[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Q1 2022 unaudited consolidated financial statements reflect significant year-over-year growth in net sales and income, driven by the Warrick acquisition, alongside balance sheet expansion and positive operating cash flow [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets and liabilities increased, driven by higher trade receivables, inventories, and accounts payable, reflecting business expansion Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $1,321.4 | $1,205.4 | | **Total Assets** | $2,541.4 | $2,422.4 | | **Total Current Liabilities** | $554.6 | $456.7 | | **Long-term Debt** | $1,036.8 | $1,036.3 | | **Total Liabilities** | $1,833.2 | $1,729.9 | | **Total Stockholders' Equity** | $708.2 | $692.5 | [Statements of Consolidated Income](index=4&type=section&id=Statements%20of%20Consolidated%20Income) Q1 2022 net sales surged to $948.8 million from $324.0 million year-over-year, significantly increasing operating income to $25.2 million and net income to $8.1 million Q1 2022 vs Q1 2021 Income Statement (in millions, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Sales | $948.8 | $324.0 | | Operating Income | $25.2 | $16.9 | | Net Income | $8.1 | $4.5 | | Diluted EPS | $0.51 | $0.28 | [Statements of Consolidated Cash Flows](index=8&type=section&id=Statements%20of%20Consolidated%20Cash%20Flows) Q1 2022 saw positive operating cash flow of $1.4 million, a significant improvement from the prior year, with cash used in investing and financing activities Consolidated Cash Flows (in millions) | Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $1.4 | $(11.4) | | Net cash used in investing activities | $(28.3) | $(626.6) | | Net cash used in financing activities | $(14.9) | $(14.5) | | **Net decrease in cash** | **$(41.8)** | **$(652.5)** | [Notes to Interim Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Interim%20Consolidated%20Financial%20Statements) Notes detail accounting policies, balance sheet items, and segment information, highlighting supply chain financing, hedging, environmental accruals, and the new Packaging segment's sales contribution - The company sold trade accounts receivable totaling **$407.4 million** under supply chain financing arrangements during Q1 2022[34](index=34&type=chunk) Net Sales by End Market (in millions) | End Market | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Aero/HS products | $176.6 | $111.7 | | Packaging | $448.0 | $— | | Automotive Extrusions | $63.8 | $57.6 | | GE products | $251.2 | $150.4 | | Other products | $9.2 | $4.3 | | **Total net sales** | **$948.8** | **$324.0** | - Subsequent to the quarter end, on April 7, 2022, the company amended its Revolving Credit Facility, increasing the commitment from **$375.0 million** to **$575.0 million** and extending the maturity to April 7, 2027[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2022's significant sales and volume increase to the Warrick acquisition and strong demand, reiterating full-year VAR and Adjusted EBITDA margin outlooks while maintaining strong liquidity Shipment and Value Added Revenue (VAR) Summary | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Shipments (mmlbs) | 335.4 | 136.9 | | Net Sales ($M) | $948.8 | $324.0 | | VAR ($M) | $370.4 | $171.7 | | VAR per pound ($/lb) | $1.10 | $1.25 | Adjusted EBITDA Reconciliation (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net income | $8.1 | $4.5 | | Adjustments (Interest, Tax, D&A, etc.) | $44.6 | $25.9 | | Non-run-rate items | $2.3 | $7.1 | | **Adjusted EBITDA** | **$55.0** | **$37.5** | - The company reiterates its full-year 2022 outlook, anticipating a year-over-year increase in VAR of **20% to 25%** and a consolidated Adjusted EBITDA margin of **17% to 20%**[123](index=123&type=chunk) - Anticipated capital spending for 2022 is approximately **$180.0 million to $200.0 million**, with about **60%** focused on growth initiatives, including a new roll coat line at the Warrick facility[138](index=138&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from commodity and energy price fluctuations through derivatives, with sensitivity analyses indicating potential unrealized losses from adverse price movements - As of March 31, 2022, the company had derivative contracts to hedge sales of approximately **106.3 million pounds** of aluminum to be made in the remainder of 2022 and 2023[155](index=155&type=chunk) - A sensitivity analysis as of March 31, 2022 indicates: - A **$0.10/lb** decrease in LME aluminum price would cause a **$10.6 million** unrealized loss - A **$1.00/mmbtu** decrease in natural gas prices would cause a **$4.7 million** unrealized loss - A **$5.00/Mwh** decrease in electricity prices would cause a **$0.8 million** unrealized loss[156](index=156&type=chunk)[159](index=159&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls, as Warrick operations are integrated - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2022[161](index=161&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[162](index=162&type=chunk) [PART II - OTHER INFORMATION](index=34&type=section&id=PART%20II) [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) There have been no material developments in the company's legal proceedings since the end of the 2021 fiscal year - The company reports no material developments in legal