Financial Performance - Livent reported Q3 2022 revenue of $232 million, with adjusted EBITDA of $111 million, a significant increase from $15 million a year ago and $95 million in the previous quarter [7][13]. - Adjusted EBITDA was 70% higher than the prior quarter and over seven times higher than the prior year, driven by strong pricing and favorable market conditions [14][15]. - The company ended the quarter with $212 million in cash, including $198 million in prepayments from General Motors related to a lithium hydroxide supply agreement starting in 2025 [16]. Business Line Performance - Livent's lithium hydroxide expansion in Bessemer City was completed in Q3, with production ramp-up expected to align with the completion of carbonate expansion in Argentina [10][44]. - The company anticipates producing approximately 6,000 metric tons of incremental lithium carbonate equivalent (LCE) volume in 2023, representing a 25% annual increase starting in Q2 [11][39]. Market Dynamics - Lithium demand remains strong, with China EV sales reaching 4.5 million units in the first nine months of 2022, more than double the previous year [28]. - The lithium market is tight, with limited inventory and high bid prices for uncommitted feedstock, indicating ongoing supply constraints [29][30]. - Despite potential economic slowdowns, lithium demand growth has exceeded forecasts, supported by government policies promoting electrification [34][37]. Company Strategy and Industry Position - Livent is focused on expanding its production capacity, with significant investments planned through 2024, including a $1 billion investment plan [42][25]. - The company is well-positioned to benefit from regionalization efforts in North America, particularly with the Nemaska project, which aims to establish a localized supply chain [54][46]. - Livent's commitment to sustainability and responsible mining practices is recognized, enhancing its reputation in the industry [59][57]. Management Commentary - Management expressed confidence in the continued strong pricing environment for lithium, despite potential fluctuations in demand due to economic conditions [20][36]. - The company is adapting its commercial strategy to engage more closely with customers, recognizing the importance of securing lithium supply amid rising demand [65][71]. Other Important Information - Livent's capital spending for 2022 is projected to be between $300 million and $340 million, with an increase expected in 2023 as expansion projects progress [25][42]. - The company is evaluating financing options for the Nemaska project, which is expected to have a total capital expenditure of around $1 billion [48][50]. Q&A Session Summary Question: How is the demand-supply dynamic influencing procurement strategies of major OEMs? - Management noted that OEMs are increasingly aware of their reliance on lithium supply and are adjusting their strategies accordingly, seeking more flexible sourcing options [65][71]. Question: Can you elaborate on the new Chief Strategy Officer's role? - The new hire will lead Livent's efforts in Canada and contribute to various strategic areas, including recycling and product mix decisions [72][75]. Question: What is the current status of the Nemaska project and its capital expenditure? - The capital expenditure estimate remains at $1 billion, with construction expected to begin in early 2023 [78][80]. Question: How will the pricing structure evolve with new contracts? - Management anticipates a shift away from fixed-price contracts towards market-based pricing as contracts roll over [86][88]. Question: What is the outlook for lithium prices and average selling prices in 2023? - Management expects average realized prices to increase in 2023, driven by higher volumes and market conditions, but refrained from providing specific figures [118][122].

Q3 2022 Earnings Presentation 11.1.22 Safe HarborStatement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this earnings presentation 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," "po ...

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↔ Livent Q4 2022 Earnings Presentation 2.14.23 Safe HarborStatement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this earnings presentation 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," "proje ...

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