Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q4 2019 Earnings Presentation
21 slides from Icahn Enterprises L.p's earnings presentation, Feb 28, 2020
Slide 1: Q4 2019 Earnings Presentation
Icahn Enterprises L.P. Q4 2019 Earnings Presentation February 28, 2020
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: Q4 2019 Highlights and Recent Developments
Q4 2019 Highlights and Recent Developments ▪ Net loss attributable to Icahn Enterprises for Q4 2019 was $157 million, or a loss of $0.74 per depositary unit ▪ Board declared $2.00 quarterly distribution payable in either cash or additional units ▪ In December 2019, IEP issued $750 million in aggrega
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Year Ended Selected Income Statement Data December 31, December 31, ($Millions) 2019 2018 2019 2018 Revenues $2,621 $2,802 $8,992 $11,777 Expenses 2,738 2,945 10,731 11,554 Income (loss) from continuing operations before income tax benefit (117) (143) (1,739)
Slide 5: Financial Performance
Financial Performance Net Income (Loss) Attributable to Adjusted EBITDA Attributable to Icahn Enterprises Icahn Enterprises $1,482 $557 $930 $111 $(108) $(157) $(462) $(1,098) Q4 2019 Q4 2018 YTD 2019 YTD 2018 Q4 2019 Q4 2018 YTD 2019 YTD 2018 Three Months Ended December 31, Year Ended December 31,
Slide 6: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments ▪ IEP invests its proprietary capital through various private investment funds (the “Investment Funds”) ▪ Return of 0.2% for Q4 2019 managed by the Investment segment ▪ Fair value of IEP’s interest in the Funds was ▪ From inc
Slide 7: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments ▪ CVR Energy, Inc. (NYSE:CVI) is a diversified holding company primarily engaged in the ▪ In January 2019, CVR Energy purchased the remaining common units of CVR petroleum refining and nitrogen fertilizer Refining not already own
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 worldwide leader in the production and sale of ▪ Q4 2019 net sales was flat as compared to the comparable prior year period cellulosic, fibrous and plastic casings for the ▪ Cons
Slide 10: Segment: Metals
Segment: Metals Segment Description Highlights and Recent Developments ▪ PSC Metals LLC is one of the largest independent ▪ Q4 2019 net sales decreased by $26 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 and club operations ▪ Business strategy is based on long-term investment outlook and operational expertise ▪ 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 ▪ Q4 2019 net sales increased by $7 million compared to the comparable prior manufacturing, sourcing, marketing, distributing year period due to the VSS acquisition described below and sel
Slide 13: Financial Performance
Financial Performance 13
Slide 14: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ▪ Our operating subsidiaries and the Holding Company maintain ample liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 12/31/2019 Liquid Assets: Holding Company Cash & Cash Equivalents $3,006 Holding C
Slide 15: IEP Summary Financial Information
IEP Summary Financial Information ▪ Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets As of ($Millions) 12/31/2018 3/31/2019 6/30/2019 9/30/2019 12/31/2019 Market-valued Subsidiar
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 December 31, 2019
Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2019 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) $21 $16 ($69) ($6) ($9) $7 ($4) $— $— ($105) ($149) I
Slide 19: Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2018
Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2018 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) $413 $98 ($165) $— ($3) $25 ($1) ($1) $— ($572) ($206
Slide 20: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2019
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2019 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) ($1,543) $314 ($197) ($22) ($22) $16 ($17) $311 $— ($599) ($1
Slide 21: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2018
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2018 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Railcar Company Consolidated Adjusted EBITDA Net income (loss) $679 $334 ($230) ($15) $5 $112 ($11) $1 $1 ($639) $237 Intere