Icahn Enterprises LP (IEP) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Icahn Enterprises L.P. first quarter 2025 earnings call with Andrew Teno, President and CEO; Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Financing -- Chief Accounting Officer.

早安，歡迎參加 Icahn Enterprises L.P. 2025 年第一季度收益電話會議，與會者包括總裁兼首席執行官 Andrew Teno；首席財務官 Ted Papapostolou；以及首席財務官兼首席會計官羅伯特·弗林特 (Robert Flint)。

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

現在我想把發言權交給羅伯特·弗林特，他將宣讀開場白。請繼續。

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.

謝謝您，接線生。 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聲明提供了安全港，包括有關我們未來業績以及業務和潛在收購計劃的陳述。

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.

前瞻性陳述可以透過預期、預計、打算、計劃、相信、尋求、估計、將或類似含義的詞語來識別，包括但不限於有關 Icahn Enterprises L.P. 及其子公司預期未來業務和財務業績的陳述。

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.

由於各種已知和未知的風險、不確定性以及我們向美國證券交易委員會提交的文件中討論的其他因素，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有重大差異。因此，我們無法保證我們的期望能夠實現。除非法律另有規定，否則我們不承擔在情況發生變化時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. 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.

本報告也包括某些非 GAAP 財務指標，包括調整後的 EBITDA。您可以在本簡報的背面找到此類非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表。

We also present the 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。指示性淨資產價值包括某些子公司的公允價值變動等，這些變動未計入我們的 GAAP 收益。除非另有說明，我們將討論的所有淨收入和 EBITDA 金額均歸屬於 Icahn Enterprises。

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

現在我將把發言權交給我們的執行長安德魯特諾 (Andrew Teno)。

Thank you, Rob, and good morning, everyone. NAV decreased $336 million from the fourth quarter of 2024, driven primarily by negative performance in the funds and the accrual for the distribution, which was partially offset by increases in CVI and auto service.

謝謝你，羅布，大家早安。資產淨值較 2024 年第四季減少 3.36 億美元，主要原因是基金表現不佳以及分配應計費用，但 CVI 和汽車服務的成長部分抵消了這一影響。

CVI share price increased by 3%, which when combined with additional share purchases of $33 million, led to an increase of $80 million from the fourth quarter. The improvement in crack spreads that we discussed last quarter has continued. And now that Coffeyville's turnaround is complete, we look forward to getting back to business and generating cash flow.

CVI 股價上漲 3%，加上額外購買 3,300 萬美元的股票，較第四季增加了 8,000 萬美元。我們上個季度討論過的裂解價差的改善仍在持續。現在，科菲維爾的轉型已經完成，我們期待恢復業務並產生現金流。

Regarding RINs, we remain hopeful that the new administration may lead to the resolution of our outstanding litigation regarding small refinery exemptions, which has the potential to remove the $438 million liability that was recorded as of 1Q 2025 and potentially provide clarity to future years. As a reminder, during the last Trump administration, Wynnewood received small refinery exemptions.

關於 RIN，我們仍然希望新政府能夠解決我們關於小型煉油廠豁免的未決訴訟，這有可能消除截至 2025 年第一季記錄的 4.38 億美元負債，並可能為未來幾年提供清晰度。提醒一下，在上屆川普政府執政期間，Wynnewood 獲得了小型煉油廠豁免。

The investment funds ended down approximately 8.4% for the quarter, primarily driven by our healthcare investments. Given the recent market volatility, we thought it would be helpful to provide an update as to performance through the end of last week.

本季投資基金下跌約 8.4%，主要原因是我們的醫療保健投資。鑑於最近的市場波動，我們認為提供截至上週末的表現更新將會有所幫助。

If you were to mark-to-market the funds and add in CVI and UAN, we would be modestly positive quarter to date. We ended the quarter with $1.3 billion of cash and cash equivalents at the holding company and additional $900 million of cash at the funds.

如果以市價計價基金並添加 CVI 和 UAN，那麼本季迄今為止我們的業績將略為正值。本季結束時，控股公司擁有 13 億美元現金和現金等價物，基金擁有 9 億美元額外現金。

So as Carl likes to say, we have a significant war chest to take advantage of opportunities as they arise. Lastly, the Board has maintained a quarterly distribution at $0.50 per depositary unit.

正如卡爾所說，我們擁有充足的資金來抓住出現的機會。最後，董事會維持每存託單位 0.50 美元的季度分配額。

Now turning to our investment segment. Despite the market volatility, we see considerable value creation potential in our portfolio.

