Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q3 2019 Earnings Presentation
21 slides from Icahn Enterprises L.p's earnings presentation, Nov 5, 2019
Slide 1: Icahn Enterprises L.P. Q3 2019 Earnings Presentation
Icahn Enterprises L.P. Q3 2019 Earnings Presentation November 5, 2019
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: Q3 2019 Highlights and Recent Developments
Q3 2019 Highlights and Recent Developments ▪ Net loss attributable to Icahn Enterprises for Q3 2019 was $49 million, or a loss of $0.24 per depositary unit ▪ Board declared $2.00 quarterly distribution payable in either cash or additional units ▪ On August 1, 2019, we closed on the previously announ
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Nine Months Ended Selected Income Statement Data September 30, September 30, ($Millions) 2019 2018 2019 2018 Revenues $2,320 $2,569 $6,371 $8,975 Expenses 2,719 2,981 7,993 8,609 Income (loss) from continuing operations before income tax benefit (399) (412) (1
Slide 5: Financial Performance
Financial Performance Net Income (Loss) Attributable to Adjusted EBITDA Attributable to Icahn Enterprises Icahn Enterprises $665 $552 $118 $5 $(49) $(121) $(941) $(573) Q3 2019 Q3 2018 YTD 2019 YTD 2018 Q3 2019 Q3 2018 YTD 2019 YTD 2018 Three Months Ended September 30, Nine Months Ended September 30
Slide 6: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments ▪ IEP invests its proprietary capital through various ▪ Return of (7.4)% for Q3 2019 private investment funds (the “Funds”) managed by the Investment segment ▪ From inception in November 2004, the Funds' gross return is appro
Slide 7: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments ▪ CVR Energy, Inc. (NYSE:CVI) is a diversified ▪ In January 2019, CVR Energy purchased the remaining common units of CVR holding company primarily engaged in the Refining not already owned by CVR Energy for $241 million, excludin
Slide 8: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments ▪ We conduct our Automotive segment through our ▪ Icahn Automotive is implementing a multi-year plan to separate its aftermarket parts wholly owned subsidiary Icahn Automotive Group and automotive service businesses into two
Slide 9: Segment: Food Packaging
Segment: Food Packaging Segment Description Highlights and Recent Developments ▪ Viskase Companies, Inc (OTCPK:VKSC) is a ▪ Q3 2019 net sales was flat as compared to the comparable prior year period worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the proces
Slide 10: Segment: Metals
Segment: Metals Segment Description Highlights and Recent Developments ▪ PSC Metals LLC is one of the largest independent ▪ Q3 2019 net sales decreased by $38 million compared to the comparable prior metal recycling companies in the U.S. year period primarily due to lower shipment volumes and lower
Slide 11: Segment: Real Estate
Segment: Real Estate Segment 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 and
Slide 12: Segment: Home Fashion
Segment: Home Fashion Segment Description Highlights and Recent Developments ▪ WestPoint Home LLC is engaged in ▪ Q3 2019 net sales increased by $13 million compared to the comparable prior manufacturing, sourcing, marketing, distributing year period due to the VSS acquisition described below and se
Slide 13: Financial Performance
Financial Performance 13
Slide 14: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ($ Millions) ▪ Our operating subsidiaries and the Holding Company maintain ample liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 9/30/2019 Liquid Assets: Holding Company Cash & Cash Equivalents $2,4
Slide 15: IEP Summary Financial Information
IEP Summary Financial Information ▪ Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets As of ($Millions) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Market-valued Subsidiari
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 16
Slide 17: 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 from continuing operations before interest expense, income tax (benefit) expense and depreciation and amortiza
Slide 18: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2019
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2019 Food Real Home Holding ($Millions) Investment Energy Automotive Packaging Metals Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) ($681) $92 ($48) ($12) ($7) $4 ($5) $270 $— $14 ($37
Slide 19: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2018
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2018 Food Real Home Holding ($Millions) Investment Energy Automotive Packaging Metals Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) ($532) $98 ($13) ($11) $1 $73 ($2) $3 $— $49 ($334)
Slide 20: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2019
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2019 Food Real Home Holding ($Millions) Investment Energy Automotive Packaging Metals Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) ($1,564) $298 ($128) ($16) ($13) $9 ($13) $311 $— ($4
Slide 21: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2018
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2018 Food Real Home Holding ($Millions) Investment Energy Automotive Packaging Metals Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) $266 $236 ($65) ($15) $8 $87 ($10) $2 $1 ($67) $443 I