雅保公司 (ALB) 2024 Q3 法說會逐字稿

Hello, and welcome to the Albemarle Corporation's Q3 2024 Earnings Call.(Operator Instructions)

您好，歡迎參加雅寶公司 2024 年第三季財報電話會議。

As a reminder, this conference is being recorded today.

提醒一下，今天正在錄製這次會議。

I will now turn the call over to Meredith Bandy, Vice President of Investor Relations and Sustainability.

我現在將把電話轉給投資者關係和永續發展副總裁梅雷迪思·班迪 (Meredith Bandy)。

Thank you, and welcome, everyone, to Albemarle's Third Quarter 2024 Earnings Conference Call. Our earnings were released after the market yesterday, and you'll find the press release and earnings presentation posted to our website under the Investors section at albemarle.com.

謝謝並歡迎大家參加雅寶 2024 年第三季財報電話會議。我們的財報於昨天盤後發布，您可以在我們網站 albemarle.com 投資者部分下找到新聞稿和財報演示。

Joining me on the call today are Kent Masters, Chief Executive Officer; and Neal Sheorey, Chief Financial Officer; Netha Johnson, Chief Operations Officer; and Eric Norris, Chief Commercial Officer, are also available for Q&A.

今天和我一起參加電話會議的是執行長肯特馬斯特斯 (Kent Masters)；財務長 Neal Sheorey； Netha Johnson，營運長；首席商務官埃里克·諾里斯 (Eric Norris) 也可以參加問答。

As a reminder, some of the statements made during this call, including our outlook, guidance, expected company performance and strategic initiatives may constitute forward-looking statements.

提醒一下，本次電話會議中所做的一些陳述，包括我們的前景、指導、預期公司業績和策略性舉措可能構成前瞻性陳述。

Please note the cautionary language about forward-looking statements contained in our press release and earnings presentation, which also applies to this call. Please also note that some of our comments today refer to non-GAAP financial measures. Reconciliations can be found in our earnings materials.

請注意我們的新聞稿和收益演示中包含的有關前瞻性陳述的警告性語言，這也適用於本次電話會議。另請注意，我們今天的一些評論涉及非公認會計準則財務指標。調節表可以在我們的收益材料中找到。

And now I'll turn the call over to Kent.

現在我將把電話轉給肯特。

Thank you, Meredith. During the third quarter, Albemarle continued to demonstrate solid operational execution, delivering volumetric growth in energy storage and specialties, year-over-year EBITDA growth in specialties and Kitchen, strong operating cash conversion of over 100% and leverage metrics well below our covenant limits. We also continued to progress our cost improvement plans, further ramp our new facilities and deliver higher volumes.

謝謝你，梅雷迪思。第三季度，雅寶持續展現穩健的營運執行力，實現了能源儲存和特種產品的體積成長、特種產品和廚房的EBITDA 同比成長、超過100% 的強勁營運現金轉換率以及遠低於我們的契約限制的槓桿指標。我們也繼續推動成本改進計劃，進一步擴大我們的新設施並交付更高的產量。

As a result, we are maintaining our full year 2024 corporate outlook considerations. In a few moments, Neal will give more detail on our third quarter performance, key results and actions we are taking to preserve our financial flexibility.

因此，我們維持 2024 年全年企業前景考量。稍後，尼爾將詳細介紹我們第三季的業績、主要業績以及我們為保持財務靈活性而採取的行動。

My focus today will be on addressing the outcomes that we are now driving as a result of the comprehensive cost and operating structure review we progressed over the past few months. In conjunction with this review, we are implementing a new operating structure, transitioning to a fully integrated functional model designed to deliver significant cost savings and maintain long-term competitiveness.

我今天的重點將是解決我們目前正在推動的成果，這是我們在過去幾個月中進行的全面成本和營運結構審查的結果。結合這次審查，我們正在實施新的營運結構，過渡到完全整合的功能模型，旨在顯著節省成本並保持長期競爭力。

We are targeting $300 million to $400 million of further cost and productivity improvements by eliminating redundancies, reducing management layers and optimizing manufacturing cost.

我們的目標是透過消除冗餘、減少管理層和優化製造成本，進一步提高成本和生產率 3 億至 4 億美元。

These savings are due in part to the difficult but necessary decision to reduce our global workforce by an additional 6% to 7%. In total, we have eliminated nearly 1,000 roles, including all the actions announced this year. We also are now driving a year-over-year reduction in our full year 2025 capital expenditures by at least $800 million or about 50%.

這些節省的部分原因是我們做出了艱難但必要的決定，即在全球範圍內額外裁員 6% 至 7%。包括今年宣布的所有行動在內，我們總共裁減了近1,000個職位。我們現在也推動 2025 年全年資本支出年減至少 8 億美元或約 50%。

And with a disciplined focus on critical health, safety, environmental and site maintenance and a phased approach to maintaining our world-class resource base. We are confident these actions are the right steps to adapt to market conditions while serving our customers and pursuing long-term value creation. I will have more to say about our cost-out and productivity plans later on the call.

嚴格關注關鍵的健康、安全、環境和現場維護，並採取分階段的方法來維護我們世界一流的資源基礎。我們相信這些行動是適應市場條件、同時服務客戶和追求長期價值創造的正確步驟。我將在稍後的電話會議上更多地談論我們的成本支出和生產力計劃。

I'll now hand it over to Neal to discuss our financial results during the quarter.

我現在將把它交給尼爾討論我們本季的財務表現。

Thanks, Kent, and good morning, everyone. Beginning on slide 5, I will summarize our third quarter performance. We recorded net sales of $1.4 billion compared to $2.3 billion in the prior year quarter, a decline of 41% driven principally by lower pricing, particularly for lithium.

謝謝肯特，大家早安。從投影片 5 開始，我將總結我們第三季的業績。我們的淨銷售額為 14 億美元，而去年同期為 23 億美元，下降了 41%，這主要是由於定價下降（尤其是鋰定價）所致。

During the quarter, we recorded a loss attributable to Albemarle of $1.1 billion and a diluted loss per share of $9.45. Adjusted diluted loss per share was $1.55. Our GAAP results included a pretax charge of $861 million related to capital project asset write-offs at Kemerton 3 and putting Kemerton 2 into care and maintenance, of which about 10% is cash outflow in the second half of the year. This charge was below our initial estimate that we provided on the last earnings call of $900 million to $1.1 billion.

本季度，我們錄得雅保 (Albemarle) 虧損 11 億美元，攤薄每股虧損 9.45 美元。調整後每股攤薄虧損為 1.55 美元。我們的 GAAP 業績包括與 Kemerton 3 資本項目資產沖銷以及 Kemerton 2 投入保養和維護相關的 8.61 億美元稅前費用，其中約 10% 是下半年的現金流出。該費用低於我們在上次財報電話會議上提供的 9 億至 11 億美元的初步估計。

Turning to slide 6. Our third quarter adjusted EBITDA of $211 million was lower than the prior year period, also primarily due to lower lithium pricing. This was partially offset by lower cost of goods sold primarily related to reduced spodumene pricing. Other positives include higher volumes in energy storage related to delivery of our growth projects and in specialties related to stronger end market demand.

轉到投影片 6。我們第三季調整後的 EBITDA 為 2.11 億美元，低於去年同期，主要是由於鋰定價較低。這被主要與鋰輝石定價下降相關的銷售成本降低所部分抵銷。其他積極因素包括與我們的成長項目交付相關的儲能容量增加以及與終端市場需求強勁相關的專業容量增加。

Our cost and efficiency initiatives also provided productivity benefits, which more than offset inflation. Looking at adjusted EBITDA by operating segment, we saw improved year-over-year profitability in specialties due to productivity improvements and better end market demand. Ketjen EBITDA also improved year-over-year as we continue to execute our turnaround plan during the quarter.

