Icahn Enterprises LP (IEP) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Icahn Enterprises L.P.'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.

早安，歡迎參加 Icahn Enterprises L.P. 總裁兼執行長 Andrew Teno 主持的 2024 年第一季財報電話會議；帕帕斯托盧 (Ted Papapostolou)，財務長；和首席會計官羅伯特·弗林特。

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

我現在想將電話轉交給羅伯特·弗林特，他將宣讀開場陳詞。

Thank you, operator.

謝謝你，接線生。

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 the expected future business and financial performance of Icahn Enterprises L.P., and its subsidiaries.

1995 年《私人證券訴訟改革法案》為我們在本簡報中所做的前瞻性陳述提供了安全港，包括有關我們未來業績以及我們的業務和潛在收購計劃的陳述。前瞻性陳述可以透過預期、預期、打算、計劃、相信、尋求、估計、意願或類似含義的詞語來識別，包括但不限於有關預期未來業務和財務業績的陳述Icahn Enterprises L.P. 及其子公司。

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 we will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change except as otherwise required by law.

由於我們向美國證券交易委員會提交的文件中討論的各種已知和未知的風險、不確定性和其他因素，包括經濟、競爭、法律和其他因素，實際事件、結果和成果可能與我們的預期存在重大差異。因此，無法保證我們的期望將會實現。如果情況發生變化，除非法律另有要求，否則我們不承擔更新或修改任何前瞻性陳述的義務。

This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA. The reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.

本簡報也包括某些非公認會計準則財務指標，包括調整後的 EBITDA。此類非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的調整表可在本簡報的後面找到。

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.

我們也提供了指示性淨值。指示性淨資產值包括某些子公司公允價值的變動等，這些變動不包括在我們公認的會計原則收益中。除非另有說明，我們將討論的所有淨利潤和 EBITDA 金額均歸屬於伊坎企業。

I'll now turn it over to Andrew Teno, our Chief Executive Officer.

現在我將把它交給我們的執行長安德魯·特諾 (Andrew Teno)。

Thank you, Rob. I will provide a brief overview of Q1 results and then we will be available for questions.

謝謝你，羅布。我將簡要概述第一季的結果，然後我們將回答問題。

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.

第一季淨虧損為 3,800 萬美元，較 2023 年第一季減少 2.32 億美元。第一季調整後 EBITDA 為 1.34 億美元，比 2023 年第一季增加 3,900 萬美元。本季末指示性淨資產值約 50 億美元，較上一季增加 1.94 億美元。

In terms of our controlled businesses, CVI has benefited from lower RINs expense, offset by wider-than-usual refined product basis. We believe there are opportunities swirling in the refining space, and we'll be disciplined to see if we can find something accretive and attractive.

就我們控制的業務而言，CVI 受益於較低的 RIN 費用，但被比平常更廣泛的精煉產品基礎所抵消。我們相信煉油領域存在著機遇，我們將自律地看看是否能找到增值和有吸引力的東西。

The auto service division is working on several key initiatives to drive earnings and cash flow. Ones of particular note include product sourcing and inventory reduction.

汽車服務部門正在實施幾項關鍵舉措，以推動獲利和現金流。特別值得注意的是產品採購和庫存減少。

Regarding our automotive owned real estate, we are making solid strides with our transformation plans. We have added key personnel to the team to further optimize the real estate portfolio and the auto service business through leasing, greenfields, store optimizations, and outparcel development.

關於我們的汽車自有房地產，我們的轉型計劃正在穩步邁進。我們在團隊中增加了關鍵人員，透過租賃、綠地、商店優化和分區開發進一步優化房地產組合和汽車服務業務。

This quarter, the Investment Funds had a negative return of 0.8%, primarily driven by energy sector and broad market shorts. If you were to subtract out the impact of our energy shorts, which offset our refining exposure, our returns would have been a positive 5.8% for the quarter.

