– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
PHILADELPHIA, May 3, 2022 /PRNewswire/ --
-- Strong First Quarter Performance with Adjusted EBITDA Almost Double Q4 2021 ---- Significantly Raises Full Year Guidance with 2022 Adjusted EBITDA Almost 5x 2021 ---- Announces Multiple Additional Carbonate and Hydroxide Capacity Expansions ---- Provides Details on Agreement to Double Ownership Stake in Nemaska to 50% --
Livent Corporation (NYSE: LTHM) today reported results for the first quarter of 2022.
Revenue was $143.5 million, up 17% from the fourth quarter of 2021 and 56% higher compared to the prior year. Reported GAAP net income was $53.2 million, 609% higher than the previous quarter, and 28 cents per diluted share. Adjusted EBITDA was $53.3 million, 94% higher than the previous quarter, and adjusted earnings per share were 21 cents per diluted share. Further improvement in lithium market conditions and strong customer demand in the first quarter supported higher realized prices than anticipated at the beginning of the year.
"Strong lithium demand growth has continued in 2022," said Paul Graves, president and chief executive officer of Livent. "Published lithium prices in all forms have increased rapidly amid very tight market conditions and Livent continues to achieve higher realized prices across its entire product portfolio."
Capacity Expansion Update
Livent remains on schedule to deliver all previously announced capacity expansions. The Company has also announced significant additional capacity expansions for both lithium carbonate and lithium hydroxide, as Livent continues to grow its production to meet future demand from its customers.
Lithium Carbonate
In its first expansion in Argentina, Livent is on track to add 10,000 metric tons of lithium carbonate capacity by the first quarter of 2023. Another 10,000 metric tons of lithium carbonate capacity is expected to be added in Argentina by the end of 2023, which will nearly double Livent's total available LCEs (1) from 2021 levels.
The Company also announced last quarter that it began engineering work on a second capacity expansion in Argentina. Following completion of a preliminary analysis, this expansion is now expected to add an additional 30,000 metric tons of lithium carbonate capacity by the end of 2025, or 10,000 metric tons more than previously announced. By re-engineering the use of fresh water, the second expansion will not require access to any additional fresh water. It also allows Livent to improve overall lithium yields and reduce water use intensity for current and future operations.
Livent has also begun evaluating a third expansion in Argentina that would add up to 30,000 metric tons of additional lithium carbonate capacity. This expansion would deploy a more conventional pond evaporation-based process and require significantly less capital versus prior expansions. Following the third expansion, Livent believes it can reach total capacity at its operations in Argentina of 100,000 metric tons by the end of 2030.
Lithium Hydroxide
The Company announces that it expects to add another 15,000 metric tons of lithium hydroxide capacity at a new location in China by the end of 2023. Additionally, Livent is evaluating building a new facility in either North America or Europe that would process lithium material from battery recycling processes into lithium hydroxide. The Company is exploring multiple opportunities for partnership and funding and believes the new facility could be in operation by the end of 2025, with production capacity of at least 10,000 metric tons.
Livent is also nearing completion of its 5,000 metric tons expansion of lithium hydroxide capacity in Bessemer City that will start commercial production in the second half of this year.
Following these expansions, Livent expects to have total lithium hydroxide capacity of at least 55,000 metric tons by the end of 2025 (excluding Nemaska), more than double its existing hydroxide capacity of 25,000 metric tons.
Yesterday, Livent announced that it has agreed to double its ownership interest in Nemaska Lithium Inc. ("Nemaska") to 50% by issuing 17,500,000 shares of Livent common stock. Nemaska is a fully integrated lithium hydroxide development project with 34,000 metric tons of nameplate capacity located in Québec, Canada. The closing of the transaction is subject to customary conditions, including, among other things, the expiration of certain notice periods required by applicable law. For more information regarding the transaction, please refer to the press release issued yesterday that can be found on livent.com.
Guidance and Outlook (2)
Livent has significantly increased its guidance for 2022 financial performance. With no projected change in volumes, this is driven by higher expected realized prices across all lithium products. For the full year, Livent now projects revenue to be in the range of $755 million to $835 million and Adjusted EBITDA to be in the range of $290 million to $350 million.
($ million) |
Revised FY 2022 Guidance |
Prior FY 2022 Guidance |
Actual FY 2021 |
Revised YoY Growth (midpoint) |
Revenue |
755 – 835 |
540 – 600 |
420 |
Up 89% |
Adj. EBITDA |
290 – 350 |
160 – 200 |
70 |
Up 360% |
Supplemental Information
In this press release, Livent uses the financial measures Adjusted EBITDA and adjusted earnings per diluted share. These terms are not calculated in accordance with generally accepted accounting principles (GAAP). Definitions of these terms, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are provided on our website: ir.livent.com. Such reconciliations are also set forth in the financial tables that accompany this press release.
For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,100 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, India, China and Argentina. For more information, visit Livent.com.
