Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
On February 25, 2026, Icahn Enterprises
L.P. issued a press release reporting its financial results for the fourth quarter of 2025. A copy of the press release is attached hereto
as Exhibit 99.1.
The information furnished pursuant to this Item
2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Exhibit 99.1
Icahn Enterprises
L.P. (Nasdaq: IEP) Today Announced Its Fourth Quarter and Full Year 2025 Financial Results
Sunny Isles Beach,
Fla, February 25, 2026 –
| · | Q4
2025 Adjusted EBITDA was $281 million, compared to Adjusted EBITDA of $16 million in Q4 2024 |
| · | Q4
2025 net income attributable to IEP was $1 million, compared to a net loss of $98 million
in Q4 2024 |
| · | IEP
declares fourth quarter distribution of $0.50 per depositary unit |
| · | Indicative
Net Asset Value was approximately $3.2 billion as of December 31, 2025, a decrease of
$654 million compared to September 30, 2025. The decrease was primarily due to a decrease
of $778 million of our long position in CVI and the Holding Company’s net interest
expense of $75 million. The decrease was offset in part by the positive performance from
the Funds of $261 million |
Financial Summary
(Net income, net loss and Adjusted
EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified)
For
the three months ended December 31, 2025, revenues were $2.7 billion and net income was $1 million, or approximately $0 per depositary
unit. For the three months ended December 31, 2024, revenues were $2.6 billion and net loss was
$98 million, or a loss of $0.19 per depositary unit. Adjusted EBITDA was $281 million for the three months ended December 31, 2025,
compared to Adjusted EBITDA of $16 million for the three months ended December 31, 2024.
For
the year ended December 31, 2025, revenues were $9.7 billion and net loss was $299 million, or a loss of $0.52 per depositary unit.
For the year ended December 31, 2024, revenues were $10.0 billion and net loss was $445 million,
or a loss of $0.94 per depositary unit. Adjusted EBITDA was $338 million for the year ended December 31, 2025, compared to Adjusted
EBITDA of $184 million for the year ended December 31, 2024.
As
of December 31, 2025, indicative net asset value decreased $654 million compared to September 30, 2025. The
decrease was primarily due to a decrease of $778 million of our long position in CVI and the Holding Company’s net interest expense
of $75 million. The decrease was offset in part by the positive performance from the Funds of $261 million.
On February 23,
2026, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per
depositary unit, which will be paid on or about April 15, 2026 to depositary unitholders of record at the close of business on March 9,
2026. Depositary unitholders will have until April 3, 2026 to make a timely election to receive either cash or additional depositary
units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in
additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary
units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days
ending April 10, 2026. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders
electing to receive (or who are deemed to have elected to receive) depositary units.
***
Icahn Enterprises
L.P., a master limited partnership, is a diversified holding company owning subsidiaries currently engaged in the following continuing
operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
Caution Concerning
Forward-Looking Statements
This
release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, many of which are beyond our ability to control or predict. 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 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, including risks related to economic downturns, substantial
competition and rising operating costs; risks related to our investment activities, including the nature of the investments made by the
private funds in which we invest, including the impact of the use of leverage through options, short
sales, swaps, forwards and other derivative instruments; risks related to our ability to comply with the covenants in our senior notes
