PHILADELPHIA and PERTH, Australia, May 7, 2024
/PRNewswire/ --
- Solid First Quarter Results Driven by Average Realized Pricing
for Lithium Hydroxide and Carbonate of Over $20,000 / product metric ton
- On Track to Achieve $60 to 80
million of Realized Synergies / Cost Savings in 2024
- Multiple Expansions Provide Pathway to 170,000
LCEs1 of Capacity by 2026
Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, "Arcadium Lithium")
today reported results for the first quarter of 2024.
First Quarter Highlights
"Arcadium Lithium completed its first quarter as a combined
company following merger close in early 2024 and we have taken
initial steps that will allow us to deliver on the significant
value of the combination," said Paul
Graves, president and chief executive officer of Arcadium
Lithium.
"The Company achieved average realized pricing of over
$20,000 per product metric ton for
its combined hydroxide and carbonate volumes in the first
quarter. Our multi-year customer relationships and wide range
of high-quality lithium products allow us to reduce the overall
volatility of our earnings while maximizing the value per unit of
lithium sold. We see encouraging signs in the lithium market
and underlying demand fundamentals remain very strong. Prices
have increased from the cycle bottom and appear to have stabilized
at levels that are notably higher than what we saw in the last
downturn."
First quarter revenue was $261
million and reported attributable GAAP net income was
$15.6 million, or 1 cent per diluted share. Adjusted EBITDA
was $108.8 million and adjusted
earnings per diluted share2 were 6 cents.
Combined volumes in the first quarter were down versus the prior
quarter, driven primarily by a decline in spodumene sales due to
lower production at Mt. Cattlin. Prices were slightly higher
across most lithium products versus the prior quarter due to an
initial improvement in lithium market conditions, although were
down compared to the beginning of 2023.
Arcadium Lithium remains on track to realize synergy and cost
savings totaling $60 to 80 million in
2024, with most of these savings expected to be realized in the
remaining three quarters of the year. The Company has already
taken meaningful steps to lower costs, including reducing its
global workforce by approximately 11% across regions and functions
in the first quarter.
|
1
|
Lithium Carbonate
Equivalent.
|
|
2
|
Corresponds to Diluted
adjusted after-tax earnings per share in the accompanying financial
tables.
|
Capacity Expansions
"The Company is bringing into production additional capacity in
2024 according to plan while also investing in the next series of
expansions," continued Graves. "By the end of 2026, we expect
to increase total capacity to 170,000 LCEs, or over four times
production levels in 2023. This pathway to significant
near-term volume growth puts our company in a unique position
within our industry. There is no doubt that post-merger, we
are stronger and more resilient, and we remain confident investing
in our highly attractive assets throughout market cycles."
Arcadium Lithium continues to successfully commission its
completed expansions. For lithium carbonate in Argentina, the first 10,000 metric ton
expansion at Fénix is fully commissioned and producing lithium
carbonate at close to full capacity rates. The 25,000 metric
ton expansion at Olaroz is also producing lithium carbonate,
although at lower rates recognizing the longer ramp-up period
needed for conventional pond-based extraction.
For lithium hydroxide, the new 5,000 metric ton unit in Bessemer
City (U.S.) and 15,000 metric ton unit in Zhejiang (China) are undergoing qualification with key
customers. They are expected to produce commercial volumes in
2024 and to produce at close to nameplate capacities as lithium
carbonate production in Argentina
increases to feed them.
The Company remains on track to achieve a 40% increase in
combined lithium hydroxide and lithium carbonate sales volumes for
the full year, with volume growth weighted towards the second half
of 2024.
Arcadium Lithium is also advancing multiple ongoing capacity
expansions in Argentina and
Canada. This next phase of growth will add a further 95,000
metric tons of additional nameplate production capacity by the end
of 2026. In Argentina, it
includes an additional 10,000 metric tons of lithium carbonate
capacity at Fénix (1B) and 15,000
metric tons of carbonate capacity at Sal de Vida. In
Canada, it includes 32,000 metric
tons of fully integrated spodumene to lithium hydroxide production
at Nemaska Lithium and up to 40,000 metric ton LCEs of spodumene
from Galaxy (formerly "James
Bay").