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, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," "plans," or "projects," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about Livent, may include projections of Livent's future financial performance, Livent's anticipated growth strategies and anticipated trends in Livent's business, including without limitation, our capital expansion plans and development of the Nemaska project. These statements are only predictions based on Livent's current expectations and projections about future events. There are important factors that could cause Livent's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Currently, one of the most significant factors is the continuing effects of the COVID-19 global pandemic. Additional factors that could cause Livent's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements include a decline in the growth in demand for electric vehicles using high performance lithium compounds; increased supply chain disruptions in the electric vehicle manufacturing industry; volatility in the price for performance lithium compounds (as the principal driver of our higher guidance range is higher expected realized pricing); adverse global economic and weather conditions; competition; quarterly and annual fluctuations of our operating results; risks relating to Livent's planned production expansion and related capital expenditures, including any further suspension of our expansion efforts; the potential development and adoption of battery technologies that do not rely on performance lithium compounds as an input or that require a lesser amount of performance lithium compounds; liquidity and access to credit; the conditional conversion feature of the 2025 Notes; reduced customer demand, or delays in growth of customer demand, for higher performance lithium compounds; the success of Livent's research and development efforts; difficulty integrating future acquisitions; risks inherent in international operations and sales, including political, financial and operational risks specific to Argentina, China and other countries where Livent has active operations; the effects of war, such as the conflict in Ukraine; customer concentration and the delay or loss of, or significant reduction in orders from, large customers; failure to satisfy customer quality standards; increases in the price of energy and raw materials or broader global inflationary pressures; employee attraction and retention; union relations; cybersecurity breaches; our ability to protect our intellectual property rights; not having established proven or probable mineral reserves, as defined by the SEC; legal and regulatory proceedings; including any shareholder lawsuits; compliance with environmental, health and safety laws; changes in tax laws; risks related to ownership of our common stock, including price fluctuations and lack of dividends; ESG risks, including events outside our control that could prevent us from achieving our sustainability goals; as well as the other factors described under the caption entitled "Risk Factors" in Livent's 2021 Form 10-K filed with the Securities and Exchange Commission on February 28, 2022 and our subsequent Forms 10-Q filed with the Securities and Exchange Commission. Although Livent believes the expectations reflected in the forward-looking statements are reasonable, Livent cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Livent nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Livent is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations.
LIVENT CORPORATION |
||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
(Unaudited, in millions, except per share data) |
||||
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
Revenue |
$ 143.5 |
$ 91.7 |
||
Costs of sales |
83.6 |
78.4 |
||
Gross margin |
59.9 |
13.3 |
||
Selling, general and administrative expenses |
11.8 |
10.7 |
||
Research and development expenses |
0.9 |
0.7 |
||
Restructuring and other charges |
1.0 |
0.3 |
||
Separation-related costs/(income) |
0.1 |
(0.1) |
||
Total costs and expenses |
97.4 |
90.0 |
||
Income from operations before equity in net loss of unconsolidated affiliate, |
46.1 |
1.7 |
||
Equity in net loss of unconsolidated affiliate |
2.2 |
1.3 |
||
Interest expense, net |
— |
0.3 |
||
Other gain |
(14.0) |
— |
||
Income from operations before income taxes |
57.9 |
0.1 |
||
Income tax expense |
4.7 |
0.9 |
||
Net income/(loss) |
$ 53.2 |
$ (0.8) |
||
Net income/(loss) per weighted average share - basic |
$ 0.33 |
$ (0.01) |
||
Net income/(loss) per weighted average share - diluted |
$ 0.28 |
$ (0.01) |
||
Weighted average common shares outstanding - basic |
161.7 |
146.5 |
||
Weighted average common shares outstanding - diluted |
191.4 |
146.5 |
||
LIVENT CORPORATION |
||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||
RECONCILIATION OF NET INCOME/(LOSS) (GAAP) TO ADJUSTED EBITDA (NON-GAAP) |
||||
(Unaudited) |
||||
Three Months Ended March 31, |
||||
(in Millions) |
2022 |
2021 |
||
Net income/(loss) |
$ 53.2 |
$ (0.8) |
||
Add back: |
||||
Interest expense, net |
— |
0.3 |
||
Income tax expense |
4.7 |
0.9 |
||
Depreciation and amortization |
6.4 |
6.2 |
||
EBITDA (Non-GAAP) (1) |
64.3 |
6.6 |
||
Add back: |
||||
Argentina remeasurement losses (a) |
1.0 |
2.3 |
||
Restructuring and other charges (b) |
1.0 |
0.3 |
||
Separation-related costs/(income) (c) |
0.1 |
(0.1) |
||
COVID-19 related costs (d) |
0.8 |
0.9 |
||
Other loss (e) |
1.6 |
1.1 |
||
Subtract: |
||||
Blue Chip Swap gain (f) |
(14.0) |
— |
||
Argentina interest income (g) |
(1.5) |
— |
||
Adjusted EBITDA (Non-GAAP) (1) |
$ 53.3 |
$ 11.1 |
||
__________________ |
|