and the risk of foreclosure on the assets securing our notes; declines in the fair value of our
investments, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities
in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a corporation;
risks related to short sellers and associated litigation and regulatory inquiries; risks relating to our general partner and controlling
unitholder; pledges of our units by our controlling unitholder; risks related to our energy business, including the volatility and availability
of crude oil, other feed stocks and refined products, declines in global demand for crude oil, refined products and liquid transportation
fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand
in the agricultural industry and seasonality of results; volatile commodity pricing and higher industry utilization and oversupply risks
related to potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive
activities and exposure to adverse conditions in the automotive industry, including as a result of the Chapter 11 filing of our automotive
parts subsidiary; risks related to our food packaging activities, including competition from better capitalized competitors, inability
of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply
chain issues; inflation, including increased costs of raw materials and shipping; interest rate increases; labor shortages and workforce
availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related
to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes
in transportation costs and delivery times; the impacts from the ongoing Russia/Ukraine conflict
and conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions; political
and regulatory uncertainty, including changing economic policy and the imposition of tariffs; and other risks and uncertainties detailed
from time to time in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and
our quarterly reports on Form 10-Q under the caption “Risk Factors”. Additionally, there may be other factors not presently
known to us or which we currently consider to be immaterial that may cause our actual results to differ materially
from the forward-looking statements. Past performance in our Investment segment is not indicative of future performance. We undertake
no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments
or otherwise.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| | |
Three Months Ended
December 31, | | |
Year Ended
December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
(in millions, except per unit amounts) | |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Net sales | |
$ | 2,170 | | |
$ | 2,366 | | |
$ | 8,631 | | |
$ | 9,193 | |
| Other revenues from operations | |
| 156 | | |
| 141 | | |
| 664 | | |
| 707 | |
| Net gain (loss) from investment activities | |
| 333 | | |
| (103 | ) | |
| (183 | ) | |
| (421 | ) |
| Interest and dividend income | |
| 66 | | |
| 97 | | |
| 288 | | |
| 477 | |
| (Loss) gain on disposition of assets, net | |
| (15 | ) | |
| 2 | | |
| 247 | | |
| (4 | ) |
| Other (loss) income, net | |
| (13 | ) | |
| 55 | | |
| 11 | | |
| 68 | |
| | |
| 2,697 | | |
| 2,558 | | |
| 9,658 | | |
| 10,020 | |
| Expenses: | |
| | | |
| | | |
| | | |
| | |
| Cost of goods sold | |
| 2,159 | | |
| 2,205 | | |
| 7,978 | | |
| 8,619 | |
| Other expenses from operations | |
| 144 | | |
| 141 | | |
| 599 | | |
| 603 | |
| Selling, general and administrative | |
| 211 | | |
| 205 | | |
| 837 | | |
| 783 | |
| Dividend expense | |
| 10 | | |
| 9 | | |
| 35 | | |
| 56 | |
| Restructuring, net | |
| 3 | | |
| 2 | | |
| 10 | | |
| 3 | |
| Impairment | |
| 28 | | |
| — | | |
| 40 | | |
| — | |
| Interest expense | |
| 125 | | |
| 129 | | |
| 504 | | |
| 523 | |
| | |
| 2,680 | | |
| 2,691 | | |
| 10,003 | | |
| 10,587 | |
| Income (loss) before income tax benefit | |
| 17 | | |
| (133 | ) | |
| (345 | ) | |
| (567 | ) |
| Income tax benefit | |
| 27 | | |
| 23 | | |
| 19 | | |
| 25 | |
| Net income (loss) | |
| 44 | | |
| (110 | ) | |
| (326 | ) | |
| (542 | ) |
| Less: net income (loss) attributable to non-controlling interests | |
| 43 | | |
| (12 | ) | |
| (27 | ) | |
| (97 | ) |
| Net income (loss) attributable to Icahn Enterprises | |
