Diversified Subsidiary Companies Presentation
Segment: Automotive
Segment Description
•
We conduct our Automotive segment through our wholly
owned subsidiaries, Icahn Automotive Group LLC ("Icahn
Automotive") and our wholly owned subsidiary, AEP PLC
LLC ("AEP PLC")
The Automotive segment is engaged in providing a full
range of automotive repair and maintenance services,
along with the sale of any installed parts or materials
related to automotive services ("Automotive Services") to
its customers, as well as sales of automotive aftermarket
parts and retailed merchandise ("Aftermarket Parts"). In
addition to its primary business, the Automotive segment
leases available and excess real estate in certain locations
under long-term operating leases
Historical Segment Financial Summary
Highlights and Recent Developments
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.
•
•
FYE December 31,
Automotive Segment
(1)
($Millions)
2021
2022
2023
•
Selected Income Statement Data:
Net sales and other revenue from
$2,394
$2,394 $1,741
operations
Adjusted EBITDA (2)
(67)
(31)
113
•
Net income (loss)
(260)
(192)
(6)
Segment Balance Sheet Data (3):
Total assets
$2,582
$2,532 $2,019
Equity attributable to IEP
$1,575
$1,530 $1,096
Automotive Services provides Do-It-For-Me automotive repair services for retail
and fleet customers with over 900 stores and 8,000 service bays located in the
United States and Puerto Rico
The Automotive segment continues to progress through its multi-year
transformation plan focused on customer service, quality, and profitable
growth
The leadership team has focused on key strategic initiatives including:
Positioning the Automotive Services business to take advantage of
opportunities in the do-it-for-me market and vehicle fleets
Improving inventory management and distribution network
Investment in, and strategic review of, capital projects within Icahn
Automotive's owned and leased locations to increase leasing revenue,
restructure lease liabilities, and reduce occupancy costs
Strategic investment in brownfield and greenfield supplementing existing
store footprints
Investment in customer experience initiatives and selective upgrades in
facilities
Investment in employees with focus on training and career development
Business process improvements, including investments in our supply chain
and information technology capabilities
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As of January 31, 2023, IEH Auto Parts Holdings LLC ("Auto Plus") was deconsolidated due to voluntary Chapter 11 bankruptcy proceedings.
Refer to the Adjusted EBITDA reconciliations in the Appendix.
Balance Sheet data as of the end of each respective period.
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