我們的成本和效率舉措也提供了生產力效益，這遠遠抵消了通貨膨脹。從各營運部門調整後的 EBITDA 來看，由於生產力的提高和終端市場需求的改善，我們看到特種產品的獲利能力較去年同期有所提高。隨著我們在本季繼續執行扭虧為盈計劃，Ketjen EBITDA 也較去年同期有所改善。

Moving to slide 7. As Kent mentioned, we are maintaining our full year 2024 outlook considerations, thanks to the execution of our cost and productivity improvements, continued strong volume growth, including higher sales volumes at our Talison JV and and contract performance in energy storage. As a reminder, these scenarios are based on historically observed lithium market pricing and represent a blend of relevant market prices including both China and ex-China pricing for lithium carbonate and lithium hydroxide.

轉到投影片 7。正如Kent 所提到的，我們維持對2024 年全年展望的考慮，這要歸功於我們成本和生產力改進的執行、銷量的持續強勁增長，包括我們Talison 合資企業銷量的增加以及能源存儲方面的合同履行。需要提醒的是，這些情景是基於歷史觀察到的鋰市場定價，並代表了相關市場價格的混合，包括中國和中國以外的碳酸鋰和氫氧化鋰的定價。

Turning to slide 8 for additional commentary on outlook. We expect corporate full year 2024 net sales to be near the lower end of the $12 to $15 per kilogram scenario, primarily due to weaker second half pricing for lithium, offset by contract performance. Full year 2024 adjusted EBITDA is expected to be in the middle of that same scenario range, thanks to successful cost-cutting and productivity improvements.

請參閱投影片 8 以獲取有關前景的更多評論。我們預計企業 2024 年全年淨銷售額將接近每公斤 12 至 15 美元情境的下限，這主要是由於下半年鋰定價疲軟，但被合約表現所抵銷。由於成功的成本削減和生產力提高，2024 年全年調整後的 EBITDA 預計將處於同一情境範圍的中間。

In energy storage, we now expect full year volume growth to be more than 20% year-over-year as we have continued to benefit from solid demand, particularly in China and ongoing ramps of our new facilities. Fourth quarter volumes are expected to be down sequentially, primarily due to timing of spodumene sales volumes, reduced tolling and planned outages.

在儲能方面，我們目前預計全年銷量年增將超過 20%，因為我們繼續受益於強勁的需求，特別是在中國以及我們新設施的持續擴建。預計第四季銷量將環比下降，主要是由於鋰輝石銷售的時機、通行費減少和計劃停駛。

Margins are expected to be slightly higher sequentially as the benefit of lower-priced spodumene and cost of goods sold offsets the impact of unabsorbed fixed costs as our new plants continue to ramp. At both specialties and Ketjen, we continue to expect modest sequential improvements in the fourth quarter, thanks to better end market conditions and productivity benefits. Please refer to our appendix slides in the deck for additional modeling considerations across the enterprise.

隨著我們的新工廠繼續擴建，價格較低的鋰輝石和銷售成本的好處抵消了未吸收固定成本的影響，預計利潤率將比上一季略高。在特種產品和 Ketjen 方面，我們繼續預期第四季將出現適度的環比改善，這要歸功於更好的終端市場狀況和生產力優勢。請參閱我們的附錄投影片，以了解整個企業的其他建模注意事項。

Moving to our balance sheet and liquidity metrics on slide 9. We ended the third quarter with available liquidity of $3.4 billion, including $1.7 billion of cash and cash equivalents and the full $1.5 billion available under our revolver. The actions we have taken to improve our cost structure and enhance operational efficiency have also provided enhanced financial flexibility.

前往投影片 9 上的資產負債表和流動性指標。截至第三季末，我們的可用流動資金為 34 億美元，其中包括 17 億美元的現金和現金等價物以及我們的左輪手槍下可用的全部 15 億美元。我們為改善成本結構和提高營運效率而採取的行動也增強了財務靈活性。

Thanks to our successful actions to reduce costs and optimize cash flow. We ended Q3 with net debt to adjusted EBITDA of 3.5 times or two turns below the covenant limit in the quarter. To navigate market conditions, we took proactive measures in the quarter around our covenant waiver.

感謝我們在降低成本和優化現金流方面的成功行動。截至第三季末，我們的淨負債與調整後 EBITDA 比本季契約限額低了 3.5 倍或兩倍。為了因應市場狀況，我們在本季圍繞契約豁免採取了積極措施。

The outcome of our action is shown on slide 10. In October, we proactively extended our covenant waiver through the third quarter of 2026 and reshaped it to ensure we have the financial flexibility needed as we execute our new operating structure and cost reduction actions.

我們行動的結果如投影片 10 所示。10 月，我們主動將契約豁免延長至 2026 年第三季度，並對其進行了重新調整，以確保我們在執行新的營運結構和成本削減行動時擁有所需的財務靈活性。

Moving forward, our goal remains to stay well within these limits through solid financial and operational execution as we have shown throughout 2024.

展望未來，我們的目標仍然是透過穩健的財務和營運執行力，保持在這些限制之內，正如我們在 2024 年所展示的那樣。

slide 11 highlights our execution focus, which is demonstrated by the continued improvement in our operating cash flow as a result of operational discipline and cash management actions. Our operating cash flow conversion, defined as operating cash flow as a percent of adjusted EBITDA was greater than 100% in the third quarter, primarily due to timing and management of working capital. We continue to expect full year operating cash conversion to be approximately 50%.

投影片 11 強調了我們的執行重點，透過營運紀律和現金管理行動，我們的營運現金流持續改善就證明了這一點。我們的營運現金流量轉換（定義為營運現金流佔調整後 EBITDA 的百分比）在第三季超過 100%，這主要是由於營運資金的時間安排和管理。我們仍預計全年營運現金轉換率約為 50%。

And at the higher end of our historical range and above our expectations at the beginning of the year. This is driven by increased Talison dividends with higher sales volumes at Greenbushes, and working capital improvements, including a significant focus on inventory and cash management across our operations.

並且處於我們歷史範圍的高端，並且高於我們年初的預期。這是由於 Talison 股息增加、Greenbushes 銷售增加以及營運資本改善（包括對整個業務的庫存和現金管理的高度重視）所推動的。

This means that we expect fourth quarter cash conversion to be lower than recent quarters due in part to cash outflows associated with the workforce reductions we announced today as well as the timing of JV dividends.

這意味著我們預計第四季度的現金轉換將低於最近幾個季度，部分原因是我們今天宣布的裁員以及合資企業股息的時間表導致現金流出。

As a reminder, we account for our 49% interest in the Talison JV via the equity method. Therefore, the impact to cash flows is in dividends received. As we have said before, we expect dividends to be lower than normal this year and into 2025 as Talison completes the CGP 3 capital project at the Greenbushes mine.

提醒一下，我們透過權益法來計算我們在 Talison JV 中 49% 的權益。因此，對現金流量的影響在於收到的股利。正如我們之前所說，隨著 Talison 完成 Greenbushes 礦場的 CGP 3 資本項目，我們預計今年和 2025 年的股息將低於正常水平。

I'm pleased to see that our efforts to improve operating cash flow conversion are yielding results. We will continue driving toward free cash flow breakeven through our ongoing ramp of new capacity, inventory management, bidding events, cost out and productivity measures and other cash conversion improvements.

我很高興看到我們改善營運現金流轉換的努力正在取得成果。我們將透過不斷增加新產能、庫存管理、投標活動、成本支出和生產力措施以及其他現金轉換改進，繼續推動自由現金流盈虧平衡。

Turning to slide 12. I will provide a few comments on current lithium market conditions, which have shown some positive signs. On the supply side, there have been several announced upstream and downstream curtailments, nonintegrated hard rock conversion Ben Isaacson is unprofitable, and larger integrated producers are under pressure. We estimate that at least 25% of the global resource cost curve is unprofitable or operating at a loss.

轉到投影片 12。我將對當前鋰市場狀況發表一些評論，目前鋰市場狀況已顯示出一些正面的跡象。在供應方面，上游和下游已宣布多項限產，非綜合性硬岩轉換本·艾薩克森（Ben Isaacson）無利可圖，較大的綜合性生產商面臨壓力。我們估計，全球資源成本曲線中至少有 25% 是無利可圖或虧損的營運。

On the demand side, grid storage demand continues to surprise to the upside, up 36% year-to-date led by installations in the U.S. and China. Global electric vehicle registrations are up 23% year-to-date, led by China, and demand growth in the United States is also up double digits.