$ | 1 | | |
$ | (98 | ) | |
$ | (299 | ) | |
$ | (445 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net gain (loss) attributable to Icahn Enterprises allocated to: | |
| | | |
| | | |
| | | |
| | |
| Limited partners | |
$ | 1 | | |
$ | (96 | ) | |
$ | (293 | ) | |
$ | (436 | ) |
| General partner | |
| — | | |
| (2 | ) | |
| (6 | ) | |
| (9 | ) |
| | |
| 1 | | |
| (98 | ) | |
| (299 | ) | |
| (445 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Basic and Diluted income (loss) per LP unit | |
$ | 0.00 | | |
$ | (0.19 | ) | |
$ | (0.52 | ) | |
$ | (0.94 | ) |
| Basic and diluted weighted average LP units outstanding | |
| 605 | | |
| 505 | | |
| 562 | | |
| 466 | |
| Distributions declared per LP unit | |
$ | 0.50 | | |
$ | 0.50 | | |
$ | 2.00 | | |
$ | 3.50 | |
CONDENSED CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
| | |
December 31, | |
| | |
2025 | | |
2024 | |
| | |
(in millions, except unit amounts) | |
| ASSETS | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 1,450 | | |
$ | 2,603 | |
| Cash held at consolidated affiliated partnerships and restricted cash | |
| 1,969 | | |
| 2,636 | |
| Investments | |
| 2,251 | | |
| 2,310 | |
| Due from brokers | |
| 1,656 | | |
| 1,624 | |
| Accounts receivable, net | |
| 393 | | |
| 479 | |
| Related party notes receivable, net | |
| 129 | | |
| 7 | |
| Inventories | |
| 845 | | |
| 897 | |
| Property, plant and equipment, net | |
| 3,670 | | |
| 3,843 | |
| Deferred tax asset | |
| 165 | | |
| 160 | |
| Derivative assets, net | |
| 7 | | |
| 22 | |
| Goodwill | |
| 290 | | |
| 288 | |
| Intangible assets, net | |
| 349 | | |
| 409 | |
| Assets held for sale | |
| — | | |
| 25 | |
| Other assets | |
| 1,041 | | |
| 976 | |
| Total Assets | |
$ | 14,215 | | |
$ | 16,279 | |
| LIABILITIES AND EQUITY | |
| | | |
| | |
| Accounts payable | |
$ | 690 | | |
$ | 802 | |
| Accrued expenses and other liabilities | |
| 1,192 | | |
| 1,547 | |
| Deferred tax liabilities | |
| 314 | | |
| 331 | |
| Derivative liabilities, net | |
| 595 | | |
| 756 | |
| Securities sold, not yet purchased, at fair value | |
| 1,382 | | |
| 1,373 | |
| Due to brokers | |
| — | | |
| 40 | |
| Debt | |
| 6,616 | | |
| 6,809 | |
| Total liabilities | |
| 10,789 | | |
| 11,658 | |
| | |
| | | |
| | |
| Equity: | |
| | | |
| | |
| Limited partners: Depositary units: 637,209,452 units issued and outstanding at December 31, 2025 and 522,736,315 units issued and outstanding at December 31, 2024 | |
| 2,728 | | |
| 3,241 | |
| General partner | |
| (786 | ) | |
| (775 | ) |
| Equity attributable to Icahn Enterprises | |
| 1,942 | | |
| 2,466 | |
| Equity attributable to non-controlling interests | |
| 1,484 | | |
| 2,155 | |
| Total equity | |
| 3,426 | | |
| 4,621 | |
| Total Liabilities and Equity | |
$ | 14,215 | | |
$ | 16,279 | |
Use of Non-GAAP Financial Measures
The Company uses
certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents
earnings from continuing operations before net interest expense (excluding our Investment Segment), income tax (benefit) expense and
depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding certain effects of impairment, restructuring costs, transformation
costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt, the performance
of closed stores and including closing costs, and certain other non-operational or non-recurring charges. We present EBITDA and Adjusted
EBITDA on a consolidated basis and on a basis attributable to Icahn Enterprises net of the effects of non-controlling interests. We conduct
substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions
to us. In addition, our subsidiaries are not obligated to make funds available to us for payment of our indebtedness, payment of distributions
on our depositary units or otherwise, and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable
law or covenants contained in debt agreements and other agreements to which these subsidiaries currently may be subject or into which
they may enter into in the future. The terms of any borrowings of our subsidiaries or other entities in which we own equity may restrict
dividends, distributions or loans to us.
