Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage companies [1][2][3] Valuation Metrics - The P/S ratio compares a company's market capitalization to its revenues, providing a clearer picture of value when earnings are minimal or volatile [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7] Investment Opportunities - Companies like Oshkosh Corporation (OSK), EPAM Systems, Inc. (EPAM), Green Dot (GDOT), The Mosaic Company (MOS), and PagSeguro Digital (PAGS) have low P/S ratios and strong growth drivers, making them attractive for investors [4][10] - Each of these companies combines low P/S ratios with strong fundamentals such as innovation, cost control, or digital expansion [10] Company Profiles - **Oshkosh Corporation (OSK)**: Engaged in designing and manufacturing custom-built vehicles, with a focus on electrification and strategic acquisitions to enhance its market presence. Currently holds a Value Score of B and Zacks Rank 1 [12][13] - **EPAM Systems, Inc. (EPAM)**: Provides software engineering and IT consulting services, benefiting from digital transformation and strategic acquisitions. Holds a Value Score of B and Zacks Rank 2 [14][15] - **Green Dot (GDOT)**: A leader in prepaid cards and Banking-as-a-Service, with a strong balance sheet and significant cash reserves. Holds a Value Score of A and Zacks Rank 1 [16][17] - **The Mosaic Company (MOS)**: A major producer of phosphate and potash, benefiting from strong demand in agriculture and cost transformation efforts. Holds a Value Score of A and Zacks Rank 2 [18][20] - **PagSeguro Digital (PAGS)**: Offers a suite of financial solutions in Brazil, focusing on digital banking and sustainable growth. Holds a Value Score of A and Zacks Rank 2 [21][22]

Core Viewpoint - Mosaic (MOS) has shown a recent price increase and analysts suggest significant upside potential based on price targets, with a mean target indicating a 26.5% increase from the current price [1][2]. Price Targets and Analyst Estimates - The mean estimate for MOS comprises 16 short-term price targets with a standard deviation of $5.13, indicating variability among analysts [2]. - The lowest price target is $33.00, suggesting a 2.6% increase, while the highest target is $49.00, indicating a potential surge of 52.4% [2]. - Analysts' consensus on price targets should be approached with caution, as historical data shows that these targets often mislead investors [3][7]. Earnings Estimates and Analyst Agreement - Strong agreement among analysts regarding MOS's earnings prospects is a positive indicator for potential stock upside, as reflected in recent upward revisions of earnings estimates [4][11]. - The Zacks Consensus Estimate for the current year has increased by 7% over the past month, with four estimates revised upward and no negative revisions [12]. - MOS holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, further supporting its potential upside [13]. Conclusion on Price Movement - While the consensus price target may not reliably indicate the extent of potential gains for MOS, the direction implied by these targets appears to be a useful guide for investors [14].

Industry Overview - The global fertilizer industry is crucial for food security, with major players like Nutrien, Yara International, and Mosaic leading the market [1][3] - The industry is transitioning from conventional chemical fertilizers to bio-organic solutions, driven by the need for sustainable agricultural practices [4][21] Company Profile: Elite Gree - Elite Gree is a premium organic fertilizer producer that combines advanced biotechnology with international standards to enhance agricultural productivity [1][22] - The company focuses on patented bio-organic formulas and a commitment to green development, positioning itself as a rising name among top fertilizer manufacturers [2][20] Competitive Advantages - Elite Gree specializes in 100% organic and bio-organic fertilizers, differentiating itself from traditional chemical-based solutions [19] - The company utilizes patented biotechnology and intellectual property rights to offer unique products that are not easily replicated [19][20] - A farmer-centric approach emphasizes real-world benefits such as higher yields, greater profits, and improved soil health [20] Research and Development - Founded by an industry expert with extensive experience in international agricultural corporations, particularly in Israel [16] - Supported by a team of agronomists and biotechnologists, Elite Gree engages in continuous R&D to meet market demands and global quality standards [16] Market Strategy - Elite Gree has established a strong nationwide distribution network in Vietnam and aims for ambitious expansion into international markets [18] - The company is committed to supporting sustainable agriculture and green development, aligning with global trends towards eco-friendly practices [20][22]