在需求方面，電網儲存需求持續令人驚訝地上漲，今年迄今成長了 36%，其中美國和中國的安裝量領先。今年迄今為止，全球電動車註冊量成長了 23%，其中以中國為首，美國的需求成長也達​​到了兩位數。

slide 13 breaks down global EV demand growth by region. China represents 60% of the overall EV market with continued strong year-to-date demand growth of more than 30%, in line to slightly ahead of initial expectations. In terms of demand mix, we have seen stronger growth in plug-in hybrid sales in China as current subsidies are more balanced between battery EVs and plug-in hybrids. Chinese plug-in hybrids include range-extended vehicles with battery sizes somewhere between traditional battery EVs and plug-in hybrids.

幻燈片 13 按地區細分了全球電動車需求成長。中國佔整個電動車市場的 60%，今年迄今需求成長持續強勁，超過 30%，略高於最初預期。就需求結構而言，我們看到中國插電式混合動力車銷量成長強勁，因為目前的補貼在純電動車和插電式混合動力車之間更加平衡。中國的插電式混合動力車包括增程型汽車，其電池尺寸介於傳統電池電動車和插電式混合動力車之間。

Meanwhile, the softest demand region globally is Europe, where EV sales growth is down slightly year-to-date due to reduced subsidies and weaker economic conditions. Potential price cuts and the drive towards EU emission targets represent rebound opportunities in 2025.

同時，全球需求最疲軟的地區是歐洲，由於補貼減少和經濟狀況疲軟，該地區電動車銷量成長今年迄今略有下降。潛在的降價和實現歐盟排放目標的努力代表著 2025 年的反彈機會。

North American sales are up 13% year-to-date, far stronger than suggested by recent headlines. U.S. EV sales trends have strengthened in the back half of the year, benefiting from increased model availability and affordability.

今年迄今為止，北美銷量成長了 13%，遠高於近期頭條新聞所暗示的水平。受惠於車型可用性和可承受性的提高，美國電動車銷售趨勢在今年下半年有所加強。

Looking further out on slide 14. Longer term, we continue to expect lithium demand growth to expand by 2.5 times

進一步查看投影片 14。長期來看，我們繼續預期鋰需求成長率將擴大2.5倍

From 2024 to 2030. The global energy transition remains well underway, supported by consumer preferences government policies and technological advancements. From an affordability perspective, the global EV supply chain is on track to achieve the critical $100 per kilowatt hour tipping point, where EVs are at purchase price parity with ICE vehicles.

從 2024 年到 2030 年。在消費者偏好、政府政策和技術進步的支持下，全球能源轉型仍在順利進行中。從可負擔的角度來看，全球電動車供應鏈有望達到每千瓦時 100 美元的關鍵臨界點，此時電動車的購買價格與內燃機汽車持平。

The Chinese industry has likely surpassed that target with the rest of the world not far behind. Overall, these trends continue to reinforce our belief in the long-term growth potential of the industry.

中國工業很可能已經超越了這個目標，世界其他地區也緊跟在後。總體而言，這些趨勢繼續增強了我們對該行業長期成長潛力的信心。

With that, I'll now hand it back to Kent.

有了這個，我現在就把它還給肯特。

Thanks Neil turning to slide 15. I will cover the significant yet necessary actions we are taking to rebaseline our cost structure while allowing us to maintain our leadership position and preserve future growth. Let me start with our new operating structure on slide 16.

感謝尼爾轉向幻燈片 15。我將介紹我們正在採取的重大但必要的行動，以重新調整我們的成本結構，同時使我們能夠保持領先地位並保持未來的成長。讓我從投影片 16 上的新營運結構開始。

Over the past several months, we've evaluated multiple organizational models, balancing cost with an agile go to market approach.

在過去的幾個月裡，我們評估了多種組織模式，透過敏捷的市場進入方法來平衡成本。

Following this review, we announced a new operating structure transitioning to a fully integrated functional model to deliver significant cost savings and maintain our long term competitiveness.

經過這次審查，我們宣布了一個新的營運結構，過渡到完全整合的功能模型，以顯著節省成本並保持我們的長期競爭力。

This slide shows our leadership team with several title and role changes to reflect our new structure.

這張投影片顯示了我們的領導團隊的一些頭銜和角色變化，以反映我們的新結構。

From a financial reporting perspective, we will continue to report across our three segments of energy storage specialties and Kent our fully integrated organizational structure is designed to flex with the complexities of our markets and to strengthen our core capabilities in a cost effective way to maintain our leadership position.

從財務報告的角度來看，我們將繼續報告我們的儲能專業和肯特郡的三個部分，我們完全一體化的組織結構旨在適應我們市場的複雜性，並以具有成本效益的方式加強我們的核心能力，以維持我們的業務。

Turning to slide 17. It's important to put our latest actions in context of the series of self help steps. We have been progressing for several months as we navigate the current business environment, Albemarle continues to act urgently across four key areas, optimizing our conversion network, improve, improving cost and efficiency, reducing capital expenditures and enhancing financial flexibility.

轉到投影片 17。將我們最新的行動置於一系列自助步驟的背景中非常重要。隨著我們應對當前的商業環境，我們已經取得了幾個月的進展，雅保繼續在四個關鍵領域採取緊急行動，優化我們的轉換網絡，改進、提高成本和效率，減少資本支出並增強財務靈活性。

Our actions are broadbased and designed to maintain our long term competitive advantage in light of market conditions.

我們的行動基礎廣泛，旨在根據市場狀況維持我們的長期競爭優勢。

And given the dynamic environment we continue to face, we are always adding to our list of potential actions so that we are ready to pivot as necessary.

考慮到我們繼續面臨的動態環境，我們總是在潛在行動清單中添加內容，以便我們可以在必要時進行調整的準備。

I'm confident in the team's ability to deliver these improvements based on our performance to date. We highlight that on slide 18, here is a summary of our progress on the cost savings and cost flow initiatives, cash flow initiatives introduced in January and July of this year.

根據我們迄今為止的表現，我對團隊實現這些改進的能力充滿信心。我們強調，在投影片 18 中，總結了我們在今年 1 月和 7 月推出的成本節約和成本流計畫、現金流計畫的進展。

As well as the additional actions we're announcing today, all these programs are in execution and the January and July actions are on track or ahead of plan demonstrating our sharp focus on operational efficiency and proven ability to execute regarding the 300 to $400 million of cost improvements we announced today, we expect to achieve a 40 to 50% run rate by the end of this year.

除了我們今天宣布的其他行動外，所有這些計劃都在執行中，1 月和7 月的行動正在按計劃進行或提前於計劃，這表明我們對營運效率的強烈關注以及經過驗證的執行300 至4億美元項目的能力。

Additionally, we plan to reduce our 2025 CapEx to between 809 $100 million down about 50% versus 2024.

此外，我們計劃將 2025 年的資本支出減少至 809 億美元，比 2024 年減少約 50%。

How we got to these cost out and CapEx targets was through rigorous analytics that involved a combination of robust peer benchmarking and bottoms up project planning to estimate target savings over the quarter. We analyze spend across three categories. Nonmanufacturing cost specifically SG&A and R&D manufacturing costs and capital expenditures.

我們如何實現這些成本支出和資本支出目標是透過嚴格的分析，其中包括強大的同業基準測試和自下而上的專案規劃的結合，以估計本季的目標節省。我們分析三個類別的支出。非製造成本，特別是 SG&A 和研發製造成本和資本支出。

Our levers to deliver the nonmanufacturing and manufacturing cost and productivity savings are detailed on slide 19.

我們實現非製造和製造成本以及生產力節省的槓桿詳見幻燈片 19。

Our total cost out opportunity of 300 to $400 million includes approximately $150 million in manufacturing opportunity. Split between cost reductions like energy and maintenance, efficiencies and increased volume through plant rents, yield improvements and other areas.

我們的總成本機會為 3 億至 4 億美元，其中包括約 1.5 億美元的製造機會。透過廠房租金、產量提高和其他領域來降低能源和維護等成本、提高效率和增加產量。

The 150 to $250 million of nonmanufacturing cost improvement follows a robust benchmarking review. With the assistance of a third party consultant, we evaluated and analyzed our nonmanufacturing cost structure against like size piers in lithium and other related industries like specialty chemicals and mining.