We believe that
providing EBITDA and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information
of our performance to investors and permits investors and management to evaluate the core operating performance of our business without
regard to interest (except with respect to our Investment segment), taxes and depreciation and amortization and certain effects of impairment,
restructuring costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt and
certain other non-operational charges. Additionally, we believe this information is frequently used by securities analysts, investors
and other interested parties in the evaluation of companies that have issued debt. Management uses, and believes that investors benefit
from referring to, these non-GAAP financial measures in assessing our operating results, as well as in planning, forecasting and analyzing
future periods. Adjusting earnings for these charges allows investors to evaluate our performance from period to period, as well as our
peers, without the effects of certain items that may vary depending on accounting methods and the book value of assets. Additionally,
EBITDA and Adjusted EBITDA present meaningful measures of performance exclusive of our capital structure and the method by which assets
were acquired and financed.
EBITDA and Adjusted
EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results
as reported under generally accepted accounting principles in the United States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA:
| · | do
not reflect our cash expenditures, or future requirements for capital expenditures, or contractual
commitments; |
| · | do
not reflect changes in, or cash requirements for, our working capital needs; and |
| · | do
not reflect the significant interest expense, or the cash requirements necessary to service
interest or principal payments on our debt. |
Although depreciation
and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA
and Adjusted EBITDA do not reflect any cash requirements for such replacements. Other companies in the industries in which we operate
may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. In addition,
EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative
of our ongoing operations.
EBITDA and Adjusted
EBITDA are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or
any other performance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure
of our liquidity. Given these limitations, we rely primarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental
measure of our financial performance.
Use of Indicative Net Asset Value
Data
The Company uses
indicative net asset value as an additional method for considering the value of the Company’s assets, and we believe that this
information can be helpful to investors. Please note, however, that the indicative net asset value does not represent the market price
at which the depositary units trade. Accordingly, data regarding indicative net asset value is of limited use and should not be considered
in isolation.
The Company's depositary
units are not redeemable, which means that investors have no right or ability to obtain from the Company the indicative net asset value
of units that they own. Units may be bought and sold on The Nasdaq Global Select Market at prevailing market prices. Those prices may
be higher or lower than the indicative net asset value of the depositary units as calculated by management.
See below for more
information on how we calculate the Company’s indicative net asset value.
| | |
December 31, | | |
September 30, | | |
December 31, | |
| | |
2025 | | |
2025 | | |
2024 | |
| | |
(in millions)(unaudited) | |
| Market-valued Subsidiaries and Investments: | |
| | | |
| | | |
| | |
| Holding Company interest in Investment Funds(1) | |
$ | 2,711 | | |
$ | 2,449 | | |
$ | 2,703 | |
| CVR Energy(2) | |
| 1,791 | | |
| 2,569 | | |
| 1,250 | |
| CVR Partners LP(2) | |
| 28 | | |
| 25 | | |
| 13 | |
| Total market-valued subsidiaries and investments | |
$ | 4,530 | | |
$ | 5,043 | | |
$ | 3,966 | |
| | |
| | | |
| | | |
| | |
| Other Subsidiaries: | |
| | | |
| | | |
| | |
| Viskase(3) | |
$ | 53 | | |
$ | 62 | | |
$ | 197 | |
| Real Estate Segment(4) | |
| 1,367 | | |
| 692 | | |
| 743 | |
| WestPoint Home(1) | |
| 155 | | |
| 159 | | |
| 162 | |
| Vivus(1) | |
| 169 | | |
| 183 | | |
| 209 | |
| Icahn Automotive Group(5) | |
| 619 | | |
| 1,279 | | |
| 1,259 | |
| Operating Business Indicative Gross Asset Value | |
$ | 6,893 | | |
$ | 7,418 | | |
$ | 6,536 | |
| Add: Other Net Assets(6) | |
| 98 | | |
| 67 | | |
| 103 | |
| Indicative Gross Asset Value | |
$ | 6,991 | | |
$ | 7,485 | | |
$ | 6,639 | |
| Add: Holding Company cash and cash
equivalents(7) | |
| 839 | | |
| 998 | | |
| 1,397 | |
| Less: Holding Company debt(7) | |
| (4,664 | ) | |
| (4,663 | ) | |
| (4,699 | ) |
| Indicative Net Asset Value | |
$ | 3,166 | | |
$ | 3,820 | | |
$ | 3,337 | |
Indicative net
asset value does not purport to reflect a valuation of IEP. The calculated indicative net asset value does not include any value for
our Investment Segment other than the fair market value of our investment in the Investment Funds. A valuation is a subjective exercise
and indicative net asset value does not necessarily consider all elements or consider in the adequate proportion the elements that could
affect the valuation of IEP. Investors may reasonably differ on what such elements are and their impact on IEP. No representation or
assurance, express or implied, is made as to the accuracy and correctness of indicative net asset value as of these dates or with respect
to any future indicative or prospective results which may vary.
