PHILADELPHIA, May 2, 2023
/PRNewswire/ --
-- Reports Record Financial Performance in the
First Quarter --
-- Nemaska Lithium Achieves Significant
Milestones --
-- Raises 2023 Full Year Revenue and Adjusted
EBITDA Guidance --
Livent Corporation (NYSE: LTHM) today reported results for the
first quarter of 2023.
First quarter revenue was $253.5
million, up 16% and up 77% from the fourth quarter of 2022
and the prior year's quarter, respectively. Reported GAAP net
income was $114.8 million, compared
to $82.7 million and $53.2 million in the previous quarter and the
prior year's quarter, respectively, or 55
cents per diluted share. Adjusted EBITDA was
$157.4 million, 46% above the
previous quarter and roughly three times the prior year's quarter,
and adjusted earnings per diluted
share (1) were 60
cents. Continued strength in customer demand supported
higher average realized prices across all products in the first
quarter.
"Livent achieved record revenue and profitability in the first
quarter driven by higher realized lithium pricing and strong demand
from our customers," said Paul
Graves, president and chief executive officer of
Livent. "We continue to expect strong financial performance
in 2023 supported by pricing visibility from existing customer
contracts. The Company remains on schedule to deliver its
announced capacity expansions, which will result in an incremental
4,000 metric tons of volume available for sale in 2023, and an
incremental 10,000 metrics tons available in 2024
year-over-year. We continue to work closely with our
customers who remain focused on securing larger and longer-term
volume commitments from us."
Nemaska Development Update
The development of Nemaska Lithium, an integrated lithium
hydroxide project located in Québec, Canada in which Livent is a 50% shareholder,
continues to advance as expected. The Board of Nemaska
Lithium approved commencement of construction of the 34,000 metric
ton hydroxide facility at Bécancour, and the acceleration of mining
operations at Whabouchi. Commercial sales of spodumene
concentrate are expected to begin in 2025 and continue until the
hydroxide facility comes into full production. First
production of lithium hydroxide is expected in late 2026.
Nemaska Lithium continues to be a highly attractive project that is
strategically located and has access to low-cost, green
hydro-electric energy. Further details pertaining to the
project, along with supporting cost information, will be provided
by Nemaska Lithium in a feasibility study expected to be released
in the second quarter.
Commercial Update
In the first quarter, Livent and BMW Group agreed to an
amendment and extension of their existing supply agreement.
As part of this, total lithium hydroxide volumes delivered per year
will increase, and the contract will now run through the end of
2028. The two companies continue to work together in multiple
areas, including sustainability and technology initiatives and
mutual support for expansion projects, and Livent believes this
will become a growing model for our industry.
Livent has also been appointed by Nemaska Lithium on an
exclusive basis to engage in sales and marketing efforts on its
behalf. Livent expects that Nemaska Lithium will enter into
its first customer agreements in 2023.
Guidance and Outlook (2)
Livent has increased its guidance for 2023 financial performance
and continues to expect significant growth following record 2022
results. For the full year, Livent now projects revenue to be
in the range of $1,025 million to
$1,125 million and Adjusted EBITDA to
be in the range of $530 million to
$600 million. This represents growth
of 32% and 54%, respectively, at the midpoints versus the prior
year. This guidance remains based on a projected 20% higher
total volumes sold on an LCE (3) basis versus
2022. Additionally, the company expects to achieve higher
average realized pricing across its portfolio of lithium products,
partially offset by higher anticipated costs.
($
million)
|
Revised FY 2023
Guidance
|
Prior FY 2023
Guidance
|
Actual
FY
2022
|
Revised
YoY
Growth
|
Revenue
|
1,025 –
1,125
|
1,000 –
1,100
|
813
|
Up 26% – 38%
|
Adjusted
EBITDA
|
530 –
600
|
510 – 580
|
367
|
Up 45% – 64%
|
The table below provides additional estimates for select
financial items:
|
Full Year
2023
|
• Adjusted tax
rate
|
16 – 19
|
percent
|
• Full-year
weighted average diluted shares outstanding
(4)
|
~210
|
million
|
• Depreciation
& amortization
|
$46 - $52
|
million
|
• Adjusted cash
from operations
|
$360 - $440
|
million
|
• Capital
expenditures and other investing activities
|
$325 - $375
|
million
|
Supplemental Information
In this press release, Livent uses the financial measures
Adjusted EBITDA, Diluted adjusted after-tax earnings per share,
Adjusted tax rate, and Adjusted cash from 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.livent.com. Such reconciliations
are also set forth in the financial tables that accompany this
press release.
