Arcadium Lithium Releases Second Quarter 2024 Results
- Realized Average Pricing of
$17,200 / Product Metric Ton for Lithium Hydroxide and Carbonate in the Second Quarter - Tracking Towards High End of
$60 to 80 million Cost Savings Guidance in 2024 and Accelerating Further Cost Reductions - Projecting a 25% Increase in Combined Lithium Hydroxide and Carbonate Volume in Both 2024 and 2025 versus the Prior Year
- Reducing Capital Spending by
~$500 million Over Next 24 Months in Response to Current Market Conditions -
Arcadium Lithium Investor Day Scheduled forSeptember 19 th
Second Quarter Highlights
Second quarter revenue was
The Company realized average pricing of
Total volumes in the second quarter were up slightly versus the first quarter, with higher carbonate and hydroxide sales partially offset by lower spodumene sales due to reduced production at Mt. Cattlin. Average realized pricing was higher sequentially for spodumene, but lower across all other products. This decline was driven by a combination of lower market prices for lithium chemicals, the lag impact of price indices on a portion of the Company's carbonate and hydroxide volumes, and changes in both product and customer mix.
"We continue to focus on leveraging our low-cost, high quality operational footprint and a commercial strategy of securing long term contracts with strategic customers to navigate through all market environments," said
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1 Reconciliation of Adjusted EBITDA, a non-GAAP measure, to net income attributable to Arcadium Lithium plc, the most directly comparable financial measure presented in accordance with GAAP, is set forth in the reconciliation table accompanying this release. |
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2 Corresponds to Diluted adjusted after-tax earnings per share in the accompanying financial tables. Reconciliation of Diluted adjusted after-tax earnings per share, a non-GAAP measure, to Diluted earnings per ordinary share (GAAP), the most directly comparable financial measure presented in accordance with GAAP, is set forth in the reconciliation table accompanying this release. |
Cost Savings
In light of progress made to date and the changing market conditions since merger completion,
2024 and 2025 Volumes
The Company continues to increase production levels at its recently completed expansions in
For lithium hydroxide, the combined 30,000 metric tons of expansions in Bessemer City (
Capital Spending and Capacity Expansions
"Despite where lithium market prices are today, we still see a strong long-term growth trajectory for lithium demand and expect a return to healthier market fundamentals over time," continued Graves. "However, the market is clearly indicating that the industry does not need to add supply at the same pace as previously expected. We have therefore decided to defer investment in two of our four current expansion projects. While we remain fully committed to developing our highly attractive portfolio of expansion opportunities, each of which is expected to be amongst the lowest cost lithium operations globally when completed, we will seek to do so on a timeline that is supported by both the market and our customers."
Additionally,
As a result of these actions, the Company will immediately reduce its capital spending and plans to spend approximately
The Company has no plans to alter the development of
2024 Outlook Scenarios3
The table below reflects Revenue and Adjusted EBITDA outcomes for
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Second Half 2024 Average Market Price4 |
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Full Year 2024 |
Units |
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Revenue |
$ million |
|
~1,100 |
|
~1,200 |
Adjusted EBITDA5 |
$ million |
|
~380 |
|
~470 |
Adjusted EBITDA Margin 5 |
|
35 % |
|
39 % |
The table below provides an outlook for other select financial items:
Metric |
Units |
Full Year 2024 |
|
Selling, general and administrative expenses6 |
$ million |
~115 |
|
Depreciation & amortization |
$ million |
~100 |
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Adjusted tax rate 5 |
|
25 % |
30 % |
Full-year weighted average diluted shares outstanding 7 |
million |
~1,150 |
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Capital spending |
$ million |
550 |
700 |
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3 Reflects 100% consolidation of Olaroz and |
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4 Reference market prices meant to reflect multiple lithium products on an LCE equivalent basis. |
