Alcoa Corporation (NYSE:AA) Q1 2024 Earnings Conference Call April 17, 2024 5:00 PM ET

Company Participants

James Dwyer - Vice President, Investor Relations & Pension Investments
William Oplinger - President & Chief Executive Officer
Molly Beerman - Executive Vice President & Chief Financial Officer

Conference Call Participants

Lucas Pipes - B. Riley
Chris LaFemina - Jefferies
Alex Hacking - Citi
Lawson Winder - Bank of America
Bill Peterson - JPMorgan
Timna Tanners - Wolfe Research
Carlos De Alba - Morgan Stanley
Katja Jancic - BMO Capital Markets
Michael Dudas - Vertical Research
John Tumazos - John Tumazos Very Independent Research

Operator

Good afternoon, and welcome to the Alcoa Corporation First Quarter 2024 Earnings Presentation and Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to James Dwyer, Vice President, Investor Relations and Pension Investments. Please go ahead.

James Dwyer

Thank you, and good day everyone. I am joined today by William Oplinger, Alcoa Corporation's President and Chief Executive Officer, and Molly Beerman, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Bill and Molly.

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. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation. We have not presented quantitative reconciliations of certain forward-looking non-GAAP financial measures for reasons noted on this slide. Any reference in our discussion today to EBITDA means adjusted EBITDA.

Finally, as previously announced, the earnings press release and slide presentation are available on our website.

With that, here's Bill.

William Oplinger

Thanks, Jim, and welcome everyone to our first quarter 2024 earnings call. It's a pleasure to discuss our recent activities and performance with you today.

Let's start with the transaction that we announced in late February. Our proposed acquisition of Alumina Limited, which would give Alcoa 100% ownership in the Alcoa World Alumina and Chemicals, or AWAC, joint venture. In the all-stock transaction, Alumina Limited shareholders would receive 0.02854 Alcoa shares for each Alumina Limited share. Based on Alcoa's and Alumina Limited's closing prices as of February 23, 2024, the agreed ratio implied an equity value of approximately $2.2 billion for Alumina Limited and a premium of 13.1% to Alumina Limited's share price.