Alcoa Corporation (NYSE:AA) Q2 2022 Earnings Conference Call July 20, 2022 5:00 PM ET

Company Participants

James Dwyer – Vice President of Investor Relations

Roy Harvey – President and Chief Executive Officer

William Oplinger – Executive Vice President and Chief Financial Officer

Conference Call Participants

Timna Tanners – Wolfe Research

Carlos De Alba – Morgan Stanley

Emily Chieng – Goldman Sachs

David Gagliano – BMO Capital Markets

Curt Woodworth – Credit Suisse

Lucas Pipes – B. Riley Securities

Michael Dudas – Vertical Research

John Tumazos – John Tumazos Independent Research

Operator

Good afternoon and welcome to the Alcoa Corporation Second Quarter 2022 Earnings Presentation and Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [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’m joined today by Roy Harvey, Alcoa Corporation’s 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’s Roy.

Roy Harvey

Thank you, Jim, and welcome to everyone joining today’s call. Once again, we had a strong quarter with results that included a sequential increase in revenue, solid net income, strong cash flows and increased capital returns to our stockholders. We will dive deeper into our results soon, but here are a few of the most important highlights. Net income was $549 million. Our adjusted EBITDA, excluding special items, was $913 million, which brings us to nearly $2 billion through the first half of this year. Our free cash flow less non-controlling interest was $383 million.