Electrifying the Future
ELECTRIFYING THE FUTURE
Adjusted EBITDA Reconciliation
($ in mm)
1Q22
Net income attributable to common stock
$1,527
12 mos ended
3/31/2022
$5,115
Interest expense, net
127
584
Income tax provision
824
2,681
Depreciation, depletion and amortization
489
2,068
Net gain on sales of assets
Accretion and stock-based compensation
Other net charges
(1)
Other (income) expense, net
(80)
72
184
61
485
(31)
85
Net income attributable to noncontrolling interests
377
1,201
Equity in affiliated companies' net earnings
(2)
FCX Adjusted EBITDA
(15)
$3,431
(23)
$12,300
FREEPORT
FOREMOST IN COPPER
(1) 1Q22 primarily includes net charges for contested matters at PT-FI ($51 mm). The 12 months ended 3/31/2022 also includes adjustments to reclamation liabilities at PT-FI ($340 mm),
nonrecurring labor-related charges at Cerro Verde ($92 mm) and net adjustments to environmental obligations ($44 mm). Charges for the 12 months ended 3/31/2022 were partly offset
by net credits primarily associated with refunds of Arizona transaction privilege taxes related to purchased electricity ($27 mm) and adjustments to prior-period profit sharing at Cerro
Verde ($26 mm).
(2) Adjusted EBITDA is a non-GAAP financial measure that is frequently used by securities analysts, investors, lenders and others to evaluate companies' performance, including, among
other things, profitability before the effect of financing and similar decisions. Because securities analysts, investors, lenders and others use Adjusted EBITDA, management believes that
our presentation of Adjusted EBITDA affords them greater transparency in assessing our financial performance. Adjusted EBITDA should not be considered as a substitute for measures
of financial performance prepared in accordance with GAAP. Adjusted EBITDA may not necessarily be comparable to similarly titled measures reported by other companies, as different
companies calculate such measures differently.
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