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5 Although Arcadium Lithium provides an outlook for Adjusted EBITDA, Adjusted EBITDA margin and adjusted tax rate, each of these a non-GAAP measure, the Company is not able to do so for the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for the Company to provide an outlook for such GAAP measures or to reconcile corresponding non-GAAP financial measures to such GAAP measures without unreasonable efforts. For the same reason, the Company is unable to address the probable significance of the unavailable information. Such elements include, but are not limited to, restructuring and transaction related charges. As a result, no GAAP equivalent outlook is provided for these metrics. |
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6 Includes Research and development expenses. |
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7 Inclusive of 67.7 million dilutive share equivalents attributable to 2025 Notes. |
Arcadium Lithium Contacts
Investors:
daniel.rosen@arcadiumlithium.com
phoebe.lee@arcadiumlithium.com
Media:
Karen Vizental +54 9 114 414 4702
karen.vizental@arcadiumlithium.com
Supplemental Information
In this press release,
About
Important Information and Legal Disclaimer:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, we have identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share data) |
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Three Months Ended |
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Six Months Ended |
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|
2024 |
|
2023 (1) |
|
2024 |
|
2023 (1) |
Revenue |
$ 254.5 |
|
$ 235.8 |
|
$ 515.7 |
|
$ 489.3 |
Costs of sales |
174.1 |
|
88.5 |
|
328.9 |
|
174.8 |
Gross margin |
80.4 |
|
147.3 |
|
186.8 |
|
314.5 |
Selling, general and administrative expenses |
15.5 |
|
17.6 |
|
55.4 |
|
33.9 |
Research and development expenses |
1.5 |
|
1.0 |
|
2.6 |
|
2.0 |
Restructuring and other charges |
21.9 |
|
24.3 |
|
101.7 |
|
26.3 |
Total costs and expenses |
213.0 |
|
131.4 |
|
488.6 |
|
237.0 |
Income from operations before equity in net loss of unconsolidated |
41.5 |
|
104.4 |
|
27.1 |
|
252.3 |
Equity in net loss of unconsolidated affiliate |
— |
|
7.2 |
|
— |
|
15.3 |
Interest income, net |
(9.3) |
|
— |
|
(20.3) |
|
— |
Loss on debt extinguishment |
0.9 |
|
— |
|
1.1 |
|
— |
Other gains |
(79.9) |
|
(7.6) |
|
(157.2) |
|
(6.5) |
Income from operations before income taxes |
129.8 |
|
104.8 |
|
203.5 |
|
243.5 |
Income tax expense |
35.3 |
|
14.6 |
|
89.1 |
|
38.5 |
Net income |
$ 94.5 |
|
$ 90.2 |
|
$ 114.4 |
|
$ 205.0 |
Net income attributable to noncontrolling interests |
8.8 |
|
— |
|
13.1 |
|
— |
Net income attributable to |
$ 85.7 |
|
$ 90.2 |
|
$ 101.3 |
|
$ 205.0 |
Basic earnings per ordinary share |
$ 0.08 |
|
$ 0.21 |
|
$ 0.10 |
|
$ 0.47 |
Diluted earnings per ordinary share |
$ 0.07 |
|
$ 0.18 |
|
$ 0.09 |
|
$ 0.41 |
Weighted average ordinary shares outstanding - basic |
1,074.9 |
|
432.3 |
|
1,064.2 |
|
432.2 |
Weighted average ordinary shares outstanding - diluted |
1,143.5 |
|
503.9 |
|
1,132.9 |
|
503.7 |
|
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1. |
For the three and six months ended |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC (GAAP) TO ADJUSTED (Unaudited) |
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Three Months Ended |
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Six Months Ended |
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(in Millions) |
2024 |
|
2023 (1) |
|
2024 |
|
2023 (1) |
Net income attributable to |
$ 85.7 |
|
$ 90.2 |
|
$ 101.3 |
|
$ 205.0 |
Add back: |
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|
|
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Net income attributable to noncontrolling interests |
8.8 |
|
— |
|
13.1 |
|
— |
Interest income, net |
(9.3) |
|
— |
|
(20.3) |
|
— |
Income tax expense |
35.3 |
|
14.6 |
|
89.1 |
|
38.5 |
Depreciation and amortization |
24.3 |
|
7.0 |
|
41.5 |
|
13.8 |
EBITDA (Non-GAAP) (2) |
144.8 |
|
111.8 |
|
224.7 |
|
257.3 |
Add back: |
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|
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(57.6) |
|
4.8 |
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(96.2) |
|
8.9 |
Restructuring and other charges (b) |
21.9 |
|
24.3 |
|
101.7 |
|
26.3 |
Loss on debt extinguishment (c) |
0.9 |
|
— |
|
1.1 |
|
— |
Inventory step-up, Allkem Livent Merger (d) |
4.7 |
|
— |
|
20.5 |
|
— |
Other losses/(gains) (e) |
1.2 |
|
5.0 |
|
(7.4) |
|
10.8 |
Subtract: |
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Blue |
