Q1 2024 Icahn Enterprises LP Earnings Call
Good morning, and welcome to the Icahn Enterprises L. P. 's first quarter 'twenty 'twenty four earnings conference call with Andrew Chino, President and Chief Executive Officer, Ted type of postal.
Operator: Good morning, and welcome to Icahn Enterprises LP's first quarter 2024 earnings conference call with Andrew Teno, President and Chief Executive Officer; Ted Papapostolou, Chief Financial Officer, and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement.
Robert E. Flint: Chief Financial Officer, and Robert Smith, Chief Accounting Officer, I would now like to hand, the call over to Robert who will read the opening statement.
Robert E. Flint: Thank you operator.
Robert E. Flint: The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements that 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 LP and its subsidiaries.
Robert E. Flint: The private Securities Litigation Reform Act of 1995 provides a safe harbor for forward looking statements that we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions.
Robert E. Flint: Forward looking statements maybe identified by words, such as expects anticipates intends plans believes seeks estimates.
Robert E. Flint: Or words of similar meeting and include but are not limited to statements about the expected future business and financial performance of Icahn Enterprises L. P ended subsidiaries.
Robert E. Flint: 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.
Robert E. Flint: 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. Accordingly, there is no assurance that our expectations will be realized.
Robert E. Flint: Accordingly, there is no assurance that our expectations will be realized.
Robert E. Flint: 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, including adjusted EBITDA. 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. We also present an indicative net asset value. The indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries, which are not included in our gap earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises, unless otherwise specified. I'll now turn it over to Andrew Teno, our Chief Executive Officer.
Robert E. Flint: We assume no obligation to update or revise any forward looking statements should circumstances change, except as otherwise required by law.
Robert E. Flint: This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA.
Andrew Teno: 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.
Andrew Teno: We also present indicative net asset value.
Robert E. Flint: Indicative net asset value includes among other things changes in the fair value of certain subsidiaries, which are not included in our GAAP earnings.
Andrew Teno: All net income and EBITDA amounts, we will discuss our attributable to icahn enterprises unless otherwise specified.
Andrew Teno: I'll now turn it over to Andrew <unk>, our Chief Executive Officer.
Andrew Teno: Thank you Rob.
Andrew Teno: I will provide a brief overview of Q1 results, and then we will be available for questions. First quarter net loss was $38 million, an improvement of $232 million over Q1 of 2023. First quarter adjusted EBITDA was $134 million, an increase of $39 million compared to Q1 of 2020. Indicative net asset value ended the quarter at approximately $5 billion, up $194 million from the prior quarter.
Andrew Teno: I will provide a brief overview of Q1 results and then we will be available for questions.
Andrew Teno: First quarter net loss was $38 million.
Andrew Teno: An improvement of $232 million over Q1 of 2023.
Andrew Teno: First quarter, adjusted EBITDA was $134 million, an increase of $39 million compared to Q1 2023.
Andrew Teno: Indicative net asset value ended the quarter at approximately $5 billion up $194 million from the prior quarter.
Andrew Teno: In terms of our controlled businesses, CVI has benefited from lower RINs expenses offset by a wider than usual refined product base. We believe there are opportunities in the refining space, and it will be disciplined to see if we can find something accretive and attractive. The auto service division is working on several key initiatives to drive earnings and cash. Ones of particular note include product sourcing and inventory reduction. Regarding our automotive-owned real estate, we are making solid strides with our transformation plans. We have added key personnel to the team to further optimize the real estate portfolio and the auto service business through leasing, greenfields, store optimizations, and out-parcel development.
Andrew Teno: In terms of our controlled businesses CVI has benefited from lower <unk> expense offset by wider than usual refined product basis.
Andrew Teno: We believe there are opportunities swirling in the refining space and will be disciplined to see if we can find something accretive and attractive.
Andrew Teno: The Auto service Division is working on several key initiatives to drive earnings and cash flow.
Andrew Teno: One is of particular note include product sourcing and inventory reduction.
