Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q1 2024 Earnings Presentation
18 slides from Icahn Enterprises L.p's earnings presentation, May 8, 2024
Slide 1: Icahn Enterprises L.P. Q1 2024 Earnings Presentation
Icahn Enterprises L.P. Q1 2024 Earnings Presentation March 8, 2024 May 8, 2024 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: Q1 2024 Highlights and Recent Developments
Q1 2024 Highlights and Recent Developments • Q1 2024 net loss attributable to IEP of $38 million, or a loss of $0.09 per depositary unit, compared to net loss attributable to IEP of $270 million, or a loss of $0.75 per depositary unit, for Q1 2023 FINANCIAL RESULTS • Q1 2024 Adjusted EBITDA attribut
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Three Months Ended March 31, March 31, ($Millions) 2024 2023 ($Millions) 2024 2023 Segments: Segments: Energy $49 $132 Energy $118 $229 Automotive (9) (13
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • Our Investment segment is comprised of various private • As of March 31, 2024, the Funds had a net short notional exposure of 27% investment funds (“Investment Funds”) in which we have general partner interests and through
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company • CVR Energy Q1 2024 Highlights primarily engaged in the petroleum refining and nitrogen • Adjusted EBITDA attributable to IEP decreased by $111 million to $118 fert
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • We conduct our Automotive segment through our wholly • Net sales and other revenues decreased by $73 million primarily driven by the owned subsidiaries, Icahn Automotive Group LLC ("Icahn deconsolidation of Auto Plus of $53
Slide 8: Segment: Real Estate
Segment: Real Estate Segment Description Highlights and Recent Developments • Our Real Estate segment consists of investment properties • Q1 2024 Net sales and other revenue from operations decreased by $5 million which includes land, retail, office and industrial properties compared to Q1 2023 driv
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 • Q1 2024 Adjusted EBITDA attributable to IEP for all other segments was $22 through our majority owned subsidiary, Viskase Companies, Inc. (OTCPK:VK
Slide 10: Financial Performance
Financial Performance 10
Slide 11: Liquidity
Liquidity Our operating subsidiaries and the Holding Company maintain liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 3/31/2024 Liquid Assets: Holding Company Cash & Cash Equivalents $1,692 Holding Company Investment in Investment Funds 3,191
Slide 12: Indicative Net Asset Value
Indicative Net Asset Value As of ($Millions) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Market-valued Subsidiaries and Investments: 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 Subsidia
Slide 13: Indicative Net Asset Value
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 ass
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 net interest expense (excluding our Investment Segment), income tax (benefit
Slide 16: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2024
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2024 Food Real Home Holding (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income (40) 78 (9) 2 (2) (1) 1 (55) ($26) Interest expense, net -
Slide 17: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2023
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2023 Food Real Home Holding (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income (375) 247 (13) 7 - (2) (4) (218) ($358) Interest expense,
Slide 18: Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer
Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer Petroleum Nitrogen Fertilizer Three Months Ended Three Months Ended March 31, March 31, ($Millions) 2024 2023 2024 2023 Net income (loss) $127 $259 $13 $102 Interest (Income) expense, net (4) (20) 8 7 Depreciation and amorti