In order to fund these expansions, Arcadium Lithium expects to
spend roughly $1.6 billion in growth
capital in the three years from 2024 to 2026. The Company
believes that it is in a strong position to complete these growth
projects and will adapt its expansion plans as market conditions
demand. The company has multiple available sources of
funding, with the main sources coming from currently available cash
plus free cash flow generation that will be strengthened by new
production volumes coming online. Beyond this, the Company
has a $500 million undrawn revolving
credit facility that can be expanded up to $700 million and will pursue other potential
financing options such as government loans and grants, customer
prepayments, asset level financings, or strategic partnerships.
Arcadium Lithium Contacts
Investors:
Daniel Rosen
+1 215 299 6208
daniel.rosen@livent.com
Phoebe Lee +61 413 557 780
phoebe.lee@allkem.co
Media:
Karen
Vizental +54 9 114 414 4702
karen.vizental@allkem.co
Supplemental Information
In this press release, Arcadium Lithium uses the financial
measures Adjusted EBITDA, Diluted adjusted after-tax earnings
per share, and Adjusted cash provided by operations. 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.arcadiumlithium.com. Such reconciliations are
also set forth in the financial tables that accompany this press
release.
About Arcadium Lithium
Arcadium Lithium is a leading global lithium chemicals producer
committed to safely and responsibly harnessing the power of lithium
to improve people's lives and accelerate the transition to a clean
energy future. We collaborate with our customers to drive
innovation and power a more sustainable world in which lithium
enables exciting possibilities for renewable energy, electric
transportation and modern life. Arcadium Lithium is
vertically integrated, with industry-leading capabilities across
lithium extraction processes, including hard-rock mining,
conventional brine extraction and direct lithium extraction (DLE),
and in lithium chemicals manufacturing for high performance
applications. We have operations around the world, with facilities
and projects in Argentina,
Australia, Canada, China, Japan,
the United Kingdom and the United
States. For more information, please visit us at
www.ArcadiumLithium.com.
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 Arcadium Lithium
based on currently available information. There are important
factors that could cause Arcadium Lithium'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, including
the factors described under the caption entitled "Risk Factors" in
Arcadium Lithium's 2023 Form 10-K filed with the Securities and
Exchange Commission ("SEC") on February 29,
2024, as well as Arcadium Lithium's other SEC filings and
public communications. Although Arcadium Lithium believes the
expectations reflected in the forward-looking statements are
reasonable, Arcadium Lithium cannot guarantee future results, level
of activity, performance or achievements. Moreover, neither
Arcadium Lithium nor any other person assumes responsibility for
the accuracy and completeness of any of these forward-looking
statements. Arcadium Lithium 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.
|
ARCADIUM LITHIUM
PLC
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in
millions, except per share data)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023 (1)
|
|
Revenue
|
$
261.2
|
|
$
253.5
|
|
Costs of
sales
|
116.8
|
|
87.5
|
|
Gross
margin
|
144.4
|
|
166.0
|
|
Selling, general and
administrative expenses
|
39.9
|
|
16.3
|
|
Research and
development expenses
|
1.1
|
|
1.0
|
|
Restructuring and other
charges
|
83.6
|
|
1.9
|
|
Total costs and
expenses
|
241.4
|
|
106.7
|
|
Income from operations
before equity in net loss of unconsolidated affiliate, interest
income, net, loss on debt extinguishment and other gain
|
19.8
|
|
146.8
|
|
Equity in net loss of
unconsolidated affiliate
|
—
|
|
8.1
|
|
Interest income,
net
|
(11.0)
|
|
—
|
|
Loss on debt
extinguishment
|
0.2
|
|
—
|
|
Other gain
|
(43.1)
|
|
—
|
|
Income from operations
before income taxes
|
73.7
|
|
138.7
|
|
Income tax
expense
|
53.8
|
|
23.9
|
|
Net income
|
$
19.9
|
|
$
114.8
|
|
Net income attributable
to noncontrolling interests
|
4.3
|
|
—
|
|
Net income attributable
to Arcadium Lithium plc
|
$
15.6
|
|
$
114.8
|
|
Basic earnings per
ordinary share
|
$
0.01
|
|
$
0.27
|
|
Diluted earnings per
ordinary share
|
$
0.01
|
|
$
0.23
|
|
Weighted average
ordinary shares outstanding - basic
|
1,053.4
|
|
432.0
|
|
Weighted average
ordinary shares outstanding - diluted
|
1,122.1
|
|
503.3
|
|
_______________________
|
|
1.