現在轉向我們的投資部分。儘管市場波動，我們仍看到我們的投資組合具有巨大的價值創造潛力。

At AEP, we see new management closing its ROE gap, improving regulatory outcomes, solidifying its balance sheet through accretive asset sales, and benefiting from tremendous electricity load growth due to AI-driven data center demand. We think AI growth is real and electric utilities, particularly AEP, are an excellent way to benefit in the picks and shovels of AI.

在 AEP，我們看到新管理層正在縮小其 ROE 差距、改善監管結果、透過增值資產銷售鞏固其資產負債表，並受益於人工智慧驅動的資料中心需求帶來的巨大電力負荷成長。我們認為人工智慧的成長是真實的，而電力公司，特別是 AEP，是從人工智慧中獲益的絕佳方式。

At SWICS, we see a gas utility that is closing its ROE gap to peers and separating the utility services business with significant growth opportunity. We see upside in both the gas utility and the services business. In particular, Century should see increasing growth trends as utility customers need to spend additional CapEx to improve and build out both the electrical grid and natural gas networks to support increasing power demands.

在 SWICS，我們看到一家天然氣公用事業公司正在縮小其 ROE 與同行的差距，並為公用事業服務業務帶來巨大的成長機會。我們認為天然氣公用事業和服務業務都有上漲空間。特別是，由於公用事業客戶需要花費額外的資本支出來改善和建造電網和天然氣網路以支援不斷增長的電力需求，世紀能源應該會看到成長趨勢。

At Caesars, we recently had two employees join the company's Board of Directors. We think Caesars has an excellent management team with tremendous real estate value, a growing digital business that is deploying its greater than 15% free cash flow yield to repurchase shares and repay debt.

在凱撒娛樂，我們最近有兩位員工加入公司董事會。我們認為凱撒擁有一支優秀的管理團隊，其房地產價值巨大，數位業務不斷發展，並且正在利用超過 15% 的自由現金流收益率來回購股票和償還債務。

In time, we would expect Caesars digital business to be unlocked from its current structure. The funds ended the quarter approximately 20% net long. Adjusting for our refining hedges, the fund was 35% net long.

隨著時間的推移，我們預計凱撒的數位業務將從其當前結構中解放出來。本季末，該基金淨多頭部位約 20%。在對我們的煉油對沖進行調整後，該基金淨多頭部位為 35%。

And now, I will pass it on to Ted to cover our controlled businesses.

現在，我將把權力交給泰德來負責我們控制的業務。

Thank you, Andrew. I will start at our energy segment. Energy segment consolidated EBITDA was negative $61 million for Q1 '25 compared to $203 million in Q1 '24. CVR's refining business was negatively impacted by the turnaround at the Coffeyville refinery and unfavorable mark-to-market RINs valuation, offset in part by positive performance in the fertilizer business due to continued higher prices and strong utilization.

謝謝你，安德魯。我先從能源部分說起。 2025 年第一季度，能源部門綜合 EBITDA 為負 6,100 萬美元，而 2024 年第一季為 2.03 億美元。 CVR 的煉油業務受到科菲維爾煉油廠轉型和不利的市價 RIN 估值的負面影響，但由於價格持續走高和利用率高，化肥業務表現良好，部分抵消了這一影響。

Turning to our automotive segment. Our automotive segment continues to underperform compared to prior year period. Sales were down 9% year over year. Excluding the wind down of the parts business, which is not complete, sales were down 6%.

轉向我們的汽車領域。與去年同期相比，我們的汽車部門表現仍然不佳。銷售額較去年同期下降9%。不計尚未完全結束的零件業務的關閉，銷售額下降了 6%。

In order to give the business the resources it needs to succeed, we are investing in labor, inventory, equipment, facilities, marketing, and adjusting our distribution footprint. We saw early signs of top-line improvement as we have experienced positive trends in car count, tire volumes, and revenue as we move through the quarter.

為了向企業提供成功所需的資源，我們正在投資勞動力、庫存、設備、設施、行銷並調整我們的分銷足跡。隨著本季的推進，我們看到了營業額改善的早期跡象，因為汽車數量、輪胎銷售和收入都呈現了積極的趨勢。

Adjusted EBITDA in the quarter was negative $6 million. Profitability suffered as we worked to get the labor hired, optimized, and trained; the inventory in the right place at the right margin; and upgrade the facilities and equipment early in the year so that we can benefit as the year progresses. We believe that while painful in the short term, these are the right investments to improve long-term profitability.

本季調整後的 EBITDA 為負 600 萬美元。在我們努力僱用、優化和培訓勞動力的過程中，盈利能力受到了影響；將庫存放在正確的位置，並保持正確的利潤；並在年初升級設施和設備，以便我們能夠隨著時間的推移受益。我們相信，雖然短期內會很痛苦，但這些都是提高長期獲利能力的正確投資。

The store portfolio is also going through significant changes. We are closing money-losing locations and growing in areas we have historically generated strong profitability. During the quarter, we closed 24 underperforming locations. We were awarded a contract to operate approximately 15 locations on military bases that allow us to grow in a capital-light manner.

商店組合也正在經歷重大變化。我們正在關閉虧損的門市，並在歷史上盈利能力強勁的領域實現成長。本季度，我們關閉了 24 家業績不佳的門市。我們獲得了一份合同，負責運營軍事基地內大約 15 個地點，這使我們能夠以輕資本的方式發展。

We have been adding additional locations to our greenfield pipeline, and our leasing efforts for the excess and available space continue to bear fruit as we have approximately 60 properties under LOI. We continue to believe that our auto segment will see increasing sales, profitability and cash flows over the coming quarters.

我們一直在為我們的綠地管道添加更多地點，我們對多餘和可用空間的租賃努力繼續取得成果，因為我們有大約 60 處房產處於意向書 (LOI) 之下。我們仍然相信，未來幾季我們的汽車部門的銷售額、獲利能力和現金流將會成長。

Now turning to the other segments. Real estate's Q1 '25 adjusted EBITDA decreased by $1 million compared to the prior year quarter. As a reminder, we have limited inventory at our legacy country club and expect to be sold out during 2027.

現在轉向其他部分。房地產 25 年第一季調整後 EBITDA 與去年同期相比減少了 100 萬美元。提醒一下，我們傳統鄉村俱樂部的庫存有限，預計將於 2027 年售罄。

We are expecting to see increased single-family home sales from our newest country club, which has recently cleared the permitting process. And we expect to begin taking home sale reservations by the end of 2025. In addition, our resort property continues to perform at high levels.

我們預計，我們最新的鄉村俱樂部的獨戶住宅銷量將會增加，該俱樂部最近已經完成了許可程序。我們預計到 2025 年底將開始接受房屋銷售預訂。此外，我們的度假村物業繼續保持高水準的表現。

On our last call, we discussed the potential sale of certain properties which was expected to be complete during Q1. This is now expected to close during this quarter. We are also exploring the sale of additional properties in our portfolio, which, if successful, could close later this year. In addition, we are actively seeking new opportunities that fit our investment strategy.

在我們上次通話中，我們討論了某些房產的潛在出售，預計將在第一季完成。預計該交易將在本季完成。我們也正在探索出售投資組合中的其他房產，如果成功，預計今年稍後完成。此外，我們正在積極尋找符合我們投資策略的新機會。

Food packaging's adjusted EBITDA decreased by $6 million for Q1 '25 as compared to the prior year quarter. The decrease is primarily due to lower price, higher manufacturing inefficiencies, and higher material costs.

與去年同期相比，食品包裝 2025 年第一季的調整後 EBITDA 減少了 600 萬美元。下降的主要原因是價格下降、製造效率低、材料成本上升。

During the quarter, the business commenced a restructuring plan, which includes consolidating two North American facilities into one and adding a state-of-the-art manufacturing line. We anticipate this plan will increase operational efficiency and drive margins while maintaining volumes and is expected to be completed during the second half of 2025.

本季度，該公司啟動了一項重組計劃，其中包括將兩家北美工廠合併為一家，並增加一條最先進的生產線。我們預計該計劃將在保持產量的同時提高營運效率、提高利潤率，預計將於 2025 年下半年完成。

Home fashion's adjusted EBITDA decreased by $1 million as compared to the prior year quarter, mainly driven by product mix. Pharma's adjusted EBITDA for Q1 ' 25 came in lower by $3 million as compared to the prior year quarter. The decrease is primarily due to higher R&D spend for the therapies in clinical development and increased sales and marketing expenses due to the recent global product launch of Qsiva.

家居時尚的調整後 EBITDA 與去年同期相比減少了 100 萬美元，主要原因是產品組合下降。製藥公司 25 年第一季的調整後 EBITDA 與去年同期相比下降了 300 萬美元。下降的主要原因是臨床開發療法的研發支出增加，以及 Qsiva 最近在全球推出產品導致銷售和行銷費用增加。

And now 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 $3.8 billion, and our subsidiaries had cash and revolver availability of $1.3 billion.

現在來談談我們的流動性。我們在控股公司和每個營運子公司保持流動性，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 38 億美元，我們的子公司擁有現金和循環信貸額度 13 億美元。

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. Thank you.

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

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

接線生，您能打開電話詢問嗎？

(Operator Instructions) Andrew Berg, Post Advisory Group.

（操作員指示）安德魯·伯格，郵政顧問組。

I appreciate all the information. If we can just go back to the automotive segment for a second, can you give us some idea with respect to the store closures? Right now, how many stores are four-wall EBITDA negative? If possible, what the aggregate EBITDA loss is for those stores and the expected timing to get out of any of the money-losing stores?