Group 1: Company Performance - The Mosaic Company (MOS) reported improved potash sales volumes in Q2, totaling 2.3 million tons, up from 2.1 million tons in the previous quarter due to increased production [1][7] - MOS raised its full-year 2025 potash production guidance to between 9.3 million and 9.5 million tons, driven by stronger market conditions and demand [2][7] - The Esterhazy Hydrofloat project, which added 400,000 tons in milling capacity, is complete and began production in July 2025, with further ramp-up expected by year-end [3][7] Group 2: Industry Comparison - Nutrien Ltd. (NTR) reported potash sales volumes of approximately 3.99 million tons in Q2, achieving record highs due to favorable affordability and robust consumption [4] - Intrepid Potash, Inc. (IPI) experienced a 25% increase in potash sales volumes to 69,000 tons, driven by production increases, and expects production of 270,000-280,000 tons for full-year 2025 [5] Group 3: Financial Metrics - MOS stock has gained 32.6% year-to-date, outperforming the Zacks Fertilizers industry, which rose by 18% [6] - The Zacks Consensus Estimate for MOS' earnings implies a year-over-year rise of 60.1% for 2025, followed by an 11.8% decline in 2026, with EPS estimates trending higher over the past 60 days [8] - MOS is currently trading at a forward 12-month earnings multiple of 11.18, which is about 14.1% lower than the industry average of 13.01X [9]

Market Overview - Wall Street has continued its bull run in 2025, with the S&P 500 recording 20 all-time highs year to date, including five in August alone [1] - Historically, September is the worst-performing month for U.S. equities, with an average decline of 0.7% since 1950, and a more pronounced average decline of 2% over the last 10 years [2] Investment Recommendations - It is advisable to invest in low-beta, high-yielding stocks with a favorable Zacks Rank, including Assurant Inc. (AIZ), Hasbro Inc. (HAS), The Mosaic Co. (MOS), Virtu Financial Inc. (VIRT), and Houlihan Lokey Inc. (HLI), all of which have a Zacks Rank 1 (Strong Buy) [3][10] Assurant Inc. (AIZ) - Assurant is focused on both inorganic and organic growth strategies, expecting adjusted EBITDA to increase modestly in 2025, driven by improved performance in Global Housing and growth in Global Lifestyle [13] - The company has an expected revenue growth rate of 5.7% and an earnings growth rate of 5.8% for the current year, with a Zacks Consensus Estimate for earnings improving by 7.6% over the last 30 days [15] Hasbro Inc. (HAS) - Hasbro is concentrating on high-margin segments such as Wizards, Licensing, and Digital, which are expected to support bottom-line growth [16] - The company anticipates that digital gaming and licensing partnerships will contribute about 25% of corporate revenues by 2027, with an expected revenue growth rate of 6.6% and an earnings growth rate of 21.5% for the current year [19] The Mosaic Co. (MOS) - The Mosaic is expected to benefit from higher demand for fertilizers, with strong grower economics and crop commodity prices driving global fertilizer demand [20] - The company has an expected revenue growth rate of 16.4% and an earnings growth rate of 60.1% for the current year, with a Zacks Consensus Estimate for earnings improving by 13.2% over the last 30 days [22] Virtu Financial Inc. (VIRT) - Virtu Financial's diversified business model supports sustainable long-term growth, with ongoing cost-control initiatives improving adjusted net margins [24] - The company has an expected revenue growth rate of 18.9% and an earnings growth rate of 33.8% for the current year, with a Zacks Consensus Estimate for earnings improving by 17.9% over the last 60 days [25] Houlihan Lokey Inc. (HLI) - Houlihan Lokey is a global investment bank specializing in mergers and acquisitions, capital solutions, and financial advisory services [26] - The company has an expected revenue growth rate of 13.1% and an earnings growth rate of 21.9% for the current year, with a Zacks Consensus Estimate for earnings improving by 6.7% over the last 60 days [27]

Company Overview - The Mosaic Company (MOS) has agreed to sell its Brazilian potash unit, Mosaic Potassio Mineracao Ltda (MPM), to VL Mineracao Ltda for up to $27 million, which includes $12 million at closing, $10 million one year later, and $5 million over the next six years [1][8] - VL Mineracao will also assume approximately $22 million in asset retirement obligations associated with the mine [1][8] Transaction Details - The sale is subject to approval from Brazil's Administrative Council for Economic Defense (CADE) and is expected to be completed by year-end 2025 [2] - Mosaic anticipates a book loss of $50–$70 million from this transaction [2][8] - Starting in the third quarter, Mosaic will classify the asset as "held for sale" [2] Operational Insights - The Taquari mine requires over $25 million in capital inputs to ensure sustained viability, and Mosaic believes that these funds could be better utilized elsewhere within the company [3] - VL Mineracao is committed to investing in the Taquari operations to benefit the local economy and community [3] Industry Context - For full-year 2025, Mosaic expects phosphate production volumes to be between 6.9 million and 7.2 million tons, while potash production is projected at 9.3 million to 9.5 million tons [4] - Mosaic Fertilizantes sales volumes are anticipated to be at the lower end of the 10-10.8 million ton range [4] - Nutrien projects retail adjusted EBITDA of $1.65 to $1.85 billion for 2025, driven by stronger sales in North America and improved conditions in Brazil and Australia [5] - CF Industries indicates a favorable global nitrogen supply-demand balance, with Brazil expected to import over 5 million metric tons of urea [6] - Interpid Potash reports ongoing pricing support in the potash market due to strong fundamentals [7]

Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage companies [1][2][3] Valuation Metrics - The P/S ratio compares a company's market capitalization to its revenues, providing a clearer picture of value when earnings are minimal or volatile [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7] Investment Opportunities - Low P/S stocks can offer compelling opportunities for growth at a discount, especially when combined with strong fundamentals and positive business momentum [3][10] - Companies such as Janus Henderson Group plc (JHG), The Greenbrier Companies, Inc. (GBX), Precision Drilling (PDS), The Mosaic Company (MOS), and PagSeguro Digital (PAGS) have low P/S ratios and potential for higher returns [4][10] Company Profiles - **Janus Henderson Group plc (JHG)**: A global asset management firm with a strong balance sheet and positive net inflows, positioned for long-term value creation [13] - **The Greenbrier Companies, Inc. (GBX)**: A leading supplier in freight transportation markets, benefiting from strong market demand and a profitable leasing business [15] - **Precision Drilling (PDS)**: An oilfield services company with a positive outlook supported by U.S. drilling activity and strategic expansions [17] - **The Mosaic Company (MOS)**: A major producer of phosphate and potash, experiencing strong demand and improving cost structures [20] - **PagSeguro Digital (PAGS)**: A financial services provider in Brazil, enhancing its digital banking platform and focusing on sustainable growth [22]

Core Insights - The Mosaic Company has partnered with Integrated Environmental Technology (IET) to implement IETLink, a telemetry solution aimed at enhancing wastewater monitoring through real-time data access, reflecting Mosaic's commitment to innovation and environmental stewardship [1][2]. Group 1: Partnership and Technology - The collaboration with IETLink allows Mosaic to explore new technology that aligns with its sustainability goals, providing field teams with better real-time data [2]. - IETLink features a cloud-based dashboard that streams data from sensors to desktops and mobile devices, enabling immediate access to environmental indicators [2][3]. - Unlike traditional SCADA systems, IETLink is designed to be lightweight, flexible, and durable, facilitating proactive decision-making and improving site responsiveness [2][3]. Group 2: Operational Benefits - The Mosaic-IETLink collaboration is currently active at select Mosaic sites, with a white paper on deployment outcomes and operational benefits set to be released on November 1, 2025 [3]. - IETLink aims to provide real-time, actionable insights, helping operators reduce downtime and avoid emergencies while enhancing asset monetization [3]. Group 3: Company Background - The Mosaic Company is a leading producer and marketer of concentrated phosphate and potash crop nutrients, focusing on sustainable agricultural solutions through its Mosaic Biosciences platform [5]. - IETLink specializes in advanced environmental monitoring and telemetry systems, aiming to enhance sustainability and operational efficiency in various applications [4].