1. |
We evaluate operating performance using certain Non-GAAP measures such as EBITDA, which we define as net income/(loss) plus interest expense, net, income tax expense and depreciation and amortization; and Adjusted EBITDA, which we define as EBITDA adjusted for restructuring and other charges, separation-related costs/(income) and certain other losses/(gains). Management believes the use of these Non-GAAP measures allows management and investors to compare more easily the financial performance of its underlying business from period to period. The Non-GAAP information provided may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating EBITDA and Adjusted EBITDA. This measure should not be considered as a substitute for net income/(loss) or other measures of performance or liquidity reported in accordance with U.S. GAAP. The above table reconciles EBITDA and Adjusted EBITDA from net income/(loss). |
a. |
Represents impact of currency fluctuations on tax assets and liabilities and long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within "Cost of sales" in our condensed consolidated statement 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. |
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. Three months ended March 31, 2022 includes $0.5 million of severance costs for management changes at certain administrative facilities and $0.4 million for miscellaneous nonrecurring costs. Three months ended March 31, 2021 consists primarily of transaction-related legal fees and miscellaneous nonrecurring costs. |
c. |
Represents legal and professional fees and other separation-related activity. |
d. |
Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic-related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. |
e. |
Three months ended March 31, 2022 and 2021 represents our 25% indirect interest in transaction costs incurred for the Nemaska Transaction, certain project-related costs and interest expense, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statement of operations. |
f. |
Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds and is excluded from Adjusted EBITDA because it is nonrecurring. |
g. |
Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods. |
RECONCILIATION OF NET INCOME/(LOSS) (GAAP) TO |
||||
ADJUSTED AFTER-TAX EARNINGS (NON-GAAP) |
||||
(Unaudited) |
||||
(in Millions, Except Per Share Data) |
Three Months Ended March 31, |
|||
2022 |
2021 |
|||
Net income/(loss) |
$ 53.2 |
$ (0.8) |
||
Special charges: |
||||
Argentina remeasurement losses (a) |
1.0 |
2.3 |
||
Restructuring and other charges (b) |
1.0 |
0.3 |
||
Separation-related costs/(income) (c) |
0.1 |
(0.1) |
||
COVID-19 related costs (d) |
0.8 |
0.9 |
||
Other loss (e) |
1.6 |
1.1 |
||
Blue Chip Swap gain (f) |
(14.0) |
— |
||
Argentina interest income (g) |
(1.5) |
— |
||
Non-GAAP tax adjustments (i) |
(2.2) |
(0.3) |
||
Adjustment for interest, net of tax, on 2025 Notes assumed converted (Non-GAAP) (h) |
— |
0.2 |
||
Adjusted after-tax earnings (Non-GAAP) (1) |
$ 40.0 |
$ 3.6 |
||
Diluted earnings/(loss) per common share (GAAP) |
$ 0.28 |
$ (0.01) |
||
Special charges per diluted share, before tax: |
||||
Argentina remeasurement losses, per diluted share |
0.01 |
0.01 |
||
Restructuring and other charges, per diluted share |
0.01 |
— |
||
COVID-19 related costs, per diluted share |
— |
0.01 |
||
Other loss, per diluted share |
0.01 |
0.01 |
||
Blue Chip Swap gain, per diluted share |
(0.08) |
— |
||
Argentina interest income, per diluted share |
(0.01) |
— |
||
Non-GAAP tax adjustments, per diluted share |
(0.01) |
— |
||
Diluted adjusted after-tax earnings per share (Non-GAAP) (1) |
$ 0.21 |
$ 0.02 |
||
Weighted average common shares outstanding - diluted (Non-GAAP) used in diluted |
191.4 |
176.0 |
||
___________________ |
|
1. |
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 special charges 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. |
a. |
Represents impact of currency fluctuations on tax assets and liabilities and long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within "Cost of sales" in our condensed consolidated statement 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. |
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. Three months ended March 31, 2022 includes $0.5 million of severance costs for management changes at certain administrative facilities and $0.4 million for miscellaneous nonrecurring costs. Three months ended March 31, 2021 consists primarily of transaction-related legal fees and miscellaneous nonrecurring costs. |
c. |
Represents legal and professional fees and other separation-related activity. |
d. |
Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. |
e. |
Three months ended March 31, 2022 and 2021 represents our 25% interest in transaction costs incurred for the Nemaska Transaction, certain project-related costs and interest expense, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statement of operations. |
f. |
Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds and is excluded from Adjusted EBITDA because it is nonrecurring. |
g. |
Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods. |
h. |
For the three months ended March 31, 2022 and 2021, $2.9 million and $2.6 million of the interest on the 2025 Notes was capitalized, respectively. |
i. |
The Company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead includes a Non-GAAP tax provision based upon the projected 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 interim 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. |
Three Months Ended March 31, |
||||
(in Millions) |
2022 |
2021 |
||
Non-GAAP tax adjustments: |
||||
