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Livent (LTHM)

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 employs approximately 800 people throughout the world and operates manufacturing sites in the United States, England, India, China and Argentina.

Company profile

Ticker
LTHM, 0A6T
Exchange
Website
CEO
Paul Graves
Employees
Incorporated
Location
Fiscal year end
Former names
FMC Lithium USA Holding Corp.
SEC CIK
Subsidiaries
Livent USA Corp. • Livent Lithium LLC • Livent Lithium (Zhangjiagang) Co. Ltd. • Minera del Altiplano S.A. ...
IRS number
824688610

LTHM stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
29 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 49M 49M 49M 49M 49M 49M
Cash burn (monthly) 6.5M 13.97M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 19.39M 41.67M n/a n/a n/a n/a
Cash remaining 29.61M 7.33M n/a n/a n/a n/a
Runway (months of cash) 4.6 0.5 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 Sep 22 Gilberto Antoniazzi Common Stock Sell Dispose S No Yes 32.537 3,635 118.27K 62,582
19 Sep 22 Gilberto Antoniazzi Common Stock Option exercise Acquire M No No 8.56 7,372 63.1K 66,217
19 Sep 22 Gilberto Antoniazzi Stock Option Common Stock Option exercise Dispose M No No 8.56 7,372 63.1K 0
9 Sep 22 Paul W Graves Common Stock Sell Dispose S No Yes 35 85,171 2.98M 299,980
9 Sep 22 Paul W Graves Common Stock Option exercise Acquire M No No 8.56 85,171 729.06K 385,151
9 Sep 22 Paul W Graves Stock Option Common Stock Option exercise Dispose M No No 8.56 85,171 729.06K 0
1 May 22 Marcet Pablo Common Stock Grant Acquire A No No 0 4,214 0 27,280
1 May 22 Michael F Barry Common Stock Grant Acquire A No No 0 4,214 0 62,323
1 May 22 Lampe-Onnerud Christina Common Stock Grant Acquire A No No 0 4,214 0 27,280
87.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 384 364 +5.5%
Opened positions 64 60 +6.7%
Closed positions 44 47 -6.4%
Increased positions 116 139 -16.5%
Reduced positions 126 95 +32.6%
13F shares Current Prev Q Change
Total value 21.91B 25.89B -15.4%
Total shares 155.93M 154.79M +0.7%
Total puts 1.15M 593.5K +93.5%
Total calls 1.63M 947.9K +72.2%
Total put/call ratio 0.7 0.6 +12.4%
Largest owners Shares Value Change
BLK Blackrock 26M $590M +1.3%
Vanguard 17.85M $404.93M +1.2%
AMP Ameriprise Financial 8.87M $201.37M -8.9%
Wellington Management 8.61M $195.33M +10.0%
STT State Street 5.29M $120.01M +1.9%
Joho Capital 3.94M $89.4M -7.8%
Mirae Asset Global Investments 3.77M $85.51M -10.0%
Handelsbanken Fonder AB 3.22M $73.04M -2.4%
BK Bank Of New York Mellon 3.16M $71.7M -5.8%
Grantham, Mayo, Van Otterloo & Co. 2.92M $66.34M -23.2%
Largest transactions Shares Bought/sold Change
Marshall Wace 1.07M +1.07M NEW
Ensign Peak Advisors 968.43K -945.64K -49.4%
Grantham, Mayo, Van Otterloo & Co. 2.92M -885.28K -23.2%
AMP Ameriprise Financial 8.87M -862K -8.9%
Allianz Asset Management GmbH 1.94M -858.42K -30.7%
Wellington Management 8.61M +783.76K +10.0%
Parametric Portfolio Associates 0 -748.71K EXIT
First Republic Investment Management 660.38K +647.64K +5080.3%
Citadel Advisors 985.53K +601.61K +156.7%
Van Eck Associates 1.48M -562.56K -27.5%

