$AA
Alcoa Corp

2019 Q2 Form 10-Q Financial Statement

#000156459019027529 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $2.711B $3.579B
YoY Change -24.25% 25.18%
Cost Of Revenue $2.189B $2.753B
YoY Change -20.49% 20.27%
Gross Profit $522.0M $826.0M
YoY Change -36.8% 44.91%
Gross Profit Margin 19.25% 23.08%
Selling, General & Admin $68.00M $64.00M
YoY Change 6.25% -8.57%
% of Gross Profit 13.03% 7.75%
Research & Development $7.000M $9.000M
YoY Change -22.22% 12.5%
% of Gross Profit 1.34% 1.09%
Depreciation & Amortization $174.0M $192.0M
YoY Change -9.38% 1.05%
% of Gross Profit 33.33% 23.24%
Operating Expenses $75.00M $73.00M
YoY Change 2.74% -6.41%
Operating Profit $447.0M $753.0M
YoY Change -40.64% 53.05%
Interest Expense $30.00M $32.00M
YoY Change -6.25% 28.0%
% of Operating Profit 6.71% 4.25%
Other Income/Expense, Net -$50.00M -$9.000M
YoY Change 455.56% -67.86%
Pretax Income -$177.0M $289.0M
YoY Change -161.25% 21.94%
Income Tax $116.0M $158.0M
% Of Pretax Income 54.67%
Net Earnings -$402.0M $10.00M
YoY Change -4120.0% -86.67%
Net Earnings / Revenue -14.83% 0.28%
Basic Earnings Per Share -$2.17 $0.05
Diluted Earnings Per Share -$2.17 $0.05
COMMON SHARES
Basic Shares Outstanding 186.0M 186.0M shares
Diluted Shares Outstanding 186.0M 189.0M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $834.0M $1.089B
YoY Change -23.42% 14.15%
Cash & Equivalents $834.0M $1.089B
Short-Term Investments
Other Short-Term Assets $330.0M $329.0M
YoY Change 0.3% -5.19%
Inventory $1.767B $1.668B
Prepaid Expenses
Receivables $684.0M $1.025B
Other Receivables $203.0M $170.0M
Total Short-Term Assets $3.818B $4.281B
YoY Change -10.82% 19.48%
LONG-TERM ASSETS
Property, Plant & Equipment $8.273B $8.556B
YoY Change -3.31% -7.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.141B $1.390B
YoY Change -17.91% 0.87%
Other Assets $1.463B $1.635B
YoY Change -10.52% -3.14%
Total Long-Term Assets $11.53B $12.24B
YoY Change -5.77% -8.31%
TOTAL ASSETS
Total Short-Term Assets $3.818B $4.281B
Total Long-Term Assets $11.53B $12.24B
Total Assets $15.35B $16.52B
YoY Change -7.08% -2.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.523B $1.752B
YoY Change -13.07% 16.18%
Accrued Expenses $475.0M $421.0M
YoY Change 12.83% -5.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $13.00M
YoY Change -92.31% -31.58%
Total Short-Term Liabilities $2.531B $3.013B
YoY Change -16.0% 15.53%
LONG-TERM LIABILITIES
Long-Term Debt $1.804B $1.916B
YoY Change -5.85% 35.12%
Other Long-Term Liabilities $3.835B $4.225B
YoY Change -9.23% -3.01%
Total Long-Term Liabilities $5.639B $6.141B
YoY Change -8.17% 6.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.531B $3.013B
Total Long-Term Liabilities $5.639B $6.141B
Total Liabilities $8.490B $9.410B
YoY Change -9.78% 7.79%
SHAREHOLDERS EQUITY
Retained Earnings -$31.00M $339.0M
YoY Change -109.14% 72.96%
Common Stock $9.631B $9.652B
YoY Change -0.22% 0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.895B $5.024B
YoY Change
Total Liabilities & Shareholders Equity $15.35B $16.52B
YoY Change -7.08% -2.43%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$402.0M $10.00M
YoY Change -4120.0% -86.67%
Depreciation, Depletion And Amortization $174.0M $192.0M
YoY Change -9.38% 1.05%
Cash From Operating Activities $82.00M -$430.0M
YoY Change -119.07% -238.26%
INVESTING ACTIVITIES
Capital Expenditures -$89.00M -$95.00M
YoY Change -6.32% 7.95%
Acquisitions
YoY Change
Other Investing Activities -$110.0M -$5.000M
YoY Change 2100.0% -16.67%
Cash From Investing Activities -$199.0M -$100.0M
YoY Change 99.0% 6.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -71.00M 433.0M
YoY Change -116.4% -655.13%
NET CHANGE
Cash From Operating Activities 82.00M -430.0M
Cash From Investing Activities -199.0M -100.0M
Cash From Financing Activities -71.00M 433.0M
Net Change In Cash -188.0M -97.00M
YoY Change 93.81% -169.78%
FREE CASH FLOW
Cash From Operating Activities $82.00M -$430.0M
Capital Expenditures -$89.00M -$95.00M
Free Cash Flow $171.0M -$335.0M
YoY Change -151.04% -183.96%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">A.<span style="font-weight:normal;"> </span>Basis of Presentation <span style="font-weight:normal;">– The interim Consolidated Financial Statements of Alcoa Corporation and its subsidiaries (Alcoa Corporation 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 2018 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, 2018, which includes all disclosures required by GAAP.</span></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">References in these Notes to ParentCo refer to Alcoa Inc., a Pennsylvania corporation, and its consolidated subsidiaries (through October 31, 2016, at which time it was renamed Arconic Inc. (Arconic)). On November 1, 2016 (the Separation Date), ParentCo separated into two standalone, publicly-traded companies, Alcoa Corporation and Arconic (the Separation Transaction). In connection with the Separation Transaction, as of October 31, 2016, the Company and Arconic entered into several agreements to effect the Separation Transaction, including a Separation and Distribution Agreement and a Tax Matters Agreement. See Note A to the Consolidated Financial Statements in Part II Item 8 of Alcoa Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of January 1, 2019, the Company changed its accounting method for valuing certain inventories from last-in, first-out (LIFO) to average cost. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented. See Note H for more information regarding the change in inventory accounting method. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Principles of Consolidation.<span style="font-weight:normal;"> 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 on the cost method. </span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">AWAC is an unincorporated global joint venture between Alcoa Corporation and Alumina Limited and consists of several affiliated operating entities, which own, or have an interest in, or operate the bauxite mines and alumina refineries within Alcoa Corporation’s Bauxite and Alumina segments (except for the Poços de Caldas mine and refinery and a portion of the São Luís refinery, all in Brazil) and the Portland smelter in Australia within Alcoa Corporation’s Aluminum segment. Alcoa Corporation owns 60% and Alumina Limited owns 40% of these individual entities, which are consolidated by the Company for financial reporting purposes and include Alcoa of Australia Limited, Alcoa World Alumina LLC (AWA), and Alcoa World Alumina Brasil Ltda. (AWAB). Alumina Limited’s interest in the equity of such entities is reflected as Noncontrolling interest on the accompanying Consolidated Balance Sheet. </p>
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