CF Industries Holdings, Inc. (NYSE:CF) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET

Company Participants

Martin Jarosick - Vice President, Treasury, and Investor Relations

Tony Will - President and Chief Executive Officer

Chris Bohn - Executive Vice President and Chief Financial Officer

Bert Frost - Executive Vice President, Sales, Market Development and Supply Chain

Conference Call Participants

Joel Jackson - BMO Capital Markets

Stephen Byrne - Bank of America

Richard Garchitorena - Wells Fargo

Joshua Spector - UBS

Adam Samuelson - Goldman Sachs

Andrew Wong - RBC Capital Markets

Benjamin Theurer - Barclays

Vincent Andrews - Morgan Stanley

Operator

Good day, ladies and gentlemen, and welcome to CF Industries' First Nine Months and Third Quarter of 2023. All participants will be in a listen-only mode. [Operator Instructions]. We will facilitate a question-and-answer session towards the end of the presentation. [Operator Instructions].

I would now like to turn the presentation over to the host for today, Mr. Martin Jarosick with CF Investor Relations. Sir, please proceed.

Martin Jarosick

Good morning, and thanks for joining the CF Industries earnings conference call. With me today are Tony Will, CEO; Chris Bohn, CFO; and Bert Frost, Executive Vice President of Sales, Market Development and Supply Chain.

CF Industries reported its results for the first nine months and third quarter of 2023 yesterday afternoon. On this call, we'll review the results, discuss our outlook and then host a question-and-answer session. Statements made on this call and in the presentation on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.

Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statements. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available on our website. Also, you'll find reconciliations between GAAP and non-GAAP measures in the press release and presentation posted on our website.

Now let me introduce Tony Will, our President and CEO.

Tony Will

Thanks, Martin, and good morning, everyone. Yesterday afternoon, we posted our financial results for the first nine months of 2023, in which we generated adjusted EBITDA of approximately $2.2 billion. Our trailing 12 months net cash from operations was $2.9 billion and free cash flow was $2 billion. These results reflect continued strong execution by the CF Industries team, a constructive global nitrogen supply-demand balance and energy spreads favoring North American production.