proceedings since December 31, 2021[164](index=164&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors since the filing of its Annual Report on Form 10-K for the year ended December 31, 2021 - The company reports no material changes in its risk factors since December 31, 2021[165](index=165&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q1 2022 but withheld 19,643 shares for employee tax obligations, with $93.1 million remaining for future repurchases - No shares were repurchased under the stock repurchase plan in Q1 2022. The company withheld **19,643 shares** to cover employee tax obligations[166](index=166&type=chunk) - As of March 31, 2022, **$93.1 million** remained available under the company's stock repurchase program[170](index=170&type=chunk) [Item 3. Defaults Upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period [Item 4. Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including incentive plan documents, certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act, and XBRL data files - Exhibits filed include certifications from the Principal Executive Officer (Keith A. Harvey) and Principal Financial Officer (Neal E. West) as required by Sections 302 and 906 of the Sarbanes-Oxley Act[171](index=171&type=chunk)

Kaiser Aluminum Corporation (NASDAQ:KALU) Q1 2022 Results Earnings Conference Call April 21, 2022 1:00 PM ET Company Participants Melinda Ellsworth - Vice President, Investor Relations and Corporate Communications Keith Harvey - President and Chief Executive Officer Neal West - Executive Vice President and Chief Financial Officer Conference Call Participants Emily Chieng - Goldman Sachs Josh Sullivan - The Benchmark Company Operator Good morning. And welcome to the First Quarter 2022 Earnings Conference Cal ...

FIRST QUARTER 2022 EARNINGS CONFERENCE CALL April 21, 2022 FORWARD LOOKING STATEMENTS The information contained in this presentation includes statements based on management's current expectations, estimates and projections that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the company's anticipated financial and operating performance, relate to future events and expectations and involve known a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 TABLE OF CONTENTS | PART I | | | | --- | --- | --- | | Item 1. | Business | 3 | | Item 1A. | Risk Factors | 13 | | Item 1B. | Unresolved Staff Comments | 26 | | Item 2. | Properties | 26 | | Item 3. | Legal Proceedings ...

FOURTH QUARTER 2021 EARNINGS CONFERENCE CALL February 24, 2022 FORWARD LOOKING STATEMENTS The information contained in this presentation includes statements based on management's current expectations, estimates and projections that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the company's anticipated financial and operating performance, relate to future events and expectations and involve kno ...

Kaiser Aluminum Corporation (NASDAQ:KALU) Q4 2021 Earnings Conference Call February 24, 2022 1:00 PM ET Company Participants Melinda Ellsworth - Investor Relations Keith Harvey - President and Chief Executive Officer Neal West - Executive Vice President and Chief Financial Officer Jennifer Huey - Vice President and Chief Accounting Officer Conference Call Participants Emily Chieng - Goldman Sachs Operator Hello and welcome to the Fourth Quarter 2021 Earnings Conference Call. My name is Brandon and I will be ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Financial statements for Q3 2021 show increased assets and sales due to the Warrick acquisition, resulting in a net loss of **$20.2 million** Consolidated Balance Sheet Highlights (Unaudited) | (In millions of dollars) | As of Sep 30, 2021 | As of Dec 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $295.7 | $780.3 | | Total current assets | $1,223.3 | $1,121.4 | | Property, plant and equipment, net | $948.7 | $627.2 | | Total assets | $2,437.2 | $1,864.7 | | **Liabilities & Equity** | | | | Total current liabilities | $444.8 | $158.3 | | Long-term debt | $1,035.9 | $838.1 | | Total liabilities | $1,716.2 | $1,132.3 | | Total stockholders' equity | $721.0 | $732.4 | Consolidated Income Statement Highlights (Unaudited) | (In millions of dollars) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net sales | $1,815.6 | $900.7 | | Operating income | $47.8 | $62.6 | | Net (loss) income | $(20.2) | $22.9 | | Diluted (loss) income per share | $(1.28) | $1.44 | Consolidated Cash Flow Highlights (Unaudited) | (In millions of dollars) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $33.3 | $150.7 | | Net cash (used in) provided by investing activities | $(639.5) | $41.6 | | Net cash provided by financing activities | $121.4 | $293.2 | - On March 31, 2021, the company acquired the Warrick rolling mill for a purchase price of **$670.0 million**, diversifying into the beverage and food packaging end market[48](index=48&type=chunk) - The company participates in supply chain financing arrangements, selling trade accounts receivable without recourse. In the nine months ended September 30, 2021, **$706.2 million** of receivables were sold under these programs[33](index=33&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q3 2021 sales growth to the Warrick acquisition and strong demand, with Adjusted EBITDA increasing to **$50.4 million** [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q3 2021 