|
For the three months
ended March 31, 2023, basic and diluted earnings per ordinary share
and weighted average ordinary shares outstanding - basic and
diluted amounts represent predecessor Livent and have been adjusted
to reflect the 2.406 Exchange Ratio. Represents the results of
predecessor Livent's operations for three months ended March 31,
2023 which do not include the operations of Allkem.
|
|
ARCADIUM LITHIUM
PLC
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF
NET INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC (GAAP) TO ADJUSTED
EBITDA (NON-GAAP)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
(in
Millions)
|
2024
|
|
2023 (1)
|
|
Net income attributable
to Arcadium Lithium plc
|
$
15.6
|
|
$
114.8
|
|
Add back:
|
|
|
|
|
Net income attributable
to noncontrolling interests
|
4.3
|
|
—
|
|
Interest income,
net
|
(11.0)
|
|
—
|
|
Income tax
expense
|
53.8
|
|
23.9
|
|
Depreciation and
amortization
|
17.2
|
|
6.8
|
|
EBITDA (Non-GAAP)
(2)
|
79.9
|
|
145.5
|
|
Add back:
|
|
|
|
|
Argentina remeasurement
(gains)/losses (a)
|
(38.6)
|
|
4.1
|
|
Restructuring and other
charges (b)
|
83.6
|
|
1.9
|
|
Loss on debt
extinguishment (c)
|
0.2
|
|
—
|
|
Inventory step-up,
Allkem Livent Merger (d)
|
15.8
|
|
—
|
|
Other (gain)/loss
(e)
|
(12.4)
|
|
5.9
|
|
Subtract:
|
|
|
|
|
Blue Chip Swap gain
(f)
|
(19.7)
|
|
—
|
|
Adjusted EBITDA
(Non-GAAP) (2)
|
$
108.8
|
|
$
157.4
|
|
__________________
|
|
1.
|
Represents the results
of predecessor Livent's operations for three months ended March 31,
2023 which do not include the operations of Allkem.
|
|
2.
|
We evaluate operating
performance using certain Non-GAAP measures such as EBITDA, which
we define as net income attributable to Arcadium Lithium plc plus
noncontrolling interests, interest expense, net, income tax expense
and depreciation and amortization; and Adjusted EBITDA, which we
define as EBITDA adjusted for Argentina remeasurement losses,
restructuring and other charges, Merger-related inventory step-up,
certain Blue Chip Swap gains and 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 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.
|
|
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
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.
|
|
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. Severance-related and exit costs were $10.9 million and $1.7
million for the three months ended March 31, 2024 and 2023,
respectively. The three months ended March 31, 2024 also includes
integration costs related to the Allkem Livent Merger of $67.0
million.
|
|
c.
|
Represents the partial
write-off of deferred financing costs for amendments to the
Revolving Credit Facility excluded from our calculation of Adjusted
EBITDA because the loss is nonrecurring.
|
|
d.
|
Relates to the step-up
in inventory recorded for Allkem Livent Merger for the three months
ended March 31, 2024 as a result of purchase accounting, excluded
from Adjusted EBITDA as the step-up is considered a one-time,
non-recurring cost.
|
|
e.
|
The three months ended
March 31, 2024 primarily represents foreign currency remeasurement
gains related to U.S. dollar denominated cash balances temporarily
held at a foreign currency-functional subsidiary. The three months
ended March 31, 2023, prior to consolidation of Nemaska Lithium
Inc. ("NLI") on October 18, 2023, represents our 50% ownership
interest in costs incurred for certain project-related costs to
align NLI's reported results with Arcadium's capitalization
policies and interest expense incurred by NLI, all included in
Equity in net loss of unconsolidated affiliate in our condensed
consolidated statements of operations. The Company consolidates NLI
on a one-quarter lag basis and prior to October 18, 2023, accounted
for its equity method investment in NLI on a one-quarter lag
basis.
|
|
f.
|
Represents
non-recurring gain from the sale in Argentina pesos of Argentina
Sovereign U.S. dollar-denominated bonds.
