Company Description Highlights and Recent Developments Viskase Companies, Inc (OTCPK:VKSC) is a Net sales for the three months ended March 31, 2018 increased by $7 million worldwide leader in the production and sale of as compared to the corresponding prior year period. c
Slide 12: Segment: Metals
Segment: Metals Company Description Highlights and Recent Developments PSC Metals, Inc. is one of the largest independent Net sales for the three months ended March 31, 2018 increased by $15 million metal recycling companies in the U.S. compared to the comparable prior year period primarily due
Slide 13: Segment: Real Estate
Segment: Real Estate Company Description Highlights and Recent Developments Consists of rental real estate, property development Business strategy is based on long-term investment outlook and operational expertise and club operations Rental real estate consists primarily of retail, office Rent
Slide 14: Segment: Mining
Segment: Mining Company Description Highlights and Recent Developments Ferrous Resources has certain rights to iron ore Mining segment has been concentrating on sales in Brazil, where the best mineral resources in Brazil and develops mining margins are being captured operations and related infra
Slide 15: Segment: Home Fashion
Segment: Home Fashion Company Description Highlights and Recent Developments WestPoint Home LLC is engaged in Q1 2018 net sales for our Home Fashion segment were down 11% as manufacturing, sourcing, marketing, distributing compared to Q1 2017 due to lower sales volumes and selling home fashion c
Slide 16: Financial Performance
Financial Performance 16
Slide 17: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ($Millions) The Company and its subsidiaries maintain ample liquidity to take advantage of attractive opportunities for their respective businesses Liquidity As of 3/31/2018 Liquid Assets: Hold Co. Cash & Cash Equivalents $199 IEP Interest in Investment
Slide 18: IEP Summary Financial Information
IEP Summary Financial Information Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets As of ($ Millions) June 30 Sept 30 Dec 31 March 31 2017 2017 2017 2018 Market-valued Subsidia
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 and Adjusted EBITDA. EBITDA represents earnings before interest expense, income tax (benefit) expense and depreciation and amortization. We define Adjusted EB
Slide 21: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2018
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2018 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $401 ($12) $92 $4 $16 $19 ($6) ($3) $9 ($5) ($92
Slide 22: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2017
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2017 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net (loss) income ($192) $30 $28 $2 $52 ($4) $6 $2 $2 ($3) ($83) (
Slide 23: Federal-Mogul Operational EBITDA
Federal-Mogul Operational EBITDA ($Millions) Federal-Mogul Operational EBITDA and the reconciliation to net income are as follows: Three Months Ended March 31, 2018 2017 Net income $ 29 $ 52 Interest expense, net 43 36 Income tax (benefit) expense 15 16 Depreciation, depletion and amortization 100 9
Slide 24: Tropicana Entertainment Inc. Operational EBITDA
Tropicana Entertainment Inc. Operational EBITDA ($Millions) Tropicana Operational EBITDA and the reconciliation to net income are as follows: Three Months Ended March 31, 2018 2017 Net income $ 21 $ 26 Interest expense, net - 2 Income tax (benefit) expense 7 14 Depreciation, depletion and amortizati
Slide 25: Trump Entertainment Resort, Inc. Operational EBITDA
Trump Entertainment Resort, Inc. Operational EBITDA ($Millions) Trump Entertainment Resort, Inc. Operational EBITDA and the reconciliation to net income are as follows: Three Months Ended March 31, 2018 2017 Net income $ (2) $ (30) Loss on disposition of assets - 3 Other - 14 Operational EBITDA $ (2