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ICAHN ENTERPRISES L.P.

(IEP)
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Icahn Enterprises L P : 526 KB

08/05/2022 | 09:26am EDT

Icahn Enterprises L.P.

Q2 2022 Earnings Presentation

August 5, 2022

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 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.

2

Q2 2022 Highlights and Recent Developments

FINANCIAL

RESULTS

BUSINESS

DEVELOPMENTS

L.P.

UNITHOLDERS

  • 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

3

Financial Performance

Net Income (Loss) Attributable to Icahn Enterprises

Adjusted EBITDA Attributable to Icahn Enterprises(1)

Three Months Ended

Three Months Ended

June 30,

June 30,

($Millions)

2022

2021

($Millions)

2022

2021

Operating Segments:

Operating Segments:

Energy

$110

($11)

Energy

$273

$49

Automotive

(15)

(38)

Automotive

13

25

Real Estate

1

(4)

Real Estate

4

(2)

Metals

-

7

Metals

-

12

All Other

(2)

(5)

(2)

All Other

(2)

18

20

Operating Segments

91

(48)

Operating Segments

308

104

Investment

(218)

68

Investment

(194)

87

Holding Company

(1)

(156)

Holding Company

12

1

Consolidated

($128)

($136)

Consolidated

$126

$192

  1. Refer to the Non-GAAP Reconciliations in the Appendix.
  2. 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

4

segments.

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 $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

Significant Holdings

As of June 30, 2022

Investment Segment

($Millions)

Selected Income Statement Data:

Total revenue

(3)

Adjusted EBITDA

Net income (loss)

Adjusted EBITDA attributable to IEP

(3)

Net income (loss) attributable to IEP

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

($430)

$189

$501

$1,132

(440)

186

487

1,124

(493)

145

402

1,007

(194)

87

235

512

(218)

68

196

459

Company

Mkt. Value ($mm)(1)

% Ownership(2)

$747

2.2%

$728

3.3%

$630

8.0%

$509

22.1%

Returns

-4.8%

1.4%

4.3%

10.8%

$444

7.6%

(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.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Icahn Enterprises LP published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 13:25:06 UTC.


© Publicnow 2022
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Sales 2022 13 818 M - -
Net income 2022 321 M - -
Net Debt 2022 - - -
P/E ratio 2022 48,9x
Yield 2022 -
Capitalization 16 270 M 16 270 M -
Capi. / Sales 2022 1,18x
Capi. / Sales 2023 1,28x
Nbr of Employees 19 536
Free-Float 99,8%
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David Willetts President, Chief Executive Officer & Director
Ted Papapostolou Director, Chief Financial & Accounting Officer
Carl Celian Icahn Chairman
Alvin Buzzy Krongard Independent Director
Michael Nevin Managing Director & Director