Financial Performance - Fourth quarter revenue was $289.0 million, with a reported GAAP net loss of $14.2 million, or 1 cent per diluted share[4] - Adjusted EBITDA for the fourth quarter was $73.7 million, reflecting a significant increase due to higher volumes across all lithium products and reduced costs[4] - For the full year 2024, revenue totaled $1,007.8 million, with a GAAP net income of $103.2 million, or 9 cents per diluted share[6] - Full year Adjusted EBITDA was $324.5 million, with adjusted earnings per diluted share of 14 cents[6] - Revenue for the three months ended December 31, 2024, was $289.0 million, a 59.3% increase from $181.8 million in the same period of 2023[17] - Gross margin for the twelve months ended December 31, 2024, was $288.6 million, compared to $538.4 million in 2023, reflecting a decrease of 46.6%[17] - Net loss attributable to Arcadium Lithium plc for the three months ended December 31, 2024, was $(14.2) million, compared to net income of $37.7 million in the same period of 2023[29] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $324.5 million, down 35.4% from $502.5 million in 2023[29] Market Conditions - The company reported a decline in average realized pricing across all lithium products for the full year due to a weaker market environment compared to 2023[6] - Average realized pricing for combined lithium hydroxide and carbonate was $15,700 per product metric ton in Q4, down from $16,200 in Q3[4] - Total volumes sold in the fourth quarter were 56% higher on an LCE basis compared to the third quarter, but roughly flat year-over-year[4] Acquisitions and Mergers - Arcadium Lithium is in the process of being acquired by Rio Tinto for $5.85 per share, with shareholder approval obtained on December 23, 2024[7] - The transaction is expected to close on March 6, 2025, pending customary closing conditions[10] - The company assumed total debt of $219.0 million in the Allkem Livent Merger[48] - Costs related to the Allkem Livent Merger amounted to $103.9 million for the twelve months ended December 31, 2024, compared to $54.1 million in 2023[31] Operational Efficiency - The company emphasized its focus on cost and operational discipline while maintaining flexibility to adapt to market changes[6] - The company plans to continue strategic reviews and assess the return on its business, which may lead to further restructuring and management changes[23] Cash Flow and Debt - For the twelve months ended December 31, 2024, the company reported a cash used in operating activities (GAAP) of $176.0 million, compared to cash provided of $297.3 million in 2023[33] - The adjusted cash provided by operations (Non-GAAP) for the twelve months ended December 31, 2024 was $14.6 million, significantly lower than $326.0 million in 2023[33] - The company's long-term debt increased to $960.6 million as of December 31, 2024, up from $302.0 million in 2023[36] - Net debt (Non-GAAP) rose to $867.4 million in 2024, compared to $64.4 million in 2023[36] - Cash and cash equivalents decreased to $93.2 million in 2024 from $237.6 million in 2023[43] - Cash used in investing activities increased to $(445.3) million in 2024 from $(228.3) million in 2023[46] - Cash provided by financing activities was $492.4 million in 2024, compared to $(20.4) million in 2023[46] Impairment and Charges - The company recorded impairment charges of $51.7 million for the twelve months ended December 31, 2024, with no such charges in 2023[22] - The company incurred impairment charges of $51.7 million related to the Mt Cattlin spodumene operation for the twelve months ended December 31, 2024[31] - Restructuring and other charges for the twelve months ended December 31, 2024, totaled $157.2 million, significantly higher than $56.9 million in 2023[29] Shareholder Information - Basic loss per ordinary share for the three months ended December 31, 2024, was $(0.01), compared to earnings of $0.09 per share in the same period of 2023[29] - The weighted average ordinary shares outstanding for diluted earnings per share calculations was 1,138.7 million for the twelve months ended December 31, 2024, compared to 503.4 million in 2023[29]
Arcadium Lithium plc(ALTM) - 2024 Q4 - Annual Results