{ "docId": "019de518-1d8f-76cd-b17e-6f91d0e7021c", "docSlug": "b9820b9fc62acead8c9faa1f70272f1d", "documentTitle": "MP Materials | Results Presentation Deck | 19 slides", "authorId": "mp-materials", "authorName": "MP Materials", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 14, "pageCount": 19, "prevPage": 13, "nextPage": 15, "slideType": "revenue_buildup", "function": "decompose_segments", "density": "dense", "nDataPoints": 63, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-1d8f-76cd-b17e-6f91d0e7021c/14", "deckHref": "/decks/019de518-1d8f-76cd-b17e-6f91d0e7021c", "deckJsonHref": "/decks/019de518-1d8f-76cd-b17e-6f91d0e7021c.json", "deckAnchorHref": "/decks/019de518-1d8f-76cd-b17e-6f91d0e7021c#slide-14", "components": [ { "bbox": { "h": 0.31, "w": 0.785, "x": 0.083, "y": 0.68 }, "kind": "source-note", "text": "1. Principally included in \"Selling, general and administrative\" within our unaudited Condensed Consolidated Statements of Operations.\n2. Included in \"Start-up costs\" within our unaudited Condensed Consolidated Statements of Operations and excludes any applicable stock-based compensation, which is included in the \"Stock-based compensation expense\" line above. Relates to certain\ncosts incurred in connection with the commissioning and starting up of our initial separations capability at Mountain Pass and our initial magnet-making capabilities at Fort Worth prior to the achievement of commercial production. These costs include\nlabor of incremental employees hired in advance to work directly on such commissioning activities, training costs, costs of testing and commissioning the new circuits and processes, and other related costs. Given the nature and scale of the related\ncosts and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to initially develop our separations and magnet-making capabilities. Therefore, we believe it is useful and necessary\nfor investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs. To the extent additional start-up costs are incurred in the future to expand our separations and magnet-making\ncapabilities after initial achievement of commercial production (e.g., significantly expanding production capacity at an existing facility or building a new separations or magnet manufacturing facility), such costs would not be considered an adjustment\nfor this non-GAAP financial measure.\n3. Principally included in \"Advanced projects and development\" within our unaudited Condensed Consolidated Statements of Operations, and pertains to legal, consulting, and advisory services, and other costs associated with specific transactions,\nincluding potential acquisitions, mergers, or other investments.\n4. Included in \"Other operating costs and expenses\" within our unaudited Condensed Consolidated Statements of Operations.\n5. The year ended December 31, 2023, includes $5.5 million in demolition costs associated with demolishing and removing certain out-of-use older facilities and infrastructure from the Mountain Pass site to accommodate future expansion in rare earth\nprocessing.\n6. Represents a non-cash write-down of a portion of our legacy low-grade stockpile inventory during the second quarter of 2021.\n7. Represents non-cash revenue recognized in connection with a tariff rebate received relating to product sales from prior periods.\n8. Amount for the year ended December 31, 2021, principally represents a non-cash gain recognized as a result of the Small Business Administration's approval to forgive the Paycheck Protection Loan, which is included in \"Other income, net\" within our\nunaudited Condensed Consolidated Statements of Operations.\n9. Tax impact of adjustments is calculated using an adjusted effective tax rate, which excludes the impact of discrete tax costs and benefits, to each adjustment. The adjusted effective tax rates were 23.7%, (3.9)%, and 29.8% for the three months ended\nDecember 31, 2023 and 2022 and for the three months ended September 30, 2023, respectively. The adjusted effective tax rates were 25.9%, 16.3% and 17.5% for the years ended December 31, 2023, 2022 and 2021, respectively.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "155afd78-a07d-400b-bf10-82e15147b26b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.459, "w": 0.877, "x": 0.076, "y": 0.176 }, "kind": "table", "text": "Net income (loss)\nAdjusted for:\nStock-based compensation expense (1)\nInitial start-up costs (2)\nTransaction-related and other costs (3)\nLoss on disposals of long-lived assets, net (4)(5)\nWrite-down of inventories (4)(6)\nTariff rebate (7)\nOther (8)\nTax impact of adjustments above (9)\nRelease of valuation allowance\nAdjusted Net Income (Loss)", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d4fe5520-4a90-404a-bcff-454647f57a53", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.899, "x": 0.049, "y": 0.08 }, "kind": "title", "text": "Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss)", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ae1886c4-4e81-441e-9aaf-76d3450acdaa", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }