Mosaic
Q4 2022 Earnings Call
Feb 23, 2023, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning and welcome to The Mosaic Company's fourth quarter and full year 2022 earnings conference call. [Operator instructions] After the company completes their prepared remarks, the lines will be open to take your questions. Your host for today's call is Paul Massoud, vice president of investor relations and financial planning and analysis of The Mosaic Company. Mr.
Massoud, you may begin.
Paul Massoud -- Vice President, Investor Relations
Thank you and welcome to our fourth quarter and full year 2022 earnings call. Opening comments will be provided by Joc O'Rourke, president and chief executive officer, followed by a fireside chat and then open Q&A. Clint Freeland, senior vice president and chief financial officer; and Jenny Wang, senior vice president of global strategic marketing will also be available to answer your questions. We will be making forward-looking statements during this conference call.
The statements include but are not limited to statements about future financial and operating results. They are based on management's beliefs and expectations as of today's date and are subject to significant risks and uncertainties. Actual results may differ materially from projected results. Factors that could cause actual results to differ materially from those in the forward-looking statements are included in our press release published yesterday and in our reports filed with the Securities and Exchange Commission.
We will also be presenting certain non-GAAP financial measures. Our press release and performance data also contain important information on these non-GAAP measures. Now, I'd like to turn the call over to Joc.
Joc O'Rourke -- President and Chief Executive Officer
Good morning. Thank you for joining our full year 2022 earnings call. Mosaic had a record year in 2022, delivering revenues of $19 billion, adjusted EBITDA of $6.2 billion, and adjusted earnings per share of $11.01. In 2022, we reached several operational milestones that allowed us to benefit from strong prices.
K3 reached its initial capacity of 5.5 million tonnes. In Brazil, we grew our distribution market share from 16% to 18%. In North American phosphates, performance products represented 43% of total sales volumes. And now, we've begun to look at expanding our MicroEssentials capacity further, which we will discuss later.
These efforts are driving strong free cash flow generation, which allowed us to return significant capital to shareholders in 2022 while also strengthening our balance sheet. Over the last 12 months, we've repurchased $1.7 billion worth of shares outstanding. If we include the fourth quarter of 2021, we've bought back more than 10% of the shares outstanding, or roughly 40 million shares. In addition to share repurchases, we've also paid investors nearly $200 million in dividends.