本季度，投資基金的負報酬率為 0.8%，主要受到能源板塊和大盤空頭的推動。如果扣除能源短缺的影響（抵消了我們的煉油業務），我們本季的回報率將為 5.8%。

One particular contributor to performance was Southwest Gas Holdings, which increased in value through increased utility profitability and the impact of the recently completed Centuri IPO. We believe that Centuri and another one of our long positions, AEP, are beneficiaries of the need for investment in the grid and additional generation to support growing AI-related data center demand.

西南天然氣控股公司 (Southwest Gas Holdings) 是業績的一個特別貢獻者，該公司透過提高公用事業盈利能力以及最近完成的 Centuri IPO 的影響而實現了價值增長。我們相信，Centuri 和我們的另一多頭部位 AEP 是電網投資和額外發電需求的受益者，以支援不斷增長的人工智慧相關資料中心需求。

Our headline net short exposure of 27% is a net long exposure of 7% when you adjust for the energy hedges. This compares to net short exposure of 6% as of year-end, excluding the energy hedges. As you can see, we continue our recent trend of getting slightly more net long and focusing on our activist efforts.

當您對能源對沖進行調整時，我們的整體淨空頭部位為 27%，而淨多頭部位為 7%。相比之下，截至年底淨空頭部位為 6%（不含能源對沖）。正如您所看到的，我們繼續近期的趨勢，淨多頭略有增加，並專注於我們的積極行動。

Additionally, the Board approved a $1.00 quarterly distribution per depositary unit, which is consistent with last quarter.

此外，董事會還批准了每個存託單位 1.00 美元的季度分配，與上季一致。

With that, let me turn it over to Ted for a detailed discussion of all of our segments.

接下來，讓我將其轉交給 Ted，以詳細討論我們所有的部分。

Thank you, Andrew. I will begin by reviewing the performance of our segments and comment on the strength of our balance sheet.

謝謝你，安德魯。我將首先回顧我們各部門的業績，並對我們資產負債表的實力發表評論。

Turning to our Investments segment. The Funds had a negative return of 0.8% for the quarter. Long and other positions had a positive performance attribution of 12.6%, while short positions had a negative performance attribution of 13.4%. The Holding Company's interest in the Funds was approximately $3.2 billion as of quarter end.

轉向我們的投資部分。該基金本季的負回報率為 0.8%。多頭部位和其他部位的正績效歸因為 12.6%，而空頭部位的負績效歸因為 13.4%。截至季末，控股公司在基金中的權益約為 32 億美元。

And now turning to our Energy segment. Energy segment's EBITDA was $118 million for Q1 '24 compared to $229 million for Q1' 23. Q1 '24 refining margin per throughput barrel was $16.29 compared to $23.24 in the prior year quarter. This decrease is primarily driven by lower crack spreads, offset in part by reduced RFS expenses and favorable RIN revaluation.

現在轉向我們的能源部門。24 年第一季能源部門的 EBITDA 為 1.18 億美元，而 23 年第一季為 2.29 億美元。24 年第一季每桶煉油利潤為 16.29 美元，去年同期為 23.24 美元。這一下降主要是由於裂解價差降低所致，但 RFS 費用減少和有利的 RIN 重估在一定程度上抵消了這一影響。

Q1 '24 average realized gate prices for UAN decreased by 42% to $267 per ton, and ammonia decreased by 41% to $528 per ton when compared to the prior year quarter. CVI declared a first quarter cash dividend of $0.50 per share.

與去年同期相比，24 年第一季 UAN 平均實現門站價格下降 42% 至每噸 267 美元，氨水下降 41% 至每噸 528 美元。CVI 宣布第一季現金股利為每股 0.50 美元。

And now turning to our Automotive segment. Net sales and other revenues decreased by $73 million compared to Q1 '23, primarily driven by the deconsolidation of Auto Plus during the prior year quarter, as well as reduced car count for the automotive service business.