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company achieved a significant profit turnaround in Q2 2025 driven by higher sales, though operating cash flow declined Condensed Consolidated Statements of Earnings (Loss) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $3,005.7 M | $2,816.6 M | $5,626.6 M | $5,496.0 M | | **Gross Margin** | $518.6 M | $394.0 M | $1,007.0 M | $793.2 M | | **Operating Earnings** | $244.4 M | $233.3 M | $582.9 M | $406.2 M | | **Net Earnings (Loss) attributable to Mosaic** | $410.7 M | $(161.5) M | $648.8 M | $(116.3) M | | **Diluted EPS attributable to Mosaic** | $1.29 | $(0.50) | $2.04 | $(0.36) | Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $5,017.9 M | $4,498.3 M | | **Total Assets** | $24,304.8 M | $22,924.0 M | | **Total Current Liabilities** | $4,416.7 M | $4,171.3 M | | **Long-term Debt** | $3,331.3 M | $3,332.3 M | | **Total Equity** | $12,584.6 M | $11,614.7 M | Condensed Consolidated Statements of Cash Flows | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $652.4 M | $767.0 M | | **Net cash used in investing activities** | $(659.3) M | $(736.8) M | | **Net cash used in financing activities** | $(13.2) M | $(30.7) M | | **Capital expenditures** | $(645.4) M | $(716.9) M | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail business segments, financing arrangements, significant liabilities like Asset Retirement Obligations, and legal contingencies - The company operates through three main segments: **Phosphates** (Florida mines, Louisiana plants), **Potash** (Canada, U.S. mines), and **Mosaic Fertilizantes** (Brazil assets)[24](index=24&type=chunk) - On May 16, 2025, the company amended its five-year credit facility, increasing it to **$2.5 billion** and extending the maturity to May 16, 2030[44](index=44&type=chunk) - Total Asset Retirement Obligations (AROs) were **$2.59 billion** as of June 30, 2025, a slight increase from $2.57 billion at the end of 2024, with a majority related to Gypstack closure costs[57](index=57&type=chunk)[58](index=58&type=chunk) - The company faces significant legal and tax contingencies in Brazil, with potential liability for non-income tax matters estimated at **$700.5 million** and for labor claims at **$401.3 million**[98](index=98&type=chunk)[100](index=100&type=chunk) - **No share repurchases** were made in the first six months of 2025, compared to the repurchase of **5.2 million shares for approximately $160.4 million** in the same period of 2024[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income recovered strongly in Q2 2025 due to higher selling prices, favorable currency movements, and investment gains [Consolidated Results of Operations](index=28&type=section&id=Consolidated%20Results%20of%20Operations) Q2 2025 net income surged due to higher gross margin, a significant foreign currency gain, and an unrealized investment gain Consolidated Financial Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $3,005.7 M | $2,816.6 M | 7% | | **Gross Margin** | $518.6 M | $394.0 M | 32% | | **Operating Earnings** | $244.4 M | $233.3 M | 5% | | **Net Earnings (Loss) to Mosaic** | $410.7 M | $(161.5) M | NM | | **Foreign Currency Gain (Loss)** | $169.4 M | $(267.9) M | NM | [Segment Performance](index=31&type=section&id=Segment%20Performance) Performance varied by segment in Q2 2025, with strong growth in Mosaic Fertilizantes and Potash offsetting a decline in Phosphates Phosphate Segment Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,173.0 M | $1,179.5 M | (1)% | | **Gross Margin** | $103.0 M | $153.7 M | (33)% | | **Sales Volumes (k tonnes)** | 1,546 | 1,696 | (9)% | | **Avg. Selling Price ($/tonne)** | $665 | $578 | 15% | | **Sulfur Cost ($/long ton)** | $209 | $138 | 51% | Potash Segment Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $710.5 M | $663.1 M | 7% | | **Gross Margin** | $209.4 M | $186.4 M | 12% | | **Sales Volumes (k tonnes)** | 2,343 | 2,346 | 0% | | **Avg. Selling Price ($/tonne)** | $274 | $240 | 14% | Mosaic Fertilizantes Segment Highlights (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Sales** | $1,174.9 M | $1,048.9 M | 12% | | **Gross Margin** | $161.7 M | $101.8 M | 59% | | **Sales Volumes (k tonnes)** | 2,232 | 2,196 | 2% | | **Avg. Selling Price ($/tonne)** | $474 | $423 | 12% | [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position, though operating cash flow decreased due to higher inventory levels - The company targets a liquidity buffer of up to **$3.0 billion**, including cash and available credit lines[187](index=187&type=chunk) Cash Flow Summary (Six Months Ended June 30) | Cash Flow | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating Activities** | $652.4 M | $767.0 M | $(114.6) M | | **Investing Activities** | $(659.3) M | $(736.8) M | $77.5 M | | **Financing Activities** | $(13.2) M | $(30.7) M | $17.5 M | - The decrease in operating cash flow was primarily driven by a **$378.1 million increase in inventories**, reflecting higher volumes and raw material prices[192](index=192&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from currency, interest rates, and commodities using derivative instruments - Primary foreign currency exposures are the **Canadian dollar and Brazilian real**, which the company hedges up to 18 months and 12 months, respectively[205](index=205&type=chunk) Fair Value of Derivative Instruments | Derivative Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Foreign Currency Contracts** | $27.6 M | $(82.6) M | | **Natural Gas Contracts** | $(0.1) M | $(1.8) M | [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[211](index=211&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[212](index=212&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is engaged in legal proceedings concerning countervailing duties, a class action lawsuit, and environmental matters - The company is actively involved in litigation to uphold the **countervailing duty (CVD) orders** on phosphate fertilizers from Morocco and Russia, with multiple administrative reviews and appeals ongoing[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) - A putative class action lawsuit (Cruz Litigation) alleges elevated radiation levels on reclaimed mining land; the company's motion to dismiss was denied and it intends to continue a **vigorous defense**[218](index=218&type=chunk)[220](index=220&type=chunk) - An EPA action regarding the Faustina Plant's Risk Management Plan was **settled via a Consent Agreement**, which included a penalty payment of $217,085[221](index=221&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) Important risk factors are detailed in the company's 2024 Annual Report on Form 10-K - The company's risk factors are detailed in its **2024 Form 10-K report**[223](index=223&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the second quarter of 2025 - **No shares of common stock were purchased** under the company's repurchase programs during the quarter ended June 30, 2025[225](index=225&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) A senior executive established a Rule 10b5-1 trading plan for the potential sale of company stock - A senior executive, Walter Precourt, entered into a **Rule 10b5-1 trading plan** to sell up to 12,000 shares of common stock[227](index=227&type=chunk)

