$AA
Alcoa Corp

2023 Q3 Form 10-Q Financial Statement

#000095017023035168 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.602B $2.684B
YoY Change -8.73% -26.34%
Cost Of Revenue $2.469B $2.515B
YoY Change -7.46% -9.11%
Gross Profit $133.0M $169.0M
YoY Change -27.32% -80.73%
Gross Profit Margin 5.11% 6.3%
Selling, General & Admin $56.00M $52.00M
YoY Change 27.27% 0.0%
% of Gross Profit 42.11% 30.77%
Research & Development $9.000M $6.000M
YoY Change 28.57% -14.29%
% of Gross Profit 6.77% 3.55%
Depreciation & Amortization $163.0M $153.0M
YoY Change 9.4% -4.97%
% of Gross Profit 122.56% 90.53%
Operating Expenses $65.00M $211.0M
YoY Change -67.5% 257.63%
Operating Profit $68.00M -$42.00M
YoY Change -500.0% -105.13%
Interest Expense $26.00M -$41.00M
YoY Change -204.0% -236.67%
% of Operating Profit 38.24%
Other Income/Expense, Net -$85.00M $9.000M
YoY Change 142.86% -95.63%
Pretax Income -$228.0M -$99.00M
YoY Change -68.72% -110.9%
Income Tax -$35.00M $22.00M
% Of Pretax Income
Net Earnings -$168.0M -$102.0M
YoY Change -77.48% -118.58%
Net Earnings / Revenue -6.46% -3.8%
Basic Earnings Per Share -$0.94 -$0.57
Diluted Earnings Per Share -$0.94 -$0.57
COMMON SHARES
Basic Shares Outstanding 178.4M 178.4M
Diluted Shares Outstanding 178.0M 178.0M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $926.0M $990.0M
YoY Change -35.34% -39.56%
Cash & Equivalents $926.0M $990.0M
Short-Term Investments
Other Short-Term Assets $453.0M $474.0M
YoY Change -30.31% -26.74%
Inventory $2.190B $2.400B
Prepaid Expenses
Receivables $691.0M $702.0M
Other Receivables $105.0M $104.0M
Total Short-Term Assets $4.365B $4.670B
YoY Change -18.41% -20.35%
LONG-TERM ASSETS
Property, Plant & Equipment $6.532B $6.445B
YoY Change 4.45% -0.19%
Goodwill $146.0M $146.0M
YoY Change 1.39% 0.69%
Intangibles
YoY Change
Long-Term Investments $1.004B $1.034B
YoY Change -17.91% -16.48%
Other Assets $1.618B $1.453B
YoY Change -21.38% -14.07%
Total Long-Term Assets $9.552B $9.458B
YoY Change 0.18% -3.94%
TOTAL ASSETS
Total Short-Term Assets $4.365B $4.670B
Total Long-Term Assets $9.552B $9.458B
Total Assets $13.92B $14.13B
YoY Change -6.5% -10.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.472B $1.491B
YoY Change -7.42% -14.9%
Accrued Expenses $337.0M $340.0M
YoY Change 2.43% -8.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $1.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $2.624B $2.596B
YoY Change -11.17% -19.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.809B $1.808B
YoY Change 4.87% 4.81%
Other Long-Term Liabilities $3.185B $3.045B
YoY Change 2.31% -6.37%
Total Long-Term Liabilities $4.994B $4.853B
YoY Change 3.22% -2.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.624B $2.596B
Total Long-Term Liabilities $4.994B $4.853B
Total Liabilities $7.825B $9.286B
YoY Change -17.75% 10.32%
SHAREHOLDERS EQUITY
Retained Earnings -$1.125B -$939.0M
YoY Change 612.03% -254.95%
Common Stock $9.181B $9.175B
YoY Change 0.09% -1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.509B $4.842B
YoY Change
Total Liabilities & Shareholders Equity $13.92B $14.13B
YoY Change -6.5% -10.06%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$168.0M -$102.0M
YoY Change -77.48% -118.58%
Depreciation, Depletion And Amortization $163.0M $153.0M
YoY Change 9.4% -4.97%
Cash From Operating Activities $69.00M -$13.00M
YoY Change -48.51% -102.43%
INVESTING ACTIVITIES
Capital Expenditures $145.0M $115.0M
YoY Change -213.28% -207.48%
Acquisitions
YoY Change
Other Investing Activities -$21.00M -$5.000M
YoY Change 110.0% -135.71%
Cash From Investing Activities -$166.0M -$120.0M
YoY Change 20.29% 29.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.00M -24.00M
YoY Change -118.92% -93.12%
NET CHANGE
Cash From Operating Activities 69.00M -13.00M
Cash From Investing Activities -166.0M -120.0M
Cash From Financing Activities 35.00M -24.00M
Net Change In Cash -62.00M -157.0M
YoY Change -67.2% -267.02%
FREE CASH FLOW
Cash From Operating Activities $69.00M -$13.00M
Capital Expenditures $145.0M $115.0M
Free Cash Flow -$76.00M -$128.0M
YoY Change -129.01% -119.91%