經過嚴格的基準審查後，非製造成本改善了 1.5 億至 2.5 億美元。在第三方顧問的協助下，我們根據鋰和其他相關行業（如特種化學品和採礦業）的類似規模碼頭評估和分析了我們的非製造成本結構。

The biggest driver of these nonmanufacturing savings is to change to our operating structure. The integrated model we made effective November 1st allows us to consolidate activities and reduce duplicative work, optimizing management layers and increasing efficiency.

這些非製造業節省的最大推動力是改變我們的營運結構。我們於 11 月 1 日生效的整合模型使我們能夠整合活動、減少重複工作、優化管理層並提高效率。

Other key drivers include shifting more activities to established hubs and lowcost jurisdiction and leveraging technology to reduce manual work.

其他關鍵驅動因素包括將更多活動轉移到已建立的中心和低成本管轄區，以及利用技術減少體力勞動。

We will continue to internally track our actions and progress through an established program management office which will be laser focused on these initiatives and leveraging our ability to execute.

我們將繼續透過已建立的專案管理辦公室在內部追蹤我們的行動和進展，該辦公室將重點關注這些舉措並利用我們的執行能力。

slide 20 breaks down the third leg of our work which is the reduction of our 2025 capital expenditures by more than $800 million versus 2024 overall. We are targeting sustaining CapEx of 4 to 6% of net sales in line with historical performance and specialty chemical averages.

投影片 20 詳細介紹了我們工作的第三部分，與 2024 年相比，我們 2025 年的資本支出減少了 8 億多美元。我們的目標是將資本支出維持在淨銷售額的 4% 至 6%，與歷史績效和特種化學品平均值一致。

Though we have pulled down our spending, we will continue to invest in critical health safety, environmental and site maintenance projects through our disciplined capital allocation, we will maintain our industry leading resource base in a phased manner.

儘管我們減少了支出，但我們將透過嚴格的資本配置繼續投資於關鍵的健康安全、環境和現場維護項目，我們將分階段保持行業領先的資源基礎。

Additional growth capital will be limited to primarily highter brownfield expansions and productivity improvements.

額外的成長資本將主要限於更高的棕地擴張和生產力提高。

Moving to slide 21 the actions we are taking are designed to maintain Albemarle's significant competitive advantages and position us for long term value creation which is encapsulated by our strategic framework shown on slide 23 our strategy is unchanged but as always, we will adjust our execution execution to pivot and pace with the dynamic markets we serve.

轉到投影片21，我們正在採取的行動旨在保持雅寶的顯著競爭優勢，並使我們能夠創造長期價值，這體現在投影片23 所示的策略框架中。但一如既往，我們將調整我們的執行執行情況與我們所服務的充滿活力的市場保持同步。

Our strategic framework continues to guide how we operate Albemarle as we lead the world in transforming essential resources into critical ingredients.

我們的策略框架繼續指導我們如何運作雅寶，因為我們在將基本資源轉化為關鍵成分方面處於世界領先地位。

The resources we provide play a critical role in areas with a compelling long term growth profile and we have competitive strengths that will allow us to navigate the environment highlighted in more detail. On slide. 24st, our world-class resources are arguably the best in the industry with large scale, high grade and therefore lowcost assets in energy storage. We have access to some of the highest grade resources in both hard rock in Australia and Brine in Chile.

我們提供的資源在具有引人注目的長期成長前景的領域中發揮關鍵作用，我們擁有的競爭優勢將使我們能夠更詳細地駕馭環境。在幻燈片上。 24日，我們的世界級資源可以說是業界最好的，規模大、品位高，因此儲能資產成本低。我們可以獲得澳洲硬岩和智利鹽水中一些最高品位的資源。

Similarly, in specialties, we are the only producer with access to both tier one bromine resources globally in Jordan and the United States.

同樣，在特種產品中，我們是唯一一家能夠在約旦和美國獲得全球一級溴資源的生產商。

Second, our leading process chemistry knowhow is key to achieving further productivity and cost improvements safely and sustainably at both the Salar and Magnolia. We have evaluated a wide range of direct lithium extraction options and are piloting solutions.

其次，我們領先的製程化學專業知識是 Salar 和 Magnolia 安全、可持續地進一步提高生產力和成本改進的關鍵。我們評估了多種直接鋰萃取方案，並正在試驗解決方案。

Third, we have a pipeline of high impact innovative solutions in both bromine and lithium. Our research testing and piloting facilities in North Carolina, Louisiana and Germany allow us to participate in differentiated high margin segments and support our customer specific requirements.

第三，我們擁有一系列高影響力的溴和鋰創新解決方案。我們在北卡羅來納州、路易斯安那州和德國的研究測試和試點設施使我們能夠參與差異化的高利潤細分市場並支持客戶的特定要求。

Fourth, Albemarle's leading industry position as a partner of choice is demonstrated through our partnerships with iconic pioneering companies. Both our businesses have high net promoter scores with significantly positive gaps relative to competitors, reflecting longstanding successful relationships with major customers and we are increasingly recognized for the good work we do and the good that our work is doing. For example, we were recently named as one of the world's best companies by time demonstrating our commitment to creating a more resilient world and advancing the sustainability objectives of our customers.

第四，雅寶作為首選合作夥伴的領先產業地位透過我們與標誌性先鋒公司的合作關係得以體現。我們的兩家公司都擁有較高的淨推薦值，與競爭對手相比存在顯著的正差距，這反映出與主要客戶的長期成功關係，並且我們因我們所做的出色工作和我們的工作正在做的好事而越來越受到認可。例如，我們最近被《時代》雜誌評為全球最佳公司之一，這表明我們致力於創造一個更具彈性的世界並推動客戶的永續發展目標。

In summary, on slide, 24 Albemarle delivered another solid performance in the third quarter including higher volumes in energy storage and specialties and year over year improvements and adjusted ebida for specialties and catching.

總而言之，在幻燈片上，24 Albemarle 在第三季度再次取得了穩健的業績，包括能源存儲和特種產品產量的增加以及同比的改進以及特種產品和捕撈的調整後的稅息折舊攤銷前利潤。

We've maintained our full year 2024 outlook considerations. Thanks in part to enterprise wide cost improvements, strong energy storage project ramps and contract performance.

我們維持對 2024 年全年展望的考慮。部分歸功於企業範圍內的成本改善、強勁的儲能專案爬坡和合約履行。

We are focused on taking broadbased proactive steps to control what we can control and ensure we are competitive across the cycle.

我們專注於採取廣泛的主動措施來控制我們可以控制的事情，並確保我們在整個週期中具有競爭力。

Al all remains a global leader with a world class portfolio and vertical integration strength. I am confident we are taking the right actions to maintain our competitive position and to capitalize on the incredible long term opportunity in our markets.

Al all 仍然是全球領先者，擁有世界一流的產品組合和垂直整合實力。我相信我們正在採取正確的行動來保持我們的競爭地位並利用我們市場上令人難以置信的長期機會。

I look forward to seeing some of you face to face at upcoming events listed here on slide 25.

我期待在幻燈片 25 列出的即將舉辦的活動中與你們中的一些人面對面交流。

And with that, I'd like to turn the call back over to the operator to begin the Q&A portion.

這樣，我想將電話轉回接線員以開始問答部分。

(Operator Instructions)

（操作員說明）

Aleksey Yefremov from KeyBanc.

來自 KeyBanc 的 Aleksey Yefremov。

Thanks, good morning. Was lower fixed cost next year and some volume growth. Can you keep your EBITDA at least flat if prices don't change? Or do you expect an increase or decline?

謝謝，早安。明年固定成本較低，銷售量有所成長。如果價格不變，您能否保持 EBITDA 至少持平？或者您預計會增加還是減少？

So okay. So that's a '25 question as we go into it. So just to be clear, we're not going to give an outlook for '25 on this, but we can give you some kind of puts and takes off of '24. Neal, do you want to take that?