| (1) | Represents
GAAP equity attributable to IEP as of each respective date. |
| (2) | Based
on closing share price on each date (or if such date was not a trading day, the immediately
preceding trading day) and the number of shares owned by us as of each respective date. |
| (3) | Amount
based on market comparables due to lack of material trading volume, valued at 9.0x Adjusted
EBITDA for the trailing twelve months ended as December 31, 2024. As of September 30,
2025, management no longer believed that the trailing twelve month Adjusted EBITDA, which
had declined significantly and had been increasingly volatile, represented uniform performance
and growth for the business or provides an accurate presentation of its value. For the periods
ending September 30, 2025 and December 31, 2025, management performed a valuation
of Viskase with the assistance of third-party consultants to estimate fair-market value.
This analysis utilized the average results of a discounted cashflow methodology and a guideline
public company methodology. Different judgments or assumptions would result in different
estimates of value. Viskase indicative net asset value is derived by allocating our portion
of ownership to the total equity value. |
| (4) | For
each period presented, management performed a valuation with the assistance of third-party
consultants to estimate fair-market value, which utilized the average results of discounted
cashflow and sales comparison methodologies. Different judgments or assumptions would result
in different estimates of value. For certain properties under a purchase and sale agreement,
indicative fair market value is based on the anticipated sales price adjusted for customary
closing costs. In August 2025, certain properties were sold and as of September 30,
2025, the value of the consideration received and held in our Real Estate Segment consisted
of preferred equity investment and debt and was used in the calculation of indicative fair
value. |
| (5) | For
each period presented, management performed a valuation of Icahn Automotive Group (“IAG”),
including the Automotive Services business and Automotive Owned Real Estate, with the assistance
of third party consultants to estimate fair value. This analysis utilized the average results
of a discounted cashflow methodology and a guideline public company methodology. Different
judgments or assumptions would result in different estimates of value. During the fourth
quarter of 2025 the majority of the Automotive Owned Real Estate was transferred to the Real
Estate Segment and as of December 31, 2025 are now presented in the Real Estate Segment
line item. The Automotive Owned Real Estate for the actual properties transferred was valued
at $679 and $652 for December 31, 2024 and September 30, 2025, respectively. As
of December 31, 2024 for these properties, it was assumed that IAG would enter into
triple net leases for each property for the entire space, including space occupied by third-party
tenants and any vacant space that is available to rent, at rents estimated by management
based on market conditions and utilized property-level market rents, location level profitability,
and prevailing cap ranging from 7.0% to 9.25% as of December 31, 2024. As of September 30,
2025, these properties were fair valued utilizing the average results of discounted cashflow