現在轉向我們的汽車部門。與 23 年第一季相比，淨銷售額和其他收入減少了 7,300 萬美元，這主要是由於上一季 Auto Plus 的拆分以及汽車服務業務的汽車數量減少所致。

Adjusted EBITDA improved $2 million for Q1 '24 compared to Q1 '23. Automotive service was able to maintain Adjusted EBITDA through cost cutting and margin initiatives, which offset reduced car count.

與 2023 年第一季相比，24 年第一季調整後 EBITDA 增加了 200 萬美元。汽車服務能夠透過成本削減和利潤措施維持調整後的 EBITDA，這抵消了汽車數量的減少。

And turning to our Real Estate segment. Q1 '24 net sales in other revenues decreased by $5 million and adjusted EBITDA decreased by $2 million compared to the prior year quarter, primarily driven by reduced sales of single-family homes.

轉向我們的房地產部門。與去年同期相比，2024 年第一季其他收入的淨銷售額減少了 500 萬美元，調整後的 EBITDA 減少了 200 萬美元，這主要是由於單戶住宅銷售減少所致。

And turning to our Other Operating segments. Food Packaging's Adjusted EBITDA decreased by $4 million for Q1 '24 as compared to the prior year quarter, driven by lower volumes due to softening demand.

並轉向我們的其他營運部門。食品包裝產業 24 年第一季的調整後 EBITDA 與去年同期相比減少了 400 萬美元，因為需求疲軟導致銷售下降。

Home Fashion's Adjusted EBITDA increased by $1 million as compared to the prior year quarter, mainly due to margin improvement offset by lower sales. Pharma segment’s Adjusted EBITDA for Q1 '24 improved by $5 million as compared to the prior year quarter, mainly due to higher sales and lower operating expenses.

家居時尚的調整後 EBITDA 與去年同期相比增加了 100 萬美元，主要是由於銷售額下降抵消了利潤率的提高。製藥部門 24 年第一季的調整後 EBITDA 比去年同期增加了 500 萬美元，主要是由於銷售額增加和營運費用減少。

And turning to our liquidity. We maintain liquidity at the Holding Company and at each of our operating subsidiaries to take advantage of attractive opportunities. As of quarter end, the Holding Company had cash and investment in the funds of $4.9 billion, and our subsidiaries had cash and revolver availability of $1.1 billion.

並轉向我們的流動性。我們保持控股公司和每個營運子公司的流動性，以利用有吸引力的機會。截至季末，控股公司擁有現金和基金投資 49 億美元，我們的子公司擁有現金和循環資金 11 億美元。

In summary, we continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segments.

總而言之，我們繼續專注於建立資產價值和維持流動性，以使我們能夠利用現有營運部門內外的機會。

Thank you. Operator, can you please open the call up for questions?

謝謝。接線員，可以撥打電話詢問問題嗎？

(Operator Instructions) Dan Fannon, Jefferies.

（操作員說明）Dan Fannon，Jefferies。

Thanks. Good morning. Andrew, I wanted to follow up on your comments around CVI. I think you said something about looking for strategic something around accretion. I know that the -- their call, they talked about looking or exploring strategic options. So I was hoping you could maybe expand a bit upon that and maybe the rationale behind the timing and why now.

謝謝。早安.Andrew，我想跟進您對 CVI 的評論。我認為你說過關於圍繞吸積尋找策略性的東西。我知道他們在電話中談到了尋找或探索戰略選擇。所以我希望你能對此進行一些擴展，也許還有這個時間安排背後的基本原理以及為什麼現在。

Hey Dan. Morning. So in terms of CVI and in general over -- we're long-term investors. We're also dealmakers, and so we like to look at basically anything that presents itself. And so over the years we've looked at a wide variety of things. We felt comfortable mentioning it today mainly because we put out the 8-K a couple weeks ago that from both CVI and UAN.

嘿丹。早晨。因此，就 CVI 而言，總的來說，我們是長期投資者。我們也是交易撮合者，所以我們基本上喜歡專注於任何呈現的東西。所以多年來我們研究了各種各樣的事情。今天我們很樂意提及它，主要是因為幾週前我們從 CVI 和 UAN 推出了 8-K。

And so when we look at their asset base, we think we are -- the CVI team are very good low-cost operators. We think they're very good at running a refining business. And if we can find something interesting, then you would expect us to execute on it.