(16.8) |
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(11.4) |
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(36.5) |
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(11.4) |
Adjusted EBITDA (Non-GAAP) (2) |
$ 99.1 |
|
$ 134.5 |
|
$ 207.9 |
|
$ 291.9 |
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1. |
Represents the results of predecessor |
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2. |
We evaluate operating performance using certain Non-GAAP measures such as EBITDA, which we define as net income attributable to |
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a. |
Represents impact of currency fluctuations primarily on deferred income tax assets and liabilities. Also includes impact of currency fluctuations on other tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within Other gains in our condensed consolidated statements of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country. |
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b. |
We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three months ended |
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c. |
The three months ended |
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d. |
Relates to the step-up in inventory recorded for Allkem Livent Merger for the three and six months ended |
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e. |
The three and six months ended |
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f. |
Represents non-recurring gain from the sale in |
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC (GAAP) TO ADJUSTED AFTER-TAX EARNINGS (NON-GAAP) (Unaudited)
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(in Millions, Except Per Share Data) |
Three Months Ended |
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Six Months Ended |
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2024 |
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2023 (1) |
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2024 |
|
2023 (1) |
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Net income attributable to |
$ 85.7 |
|
$ 90.2 |
|
$ 101.3 |
|
$ 205.0 |
Add back: |
|
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|
|
|
|
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Net income attributable to noncontrolling interests |
8.8 |
|
— |
|
13.1 |
|
— |
Special charges: |
|
|
|
|
|
|
|
|
(57.6) |
|
4.8 |
|
(96.2) |
|
8.9 |
Restructuring and other charges (b) |
21.9 |
|
24.3 |
|
101.7 |
|
26.3 |
Loss on debt extinguishment (c) |
0.9 |
|
— |
|
1.1 |
|
— |
Inventory step-up, Allkem Livent Merger (d) |
4.7 |
|
— |
|
20.5 |
|
— |
Other losses/(gains) (e) |
1.2 |
|
5.0 |
|
(7.4) |
|
10.8 |
Blue |
(16.8) |
|
(11.4) |
|
(36.5) |
|
(11.4) |
Non-GAAP tax adjustments (g) |
10.1 |
|
(5.6) |
|
38.3 |
|
(6.3) |
Adjusted after-tax earnings (Non-GAAP) (2) |
$ 58.9 |
|
$ 107.3 |
|
$ 135.9 |
|
$ 233.3 |
|
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Diluted earnings per ordinary share (GAAP) |
$ 0.07 |
|
$ 0.18 |
|
$ 0.09 |
|
$ 0.41 |
Special charges per diluted share, before tax: |
|
|
|
|
|
|
|
|
(0.05) |
|
0.01 |
|
(0.08) |
|
0.02 |
Restructuring and other charges, per diluted share |
0.02 |
|
0.05 |
|
0.09 |
|
0.05 |
Inventory step-up, Allkem Livent Merger, per diluted share |
— |
|
— |
|
0.02 |
|
— |
Other losses/(gains), per diluted share |
— |
|
0.01 |
|
(0.01) |
|
0.02 |
Blue |
(0.01) |
|
(0.03) |
|
(0.02) |
|
(0.03) |
Non-GAAP tax adjustments, per diluted share |
0.02 |
|
(0.01) |
|
0.03 |
|
(0.01) |
Diluted adjusted after-tax earnings per share (Non-GAAP) (2) |
$ 0.05 |
|
$ 0.21 |
|
$ 0.12 |
|
$ 0.46 |
Weighted average ordinary shares outstanding - diluted (Non- |
1,143.5 |
|
503.9 |
|
1,132.9 |
|
503.7 |
|
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|
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1. |
For the three and six months ended |
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2. |
The Company believes that the Non-GAAP financial measures Adjusted after-tax earnings and Diluted adjusted after-tax earnings per share provide useful information about the Company's operating results to management, investors and securities analysts. Adjusted after-tax earnings excludes the effects of, nonrecurring charges/(income) and tax-related adjustments. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. Diluted adjusted after-tax earnings per share (Non-GAAP) is calculated using weighted average common shares outstanding - diluted. |
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a. |