Income tax expense/(benefit) on restructuring, separation-related and other corporate costs |
$ 0.1 |
$ (0.5) |
||
Foreign currency remeasurement and other discrete items |
(3.9) |
(1.1) |
||
Blue Chip Swap gain |
1.4 |
— |
||
Other discrete items |
0.2 |
1.3 |
||
Total Non-GAAP tax adjustments |
$ (2.2) |
$ (0.3) |
||
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) TO |
|||
ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP) |
|||
(Unaudited) |
|||
Three Months Ended March 31, |
|||
(in Millions) |
2022 |
2021 |
|
Cash provided by operating activities (GAAP) |
$ 10.8 |
$ 12.7 |
|
Restructuring and other charges |
0.2 |
0.2 |
|
Separation-related costs/(income) |
0.4 |
(0.7) |
|
COVID-19 related costs (a) |
0.8 |
0.9 |
|
Adjusted cash provided by operations (Non-GAAP) (1) |
$ 12.2 |
$ 13.1 |
|
___________________ |
|
1. |
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 provided by operating activities allows management and investors to compare more easily the cash flows from period to period. |
a. |
Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic-related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. |
RECONCILIATION OF LONG-TERM DEBT (GAAP) AND CASH AND CASH EQUIVALENTS (GAAP) TO |
|||
NET DEBT (NON-GAAP) |
|||
(Unaudited) |
|||
(in Millions) |
March 31, 2022 |
December 31, 2021 |
|
Long-term debt (GAAP) (a) |
$ 240.8 |
$ 240.4 |
|
Less: Cash and cash equivalents (GAAP) |
(68.5) |
(113.0) |
|
Net debt (Non-GAAP) (1) |
$ 172.3 |
$ 127.4 |
|
___________________ |
|
1. |
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. |
a. |
As of March 31, 2022 and December 31, 2021, the Company had no debt maturing within one year. |
LIVENT CORPORATION |
|||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(Unaudited) |
|||
(in Millions) |
March 31, 2022 |
December 31, 2021 |
|
Cash and cash equivalents |
$ 68.5 |
$ 113.0 |
|
Trade receivables, net of allowance of approximately $0.3 in 2022 and $0.3 in |
105.5 |
96.4 |
|
Inventories |
150.5 |
134.6 |
|
Other current assets |
40.0 |
55.3 |
|
Total current assets |
364.5 |
399.3 |
|
Investments |
33.4 |
27.2 |
|
Property, plant and equipment, net of accumulated depreciation of $246.2 in 2022 |
737.8 |
677.9 |
|
Right of use assets - operating leases, net |
6.0 |
6.3 |
|
Deferred income taxes |
— |
0.9 |
|
Other assets |
100.9 |
90.9 |
|
Total assets |
$ 1,242.6 |
$ 1,202.5 |
|
Accounts payable, trade and other |
$ 62.2 |
$ 65.4 |
|
Other current liabilities |
55.3 |
62.9 |
|
Income taxes |
2.8 |
3.0 |
|
Total current liabilities |
120.3 |
131.3 |
|
Long-term debt |
240.8 |
240.4 |
|
Operating lease liabilities - long-term |
5.0 |
5.4 |
|
Long-term liabilities |
27.5 |
30.0 |
|
Equity |
849.0 |
795.4 |
|
Total liabilities and equity |
$ 1,242.6 |
$ 1,202.5 |
|
LIVENT CORPORATION |
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
(Unaudited) |
|||
Three Months Ended March 31, |
|||
(in Millions) |
2022 |
2021 |
|
Cash provided by operating activities |
$ 10.8 |
$ 12.7 |
|
Cash used in investing activities |
(55.4) |
(27.0) |
|
Cash provided by financing activities |
0.1 |
24.2 |
|
(Decrease)/increase in cash and cash equivalents |
(44.5) |
9.9 |
|
Cash and cash equivalents, beginning of period |
113.0 |
11.6 |
|
Cash and cash equivalents, end of period |
$ 68.5 |
$ 21.5 |
|
Media Contact: Juan Carlos Cruz +1.215.299.6725[email protected]Investor Contact: Daniel Rosen +1.215.299.6208[email protected]
SOURCE Livent Corporation
ФИЛАДЕЛЬФИЯ, 3 мая 2022 года /PRNewswire/ --
-- Высокие Показатели за Первый квартал: Скорректированная EBITDA Почти удвоилась в 4 квартале 2021 ---- Значительно Повышает Прогноз на Весь год с Скорректированной EBITDA на 2022 год Почти в 5 раз 2021 ---- Объявляет о нескольких дополнительных расширениях мощностей по производству карбонатов и гидроксидов ---- Предоставляет подробную информацию о Соглашении об удвоении доли владения в Nemaska до 50% --
Livent Corporation (NYSE: LTHM) сегодня сообщила о результатах за первый квартал 2022 года.
Выручка составила 143,5 млн долларов, что на 17% больше, чем в четвертом квартале 2021 года, и на 56% больше по сравнению с предыдущим годом. Чистая прибыль по ОПБУ составила 53,2 млн долларов, что на 609% больше, чем в предыдущем квартале, и 28 центов на разводненную акцию. Скорректированный показатель EBITDA составил 53,3 млн долларов, что на 94% больше, чем в предыдущем квартале, а скорректированная прибыль на акцию составила 21 цент на разводненную акцию. Дальнейшее улучшение условий на рынке лития и высокий потребительский спрос в первом квартале способствовали более высоким ценам реализации, чем ожидалось в начале года.
"Сильный рост спроса на литий продолжится и в 2022 году", - сказал Пол Грейвс, президент и главный исполнительный директор Livent. "Опубликованные цены на литий во всех формах быстро выросли в условиях очень жестких рыночных условий, и Livent продолжает добиваться более высоких цен реализации по всему своему продуктовому портфелю".
Обновление о расширении мощностей
Livent остается в соответствии с графиком, чтобы обеспечить все ранее объявленные расширения мощностей. Компания также объявила о значительном дополнительном расширении мощностей по производству карбоната лития и гидроксида лития, поскольку Livent продолжает наращивать производство для удовлетворения будущего спроса со стороны своих клиентов.
Карбонат лития
В рамках своего первого расширения в Аргентине Livent планирует добавить 10 000 метрических тонн мощностей по производству карбоната лития к первому кварталу 2023 года. Ожидается, что к концу 2023 года в Аргентине будет добавлено еще 10 000 метрических тонн карбоната лития, что почти удвоит общий объем имеющихся у Livent LCEs (1) по сравнению с уровнем 2021 года.
