CF Industries Holdings, Inc. (NYSE:CF) Q4 2023 Earnings Conference Call February 15, 2024 10:00 AM ET

Company Participants

Martin Jarosick - IR

Tony Will - CEO

Chris Bohn - EVP and COO

Bert Frost - EVP, Sales, Market Development and Supply Chain

Conference Call Participants

Adam Samuelson - Goldman Sachs

Joel Jackson - BMO Capital Markets

Steve Byrne - Bank of America

Josh Spector - UBS

Jeff Zekauskas - JPMorgan

Richard Garchitorena - Wells Fargo

Edlain Rodriguez - Mizuho

Ben Theurer - Barclays

Andrew Wong - RBC Capital Markets

Vincent Andrews - Morgan Stanley

Aron Ceccarelli - Berenberg

Operator

Good day, ladies and gentlemen. And welcome to CF Industries Full Year and Fourth Quarter of 2023 Conference Call. [Operator Instructions] Please note this event is being recorded.

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, Executive Vice President and Chief Operating Officer, and Bert Frost, Executive Vice President of Sales, Market Development and Supply Chain.

CF Industries reported its results for the full-year and fourth 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 the 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 financial results for the full-year 2023 in which we generated adjusted EBITDA of approximately $2.8 billion. Net cash from operations was also $2.8 billion and free cash flow was $1.8 billion. These results reflect a healthy nitrogen supply demand balance and global energy spreads that favor our low cost production base in North America. They also represent outstanding execution by the CF Industries team. We worked safely, ran our plants well, and navigated dynamic industry conditions. Our investments in people, safety and reliability have built the industry's highest performing manufacturing network, as you can see on Slide 6.