Financial Data and Key Metrics Changes - The company generated net income of $411 million and adjusted EBITDA of $566 million in Q2 2025, compared to a net loss of $162 million and adjusted EBITDA of $584 million in the same quarter of 2024 [7][25][26] - The dollar lost value against most currencies, contributing positively to net income by $220 million [26] - The company expects EBITDA from the Mosaic Fertilizantes segment to increase due to strong demand and limited supply [12][33] Business Line Data and Key Metrics Changes - Phosphate production guidance for the third quarter is set at 1.8 million to 2 million tons, with annual guidance now at 6.9 million to 7.2 million tons [11][36] - Potash production guidance has been increased to 9.3 million to 9.5 million tons due to strong global demand [12][36] - The Biosciences segment's revenues more than doubled in the first half compared to the previous year, with expectations to contribute positively to adjusted EBITDA starting in Q4 [13][14] Market Data and Key Metrics Changes - The global phosphate market remains tight, with strong demand and limited supply expected to continue into 2026 [9][21] - In North America, import supply of phosphate is down around 20% year-over-year due to tariffs, which is expected to keep domestic demand strong [20][71] - Brazilian demand for fertilizers is resilient despite higher prices, with expectations for record shipments this year [21][24] Company Strategy and Development Direction - The company is focusing on improving operating performance and enhancing reliability in its phosphate production business [5][6] - The new Pomeranci facility adds 1 million tons of distribution capacity, reinforcing the company's market presence in Brazil [13] - The company aims to achieve $250 million in cost reductions by 2026 through various operational efficiencies [35][89] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong second half of 2025, driven by improved production volumes and favorable market conditions [6][36] - The company does not anticipate a price reset in the second half of the year, which has occurred in previous years [8] - Management highlighted the importance of market access as a competitive advantage, especially in the context of tight supply and strong demand [6][13] Other Important Information - The company is making progress on capital allocation, expecting stronger free cash flow in the second half of the year to pay down debt and return capital to shareholders [15] - The company has achieved significant cost reductions in its operations, with plans to extend these efforts further [35] Q&A Session All Questions and Answers Question: Can you parse out the noise from what has actually changed from your Investor Day for better or worse? - Management acknowledged the market's negative reaction and clarified that while there were extraordinary expenses, the underlying performance remains strong [40][41] Question: What was your run rate roughly in July and how are we trending in August and September? - Management indicated that July's run rate was not as expected due to delays but expressed optimism for August and September based on encouraging numbers [48][53] Question: How do the $50 million idle and turnaround one-off costs in Q2 ramp down? - Management provided a general annualized cost range for phosphates but noted the variability in turnaround costs [56][60] Question: What has Mosaic done to harden the assets against potential weather disruptions? - The company has implemented various measures to prepare for hurricane season, including hardening assets and ensuring compliance with regulatory requirements [64][66] Question: Can you talk about how tariffs have raised the costs of imports of phosphates into the United States? - Management explained that imports of phosphate face a 10% tariff, impacting the market dynamics and supporting domestic prices [70][71] Question: Can you elaborate on the government's reduction in support for farmer financing of input costs? - Management noted that while the first half of the market was strong, the summer season for soybeans is slower, which may impact demand [93][98]