Andrew Teno: Regarding our automotive owned real estate, we are making solid strides with our transformation plans. We have added key personnel to the team to further optimize the real estate portfolio and the auto service business through leasing Greenfields store optimizations and out parcel development.
Andrew Teno: This quarter the investment funds had a negative return of <unk>, 8%, primarily driven by energy sector and broad market shorts.
Andrew Teno: This quarter, the investment funds had a negative return of 0.8 percent, primarily driven by energy sector and broad market shortfalls. If you were to subtract out the impact of our energy shorts, which offset our refining exposure, our returns would have been a positive 5.8% for the quarter. One particular contributor to performance was Southwest Gas Holdings, which increased in value through increased utility profitability due to the recently completed Century IPO.
Andrew Teno: If you were to subtract out the impact of our energy shorts, which offset our refining exposure. Our returns would have been a positive five 8% for the quarter.
Andrew Teno: One particular contributor to performance with southwest gas holdings, which increased in value through increased utility profitability and the impact of the recently completed century IPO.
Andrew Teno: We believe that Century and another one of our long positions, AEP, are beneficiaries of the need for investment in the grid and additional generation to support growing AI related data centers. Our headline North net short exposure of 27% is a net long exposure of 7% when you adjust for the energy hedges. This compares to a net short exposure of 6% as of year end, excluding energy. As you can see, we continue our recent trend of getting slightly more net long and focusing on our activist efforts. Additionally, the board approved a $1 quarterly distribution per depository unit, which is consistent with last year. With that, let me turn it over to Ted for a detailed discussion of all of our segments.
Andrew Teno: We believe that century and another one of our long positions AEP are beneficiaries of the need for investment in the grid and additional generation to support growing AI related data center demand.
Andrew Teno: Our headline net short exposure of 27%.
Andrew Teno: As a net long exposure of 7% when you adjust for the energy hedges.
Andrew Teno: This compares to net short exposure of 6% as of year end, excluding the energy hedges.
Andrew Teno: As you can see we continue our recent trend of getting slightly more net long and focusing on our activist efforts.
Andrew Teno: Additionally.
Andrew Teno: The board approved a $1 quarterly distributions per depositary unit, which is consistent with last quarter with that let me turn it over to Ted for a detailed discussion of all of our segments.
Ted: Thank you Andrew.
Ted Papapostolou: Thank you, Andrew. I will begin by reviewing the performance of our segments and comment on the strength of our balance sheet. Turning to our investment segment, the funds had a negative return of 0.8% for the quarter. Long and other positions had a positive performance attribution of 12.6%, while short positions had a negative performance attribution of 13.4%.
Ted: I will begin by reviewing the performance of our segments and comment on the strength of our balance sheet.
Ted Papapostolou: Turning to our investment segment.
Ted Papapostolou: The funds had a negative return of 8% for the quarter.
Ted Papapostolou: Long and the other positions had a positive performance attribution of 12, 6%, while short positions had a negative performance attribution of 13, 4%.
Ted Papapostolou: The holding company's interest in the funds was approximately $3 2 billion as of quarter end.
Ted Papapostolou: And now turning to our energy segment.
Ted Papapostolou: The holding company's interest in the funds was approximately $3.2 billion as of quarter end, and now turning to our energy. Energy Segments EBITDA was $118 million for Q1'24 compared to $229 million for Q1'23. Q1-24 Refining Margin per Throughput Barrel was $16.29 compared to $23.24 in the prior year quarter. This decrease is primarily driven by lower cracked threads, offset in part by reduced RFS expenses and favorable RIN revaluation. Q124 average realized gate prices for UAN decreased by 42% to $267 per ton and ammonia decreased by 41% to $528 per ton when compared to the prior year quarter. CVI declared a first quarter cash dividend of $0.50 per share.
Ted Papapostolou: Energy segment, EBITDA was $118 million for Q1, 24, compared to 229 million for Q1 'twenty three.
