Icahn Enterprises L.P.

Good morning and welcome to the ICANN Enterprises LP first quarter 2022 earnings call with Rob Flint, Director of Accounting, David Willits, President and CEO, and Ted Papapastelou, Chief Financial Officer. I would now like to hand the call over to Rob Flint, 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, wills, or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icon 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 that are discussed in our filings with the Security 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. The 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. I'll now turn it over to David Willits, our Chief Executive Officer.

Thank you, Rob, and good morning and welcome to the first quarter 2022 Icon Enterprises earnings call. Joining me on today's call is Ted Papapostolou, our Chief Financial Officer. Together, we'll provide an overview of the first quarter results and then be available for questions. As we've said before, we believe activism is the best paradigm for investing. We're pleased with our current activist campaign at Southwest Gas. and encourage investors to refer to our public filings and statements to stay apprised of the latest developments. IEP is reporting first quarter 2022 revenues of $4.1 billion and net income attributable to Icon Enterprises of $323 million, or $1.06 per depository unit. This represents an increase in net income per depository unit of $0.41 versus quarter one of 2021. For the three months ended March 31st, 2021, revenues were $3.4 billion and net income attributable to Icon Enterprises was $162 million, or 65 cents per depository unit. For the three months ended March 31st, 2022, adjusted EBITDA attributable to Icon Enterprises was $616 million compared to $435 million for the three months ended March 31st, 2021. Indicative net asset value increased by $1.1 billion as of March 31, 2022, compared to December 31, 2021. 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 reported above. Regarding our segments, our investment funds had a strong performance for the quarter, with a positive return of 9.6% from quarter one of 2022, primarily driven by movements in our energy network. In our investment funds, we generally take a value investing approach in our loan positions, and we frequently use shorts to selectively hedge market risk. CBI ended the first quarter 2022 EBITDA and net income with improvements reflecting strong performance in the fertilizer segment and improved crack spreads in refining. RIN's costs continue to negatively impact refining, costing more than $107 million for the quarter. The company is aggressively pursuing its push into renewables with the startup of the biodiesel unit at Winniewood and CVR announced a dividend of $0.40 per share, and UAN announced a substantial dividend of $2.26 in its distribution to its unit holders. Automotive Services continued its strong upward trajectory, and the team is executing the multi-year improvement plan. Services is in a strong position given the increasing age of the car park and is benefiting from the growing number of vehicles older than three years on the road today. The parts business continues to stabilize and is actively working down excess emissions. closed the quarter with cash and investments in the funds of approximately $6 billion. We paid down $500 million of debt, resulting in interest expense savings of $34 million on an annual basis. The Board declared a $2 quarterly distribution payable in cash for additional units. With that, let me turn it over to Ted for a detailed discussion of our segments and our performance. Ted?