$AA
Alcoa Corp

2022 Q3 Form 10-Q Financial Statement

#000156459022026349 Filed on July 25, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $2.851B $3.644B $3.340B
YoY Change -8.3% 28.63% 39.63%
Cost Of Revenue $2.668B $2.767B $2.383B
YoY Change 14.9% 28.34% 20.72%
Gross Profit $183.0M $877.0M $957.0M
YoY Change -76.75% 29.54% 128.95%
Gross Profit Margin 6.42% 24.07% 28.65%
Selling, General & Admin $44.00M $52.00M $68.00M
YoY Change -16.98% -3.7% 23.64%
% of Gross Profit 24.04% 5.93% 7.11%
Research & Development $7.000M $7.000M $10.00M
YoY Change -12.5% 16.67% 11.11%
% of Gross Profit 3.83% 0.8% 1.04%
Depreciation & Amortization $149.0M $161.0M $165.0M
YoY Change -4.49% 0.0% -2.94%
% of Gross Profit 81.42% 18.36% 17.24%
Operating Expenses $200.0M $59.00M $243.0M
YoY Change -7.83% -1.67% 3.85%
Operating Profit -$17.00M $818.0M $714.0M
YoY Change -102.98% 32.58% 288.04%
Interest Expense -$25.00M $30.00M $42.00M
YoY Change -24.24% -55.22% -173.68%
% of Operating Profit 3.67% 5.88%
Other Income/Expense, Net -$35.00M $206.0M $6.000M
YoY Change 133.33% 96.19% -120.69%
Pretax Income -$729.0M $908.0M -$71.00M
YoY Change -246.68% 96.96% -291.89%
Income Tax $40.00M $234.0M $298.0M
% Of Pretax Income 25.77%
Net Earnings -$746.0M $549.0M -$392.0M
YoY Change -321.36% 77.67% 9700.0%
Net Earnings / Revenue -26.17% 15.07% -11.74%
Basic Earnings Per Share -$4.17 $3.01
Diluted Earnings Per Share -$4.173M $2.95 -$2.142M
COMMON SHARES
Basic Shares Outstanding 179.9M 182.0M
Diluted Shares Outstanding 179.0M 186.0M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.432B $1.638B $1.814B
YoY Change -1.38% -0.85% 12.88%
Cash & Equivalents $1.432B $1.638B $1.814B
Short-Term Investments
Other Short-Term Assets $650.0M $647.0M $372.0M
YoY Change 140.74% 150.78% -61.21%
Inventory $2.400B $2.556B $1.956B
Prepaid Expenses
Receivables $749.0M $898.0M $757.0M
Other Receivables $119.0M $124.0M $127.0M
Total Short-Term Assets $5.350B $5.863B $5.026B
YoY Change 24.85% 39.56% 11.19%
LONG-TERM ASSETS
Property, Plant & Equipment $6.254B $6.457B $6.623B
YoY Change -6.36% -7.44% -7.89%
Goodwill $144.0M $145.0M $144.0M
YoY Change -0.69%
Intangibles
YoY Change
Long-Term Investments $1.223B $1.238B $1.199B
YoY Change 6.72% 11.23% 14.08%
Other Assets $2.058B $1.691B $1.664B
YoY Change 48.38% -21.28% 15.24%
Total Long-Term Assets $9.535B $9.846B $9.999B
YoY Change -3.8% -3.82% -3.3%
TOTAL ASSETS
Total Short-Term Assets $5.350B $5.863B $5.026B
Total Long-Term Assets $9.535B $9.846B $9.999B
Total Assets $14.89B $15.71B $15.03B
YoY Change 4.85% 8.8% 1.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.590B $1.752B $1.674B
YoY Change 7.29% 25.86% 19.32%
Accrued Expenses $329.0M $373.0M $418.0M
YoY Change -21.67% -12.65% -8.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $75.00M
YoY Change -2.6%
Long-Term Debt Due $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% -50.0%
Total Short-Term Liabilities $2.954B $3.236B $3.223B
YoY Change 0.85% 21.15% 16.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.725B $1.725B $1.726B
YoY Change 0.06% -22.16% -29.92%
Other Long-Term Liabilities $3.113B $3.252B $3.601B
YoY Change -20.2% -17.5% -18.36%
Total Long-Term Liabilities $4.838B $4.977B $1.726B
YoY Change -13.99% -19.18% -29.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.954B $3.236B $3.223B
Total Long-Term Liabilities $4.838B $4.977B $1.726B
Total Liabilities $9.514B $8.417B $8.741B
YoY Change -7.8% -21.11% -11.2%
SHAREHOLDERS EQUITY
Retained Earnings -$158.0M $606.0M -$315.0M
YoY Change -56.55%
Common Stock $9.173B $9.315B $9.579B
YoY Change -0.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.371B $5.666B $4.672B
YoY Change
Total Liabilities & Shareholders Equity $14.89B $15.71B $15.03B
YoY Change 4.85% 8.8% 1.11%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income -$746.0M $549.0M -$392.0M
YoY Change -321.36% 77.67% 9700.0%
Depreciation, Depletion And Amortization $149.0M $161.0M $165.0M
YoY Change -4.49% 0.0% -2.94%
Cash From Operating Activities $134.0M $536.0M $565.0M
YoY Change -69.2% -723.26% 1386.84%
INVESTING ACTIVITIES
Capital Expenditures -$128.0M -$107.0M -$153.0M
YoY Change 54.22% 35.44% 37.84%
Acquisitions
YoY Change
Other Investing Activities -$10.00M $14.00M $247.0M
YoY Change -266.67% -87.61% -4216.67%
Cash From Investing Activities -$138.0M -$93.00M $94.00M
YoY Change 79.22% -373.53% -180.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -185.0M -349.0M -192.0M
YoY Change -66.06% -58.89% 204.76%
NET CHANGE
Cash From Operating Activities 134.0M 536.0M 565.0M
Cash From Investing Activities -138.0M -93.00M 94.00M
Cash From Financing Activities -185.0M -349.0M -192.0M
Net Change In Cash -189.0M 94.00M 467.0M
YoY Change 1.07% -110.43% -428.87%
FREE CASH FLOW
Cash From Operating Activities $134.0M $536.0M $565.0M
Capital Expenditures -$128.0M -$107.0M -$153.0M
Free Cash Flow $262.0M $643.0M $718.0M
YoY Change -49.42% -9285.71% 381.88%

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<p style="margin-bottom:0pt;margin-top:9pt;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, 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 2021 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, 2021, which includes disclosures required by GAAP.</span></p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;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 using the measurement alternative in accordance with GAAP. These investments are measured at cost less any impairment. </span></p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;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, 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 the Portland smelter in Australia within Alcoa Corporation’s Aluminum segment. Alcoa Corporation and Alumina Limited ultimately own 60% and 40%, respectively, of the AWAC individual entities, which are consolidated by the Company for financial reporting purposes and include Alcoa of Australia Limited (AofA), 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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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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