Icahn Enterprises L.P.

Good morning, and welcome to the ICANN Enterprises LP Q4 2022 earnings call with Rob Flint, Director of Accounting, David Welitz, President and CEO, and Ted Papapostolo, 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, 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 fourth quarter 2022 ICON Enterprises Earnings Conference Call. Joining me on today's call is Ted Papapostilou, our Chief Financial Officer. Together, we'll provide an overview of Q4 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're putting our activist principles into effect in both our majority controlled and our minority positions held in our investment segment. 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 ICON Enterprises unless otherwise specified. Now into the numbers. Full year 2022 net loss was $183 million, which represents a year-over-year improvement of $335 million. Full-year adjusted EBITDA for 2022 was $758 million, which represents a year-over-year improvement of $485 million. For Q4 2022, we had a net loss of $255 million and adjusted EBITDA of negative $54 million, compared to a net loss of $396 million and an adjusted EBITDA of negative $443 million in the prior year period. Our indicative net asset value as a quarter end increased by $522 million to $5.6 billion as compared to December 31st, 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 negative return of 2.4%. For comparison, the S&P 500 was down approximately 18% for the year. DBI ended the quarter with continued strong performance, largely due to a $20.42 increase in crack spreads in Q4 2022 versus 2021 with flat volumes. Dividends have been increased to $0.50 per share for Q4 2022, bringing the total 2022 dividends to about $5.30 per share. DVR Partners performed strongly in Q4 2022, largely due to strong pricing markets for ammonia and UAM, both of which were up versus Q4 2021 by approximately 30 plus percent. For automotive services, revenue growth remained strong at over 13% for the full year of 2020. In Q4, the team executed the first phase of efficiency actions targeting corporate SG&A costs. Although additional efficiency actions are planned in the first half of 2023, the company is intensifying its focus on customer service and upgrading its premium services offerings. The new CEO and CFO are now in place at the company, and the overall leadership team is rapidly executing the plan for 2023 performance. The IEP 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 all our segments.