В прошлом квартале компания также объявила, что начала инженерные работы по второму расширению производственных мощностей в Аргентине. После завершения предварительного анализа ожидается, что это расширение добавит дополнительные 30 000 метрических тонн мощностей по производству карбоната лития к концу 2025 года, или на 10 000 метрических тонн больше, чем было объявлено ранее. Благодаря реорганизации использования пресной воды второе расширение не потребует доступа к какой-либо дополнительной пресной воде. Это также позволяет Livent повысить общий выход лития и снизить интенсивность водопотребления для текущих и будущих операций.
Компания Livent также начала оценку третьего расширения в Аргентине, которое увеличит дополнительные мощности по производству карбоната лития до 30 000 метрических тонн. Это расширение позволит внедрить более традиционный процесс, основанный на испарении из пруда, и потребует значительно меньшего капитала по сравнению с предыдущими расширениями. После третьего расширения компания Livent считает, что к концу 2030 года ее общая производственная мощность в Аргентине может составить 100 000 метрических тонн.
Гидроксид лития
Компания объявляет, что планирует добавить еще 15 000 метрических тонн производства гидроксида лития на новом предприятии в Китае к концу 2023 года. Кроме того, Livent рассматривает возможность строительства нового предприятия в Северной Америке или Европе, которое будет перерабатывать литиевый материал из процессов переработки аккумуляторов в гидроксид лития. Компания изучает множество возможностей для партнерства и финансирования и считает, что новый завод может быть введен в эксплуатацию к концу 2025 года с производственной мощностью не менее 10 000 метрических тонн.
Livent также близится к завершению расширения своих мощностей по производству гидроксида лития на 5000 метрических тонн в Бессемер-Сити, которые начнут коммерческое производство во второй половине этого года.
После этих расширений Livent ожидает, что к концу 2025 года общая мощность по производству гидроксида лития составит не менее 55 000 метрических тонн (без учета Nemaska), что более чем вдвое увеличит существующую мощность по производству гидроксида лития в 25 000 метрических тонн.
Вчера Livent объявила, что согласилась удвоить свою долю в Nemaska Lithium Inc. ("Немаска") до 50%, выпустив 17 500 000 обыкновенных акций Livent. Nemaska - это полностью интегрированный проект по разработке гидроксида лития с заводской мощностью 34 000 метрических тонн, расположенный в Квебеке, Канада. Закрытие сделки регулируется обычными условиями, включая, среди прочего, истечение определенных сроков уведомления, требуемых применимым законодательством. Для получения дополнительной информации о сделке, пожалуйста, ознакомьтесь с опубликованным вчера пресс-релизом, который можно найти на livent.com .
Рекомендации и перспективы (2)
Livent значительно повысила свои прогнозные финансовые показатели на 2022 год. При отсутствии прогнозируемых изменений в объемах это обусловлено более высокими ожидаемыми ценами реализации на все литиевые продукты. По прогнозам Livent, выручка за весь год составит от 755 до 835 миллионов долларов, а скорректированная EBITDA - от 290 до 350 миллионов долларов.
($ million) |
Revised FY 2022 Guidance |
Prior FY 2022 Guidance |
Actual FY 2021 |
Revised YoY Growth (midpoint) |
Revenue |
755 – 835 |
540 – 600 |
420 |
Up 89% |
Adj. EBITDA |
290 – 350 |
160 – 200 |
70 |
Up 360% |
Дополнительная Информация
В этом пресс-релизе Livent использует финансовые показатели Скорректированной EBITDA и скорректированной прибыли на разводненную акцию. Эти условия не рассчитываются в соответствии с общепринятыми принципами бухгалтерского учета (GAAP). Определения этих терминов, а также сверка с наиболее непосредственно сопоставимым финансовым показателем, рассчитанным и представленным в соответствии с GAAP, представлены на нашем веб-сайте: ir.livent.com . Такие выверки также приведены в финансовых таблицах, прилагаемых к настоящему пресс-релизу.
На протяжении почти восьми десятилетий Livent сотрудничает со своими клиентами в целях безопасного и устойчивого использования лития для питания всего мира. Livent - одна из немногих компаний, обладающих возможностями, репутацией и ноу-хау для производства высококачественных готовых соединений лития, которые помогают удовлетворить растущий спрос на литий. Компания обладает одним из самых широких продуктовых портфелей в отрасли, обеспечивая спрос на экологически чистую энергию, современную мобильность, мобильную экономику и специализированные инновации, включая легкие сплавы и смазочные материалы. Общая численность персонала Livent составляет около 1100 человек, занятых полный рабочий день, неполный рабочий день, временных и контрактных сотрудников, и она управляет производственными площадками в Соединенных Штатах, Англии, Индии, Китае и Аргентине. Для получения дополнительной информации посетите Livent.com .