Ted Papapostolou: Q1, 'twenty for refining margin per throughput barrel was $16 29 compared to $23 24 in the prior year quarter.
Ted Papapostolou: This decrease is primarily driven by lower crack spreads offset in part by reduced RFS expenses expenses and favorable rent revaluation.
Ted Papapostolou: Q1, 'twenty four average realized gate prices for <unk> decreased by 42% to $267 per ton and ammonia decreased by 41% to $528 per ton when compared to the prior year quarter CVI declared a first quarter cash dividend of <unk> 50 per share.
Ted Papapostolou: And now turning to our automotive segment.
Ted Papapostolou: And now turning to our automotive segment. Net sales and other revenues decreased by $73 million compared to Q1'23, primarily driven by the deconsolidation of AutoPlus during the prior year quarter, as well as a reduced car count for the automotive service business. Adjusted EBITDA improved $2 million for Q124 compared to Q123. Automotive service was able to maintain adjusted EBITDA through cost-cutting and margin initiatives, which offset the reduced car count and turning to our real estate side.
Ted Papapostolou: Net sales and other revenues decreased by $73 million compared to Q1, 'twenty three primarily driven by the deconsolidation of auto plus during the prior year quarter as well as reduced car count for the automotive service business.
Ted Papapostolou: Adjusted EBITDA improved $2 million for Q1, 24 compared to Q1 'twenty three.
Ted Papapostolou: Automotive service was able to maintain adjusted EBITDA through cost cutting and margin initiatives, which offset reduced car count.
Ted Papapostolou: And turning to our real estate segment.
Ted Papapostolou: Q1, 24, net sales and other revenues decreased by $5 million and adjusted EBIT decreased by $2 million compared to the prior year quarter, primarily driven by reduced sales of single family homes.
Ted Papapostolou: Q1-24 net sales and other revenues decreased by $5 million and adjusted EBITDA decreased by $2 million compared to the prior year quarter, primarily driven by reduced sales of single family homes. Turning to our other operating segment, food packaging's adjusted EBITDA decreased by $4 million for Q1-24 as compared to the prior year quarter, driven by lower volumes due to softening demand.
Ted Papapostolou: And turning to our other operating segments.
Ted Papapostolou: Food packaging adjusted EBITDA decreased by $4 million for Q1, 24 as compared to the prior year quarter, driven by lower volumes due to softening demand.
Ted Papapostolou: Home fashions, adjusted EBIT increased by $1 million as compared to the prior year quarter, mainly due to margin improvement offset by lower sales.
Ted Papapostolou: Home fashions adjusted EBITDA increased by $1 million as compared to the prior year quarter, mainly due to margin improvement offset by lower sales. FOMA segments adjusted EBITDA for Q1'24 improved by $5 million as compared to the prior year quarter, mainly due to higher sales and lower operating expenses. Turning to our liquidity, we maintain liquidity at the holding company and at each of our operating subsidiaries to take advantage of attractive opportunities.
Ted Papapostolou: Pharma segment's adjusted EBITDA for Q1, 'twenty, four improved by $5 million as compared to the prior year quarter, mainly due to higher sales and lower operating expenses.
Ted Papapostolou: And turning to our liquidity.
Ted Papapostolou: We maintain liquidity at the holding company and at each of our operating subsidiaries to take advantage of attractive opportunities.
Ted Papapostolou: As of quarter end, the holding company had cash and investment in funds of $4.9 billion, and our subsidiaries had cash and revolver availability of $1.1 billion. In summary, we continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segment. Thank you. Operator, can you please open the call up for questions?
Ted Papapostolou: As of quarter end, the holding company had cash and investment in the funds of $4 9 billion.
Ted Papapostolou: And our subsidiaries had cash and revolver availability of $1 1 billion.
Ted Papapostolou: In summary, we continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segments.
Speaker Change: Thank you operator can you. Please open the call up for questions.
Speaker Change: Thank you.
Ted Papapostolou: To ask a question you will need to press star one on your telephone to withdraw your question. Please press star one again, please be advised that the <unk>.
