CF Industries Holdings Inc. (CF) Q3 2022 Earnings Call Transcript

CF Industries Holdings Inc. (NYSE:CF) Q3 2022 Results Conference Call November 3, 2022 11:00 AM ET

Company Participants

Martin Jarosick - Head of IR

Tony Will - President and Chief Executive Officer

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

Chris Bohn - Chief Financial Officer

Conference Call Participants

Chris Parkinson - Mizuho

Adam Samuelson - Goldman Sachs

P.J. Juvekar - Citi

Vincent Andrews - Morgan Stanley

Lucas Beaumont - UBS

Joel Jackson - BMO

Andrew Wong - RBC

Edlain Rodriguez - Credit Suisse

Stephen Byrne - Bank of America Securities

Ben Theurer - Barclays

Operator

Good day, ladies and gentlemen, and welcome to CF Industries 2022 First 9 Months and Third Quarter Financial Results. All participants are in a listen-only mode. [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, Senior Vice President of Sales, Market Development and Supply Chain. CF Industries reported its results for the third quarter and first 9 months of 2022 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 results for the third quarter and first 9 months of 2022, in which we generated adjusted EBITDA of $1 billion and $4.6 billion, respectively. On a trailing 12-month basis, our adjusted EBITDA was $5.8 billion, and our free cash flow was a whopping $3. 7 billion. Our industry-leading EBITDA to free cash flow conversion efficiency is an incredible, 63%.