Заявление Safe Harbor в соответствии с Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года: Некоторые заявления в этом пресс-релизе являются прогнозными заявлениями. В некоторых случаях вы можете идентифицировать эти заявления с помощью прогнозных слов, таких как "может", "может", "будет", "будет продолжаться", "вероятно, приведет", "находится на правильном пути", "должен", "ожидать", "ожидает", "намеревается, "планирует", "ожидает", "верит", "полагает", "оценивает", "прогнозирует", "потенциал", "продолжать", "может", "прогноз", "будущее", "уверен, что", "планы" или "проекты," отрицательное значение этих терминов и другой сопоставимой терминологии. Эти прогнозные заявления, которые подвержены рискам, неопределенностям и допущениям в отношении Livent, могут включать прогнозы будущих финансовых показателей Livent, ожидаемые стратегии роста Livent и ожидаемые тенденции в бизнесе Livent, включая, помимо прочего, наши планы по расширению капитала и развитию проекта Nemaska. Эти заявления являются лишь прогнозами, основанными на текущих ожиданиях Livent и прогнозах относительно будущих событий. Существуют важные факторы, которые могут привести к тому, что фактические результаты, уровень активности, производительность или достижения Livent будут существенно отличаться от результатов, уровня активности, производительности или достижений, выраженных или подразумеваемых в прогнозных заявлениях. В настоящее время одним из наиболее значимых факторов являются продолжающиеся последствия глобальной пандемии COVID-19. Дополнительные факторы, которые могут привести дело "livent" фактические результаты, уровень активности, показатели деятельности или достижения могут существенно отличаться от результатов, уровень активности, показателей или достижений, выраженных или подразумеваемых в заявлениях прогнозного характера включают в себя снижение роста спроса на электромобилей с использованием высокопроизводительных литиевых соединений; увеличение поставок перебои в работе электротранспорта обрабатывающей промышленности; волатильность цен на производительности соединения лития (как основной драйвер нашего высшего руководства ряда выше ожидаемого понял, ценообразование); неблагоприятных глобальных экономических и погодных условиях; конкуренции; квартальные и годовые колебания результатов деятельности; риски, связанные с дела "livent" планируется расширение производства и соответствующих капитальных вложений, в том числе дальнейшее приостановление наши усилия по расширению; потенциал развития и внедрения технологии батарей, которые не полагаются на производительность соединения лития в качестве входной или требуют меньше производительность соединения лития; ликвидности и доступности кредитов; условное преобразование особенностью 2025 ноты; сокращается потребительский спрос, или задержки в росте потребительского спроса, для повышения производительности соединения лития; успех дела "livent" исследований и усилий в области развития; с трудностями адаптации будущих приобретений; риски, присущие международным операциям и продажам, в том числе политических, финансовых и оперативных рисков, характерных для Аргентины, Китая и других стран, где дела "livent" и активных операций; последствий войны, таких, как конфликт на Украине; клиент сосредоточение и задержку или потерю или значительное снижение заказов от крупных клиентов; невыполнение поддержки стандартам качества; рост цен на энергию и сырье, так и более широкой глобальной инфляции; сотрудник привлечение и удержание; Союза связи; кибербезопасность нарушений; нашу способность защищать наши права на интеллектуальную собственность; не установив доказанных или вероятных минеральных запасов, как определено сек; правовые и нормативные процедуры, в том числе иски акционеров; соблюдение окружающей среды, здоровья и безопасности законы; изменения налогового законодательства; риски, связанные с правом собственности обыкновенных акций, в том числе ценовых колебаний и отсутствие дивидендов; ЭСУ риски, в том числе обстоятельства непреодолимой силы, которые могли бы помешать нам в достижении нашей цели устойчивого развития; а также другие факторы, описанные под заголовком под названием "факторы риска" в 2021 дела "livent" по форме 10-к, поданных в комиссию по ценным бумагам и биржам 28 февраля, 2022 и последующие наши формы 10-Q, в поданном в Комиссию по ценным бумагам. Хотя Livent считает, что ожидания, отраженные в прогнозных заявлениях, являются разумными, Livent не может гарантировать будущие результаты, уровень активности, производительность или достижения. Более того, ни Livent, ни какое-либо другое лицо не несет ответственности за точность и полноту любого из этих прогнозных заявлений. Livent не обязана обновлять какие-либо из этих прогнозных заявлений после даты настоящего пресс-релиза, чтобы привести свои предыдущие заявления в соответствие с фактическими результатами или пересмотренными ожиданиями.
