Icahn Enterprises L.P.

Good morning and welcome to the Icon Enterprises LP fourth quarter 2023 earnings conference call with Jesse Lynn, General Counsel Andrew Tino, President and Chief Executive Officer Ted Papastolo, Chief Financial Officer, and Robert Flint, Chief Accounting Officer. I would now like to hand the conference over to Jesse Lynn, who will read the opening statement.

Thank you, Operator. The Private Security 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 Andrew Tino, our Chief Executive Officer.

Thank you, Jesse. Let me first say I am honored to take on my new role as CEO. Carl, IEP, and our activism strategy have established an important place in corporate America, and I'm excited to get to work. So today I'll provide a brief overview of Q4 results, and then we will be available for questions. The fourth quarter net loss was $139 million, an improvement of $116 million over Q4 22. Fourth quarter adjusted EBITDA was $9 million, an increase of $84 million compared to Q4-22. Our controlled operating companies have performed well. CVI has benefited from strong crack spreads, good operating utilization, reduced RIN costs, and has authorized a $0.50 dividend per share. Our automotive segment has posted strong year-over-year performance. David Willits is now leading the day-to-day operations at Pet Boys, and we see the potential for significant long-term value creation, both through margin improvement and reinvigorating the top line. In the investment segment this quarter, the funds had a negative return of 4.1%, primarily driven by broad market shorts. Our headline net short exposure of 36% is approximately 6% when you adjust for the energy hedges. This compares to approximately 34% as of the prior year end, excluding the energy hedges. The indicative net asset value ended the quarter at $4.8 billion. Additionally, the Board approved a $1 quarterly distribution per depository unit, which is consistent with the last quarter. With that, let me turn it over to Ted for a detailed discussion of all of our segments.