Cash Provided From (Used For) Operations (USD, millions)

Cash Provided From Financing Activities (USD, millions)

Cash Used For Investing Activities (USD, millions)

Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash (USD, millions)

Net Change in Cash and Cash Equivalents and Restricted Cash (USD, millions)

Cash and Cash Equivalents and Restricted Cash at Beginning of Year (USD, millions)

Cash and Cash Equivalents and Restricted Cash at End of Period (USD, millions)

f090ca71d9f9fcade6ff3ccc2130de078e3e06e5710b598c4bb95afc07522d72

The sharp increase in **Cash and Cash Equivalents** in Q1 2024 was primarily driven by a **net cash inflow from financing activities** of **$67 million**, which was mainly due to the drawdown of the syndicated facility. In addition, the company issued **$750 million in debt**, further bolstering liquidity. These positive financing effects more than offset the **net cash outflows from operating activities** of **$5.4 million** and **investing activities** of **$60.5 million** during the period.  **[0000950103-24-005425_dp209973_ex9901.htm:8]** **[0000950170-24-045115_aa-ex99_1.htm:11]** **[0001193125-24-142930_d827161dprem14a.htm:94]** **[0001193125-24-156116_d827161ddefm14a.htm:95]** **[AA_3379937_3]** 

What drove the sharp increase in Cash and Cash Equivalents in Q1 2024?

The higher Total Assets in Q3 2024 were driven by several factors. **Increased cash and cash equivalents** (rising from **$944 million** to **$1,313 million**) improved the company’s liquidity and overall asset strength.  **[0000950170-24-115018_aa-ex99_1.htm:11]** **[0000950170-24-119557_aa-20240930.htm:6]**  Additionally, the **Acquisition of Alumina Limited** expanded the asset base through new investments and operational assets.  **[0000950170-24-115018_aa-ex99_1.htm:0]** **[0000950170-24-119557_aa-20240930.htm:41]**  There were also **operational adjustments** where **receivables increased** from **$656 million** to **$862 million**, and **inventories experienced a slight decrease** from **$2,158 million** to **$2,096 million**, coupled with **minor fair value adjustments** of derivatives and other noncurrent assets that contributed to the overall change.  **[0000950170-24-115018_aa-ex99_1.htm:11]** **[0000950170-24-119557_aa-20240930.htm:6]** 

What factors contributed to the higher Total Assets in Q3 2024?

The documents note that the **Long-term Debt Due Within One Year** spiked from **$79 million in Q4 2023** to **$464 million in Q3 2024**. The increase is typically associated with the **reclassification of portions of long-term debt that are nearing maturity within the next 12 months**. Additionally, such a change could be influenced by **new debt arrangements or refinancing activities**. However, the documents do not explicitly state the definitive reasons for the spike.  **[0000950170-24-115018_aa-ex99_1.htm:11]** **[0000950170-24-115018_aa-ex99_1.htm:17]** **[0000950170-24-119557_aa-20240930.htm:6]** 

Why did Long-term Debt Due Within One Year spike in Q3 2024?

The significant jump in **Additional Capital** for Q3 2024 is explained by the **issuance of new shares** related to the **acquisition of Alumina Limited**, which was completed on **August 1, 2024**. This acquisition led to additional equity being issued, thereby driving the increase in Additional Capital.  **[0000950170-24-119557_aa-20240930.htm:41]** **[0000950170-24-115018_aa-ex99_1.htm:0]** **[0000950170-24-119557_aa-20240930.htm:6]** 

What explains the significant jump in Additional Capital in Q3 2024?

c393be8102b8400cf07120bf2713caae08bc4608a82f39771055a5569c3691f8

The higher sales in Q2 2024 were driven by **higher average realized prices** for both aluminum and alumina, **increased shipments** in the Aluminum segment, and **improved bauxite offtake and supply agreements**, which resulted in higher volumes and prices.  **[0000950170-24-084275_aa-ex99_1.htm:0]** **[0000950170-24-090092_aa-20240630.htm:44]** **[AA_3393411_2]** 

What factors contributed to the higher sales in Q2 2024?