LIVENT CORPORATION |
||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||
(Unaudited, in millions, except per share data) |
||||
Three Months Ended March 31, |
||||
2022 |
2021 |
|||
Revenue |
$ 143.5 |
$ 91.7 |
||
Costs of sales |
83.6 |
78.4 |
||
Gross margin |
59.9 |
13.3 |
||
Selling, general and administrative expenses |
11.8 |
10.7 |
||
Research and development expenses |
0.9 |
0.7 |
||
Restructuring and other charges |
1.0 |
0.3 |
||
Separation-related costs/(income) |
0.1 |
(0.1) |
||
Total costs and expenses |
97.4 |
90.0 |
||
Income from operations before equity in net loss of unconsolidated affiliate, |
46.1 |
1.7 |
||
Equity in net loss of unconsolidated affiliate |
2.2 |
1.3 |
||
Interest expense, net |
— |
0.3 |
||
Other gain |
(14.0) |
— |
||
Income from operations before income taxes |
57.9 |
0.1 |
||
Income tax expense |
4.7 |
0.9 |
||
Net income/(loss) |
$ 53.2 |
$ (0.8) |
||
Net income/(loss) per weighted average share - basic |
$ 0.33 |
$ (0.01) |
||
Net income/(loss) per weighted average share - diluted |
$ 0.28 |
$ (0.01) |
||
Weighted average common shares outstanding - basic |
161.7 |
146.5 |
||
Weighted average common shares outstanding - diluted |
191.4 |
146.5 |
||
LIVENT CORPORATION |
||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||
RECONCILIATION OF NET INCOME/(LOSS) (GAAP) TO ADJUSTED EBITDA (NON-GAAP) |
||||
(Unaudited) |
||||
Three Months Ended March 31, |
||||
(in Millions) |
2022 |
2021 |
||
Net income/(loss) |
$ 53.2 |
$ (0.8) |
||
Add back: |
||||
Interest expense, net |
— |
0.3 |
||
Income tax expense |
4.7 |
0.9 |
||
Depreciation and amortization |
6.4 |
6.2 |
||
EBITDA (Non-GAAP) (1) |
64.3 |
6.6 |
||
Add back: |
||||
Argentina remeasurement losses (a) |
1.0 |
2.3 |
||
Restructuring and other charges (b) |
1.0 |
0.3 |
||
Separation-related costs/(income) (c) |
0.1 |
(0.1) |
||
COVID-19 related costs (d) |
0.8 |
0.9 |
||
Other loss (e) |
1.6 |
1.1 |
||
Subtract: |
||||
Blue Chip Swap gain (f) |
(14.0) |
— |
||
Argentina interest income (g) |
(1.5) |
— |
||
Adjusted EBITDA (Non-GAAP) (1) |
$ 53.3 |
$ 11.1 |
||
__________________ |
|
1. |
We evaluate operating performance using certain Non-GAAP measures such as EBITDA, which we define as net income/(loss) plus interest expense, net, income tax expense and depreciation and amortization; and Adjusted EBITDA, which we define as EBITDA adjusted for restructuring and other charges, separation-related costs/(income) and certain other losses/(gains). Management believes the use of these Non-GAAP measures allows management and investors to compare more easily the financial performance of its underlying business from period to period. The Non-GAAP information provided may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating EBITDA and Adjusted EBITDA. This measure should not be considered as a substitute for net income/(loss) or other measures of performance or liquidity reported in accordance with U.S. GAAP. The above table reconciles EBITDA and Adjusted EBITDA from net income/(loss). |
a. |
Represents impact of currency fluctuations on tax assets and liabilities and long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within "Cost of sales" in our condensed consolidated statement 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. |
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. Three months ended March 31, 2022 includes $0.5 million of severance costs for management changes at certain administrative facilities and $0.4 million for miscellaneous nonrecurring costs. Three months ended March 31, 2021 consists primarily of transaction-related legal fees and miscellaneous nonrecurring costs. |
c. |
Represents legal and professional fees and other separation-related activity. |
d. |
Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic-related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. |
e. |
Three months ended March 31, 2022 and 2021 represents our 25% indirect interest in transaction costs incurred for the Nemaska Transaction, certain project-related costs and interest expense, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statement of operations. |
f. |
Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds and is excluded from Adjusted EBITDA because it is nonrecurring. |
g. |
Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods. |
RECONCILIATION OF NET INCOME/(LOSS) (GAAP) TO |
||||
ADJUSTED AFTER-TAX EARNINGS (NON-GAAP) |
||||
(Unaudited) |
||||
(in Millions, Except Per Share Data) |
Three Months Ended March 31, |
|||
2022 |
2021 |
|||
Net income/(loss) |
$ 53.2 |
$ (0.8) |
||
Special charges: |
||||
Argentina remeasurement losses (a) |
1.0 |
2.3 |
||
Restructuring and other charges (b) |
1.0 |
0.3 |
||
Separation-related costs/(income) (c) |
0.1 |
(0.1) |
||
COVID-19 related costs (d) |
0.8 |
0.9 |
||
Other loss (e) |
1.6 |
1.1 |
||
Blue Chip Swap gain (f) |
(14.0) |
— |
||
Argentina interest income (g) |
(1.5) |
— |
||
Non-GAAP tax adjustments (i) |
(2.2) |
(0.3) |
||
Adjustment for interest, net of tax, on 2025 Notes assumed converted (Non-GAAP) (h) |
— |
0.2 |
||
Adjusted after-tax earnings (Non-GAAP) (1) |
$ 40.0 |
$ 3.6 |
||
Diluted earnings/(loss) per common share (GAAP) |
$ 0.28 |
$ (0.01) |
||
Special charges per diluted share, before tax: |
||||
Argentina remeasurement losses, per diluted share |
0.01 |
0.01 |
||
Restructuring and other charges, per diluted share |
0.01 |
— |
||
COVID-19 related costs, per diluted share |
— |
0.01 |
||
Other loss, per diluted share |
0.01 |
0.01 |
||
Blue Chip Swap gain, per diluted share |
(0.08) |
— |
||
Argentina interest income, per diluted share |
(0.01) |
— |
||