那麼好吧。這是我們討論的 25 個問題。因此，需要明確的是，我們不會就此給予 25 年的展望，但我們可以為您提供 24 年的某種調整和起飛。尼爾，你想接受這個嗎？

Yeah, sure. Aleksey, so yes, just we're obviously working through our 2025 outlook right now. So it's a little premature for us to talk about that. We'll talk about that on the next earnings call. But just to give you a couple of puts and takes here.

是的，當然。Aleksey，是的，我們現在顯然正在研究 2025 年的前景。所以我們現在談論這個還為時過早。我們將在下一次財報電話會議上討論這個問題。但這裡只是給你一些建議。

So obviously, where pricing is today, that's something that you can observe. And relative to the lower end of our guidance range today, we're probably 20% to 25% market pricing is below the average that we have achieved in 2024. And so you can kind of build that if you assume today's prices kind of roll into next year, that gives you a thought of what to build in for in terms of a headwind for pricing.

顯然，今天的定價是你可以觀察到的。相對於我們今天指導範圍的下限，我們的市場定價可能比 2024 年實現的平均水平低 20% 到 25%。因此，如果您假設今天的價格會延續到明年，那麼您可以建立這樣的模型，這會讓您考慮在定價逆風方面應該建立什麼。

I'd also point you to remember that in Q2, we had a bump up in our equity earnings from the Talison JV because we had an unusually high offtake by our partner at the JV. And so we had about $100 million uplift in the second quarter. And I don't expect that to repeat in 2025 as well.

我還想提醒您注意的是，在第二季度，我們從泰利森合資企業獲得的股本收益有所增加，因為我們的合資夥伴的承購量異常高。因此，我們在第二季增加了約 1 億美元。我預計這種情況在 2025 年也不會重演。

Now on the opposite side of that is, as you mentioned, our fixed cost, you should expect our fixed costs are going to come down. We've had the actions that we've announced today, the $300 million to $400 million of cost and productivity actions.

現在，正如您所提到的，相反的是我們的固定成本，您應該預期我們的固定成本將會下降。我們已經採取了今天宣布的行動，即 3 億至 4 億美元的成本和生產力行動。

We expect at the end of this year that we'll be at that 40% to 50% run rate. So that is savings that you can start to build into 2025. And of course, we'll continue to build on those savings as we go through the year. And then, of course, we're also still ramping our plants, especially in the lithium business.

我們預計到今年年底，我們的運行率將達到 40% 到 50%。因此，您可以在 2025 年開始節省開支。當然，我們將在這一年中繼續利用這些節省的資金。當然，我們仍在擴大我們的工廠，特別是在鋰業務方面。

And so you should expect that our fixed assets are going to continue to ramp as we go through 2025. So just a few puts and takes to think about things as you go through 2025

因此，您應該預期到 2025 年我們的固定資產將繼續增加。因此，在 2025 年到來之際，只需做一些思考即可

And then to follow up on the last point, you cut your CapEx for '25. How is it affecting your volumes next year and if you can provide any comments about volume growth next year in lithium?

然後為了跟進最後一點，您削減了 25 年的資本支出。它對你們明年的銷量有何影響？

Yeah, I don't I mean, the CapEx cuts we're doing now will impact volume. Our forecast for volume for next year. Those that's further out and then us getting just tighter on our CapEx program. So we're still we look at I think we've previously talked about 20% growth through '27.

是的，我不是說，我們現在正在進行的資本支出削減將影響銷售。我們對明年銷量的預測。那些更遙遠的事情，然後我們的資本支出計劃變得更加嚴格。所以我們仍然在考慮我想我們之前已經討論過到 27 年增長 20%。

Some of the CapEx cuts we've done and taking some volume out, that's probably 15% CAGR through '27. So it's a little but it's longer term. It's not so much in '25.

我們已經削減了一些資本支出並減少了一些交易量，到 27 年複合年增長率可能為 15%。所以它是一點點，但它是長期的。25年就沒有那麼多了。

Yeah. And Aleksey, maybe just to pile on to that, the growth that I'm talking about for 2025 is obviously driven by assets that are already built and continuing to ramp.

是的。Aleksey，也許只是為了補充一點，我所說的 2025 年增長顯然是由已經建成並持續增長的資產推動的。

So like the Salar yield improvement project, Meishan in China, Kemerton in Australia. So those are things that have been ramping in 2024, and we'll continue to ramp in '25.

就像撒拉族增產計畫、中國眉山計畫、澳洲凱默頓計畫。這些都是 2024 年我們將繼續前進的事情，我們將在 25 年繼續前進。

John Roberts with Mizuho.

約翰羅伯茲與瑞穗。

Thank you On slide 8, in that fourth quarter improved margin guidance for energy storage. What are you assuming for Talison equity income in the fourth quarter? And what's the Talison CapEx for 2024 and 2025?

謝謝 在投影片 8 中，第四季提高了能源儲存的利潤指引。您對泰利森第四季的股權收入有何預期？2024 年和 2025 年 Talison 資本支出是多少？

Yeah. So John, this is Neal again. So when you think about equity income for next quarter, I think your assumption should be, I mean, basically spot pricing has been pretty flattish if you look at third quarter into fourth quarter. So I think you should think about something kind of similar to what we've experienced in the third quarter, all things being equal. And then I think the second part of your question, can you repeat that again?

是的。約翰，這又是尼爾。因此，當你考慮下個季度的股本收入時，我認為你的假設應該是，我的意思是，如果你看看第三季度到第四季度，現貨定價基本上相當平淡。所以我認為你應該考慮一些類似於我們在第三季經歷的事情，在所有條件相同的情況下。然後我想你問題的第二部分，可以再說一次嗎？

Budget for 2025 yet? And what do you think their 2024 CapEx comes in at.

2025年預算還沒出嗎​​？您認為他們 2024 年的資本支出是多少？

Yeah, So it is definitely premature for me to talk about the CapEx budget for 2025. For sure, there is capital that the JV continues to need to spend with regards to the CGP 3 asset. That's an asset that will continue to be built. It will be finished up in 2025, and we expect it to be actually starting up as we get towards the end of 2025. But John, we're literally working through the Talison budget with the JV and with the partners right now.

是的，所以我現在談論 2025 年的資本支出預算絕對為時過早。當然，合資企業仍需要為 CGP 3 資產支出資本。這是一項將繼續建造的資產。它將於 2025 年完工，我們預計它將在 2025 年底真正啟動。但是約翰，我們現在正在與合資企業和合作夥伴一起制定泰利森預算。

So, it's a little premature for me to speak to that. We should have more to say on the next earnings call.

所以，我現在談論這個還為時過早。我們應該在下一次財報電話會議上有更多的話要說。

And what did you have to agree to or pay in order to get the revised financial covenants.

為了獲得修訂後的財務契約，您必須同意或支付什麼費用。

Yeah. John, I won't give you the exact number, but it was a very small amount. You should think about it being far less than $1 million.

是的。約翰，我不會告訴你確切的數字，但數量非常小。你應該考慮一下它遠低於 100 萬美元。

David Deckelbaum with Cowen.

大衛·德克爾鮑姆和考恩。

I was curious if you've received some questions on the impact of the CapEx cuts on your long-term growth profile. The reduction of that $800 million, $900 million, as you go through this strategic review, is that where we should think of approximately maintenance capital? Or as we get into '26 and beyond, could we see numbers quite a bit below those levels?

我很好奇您是否收到一些關於資本支出削減對您的長期成長狀況影響的問題。當你進行這次策略審查時，減少 8 億美元、9 億美元是我們應該考慮維護資本的地方嗎？或者當我們進入 26 年及以後時，我們是否會看到數字遠低於這些水平？

Below those levels?

低於這些水平？

Yes. So we're so look, we're getting, we're, we're tightening down on maintenance capital and we're targeting a range of 4 to 6% of revenue at some at the normalized level. So you'll see us a little bit above that this year because we think pricing is below a normalized level. So we're a little above that, but we're also working to tighten that up. And then you see growth capital in there for high-return projects, productivity type projects, brownfield type expansions, which are high return and quick paybacks.