Represents impact of currency fluctuations primarily on deferred income tax assets and liabilities. Also includes impact of currency fluctuations on other tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within Other gains in our condensed consolidated statements of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country. |
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b. |
We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three months ended |
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c. |
The three months ended |
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d. |
Relates to the step-up in inventory recorded for Allkem Livent Merger for the three and six months ended |
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e. |
The three and six months ended |
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f. |
Represents non-recurring gain from the sale in |
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g. |
The company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure Diluted adjusted after-tax earnings per share, and instead includes a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to operating results thereby providing investors with useful supplemental information about the company's operational performance. The income tax expense/(benefit) on special charges/(income) is determined using the applicable rates in the taxing jurisdictions in which the special charge or income occurred and includes both current and deferred income tax expense/(benefit) based on the nature of the Non-GAAP performance measure. |
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Three Months Ended |
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Six Months Ended |
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(in Millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Non-GAAP tax adjustments: |
|
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|
|
|
|
|
Income tax benefit on restructuring and other charges and other corporate costs |
$ (5.9) |
|
$ (2.3) |
|
$ (23.4) |
|
$ (2.8) |
Revisions to our tax liabilities due to finalization of prior year tax returns |
0.2 |
|
(0.1) |
|
1.2 |
|
(0.1) |
Foreign currency remeasurement (net of valuation allowance) and other discrete |
9.6 |
|
(4.3) |
|
47.9 |
|
(3.1) |
Blue |
4.6 |
|
1.2 |
|
9.2 |
|
1.2 |
Other discrete items |
1.6 |
|
(0.1) |
|
3.4 |
|
(1.5) |
Total Non-GAAP tax adjustments |
$ 10.1 |
|
$ (5.6) |
|
$ 38.3 |
|
$ (6.3) |
RECONCILIATION OF CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP) (Unaudited) |
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|
Six Months Ended |
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(in Millions) |
2024 |
|
2023 (1) |
Cash (used in)/provided by operating activities (GAAP) |
$ (119.7) |
|
$ 181.6 |
Restructuring and other charges |
145.1 |
|
10.4 |
Adjusted cash provided by operations (Non-GAAP) (2) |
$ 25.4 |
|
$ 192.0 |
|
|
|
|
|
|
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1. |
Represents the results of predecessor Livent's operations for six months ended |
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2. |
The Company believes that the Non-GAAP financial measure Adjusted cash provided by operations provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash provided by operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash (used in)/provided by operating activities allows management and investors to compare more easily the cash flows from period to period. |
RECONCILIATION OF LONG-TERM DEBT (GAAP) AND CASH AND CASH EQUIVALENTS (GAAP) TO NET DEBT (NON-GAAP) (Unaudited)
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(in Millions) |
|
|
|
Long-term debt (including current maturities) (GAAP) (a) |
$ 634.0 |
|
$ 302.0 |
Less: Cash and cash equivalents (GAAP) |
(380.4) |
|
(237.6) |
Net debt (Non-GAAP) (2) |
$ 253.6 |
|
$ 64.4 |
|
|
|
|
|
|
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1. |
Represents the financial position of predecessor Livent as of |
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2. |
The Company believes that the Non-GAAP financial measure Net debt provides useful information about the Company's cash flows and liquidity to investors and securities analysts. |
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a. |
Presented net of unamortized discounts of |
RECONCILIATION OF CASH AND CASH EQUIVALENTS (GAAP) TO ADJUSTED CASH AND DEPOSITS (NON-GAAP) |
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The following table provides a reconciliation of |
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(in Millions) |
