0000813762
false
0000813762
2023-08-04
2023-08-04
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
August 4, 2023
(Commission File Number) |
(Exact Name of Registrant as Specified
in Its Charter)
(Address of Principal Executive Offices)
(Zip Code)
(Telephone Number)
|
(State or Other
Jurisdiction of
Incorporation or
Organization) |
(IRS Employer
Identification
No.) |
1-9516 |
ICAHN ENTERPRISES L.P.
16690 Collins Avenue, PH-1
Sunny Isles Beach, FL 33160
(305) 422-4100 |
Delaware |
13-3398766 |
(Former Name or Former Address, if Changed
Since Last Report)
N/A
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
¨ |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange on Which Registered |
Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests |
|
IEP |
|
NASDAQ Global Select Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule
12b-2 of the Securities Exchange Act of 1934. Emerging Growth Company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On August 4, 2023, Icahn Enterprises L.P. issued
a press release reporting its financial results for the second quarter of 2023. A copy of the press release is attached hereto as Exhibit
99.1.
The information furnished pursuant to this Item
2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any
filing under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 – Press Release dated August, 4, 2023.
104 – Cover
Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
ICAHN ENTERPRISES L.P. |
|
|
|
(Registrant) |
|
|
|
|
|
|
By: |
Icahn Enterprises G.P.
Inc.,
its general partner |
|
|
|
|
|
|
By: |
/s/ Ted Papapostolou |
|
|
|
Ted Papapostolou |
|
|
|
Chief Financial Officer |
|
Date: August 4, 2023
Exhibit 99.1
Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced
Its Second Quarter 2023 Financial Results
Sunny Isles Beach, Fla, August 4, 2023 –
| ● | For the three months ended June 30, 2023, net loss attributable to Icahn Enterprises was $269
million, or $0.72 per depositary unit. This compares to net loss attributable to Icahn Enterprises of $128 million, or $0.41 per depositary
unit during the prior year period. For the three months ended June 30, 2023, Adjusted EBITDA attributable to Icahn Enterprises was
$34 million compared to $126 million during the prior year period |
| ● | For the six months ended June 30, 2023, net loss attributable to Icahn Enterprises was $539 million,
or $1.46 per depositary unit. This compares to net income attributable to Icahn Enterprises of $195 million, or $0.64 per depositary unit
during the prior year period. For the six months ended June 30, 2023, Adjusted EBITDA attributable to Icahn Enterprises was $150
million compared to $742 million during the prior year period |
| ● | 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 |
Icahn makes statement about earnings and distributions.
Carl
Icahn, Chairman of IEP, said: “I believe the second quarter partially reflected the impact of short-selling on companies
we control or invest in, which I attribute to the misleading and self-serving Hindenburg report concerning our company. It also reflected
the size of the hedge book relative to our activist strategy.
Subsequent to the quarter, I have entered
into a three-year term loan agreement with my personal lenders (see Form 8-K filed on July 10, 2023) which in my opinion has
significantly diffused the effects of the misleading Hindenburg report, and focused on our activist strategy and reduced our hedge book. These
actions have been a major factor in what I believe is IEP turning the corner in July. In the month of July, our publicly traded securities,
which are included in our indicative net asset value, experienced over a $500 million increase in value, net of all hedge positions.
Over the last 23 years, IEP has paid significant
distributions to unitholders. I believe it is compelling that if you purchased 1,000 IEP depositary units in January 2000, for
$7.63 per unit and elected to take all distributions in cash as they were paid, you would have received approximately $76,000 in cash
distributions and would have still owned the 1,000 units.
IEP
has issued distributions for 73 continuous quarters. The payment of future distributions will be determined by the board of directors
quarterly, based upon current economic conditions and business performance and other factors that it deems relevant at the time that declaration
of a distribution is considered. We do not intend to let a misleading Hindenburg report interfere with this practice. This quarter, IEP
is declaring a $1.00 per depositary unit distribution, which represents a 12% annualized yield based on yesterday’s closing price
and unitholders will continue to have the right to elect whether to receive cash or additional depositary units.
