Icahn Enterprises L.P.

Good morning and welcome to the ICANN Enterprises LPQ1-2023 Earnings Call with Jesse Lin, General Counsel, David Willits, President and CEO, and Ted Papapastolo, Chief Financial Officer. I would now like to hand the call over to Jesse Lin, 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 Icahn 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, Jesse. Good morning and welcome to the first quarter 2023 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 Q1 results and then be available for questions. Before we get into the results of the quarter, I need to address the short seller report released last week. After this call, we'll issue a response which addresses the mischaracterizations and concerns raised in this report. There are a few high-level points I'd like to address now, however. IEP has $1.9 billion of cash on hand and $4 billion of additional liquidity in the investment funds and we're well positioned for future success. We have full confidence in the integrity of our presented financials and our reporting. 90% of our NAB valuations are comprised primarily of either mark-to-market securities or audited gap book values or external valuations. The remaining 10% are valued on a market comparable basis using historical EBITDA. Our dividend policy is based on our assessment of IEP's ability to return capital to unit holders over a long-term basis. We generate liquidity through operations, selling investments, and selling companies. Since 2017, the firm has generated over $5 billion of cash from successful sales of controlled companies. Our operating companies have been the subject of intense improvement efforts over the last year. Although not complete, we're pleased with the trajectory of the companies. We've upgraded and augmented many of our company's management teams, and we're starting to see tangible improvements in the results and overall performance of the companies. We have great confidence in their potential. On to first quarter results. Our results for Q1 2023 were down versus prior year, though they included large one-time non-cash charge for the auto plus bankruptcy of $226 million. For quarter one, we had a loss of $270 million and adjusted EBITDA of $116 million compared to net income of $323 million and adjusted EBITDA of $616 million for the three months ended March 31st, 2022. For quarter one, 2023, our investment funds had a negative return of 4.1%, reflecting the volatility we're seeing in certain markets. CVI ended the quarter with continued strong performance, largely due to an $11.96 increase in quarter one crack spreads 2023 versus 2022 with flat volumes. CVI declared a dividend of 50 cents per share for quarter one, 2023. CVR Partners, also called UAM, performed relatively flat in Q1 2023 compared to prior year largely due to decreased pricing for ammonia and UAM. For automotive services, revenue growth remained strong at over 5% for the first quarter compared to prior year. The team is aggressively working with our vendors to simplify our supply chain, reduce materials costs, and greatly reduce working capital. Contracts are in the process of being finalized, and we forecast continued improvements in the back half of 2023. Our indicative net asset value as a quarter end remained relatively flat at $5.6 billion as compared to December 31, 2022. 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. 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 of our segments.