About Livent
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 1,350 full-time, part-time, temporary, and contract
employees and operates manufacturing sites in the United States, England, 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, 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. 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. Such
forward-looking statements are based on our current views and
assumptions regarding future events, future business conditions and
the outlook for the Company based on currently available
information. 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, including the factors described under the
caption entitled "Risk Factors" in Livent's 2022 Form 10-K filed
with the Securities and Exchange Commission on February 24, 2023. 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.
- Corresponds to Diluted adjusted after-tax earnings per share in
the accompanying financial tables.
- Although we provide a forecast for Adjusted EBITDA, Adjusted
tax rate and Adjusted cash from Operations we are not able to
forecast the most directly comparable measure calculated and
presented in accordance with GAAP. Certain elements of the
composition of the GAAP amount are not predictable, making it
impractical for us to forecast such GAAP measure or to
reconcile corresponding non-GAAP financial measure to such GAAP
measure without unreasonableefforts. For the same reason, we
are unable to address the probable significance of the unavailable
information. Such elements include, but are not limited to,
restructuring, transactionrelated charges, and related cash
activity. As a result, no GAAP outlook is provided for these
metrics.
- Lithium Carbonate Equivalents.
- Inclusive of 28.1 million dilutive share equivalents
attributable to potential conversion of 2025 Notes.
LIVENT
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except per share data)
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Revenue
|
$
253.5
|
|
$
143.5
|
Costs of
sales
|
87.5
|
|
83.6
|
Gross
margin
|
166.0
|
|
59.9
|
Selling, general and
administrative expenses
|
16.3
|
|
11.8
|
Research and
development expenses
|
1.0
|
|
0.9
|
Restructuring and other
charges
|
1.9
|
|
1.0
|
Separation-related
costs
|
—
|
|
0.1
|
Total costs and
expenses
|
106.7
|
|
97.4
|
Income from operations
before equity in net loss of unconsolidated affiliates and other
gain
|
146.8
|
|
46.1
|
Equity in net loss of
unconsolidated affiliates
|
8.1
|
|
2.2
|
Interest expense,
net
|
—
|
|
—
|
Other gain
|
—
|
|
(14.0)
|
Income from operations
before income taxes
|
138.7
|
|
57.9
|
Income tax
expense
|
23.9
|
|
4.7
|
Net income
|
$
114.8
|
|
$
53.2
|
Net income per weighted
average share - basic
|
$
0.64
|
|
$
0.33
|
Net income per weighted
average share - diluted
|
$
0.55
|
|
$
0.28
|
Weighted average common
shares outstanding - basic
|
179.6
|
|
161.7
|
Weighted average common
shares outstanding - diluted
|
209.2
|
|
191.4
|
LIVENT
CORPORATION
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME (GAAP) TO ADJUSTED EBITDA
(NON-GAAP)
(Unaudited)
|
|
Three Months Ended
March 31,
|
(in
Millions)
|
2023
|
|
2022
|
Net income
|
$
114.8
|
|
$
53.2
|
Add back:
|
|
|
|
Income tax
expense
|
23.9
|
|
4.7
|
Depreciation and
amortization
|
6.8
|
|
6.4
|
EBITDA (Non-GAAP)
(1)
|
145.5
|
|
64.3
|
Add back:
|
|
|
|
Argentina remeasurement
losses (a)
|
4.1
|
|
1.0
|
Restructuring and other
charges (b)
|
1.9
|
|
1.0
|
Separation-related
costs (c)
|
—
|
|
0.1
|
COVID-19 related costs
(d)
|
—
|
|
0.8
|
Other loss
(e)
|
5.9
|
|
1.6
|
Subtract:
|
|
|
|
Blue Chip Swap gain
(f)
|
—
|
|
(14.0)
|
Argentina interest
income (g)
|
—
|
|
(1.5)
|
Adjusted EBITDA
(Non-GAAP) (1)
|
$
157.4
|
|
$
53.3
|
__________________
1.
