Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q3 2020 Earnings Presentation
21 slides from Icahn Enterprises L.p's earnings presentation, Nov 6, 2020
Slide 1: Q3 2020 Earnings Presentation
Icahn Enterprises L.P. Q3 2020 Earnings Presentation November 6, 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 business
Slide 3: Q3 2020 Highlights and Recent Developments
Q3 2020 Highlights and Recent Developments ▪ Net Loss attributable to Icahn Enterprises for Q3 2020 was $714 million, or a loss of $3.14 per depositary unit ▪ Board declared $2.00 quarterly distribution payable in either cash or additional units 3
Slide 4: Consolidated Results
Consolidated Results Three Months Ended Nine Months Ended Selected Income Statement Data September 30, September 30, ($Millions) 2020 2019 2020 2019 Revenues $722 $2,320 $3,371 $6,371 Expenses 2,188 2,719 6,331 7,993 Net income (loss) before income tax (expense) benefit ($1,466) ($399) ($2,960) ($1,
Slide 5: Financial Performance
Financial Performance Net Income (Loss) Attributable to Adjusted EBITDA Attributable to Icahn Enterprises Icahn Enterprises Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, ($Millions) 2020 2019 2020 2019 ($Millions) 20
Slide 6: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • IEP invests its proprietary capital through various private • Return of ‐11.8% for Q3 2020 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 holding company • CVR Energy Q3 2020 Highlights primarily engaged in the petroleum refining and nitrogen ◦ Recognized $(65) million of investment loss and dividend income from fertil
Slide 8: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • We conduct our Automotive segment through our wholly • Icahn Automotive is implementing a multi‐year plan to separate its aftermarket owned subsidiary Icahn Automotive Group LLC ("Icahn parts and automotive service business
Slide 9: Segment: Food Packaging
Segment: Food Packaging Segment Description Highlights and Recent Developments • Viskase Companies, Inc (OTCPK:VKSC) is a worldwide leader • Q3 2020 net sales increased $7 million compared to the comparable prior year in the production and sale of cellulosic, fibrous and plastic period casings for t
Slide 10: Segment: Metals
Segment: Metals Segment Description Highlights and Recent Developments • PSC Metals LLC is one of the largest independent metal • Q3 2020 net sales increased by $1 million compared to the comparable prior year recycling companies in the U.S. period • Collects industrial and obsolete scrap metal, pro
Slide 11: Segment: Real Estate
Segment: Real Estate Segment Description Highlights and Recent Developments • Consists of rental real estate, property development and • Business strategy is based on long‐term investment outlook and operational club operations 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 manufacturing, sourcing, • Q3 2020 net sales increased by $2 million compared to the comparable prior year marketing, distributing and selling home fashion consumer period primarily due to
Slide 13: Financial Performance
Financial Performance 13
Slide 14: Liquidity Serves as a Competitive Advantage
Liquidity Serves as a Competitive Advantage ▪ Our operating subsidiaries and the Holding Company maintain ample liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 9/30/2020 Liquid Assets: Holding Company Cash & Cash Equivalents $1,087 Holding Co
Slide 15: IEP Summary Financial Information
IEP Summary Financial Information ▪ Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparable of other assets As of ($Millions) 9/30/2019 12/31/2019 3/31/2020 6/30/2020 9/30/2020 Market‐valued Subsidiarie
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 September 30, 2020
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2020 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Company Consolidated Adjusted EBITDA Net income (loss) ($1,183) ($120) ($26) $4 $3 $8 $1 $0 ($87) ($1,400) Interest
Slide 19: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2019
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2019 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Company Consolidated Adjusted EBITDA Net income (loss) ($681) $92 ($48) ($12) ($7) $4 ($5) $270 $14 ($373) Interest
Slide 20: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2020
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2020 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Company Consolidated Adjusted EBITDA Net income (loss) ($1,937) ($236) ($149) $3 ($10) ($4) ($2) $0 ($507) ($2,842)
Slide 21: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2019
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2019 Food Home Holding ($Millions) Investment Energy Automotive Packaging Metals Real Estate Fashion Mining Company Consolidated Adjusted EBITDA Net income (loss) ($1,564) $298 ($128) ($16) ($13) $9 ($13) $311 ($494) ($1,610