MP Materials Investor Conference Presentation Deck
Reconciliation
Net Income to Adjusted EBITDA
(in thousands, unaudited)
Net income
Adjusted for:
Depreciation, depletion and amortization
Interest expense, net
Income tax expense
Stock-based compensation expense(¹)
Transaction-related, start-up and other non-recurring costs(²)
Accretion of asset retirement and environmental obligations
Loss (gain) on sale or disposal of long-lived assets (3)
Tariff rebate(4)
Other income, net
Adjusted EBITDA
For the three months ended
March 31,
2022
85,551 $
5,260
1,905
27,762
9,773
1,525
418
257
(194)
132,257 $
2021
For the three
months ended
December 31,
2021
16,119 $
6,150
1,154
4,491
5,673
1,058
593
(133)
(2,050)
(55)
33,000 $
48,989
4,615
2,487
5,700
8,208
497
595
350
(98)
71,343
1. Principally included in "Selling, general and administrative" within our unaudited Condensed Consolidated Statements of Operations.
2. For the three months ended March 31, 2022, and December 31, 2021, amounts are principally comprised of start-up costs that do not qualify for capitalization, which relate to the restart of our CHP plant as well as certain costs associated with our Stage III initiatives. For the three
months ended March 31, 2021, amount relates to advisory, consulting, accounting, and legal expenses incurred in connection with non-recurring transactions.
3. Included in "Selling, general and administrative" within our unaudited Condensed Consolidated Statements of Operations.
4. Represents non-cash revenue recognized in connection with a tariff rebate received relating to product sales from prior periods.
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