因此，當我們查看他們的資產基礎時，我們認為 CVI 團隊是非常優秀的低成本營運商。我們認為他們非常擅長經營煉油業務。如果我們能找到一些有趣的東西，那麼您就會期望我們執行它。

So that would -- sorry, that would be more from the context of adding to your -- through M&A or strategic capital deployment versus exiting any of the existing businesses.

因此，抱歉，這更多是透過併購或策略資本部署來增加您的業務，而不是退出任何現有業務。

I'd just say we'd look at all opportunities whatever is available.

我只是說我們會考慮所有可用的機會。

Understood. And then just moving to the auto segment. If we look at the path forward and the roadmap you've laid out, it seems like cost cutting and cost rationalization is still very much in focus. Is that really the playbook for 2024 and then sales recovery from there? Or should we -- are you thinking about -- or is the game plan or the outlook for sales to start to improve here more immediately in this kind of next couple of quarters?

明白了。然後就轉向汽車領域。如果我們看看前進的道路和您制定的路線圖，似乎成本削減和成本合理化仍然是重點。這真的是 2024 年以及隨後銷售復甦的劇本嗎？或者我們應該——你是否在考慮——或者遊戲計劃或銷售前景是否在接下來的幾季開始更立即地改善？

Yes. I think if you were to look at just in the market in general in this space, I'd say demand is not spectacular. And that's kind of a short-term phenomenon, we hope.

是的。我認為，如果你只看一下這個領域的整體市場，我會說需求並不大。我們希望這只是一種短期現象。

But when we look at the long-term opportunity for our auto service business, we think we have opportunities on all fronts. I think Dave has now been there as the permanent CEO for a few months and we think the opportunities are really endless.

但當我們審視汽車服務業務的長期機會時，我們認為我們在各個方面都有機會。我認為戴夫現在已經擔任永久執行長幾個月了，我們認為機會確實是無窮無盡的。

If we talk about product sourcing for an example, we think the company really probably could have done a better job in the past. So when we look at all of our different product categories, if we're more strategic about how we're buying, if we're more strategic about how we're pricing, then we think there are opportunities to drive higher gross margins on products. We think there are opportunities to improve the service level in the stores. We think there are opportunities to expand the greenfield program. We think there are opportunities to help in relocating stores.

如果我們以產品採購為例，我們認為該公司過去確實可以做得更好。因此，當我們審視所有不同的產品類別時，如果我們對購買方式更具策略性，對定價方式更具策略性，那麼我們認為有機會推動更高的毛利率產品。我們認為商店的服務水準有機會提高。我們認為有機會擴大綠地計畫。我們認為有機會幫忙搬遷商店。

And so I think really the opportunities are all above.

所以我認為確實機會就在上面。

Great. That's helpful. And then I guess just at a high level as you think about the environment from a macro perspective and what you're seeing in terms of the activist investment-type style in this environment, given higher rates, higher for longer, are there more areas that you're seeing opportunity in than maybe you were a year ago?

偉大的。這很有幫助。然後我想，當你從宏觀角度思考環境時，以及你在這種環境下所看到的激進投資類型風格時，考慮到更高的利率、更高的時間，是否還有更多領域與一年前相比，您是否看到了機會？

Or is it the opposite where the economic backdrop is still quite strong and you're not maybe seeing the valuations and or kind of the incremental opportunity that you've seen previously? Just trying to get a sense of today versus maybe a year ago in that investment opportunity set.

或者情況恰恰相反，經濟背景仍然相當強勁，而您可能沒有看到之前看到的估值和/或增量機會？只是想了解今天與一年前相比的投資機會。

Yeah So I've been at Icahn for four years and I could say that pretty much there's always an opportunity for activism. Companies are always getting in trouble. Stock prices are always falling. Hidden gems can always be unlocked. And so in any given quarter, we're going through, I'm going to guess, at least ten different names where we think there's something.