Non-GAAP tax adjustments, per diluted share |
(0.01) |
— |
||
Diluted adjusted after-tax earnings per share (Non-GAAP) (1) |
$ 0.21 |
$ 0.02 |
||
Weighted average common shares outstanding - diluted (Non-GAAP) used in diluted |
191.4 |
176.0 |
||
___________________ |
|
1. |
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 special charges 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. |
a. |
Represents impact of currency fluctuations on tax assets and liabilities and long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within "Cost of sales" in our condensed consolidated statement 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. |
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. Three months ended March 31, 2022 includes $0.5 million of severance costs for management changes at certain administrative facilities and $0.4 million for miscellaneous nonrecurring costs. Three months ended March 31, 2021 consists primarily of transaction-related legal fees and miscellaneous nonrecurring costs. |
c. |
Represents legal and professional fees and other separation-related activity. |
d. |
Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. |
e. |
Three months ended March 31, 2022 and 2021 represents our 25% interest in transaction costs incurred for the Nemaska Transaction, certain project-related costs and interest expense, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statement of operations. |
f. |
Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds and is excluded from Adjusted EBITDA because it is nonrecurring. |
g. |
Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods. |
h. |
For the three months ended March 31, 2022 and 2021, $2.9 million and $2.6 million of the interest on the 2025 Notes was capitalized, respectively. |
i. |
The Company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead includes a Non-GAAP tax provision based upon the projected 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 interim 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. |
Three Months Ended March 31, |
||||
(in Millions) |
2022 |
2021 |
||
Non-GAAP tax adjustments: |
||||
Income tax expense/(benefit) on restructuring, separation-related and other corporate costs |
$ 0.1 |
$ (0.5) |
||
Foreign currency remeasurement and other discrete items |
(3.9) |
(1.1) |
||
Blue Chip Swap gain |
1.4 |
— |
||
Other discrete items |
0.2 |
1.3 |
||
Total Non-GAAP tax adjustments |
$ (2.2) |
$ (0.3) |
||
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) TO |
|||
ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP) |
|||
(Unaudited) |
|||
Three Months Ended March 31, |
|||
(in Millions) |
2022 |
2021 |
|
Cash provided by operating activities (GAAP) |
$ 10.8 |
$ 12.7 |
|
Restructuring and other charges |
0.2 |
0.2 |
|
Separation-related costs/(income) |
0.4 |
(0.7) |
|
COVID-19 related costs (a) |
0.8 |
0.9 |
|
Adjusted cash provided by operations (Non-GAAP) (1) |
$ 12.2 |
$ 13.1 |
|
___________________ |
|
1. |
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 provided by operating activities allows management and investors to compare more easily the cash flows from period to period. |
a. |
Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic-related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments. |
RECONCILIATION OF LONG-TERM DEBT (GAAP) AND CASH AND CASH EQUIVALENTS (GAAP) TO |
|||
NET DEBT (NON-GAAP) |
|||
(Unaudited) |
|||
(in Millions) |
March 31, 2022 |
December 31, 2021 |
|
Long-term debt (GAAP) (a) |
$ 240.8 |
$ 240.4 |
|
Less: Cash and cash equivalents (GAAP) |
(68.5) |
(113.0) |
|
Net debt (Non-GAAP) (1) |
$ 172.3 |
$ 127.4 |
|
___________________ |
|
1. |
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. |
a. |
As of March 31, 2022 and December 31, 2021, the Company had no debt maturing within one year. |
LIVENT CORPORATION |
|||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(Unaudited) |
|||
(in Millions) |
March 31, 2022 |
December 31, 2021 |
|
Cash and cash equivalents |
$ 68.5 |
$ 113.0 |
|
Trade receivables, net of allowance of approximately $0.3 in 2022 and $0.3 in |
105.5 |
96.4 |
|
Inventories |
150.5 |
134.6 |
|
Other current assets |
40.0 |
55.3 |
|
Total current assets |
364.5 |
399.3 |
|
Investments |
33.4 |
27.2 |
|
Property, plant and equipment, net of accumulated depreciation of $246.2 in 2022 |
737.8 |
677.9 |
|
Right of use assets - operating leases, net |
6.0 |
6.3 |
|
Deferred income taxes |
— |
0.9 |
|
Other assets |
100.9 |
90.9 |
|
Total assets |
$ 1,242.6 |
$ 1,202.5 |
|
Accounts payable, trade and other |
$ 62.2 |
$ 65.4 |
|
Other current liabilities |
55.3 |
62.9 |
|
Income taxes |
2.8 |
3.0 |
|
Total current liabilities |
120.3 |
131.3 |
|
Long-term debt |
240.8 |
240.4 |
|
Operating lease liabilities - long-term |
5.0 |
5.4 |
|
Long-term liabilities |
27.5 |
30.0 |
|
Equity |
849.0 |
795.4 |
|
Total liabilities and equity |
$ 1,242.6 |
$ 1,202.5 |
|
LIVENT CORPORATION |
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
(Unaudited) |
|||
Three Months Ended March 31, |
|||
(in Millions) |
2022 |
2021 |
|
Cash provided by operating activities |
$ 10.8 |
$ 12.7 |
|
Cash used in investing activities |
(55.4) |
(27.0) |
|
Cash provided by financing activities |
0.1 |
24.2 |
|
(Decrease)/increase in cash and cash equivalents |
(44.5) |
9.9 |
|
Cash and cash equivalents, beginning of period |
113.0 |
11.6 |
|
Cash and cash equivalents, end of period |
$ 68.5 |
$ 21.5 |
|
Контакты для СМИ: Хуан Карлос Круз +1.215.299.6725 [email protected] Контакты для инвесторов: Дэниел Розен +1.215.299.6208 [email protected]
ИСХОДНЫЕ Livent Corporation
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