We thank our many loyal unitholders that have
communicated to us over the last several months. We look forward to continuing to focus on our activism strategy.”
Second Quarter 2023 Financial Summary
(All figures in the Financial Summary are attributable to Icahn
Enterprises, unless otherwise specified)
For the three months ended June 30, 2023,
revenues were $2.5 billion and net losses were $269 million, or a loss of $0.72 per depository unit. For the three months ended June 30,
2022, revenues were $3.5 billion and net losses were $128 million, or $0.41 per depository unit. Adjusted EBITDA was $34 million for the
three months ended June 30 2023, compared to $126 million for the three months ended June 30, 2022.
For the six months ended June 30, 2023, revenues
were $5.2 billion and net losses were $539 million, or a loss of $1.46 per depositary unit. For the six months ended June 30, 2022,
revenues were $7.6 billion and net income was $195 million, or $0.64 per depositary unit. Adjusted EBITDA was $150 million for the six
months ended June 30, 2023, compared to $742 million for the six months ended June 30, 2022.
For the six months ended June 30, 2023, indicative
net asset value decreased $621 million compared to 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 reported above.
On August 2, 2023, the Board of Directors
of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.00 per depositary unit, which will be
paid on or about September 27, 2023 to depositary unitholders of record at the close of business on August 18, 2023. Depositary
unitholders will have until September 15, 2023 to make a timely election to receive either cash or additional depositary units. If
a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional
depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units
will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending
September 22, 2023. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders
electing to receive (or who are deemed to have elected to receive) depositary units.
***
Icahn Enterprises L.P., a master limited partnership,
is a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy,
Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
Caution Concerning Forward-Looking Statements
This
release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or predict. 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 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, including risks related to economic downturns, substantial
competition and rising operating costs; the impacts from the Russia/Ukraine conflict, including economic volatility and the impacts of
export controls and other economic sanctions, risks related to our investment activities, including the nature of the investments made
by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in
the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not
be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation; risks related to
short sellers and associated litigation and regulatory inquiries; risks related to our general partner and controlling unitholder; risks
related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines
in global demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted
access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks
related to the success of a spin-off of the fertilizer business including risks related to any decision to cease exploration of
a spin-off; risks related to our automotive activities and exposure to adverse conditions in the
automotive industry, including as a result of the COVID-19 pandemic and the Chapter 11 filing of our automotive parts subsidiary; risks
related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers
to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues;
inflation, including increased costs of raw materials and shipping, including as a result of the Russia/Ukraine conflict; interest rate
increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant
bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials,
and changes in transportation costs and delivery times; and other risks and uncertainties detailed from time to time in our filings with
the Securities and Exchange Commission including out Annual Report on Form 10-K and our quarterly reports on Form 10-Q
under the caption “Risk Factors”. Additionally, there may be other factors not presently known to us or which we currently
consider to be immaterial that may cause our actual results to differ materially from the forward-looking
