Company: CF
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001104659-25-027767
Chunk: 135

Company: CF Industries Holdings, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 135
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 attributable to common stockholders plus interest expense (income) — net, income taxes, and depreciation and amortization. Other adjustments include the elimination of loan fee amortization that is included in both interest and amortization and the portion of depreciation that is included in noncontrolling interests. The company has presented EBITDA because management uses the measure to track performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry. Adjusted EBITDA is defined as EBITDA adjusted for selected items as shown in the table below. The company has presented adjusted EBITDA because management uses this measure, and believes it is useful to investors, as a supplemental financial measure in the comparison of year-over-year performance. Free cash flow is defined as net cash provided by operating activities, as stated in the consolidated statements of cash flows, reduced by capital expenditures and distributions to noncontrolling interests. The company has presented free cash flow because management uses this measure and believes it is useful to investors as an indication of the strength of the company and its ability to generate cash and to evaluate the company’s cash generation ability relative to its industry competitors. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. A-1

TABLE OF CONTENTS

Reconciliation of net earnings attributable to common stockholders (a GAAP measure) to EBITDA and adjusted EBITDA (non-GAAP measures):

| ​                                                             
 ​                                                             | ​ 
 ​ | ​ 
 ​ | Year endedDecember 31,2024 
 (in millions)              |   |       |   | ​ 
 ​ |
|:--------------------------------------------------------------|:--|:--|:---------------------------|:--|------:|:--|:--|
| Net earnings                                                  | ​ | ​ | ​                          | $ | 1,477 | ​ | ​ |
| Less: Net earnings attributable to noncontrolling interest    | ​ | ​ | ​                          | ​ |  -259 | ​ | ​ |
| Net earnings attributable to common stockholders              | ​ | ​ | ​                          | ​ | 1,218 | ​ | ​ |
| Interest expense (income) — net                               | ​ | ​ | ​                          | ​ |    -2 | ​ | ​ |
| Income tax provision                                          | ​ | ​ | ​                          | ​ |   285 | ​ | ​ |
| Depreciation and amortization                                 | ​ | ​ | ​