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<div style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">A.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Basis of Presentation </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">– The interim Consolidated Financial Statements of Alcoa Corporation and its subsidiaries (Alcoa Corporation, Alcoa, or the Company) are unaudited. These Consolidated Financial Statements include all adjustments, consisting only of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position, and cash flows. The results reported in these Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year. The 2022 year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP). This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which includes disclosures required by GAAP.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In accordance with GAAP, certain situations require management to make estimates based on judgments and assumptions, which may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and expenses during the reporting periods. Management uses historical experience and all available information to make these estimates. Management regularly evaluates the judgments and assumptions used in its estimates, and results could differ from those estimates upon future events and their effects or new information.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></div><div style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Principles of Consolidation.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> The Consolidated Financial Statements of Alcoa Corporation include the accounts of Alcoa Corporation and companies in which Alcoa Corporation has a controlling interest, including those that comprise the Alcoa World Alumina &amp; Chemicals (AWAC) joint venture (see below). Intercompany transactions have been eliminated. The equity method of accounting is used for investments in affiliates and other joint ventures over which Alcoa Corporation has significant influence but does not have effective control. Investments in affiliates in which Alcoa Corporation cannot exercise significant influence are accounted for at cost less any impairment, a measurement alternative in accordance with GAAP.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">AWAC is an unincorporated global joint venture between Alcoa Corporation and Alumina Limited and consists of several affiliated operating entities, which own, have an interest in, or operate the bauxite mines and alumina refineries within Alcoa Corporation’s Alumina segment (except for the Poços de Caldas mine and refinery, portions of the São Luís refinery, and investment in Mineração Rio do Norte S.A. (MRN) until its sale in April 2022, all in Brazil) and a portion (</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">55</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%) of the Portland smelter (Australia) within Alcoa Corporation’s Aluminum segment. Alcoa Corporation owns </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">60</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and Alumina Limited owns </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">40</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of these individual entities, which are consolidated by the Company for financial reporting purposes and include Alcoa of Australia Limited (AofA), Alcoa World Alumina LLC (AWA), Alcoa World Alumina Brasil Ltda. (AWAB), and Alúmina Española, S.A. (Española). Alumina Limited’s interest in the equity of such entities is reflected as Noncontrolling interest on the accompanying Consolidated Balance Sheet.</span></p></div>
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NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
220000000
CY2023Q2 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
341000000
CY2022Q4 us-gaap Value Added Tax Receivable Noncurrent
ValueAddedTaxReceivableNoncurrent
294000000
CY2023Q2 aa Gas Supply Prepayment
GasSupplyPrepayment
291000000
CY2022Q4 aa Gas Supply Prepayment
GasSupplyPrepayment
311000000
CY2023Q2 aa Prepaid Gas Transmission Contract
PrepaidGasTransmissionContract
284000000
CY2022Q4 aa Prepaid Gas Transmission Contract
PrepaidGasTransmissionContract
285000000
CY2023Q2 us-gaap Deferred Costs
DeferredCosts
170000000
CY2022Q4 us-gaap Deferred Costs
DeferredCosts
161000000
CY2023Q2 aa Prepaid Pension Cost Non Current
PrepaidPensionCostNonCurrent
158000000
CY2022Q4 aa Prepaid Pension Cost Non Current
PrepaidPensionCostNonCurrent
146000000
CY2023Q2 us-gaap Goodwill
Goodwill
146000000
CY2022Q4 us-gaap Goodwill
Goodwill
145000000
CY2023Q2 aa Prepaid Tax Asset Noncurrent
PrepaidTaxAssetNoncurrent
70000000
CY2022Q4 aa Prepaid Tax Asset Noncurrent
PrepaidTaxAssetNoncurrent
72000000
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
63000000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
56000000
CY2023Q2 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
39000000
CY2022Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
29000000
CY2023Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
92000000
CY2022Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
94000000
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1654000000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1593000000
CY2022Q2 aa Reversed Allowance With Credit Of Restructuring And Other Charges Net
ReversedAllowanceWithCreditOfRestructuringAndOtherChargesNet
83000000
CY2022Q2 aa Valuation Allowance With Credit To Cost Of Goods Sold
ValuationAllowanceWithCreditToCostOfGoodsSold
46000000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
990000000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1363000000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
44000000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
55000000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
63000000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
56000000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1097000000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1474000000
CY2023Q2 aa Supplier Invoices Outstanding
SupplierInvoicesOutstanding
132000000
CY2022Q4 aa Supplier Invoices Outstanding
SupplierInvoicesOutstanding
185000000
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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