The drastic swing in the income tax provision in **Q4 2023** is primarily due to a **full valuation allowance** of **$152 million** recorded against deferred tax assets—this action was taken after AWAB’s three-year cumulative losses led to doubts about the recovery of these assets. Additionally, the shift was reinforced by **lower income in taxable jurisdictions**, which further contributed to the increased tax expense from a **$(35) million benefit** in **Q3 2023** to a **$150 million provision** in **Q4 2023**.  **[0000950170-24-052174_aa-20240331.htm:36]** **[0000950170-24-018069_aa-20231231.htm:88]** 

Why did the income tax provision swing so drastically in Q4 2023?

The turnaround to positive net income in Q2 2024 was driven by **higher average realized prices for aluminum and alumina**, which boosted revenue and profitability. This was complemented by **lower restructuring charges**—since the significant $197 million charge recorded in Q1 did not recur in Q2—and by **favorable mark-to-market gains on derivative instruments** due to higher power prices. Additionally, **favorable equity earnings** from the Ma’aden aluminum joint venture and **lower production costs** also played key roles, although these benefits were partly offset by **higher taxes**, **unfavorable currency revaluation impacts**, and **increased interest expenses**.  **[0000950170-24-090092_aa-20240630.htm:44]** **[0000950170-24-084275_aa-ex99_1.htm:0]** **[0000950103-24-009837_dp214362_ex9901.htm:0]** **[0000950170-24-090092_aa-20240630.htm:45]** 

What drove the turnaround to positive net income in Q2 2024?

The improved net income attributable in Q3 2024 was primarily driven by **increased alumina prices**, **favorable currency revaluation impacts**, and the **absence of net income attributable to noncontrolling interest** for the full quarter. These positive factors, along with a sequential recovery from the previous quarter's performance, outweighed the partially offsetting impacts from **unfavorable mark-to-market results on derivative instruments**, **unfavorable equity earnings**, and **higher taxes on increased earnings**.  **[0000950170-24-119557_aa-20240930.htm:46]** 

What contributed to the improved net income attributable in Q3 2024?

bff97e3c44ae9b4bb78ce092ff036f4f8701f029a702294604f6968509055423

Sales (USD, millions)

Cost of goods sold (USD, millions)

Selling, general administrative, and other expenses (USD, millions)

Research and development expenses (USD, millions)

Provision for depreciation, depletion, and amortization (USD, millions)

Restructuring and other charges, net (USD, millions)

Interest expense (USD, millions)

Other expenses, net (USD, millions)

Total costs and expenses (USD, millions)

Income (loss) before income taxes (USD, millions)

Provision for (benefit from) income taxes (USD, millions)

Net income (loss) (USD, millions)

Net income (loss) attributable to noncontrolling interest (USD, millions)

NET INCOME (LOSS) ATTRIBUTABLE TO ALCOA CORPORATION (USD, millions)

18ad00eb53b6d948af630a61991204ce077e76ed1a9d90e5a0ca7ecccaf1443a

4c0fde54ab7dd6c5792603b0f5a48cf2c2d17412c726b1b6252c01743c8616cc

f0244dd4f7bf60577e5bc84e6ee0c8fed0230622628a78926d87f57d4ea35b74

Current Assets (USD, millions)

Cash and Cash Equivalents (USD, millions)

Accounts Receivable (USD, millions)

Inventory (USD, millions)

Non-Current Assets (USD, millions)

Property, Plant, and Equipment (PP&E) (USD, millions)

Goodwill (USD, millions)

Intangible Assets (USD, millions)

Current Liabilities (USD, millions)

Accounts Payable (USD, millions)

Short-term Debt (USD, millions)

Accrued Expenses (USD, millions)

Non-Current Liabilities (USD, millions)

Long-term Debt (USD, millions)

Lease Liabilities (USD, millions)

Deferred Tax Liabilities (USD, millions)

Shareholders' Equity (USD, millions)

Retained Earnings (USD, millions)

Common Stock (USD, millions)

Additional Paid-in Capital (USD, millions)

c1230329795a7b15a0667e34569096906f4d199c019850c3d0ce47be7af9ce20

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

SG&A (USD, millions)

R&D (USD, millions)

D&A (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

EPS - Basic (USD)

EPS - Diluted (USD)

68bef18a9a4a8355d945d1d7362a14da13be66644c6e5129cf5b9d18f192de12

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

1760cf5e0d4d70d188cb5a740586de854971aefe7cdf5063083f546749782524

Alcoa (AA)

Financials