|
|
RECONCILIATION OF
NET INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC (GAAP)
TO
ADJUSTED AFTER-TAX
EARNINGS (NON-GAAP)
(Unaudited)
|
|
|
(in Millions, Except
Per Share Data)
|
Three Months Ended
March 31,
|
|
2024
|
|
2023 (1)
|
|
Net income attributable
to Arcadium Lithium plc
|
$
15.6
|
|
$
114.8
|
|
Special
charges:
|
|
|
|
|
Argentina
remeasurement (gains)/losses (a)
|
(38.6)
|
|
4.1
|
|
Restructuring and
other charges (b)
|
83.6
|
|
1.9
|
|
Loss on debt
extinguishment (c)
|
0.2
|
|
—
|
|
Inventory step-up,
Allkem Livent Merger (d)
|
15.8
|
|
—
|
|
Other (gain)/loss
(e)
|
(12.4)
|
|
5.9
|
|
Blue Chip Swap gain
(f)
|
(19.7)
|
|
—
|
|
Non-GAAP tax
adjustments (g)
|
28.2
|
|
(0.7)
|
|
Adjusted after-tax
earnings (Non-GAAP) (2)
|
$
72.7
|
|
$
126.0
|
|
|
|
|
|
Diluted earnings per
ordinary share (GAAP)
|
$
0.01
|
|
$
0.23
|
|
Special charges per
diluted share, before tax:
|
|
|
|
|
Argentina
remeasurement losses, per diluted share
|
(0.03)
|
|
0.01
|
|
Restructuring and
other charges, per diluted share
|
0.07
|
|
—
|
|
Inventory step-up,
Allkem Livent Merger, per diluted share
|
0.01
|
|
—
|
|
Other loss, per
diluted share
|
(0.01)
|
|
0.01
|
|
Blue Chip Swap gain,
per diluted share
|
(0.02)
|
|
—
|
|
Non-GAAP tax
adjustments, per diluted share
|
0.03
|
|
—
|
|
Diluted adjusted
after-tax earnings per share (Non-GAAP) (2)
|
$
0.06
|
|
$
0.25
|
|
Weighted average
ordinary shares outstanding - diluted (Non-GAAP) used in diluted
adjusted after-tax earnings per share computations
|
1,122.1
|
|
503.3
|
|
___________________
|
|
1.
|
For the three months
ended March 31, 2023, diluted earnings per ordinary share
(GAAP), weighted average ordinary shares outstanding - diluted
(Non-GAAP) and all per diluted share amounts represent predecessor
Livent and have been adjusted to reflect the 2.406 Exchange Ratio.
Represents the results of predecessor Livent's operations for three
months ended March 31, 2023 which do not include the operations of
Allkem.
|
|
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.
|
|
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
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.
|
|
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. Severance-related and exit costs were $10.9 million and $1.7
million for the three months ended March 31, 2024 and 2023,
respectively. The three months ended March 31, 2024 also includes
integration costs related to the Alkem Livent Merger of $67.0
million.
|
|
c.
|
Represents the partial
write-off of deferred financing costs for amendments to the
Revolving Credit Facility excluded from our calculation of Adjusted
EBITDA because the loss is nonrecurring.
|
|
d.
|
Relates to the step-up
in inventory recorded for Allkem Livent Merger for the three months
ended March 31, 2024 as a result of purchase accounting, excluded
from Adjusted EBITDA as the step-up is considered a one-time,
non-recurring item.
|
|
e.
|
The three months ended
March 31, 2024 primarily represents foreign currency remeasurement
gains related to U.S. dollar-denominated cash balances temporarily
held at a foreign currency-functional subsidiary. The three months
ended March 31, 2023, prior to consolidation of Nemaska
Lithium Inc. ("NLI") on October 18, 2023, represents our 50%
ownership interest in costs incurred for certain project-related
costs to align NLI's reported results with Arcadium's
capitalization policies and interest expense incurred by NLI, all
included in Equity in net loss of unconsolidated affiliate in our
condensed consolidated statements of operations. The Company
consolidates NLI on a one-quarter lag basis and prior to October
18, 2023, accounted for its equity method investment in NLI on a
one-quarter lag basis.
|
|
f.
|
Represents the
non-recurring gain from the sale in Argentina pesos of Argentina
Sovereign U.S. dollar-denominated bonds.
|
|
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.
