Icahn Enterprises L.P.

Good morning, and welcome to the ICANN Enterprises LP Third Quarter 2022 Earnings Conference Call with Rod Flint, Director of Accounting, David Willits, President and CEO, and Ted Papapozzolo, Chief Financial Officer. I would now like to hand the conference over to Rod 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, 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 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. Good morning, and welcome to the third quarter 2022 Icon Enterprises Earnings Conference Call. Joining me on today's call is Ted Papapostelou, our Chief Financial Officer. Together, we'll provide an overview of Q3 results and then be available for questions. Before we get into the results, I'd like to reemphasize that we believe activism is the best paradigm for investing. We are putting our activist principles into effect in both our majority-controlled and our minority positions held in our investment segments. Additionally, we strongly believe in hedging our positions to mitigate risk, especially in the volatile markets that we're living in today. For the sake of brevity, all net income and EBITDA amounts we'll discuss are attributable to Icahn Enterprises, unless otherwise specified. Now into the numbers. For the nine months ended September 30, 2022, net income was $72 million, or $0.23 per depository unit, and our adjusted EBITDA was $812 million. For reference, Last year's first nine months figures were a net loss of $122 million, or a loss of 47 cents per depository unit, and adjusted EBITDA of $715 million. Our third quarter discrete results were a net loss of $123 million, with adjusted EBITDA of $70 million. This represents a quarter-over-quarter improvement of $25 million of net loss and a decrease of $18 million of adjusted EBITDA. Our indicative net asset value as a quarter end increased by $1 billion to $6.2 billion as 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, year-to-date, our investment funds had a positive return of 2.4%, which includes a negative Q3 return of 1.9%. For comparison, the S&P 500 is down approximately 24% for the year and down 5% for the quarter. CBI ended the quarter with continued strong performance, largely due to crack spreads, which is facilitating continued dividend distribution. We're in the process of upgrading select management teams. In this case, we have replaced the CEO, have invested in a new head of manufacturing, and are refocusing the business on margin growth and factory performance. At Pep Boys, we're in the process of replacing the CEO and looking to upgrade other members of the senior management team. The board declared a $2 quarterly distribution payable in cash or additional units. With that, let me turn it over to Ted for a detailed discussion of all of our segments.