statements. Past performance in our Investment segment is not indicative of future performance. We undertake no obligation to publicly
update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
Three Months Ended
June 30, | | |
Six Months Ended
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
| |
(in millions, except per unit amounts) | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 2,684 | | |
$ | 3,796 | | |
$ | 5,442 | | |
$ | 6,764 | |
Other revenues from operations | |
| 198 | | |
| 197 | | |
| 385 | | |
| 365 | |
Net (loss) gain from investment activities | |
| (500 | ) | |
| (442 | ) | |
| (943 | ) | |
| 497 | |
Interest and dividend income | |
| 167 | | |
| 50 | | |
| 338 | | |
| 92 | |
Other loss, net | |
| (9 | ) | |
| (98 | ) | |
| (41 | ) | |
| (122 | ) |
| |
| 2,540 | | |
| 3,503 | | |
| 5,181 | | |
| 7,596 | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of goods sold | |
| 2,310 | | |
| 3,174 | | |
| 4,570 | | |
| 5,712 | |
Other expenses from operations | |
| 160 | | |
| 148 | | |
| 318 | | |
| 285 | |
Selling, general and administrative | |
| 215 | | |
| 315 | | |
| 444 | | |
| 616 | |
Credit loss on related party note receivable | |
| 116 | | |
| — | | |
| 116 | | |
| — | |
Loss on deconsolidation of subsidiary | |
| 20 | | |
| — | | |
| 246 | | |
| — | |
Interest expense | |
| 136 | | |
| 151 | | |
| 278 | | |
| 285 | |
| |
| 2,957 | | |
| 3,788 | | |
| 5,972 | | |
| 6,898 | |
(Loss) income before income tax (expense) benefit | |
| (417 | ) | |
| (285 | ) | |
| (791 | ) | |
| 698 | |
Income tax (expense) benefit | |
| (2 | ) | |
| (2 | ) | |
| 14 | | |
| (100 | ) |
Net (loss) income | |
| (419 | ) | |
| (287 | ) | |
| (777 | ) | |
| 598 | |
Less: net (loss) income attributable to non-controlling interests | |
| (150 | ) | |
| (159 | ) | |
| (238 | ) | |
| 403 | |
Net (loss) income attributable to Icahn Enterprises | |
$ | (269 | ) | |
$ | (128 | ) | |
$ | (539 | ) | |
$ | 195 | |
| |
| | | |
| | | |
| | | |
| | |
Net (loss) income attributable to Icahn Enterprises allocated to: | |
| | | |
| | | |
| | | |
| | |
Limited partners | |
$ | (264 | ) | |
$ | (125 | ) | |
$ | (528 | ) | |
$ | 191 | |
General partner | |
| (5 | ) | |
| (3 | ) | |
| (11 | ) | |
| 4 | |
| |
$ | (269 | ) | |
$ | (128 | ) | |
$ | (539 | ) | |
$ | 195 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and Diluted (loss) income per LP unit | |
$ | (0.72 | ) | |
$ | (0.41 | ) | |
$ | (1.46 | ) | |
$ | 0.64 | |
Basic and Diluted weighted average LP units outstanding | |
| 367 | | |
| 306 | | |
| 361 | | |
| 300 | |
Distributions declared per LP unit | |
$ | 2.00 | | |
$ | 2.00 | | |
$ | 4.00 | | |
$ | 4.00 | |
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
| |
(in millions, except unit amounts) | |
ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 2,488 | | |
$ | 2,337 | |
Cash held at consolidated affiliated partnerships and restricted cash | |
| 2,598 | | |
| 2,549 | |
Investments | |
| 4,937 | | |
| 6,809 | |
Due from brokers | |
| 4,219 | | |
| 7,051 | |
Accounts receivable, net | |
| 495 | | |
| 606 | |
Related party notes receivable | |
| 82 | | |
| — | |
Inventories, net | |
| 1,015 | | |
| 1,531 | |
Property, plant and equipment, net | |
| 3,959 | | |
| 4,038 | |
Deferred tax asset | |
| 184 | | |
| 127 | |
Derivative assets, net | |
| 344 | | |
| 805 | |
Goodwill | |
| 288 | | |
| 288 | |
Intangible assets, net | |
| 502 | | |
| 533 | |
Other assets | |
| 1,103 | | |
| 1,240 | |
Total Assets | |
$ | 22,214 | | |
$ | 27,914 | |
LIABILITIES AND EQUITY | |
| | | |
| | |
Accounts payable | |
$ | 723 | | |
$ | 870 | |
Accrued expenses and other liabilities | |
| 1,878 | | |
| 1,981 | |
Deferred tax liabilities | |
| 354 | | |
| 338 | |
Derivative liabilities, net | |
| 911 | | |
| 691 | |
Securities sold, not yet purchased, at fair value | |
| 3,370 | | |
| 6,495 | |
Due to brokers | |
| 713 | | |
| 885 | |
Debt | |
| 7,078 | | |
| 7,096 | |
Total liabilities | |
| 15,027 | | |
| 18,356 | |
| |
| | | |
| | |
Commitments and contingencies (Note 18) | |
| | | |
| | |
| |
| | | |
| | |
Equity: | |
| | | |
| | |
Limited partners: Depositary units: 393,458,414 units issued and outstanding at June 30, 2023 and 353,572,182 units issued and outstanding at December 31, 2022 | |
| 4,153 | | |
| 4,647 | |
General partner | |
| (757 | ) | |
| (747 | ) |
Equity attributable to Icahn Enterprises | |
| 3,396 | | |
| 3,900 | |
Equity attributable to non-controlling interests | |
| 3,791 | | |
| 5,658 | |
