Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q1 2020 Earnings Presentation
19 slides from Icahn Enterprises L.p's earnings presentation, May 8, 2020
Slide 1: Icahn Enterprises L.P. Q1 2020 Earnings Presentation
Icahn Enterprises L.P. Q1 2020 Earnings Presentation May 8, 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: Q1 2020 Highlights and Recent Developments
Q1 2020 Highlights and Recent Developments ▪ Net loss attributable to Icahn Enterprises for Q1 2020 was $1.4 billion, or a loss of $6.34 per depositary unit ▪ Board declared $2.00 quarterly distribution payable in either cash or additional units ▪ In January 2020, IEP issued $600 million in aggregat
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Selected Income Statement Data March 31, ($Millions) 2020 2019 Revenues ($60) $1,855 Expenses 2,426 2,513 Net loss before income tax benefit (expense) ($2,486) ($658) Income tax benefit (expense) 180 (6) Net loss (2,306) (664) Less: net loss attributable to no
Slide 5: Financial Performance
Financial Performance Net Income (Loss) Attributable to Adjusted EBITDA Attributable to Icahn Enterprises Icahn Enterprises ($195) ($394) ($1,384) ($1,304) Q1 2020 Q1 2019 Q1 2020 Q1 2019 Three Months Ended March 31, Three Months Ended March 31, ($Millions) 2020 2019 ($Millions) 2020 2019 Investment
Slide 6: Investment
Segment: Investment Segment Description Highlights and Recent Developments • IEP invests its proprietary capital through various • Return of (17.6)% for Q1 2020 private investment funds (the “Funds”) managed by the Investment segment • From inception in November 2004, the Funds' gross return is appr
Slide 7: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE:CVI) is a diversified holding company primarily engaged in the petroleum refining ▪ CVR Energy Q1 2020 Highlights and nitrogen fertilizer manufacturing businesses ◦ Announced Q1 2020 cash dividend of $0.4
Slide 8: 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: Food Packaging
Segment: Food Packaging Segment Description Highlights and Recent Developments • Viskase Companies, Inc (OTCPK:VKSC) is a • Q1 2020 net sales increased $3 million compared to the comparable prior year worldwide leader in the production and sale of period cellulosic, fibrous and plastic casings for t
Slide 10: Metals
Segment: Metals Segment Description Highlights and Recent Developments • PSC Metals LLC is one of the largest independent • Q1 2020 net sales decreased by $7 million compared to the comparable prior metal recycling companies in the U.S. year period primarily due to lower market selling prices for mo
Slide 11: 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: Home Fashion
Segment: Home Fashion Segment Description Highlights and Recent Developments • WestPoint Home LLC is engaged in • Q1 2020 net sales increased by $11 million compared to the comparable prior manufacturing, sourcing, marketing, distributing year period primarily due to the VSS acquisition described be
Slide 13: Financial Performance
Financial Performance 13
Slide 14: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ▪ Our operating subsidiaries and the Holding Company maintain ample liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 3/31/2020 Liquid Assets: Holding Company Cash & Cash Equivalents $1,440 Holding Co
Slide 15: IEP Summary Financial Information
IEP Summary Financial Information ▪ Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparables of other assets As of ($Millions) 3/31/2019 6/30/2019 9/30/2019 12/31/2019 3/31/2020 Market-valued Subsidiari
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 perfor mance. These include non-GAA P EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before interest expense, income tax (benefit) expense and depreciation and amort
Slide 18: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2020
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2020 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Company Consolidated Adjusted EBITDA Net income (loss) ($1,802) ($113) ($73) ($4) ($3) $1 ($2) $0 ($310) ($2,306) Inter
Slide 19: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2019
Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2019 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Company Consolidated Adjusted EBITDA Net income (loss) ($588) $90 ($42) ($5) ($3) $4 ($4) $6 ($122) ($664) Interest exp