是的。所以我們看起來，我們正在收緊維護資本，我們的目標是在正常水平上佔收入的 4% 到 6%。因此，今年您會看到我們的價格略高於這一水平，因為我們認為定價低於正常水平。所以我們稍微高於這個標準，但我們也在努力加強這一點。然後你會看到高回報項目、生產力類型項目、棕地類型擴張的成長資本，這些都是高回報和快速回報的。

So that's kind of how what we've got built into that $800 million, $900 million, and we'll continue to work on that. It depends on the opportunities that we have, but we'll continue to focus. But we're from a maintenance capital standpoint, we're trying to be in that range of 4% to 6% on a normalized basis, and we're a little ahead of that for this year

這就是我們在 8 億美元、9 億美元中的投入方式，我們將繼續致力於此。這取決於我們擁有的機會，但我們將繼續關注。但從維護資本的角度來看，我們正努力在正常化的基礎上保持在 4% 到 6% 的範圍內，今年我們稍微領先了一點

Yeah, and then just continuing with just the theme of cash preservation. What's the outlook for the next several quarters in terms of cash conversion? Obviously, this quarter, there was some working capital management that really helped that conversion and helps kind of fortify the balance sheet. So I'm curious how you think about the next several quarters ahead of us here.

是的，然後繼續討論現金保存的主題。未來幾季現金轉換的前景如何？顯然，本季度，一些營運資金管理確實有助於這種轉變，並有助於強化資產負債表。所以我很好奇您如何看待我們接下來的幾個季度。

Yeah, So Neal can give us some specifics on that. But we're very focused on it. Some of our key metrics around that is cash conversion. So cash flow, everything around that, but a key management metric that we're focused on is cash conversion. You saw a big number this quarter. We obviously we can't repeat that. So it will come off that. We're above historic levels that where we've operated historically, but we're focused on driving that conversion number up.

是的，尼爾可以給我們一些具體細節。但我們非常專注於此。我們圍繞這一點的一些關鍵指標是現金轉換。因此，現金流以及與之相關的一切，但我們關注的關鍵管理指標是現金轉換。本季您看到了很大的數字。顯然我們不能重複這一點。所以它會消失。我們的營運水平高於歷史水平，但我們專注於提高轉換率。

Neal, do you want to make any specific comment?

尼爾，你想發表什麼具體評論嗎？

Just to add to that, Kent. So absolutely, I'll double down on what Kent said that we obviously have a very strong focus internally on cash generation, cash conversion and driving to that free cash flow breakeven point in the future. And we're continuing every quarter to work on this. Several things that we've got in flight is obviously working capital management is very much front and center. We have the cost and productivity that we are already doing.

只是補充一點，肯特。因此，我絕對會加倍強調肯特所說的，我們內部顯然非常關注現金生成、現金轉換以及推動未來自由現金流盈虧平衡點。我們每季都會繼續致力於此。我們正在進行的幾件事顯然是營運資本管理非常重要。我們已經具備了成本和生產力。

But obviously, today, we've announced even more that we're doing. And so we continue to drive on that. The other piece that will be very important for our overall cash flow generation is how we think about the dividends coming off of the Talison joint venture.

但顯然，今天我們宣布了更多我們正在做的事情。因此，我們將繼續努力。對我們整體現金流產生非常重要的另一部分是我們如何看待泰利森合資企業的股利。

One of the reasons that we mentioned in the deck that our cash conversion is going to be lower in the fourth quarter, is that at the moment, we see those dividends from the Talison joint venture in the fourth quarter coming down. Right now, our assumption is they'll be zero

我們在甲板上提到第四季現金轉換率將會較低的原因之一是，目前我們看到泰利森合資企業第四季的股利正在下降。現在，我們的假設是它們將為零

Ben Isaacson with Scotia Capital.

豐業資本 (Scotia Capital) 的 Ben Isaacson。

Good morning. This is [PVA] on for Ben. So my question for you is that so you've discussed your leverage covenants providing a substantial buffer. We thought kind of 2x spread in Q3. Is there any color that you can provide on the shape of those limits as they evolve through 2026. Moving specifically at Q2 and Q3 '25 where that lever the covenant limit rises to kind of 5.75 times. So any color there?

早安.這是 Ben 的 [PVA]。所以我要問你的問題是，你已經討論了提供實質緩衝的槓桿契約。我們認為第三季的價差約為 2 倍。隨著這些限制在 2026 年的演變，您可以提供任何顏色說明嗎？特別是在 25 年第二季和第三季度，契約限制槓桿上升到 5.75 倍。那麼有什麼顏色嗎？

Yeah, perfect. So essentially, the shaping of that covenant waiver sort of follows recall that our covenant waiver is calculated on a trailing 12-month EBITDA. And so you can imagine that we've kind of shaped this based on how we look backwards at the the shape of the EBITDA that we've generated so far in 2024 as well.

是的，完美。因此，從本質上講，該契約豁免的形成有點類似於我們的契約豁免是根據過去 12 個月的 EBITDA 計算的。所以你可以想像，我們是根據我們對 2024 年迄今為止產生的 EBITDA 形狀的回顧來塑造這一點的。

So that's really how we've thought through how the trailing 12 months might look like as we go forward and then shape the covenant waiver accordingly.

因此，這就是我們在未來 12 個月內的思考方式，然後相應地制定契約棄權。

Perfect. Thank.

完美的。感謝。

Steve Byrne with Bank of America.

美國銀行的史蒂夫伯恩。

Hi, Rob Hoffman on for Steve Byrne. In 3Q, realized pricing energy storage has seemingly come in at a lower premium relative to the lithium apartment market prices. versus prior quarters. Was there any meaningful shift in the percent of contract pricing with 1 quarter lag and pricing for? And what percent of the Q3 contractors figure has pricing for us.?

大家好，羅伯霍夫曼替補史蒂夫伯恩。第三季度，相對於鋰公寓市場價格，儲能的實際定價似乎出現了較低的溢價。與前幾季相比。滯後一季度的合約定價百分比和定價是否有任何有意義的變化？第三季承包商的數據中有多少百分比為我們提供了定價？

Yeah. So I don't there's really no change in the contracts that rolled off during the quarter. So that's I'm not sure so that view is a little different than the way that I think about it. But the contracts really they haven't changed.

是的。所以我不認為本季簽訂的合約確實沒有任何變化。所以我不確定，所以這個觀點與我的想法有點不同。但合約確實沒有改變。

So it's the mix of where those customers are and where that volume gets taken is how your average price moves. And we're I don't think we're going to say anything more than we have said before about the contracts and the floors that we have. So, we've got contract volume on about two-third of it and some have floors and ceilings and others don't. But we're not going to but it hasn't changed.

因此，平均價格的變動取決於這些顧客所在的位置以及銷售的來源。我認為我們不會再對我們所擁有的合約和樓層說更多的事情。因此，我們的合約量約為三分之二，有些有地板和天花板，有些則沒有。但我們不會這樣做，但它並沒有改變。

Yeah, I could just add to this is Eric, that during the quarter, we did see our highest volumes that we'll see of any quarter to date and will be higher than the fourth quarter as well. A lot of that was due to the timing of spot sales and spodumene sales, which would bias the mix in a quarter and has.

是的，我可以補充一點，埃里克，在本季度，我們確實看到了迄今為止任何季度的最高銷量，並且也將高於第四季度。這在很大程度上是由於現貨銷售和鋰輝石銷售的時間安排造成的，這會導致季度內的組合出現偏差，而且已經發生了。

So I mean I think you're noting something that is on target, that there's a mix effect there. That's not a reflection of contract that would wash out on a full year basis and be consistent with our guidance.

所以我的意思是，我認為你注意到了一些目標，即存在混合效應。這並不反映合約會在全年基礎上消失並符合我們的指導。

Makes sense. And just as a follow-up, given lower pricing being sustained, might you consider cutting operating rates to tighten the market rather than the forementioned guided 15% near-term CAGR growth in volume?

有道理。作為後續行動，考慮到定價持續走低，您是否會考慮降低開工率以收緊市場，而不是上述指導的 15% 的近期 CAGR 銷售增長？

Yes. Philip, we look at everything. It's probably it's less a little bit about tightening the market but where it makes sense for us to what our customer demand is, what we see volumes growing to and the mix about where we produce most cost effectively. So but we look at we're looking at everything, including operating rates at plants, but it's really more about the mix of our customers, the demand growth than it is about thinking about tightening the market.

