Alcoa Corporation (NYSE:AA) Q4 2022 Earnings Conference Call January 18, 2023 5:00 PM ET
Company Participants
James Dwyer - Vice President, Investor Relations
Roy Harvey - President and Chief Executive Officer
William Oplinger - Executive Vice President and Chief Financial Officer
Conference Call Participants
Emily Chieng - Goldman Sachs
Alex Hacking - Citi
Carlos De Alba - Morgan Stanley
Timna Tanners - Wolfe Research
Lucas Pipes - B. Riley Securities
Michael Dudas - Vertical Research
John Tumazos - John Tumazos Independent Research
Operator
Good afternoon and welcome to the Alcoa Corporation Fourth Quarter 2022 Earnings Presentation and Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to James Dwyer, Vice President of Investor Relations. Please go ahead.
James Dwyer
Thank you and good day everyone. I am joined today by Roy Harvey, Alcoa Corporation President and Chief Executive Officer and William Oplinger, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Roy and Bill.
As a reminder, today’s discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company’s actual results to differ materially from these statements are included in today’s presentation and in our SEC filings.
In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today’s presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, as previously announced the earnings release and slide presentation, are available on our website.
With that, here is Roy.
Roy Harvey
Thank you, Jim and thanks to everyone for joining our call today. As you saw from the fourth quarter and full year results that we released today, we returned $572 million in capital to our stockholders through buybacks and dividend payments in 2022. We continue to be well positioned with a strong balance sheet, ending the year with $1.4 billion in cash and proportional net debt of $1.2 billion.
In 2022, we also progressed strategic restarts of capacity and worked to mitigate the impact of high energy costs. That said it was a challenging year. World events influenced costs for raw materials and energy. Our markets saw significant variances in pricing between the first half of the year and the second half, demonstrating once again why we are so focused on reducing complexity and continuing our improvement initiatives. As we progress through this year, we will continue to act to drive operational and commercial excellence, disciplined execution and rigorous cost management.