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 March 31, 2023 ☐ 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 in ...

Kaiser Aluminum Corp (NASDAQ:KALU) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET Company Participants Kimberly Orlando - SVP, ADDO Investor Relations Keith Harvey - CEO and President Neal West - EVP and CFO Conference Call Participants Emily Chieng - Goldman Sachs Group Operator Greetings, and welcome to the Kaiser Aluminum Corporation First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the forma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 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 or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1550 West McEwen Drive, Suite 500 Franklin, Tennessee 37067 (Address of principal executive offices) (Zip Code) (629) 252-7040 (Registrant's telephone number, in ...

Financial Data and Key Metrics Changes - For the full year 2022, reported operating income was $4 million, with adjusted operating income at $35 million, down 62% year-over-year [24] - Reported net loss for Q4 2022 was $26 million or $1.66 loss per diluted share, compared to net income of $2 million or $0.11 income per diluted share in the prior year period [26] - Adjusted EBITDA for the full year 2022 was $142 million, a decrease of $43 million compared to 2021, reflecting significant supply chain issues and higher inflationary costs [56][57] Business Line Data and Key Metrics Changes - Aerospace high-strength conversion revenue for the full year 2022 totaled $356 million, up 13% over the prior year, driven by a 15% increase in shipments [21] - Packaging conversion revenue was $555 million for the full year 2022, up 42% after adjusting for alloyed metal, with a 21% increase in shipments [22] - General engineering conversion revenue for the full year was $367 million, up 23%, led by higher pricing despite a modest 2% year-over-year increase in shipments [23] Market Data and Key Metrics Changes - The demand environment was mixed, with destocking in general engineering rod and bar and packaging, while aerospace demand improved significantly [12] - Automotive demand remained steady, recovering from semiconductor and supply chain challenges [12] - The packaging operations faced significant challenges due to a magnesium-related force majeure event, impacting shipments and revenue [22][27] Company Strategy and Development Direction - The company is prioritizing investments for growth through a roll coat capacity expansion project, expected to convert approximately 25% of current output to higher-margin coated products [15] - A refined strategy was implemented to capitalize on long-term growth opportunities following the acquisition of Warrick [13] - The company aims to increase the use of recycled materials at Warrick to enhance sustainability in packaging products [45] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic uncertainty, inflationary pressures, and supply chain inconsistencies as challenges for the business [18] - The company expects continued strong momentum in aerospace and high-strength shipments in Q1 2023, with conversion revenue improving by 5% to 10% [31] - Management remains cautiously optimistic about improving EBITDA margins throughout 2023, despite uncertainties in the economic environment [35] Other Important Information - Total cash as of December 31, 2022, was approximately $57 million, with over $558 million of borrowing availability, providing total liquidity of approximately $615 million [29] - The company declared a quarterly dividend of $0.77 per common share, reflecting confidence in its long-term strategy [60] - The total CapEx planned for 2023 is approximately $170 million to $190 million, with 60% dedicated to growth initiatives [85] Q&A Session Summary Question: What factors are keeping the company from achieving the EBITDA margin goal? - Management identified that 60% to 70% of the $73 million incremental costs from 2022 are not expected to recur in 2023, indicating a focus on cost reduction [68] Question: What is the status of the Warrick roll coat line? - The Warrick roll coat line is on track for early 2024, with significant potential to improve margins on coated products [96][97] Question: Can you provide updates on contract discussions and pricing improvements? - Management reported improved pricing and pass-through conditions on contracts, with a focus on managing costs more effectively moving forward [99][100]

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 September 30, 2022 ☐ 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 o ...

Financial Data and Key Metrics Changes - EBITDA for Q3 2022 declined to $31 million, primarily due to supply chain challenges and a planned outage, with incremental costs totaling approximately $24 million for the quarter [4][12] - Adjusted EBITDA margin for Q3 2022 was 8.8%, down from 16.5% in the prior year period, reflecting inefficiencies and higher costs [12] - Reported net income for Q3 2022 was $3 million, compared to a net loss of $2 million in the prior year quarter [13] Business Line Data and Key Metrics Changes - Value-added revenue for Q3 2022 was $356 million, an increase of $50 million or 16% year-over-year, driven by improved pricing [9] - Aerospace high strength business value-added revenue increased by $4 million or 5% year-over-year despite a 10% decrease in shipments [9] - Packaging value-added revenue improved by $21 million or 17% year-over-year, reflecting commodity surcharges and higher pricing [9] Market Data and Key Metrics Changes - General engineering products saw a year-over-year revenue increase of $19 million or 26%, driven by higher pricing despite an 8% decrease in shipments [9] - Automotive applications' value-added revenue remained relatively flat, reflecting ongoing supply chain disruptions [11] Company Strategy and Development Direction - The company aims to increase the use of recycled materials and diversify its metal supply to mitigate operational disruptions [7] - A roll coat capacity expansion project at the Warrick facility is underway, with production expected to be fully operational by mid to late 2024 [8] - The long-term strategy includes achieving approximately $2 billion in value-added revenue and an EBITDA margin in the mid to high 20% range [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of aerospace and high strength shipments, anticipating strong demand in the fourth quarter and beyond [15][16] - The resolution of magnesium supply chain issues is expected to lead to improved shipments in the fourth quarter [17] - Management acknowledged ongoing inflationary pressures but emphasized efforts to offset these through cost reduction and efficiency improvements [8][12] Other Important Information - The company has secured all magnesium requirements through 2023 and is finalizing agreements for 2024 and beyond [6] - Cash liquidity as of September 30 was approximately $684 million, with no borrowings under the revolving credit facility during the quarter [14] Q&A Session Summary Question: Impact of supply chain issues on aerospace plate demand - Management noted that while there were significant disruptions, they are encouraged by the demand for aerospace plate and expect recovery to continue into 2023 [21][22] Question: Semiconductor capital equipment demand and exposure outside North America - Management indicated strong demand for semiconductor capital equipment and highlighted a diverse supply base, minimizing exposure to geopolitical risks [23][24] Question: Margin outlook and drivers for improvement - Management discussed the need for stable operations and recovery in aerospace demand as key drivers for margin improvement, with expectations for a return to traditional margins [26][28] Question: Value-added revenue per pound levels across end markets - Management confirmed that pricing improvements and commodity surcharges contributed to the increase in value-added revenue per pound, with expectations for continued pricing power [29][30]

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, 2022 ☐ 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 ...

SECOND QUARTER 2022 EARNINGS CONFERENCE CALL July 26, 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 ...

Kaiser Aluminum Corporation (NASDAQ:KALU) Q2 2022 Earnings Conference Call July 26, 2022 1:00 PM ET Company Participants Melinda Ellsworth - VP, IR & Corporate Communications Keith Harvey - President & CEO Neal West - EVP & CFO Jennifer Huey - VP & CAO Conference Call Participants Emily Chieng - Goldman Sachs Josh Sullivan - The Benchmark Company Michael Glick - JP Morgan Operator Welcome to the Kaiser Aluminum Second Quarter 2022 Earnings Conference Call. My name is Darryl and I will be your operator for t ...

[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)