Total equity | |
| 7,187 | | |
| 9,558 | |
Total Liabilities and Equity | |
$ | 22,214 | | |
$ | 27,914 | |
Use of 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 amortization. We define Adjusted EBITDA as EBITDA excluding
certain effects of impairment, restructuring costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses
on extinguishment of debt and certain other non-operational charges. We present EBITDA and Adjusted EBITDA on a consolidated basis and
on a basis attributable to Icahn Enterprises net of the effects of non-controlling interests. We conduct substantially all of our operations
through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions to us. In addition, our subsidiaries
are not obligated to make funds available to us for payment of our indebtedness, payment of distributions on our depositary units or otherwise,
and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in
debt agreements and other agreements to which these subsidiaries currently may be subject or into which they may enter into in the future.
The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict dividends, distributions or loans
to us.
We believe that providing EBITDA and Adjusted
EBITDA to investors has economic substance as these measures provide important supplemental information of our performance to investors
and permits investors and management to evaluate the core operating performance of our business without regard to interest, taxes and
depreciation and amortization and certain effects of impairment, restructuring costs, certain pension plan expenses, gains/losses on disposition
of assets, gains/losses on extinguishment of debt and certain other non-operational charges. Additionally, we believe this information
is frequently used by securities analysts, investors and other interested parties in the evaluation of companies that have issued debt.
Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results,
as well as in planning, forecasting and analyzing future periods. Adjusting earnings for these charges allows investors to evaluate our
performance from period to period, as well as our peers, without the effects of certain items that may vary depending on accounting methods
and the book value of assets. Additionally, EBITDA and Adjusted EBITDA present meaningful measures of performance exclusive of our capital
structure and the method by which assets were acquired and financed.
EBITDA and Adjusted EBITDA have limitations as
analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under generally
accepted accounting principles in the United States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA:
| ● | do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual
commitments; |
| ● | do not reflect changes in, or cash requirements for, our working capital needs; and |
| ● | do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our
debt. |
Although depreciation and amortization are non-cash
charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not
reflect any cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted
EBITDA differently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA
do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.
EBITDA and Adjusted EBITDA are not measurements
of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or any other performance measures
derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. Given these
limitations, we rely primarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental measure of our financial
performance.
Use of Indicative Net Asset Value Data
The Company uses indicative net asset value as
an additional method for considering the value of the Company’s assets, and we believe that this information can be helpful to investors.
Please note, however, that the indicative net asset value does not represent the market price at which the depositary units trade. Accordingly,
data regarding indicative net asset value is of limited use and should not be considered in isolation.
The Company's depositary units are not redeemable,
which means that investors have no right or ability to obtain from the Company the indicative net asset value of units that they own.
Units may be bought and sold on The Nasdaq Global Select Market at prevailing market prices. Those prices may be higher or lower than
the indicative net asset value of the depositary units as calculated by management.
See below for more information on how we calculate
the Company’s indicative net asset value.
