Icahn Enterprises L.P. (NASDAQ:IEP) Q3 2023 Earnings Conference Call November 3, 2023 10:00 AM ET

Company Participants

Jesse Lynn - General Counsel

David Willetts - President and CEO

Robert Flint - Director of Accounting

Conference Call Participants

Daniel Fannon - Jefferies

Chapin Mechem - Northeast Investors

Andrew Berg - Post Advisory Group

Operator

Good morning, and welcome to the Icahn Enterprises L.P. Third Quarter 2023 Earnings Call with Jesse Lynn, General Counsel; David Willetts, President and CEO; and Rob Flint, Director of Accounting.

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

Jesse Lynn

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 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.

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 Icahn Enterprises unless otherwise specified.

I'll now turn it over to David Willetts, our Chief Executive Officer.

David Willetts

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 quarter three 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.