Icahn Enterprises L.P.

Good morning and welcome to ICANN Enterprises LP Second Quarter 2024 Earnings Call with Andrew Tino, President and CEO, Ted Papapostolo, Chief Financial Officer, and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statements. Please go ahead.

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 gap 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.

Clearly, the quarter wasn't up to expectations. Between a significant decline in CVI and a few names in our investment segment, NAV went down $969 million from the prior quarter. As we have stated before, our investment returns will be volatile given both the concentration inherent in our portfolio and our activist strategy. We continue to believe our positions will outperform over the longer term. CVI was unfortunately impacted by a fire at Winniewood that impacted the quarter's profitability. In addition, the entire U.S. refining industry saw cracks decline to more normalized levels, and regional basis detracted further for CVI's refineries. CVI, like its small-cap peers, underperformed our hedge basket, which helped to offset some, but not all, of the decline. More recently, CVI has received good news from litigation regarding small refinery exemptions in the DC Circuit. We hope that this will help reduce the outstanding RIN obligation. Last quarter, we discussed potential strategic actions involving CVI. While CVI is hard at work, we have no updates at this point. The investment portfolio was hurt by performance in a few names, including Bausch, Southwest, and Illumina. Our best performers in the quarter were our refining hedges and IFF. We exited our position in conduit while adding exposure to century. Regarding the fund's notional exposure, our net short exposure was 16%. Excluding refining hedges, our exposure was net long 13% a quarter end. This compares to net long exposure of 7% as of Q1, excluding the refining hedges. On the automotive side, EBITDA was slightly up as headwinds and top line revenue were offset by cost cutting efforts. We expect that the cost cutting and sourcing initiatives will drive EBITDA improvement in the back half of the year. We continue to make progress in our transformation plan. Our leasing pipeline continues to ramp up and we currently have 25 leases that are signed but rent has not yet commenced. On the balance sheet at quarter end, we had $1.5 billion of cash at the holding company and $1.6 billion at the funds. During the quarter, we also refinanced our 2025 notes, and our next maturity is in May 2026. Given our cash position and belief in our investment portfolio, we are comfortable maintaining the $1 distribution for the quarter. I will now hand it over to Ted to discuss the financials in more detail.