Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q3 2023 Earnings Presentation
20 slides from Icahn Enterprises L.p's earnings presentation, Nov 3, 2023
Slide 1: Icahn Enterprises L.P. Q3 2023 Earnings Presentation
Icahn Enterprises L.P. Q3 2023 Earnings Presentation November 3, 2023 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: Q3 2023 Highlights and Recent Developments
Q3 2023 Highlights and Recent Developments • Third quarter net loss attributable to IEP of $6 million, an improvement of $117 million over prior year quarter FINANCIAL • Third quarter Adjusted EBITDA(1) attributable to IEP of $272 million, an increase RESULTS of $202 million over prior year quarter
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Three Months Ended September 30, September 30, ($Millions) 2023 2022 ($Millions) 2023 2022 Operating Segments: Operating Segments: Energy $235 $60 Energy
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • IEP invests its proprietary capital through various private • As of September 30, 2023, the Funds had a net short notional exposure of 41% investment funds (the “Funds”) managed by the Investment segment • Returns of negati
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company • CVR Energy Q3 2023 Highlights primarily engaged in the petroleum refining and nitrogen • Net sales decreased over the same period last year by $177 million (-6.6%)
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • We conduct our Automotive segment through our wholly • Automotive Segment owned subsidiaries, Icahn Automotive Group LLC ("Icahn Automotive") and our wholly owned subsidiary, AEP PLC LLC • Net sales and other revenues decre
Slide 8: Segment: Real Estate
Segment: Real Estate Segment Description Highlights and Recent Developments • Our Real Estate segment consists of investment properties • Q3 2023 Net sales and other revenue from operations increased by $18 million which includes retail, office and industrial properties leased compared to Q3 2022 dr
Slide 9: All Other Operating Segments
All Other Operating Segments All Other Segments Description Highlights and Recent Developments • Food Packaging: We conduct our Food Packaging segment • Q3 2023 Adjusted EBITDA attributable to IEP for all other segments was $24 through our majority owned subsidiary, Viskase Companies, Inc. million c
Slide 10: Financial Performance
Financial Performance 10
Slide 11: Liquidity
Liquidity Our operating subsidiaries and the Holding Company maintain liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 9/30/2023 Liquid Assets: Holding Company Cash & Cash Equivalents $1,813 Holding Company Investment in Investment Funds 3,606
Slide 12: IEP Summary Financial Information
IEP Summary Financial Information Company’s calculation of Indicative Net Asset Value: As of ($Millions) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Market-valued Subsidiaries and Investments: Holding Company interest in Investment Funds (1) $ 4,387 $ 4,184 $ 4,013 $ 3,799 $ 3,634 CVR Energy(
Slide 13: IEP Summary Financial Information
IEP Summary Financial Information Use of Indicative Net Asset Value Data Indicative net asset value does not purport to reflect a valuation of IEP. The calculated Indicative net asset value does not include any value for our Investment Segment other than the fair market value of our investment in th
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations 14
Slide 15: 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 16: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2023
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2023 Food Home Holding (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($297) $342 $7 $0 $10 ($1) $0 ($91) ($30) Interest exp
Slide 17: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2022
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2022 Food Home Holding (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($181) $68 ($21) ($3) $4 ($9) ($7) ($66) ($215) Intere
Slide 18: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2023
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2023 Food Home Holding (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($1,107) $745 ($2) $12 $13 ($2) ($4) ($462) ($807) Inte
Slide 19: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2022
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2022 Food Home Holding (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Real Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net income (loss) $221 $436 ($64) $0 $8 ($10) ($15) ($193) $383 Interest
Slide 20: Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer
Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer Petroleum Nitrogen Fertilizer Three Months Ended Three Months Ended September 30, September 30, ($Millions) 2023 2022 2023 2022 Net income (loss) $460 $152 $1 ($20) Interest (Income) expense, net (26) (13) 8 8 Depreciation a