Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q1 2022 Earnings Presentation
20 slides from Icahn Enterprises L.p's earnings presentation, May 6, 2022
Slide 1: Icahn Enterprises L.P. Q1 2022 Earnings Presentation
Icahn Enterprises L.P. Q1 2022 Earnings Presentation May 6, 2022 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 2022 Highlights and Recent Developments
Q1 2022 Highlights and Recent Developments • IEP reports first quarter net income attributable to IEP of $323 million and positive Adjusted EBITDA attributable to IEP of $616 million. This represents an improvement of $161 of net income attributable to IEP and $181 of Adjusted EBITDA attributable to
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Three Months Ended March 31, March 31, ($Millions) 2022 2021 ($Millions) 2022 2021 Operating Segments: Operating Segments: Energy $61 ($33) Energy $142 ($
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • IEP invests its proprietary capital through various private • As of March 31, 2022, the Funds had a net short notional exposure of 21% (85% investment funds (the “Funds”) managed by the Investment long and 106% short) segme
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy Q1 2022 Highlights • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company primarily engaged in the petroleum refining and nitrogen • Net sales increased over the same period last year by $910 million (62%) t
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • We conduct our Automotive segment through our wholly • Automotive Segment owned subsidiary, Icahn Automotive Group LLC ("Icahn • Adjusted EBITDA loss was $2 million for Q1 2022 compared to $9 million for Automotive") Q1 202
Slide 8: Segment: Food Packaging
Segment: Food Packaging Segment Description Highlights and Recent Developments • Viskase Companies, Inc (OTCPK:VKSC) is a worldwide leader • Q1 2022 net sales and Adjusted EBTIDA were flat compared to Q1 2021 in the production and sale of cellulosic, fibrous and plastic casings for the processed mea
Slide 9: Segment: Real Estate
Segment: Real Estate Segment Description Highlights and Recent Developments • Our Real Estate segment consists primarily of investment • Q1 2022 Adjusted EBITDA for the real estate segment was $6 million compared properties, the development and sale of single-family to $2 million for Q1 2021 homes,
Slide 10: Segment: Home Fashion
Segment: Home Fashion Segment Description Highlights and Recent Developments • We conduct our Home Fashion segment through our wholly • Adjusted EBITDA was $1 million for Q1 2022 compared to a loss of $2 million for owned subsidiary, WestPoint Home LLC Q1 2021 • WestPoint Home LLC is engaged in manu
Slide 11: Segment: Pharma
Segment: Pharma Segment Description Highlights and Recent Developments • We conduct our Pharma segment through our wholly • Adjusted EBITDA was $2 million for Q1 2022 compared to $3 million for Q1 2021 owned subsidiary, Vivus LLC, formerly Vivus, Inc • For Q1 2022, Pancreaze and Qsymia experienced s
Slide 12: Financial Performance
Financial Performance 12
Slide 13: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage Our operating subsidiaries and the Holding Company maintain ample liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 3/31/2022 Liquid Assets: Holding Company Cash & Cash Equivalents $1,369 Holding Comp
Slide 14: IEP Summary Financial Information
IEP Summary Financial Information Company’s calculation of Indicative Net Asset Value: As of ($Millions) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Market-valued Subsidiaries and Investments: Holding Company interest in Investment Funds (1) $ 4,675 $ 4,743 $ 4,660 $ 4,271 $ 4,684 CVR Energy(
Slide 15: IEP Summary Financial Information
IEP Summary Financial Information 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 is more indicative of value than our assets presented in accordance wit
Slide 16: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 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 March 31, 2022
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2022 Food Holding ($Millions) Investment Energy Automotive Packaging Real Estate Home Fashion Pharma Metals Company Consolidated Adjusted EBITDA: Net income (loss) $895 $141 ($28) $6 $3 ($1) ($5) $0 ($126) $885 Interest expense
Slide 19: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2021
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2021 Food Holding ($Millions) Investment Energy Automotive Packaging Real Estate Home Fashion Pharma Metals Company Consolidated Adjusted EBITDA: Net income (loss) $862 ($67) ($46) ($1) ($1) ($4) $8 $5 ($157) $599 Interest expe
Slide 20: Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer
Energy Segment EBITDA Reconciliations for Petroleum and Nitrogen Fertilizer Petroleum Nitrogen Fertilizer Three Months Ended Three Months Ended March 31, March 31, ($Millions) 2022 2021 2022 2021 Net income (loss) $126 ($110) $94 ($25) Interest (Income) expense, net (5) (2) 10 16 Depreciation and am