是的。菲利普，我們會考慮一切。這可能與收緊市場無關，但對我們來說，我們的客戶需求是什麼、我們看到的產量成長到什麼程度以及我們在哪裡生產最具成本效益的組合是有意義的。所以，我們正在考慮一切，包括工廠的開工率，但這實際上更多的是我們的客戶組合、需求成長，而不是考慮收緊市場。

Vincent Andrews with Morgan Stanley.

文森安德魯斯與摩根士丹利。

You. And good morning Neal, could I ask you on the $300 million to $400 million in a 40% to 50% run rate by the end of this year. What then gives you such a wide range for I guess, you're going to call off by the end of next year, but what would make it $300 million and what would make it $400 million?

你。早安，尼爾，我可以問你一下今年年底之前 3 億到 4 億美元的資金投入情況，運行率為 40% 到 50% 嗎？那麼是什麼給了你如此廣泛的範圍，我猜你會在明年年底取消，但什麼會使其達到 3 億美元，什麼會使其達到 4 億美元？

I think that's I mean, it's just it's a range that we're giving and some of the things that we're working through around that. So it's not all completely detailed out. So and there's a dynamic around that as we go. Some of it is around overhead, some of it's around operating cost productivity improvements and things that we're doing at plant.

我想這就是我的意思，這只是我們提供的一個範圍以及我們正在圍繞這個範圍所做的一些事情。所以還沒有完全詳細說明。因此，隨著我們的發展，這方面存在著動態。其中一些是圍繞管理費用，有些是圍繞營運成本、生產力改進以及我們在工廠所做的事情。

So there's a range to give us a little bit of breathing room because we're the lower end would be fairly conservative and the upper end would be a bit of a stretch. I don't think it's any more sophisticated than that.

因此，有一個範圍可以給我們一點喘息的空間，因為我們的下端會相當保守，而上端會有點伸展。我認為沒有比這更複雜的了。

Fair enough. And if kent if could ask you, as we look ahead, we're obviously at the bottom of the cycle, let's assume the cycle turns, we assume prices go back and make up a number, $25,000 a ton when you clean up your balance sheet issues.

很公平。如果肯特可以問你的話，當我們展望未來時，我們顯然處於週期的底部，讓我們假設週期發生轉變，我們假設價格回落並彌補一個數字，當你清理餘額時每噸 25,000 美元片材問題。

What is Albemarle's strategy and lithium going to be? Is it just going to be a reversion to what you were doing for the last down cycle where you want to get back into conversion and you want to go out and buy resources or you going to do something different? Or are there things you're not going to do? How are you? And how is the Board thinking about sort of where the company wants to be strategically going forward?

雅保 (Albemarle) 的策略和鋰將是什麼？這是否只是回到你在上一個下行週期所做的事情，你想要回到轉換狀態，你想要出去購買資源，或者你會做一些不同的事情？或是有哪些事情是你不打算做的？你好嗎？董事會如何考慮公司未來的策略發展方向？

Yeah. So we've said and actually said in our prepared remarks that our strategy has not changed, but the way we're executing against it has. So if and when we'll react to the market. So prices come back to be honest, I think we're going to be a little conservative to make sure that they are going to stay there before we shift our plans around that.

是的。因此，我們在準備好的發言中說過並且實際上說過，我們的策略沒有改變，但我們執行策略的方式已經改變。那麼我們是否以及何時會對市場做出反應。所以說實話，價格回來了，我認為我們會有點保守，以確保在我們改變計劃之前價格會保持在這個水平。

So we'll be we want to make sure if they move up that they're going to stay up and we're just not in another cycle and I think right now, we're focused on making sure that we put the cost structure in place to compete through the bottom of the cycle, and we'll be able to we're trying to create the flexibility to pivot up if the market returns, but we're going to be a little conservative to make sure it really changed and we're just not in a cycle.

因此，我們希望確保他們是否會繼續上升，而我們只是沒有處於另一個週期，我認為現在我們的重點是確保我們將成本結構放在首位準備好在周期的底部進行競爭，如果市場回歸，我們將能夠嘗試創造向上旋轉的靈活性，但我們會有點保守，以確保它真正改變我們只是不在一個循環中。

Kevin McCarthy from Vertical Research Partners.

來自垂直研究合作夥伴的凱文·麥卡錫。

Hi, this is Matt Hettwer on for Kevin McCarthy. During your cost structure review, what new processes did you learn from benchmarking lithium peers? And how do you plan to implement those at Albemarle? On slide 19, it looks like there's a gap between the current nonmanufacturing costs at Albemarle and that of your median peer group. What did you identify as a source of that difference?

大家好，我是凱文·麥卡錫的馬特·海特沃。在成本結構審查期間，您從對標鋰同行中學到了哪些新流程？您計劃如何在雅寶實施這些計劃？在投影片 19 上，雅寶目前的非製造成本與同類同行中的非製造成本之間似乎存在差距。您認為這種差異的根源是什麼？

So on the benchmarking, I'll take that. Sorry, we got a phone going off in the room. So on the benchmark, I'm not sure we learn any new processes from benchmarking our peers, but it's more about the cost of overhead where people were operating and not it's less about lithium peers and it was just about broad corporate cost structure, with people that have a footprint that looks a bit like ours, very global with heavy manufacturing, those type pieces. I'm not sure we picked up any big process changes that we learned from our lithium peers.

因此，在基準測試方面，我會採取這一點。抱歉，我們房間的電話響了。因此，在基準測試中，我不確定我們是否從同行基準測試中學到了任何新流程，但這更多的是關於人們運營的管理費用，而不是更少關於鋰同行，而只是關於廣泛的企業成本結構，他們的足跡看起來有點像我們，非常全球化，擁有重型製造業，這些類型的作品。我不確定我們是否從鋰同行學到了任何重大的流程變化。

I think it's just more about the aspiration we took from a cost savings standpoint based on what we saw other corporates doing.

我認為這更多的是基於我們看到其他公司所做的事情，我們從節省成本的角度提出的願望。

And maybe this is Neal. Just to add to a couple of things. Look, as an organization standpoint, we were obviously positioned for for growth historically. And now in this new environment, we're moving to more of a cost-focused organization. Time and again, that model that works is the functional model that we announced.

也許這就是尼爾。只是補充幾件事。看，從組織的角度來看，我們顯然已經為歷史上的成長做好了準備。現在，在這個新環境中，我們正在轉向更注重成本的組織。一次又一次，有效的模型就是我們宣布的功能模型。

And so, I think one of the key things that we saw is that there are ways to achieve what you need to from a strict functional model standpoint.

因此，我認為我們看到的關鍵事情之一是，從嚴格的功能模型的角度來看，有一些方法可以實現您所需的功能。

So that's one of the key things as we functionalize the company, there are naturally going to be cost and simplification opportunities. And then the other thing I'll point out too is that we have to up and running and very well running back offices. And those are areas that we can use much more efficiently, especially in a functionalized model as well.

因此，這是我們公司職能化的關鍵事情之一，自然會有成本和簡化的機會。我還要指出的另一件事是，我們必須建立並運行並且很好地運行後台辦公室。這些是我們可以更有效地使用的領域，尤其是在功能化模型中。

So those are just a couple of examples. You see them on slide, I think it's 19 as well. But those are really some of the core areas where we are finding cost out opportunities.

這些只是幾個例子。你在幻燈片上看到它們，我想也是 19。但這些確實是我們尋找成本機會的一些核心領域。

Thanks. And then could you comment on some of the recent supply curtailments that you've seen? Has there been any significant downward movement in lepidolite supply out of China or Africa and given that you estimate 25% of the supply curve to be unprofitable, why do you think it's taken so long to see a significant downward momentum in supply?

謝謝。那麼您能否對您最近看到的一些供應削減發表評論？中國或非洲的鋰雲母供應量是否出現顯著下降，並且鑑於您估計 25% 的供應曲線無利可圖，您認為為什麼花了這麼長時間才看到供應量顯著下降的勢頭？

Yes, good morning. This is Eric. So speaking on lepidolite, it was announced during the quarter, and we've since been able to get corroboration although it isn't always clear in China, but the lepidolite one of the largest lepidolite suppliers had gone down into care and maintenance, taking some capacity offline. But there's still lepidolite in the market.

