Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Investor Presentation (May 2024)
27 slides from Icahn Enterprises L.p's investor presentation, May 9, 2024
Slide 1: Icahn Enterprises L.P. Investor Presentation May 2024
Icahn Enterprises L.P. Investor Presentation May 2024
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) Based on May 8, 2024, closing price of $18.56 (2) Investment segment total assets represents total equity (equity attributable to IEP was $3.2 billion). (3) All Other operating segments includes Food Packaging, Home Fashion, and Pharma. • Icahn Enterprises L . P .
Slide 5: Summary Corporate Organizational Chart
5 Summary Corporate Organizational Chart Note: Percentages denote equity ownership as of March 31, 2024. Excludes intermediary and pass - through entities. 99 % LP Energy Segment: CVR Energy , Inc. (NYSE: CVI) Pharma Segment: Vivus LLC Real Estate Segment: Real Estate Holdings Home Fashion Segment:
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 businesses and approximately $20 billion of assets as of March 31, 2024. • IEP’s record is based on a long - term horizon that can enhan
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: Highlights and Recent Developments: Investment Segment
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: Highlights and Recent Developments: Energy Segment
Highlights and Recent Developments Petroleum • Two strategically located Mid - Continent refineries close to Cushing, Oklahoma with total nameplate capacity 206,500 bpd • Direct access to crude oil and condensate fields in the Anadarko and Arkoma Basins • Complimentary logistics assets and access to
Slide 12: Highlights and Recent Developments: Automotive Segment
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: Highlights and Recent Developments: Real Estate Segment
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 Investment Property • Maximize value of commercial lease portfolio through effective management of existing
Slide 14: Highlights and Recent Developments: Food Packaging and Home Fashion
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) We completed the sale of 100% of the equity interest in PSC Metals, LLC on December 7, 2021. (3) Al
Slide 17: Consolidated Financial Snapshot
17 Consolidated Financial Snapshot (1) All Other operating segments include Food Packaging, Home Fashion, and Pharma. Results for each of these separate segments ca n b e found in our Quarterly Reports on Form 10 - Q and our Annual Report on Form 10 - K filed with the SEC. (2) Refer to the Adjusted
Slide 18: Balance Sheet
18 Balance Sheet (1) All Other operating segments includes Food Packaging, Home Fashion, and Pharma. ($Millions) ASSETS Cash and cash equivalents $6 $644 $64 $7 $33 $4 $18 $1,692 $2,468 Cash held at consolidated affiliated partnerships and restricted cash 2,379 - 8 - 4 3 - 171 2,565 Investments 3,20
Slide 19: Indicative Net Asset Value
19 Indicative Net Asset Value Note: Refer to the next page for footnotes and additional information. 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Holding Company interest in Investment Funds (1) 4,013$ 3,799$ 3,634$ 3,243$ 3,202$ CVR Energy (2) 2,334 2,133 2,270 2,021 2,378 Total market-valued
Slide 20: Indicative Net Asset Value: Use of Data
20 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
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 net interest expense (excluding our Investment Segment), income t
Slide 23: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2024
23 Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2024 (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 (loss) income (40) 78 (9) 2 (
Slide 24: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2023
24 Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 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 (loss) income (375) 247 (13)
Slide 25: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023
25 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 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 (loss) income (1,353) 831 (6) 13 1
Slide 26: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022
26 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 (loss) income ($223) $596 ($192) $
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 (loss) income ($32) $29 ($260) ($2