我感謝所有的信息。如果我們能回到汽車領域，您能否給我們一些有關商店關閉的情況？目前，有多少家商店的四面牆 EBITDA 為負數？如果可能的話，這些商店的 EBITDA 損失總額是多少，以及退出任何虧損商店的預計時間是多少？

Andrew, so we're not going to talk about the aggregate amount of store closures just because it impacts the business and the employees.

安德魯，我們不會談論關閉商店的總數，因為這會影響業務和員工。

I would say that we have -- there's a good amount of stores where they used to make significant money, call it, back in '22 or '23, which are currently money losing today. And those stores, I think you -- we're taking a hard look at what caused them to decline and how do we make them better.

我想說的是，有很多商店在 2022 年或 2023 年曾經賺過很多錢，但現在卻在虧損。對於那些商店，我想你——我們正在認真審視導致它們衰落的原因以及如何使它們變得更好。

And then there's a whole host of other stores where profitability has suffered for some time, and those will be closing. So we will be closing them, the money-losing stores that we want to close, in relatively short order. We've been averaging something like eight a month.

還有一些其他商店的盈利能力在一段時間內受到影響，這些商店將會關閉。因此，我們將在相對較短的時間內關閉那些我們想要關閉的虧損商店。我們平均每月有八次左右。

And I think it also depends on whether we own the location or whether they're leased, right? So if landlords are reasonable or if they feel like they can re-lease the box at an attractive rate, we hope to get out of those pretty quickly and we'll exit. In other situations, we may just wait until the lease terms out.

我認為這也取決於我們是否擁有該地點或是否租賃，對嗎？因此，如果房東通情達理，或者他們覺得可以以有吸引力的價格重新出租該箱子，我們希望能夠很快擺脫困境，然後退出。在其他情況下，我們可能只需等到租約到期即可。

Okay. And the ones you're getting out of, are you getting stuck with any dark store lease expense? Or for the most part, when you're getting out of them, you're able to close and not have that liability as a tail?

好的。而您擺脫的那些問題，是否讓您陷入暗店租賃費用的困境？或者在大多數情況下，當你退出時，你能夠關閉並且不承擔任何責任？

Yeah. So some of them are actually opportunities. So we actually had one of our worst-performing stores that was money losing in the box in an area that we thought there would be a liability and turned out to be a bit of a bidding war. And we sold it for $4 million, and it was on a real estate value, I think, closer to $2 million.

是的。因此其中一些實際上是機會。因此，我們實際上擁有一家業績最差的商店，該商店在我們認為存在負債的地區虧損，結果卻引發了競價戰。我們以 400 萬美元的價格出售，我認為其房地產價值接近 200 萬美元。

But on the opco, you would have seen it as a negative value. So there's a whole host of boxes. Each one is different. Some we'd expect if Pep Boys exits their box, we may actually lease it to one of the competitors if it's far enough away not to impact our own operations. So I think a large part of the portfolio should not really be considered a liability. It's more of an opportunity to make much more money.

但在 opco 上，你會看到它是一個負值。所以有很多盒子。每一個都是不同的。我們預計，如果 Pep Boys 退出他們的市場，我們實際上可能會將其租給其中一個競爭對手，前提是距離足夠遠，不會影響我們自己的營運。因此我認為投資組合的很大一部分實際上不應該被視為負債。這更像是一個賺更多錢的機會。

Okay. And then sorry, going back to the update you said, you're up, what did you say, a couple of hundred million in indicative net asset value quarter to date? .

好的。然後抱歉，回到您所說的更新，您說了什麼，本季迄今為止的指示性淨資產價值有幾億美元？ 。

I don't think we said that. I think if you were to look at our public portfolio, so everything on the funds and then the publicly marked investments, CVI and UAN, so we were modestly positive as of last Friday.

我認為我們沒有這麼說過。我認為，如果你看一下我們的公共投資組合，那麼基金中的所有內容以及公開標記的投資、CVI 和 UAN，那麼截至上週五，我們的表現都比較積極。

(Operator Instructions) That's all for our Q&A session, and we appreciate your participation. I will now turn the call back over to Andrew Teno, President and CEO, for closing remarks. Please go ahead.

（操作員指示）我們的問答環節到此結束，感謝您的參與。現在，我將把電話轉回給總裁兼執行長安德魯‧特諾 (Andrew Teno)，請他致最後發言。請繼續。

All right. Well, thank you, everyone, for joining today's call. We'll speak to you in a few months.

好的。好吧，謝謝大家參加今天的電話會議。我們將在幾個月後與您聯繫。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。