Good morning and welcome to the Icahn Enterprises L.P. Q1 2023 Earnings Call with Jesse Lynn, General Counsel; David Willetts, President and CEO; and Ted Papapostolou, Chief Financial Officer. I would now like to hand the call over to Jesse Lynn, who will read their opening statement.

Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statement we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statement 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. 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 including the severity, magnitude and duration of the COVID-19 pandemic. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statement, should circumstances change except as otherwise required by law. This presentation also includes certain non-GAAP financial measures. 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. I'll now turn it over to David Willetts, our Chief Executive Officer.

Thank you, Jesse. Good morning and welcome to the first quarter 2023 Icahn Enterprises earnings conference call. Joining me on today's call, is Ted Papapostolou, our Chief Financial Officer. Together, we'll provide an overview of Q1 results and then be available for questions. Before we get into the results of the quarter, I need to address the short seller report released last week. After this call, we'll issue a response which addresses the mischaracterizations and concerns raised in this report. There are a few high level points I'd like to address now. IEP has $1.9 billion of cash on hand and $4 billion of additional liquidity in the investment funds and we're well-positioned for future success. We have full confidence in the integrity of our presented financials in our reporting. 90% of our NAV valuations are comprised primarily of either mark-to-market securities or audited GAAP book values or external valuations. The remaining 10% are valued on a market comparable basis using historic EBITDA. Our dividend policy is based on our assessment of IEP's ability to return capital to unitholders over long-term basis. We generate liquidity through operations, selling investments, and selling companies. Since 2017, the firm has generated over $5 billion of cash from successful sales of controlled companies. Our operating companies have been the subject of intense improvement efforts over the last year. Although not complete, we're pleased with the trajectory of the companies. We've upgraded and augmented many of our company's management teams and we're starting to see tangible improvements in the results and overall performance of the companies. We have great confidence in their potential. Onto first quarter results, our results for Q1 2023 were down versus prior year, but that included large one-time non-cash charge for the Auto Plus bankruptcy, up $226 million. For quarter one,…

Thank you, David. I will begin by reviewing our consolidated results and then highlight the performance of our operating segments and comment on the strength of our balance sheet. For Q1 2023, we had a net loss of $270 million and adjusted EBITDA of $116 million compared to net income of $323 million and adjusted EBITDA of $616 million for Q1 2022. I will provide more detail regarding the performance of our individual segments. The investment funds had a negative return of 4.1% for the quarter, which was driven primarily by our short positions, offset in part by positive performance from three healthcare sector investments. For the quarter, long positions and other had positive performance attribution of 1.3% and 0.8% respectively, while short positions had a negative performance attribution of 6.2%. The investment funds a net short notional exposure of 38% at the end of Q1 compared to a net short notional exposure of 47% at year end. Our investment in the funds was approximately $4 billion as of quarter end. And now to our Energy segment. In Q1 2023, our Energy segment reported net sales of $2.3 billion compared to $2.4 billion in the prior year quarter. Adjusted EBITDA was $229 million for Q1 2023 compared to $142 million for Q1 2022. Q1 2023 refining margin per throughput barrel was $23.24 compared to $16.75 in the prior year quarter. This increase was primarily due to widening crack spreads. The cost of rents continue to have a negative impact on our refining business with $39 million of related expense in the quarter. Q1 2023 average realized gate prices for UAN decreased by 8% to $457 per ton and ammonia decreased by 16% to $888 per ton when compared to the prior year quarter. And now to our Automotive segment. Q1…

Apparently, there are no questions. We thank you for your time. Do encourage you all to look for the report we're issuing in response to the short seller report. It should be issued approximately around 11 o'clock today. We look forward to talking to you on the next quarterly call. Take care.

And thank you for your participation and you may now disconnect.