Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q3 2015 Earnings Presentation
25 slides from Icahn Enterprises L.p's earnings presentation, Nov 5, 2015
Slide 1: Icahn Enterprises L.P. Q3 2015 Earnings Presentation
Icahn Enterprises L.P. Q3 2015 Earnings Presentation November 5, 2015
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: 2015 Highlights and Recent Developments
2015 Highlights and Recent Developments Board declared $1.50 quarterly dividend payable in either cash or additional units Net loss attributable to Icahn Enterprises for Q3 2015 was $440 million, compared to a loss of $355 million for Q3 2014 Investment segment had a return of -10.3% in Q3 201
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Nine Months Ended Consolidated Results September 30, September 30, ($ millions) 2015 2014 2015 2014 Select Income Statement Data: Revenues $ 3,212 $ 4,422 $ 12,707 $ 15,791 Expenses 4,130 5,068 12,500 15,052 (Loss) Income before income tax expense (918) (646)
Slide 5: Financial Performance
Financial Performance Adjusted EBITDA Attributable to Icahn Enterprises Adjusted Net Income Attributable to Icahn Enterprises ($32) ($2) $1,164 $1,240 ($440) ($355) ($66) $257 Q3 2015 Q3 2014 YTD 2015 YTD 2014 Q3 2015 Q3 2014 YTD 2015 YTD 2014 Three Months Ended September 30, Nine Months Ended Septe
Slide 6: Segment: Investment
Segment: Investment Company Description Highlights and Recent Developments IEP invests its proprietary capital through various Returns of -10.3% for Q3 2015 and -2.8% for the nine months ended September private investment funds (the “Funds”) managed 30, 2015 by the Investment segment From ince
Slide 7: Segment: Energy
Segment: Energy Company Description Highlights and Recent Developments CVR Energy, Inc. (NYSE:CVI) operates as a holding CVR Energy Q3 2015 Highlights company that owns majority interests in two ─ Announced Q3 2015 cash dividend of $0.50 per share bringing the separate operating subsidiaries: CV
Slide 8: Segment: Automotive
Segment: Automotive Company Description Highlights and Recent Developments We conduct our Automotive segment through our majority Adjusted EBITDA of $153 million in Q3 2015 ownership in Federal-Mogul Holdings Corporation (NasdaqGS:FDML) and our wholly owned subsidiary, IEH Auto Parts Holding LLC
Slide 9: Segment: Railcar
Segment: Railcar Segment Description Highlights and Recent Developments American Railcar Industries, Inc. (NASDAQ:ARII) Railcar manufacturing operates in three business segments: manufacturing operations, railcar services and ─ 7,936 railcar backlog as of September 30, 2015 leasing Railcar lea
Slide 10: Segment: Gaming
Segment: Gaming Company Description Highlights and Recent Developments Tropicana Entertainment Inc. (OTCPK:TPCA) Revenues for Q3 2015 decreased from the prior year primarily due to the sale operates eight casino facilities featuring of River Palms property in Laughlin, Nevada in 2014 and lower s
Slide 11: Segment: Food Packaging
Segment: Food Packaging Company Description Highlights and Recent Developments Viskase Companies, Inc (OTCPK:VKSC) is a Net sales were impacted by unfavorable foreign currency exchange rates and worldwide leader in the production and sale of unfavorable price and product mix, offset in part by h
Slide 12: Segment: Metals
Segment: Metals Company Description Highlights and Recent Developments PSC Metals, Inc. is one of the largest independent Net sales for Q3 2015 decreased by $94 million compared to the prior year metal recycling companies in the U.S. period primarily driven by lower shipment volumes and lower pr
Slide 13: Segment: Real Estate
Segment: Real Estate Company Description Highlights and Recent Developments Consists of rental real estate, property development Business strategy is based on long-term investment outlook and operational expertise and club operations Rental real estate consists primarily of retail, office Rent
Slide 14: Segment: Mining
Segment: Mining Company Description Highlights and Recent Developments IEP acquired a controlling interest in Ferrous IEP acquired a controlling interest in Ferrous Resources on June 8, 2015 Resources on June 8, 2015 through a tender offer to purchase any and all of the outstanding shares Ferr
Slide 15: Segment: Home Fashion
Segment: Home Fashion Company Description Highlights and Recent Developments WestPoint Home LLC is engaged in Q3 2015 net sales increased by $2 million compared to the comparable prior manufacturing, sourcing, marketing, distributing year period primarily due to an increase in sales volume. and
Slide 16: Financial Performance
Financial Performance 16
Slide 17: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ($Millions) The Company and its subsidiaries maintain ample liquidity to take advantage of attractive opportunities for their respective businesses Liquidity As of 9/30/2015 Liquid Assets: Hold Co. Cash & Cash Equivalents (1) $ 193 IEP Interest in Invest
Slide 18: 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 ($ Millions) As of Sept 30 Dec 31 March 31 June 30 Sept 30 2014 2014 2015 2015 2015 Market-va
Slide 19: Appendix: Adjusted EBITDA & Adjusted net income
Appendix Adjusted EBITDA & Adjusted net income attributable to Icahn Enterprises 19
Slide 20: 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, Adjusted EBITDA and Adjusted Net Income. EBITDA represents earnings before interest expense, income tax (benefit) expense and depreciation and amortization.
Slide 21: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2015
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2015 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net (loss) income $ (1,041) $ (10) $ 89 $ (8) $ 54 $ 17 $ (7)
Slide 22: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2014
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2014 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $ (568) $ (1) $ 11 $ (3) $ 44 $ 13 $ - $ 2 $
Slide 23: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2015
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2015 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $ (263) $ - $ 347 $ (22) $ 154 $ 33 $ (13) $
Slide 24: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2014
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2014 ($Millions) Food Real Home Holding Investment Automotive Energy Metals Railcar Gaming Mining Packaging Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $ 467 $ 28 $ 350 $ (13) $ 127 $ 52 $ - $ 2 $
Slide 25: Adjusted net income attributable to Icahn Enterprises reconciliation
Adjusted net income attributable to Icahn Enterprises reconciliation The following is a reconciliation of net income attributable to Icahn Enterprises, presented and reported in accordance with U.S. generally accepted accounting principles, to adjusted net income attributable to Icahn Enterprises, a