Icahn Enterprises L.P.

Good morning, and welcome to the ICANN Enterprises LP Third Quarter 2023 Earnings Call with Jesse Lin, General Counsel, David Willits, President and CEO, and Rob Flint, Director of Accounting. 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 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. 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. including adjusted EBITDA. 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. We also present indicative net asset value. Indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to ICON Enterprises unless otherwise specified. I'll now turn it over to David Willits, our Chief Executive Officer.

Thank you, Jesse. Joining me on the call today is Rob Flint, our Director of Accounting, who is filling in for Ted today. I'll provide a brief overview of Q3 results, and then we'll be available for questions at the end. We're pleased with third quarter performance, which shows improvement over last year and last quarter. Third quarter's net loss was $6 million, which is an improvement of $117 million over Q3-22. Adjusted EBITDA was $272 million, which is an increase of $202 million compared to Q3-22. Our operating companies have performed well, with each of them posting solid gains on a year-over-year basis. CVI has benefited by continued strong crack spreads, good operating utilization, reduced RINs cost, and has authorized a $2 total dividend. Our automotive segment posted strong year-over-year performance on both net income and adjusted EBITDA. As Carlos previously indicated, we're continuing to restructure the portfolio and have exited a number of positions in the quarter. This quarter, the investment funds had a negative return of 4.4%, primarily driven by energy sector shorts. Indicative net asset value ended the quarter at $5.2 billion, which is up $147 million versus Q2-23, and is down $474 million versus Q4-22. The Board approved a $1 quarterly distribution per depository unit, which is consistent with last quarter. With that, let me turn it over to Rob for a detailed discussion of all of our segments.