Diversified Subsidiary Companies Presentation
Segment: Investment
Highlights and Recent Developments
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Long history of investing in public equity and debt securities and pursuing activist
agenda
Employs an activist strategy that seeks to unlock hidden value through various tactics
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Financial/balance sheet restructurings
Operational turnarounds
Strategic initiatives
Corporate governance changes
As of December 31, 2023, the Funds had a net short notional exposure of 36%
Segment Description
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Our Investment segment is comprised of various private
investment funds ("Investment Funds") in which we have
general partner interests and through which we invest our
proprietary capital
We and certain of Mr. Icahn's family members and
affiliates are the only investors in the Investment Funds
Fair value of IEP's investment in the Funds was
approximately $3.2 billion as of December 31, 2023
Significant Holdings
Historical Segment Financial Summary
As of December 31, 2023
FYE December 31,
Investment Segment
($Millions)
2021
2022
2023
Company
Mkt. Value ($mm) (1)
% Ownership(2)
Selected Income Statement Data:
$698
15.41%
Total revenue
$202
($23) ($1,165)
SOUTHWEST GAS
Adjusted EBITDA (3)
(32)
(223) (1,353)
Net income (loss)
(32)
(223) (1,353)
illumina
$306
1.38%
Adjusted EBITDA attributable to IEP (3)
(16)
(89) (701)
Net income (loss) attributable to IEP
(16)
(89)
(701)
iff
$304
1.47%
Returns
-0.3%
-2.4% -16.9%
$303
2.73%
CROWN
Segment Balance Sheet Data (4):
Brand-Building Packaging™
Equity attributable to IEP
$4,271
Total Equity
$9,390
$4,184 $3,243
$9,150 $5,360
$278
9.51%
BAUSCH-Health
Includes common stock and forward contracts as a percentage of common shares issued and outstanding.
(1)
Based on closing share price as of specified date.
(2)
(3)
Refer to the Adjusted EBITDA reconciliations in the Appendix.
(4)
Balance Sheet data as of end of each respective period.
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