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
| |
(in millions)(unaudited) | |
Market-valued Subsidiaries and Investments: | |
| | | |
| | |
Holding Company interest in Investment Funds(1) | |
$ | 3,799 | | |
$ | 4,184 | |
CVR Energy(2) | |
| 2,133 | | |
| 2,231 | |
Total market-valued subsidiaries and investments | |
$ | 5,932 | | |
$ | 6,415 | |
| |
| | | |
| | |
Other Subsidiaries: | |
| | | |
| | |
Viskase(3) | |
$ | 341 | | |
$ | 243 | |
Real Estate Holdings(1) | |
| 461 | | |
| 455 | |
WestPoint Home(1) | |
| 162 | | |
| 156 | |
Vivus(1) | |
| 237 | | |
| 241 | |
| |
| | | |
| | |
Automotive Services(4) | |
| 608 | | |
| 490 | |
Automotive Parts(1)(5)(6) | |
| 11 | | |
| 381 | |
Automotive Owned Real Estate Assets(7) | |
| 831 | | |
| 831 | |
Icahn Automotive Group | |
| 1,450 | | |
| 1,702 | |
| |
| | | |
| | |
Total other subsidiaries | |
$ | 2,651 | | |
$ | 2,797 | |
Add: Other Holding Company net assets(8) | |
| 173 | | |
| 20 | |
Indicative Gross Asset Value | |
$ | 8,756 | | |
$ | 9,232 | |
Add: Holding Company cash and cash equivalents(9) | |
| 1,574 | | |
| 1,720 | |
Less: Holding Company debt(9) | |
| (5,308 | ) | |
| (5,309 | ) |
Indicative Net Asset Value | |
$ | 5,022 | | |
$ | 5,643 | |
Indicative net asset value does not purport
to reflect a valuation of IEP. The calculated indicative net asset value does not include any value for our Investment Segment other than
the fair market value of our investment in the Investment Funds. A valuation is a subjective exercise and indicative net asset value does
not necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors
may reasonably differ on what such elements are and their impact on IEP. No representation or assurance, express or implied, is made as
to the accuracy and correctness of indicative net asset value as of these dates or with respect to any future indicative or prospective
results which may vary.
| (1) | Represents GAAP equity attributable to us as of each respective date. |
| (2) | Based on closing share price on each date (or if such date was not
a trading day, the immediately preceding trading day) and the number of shares owned by the Holding Company as of each respective date. |
| (3) | Amounts based on market comparables due to lack of material trading
volume, valued at 9.0x Adjusted EBITDA for the trailing twelve months ended as of each respective date |
| (4) | Amounts based on market comparables, valued at 14.0x Adjusted EBITDA for the trailing twelve months ended
as of each respective date. |
| (5) | On January 31, 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries
(“Auto Plus”), an aftermarket parts distributor held within our Automotive segment, filed voluntary petitions in the United
States Bankruptcy Court. As a result, IEP deconsolidated Auto Plus, writing down its remaining equity interest to zero which was
offset by the recognition of a related party note receivable reflected in Other Net Assets. |
| (6) | During the second quarter of 2023, a wholly owned subsidiary of IEP within the Automotive segment acquired
assets from the Auto Plus bankruptcy auction, which are reflected in Automotive Parts. |
| (7) | Management performed a valuation on the owned real-estate with the
assistance of third-party consultants to estimate fair-market-value. This analysis utilized property-level market rents, location level
profitability, and utilized prevailing cap rates ranging from 6.8% to 8.0% as of June 30, 2023, March 31, 2023 and December 31,
2022. The valuation assumed that triple net leases are in place for all the locations at rents estimated by management based on market
conditions. There is no assurance we would be able to sell the assets on the timeline or at the prices and lease terms we estimate. Different
judgments or assumptions would result in different estimates of the value of these real estate assets. Moreover, although we evaluate
and provide our indicative net asset value on a regular basis, the estimated values may fluctuate in the interim, so that any actual transaction
could result in a higher or lower valuation. |
(8) Represents
GAAP equity of the Holding Company segment, excluding cash and cash equivalents, debt and non-cash deferred tax assets or liabilities.
