Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q2 2019 Earnings Presentation
22 slides from Icahn Enterprises L.p's earnings presentation, Aug 6, 2019
Slide 1: Icahn Enterprises L.P. Q2 2019 Earnings Presentation
Icahn Enterprises L.P. Q2 2019 Earnings Presentation August 6, 2019
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: Q2 2019 Highlights and Recent Developments
Q2 2019 Highlights and Recent Developments ▪ Net loss attributable to Icahn Enterprises for Q2 2019 was $498 million, or a loss of $2.49 per depositary unit ▪ Board declared $2.00 quarterly distribution payable in either cash or additional units ▪ In May 2019, IEP announced the commencement of its "
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Six Months Ended Consolidated Results June 30, June 30, ($ millions) 2019 2018 2019 2018 Select Income Statement Data: Revenues $ 2,196 $ 3,423 $ 4,051 $ 6,406 Expenses 2,761 3,029 5,274 5,628 (Loss) income from continuing operations before income tax expense
Slide 5: Financial Performance
Financial Performance Net Income Attributable to Adjusted EBITDA Attributable to Icahn Enterprises Icahn Enterprises $660 $434 $335 $302 $(498) $(258) $(452) $(892) Q2 2019 Q2 2018 YTD 2019 YTD 2018 Q2 2019 Q2 2018 YTD 2019 YTD 2018 Three Months Ended June 30, Six Months Ended June 30, Three Months
Slide 6: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments ▪ IEP invests its proprietary capital through various ▪ Return of (3.1)% for Q2 2019 private investment funds (the “Funds”) managed by the Investment segment ▪ From inception in November 2004, the Funds' gross return is appro
Slide 7: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments ▪ CVR Energy, Inc. (NYSE:CVI) is a diversified ▪ In January 2019, CVR Energy purchased the remaining common units of CVR holding company primarily engaged in the Refining not already owned by CVR Energy for $241 million, excludin
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 ▪ Q2 2019 net sales decreased by $7 million as compared to the corresponding worldwide leader in the production and sale of prior year period cellulosic, fibrous and plastic casi
Slide 10: Segment: Metals
Segment: Metals Segment Description Highlights and Recent Developments ▪ PSC Metals LLC is one of the largest independent ▪ Q2 2019 net sales decreased by $37 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 ▪ Business strategy is based on long-term investment outlook and operational expertise and club operations ▪ 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 ▪ Q2 2019 net sales decreased by $1 million compared to the comparably prior manufacturing, sourcing, marketing, distributing year period due to lower sales volumes and selling home fashio
Slide 13: Segment: Mining
Segment: Mining Segment Description Highlights and Recent Developments ▪ Ferrous Resources has certain rights to iron ore ▪ Mining segment has been concentrating on sales in Brazil, where the best mineral resources in Brazil and develops mining margins are being captured operations and related infra
Slide 14: Financial Performance
Financial Performance 14
Slide 15: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ($ Millions) ▪ The Company and its subsidiaries maintain ample liquidity to take advantage of attractive opportunities for their respective businesses Liquidity As of 6/30/2019 Liquid Assets: Hold Co. Cash & Cash Equivalents $ 3,337 IEP Interest in Investm
Slide 16: IEP Summary Financial Information
IEP Summary Financial Information ($ Millions) ▪ 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 Actual As of Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 2018 2018 2018 2019 2019 Market-
Slide 17: Appendix Adjusted EBITDA
Appendix Adjusted EBITDA 17
Slide 18: 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 19: Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2019
Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2019 ($ Millions) Food Home Holding Investment Automotive Energy Metals Mining Packaging Real Estate Fashion Company Consolidated Adjusted EBITDA: Net (loss) income $ (295) $ (38) $ 116 $ (3) $ 35 $ 1 $ 1 $ (4) $ (386) $ (573) I
Slide 20: Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2018
Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2018 ($ Millions) Food Home Holding Investment Automotive Energy Metals Railcar Mining Packaging Real Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $ 397 $ (18) $ 57 $ 3 $ (4) $ 5 $ (1) $ 7 $ (3) $ (33)
Slide 21: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2019
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2019 ($ Millions) Food Home Holding Investment Automotive Energy Metals Mining Packaging Real Estate Fashion Company Consolidated Adjusted EBITDA: Net (loss) income $ (883) $ (80) $ 206 $ (6) $ 41 $ (4) $ 5 $ (8) $ (508) $ (1,237)
Slide 22: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2018
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2018 ($ Millions) Food Home Holding Investment Automotive Energy Metals Railcar Mining Packaging Real Estate Fashion Company Consolidated Adjusted EBITDA: Net income (loss) $ 798 $ (52) $ 138 $ 7 $ 1 $ (1) $ (4) $ 14 $ (8) $ (116)