Icahn Enterprises L.P. (NASDAQ:IEP) Q1 2024 Earnings Conference Call May 8, 2024 10:00 AM ET
Company Participants
Robert Flint - Chief Accounting Officer
Andrew Teno - President & Chief Executive Officer
Ted Papapostolou - Chief Financial Officer
Conference Call Participants
Dan Fannon - Jefferies
Operator
Good morning, and welcome to the Icahn Enterprises LP's First Quarter 2024 Earnings Conference Call with Andrew Teno, President and Chief Executive Officer; Ted Papapostolou, 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.
Robert Flint
Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statements that 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 expected future business and financial performance of Icahn Enterprise as 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. 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 our attributable to Icahn Enterprises unless otherwise specified.
I'll now turn it over to Andrew Teno, our Chief Executive Officer.
Andrew Teno
Thank you Rob. I will provide a brief overview of Q1 results and then we will be available for questions. First quarter net loss was $38 million, an improvement of $232 million over Q1 of 2023. First quarter adjusted EBITDA was $134 million, an increase of $39 million compared to Q1, 2023. Indicative net asset value ended the quarter at approximately $5 billion, up $194 million from the prior quarter.