As of June 30, 2023, Other Net Assets includes $20 million of Automotive segment liabilities assumed from the Auto Plus bankruptcy.
| (9) | Holding Company’s balance as of each respective date. |
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
| |
(in millions)(unaudited) | |
Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (419 | ) | |
$ | (287 | ) | |
$ | (777 | ) | |
$ | 598 | |
Interest expense, net | |
| 103 | | |
| 149 | | |
| 218 | | |
| 281 | |
Income tax expense (benefit) | |
| 2 | | |
| 2 | | |
| (14 | ) | |
| 100 | |
Depreciation and amortization | |
| 129 | | |
| 127 | | |
| 251 | | |
| 249 | |
EBITDA before non-controlling interests | |
| (185 | ) | |
| (9 | ) | |
| (322 | ) | |
| 1,228 | |
Credit loss on related party note receivable | |
| 116 | | |
| - | | |
| 116 | | |
| - | |
Loss on deconsolidation of subsidiary | |
| 20 | | |
| - | | |
| 246 | | |
| - | |
Gain on disposition of assets, net | |
| (3 | ) | |
| - | | |
| (3 | ) | |
| (2 | ) |
Transformation losses | |
| 11 | | |
| 13 | | |
| 20 | | |
| 29 | |
Net loss on extinguishment of debt | |
| - | | |
| - | | |
| - | | |
| 1 | |
Out of period adjustments | |
| 2 | | |
| - | | |
| 8 | | |
| - | |
Call option lawsuits settlement | |
| - | | |
| 79 | | |
| - | | |
| 79 | |
Other | |
| (1 | ) | |
| 5 | | |
| 6 | | |
| 5 | |
Adjusted EBITDA before non-controlling interests | |
$ | (40 | ) | |
$ | 88 | | |
$ | 71 | | |
$ | 1,340 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA attributable to IEP | |
| | | |
| | | |
| | | |
| | |
Net (loss) income | |
$ | (269 | ) | |
$ | (128 | ) | |
$ | (539 | ) | |
$ | 195 | |
Interest expense, net | |
| 76 | | |
| 110 | | |
| 159 | | |
| 213 | |
Income tax expense | |
| (9 | ) | |
| (15 | ) | |
| (39 | ) | |
| 75 | |
Depreciation and amortization | |
| 91 | | |
| 86 | | |
| 177 | | |
| 171 | |
EBITDA attributable to IEP | |
| (111 | ) | |
| 53 | | |
| (242 | ) | |
| 654 | |
Credit loss on related party note receivable | |
| 116 | | |
| - | | |
| 116 | | |
| - | |
Loss on deconsolidation of subsidiary | |
| 20 | | |
| - | | |
| 246 | | |
| - | |
Gain on disposition of assets, net | |
| (3 | ) | |
| - | | |
| (3 | ) | |
| (2 | ) |
Transformation losses | |
| 11 | | |
| 13 | | |
| 20 | | |
| 29 | |
Net loss on extinguishment of debt | |
| - | | |
| - | | |
| - | | |
| 1 | |
Out of period adjustments | |
| 2 | | |
| - | | |
| 8 | | |
| - | |
Call option lawsuits settlement | |
| - | | |
| 56 | | |
| - | | |
| 56 | |
Other | |
| (1 | ) | |
| 4 | | |
| 5 | | |
| 4 | |
Adjusted EBITDA attributable to IEP | |
$ | 34 | | |
$ | 126 | | |
$ | 150 | | |
$ | 742 | |
Investor Contact:
Ted Papapostolou, Chief Financial Officer
IR@ielp.com
(800) 255-2737
v3.23.2
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Icahn Enterprises (NASDAQ:IEP)
Historical Stock Chart
From Aug 2023 to Aug 2024