(unaudited) 1 |
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Arcadium Lithium Cash and cash equivalents (GAAP) |
$ 380.4 |
|
$ 237.6 |
Allkem Cash and cash equivalents |
— |
|
681.4 |
Add: |
|
|
|
Restricted cash in Other non-current assets: |
|
|
|
Project Loan Facility guarantee - Stage 2 of Olaroz Plant ( |
24.6 |
|
24.6 |
Project Financing Facility guarantee - |
— |
|
32.5 |
Other |
5.0 |
|
5.0 |
Less: |
|
|
|
Nemaska Lithium Cash and cash equivalents as of |
(149.7) |
|
(133.5) |
|
260.3 |
|
847.6 |
Nemaska Lithium Cash and cash equivalents not on a one-quarter lag (4) |
41.3 |
|
44.2 |
Adjusted cash and deposits (Non-GAAP) 3 |
$ 301.6 |
|
$ 891.8 |
|
|
|
|
|
|
|
|
|
1. |
This unaudited information of the combined company as of |
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2. |
On |
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3. |
|
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4. |
The presentation reflects NLI's actual balance at that date, not on a one-quarter lag. This differs from Nemaska Lithium Cash and cash equivalents included in |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
|
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|
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(in Millions) |
|
|
|
Cash and cash equivalents |
$ 380.4 |
|
$ 237.6 |
Trade receivables, net of allowance of approximately |
94.1 |
|
106.7 |
Inventories |
333.1 |
|
217.5 |
Other current assets |
264.0 |
|
86.4 |
Total current assets |
1,071.6 |
|
648.2 |
Investments |
38.2 |
|
34.8 |
Property, plant and equipment, net of accumulated depreciation of |
7,034.9 |
|
2,237.1 |
Right of use assets - operating leases, net |
53.7 |
|
6.8 |
|
1,300.3 |
|
120.7 |
Other intangibles, net |
56.6 |
|
53.4 |
Deferred income taxes |
32.7 |
|
1.4 |
Other assets |
342.3 |
|
127.7 |
Total assets |
$ 9,930.3 |
|
$ 3,230.1 |
|
|
|
|
Total current liabilities |
473.8 |
|
268.6 |
Long-term debt |
590.6 |
|
299.6 |
Contract liabilities - long-term |
253.8 |
|
217.8 |
Other long-term liabilities |
1,522.5 |
|
160.3 |
|
6,262.8 |
|
1,784.2 |
Noncontrolling interests |
826.8 |
|
499.6 |
Total liabilities and equity |
$ 9,930.3 |
|
$ 3,230.1 |
|
|
|
|
|
|
|
|
1. |
Represents the financial position of predecessor Livent as of |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
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|
|||
|
Six Months Ended |
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(in Millions) |
2024 |
|
2023 (1) |
Cash (used in)/provided by operating activities |
$ (119.7) |
|
$ 181.6 |
Cash provided by/(used in) investing activities |
158.4 |
|
(180.2) |
Cash provided by/(used in) financing activities |
119.6 |
|
(21.6) |
Effect of exchange rate changes on cash |
(15.5) |
|
(1.0) |
Increase/(decrease) in cash and cash equivalents |
142.8 |
|
(21.2) |
Cash and cash equivalents, beginning of period |
237.6 |
|
189.0 |
Cash and cash equivalents, end of period |
$ 380.4 |
|
$ 167.8 |
|
|
|
|
|
|
|
|
1. |
Represents the results of predecessor |
LONG-TERM DEBT (Unaudited) |
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|
Interest Rate Percentage |
|
Maturity |
|
|
|
|
||||
(in Millions) |
SOFR |
|
Base rate |
|
|
|
|
|
|
|
|
Revolving Credit Facility |
7.19 % |
|
9.25 % |
|
|
|
2027 |
|
$ — |
|
$ — |
4.125% Convertible Senior Notes due 2025 |
|
|
|
|
4.125 % |
|
2025 |
|
245.8 |
|
245.8 |
Transaction costs - 2025 Notes |
|
|
|
|
|
|
|
|
(1.6) |
|
(2.4) |
Nemaska - Prepayment agreement - tranche 1 |
|
|
|
|
8.9 % |
|
|
|
75.0 |
|
75.0 |
Discount - Prepayment agreement |
|
|
|
|
|
|
|
|
(19.4) |
|
(19.8) |
Nemaska - Prepayment agreement - tranche 2 |
|
|
|
|
9.4 % |
|
|
|
150.0 |
|
— |
Discount - Prepayment agreement |
|
|
|
|
|
|
|
|
(53.4) |
|
— |
Nemaska - Other |
|
|
|
|
|
|
|
|
0.5 |
|
3.4 |
Debt assumed in Allkem Livent Merger (2) |
|
|
|
|
|
|
|
|
|
|
|
Project Loan Facility - Stage 1 of Olaroz Plant |
|
|
|
|
4.90 % |
|
2024 |
|
9.1 |
|
— |
Project Loan Facility - Stage 2 of Olaroz Plant |
|
|
|
|
2.61 % |
|
2029 |
|
144.0 |
|
— |
Affiliate Loans with TTC |
|
|
|
|
15.25 % |
|
2030 |
|
81.5 |
|
— |
Affiliate Loan with TLP |
|
|
|
|
10.34 % |
|
2026 |
|
2.5 |
|
— |
Total debt assumed in Allkem Livent Merger |
|
|
|
|
|
|
|
|
237.1 |
|
— |
Subtotal long-term debt (including current |
|
|
|
|
|
|
|
|
634.0 |
|
302.0 |
Less current maturities |
|
|
|
|
|
|
|
|
(43.4) |
|
(2.4) |
Total long-term debt |
|
|
|
|
|
|
|
|
$ 590.6 |
|
$ 299.6 |
|
|
|
|
|
|
|
|
1. |
Represents the financial position of predecessor |
||||||
2. |
On |
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SOURCE