MP Materials Investor Conference Presentation Deck
1.
2.
3.
4.
5.
6.
7.
Reconciliation
Net Income (Loss) to Adjusted EBITDA
(in thousands, unaudited)
Net income (loss)
Adjusted for:
Depreciation, depletion and amortization
Interest expense, net
Income tax expense
Stock-based compensation expense(1)
Transaction-related and other non-recurring costs(2)
Accretion of asset retirement and environmental obligations
Loss (gain) on sale or disposal of long-lived assets (3)
Write-down of inventories(4)
Royalty expense to SNR
Settlement charge(5)
Tariff rebate(6)
Other income, net(7)
Adjusted EBITDA
For the three months ended
June 30,
2021
Represents non-cash revenue recognized in connection with a tariff rebate received relating to product sales from prior periods.
Principally represents a non-cash gain recognized as a result of the Small Business Administration's approval to forgive the Paycheck Protection Loan.
27,166 $
6,666
2,639
6,164
4,498
247
592
170
1,809
(3,504)
46,447 $
2020
(62,491) $
1,382
1,066
336
For the three
months ended
March 31,
2021
1,619
564
366
66,615
(1,446)
(155)
7,856 $
16,119
6,150
1,154
4,491
5,673
1,058
593
(133)
(2,050)
(55)
33,000
Principally included in "General and administrative" within our unaudited Condensed Consolidated Statements of Operations. Approximately $3.7 million of the amount for the three months ended June 30, 2021, and $4.1 million of the amount for the three months ended March 31,
2021, pertained to a one-time grant of stock awards to employees and executives upon the consummation of the Business Combination in November 2020.
Amounts in the respective periods presented are comprised of advisory, consulting, accounting and legal expenses principally incurred in connection with the secondary equity offering, which was completed contemporaneously with the Convertible Notes offering in March 2021, the
redemption of the Company's public warrants in May and June 2021, and the Business Combination, which was completed in November 2020.
Included in "General and administrative" within our unaudited Condensed Consolidated Statements of Operations.
Represents a write-down of a portion of our legacy low-grade stockpile inventory during the second quarter of 2021 after determining that the inventory contained a significant amount of alluvial material that did not meet the Company's requirement for mill feed.
In connection with terminating the Distribution and Marketing Agreement ("DMA") with Shenghe in June 2020, we recognized a one-time, non-cash settlement charge.
24View entire presentation