Icahn Enterprises L.P. (IEP) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 10, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Icahn Enterprises L.P. Q1 2023 Earnings Call with Jesse Lynn, General Counsel; David Willetts, President and CEO; and Ted Papapostolou, Chief Financial Officer.

I would now like to hand the call over to Jesse Lynn, who will read their opening statement.

Jesse Lynn

Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statement we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions.

Forward-looking statement 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 L.P. 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 statement, 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 Willetts, our Chief Executive Officer.

David Willetts

Thank you, Jesse. Good morning and welcome to the first quarter 2023 Icahn Enterprises earnings conference call. Joining me on today's call, is Ted Papapostolou, 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. 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 in our reporting.