Slide 1: Icahn Enterprises L.P. Investor Presentation March 2022
Icahn Enterprises L.P. Investor Presentation March 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 December 31, 2021. Excludes intermediary and pass - through entities. CVR Energy , Inc. (NYSE: CVI) Vivus LLC AREP Real Estate Holdings, LLC 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 .
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 $28 billion of assets as of December 31, 2021. • IEP has demonstrated a history of successfully acquiring und
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 207k bpd of crude processing in Kansas and Oklahoma • Access to quality and price advantaged crude – 100% of crude purchased is WTI
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: Food Packaging
Highlights and Recent Developments • Future growth expected to be driven by changing diets of a growing middle class in emerging markets • Significant portion of revenues from emerging markets • Developed markets remain a steady source of income. • Distribution channels to certain customers spanning
Slide 15: 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 16: Highlights and Recent Developments: Home Fashion
Highlights and Recent Developments • One of the largest providers of home textile goods in the United States • Transitioned majority of manufacturing to low - cost plants overseas • Streamlined merchandising, sales and customer service divisions • Focus on core profitable customers and product lines
Slide 17: Highlights and Recent Developments: Pharma
Highlights and Recent Developments • In December 2020, we acquired all of the outstanding common stock of Vivus upon its emergence from bankruptcy. Prior to Vivus ’ emergence from bankruptcy, we held an investment in all of Vivus ’ convertible corporate debt securities, as well as all of its other o
Slide 18: Financial Performance
Financial Performance 18
Slide 19: Financial Performance
19 Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises (1) ($Millions) Operating Segments: Energy $246 ($194) ($5) Automotive (197) (198) (260) Food Packaging (17) 4 (2) Real Estate 16 (16) (8) Home Fashion (17) (7) (8) Pharma -
Slide 20: Consolidated Financial Snapshot
20 Consolidated Financial Snapshot Net Income (Loss): Investment ($1,543) ($1,447) ($32) Energy 314 (327) 29 Automotive (197) (198) (260) Food Packaging (22) 4 (2) Real Estate 16 (16) (8) Home Fashion (17) (7) (8) Pharma - (1) (3) Metals (22) - 186 Mining 311 - - Holding Company (599) (476) (402) Di
Slide 21: Strong Balance Sheet
21 Strong Balance Sheet ASSETS Cash and cash equivalents $19 $510 $28 $10 $30 $3 $14 $1,707 $2,321 Cash held at consolidated affiliated partnerships and restricted cash 2,008 7 17 - 11 - - 72 2,115 Investments 8,952 79 - - 15 - - 105 9,151 Accounts receivable, net - 299 103 82 10 32 20 - 546 Invento
Slide 22: IEP Summary Financial Information: Indicative Net Asset Value
22 IEP Summary Financial Information Company’s calculation of Indicative Net Asset Value : 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Holding Company interest in Investment Funds (1) 4,283$ 4,675$ 4,743$ 4,660$ 4,271$ CVR Energy (2) 1,061 1,366 1,279 1,186 1,197 Delek (2) - - 161 134 105 Vi
Slide 23: IEP Summary Financial Information: Use of Indicative Net Asset Value Data
23 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 24: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 24
Slide 25: Non-GAAP Financial Measures
25 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 26: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2021
26 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2021 Net income (loss) ($32) $29 ($260) ($2) ($8) ($8) ($3) $186 ($402) ($500) Interest expense, net 218 109 7 6 - 2 - 1 318 661 Income tax expense (benefit) - (27) (72) 4 - (2) - - 19 (78) Depreciation and amortization - 343 87
Slide 27: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2020
27 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 28: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2019
28 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