Operator: To ask a question, you'll need to press star 1-1 on your telephone. To withdraw your question, please press star 1-1 again.
Operator: Please be advised that the conference is being recorded. Again, we ask that you please stand by while we compile a Q&A roster. One moment for our first question, please. Our first question comes from the line of Dan Fannon with Jeffries. Your line is now open.
Operator: <unk> conference is being recorded.
Operator: Again, we ask that you.
Operator: Please standby, while we compile the Q&A roster one moment for your first question. Please.
Operator: Our first question comes from the line of Dan Fannon with Jefferies. Your line is now open.
Daniel Thomas Fannon: Thanks, good morning. Andrew, I wanted to follow up on your comments around CVI. I think you said something about looking for strategic opportunities, something around accretion. I know that on their call, they talked about looking or exploring strategic options. So I was hoping you could maybe expand a bit upon that and maybe the rationale behind the timing and why now.
Daniel Thomas Fannon: Thanks, Good morning.
Daniel Thomas Fannon: Andrew I wanted to follow up on your comments around CVI I think you said something about looking for strategic.
Daniel Thomas Fannon: Something around accretion I know that the.
Daniel Thomas Fannon: Their call they talked about looking or exploring strategic options. So I was hoping you could maybe expand a bit upon that and maybe.
Daniel Thomas Fannon: The rationale behind me, but kind of the timing and why now.
Daniel Thomas Fannon: Yes.
Andrew Teno: Hey, Dan Good morning, so in terms of CVI and in general over.
Andrew Teno: Hey Dan, morning. So in terms of CVI and in general, over You know, we're long-term investors; we're also deal makers. And so, over the years, we've looked at a wide variety of things. We felt comfortable mentioning it today mainly because we put out the 8k a couple weeks ago that, from both CVI and UAI. And so, you know, when we look at our asset base, we think we are, you know, the CVI team are very good low-cost operators. We think they're very good at running or finding businesses, and if we can find something interesting, then you would expect us to execute on it.
Andrew Teno: So, that would, sorry, that would be more from the context of adding to your portfolio through M&A or strategic capital deployment versus exiting any of the existing businesses.
Andrew Teno: Sure.
Andrew Teno: We're long term investors, we're also dealmakers and so we'd like to look at basically anything that.
Andrew Teno: Presents itself and so over the years you've looked at.
Andrew Teno: Wide variety of things.
Andrew Teno: We felt comfortable mentioning it today, mainly because we put out the 8-K, a couple of weeks ago.
Andrew Teno: From both CVI and UAS.
Andrew Teno: And so when we look at our asset base. We think we are made on the CVI team are very good low cost operators. We think they are very good at running refining business.
Andrew Teno: If we can find something interesting then.
Andrew Teno: You would expect us to execute on.
Andrew Teno: So that would sorry that would be more from the context of adding to your through M&A or strategic.
Andrew Teno: Capital deployment versus exiting any of the existing businesses.
Andrew Teno: I'd just say we'd look at all opportunities, whatever is available.
Andrew Teno: I would just say we look at all opportunities whatever is available.
Andrew Teno: Understood.
Andrew Teno: And then just moving to the auto segment, you know, if we look at the path forward and the roadmap you've laid out, it seems like cost cutting and cost rationalization are still very much in focus. Is that really the playbook for 2024 and then sales recovery from there? Or should we, are you thinking about, or is the game plan or the outlook for sales to start to improve here more immediately in the next couple of quarters?
Andrew Teno: And then just moving to the auto segment.
Andrew Teno: If we look at the path forward and the roadmap you've laid out your it seems like cost cutting.
Andrew Teno: Cost rationalization is still very much in focus is that really the playbook for 2024, and then sales recovery from there or should we are you thinking about or is the game plan or the outlook for sales to start to improve here more immediately.
Andrew Teno: And this kind of next couple of quarters.
Andrew Teno: Yes. So I think if you were to look at just the market in general in this space.