and sales comparison methodologies for each property to estimate fair-market value. Different
judgments or assumptions would result in different estimates of value. |
| (6) | Represents
GAAP equity of the Holding Company Segment, excluding cash and cash equivalents, debt and
non-cash deferred tax assets or liabilities. As of December 31, 2024, September 30,
2025, and December 31, 2025, Other Net Assets includes $10, $9, and $6 million respectively,
of liabilities assumed from the Auto Plus bankruptcy. |
| (7) | Holding
Company’s balance as of each respective date. |
| | |
Three Months Ended December 31, | | |
Year Ended December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
(in millions)(unaudited) | |
| Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
$ | 44 | | |
($ | 110 | ) | |
($ | 326 | ) | |
($ | 542 | ) |
| Interest expense, net | |
| 99 | | |
| 83 | | |
| 390 | | |
| 303 | |
| Income tax (benefit) | |
| (27 | ) | |
| (23 | ) | |
| (19 | ) | |
| (25 | ) |
| Depreciation and amortization | |
| 195 | | |
| 129 | | |
| 603 | | |
| 511 | |
| EBITDA before non-controlling interests | |
| 311 | | |
| 79 | | |
| 648 | | |
| 247 | |
| Impairment | |
| 28 | | |
| - | | |
| 40 | | |
| - | |
| Restructuring costs | |
| 3 | | |
| 3 | | |
| 10 | | |
| 3 | |
| Loss (gain) on disposition of assets, net | |
| 12 | | |
| (1 | ) | |
| (254 | ) | |
| 4 | |
| Transformation costs | |
| 11 | | |
| 8 | | |
| 45 | | |
| 38 | |
| Loss (gain) on extinguishment of debt, net | |
| 4 | | |
| - | | |
| - | | |
| (8 | ) |
| Gain on sale of equity method investment | |
| - | | |
| (24 | ) | |
| - | | |
| (24 | ) |
| Gain on lease termination | |
| - | | |
| (38 | ) | |
| - | | |
| (38 | ) |
| Same store adjustment including closing costs | |
| 7 | | |
| 4 | | |
| 24 | | |
| 10 | |
| Other | |
| 18 | | |
| 15 | | |
| 29 | | |
| 45 | |
| Adjusted EBITDA before non-controlling interests | |
$ | 394 | | |
$ | 46 | | |
$ | 542 | | |
$ | 277 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA attributable to IEP | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
$ | 1 | | |
($ | 98 | ) | |
($ | 299 | ) | |
($ | 445 | ) |
| Interest expense, net | |
| 87 | | |
| 72 | | |
| 344 | | |
| 263 | |
| Income tax (benefit) | |
| (22 | ) | |
| (16 | ) | |
| (6 | ) | |
| (7 | ) |
| Depreciation and amortization | |
| 134 | | |
| 83 | | |
| 409 | | |
| 336 | |
| EBITDA attributable to IEP | |
| 200 | | |
| 41 | | |
| 448 | | |
| 147 | |
| Impairment | |
| 28 | | |
| - | | |
| 39 | | |
| - | |
| Restructuring costs | |
| 3 | | |
| 3 | | |
| 9 | | |
| 3 | |
| Loss (gain) on disposition of assets, net | |
| 12 | | |
| (1 | ) | |
| (254 | ) | |
| 4 | |
| Transformation costs | |
| 11 | | |
| 8 | | |
| 45 | | |
| 38 | |
| Loss (gain) on extinguishment of debt, net | |
| 3 | | |
| - | | |
| (1 | ) | |
| (8 | ) |
| Gain on sale of equity method investment | |
| - | | |
| (16 | ) | |
| - | | |
| (16 | ) |
| Gain on lease termination | |
| - | | |
| (38 | ) | |
| - | | |
| (38 | ) |
| Same store adjustment including closing costs | |
| 7 | | |
| 4 | | |
| 24 | | |
| 10 | |
| Other | |
| 17 | | |
| 15 | | |
| 28 | | |
| 44 | |
| Adjusted EBITDA attributable to IEP | |
$ | 281 | | |
$ | 16 | | |
$ | 338 | | |
$ | 184 | |
Investor Contact:
Ted Papapostolou, Chief Financial Officer
IR@ielp.com
(800) 255-2737