|
We evaluate operating
performance using certain Non-GAAP measures such as EBITDA, which
we define as net income 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, COVID-19 related costs 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
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. Includes severance and exit costs for restructuring and
management changes at certain operating and administrative
facilities and miscellaneous transaction-related 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.
|
Represents our
ownership interest (which is 50% and was 25% prior to June 6, 2022)
in costs incurred for certain project-related costs to align
Nemaska Lithium Inc.'s ("NLI's") reported results with Livent's
capitalization policies and interest expense incurred by NLI, all
included in Equity in net loss of unconsolidated affiliates in our
condensed consolidated statement of operations. The Company
accounts for its equity method investment in the NLI on a
one-quarter lag basis.
|
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 (GAAP) TO
ADJUSTED AFTER-TAX EARNINGS (NON-GAAP)
(Unaudited)
|
(in Millions, Except
Per Share Data)
|
Three Months Ended
March 31,
|
2023
|
|
2022
|
Net income
|
$
114.8
|
|
$
53.2
|
Special
charges:
|
|
|
|
Argentina
remeasurement losses (a)
|
4.1
|
|
1.0
|
Restructuring and
other charges (b)
|
1.9
|
|
1.0
|
Separation-related
costs (c)
|
—
|
|
0.1
|
COVID-19 related costs
(d)
|
—
|
|
0.8
|
Other loss
(e)
|
5.9
|
|
1.6
|
Blue Chip Swap gain
(f)
|
—
|
|
(14.0)
|
Argentina interest
income (g)
|
—
|
|
(1.5)
|
Non-GAAP tax
adjustments (h)
|
(0.7)
|
|
(2.2)
|
Adjusted after-tax
earnings (Non-GAAP) (1)
|
$
126.0
|
|
$
40.0
|
|
|
|
|
Diluted earnings per
common share (GAAP)
|
$
0.55
|
|
$
0.28
|
Special charges per
diluted share, before tax:
|
|
|
|
Argentina
remeasurement losses, per diluted share
|
0.02
|
|
0.01
|
Restructuring and
other charges, per diluted share
|
0.01
|
|
0.01
|
Other loss, per
diluted share
|
0.02
|
|
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)
|
$
0.60
|
|
$
0.21
|
Weighted average common
shares outstanding - diluted (Non-GAAP) used in
diluted adjusted after-tax earnings per share
computations
|
209.2
|
|
191.4
|
___________________
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 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
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. Includes severance and exit costs for restructuring and
management changes at certain operating and administrative
facilities and miscellaneous transaction-related 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.
|
Represents our
ownership interest (which is 50% and was 25% prior to June 6, 2022)
in costs incurred for certain project-related costs to align NLI's
reported results with Livent's capitalization policies and interest
expense incurred by NLI, all included in Equity in net loss of
unconsolidated affiliate in our condensed consolidated statement of
operations. The Company accounts for its equity method investment
in NLI on a one-quarter lag basis.
|
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.
|
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)
|
2023
|
|
2022
|
Non-GAAP tax
adjustments:
|
|
|
|
Income tax expense on
restructuring, separation-related and other corporate
costs
|
$
(0.5)
|
|
$
0.1
|
Foreign currency
remeasurement and other discrete items (1)
|
1.2
|
|
(3.9)
|
Blue Chip Swap
gain
|
—
|
|
1.4
|
Other discrete
items
|
(1.4)
|
|
0.2
|
Total Non-GAAP tax
adjustments
|
$
(0.7)
|
|
$
(2.2)
|
RECONCILIATION OF
CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) TO
ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP)
(Unaudited)
|
|
Three Months Ended
March 31,
|
(in
Millions)
|
2023
|
|
2022
|
Cash provided by
operating activities (GAAP)
|
$
102.9
|
|
$
10.8
|
Restructuring and
other charges
|
1.3
|
|
0.2
|
Separation-related
costs
|
—
|
|
0.4
|
COVID-19 related costs
(a)
|
—
|
|
0.8
|
Argentina interest
income (b)
|
—
|
|
(1.5)
|
Adjusted cash provided
by operations (Non-GAAP) (1)
|
$
104.2
|
|
$
10.7
|
___________________
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.
