Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q4 2021 Earnings Presentation
22 slides from Icahn Enterprises L.p's earnings presentation, Feb 25, 2022
Slide 1: Icahn Enterprises L.P. Q4 2021 Earnings Presentation
Icahn Enterprises L.P. Q4 2021 Earnings Presentation February 25, 2022 1
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 business
Slide 3: Q4 2021 Highlights and Recent Developments
Q4 2021 Highlights and Recent Developments • Q4 2021 IEP net loss of $396 million, full year 2021 net loss of $518 million is a $1.1 billion improvement over full year 2020 • The full‐year 2021 results were negatively impacted by losses of $1.3 billion on IEP’s Investment segment short positions (us
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Year Ended Three Months Ended Year Ended December 31, December 31, December 31, December 31, ($Millions) 2021 2020 2021 2020 ($Millions) 2021 2020 2021 20
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • IEP invests its proprietary capital through various private • As of December 31, 2021, the Funds had a net short notional exposure of 31% investment funds (the “Funds”) managed by the Investment (112% long and 143% short) s
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy Q4 2021 Highlights • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company primarily engaged in the petroleum refining and nitrogen • Net sales increased by $994 million (89%) to $2.1 billion fertilizer manuf
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • We conduct our Automotive segment through our wholly • Icahn Automotive owned subsidiary, Icahn Automotive Group LLC ("Icahn • Adjusted EBITDA was negative $97 million for Q4 2021 versus negative $3 Automotive") million for
Slide 8: Segment: Food Packaging
Segment: Food Packaging Segment Description Highlights and Recent Developments • Viskase Companies, Inc (OTCPK:VKSC) is a worldwide leader • Q4 2021 net sales increased by $3 million compared to Q4 2020 in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and
Slide 9: Segment: Real Estate
Segment: Real Estate Segment Description Highlights and Recent Developments • Our Real Estate segment consists primarily of investment • Q4 2021 adjusted EBITDA for the real estate segment was negative $3 million properties, the development and sale of single‐family homes, and the management of a co
Slide 10: Segment: Home Fashion
Segment: Home Fashion Segment Description Highlights and Recent Developments • We conduct our Home Fashion segment through our wholly • Adjusted EBITDA was $2 million for Q4 2021 compared to negative $2 million for owned subsidiary, WestPoint Home LLC Q4 2020 • WestPoint Home LLC is engaged in manuf
Slide 11: Segment: Pharma
Segment: Pharma Segment Description Highlights and Recent Developments • We conduct our Pharma segment through our wholly • In December 2020, we acquired all of the outstanding common stock of Vivus owned subsidiary, Vivus LLC, formerly Vivus, Inc. upon its emergence from bankruptcy. Prior to Vivus’
Slide 12: Financial Performance
Financial Performance 12
Slide 13: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage Our operating subsidiaries and the Holding Company maintain ample liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 12/31/2021 Liquid Assets: Holding Company Cash & Cash Equivalents $1,707 Holding Com
Slide 14: IEP Summary Financial Information
IEP Summary Financial Information Company’s calculation of Indicative Net Asset Value: As of ($Millions) 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Market‐valued Subsidiaries and Investments: Holding Company interest in Investment Funds(1) $ 4,283 $ 4,675 $ 4,743 $ 4,660 $ 4,271 CVR Energy(
Slide 15: IEP Summary Financial Information
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 wit
Slide 16: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 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 December 31, 2021
Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2021 Food Home Holding ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Metals Company Consolidated Adjusted EBITDA: Net income (loss) ($852) $16 ($121) ($4) ($3) $1 ($4) $167 ($26) ($826) Intere
Slide 19: Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2020
Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2020 Food Home Holding ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Metals Company Consolidated Adjusted EBITDA: Net income (loss) $490 ($91) ($49) $1 ($12) ($5) ($1) $10 $31 $374 Interest ex
Slide 20: Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2021
Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2021 Food Home Holding ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Metals Company Consolidated Adjusted EBITDA: Net income (loss) ($32) $29 ($260) ($2) ($8) ($8) ($3) $186 ($402) ($500) Int
Slide 21: Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2020
Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2020 Food Home Holding ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Metals Company Consolidated Adjusted EBITDA: Net income (loss) ($1,447) ($327) ($198) $4 ($16) ($7) ($1) $0 ($476) ($2,468
Slide 22: Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer
Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer Petroleum Nitrogen Fertilizer Three Months Ended Three Months Ended December 31, December 31, ($Millions) 2021 2020 2021 2020 Net income (loss) ($19) ($114) $61 ($17) Interest expense, net (5) (3) 11 16 Depreciation and amor