Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Investor Presentation (November 2023)
28 slides from Icahn Enterprises L.p's investor presentation, Nov 13, 2023
Slide 1: Icahn Enterprises L.P. Investor Presentation November 2023
Icahn Enterprises L.P. Investor Presentation November 2023
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) Based on November 10, 2023, closing price of $19.54 (2) Investment segment total assets represents total equity (equity attributable to IEP was $3.6 billion). (3) All Other operating segments includes Food Packaging, Home Fashion, and Pharma. • Icahn Enterprises L
Slide 5: Summary Corporate Organizational Chart
5 Summary Corporate Organizational Chart Note: Percentages denote equity ownership as of September 30, 2023. Excludes intermediary and pass - through entities. CVR Energy , Inc. (NYSE: CVI) Vivus LLC Various Real Estate Holding Entities WestPoint Home LLC Icahn Enterprises G.P. Inc. Icahn Enterprise
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 The
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 businesses and approximately $22 billion of assets as of September 30, 2023. • IEP has demonstrated a history of successfully acquiring
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: Overview of Operating Segments
Overview of Operating Segments 9
Slide 10: 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 • Operational turnarounds • Strategic ini
Slide 11: Highlights and Recent Developments: Energy
Highlights and Recent Developments Petroleum • Two strategically located Mid - Continent refineries close to Cushing, Oklahoma with total nameplate capacity 206,500 bpd • Direct access to crude oil and condensate fields in the Anadarko and Arkoma Basins • Complimentary logistics assets and access to
Slide 12: Highlights and Recent Developments: Automotive
Highlights and Recent Developments • Automotive Services provides Do - It - For - Me automotive repair services for retail and fleet customers with over 900 stores and 8,000 service bays located in the United States and Puerto Rico • The Automotive segment continues to progress through its multi - y
Slide 13: Highlights and Recent Developments: Real Estate
Highlights and Recent Developments • Business strategy is based on long - term investment outlook and operational expertise • Management is actively looking to expand the real estate portfolio Investment Property • Maximize value of commercial lease portfolio through effective management of existing
Slide 14: Highlights and Recent Developments: Food Packaging, Home Fashion, Pharma
Highlights and Recent Developments Food Packaging • Viskase operates plants in the United States, Mexico, Brazil, France, Italy, Germany, Poland, and the Philippines • Steady growth is projected globally for cellulose casings, with more emphasis on South America and Asia Pacific markets • Market dem
Slide 15: Financial Performance
Financial Performance 15
Slide 16: Financial Performance
16 Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises (1) (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. (2) All Other operating segments include Food Packaging, Home Fashion, and Pharma. Results for each of
Slide 17: Consolidated Financial Snapshot
17 Consolidated Financial Snapshot Net Income (Loss): Investment ($1,447) ($32) ($223) $221 ($1,107) ($1,551) Energy (327) 29 596 436 745 905 Automotive (198) (260) (192) (64) (2) (130) Real Estate (16) (8) 7 8 13 12 Metals - 186 - - - - All Other (1) (4) (13) (38) (25) 6 (7) Holding Company (476) (
Slide 18: Balance Sheet
18 Balance Sheet (1) All Other operating segments includes Food Packaging, Home Fashion, and Pharma. ASSETS Cash and cash equivalents $21 $889 $100 $11 $35 $4 $17 $1,813 $2,890 Cash held at consolidated affiliated partnerships and restricted cash 3,026 7 9 - 6 3 - 171 3,222 Investments 3,185 101 - -
Slide 19: Indicative Net Asset Value
19 Indicative Net Asset Value Note: Refer to the next page for footnotes and additional information. 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Holding Company interest in Investment Funds (1) 4,387$ 4,184$ 4,013$ 3,799$ 3,634$ CVR Energy (2) 2,063 2,231 2,334 2,133 2,270 Total market-valued
Slide 20: Indicative Net Asset Value: Use of Data
20 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
Slide 21: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 21
Slide 22: Non-GAAP Financial Measures
22 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 23: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022
23 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net income (loss) ($223) $596 ($192) $
Slide 24: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2021
24 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2021 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net income (loss) ($32) $29 ($260) ($2
Slide 25: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2020
25 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2020 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net income (loss) ($1,447) ($327) ($19
Slide 26: Adjusted EBITDA Reconciliation by Segment – Last Twelve Months Ended September 30, 2023
26 Adjusted EBITDA Reconciliation by Segment – Last Twelve Months Ended September 30, 2023 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net (loss) income ($1,5
Slide 27: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2023
27 Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2023 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net (loss) income ($1,107) $74
Slide 28: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2022
28 Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2022 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results fro m our Food Packaging, Home Fashion, and Pharma segments. Net income (loss) $221 $436 ($
Icahn Enterprises — Investor Presentation (November 2023) on 6ix