net sales surged to **$750.6 million** due to the Warrick acquisition, with Adjusted EBITDA reaching **$50.4 million** - Q3 2021 net sales increased to **$750.6 million** from **$255.7 million** YoY, reflecting a **189%** increase in shipment volume, mainly from the Warrick acquisition (Packaging) and a **39%** increase in GE products[138](index=138&type=chunk) - SG&A expenses increased in Q3 2021 primarily due to costs related to the Warrick acquisition, including transition service agreements with Alcoa, and higher salaries and incentives[143](index=143&type=chunk) Adjusted EBITDA Reconciliation (Unaudited) | (In millions of dollars) | Quarter Ended Sep 30, 2021 | Quarter Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net (loss) income | $(2.3) | $0.4 | | Interest expense | 12.5 | 12.1 | | Other expense, net | 1.2 | 0.5 | | Income tax provision (benefit) | 8.4 | (0.7) | | Depreciation and amortization | 24.9 | 12.9 | | Non-run-rate items | 5.7 | 6.3 | | **Adjusted EBITDA** | **$50.4** | **$31.5** | Value Added Revenue (VAR) by End Market - Q3 2021 vs Q3 2020 | End Market | Q3 2021 VAR ($M) | Q3 2021 VAR ($/lb) | Q3 2020 VAR ($M) | Q3 2020 VAR ($/lb) | | :--- | :--- | :--- | :--- | :--- | | Aero/HS Products | $81.5 | $1.94 | $73.3 | $2.68 | | Packaging | $126.0 | $0.73 | - | - | | Automotive Extrusions | $21.1 | $1.08 | $24.2 | $0.98 | | GE Products | $75.4 | $0.99 | $55.4 | $1.01 | | **Total** | **$305.4** | **$0.97** | **$154.4** | **$1.42** | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity stood at **$663.0 million** as of September 30, 2021, with cash from operations decreasing due to the Warrick acquisition Liquidity Summary | (In millions of dollars) | As of Sep 30, 2021 | As of Dec 31, 2020 | | :--- | :--- | :--- | | Available cash and cash equivalents | $295.7 | $780.3 | | Borrowing availability under Revolving Credit Facility | $367.3 | $251.5 | | **Total liquidity** | **$663.0** | **$1,031.8** | - In May 2021, the company issued **$550.0 million** of **4.50%** Senior Notes due 2031 and used the proceeds to redeem its outstanding **6.50%** Senior Notes, resulting in a **$35.9 million** loss on debt extinguishment[86](index=86&type=chunk)[91](index=91&type=chunk) - Anticipated capital spending for 2021 is approximately **$70.0 million to $80.0 million**, with a significant investment in a new **$150.0 million** roll coat line at the Warrick facility[172](index=172&type=chunk)[173](index=173&type=chunk) - The company has consistently paid a quarterly cash dividend since 2007 and declared a dividend of **$0.72 per share** for Q3 2021[123](index=123&type=chunk)[174](index=174&type=chunk) [Outlook](index=37&type=section&id=Outlook) Q4 2021 outlook projects low single-digit VAR growth and stable Adjusted EBITDA margins, with continued supply chain disruptions expected - VAR for Q4 2021 is anticipated to increase by a **low single-digit percentage** compared to Q3 2021[155](index=155&type=chunk) - Adjusted EBITDA margin for Q4 2021 is expected to be **similar** to Q3 2021[155](index=155&type=chunk) - The company anticipates continued cost issues and supply chain disruptions in Q4 2021, with uncertainty around the impact of magnesium and silicon market imbalances[155](index=155&type=chunk)[156](index=156&type=chunk) - Long-term, the company is well-positioned for growth with a diversified portfolio and strong secular trends in its served end markets, including aerospace, automotive, and packaging[157](index=157&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from commodity and currency fluctuations using derivatives, with a hypothetical **$9.7 million** loss from aluminum price decreases - The company uses derivative contracts to hedge risks related to aluminum, alloying metals, energy, and foreign currency[189](index=189&type=chunk) - A hypothetical **$0.10 per pound** decrease in the LME aluminum price as of September 30, 2021, would have resulted in an unrealized mark-to-market loss of **$9.7 million** on derivative positions[192](index=192&type=chunk) - A hypothetical **$1.00 per mmbtu** decrease in natural gas prices as of September 30, 2021, would have resulted in an unrealized mark-to-market loss of **$5.2 million**[195](index=195&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of September 30, 2021, with integration of Warrick facility internal controls ongoing for the 2022 annual report - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were **effective** as of September 30, 2021[197](index=197&type=chunk) - The company is in the process of incorporating the Warrick acquisition's operations into its internal control over financial reporting and expects to complete this process for the December 31, 2022 annual report[198](index=198&type=chunk) [PART II – OTHER INFORMATION](index=44&type=section&id=PART%20II) [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) There have been **no material developments** in the company's legal proceedings since the end of the fiscal year 2020 - There have been **no material developments** in legal proceedings since December 31, 2020[201](index=201&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) New risk factors include climate regulations, competition from substitute packaging materials, and operational dependency on Alcoa for the Warrick facility - A new risk factor highlights that