Icahn Enterprises L.P.
Q2 2023 Earnings Presentation
August 4, 2023
1
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 businesses and potential acquisitions. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors, including interest rate increases; the impacts from the Russia/Ukraine conflict, including economic volatility and the impacts of export controls and other economic sanctions. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.
2
Q2 2023 Highlights and Recent Developments
FINANCIAL
RESULTS
L.P.
UNITHOLDERS
- Q2 2023 net loss attributable to IEP of $269 million and Adjusted EBITDA(1) attributable to IEP of $34 million, compared to net loss of $128 million and Adjusted EBITDA attributable to IEP of $126 million for the three months ended June 30, 2022
- Q2 2023 net loss includes a one-time $116 million credit loss related to the Auto Plus note receivable
- Indicative net asset value decreased to $5.0 billion as of June 30, 2023, compared to $5.6 billion as of December 31, 2022. The change in indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings
- Investment Funds had a negative return of 5.4% for Q2 2023
- CVR Energy announced a Q2 2023 cash dividend of 50 cents per share and a special dividend of $1.00 per share
- On August 2, 2023, the Board declared a quarterly distribution in the amount of $1.00 per depositary unit
- Refer to the Non-GAAP Reconciliations in the Appendix
3
Financial Performance
Net Income (Loss) Attributable to Icahn Enterprises
Three Months Ended | ||
June 30, | ||
($Millions) | 2023 | 2022 |
Operating Segments: | ||
Energy | $86 | $110 |
Automotive | 4 | (15) |
Real Estate | 3 | 1 |
All Other (2) | 6 | (5) |
Operating Segments | 99 | 91 |
Investment | (215) | (218) |
Holding Company (3) | (153) | (1) |
Consolidated | ($269) | ($128) |
Adjusted EBITDA Attributable to Icahn Enterprises(1)
Three Months Ended | ||
June 30, | ||
($Millions) | 2023 | 2022 |
Operating Segments: | ||
Energy | $173 | $273 |
Automotive | 32 | 13 |
Real Estate | 5 | 4 |
All Other (2) | 27 | 18 |
Operating Segments | 237 | 308 |
Investment | (195) | (194) |
Holding Company | (8) | 12 |
Consolidated | $34 | $126 |
- Refer to the Non-GAAP Reconciliations in the Appendix
- All Other operating segments include Food Packaging, Home Fashion, and Pharma. Results for each of these separate segments can be found in our Form 10-Q filed with the SEC. Refer to the Non-GAAP Reconciliations in the Appendix for Adjusted EBITDA results for each of these separate segments
- Includes $20 million loss on deconsolidation of Auto Plus and $116 million credit loss on the Auto Plus note receivable
4
Segment: Investment
Segment Description
- IEP invests its proprietary capital through various private investment funds (the "Funds") managed by the Investment segment
- Fair value of IEP's investment in the Funds was approximately $3.8 billion as of June 30, 2023
Summary Segment Financial Results
Three Months Ended | Six Months Ended | |||
Investment Segment | June 30, | June 30, | ||
($Millions) | 2023 | 2022 | 2023 | 2022 |
Selected Income Statement Data: | ||||
Total revenue | ($384) | ($430) | ($711) | $501 |
Adjusted EBITDA(3) | (397) | (440) | (727) | 487 |
Net income (loss) | (435) | (493) | (810) | 402 |
Adjusted EBITDA attributable to IEP(3) | (195) | (194) | (345) | 235 |
Net income (loss) attributable to IEP | (215) | (218) | (386) | 196 |
Returns | -5.4% | -4.8% | -9.3% | 4.3% |
Highlights and Recent Developments
- As of June 30, 2023, the Funds had a net short notional exposure of 18%
- Returns of negative 5.4% for Q2 2023
Significant Holdings
As of June 30, 2023
Company | Mkt. Value ($mm)(1) | % Ownership(2) |
$835 | 8.01% | |
$690 | 15.20% | |
$548 | 2.46% | |
$510 | 21.82% | |
$412 | 1.39% |
(1) | Based on closing share price as of specified date | 5 |
(2) | Total economic ownership as a percentage of common shares issued and outstanding | |
(3) | Refer to the Non-GAAP Reconciliation in the Appendix |
Attachments
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Disclaimer
Icahn Enterprises LP published this content on 04 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2023 12:47:59 UTC.