Financial report summary

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Risks
  • Our growth depends upon the continued growth in demand for electric vehicles with high performance lithium compounds.
  • Lithium prices can be volatile, especially due to changes in supply.
  • Adverse conditions in the economy and volatility and disruption of financial markets can negatively impact our customers, and downturns in our customers’ end-markets could adversely affect our sales and profitability.
  • We face competition in our business.
  • Our operating results are subject to substantial quarterly and annual fluctuations.
  • Production expansion efforts are complex projects that will require significant capital expenditures and are subject to significant risks and uncertainties.
  • The development and adoption of new battery technologies that rely on inputs other than lithium compounds could significantly impact our prospects and future revenues.
  • The conditional conversion feature of the 2025 Notes may adversely impact our liquidity or dilute our stockholders, depending on the method of settlement.
  • We may not have sufficient cash flow from our business to pay our debt.
  • Our research and development efforts may not succeed, and our competitors may develop more effective or successful products.
  • We may make future acquisitions which may be difficult to integrate, divert management and financial resources and result in unanticipated costs.
  • Our lithium extraction and production operations in Argentina expose us to specific political, financial and operational risks.
  • Our operations and suppliers may be subject to physical and other risks, including natural disasters, epidemics, pandemics, and other catastrophic events beyond our control, which could disrupt production and have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • We may not satisfy customer qualification processes, customers’ or governments’ quality standards, and could be subject to damages based on claims brought against us or lose customers as a result of the failure of our products to meet certain quality standards.
  • Global inflation, fluctuations in the price of energy and certain raw materials, and our inability to obtain raw materials and products under contract sourcing arrangements, could have an adverse effect on the margins of our products, our business, financial condition and our results of operations.
  • Our success depends upon our ability to attract and retain key employees and the identification and development of talent to succeed senior management.
  • Some of our employees are unionized or are employed subject to local laws that are less favorable to employers than the laws of the U.S.
  • Our business and operations could suffer in the event of cybersecurity breaches or disruptions to our information technology environment.
  • Our inability to protect our intellectual property rights could have a material adverse effect on our business, financial condition and results of operations.
  • We have not established “proven” or “probable” reserves, as defined by the SEC under Industry Guide 7, through the completion of a feasibility study for the minerals that we produce.
  • Our business could be negatively impacted by sustainability and ESG matters and/or our reporting of such matters.
  • We, our operations, facilities, products and raw materials are subject to environmental, health and safety laws and regulations, and costs to comply with, and liabilities related to, these laws and regulations could adversely affect our business.
  • Unanticipated changes in our tax provisions, variability of our effective tax rate, the adoption of new tax legislation or exposure to additional tax liabilities could impact our financial performance.
  • Some provisions of Delaware law and our certificate of incorporation and bylaws may deter third parties from acquiring us.
  • We are not declaring or paying cash dividends at this time, and this may deter certain investors from purchasing our stock.
Management Discussion
  • •Revenue of $218.7 million for the three months ended June 30, 2022 increased $116.5 million, or approximately 114%, compared to $102.2 million for the three months ended June 30, 2021, primarily due to higher pricing across all of our products partially offset by a decrease in sales volumes.
  • •Net income of $60.0 million for the three months ended June 30, 2022 compared to net income of $6.5 million for the three months ended June 30, 2021 was primarily due to higher pricing across all of our products partially offset by a decrease in sales volumes, higher logistics, raw material and other operating costs, higher Restructuring and other charges, $2.7 million Equity in net loss of unconsolidated affiliate and an increase to income tax expense. The three months ended June 30, 2022 also includes a $8.2 million gain from our sale of Argentina Sovereign U.S. dollar-denominated bonds (see Note 2 for more information).
  • •Adjusted EBITDA of $95.0 million for the three months ended June 30, 2022 increased $79.0 million compared to $16.0 million for the three months ended June 30, 2021, primarily due to higher pricing across all of our products partially offset by a decrease in sales volumes and higher logistics, raw material and other operating costs.

Content analysis

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