climate-related regulations could impact the supply chain, leading to higher costs and disruptions[203](index=203&type=chunk) - The company's new packaging business faces competition from substitute products (glass, plastic, etc.), and shifts in consumer preference could negatively impact profits[204](index=204&type=chunk) - A key risk is the dependency on Alcoa to provide molten metal and essential support and transition services for the Warrick facility until mid-2024. A failure by Alcoa could lead to substantial costs or operational shutdowns[205](index=205&type=chunk) - The company is exposed to risks from its receivables supply chain financing arrangements, including termination of programs or increases in the LIBOR rate[207](index=207&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the plan in Q3 2021, with **$93.1 million** remaining available for future repurchases as of September 30, 2021 Share Repurchase Activity - Q3 2021 | Period | Total Shares Purchased | Average Price per Share | Shares Purchased (Stock Repurchase Plan) | | :--- | :--- | :--- | :--- | | July 2021 | 61 | $121.68 | 0 | | August 2021 | 518 | $121.28 | 0 | | September 2021 | 0 | - | 0 | | **Total** | **579** | **$121.32** | **0** | - As of September 30, 2021, **$93.1 million** remained available for share repurchases under the company's stock repurchase program[209](index=209&type=chunk)

THIRD QUARTER 2021 EARNINGS CONFERENCE CALL October 21, 2021 FORWARD LOOKING STATEMENTS The information contained in this presentation includes statements based on management's current expectations, estimates and projections that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the company's anticipated financial and operating performance, relate to future events and expectations and involve known ...

Financial Data and Key Metrics Changes - Value-added revenue for Q3 2021 was $305 million, an increase of $151 million or 98% compared to the prior year period, reflecting $126 million from the packaging business acquisition [31] - Adjusted EBITDA for Q3 2021 increased by $19 million compared to the prior year quarter, but EBITDA margins declined to 16.5% from 20.4% in the prior year due to higher unit costs and inefficiencies [36][37] - Reported net loss for Q3 2021 was approximately $2 million compared to net income of $400,000 in the prior year quarter, while adjusted net income was approximately $9 million compared to $6 million in the prior year [44] Business Line Data and Key Metrics Changes - Aerospace and high-strength shipments in the first half of 2021 were up 31% from the second half of 2020, but value-added revenue for aerospace is now expected to be down approximately 10% to 15% year-over-year [16][17] - Automotive value-added revenue is now projected to increase by 15% to 20% year-over-year, a decrease from the earlier forecast of 35% to 45% growth due to semiconductor chip shortages [22] - General engineering demand is strong, with value-added revenue expected to increase by more than 25% year-over-year, driven by heavy restocking and strong demand for KaiserSelect products [23] Market Data and Key Metrics Changes - The IHS industry forecast for North America vehicle builds has declined from 16.3 million vehicles to 13 million for the year due to the chip shortage [20] - Demand for packaging products is expected to grow at a faster pace of 5% to 7% through 2025, up from a previous outlook of 3% to 5% [61] Company Strategy and Development Direction - The company remains optimistic about long-term growth potential in aerospace, packaging, automotive, and general engineering sectors, with a focus on expanding capacity and improving margins [49][63] - The company plans to proceed with a $150 million investment in a new roll coat line to shift towards higher-margin coated products [63] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in labor markets, inflationary costs, and supply chain disruptions impacting operations, with expectations for these issues to persist through the end of the year [12][30] - The company anticipates a return to record 2019 demand levels for its products in the 2023 to 2024 timeframe, with military aerospace demand providing a solid foundation [52][54] Other Important Information - The company has lowered its planned capital spending for the full year of 2021 to approximately $70 million to $80 million due to supply chain challenges [47] - Cash as of September 30 was approximately $296 million, with total liquidity of approximately $663 million [47] Q&A Session Summary Question: Supply chain issues related to silicon and magnesium shortages - Management clarified that supply chain disruptions were primarily related to metal supply and power outages, not specifically magnesium or silicon shortages [69] Question: Details on aerospace declarations for 2022 - Management indicated that they have received clearer declarations for 2022, which are expected to significantly exceed 2021 levels [85] Question: Domestic magnesium supplier repair timeline - Management is currently assessing the situation with the domestic magnesium supplier and feels covered for Q4, but will monitor the situation closely for 2022 [89]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 1-09447 KAISER ALUMINUM CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3030279 (State of inc ...