Andrew Teno: Yeah, so if you were to look at just the market in general in this space, I'd say demand is not spectacular. But, and this is kind of a short-term phenomenon, we hope. But when we look at the long-term opportunity for our out-of-service business, we think we have opportunities on all fronts.
Andrew Teno: I would say demand is not spectacular.
Andrew Teno: And Thats kind of a short term phenomenon we hope.
Andrew Teno: But when we look at the long term opportunity for our auto service business. We think we have opportunities on all fronts I think.
Andrew Teno: Dave has now been there as the permanent CEO for a few months, and we think the opportunities are really endless. If we talk about product sourcing, for example, we think the company could have done a better job in the past, right? So when we look at all of our different product categories, if we're more strategic about how we're buying, if we're more strategic about how we're pricing, then we think there are opportunities to drive higher gross margins on products.
Andrew Teno: Dave has now been there as the permanent CEO for.
Andrew Teno: A few months and we think kind of the opportunities are really endless.
Andrew Teno: If we talk about product sourcing for an example, we think the company.
Andrew Teno: Really probably could have done a better job in the past right.
Andrew Teno: So when we look at all of our different product categories. If we're more strategic about how we're buying it for more strategic about how we are.
Andrew Teno: Pricing then we think there are opportunities to drive higher gross margins on products. We think there are opportunities to improve the service level and the stores. We think there are opportunities.
Andrew Teno: We think there are opportunities to improve the service level in the stores. We think there are opportunities to expand the Greenfield program. We think there are opportunities to help with relocating stores. And so I think, really, the opportunities are all of them.
Andrew Teno: To expand the Greenfield program, we think there are opportunities to help and relocating stores.
Andrew Teno: So I think really the opportunities are all of the above.
Andrew Teno: Great.
Andrew Teno: Great, that's helpful. And then, at a high level, as you think about the environment, you know, from a macro perspective, and what you're seeing in terms of, you know, the activist investment style in this environment, given higher rates, higher for longer, are there more areas that you're seeing opportunity in than maybe you were a year ago? Or is it the opposite, where the economic backdrop is still quite strong, and you're not maybe seeing the valuations and or, you know, kind of the incremental opportunity that you've seen previously, just trying to get a sense of today versus maybe a year ago, and that investment opportunity set?
Speaker Change: That's helpful. And then I guess just at a high level as you think about the environment.
Andrew Teno: From a macro perspective.
Andrew Teno: What youre seeing in terms of the activist investment style in this environment given higher rates higher for longer are there more areas that youre seeing opportunity and then maybe you were a year ago or is it the opposite where the economic backdrop is still quite strong and youre not may be seeing.
Andrew Teno: The valuations and or.
Andrew Teno: Kind of the incremental.
Andrew Teno: Opportunity that you.
Andrew Teno: <unk> seen previously just trying to get a sense of today versus maybe a year ago and that investment opportunity set.
Andrew Teno: Yeah, so I've been at Icahn for four years, and I could say that pretty much there's always an opportunity for activism. Companies are always getting in trouble. Stock prices are always falling.
Andrew Teno: Yes.
Andrew Teno: Icon for four years, and I can say that.
Andrew Teno: Pretty much theres always an opportunity for activism companies are always getting in trouble.
Andrew Teno: Stock prices are always falling hidden gems can always be unlocked.
Andrew Teno: Hidden gems can always be unlocked. And so in any given quarter, we're going through. I'm gonna guess at least 10 different names where we think there's something. And we usually don't act, but we keep looking to find the right opportunity. I think last quarter, we found two names which eventually became public. We may or may not have made more investments since then, but nothing that is now publicly disclosed.
Andrew Teno: So in any given quarter, we're going through.
Andrew Teno: Yes at least 10 different names, where we think there is something.
Andrew Teno: And we usually don't act, but we keep looking to find the right opportunity I think last quarter. We found two two names, which eventually became public.
Andrew Teno: We may or may not have made more investments.