|
|
Three Months Ended
March 31,
|
|
(in
Millions)
|
2024
|
|
2023
|
|
Non-GAAP tax
adjustments:
|
|
|
|
|
Income tax benefit on
restructuring and other charges and other corporate
costs
|
$
(17.5)
|
|
$
(0.5)
|
|
Revisions to our tax
liabilities due to finalization of prior year tax
returns
|
1.0
|
|
—
|
|
Foreign currency
remeasurement (net of valuation allowance) and other discrete
items
|
38.3
|
|
1.2
|
|
Blue Chip Swap
gain
|
4.6
|
|
—
|
|
Other discrete
items
|
1.8
|
|
(1.4)
|
|
Total Non-GAAP tax
adjustments
|
$
28.2
|
|
$
(0.7)
|
|
RECONCILIATION OF
CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (GAAP)
TO
ADJUSTED CASH
PROVIDED BY OPERATIONS (NON-GAAP)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
(in
Millions)
|
2024
|
|
2023 (1)
|
|
Cash (used in)/provided
by operating activities (GAAP)
|
$
(91.9)
|
|
$
102.9
|
|
Restructuring and
other charges
|
126.7
|
|
1.3
|
|
Adjusted cash provided
by operations (Non-GAAP) (2)
|
$
34.8
|
|
$
104.2
|
|
___________________
|
|
1.
|
Represents the results
of predecessor Livent's operations for three months ended March 31,
2023 which do not include the operations of Allkem.
|
|
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)
|
|
|
(in
Millions)
|
March 31,
2024
|
|
December 31, 2023
(1)
|
|
Long-term debt
(including current maturities) (GAAP) (a)
|
$
583.3
|
|
$
302.0
|
|
Less: Cash and cash
equivalents (GAAP)
|
(472.7)
|
|
(237.6)
|
|
Net debt (Non-GAAP)
(2)
|
$
110.6
|
|
$
64.4
|
|
___________________
|
|
1.
|
Represents the
financial position of predecessor Livent as of December 31, 2023,
which does not include the financial position of Allkem.
|
|
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.
|
|
a.
|
Presented net of
unamortized discounts of $22.2 million as of
March 31, 2024 and December 31, 2023.
|
|
ARCADIUM LITHIUM
PLC
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
(in
Millions)
|
March 31,
2024
|
|
December 31, 2023
(1)
|
|
Cash and cash
equivalents
|
$
472.7
|
|
$
237.6
|
|
Trade receivables, net
of allowance of approximately $0.1 in 2024 and $0.3 in
2023
|
93.5
|
|
106.7
|
|
Inventories
|
328.8
|
|
217.5
|
|
Other current
assets
|
165.7
|
|
86.4
|
|
Total current
assets
|
1,060.7
|
|
648.2
|
|
Investments
|
38.6
|
|
34.8
|
|
Property, plant and
equipment, net of accumulated depreciation of $279.1 in 2024 and
$269.1 in 2023
|
6,793.7
|
|
2,237.1
|
|
Right of use assets -
operating leases, net
|
55.6
|
|
6.8
|
|
Goodwill
|
1,309.9
|
|
120.7
|
|
Other intangibles,
net
|
56.8
|
|
53.4
|
|
Deferred income
taxes
|
35.9
|
|
1.4
|
|
Other assets
|
442.1
|
|
127.7
|
|
Total assets
|
$
9,793.3
|
|
$
3,230.1
|
|
|
|
|
|
Total current
liabilities
|
534.5
|
|
268.6
|
|
Long-term
debt
|
502.7
|
|
299.6
|
|
Contract liabilities -
long-term
|
218.3
|
|
217.8
|
|
Other long-term
liabilities
|
1,575.5
|
|
160.3
|
|
Total Arcadium Lithium
plc shareholders' equity
|
6,183.4
|
|
1,784.2
|
|
Noncontrolling
interests
|
778.9
|
|
499.6
|
|
Total liabilities and
equity
|
$
9,793.3
|
|
$
3,230.1
|
|
___________________
|
|
1.
|
Represents the
financial position of predecessor Livent as of December 31, 2023,
which does not include the financial position of Allkem.
|
|
ARCADIUM LITHIUM
PLC
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
(in
Millions)
|
2024
|
|
2023 (1)
|
|
Cash (used in)/provided
by operating activities
|
$
(91.9)
|
|
$
102.9
|
|
Cash provided by/(used
in) investing activities
|
365.3
|
|
(98.1)
|
|
Cash used in financing
activities
|
(21.6)
|
|
(0.1)
|
|
Effect of exchange rate
changes on cash
|
(16.7)
|
|
0.4
|
|
Increase in cash and
cash equivalents
|
235.1
|
|
5.1
|
|
Cash and cash
equivalents, beginning of period
|
237.6
|
|
189.0
|
|
Cash and cash
equivalents, end of period
|
$
472.7
|
|
$
194.1
|
|
___________________
|
|
1.
|
Represents the results
of predecessor Livent's operations for three months ended March 31,
2023 which do not include the operations of Allkem.
|
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SOURCE Arcadium Lithium PLC