Slide 1: Q4 2023 Results
Q4 2023 Results February 22, 2024
Slide 2: Safe Harbor
Safe Harbor This presentation contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of t
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation references certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Diluted EPS, Production Costs, Total Value Realized, and Free Cash Flow, which have not been prepared in accord
Slide 4: 2023 and Recent Highlights
2023 and Upstream • Produced over 40,000 metric Midstream • Established and ramped Downstream • Completed factory Recent tons of REO in concentrate for the third consecutive year • production of separated REO Commenced production of • construction Installed initial process Highlights • Announced “Up
Slide 5: Operations and Financial Overview
Operations and Financial Overview
Slide 6: Full Year Operating Metrics
Full Year Operating Metrics Concentrate production Concentrate sales volumes Realized pricing declined Cost of production rose due NdPr production ramping. remained strong. declined due to increased with lower NdPr market to Stage II ramp activities, consumption in Stage II prices. longer plant turn
Slide 7: Full Year Financial Metrics
Full Year Financial Metrics Revenue declined with lower market Adjusted EBITDA declined due to change Margin profile primarily impacted by Earnings comparisons impacted by prices and increased consumption of in Revenue and Stage II ramp. lower pricing compares. change in Adjusted EBITDA and higher c
Slide 8: Fourth Quarter Operating Metrics
Fourth Quarter Operating Metrics Concentrate production Concentrate sales volumes Realized pricing declined Cost of production rose due NdPr production tripled; declined due to higher impacted by increased with lower NdPr market to Stage II ramp, including strong progress securing unplanned downtime
Slide 9: Fourth Quarter Financial Metrics
Fourth Quarter Financial Metrics Revenue declined with lower market Adjusted EBITDA declined due to change Margins profile primarily impacted by Earnings comparisons impacted by prices, increased consumption of in revenue and Stage II ramp. lower pricing compares and Stage II change in Adjusted EBIT
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Slide 11: Appendix
Appendix
Slide 12: P&L: Condensed Consolidated Statements of Operations
P&L MP Materials Corp. and Subsidiaries For the three Condensed Consolidated Statements of Operations For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, except share and per share data, unaudited) 2023 2022 2023 2023 2022 2021 Revenue: R
Slide 13: Reconciliation: Net Income (Loss) to Adjusted EBITDA
Reconciliation: Net Income (Loss) to Adjusted EBITDA For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, unaudited) 2023 2022 2023 2023 2022 2021 Net income (loss) $ (16,259) $ 67,007 $ (4,276) $ 24,307 $ 289,004 $ 135,037 A
Slide 14: Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss) For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, unaudited) 2023 2022 2023 2023 2022 2021 Net income (loss) $ (16,259) $ 67,007 $ (4,276) $ 24,307 $ 289,004
Slide 15: Reconciliation: Diluted EPS to Adjusted Diluted EPS
Reconciliation: Diluted Earnings (Loss) per Share to Adjusted Diluted EPS For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (unaudited) 2023 2022 2023 2023 2022 2021 Diluted earnings (loss) per share $ (0.09) $ 0.36 $ (0.02) $ 0.14 $ 1.5
Slide 16: Year-to-Date 2023 Cash Flow Bridge
(1) Year-to-Date 2023 Cash Flow Bridge 5.3 $102.5 20.1 29.3 14.3 $62.7 (29.3) Net Cash Provided Working Capital(2) Cash Paid for Cash Received Initial Start-Up Other Items(5) Adjusted EBITDA by Operating Taxes from Interest and Costs and Activities Investment Transaction- Income(3) Related and Other
Slide 17: Reconciliation: Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation: Net Cash Provided by Operating Activities to Free Cash Flow For the year ended (in thousands, unaudited) December 31, 2023 Net cash provided by operating activities $ 62,699 (1) Additions to property, plant and equipment (259,097) Free Cash Flow $ (196,398) 18 1. Amount is net of $2.
Slide 18: Reconciliation: Rare Earth Concentrate Sales to Total Value Realized
Reconciliation: Rare Earth Concentrate Sales to Total Value Realized For the year ended (in thousands, unaudited) December 31, 2021 Rare earth concentrate sales $ 328,563 Adjusted for: Tariff rebate(1) (2,050) (2) Total Value Realized $ 326,513 19 1. Represents non-cash revenue recognized in connect
Slide 19: Reconciliation and Calculation: Production Cost KPI
Reconciliation and Calculation: Production Cost KPI For the three For the three months ended months ended December 31, September 30, For the year ended December 31, (in thousands, unless otherwise stated, unaudited) 2023 2022 2023 2023 2022 2021 Cost of sales (excluding depreciation, depletion and a