|
b.
|
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 cash provided by operations because of its association
with long-term capital projects which will not be operational until
future periods.
|
RECONCILIATION OF
LONG-TERM DEBT (GAAP) AND CURRENT PORTION OF LONG-TERM DEBT
(GAAP)
AND CASH AND CASH EQUIVALENTS (GAAP) TO
NET DEBT (NON-GAAP)
(Unaudited)
|
(in
Millions)
|
March 31,
2023
|
|
December 31,
2022
|
Long-term debt (GAAP)
(a)
|
$
242.3
|
|
$
241.9
|
Less: Cash and cash
equivalents (GAAP)
|
(194.1)
|
|
(189.0)
|
Net debt (Non-GAAP)
(1)
|
$
48.2
|
|
$
52.9
|
___________________
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.
|
Presented net of
unamortized transaction costs of $3.5 million and
$3.9 million as of March 31, 2023 and December 31,
2022, respectively. As of March 31, 2023 and December 31,
2022, the Company had no debt maturing within one
year.
|
LIVENT
CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
(in
Millions)
|
March 31,
2023
|
|
December 31,
2022
|
Cash and cash
equivalents
|
$
194.1
|
|
$
189.0
|
Trade receivables, net
of allowance of approximately $0.3 in 2023 and 2022
|
112.9
|
|
141.6
|
Inventories
|
184.1
|
|
152.3
|
Other current
assets
|
67.5
|
|
61.1
|
Total current
assets
|
558.6
|
|
544.0
|
Investments
|
453.3
|
|
440.3
|
Property, plant and
equipment, net of accumulated depreciation of $261.0 in 2023 and
$253.1 in 2022
|
1,040.0
|
|
968.3
|
Right of use assets -
operating leases, net
|
5.5
|
|
4.8
|
Deferred income
taxes
|
0.7
|
|
0.4
|
Other assets
|
122.2
|
|
116.4
|
Total assets
|
$
2,180.3
|
|
$
2,074.2
|
|
|
|
|
Accounts payable, trade
and other
|
$
64.7
|
|
$
81.7
|
Contract liabilities -
short term
|
2.5
|
|
15.5
|
Other current
liabilities
|
64.9
|
|
51.5
|
Total current
liabilities
|
132.1
|
|
148.7
|
Long-term
debt
|
242.3
|
|
241.9
|
Contract liability -
long-term
|
198.0
|
|
198.0
|
Other long-term
liabilities
|
46.9
|
|
42.6
|
Equity
|
1,561.0
|
|
1,443.0
|
Total liabilities and
equity
|
$
2,180.3
|
|
$
2,074.2
|
LIVENT
CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
Three Months Ended
March 31,
|
(in
Millions)
|
2023
|
|
2022
|
Cash provided by
operating activities
|
$
102.9
|
|
$
10.8
|
Cash used in investing
activities
|
(98.1)
|
|
(55.4)
|
Cash (used in)/provided
by financing activities
|
(0.1)
|
|
0.1
|
Effect of exchange rate
changes on cash
|
0.4
|
|
—
|
Increase/(decrease) in
cash and cash equivalents
|
5.1
|
|
(44.5)
|
Cash and cash
equivalents, beginning of period
|
189.0
|
|
113.0
|
Cash and cash
equivalents, end of period
|
$
194.1
|
|
$
68.5
|
Media
Contact:
|
Juan Carlos Cruz
+1.215.299.6725
|
|
Juan.Carlos.Cruz@livent.com
|
Investor
Contact:
|
Daniel Rosen
+1.215.299.6208
|
|
Daniel.Rosen@livent.com
|
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SOURCE Livent Corporation