Slide 1: Icahn Enterprises L.P. Investor Presentation September 2022
Icahn Enterprises L.P. Investor Presentation September 2022
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
2 Forward - Looking Statements and Non - GAAP Financial Measures Forward - Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E
Slide 3: Company Overview
Company Overview 3
Slide 4: Overview of Icahn Enterprises
4 Overview of Icahn Enterprises (1) Including reinvestment of distributions into additional depositary units and taking into account in - kind distributions of depositary units. (2) Including reinvestment of distributions into those investments. (3) Investment segment total assets represents total e
Slide 5: Summary Corporate Organizational Chart
5 Summary Corporate Organizational Chart Note: Percentages denote equity ownership as of June 30, 2022. Excludes intermediary and pass - through entities. CVR Energy , Inc. (NYSE: CVI) Vivus LLC Various Real Estate Holding Entities WestPoint Home LLC Icahn Enterprises G.P. Inc. Icahn Enterprises L.P
Slide 6: Diversified Subsidiary Companies with Significant Inherent Value
6 Diversified Subsidiary Companies with Significant Inherent Value • IEP’s subsidiary companies possess key competitive strengths and/or leading market positions • IEP seeks to create incremental value by investing in organic growth and targeting businesses that offer consolidation opportunities • C
Slide 7: Evolution of Icahn Enterprises
7 Evolution of Icahn Enterprises • IEP began as American Real Estate Partners, which was founded in 1987, and now has diversified its portfolio to seven operati ng segments and approximately $27 billion of assets as of June 30, 2022. • IEP has demonstrated a history of successfully acquiring underva
Slide 8: Ability to Maximize Shareholder Value Through Proven Activist Strategy
8 Ability to Maximize Shareholder Value Through Proven Activist Strategy • IEP seeks undervalued companies and often becomes “actively” involved in the targeted companies • Activist strategy requires significant capital, rapid execution and willingness to take control of companies • Implement change
Slide 9: Deep Team Led by Carl Icahn
9 Deep Team Led by Carl Icahn • Led by Carl Icahn • Substantial investing history provides IEP with a unique network of relationships and access to Wall Street • Team consists of professionals with diverse backgrounds • Well rounded team with professionals focusing on different areas such as equity,
Slide 10: Overview of Operating Segments
Overview of Operating Segments 10
Slide 11: Highlights and Recent Developments: Investment
Highlights and Recent Developments • Long history of investing in public equity and debt securities and pursuing activist agenda • Employs an activist strategy that seeks to unlock hidden value through various tactics • Financial/balance sheet restructurings (e.g., CIT Group, Apple) • Operational tu
Slide 12: Highlights and Recent Developments: Energy
Highlights and Recent Developments Petroleum • Strategic location and complex refineries allow CVR to benefit from access to price advantaged crude oil • Approximately 206k bpd of crude processing in Kansas and Oklahoma • Complex refineries can process different types of crude oil to optimize profit
Slide 13: Highlights and Recent Developments: Automotive
Highlights and Recent Developments • Icahn Automotive has been in the process of implementing a multi - year plan to separate its aftermarket parts and automotive services businesses into two separate operating companies. Our Automotive segment's priorities include: • Positioning the services busine
Slide 14: Highlights and Recent Developments: Real Estate
Highlights and Recent Developments • Business strategy is based on long - term investment outlook and operational expertise Investment Property Operations • Maximize value of commercial lease portfolio through effective management of existing properties • Seek to sell assets on opportunistic basis C
Slide 15: Highlights and Recent Developments: Food Packaging, Home Fashion, Pharma
Highlights and Recent Developments Food Packaging • Future growth expected to be driven by changing diets of a growing middle class in emerging markets • Developed markets remain a steady source of income • Distribution channels to certain customers spanning more than 50 years • Significant barriers
Slide 16: Financial Performance
Financial Performance 16
Slide 17: Financial Performance
17 Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises (1) (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. (2) All Other operating segments include Food Packaging, Home Fashion, and Pharma. Results for each of
Slide 18: Consolidated Financial Snapshot
18 Consolidated Financial Snapshot Net Income (Loss): Investment ($1,543) ($1,447) ($32) $1,007 $402 ($637) Energy 314 (327) 29 (81) 368 478 Automotive (197) (198) (260) (84) (43) (219) Real Estate 16 (16) (8) (5) 4 1 Metals (22) - 186 12 - 174 Mining 311 - - - - - All Other (1) (39) (4) (13) 1 (6)
Slide 19: Strong Balance Sheet
19 Strong Balance Sheet ASSETS Cash and cash equivalents $21 $893 $35 $8 $30 $3 $17 $1,446 $2,453 Cash held at consolidated affiliated partnerships and restricted cash 4,117 7 15 - 11 - - 66 4,216 Investments 5,720 77 - - 15 - - - 5,812 Accounts receivable, net - 418 146 91 11 40 22 - 728 Inventorie
Slide 20: IEP Summary Financial Information: Indicative Net Asset Value
20 IEP Summary Financial Information Company’s calculation of Indicative Net Asset Value : 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 Holding Company interest in Investment Funds (1) 4,743$ 4,660$ 4,271$ 4,684$ 4,469$ CVR Energy (2) 1,279 1,186 1,197 1,818 2,385 Delek (2) 161 134 105 28 - Vi
Slide 21: IEP Summary Financial Information: Use of Indicative Net Asset Value Data
21 IEP Summary Financial Information 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 is more indicative of value than our assets presented in accordance
Slide 22: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 22
Slide 23: Non-GAAP Financial Measures
23 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 interest expense, income tax (benefit) expense and depreciation a
Slide 24: Adjusted EBITDA Reconciliation by Segment – LTM June 30, 2022
24 Adjusted EBITDA Reconciliation by Segment – Last Twelve Months Ended June 30, 2022 Net income (loss) ($637) $478 ($219) $0 $1 ($3) ($17) $174 ($216) ($439) Interest expense, net 186 96 2 6 - 2 - - 299 591 Income tax expense (benefit) - 120 (63) 4 - (2) - - (113) (54) Depreciation and amortization
Slide 25: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2022
25 Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2022 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net income (loss) $402 $368 ($43) $3
Slide 26: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2021
26 Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2021 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net income (loss) $1,007 ($81) ($84)
Slide 27: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2021
27 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2021 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net income (loss) ($32) $29 ($260) ($2
Slide 28: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2020
28 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2020 Net income (loss) ($1,447) ($327) ($198) $4 ($16) ($7) ($1) $0 ($476) ($2,468) Interest expense, net 196 121 12 11 - 1 - 1 328 670 Income tax expense (benefit) - (112) (54) 8 - - - - 42 (116) Depreciation and amortization -
Slide 29: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2019
29 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2019 Net income (loss) ($1,543) $314 ($197) ($22) $16 ($17) $0 ($22) $311 ($599) ($1,759) Interest expense, net 106 102 20 17 (1) 1 - 1 3 296 545 Income tax expense (benefit) - 112 (55) 6 (6) - - - 1 (38) 20 Depreciation and amor