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 the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; 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.
Q2 2022 Highlights and Recent Developments
For the six months ended June 30, 2022, net income attributable to IEP was $195 million, or $0.64 per depositary unit. For the six months ended June 30, 2021, net income attributable to IEP was $26 million, or $0.10 per depositary unit. For the six months ended June 30, 2022, Adjusted EBITDA attributable to IEP was $742 million compared to $627 million for the six months ended June 30, 2021
Second quarter net loss attributableto IEP was $128 million with Adjusted EBITDA attributable to IEP of $126 million. This represents an improvement of $8 million of net loss attributable to IEP and a decrease of $66 million of Adjusted EBITDA attributableto IEP compared to Q2 2021
Indicative net asset valueincreased by $1.5 billion as of June 30, 2022, compared to December 31, 2021. The change in indicativenet asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings
For the six months ended June 30, 2022, Investment funds had a positive return of 4.3% and for the second quarter had a negative return of 4.8%
Our Energy segment had strong performance with net income attributable to IEP of $110 million. Included in the results of the Energy segment is a one-time settlement charge of $79 million
During the second quarter, IEP Utility Holdings announced the successful completion of the tender offer of Southwest Gas Holdings, resulting in 2,191,027 shares tendered representing approximately 3.3% of outstanding shares, as of April 29, 2022
On August 3, 2022, the Board declared a quarterly distribution in the amount of $2.00 per depositary unit
Net Income (Loss) Attributable to Icahn Enterprises
Adjusted EBITDA Attributable to Icahn Enterprises(1)
Three Months Ended
Three Months Ended
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 ca n 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
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 $4.4billion as of June 30, 2022
Summary Segment Financial Results
Highlights and Recent Developments
As of June 30, 2022, the Funds had a net short notional exposure of 28% (72% long and 100% short)
Return of negative 4.8% for Q2 2022
As of June 30, 2022
Selected Income Statement Data:
Net income (loss)
Adjusted EBITDA attributable to IEP
Net income (loss) attributable to IEP
Three Months Ended
Six Months Ended
Mkt. Value ($mm)(1)
Based on closing share price as of specified date.
(2) Total economic ownership as a percentage of common shares issued and outstanding.
Refer to the Non-GAAP Reconciliation in the Appendix.
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