Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Investor Presentation (August 2023)
28 slides from Icahn Enterprises L.p's investor presentation, Aug 14, 2023
Slide 1: Icahn Enterprises L.P. Investor Presentation August 2023
Icahn Enterprises L.P. Investor Presentation August 2023
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) Investment segment total assets represents total equity (equity attributable to IEP was $3.8 billion). (2) All Other operating segments includes Food Packaging, Home Fashion, and Pharma. • Icahn Enterprises L . P . (IEP) is a diversified holding company with opera
Slide 5: Summary Corporate Organizational Chart
5 Summary Corporate Organizational Chart Note: Percentages denote equity ownership as of June 30, 2023. 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 The
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 $22 billion of assets as of June 30, 2023. • 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: Overview of Operating Segments
Overview of Operating Segments 9
Slide 10: Investment Segment: Highlights and Recent Developments
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 • Operational turnarounds • Strategic ini
Slide 11: Energy Segment: Highlights and Recent Developments
Highlights and Recent Developments Petroleum • Strategic location and complex refineries allow CVR to benefit from access to price advantaged crude oil • Complex refineries can process different types of crude oil to optimize profitability • Negatively impacted by RIN prices • Completed business tra
Slide 12: Automotive Segment: Highlights and Recent Developments
Highlights and Recent Developments • Automotive Services provides Do - It - For - Me automotive repair services for retail and fleet customers with over 900 stores and 8,000 service bays located in the United States and Puerto Rico • The Automotive segment continues to progress through its multi - y
Slide 13: Real Estate Segment: Highlights and Recent Developments
Highlights and Recent Developments • Business strategy is based on long - term investment outlook and operational expertise • Management is actively looking to expand the real estate portfolio • Under contract to purchase a 500 acre development site and 36 hole country club with an expected close in
Slide 14: Food Packaging and Home Fashion: Highlights and Recent Developments
Highlights and Recent Developments Food Packaging • Viskase operates plants in the United States, Mexico, Brazil, France, Italy, Germany, Poland, and the Philippines • Steady growth is projected globally for cellulose casings, with more emphasis on South America and Asia Pacific markets • Market dem
Slide 15: Financial Performance
Financial Performance 15
Slide 16: Financial Performance
16 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 17: Consolidated Financial Snapshot
17 Consolidated Financial Snapshot Net Income (Loss): Investment ($1,447) ($32) ($223) $402 ($810) ($1,435) Energy (327) 29 596 368 403 631 Automotive (198) (260) (192) (43) (9) (158) Real Estate (16) (8) 7 4 3 6 Metals - 186 - - - - All Other (1) (4) (13) (38) (6) 7 (25) Holding Company (476) (402)
Slide 18: Balance Sheet
18 Balance Sheet (1) All Other operating segments includes Food Packaging, Home Fashion, and Pharma. ASSETS Cash and cash equivalents $22 $751 $59 $7 $46 $5 $24 $1,574 $2,488 Cash held at consolidated affiliated partnerships and restricted cash 2,401 7 9 - 7 3 - 171 2,598 Investments 4,821 102 - - 1
Slide 19: IEP Summary Financial Information: Indicative Net Asset Value
19 IEP Summary Financial Information Company’s calculation of Indicative Net Asset Value : Note: Refer to Use of Indicative Net Asset Value Data on next page for footnotes and additional information. 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Holding Company interest in Investment Funds (1)
Slide 20: IEP Summary Financial Information: Use of Indicative Net Asset Value Data
20 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 can be helpful to investors . Please note, however, that the indicat
Slide 21: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 21
Slide 22: Non-GAAP Financial Measures
22 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 23: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022
23 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 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) ($223) $596 ($192) $
Slide 24: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2021
24 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 25: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2020
25 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2020 (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) ($1,447) ($327) ($19
Slide 26: Adjusted EBITDA Reconciliation by Segment – Last Twelve Months Ended June 30, 2023
26 Adjusted EBITDA Reconciliation by Segment – Last Twelve Months Ended June 30, 2023 (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) ($1,435) $
Slide 27: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2023
27 Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2023 (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) ($810) $403 ($9) $
Slide 28: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2022
28 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
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