Icahn Enterprises L.P.

Good morning and welcome to the Icon Enterprises LP Q4 2021 earnings call with Jesse Lynn, General Counsel, David Willits, President and CEO, and Ted Papapasou, Chief Financial Officer. I would now like to hand the call over to Jesse Lynn, who will read the opening statement.

Thank you, Operator. 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 Icon Enterprises LP 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. 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 comparable GAAP financial measures can be found in the back of this presentation. I'll now turn it over to David Willits, our Chief Executive Officer.

Thank you, Jesse. Good morning, and welcome to the fourth quarter 2021 ICOM Enterprises Earnings Conference Call. Joining me on today's call is Ted Papapastelao, our Chief Financial Officer. Together we'll provide an overview of quarter four and the full year results and then be available for questions at the end. Before discussing the earnings, I'd like to provide a brief update on recent activism at Southwest. Our tender offer of $75 per share remains outstanding and was recently extended. We are awaiting a shareholder meeting and a vote on our full slate of independent, highly qualified board candidates. We will not comment on the specifics of this campaign, but refer you to our public filings and statements. that are easily available. Second campaign, McDonald's. This is an activist campaign of a very different nature, but one that's being pursued outside of Icon Enterprises in a personal capacity by Mr. Icon. We believe activism is the best paradigm for investing through our investment segment as well as managing our controlled subsidiaries. We focus on improving the capital structure and operations of companies within all of our segments. As part of our strategy, we routinely hedge against market risks, and in the past, this has worked well. The last several years have been a bit of an outlier to our modus operandi. We believe we are in a much better position than we have been in the past with our hedges, and we are encouraged based on 2022 results to date. 2021 earnings ended with a net loss for IEP of $518 million for the year and with a $396 million loss for the quarter, which is significantly improved versus 2020. IEP's full-year adjusted EBITDA was a positive $273 million. The full-year 21 results were negatively impacted by losses of about $1.3 billion on IEP's investment segment short position, which are used to hedge our long positions. Other losses include $435 million of RINs expense in CVI and $205 million of automotive transformation losses and an inventory write-down. Indicative net asset value increased by $1.6 billion in 2021 to $5.1 billion, despite the headwinds I just mentioned. 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 gap earnings. In 2021, we revised how we estimate the fair value of our automotive segments on real estate and its services business, which better reflects the fair value of these assets, which also contributed to the positive change. Regarding the segments specifically, our investment funds had a flat performance for the full year with a negative return of 8.3% in quarter 4-21, primarily driven by these short positions. CVI ended 2021 with full-year EBITDA net income improvements, reflecting strong performance in the fertilizer segment and improved crack spreads in the refining operations. The RINS costs, however, did continue to negatively impact refining, costing more than $435 million for the full year. The company is aggressively continuing its push into renewables and is targeting a startup of the biodiesel unit at Winningwood, targeted for Q2 of 22. In automotive, we're very pleased with the continued performance of the automotive services division, with revenue growth of approximately 12% for the full year of 21 versus 20, and very strong impact on performance year over year. The parts division is in the midst of executing a full turnaround of its core operating business. In Q4 of this year, parts took a one-time charge of approximately $56 million, to write down aged inventories. We are seeing strong and continued market interest in our portfolio of vacant former parts retail locations. We closed the quarter with cash and investments in the funds of approximately $6 billion. The Board declared a $2 quarterly distribution payable in cash or additional units. And with that, let me turn this to Ted for a detailed discussion of all of our segments, and he'll elaborate on some of the comments I've made. Ted? Thanks, David.