Andrew Teno: Since then but nothing that is not publicly disclosed.
Speaker Change: Understood and then just lastly.
Andrew Teno: And then, just lastly, you know, appreciate the incremental disclosures around the hedging in the investment fund and the progress that you've made. Is this what you imagine as a steady state when you think about the hedges and the long exposure? Obviously, not trying to predict what you're going to do, but just generally as a philosophy, are you where you want to be? Or do you think that there will be more change in the context of the portfolio over the next, you know, kind of couple of quarters?
Andrew Teno: I appreciate the incremental disclosures around the hedging and the.
Andrew Teno: Investment fund and the progress that you've made is this what do you envision as a steady state when you think about the hedges and the long exposure, obviously not trying to predict what youre going to do but just generally as a philosophy are you where you want to be or do you think that there is more change in the context of the <unk>.
Andrew Teno: Portfolio over the next kind of couple of quarters.
Andrew Teno: Yeah, so I don't think we really want to bet on, you know, where the market is going. I think we've been pretty clear that we want to stay away from that. There probably are not any large-scale changes as to what we're going to do in terms of taking down our short exposure. I think Carl would always like to be appropriately hedged. And I think, based on how we feel and how we feel about our investments, that appropriate hedge could go down a little bit. But it's hard to take it off at these levels. So it's something we evaluate all the time, but I don't really foresee any material change.
Andrew Teno: Yes, so I don't I don't think we really want to bet on.
Andrew Teno: On.
Andrew Teno: The market is going I think we've.
Andrew Teno: <unk> been pretty clear, we want to stay away from that.
Andrew Teno: There probably are not any large scale changes as to what we're going to do in terms of taking down or short exposure I think Carl would always like to be appropriately hedged.
Andrew Teno: And I think based on how we feel and how we feel about our investments that appropriate hedged could go down a little bit.
Andrew Teno: But it's hard hard to take it off at these levels. So it's something we evaluate all the time, but I don't I don't really foresee any material changes.
Daniel Thomas Fannon: Understood. Thanks for taking my question.
Speaker Change: Understood. Thanks for taking my questions.
Speaker Change: Thank you.
Operator: I'm currently showing no further questions at this time. I'd like to hand the conference back over to Andrew Teno for closing remarks.
Daniel Thomas Fannon: I'm currently showing no further questions at this time I would like to hand, the conference back over to Andrew Deno for closing remarks.
Andrew Teno: Thank you.
Andrew Teno: So I'd like to leave today with a reminder that here at Icahn Enterprises, we are intensely focused on our activism strategy. We have unique advantages, including the Icahn brand name and a long history and willingness to negotiate proxy contracts. It is this track record that frequently allows us to be invited to join boards and work cooperatively with our fellow directors to make the key changes that will drive shareholder value. Furthermore, given our balance sheet, liquidity, and permanent capital structure, we have the ability to tender for entire businesses, a tool most simply do not have. Though returns can be lumpy and dissatisfying at times, as we continue to focus on our activist efforts at both our investment segment and controlled businesses, we believe they will bear fruit for all of our employees.
Andrew Teno: So I'd like to leave today with a reminder, that here at Icahn enterprises, we are intensely focused on our activism strategy, we have unique advantages, including the icon brand name and a long history and willingness to wage proxy contest.
Andrew Teno: It is this track record, which frequently allows us to be invited to join boards and work cooperatively with our fellow directors to make the key changes that will drive shareholder value.
Andrew Teno: Furthermore, given our balance sheet liquidity and permanent capital structure, we have the ability to tender for entire businesses tool most simply do not possess.
Andrew Teno: No returns can be lumpy and dissatisfied at times as we continue to focus on our activist efforts at both our investment segment and controls businesses. We believe they will bear fruit for all of our unit holders will speak to everyone. Soon.
Operator: We'll speak to everyone soon. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone have a wonderful day.
Operator: [inaudible]
Operator: This concludes today's conference call. Thank you for your participation you may now disconnect everyone have a wonderful day.
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