是的，我在伊坎工作了四年，我可以說，激進主義的機會總是存在的。公司總是會遇到麻煩。股票價格總是在下跌。隱藏的寶石總是可以解鎖。因此，在任何特定的季度，我猜，我們都會經歷至少十個不同的名字，我們認為其中有一些東西。

And we usually don't act, but we keep looking to find the right opportunity. I think last quarter, we found two names which eventually became public. We may or may not have made more investments since then, but nothing that is publicly disclosed.

我們通常不會採取行動，但我們會不斷尋找合適的機會。我想上個季度，我們發現了兩個最終被公開的名字。從那時起，我們可能或可能沒有進行更多投資，但沒有任何公開披露。

Understood. And then just lastly, appreciated incremental disclosures around the hedging in the investment fund and the progress that you’ve made. Is this – what do you envision as a steady state when you think about the hedges and no long exposure? Obviously, not trying to predict what you’re going to do. But just generally as a philosophy there. Are you where you want to be? Or do you think that there’s more change in the context of the portfolio over the next couple of quarters?

明白了。最後，讚賞有關投資基金對沖的增量披露以及您所取得的進展。當您考慮對沖且沒有長期風險時，這就是您所設想的穩定狀態嗎？顯然，不是試圖預測你將要做什麼。但一般來說只是作為一種哲學。你在你想去的地方嗎？或者您認為未來幾季投資組合的背景會有更多變化嗎？

Yeah. So I don’t think we really want to bet on where the market is going. I think we’ve been pretty clear, we want to stay away from that. There probably are not any large-scale changes as to what we're going to do in terms of taking down our short exposure. I think we will always be appropriately hedged.

是的。所以我認為我們並不是真的想押注市場走向。我想我們已經說得很清楚了，我們希望遠離這種情況。我們在減少空頭部位方面可能不會發生任何大規模的變化。我認為我們總是會得到適當的對沖。

And I think based on how we feel and how we feel that about our investments, that the appropriate hedge could go down a little bit. But it's hard to take it off at these levels. So it's something we evaluate all the time, but I don't really foresee any material changes.

我認為，根據我們的感受以及我們對投資的感受，適當的對沖可能會稍微下降。但在這樣的水平上很難將其取消。所以這是我們一直在評估的事情，但我並沒有真正預見任何實質的變化。

Thank you. I'm currently showing no further questions at this time. I'd like to hand the conference back over to Andrew Teno for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。我想將會議交還給安德魯·特諾（Andrew Teno）致閉幕詞。

Thank you. So I'd like to leave today with a reminder that here at Icahn Enterprises, we are intensely focused on our activism strategy. We have unique advantages, including the Icahn brand name and a long history and willingness to wage proxy contests. It is this track record which frequently allows us to be invited to join Boards and work cooperatively with our fellow Directors to make the key changes that will drive shareholder value.

謝謝。因此，今天離開時我想提醒大家，在伊坎企業，我們非常關注我們的行動主義策略。我們擁有獨特的優勢，包括伊坎品牌、悠久的歷史以及進行代理權競爭的意願。正是這種往績記錄使我們經常受邀加入董事會，並與其他董事合作，做出推動股東價值的關鍵變革。

Furthermore, given our balance sheet, liquidity, and permanent capital structure, we have the ability to tender for entire businesses, a tool most simply do not possess.

此外，考慮到我們的資產負債表、流動性和永久資本結構，我們有能力對整個企業進行投標，這是大多數人根本不具備的工具。

Though our returns can be lumpy and dissatisfying at times as we continue to focus on our activist efforts at both our Investment segment and controlled businesses, we believe they will bear fruit for all of our unit holders.

儘管隨著我們繼續專注於投資部門和受控業務的積極努力，我們的回報有時可能會不穩定且令人不滿意，但我們相信它們將為我們所有單位持有人帶來成果。

We'll speak to everyone soon. Bye.

我們很快就會和大家交談。再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。