是的，早安。這是埃里克。因此，就鋰雲母而言，它是在本季度宣布的，儘管在中國並不總是很清楚，但我們已經能夠得到證實，但最大的鋰雲母供應商之一的鋰雲母已經進入保養和維護階段，部分容量離線。但市面上仍有鋰雲母。

Obviously, that's all in China. We've also seen continued growth in supply coming that's replacing that, serving the growing China market coming out of Africa. Where we've seen a lot of the shutdowns have been in some of the or modulations in some cases, has been out of the Western Australia sites and some delays on some of the Brian projects that were more either greenfield or significant brownfield expansions have been pushed out.

顯然，這都是在中國。我們也看到供應量的持續成長正在取代供應量，為非洲不斷成長的中國市場提供服務。我們看到，在某些情況下，西澳大利亞地區的一些工廠關閉了很多，或者在某些情況下進行了調整，並且布萊恩項目的一些延誤，這些項目更多的是綠地或重大棕地擴張。

We can get in more detail, but that's a quick summary. As to why more has not come out, it is a little puzzling. It is a fragmented market. It is a market with significant Chinese presence today. And it's it's a market where you have a lot of young companies whose sole reason for existing is to raise a lithium project. They may have cash on their balance sheets. And as long as they can continue to operate, they will do so, they don't have an alternative.

我們可以了解更多細節，但這只是一個快速總結。至於為什麼更多的還沒出來，有點令人費解。這是一個分散的市場。如今，這是一個中國人佔據重要地位的市場。在這個市場上，有許多年輕的公司，它們存在的唯一原因就是籌集鋰專案。他們的資產負債表上可能有現金。只要他們能夠繼續經營，他們就會這樣做，他們沒有其他選擇。

So, I think it's the maturity maybe when we're putting out this market is such that it's going to take a little longer, and that is reflected in our lower for longer view on pricing potentially, which is driving our need to be competitive across through the cycle and all these actions that we have talked about taking today.

因此，我認為，當我們推出這個市場時，可能需要更長的時間，這反映在我們對潛在定價的較低長期看法上，這促使我們需要在各個領域保持競爭力。討論的所有這些行動。

Joel Jackson from BMO Capital Markets.

BMO 資本市場的喬爾傑克森 (Joel Jackson)。

Hi, good morning, everyoneJust following up on that for my first question. Don't you think that more supply needs to come out of the market, like real supply, not some projects for years now, but real spodumene, real hard rock, real brine out of the market now to get prices going? Or what do you think needs to happen to get prices to recover? Because it seems like it can't just be demand. It's got to be supply at this point. Would you agree?

大家早安，繼續我的第一個問題。您是否不認為市場需要更多的供應，就像真正的供應一樣，不是現在的一些項目，而是真正的鋰輝石、真正的硬岩、真正的鹽水現在離開市場才能推動價格上漲？或者您認為需要發生什麼才能使價格恢復？因為看起來這不能只是需求。這時候就應該要有供應了。你同意嗎？

Well, I think it's both, right? So we do think more supply needs to come out. And as these prices persist, it will come out. It's a matter of how long it takes. And then and demand is still pretty strong, right? It's over it's been picked up a little bit by some of the fixed storage volumes in the last few quarters. A little stronger than we had anticipated, but it is both.

嗯，我認為兩者都是，對吧？因此，我們確實認為需要提供更多供應。隨著這些價格持續存在，它就會出現。這是需要多長時間的問題。然後需求仍然相當強勁，對吧？一切都結束了，過去幾個季度的一些固定儲存量有所回升。比我們預期的要強一點，但兩者兼而有之。

It's both demand and supply. And we do we need more supply to come out, and we expect it to at prices at these levels.

這既是需求也是供給。我們確實需要更多的供應，我們預計價格將保持在目前的水平。

There have been a lot of stories in the media in the last few months about Albemarle maybe looking at some asset sales, whether it be your stake in Greenbushes or Talison, which I think you refuted publicly or had a retraction in the media got a retraction made from that report in the media, but also maybe speculation you'd be considering selling your stake in and Could you just generally talk about if you're looking at any asset sales?

在過去的幾個月裡，媒體上有很多關於雅寶可能正在考慮出售一些資產的報道，無論是你在Greenbushes 還是Talison 的股份，我認為你公開駁斥了這一點，或者在媒體上撤稿了。

But we're always looking at from a portfolio perspective. So Ketjen is an example of that. And we've talked about that and said that's a noncore asset that we look to sell. But Greenbushes, I mean we are not when we're we wouldn't speculate on rumors around that, but but we did clarify Greenbushes, not something that we're thinking about selling.

但我們總是從投資組合的角度來看。科琴就是一個例子。我們已經討論過這一點，並表示這是我們希望出售的非核心資產。但是格林布什，我的意思是我們不是當我們在的時候，我們不會猜測有關這方面的謠言，但我們確實澄清了格林布什，而不是我們正在考慮出售的東西。

Christopher Parkinson with Wolf Research.

沃爾夫研究中心的克里斯托弗·帕金森。

Hi there. This is Abdul on for Mike. Just wanted to ask about the status of Kings Mountain, if there's any update in terms of costs or plans or anything like that?

你好呀。這是麥克的阿卜杜勒。只是想問國王山的狀況，在成本或計劃或類似方面是否有任何更新？

So Kings Mountain is a project we continue to push and invest in. So we're going through the permitting process. And that process is on track, there's a number of permits that are necessary for that, and it's a pretty long time frame to secure all of those. But I would say we continue to pursue that from a permitting standpoint. And that process is at this point, it's on track.

所以 Kings Mountain 是我們持續推動和投資的一個項目。所以我們正在辦理許可程序。這個過程正在步入正軌，為此需要許多許可證，並且需要相當長的時間才能獲得所有這些許可證。但我想說，我們會從允許的角度繼續追求這個目標。現在這個過程已經步入正軌。

Got it. Thanks.

知道了。謝謝。

Our next question is from Christopher Parkinson with Wolf research. Christopher. Your line is now open.

我們的下一個問題來自沃爾夫研究的克里斯托弗·帕金森。克里斯多福.您的線路現已開通。

This is Harris venue. for my first one, it would be helpful to hear some of your thoughts on the implications from the election, how you're thinking about tariffs and EV subsidies and maybe how you're adopting the strategy for that kind of environment? Thanks.

這是哈里斯場地。對於我的第一個問題，如果您能聽聽您對選舉影響的一些想法，您如何考慮關稅和電動車補貼，以及您如何針對這種環境採取策略，將會有所幫助？謝謝。

Yeah. So it is well, it's a little early to talk about what a Trump administration may do. We know what they've talked about. We'll have to see what they do. But this the energy transition is kind of a global phenomenon that is happening. It's really driven first by China, Europe, probably the second largest market in that and in North America.

是的。所以，現在談論川普政府可能會做什麼還為時過早。我們知道他們談論了什麼。我們得看看他們會做什麼。但能源轉型是一種正在發生的全球現象。它實際上首先是由中國、歐洲（可能是中國和北美的第二大市場）推動的。

And I don't want to speculate on what Trump administration might do. We'll have to wait and see. I will say that we've worked across the aisle in around the US. And we have contacts there. We know what they had talked about, but I think we just have to wait and see what they do, and then we will adjust to that.

我不想猜測川普政府可能會做什麼。我們得拭目以待。我想說的是，我們已經在美國各地進行了跨界合作。我們在那裡有聯繫。我們知道他們談論了什麼，但我認為我們只需要等待，看看他們會做什麼，然後我們會對此進行調整。

But it is a global market, and this energy transition is happening, and we're pretty well positioned around the globe to take advantage of that. We were our strategy had been to pivot to the west. We've kind of backed off that given that prices have been so low, and economics are building that supply chain now in the West, we still hope to do that, but we have to wait and see what a Trump administration wants to do.

但這是一個全球市場，這種能源轉型正在發生，我們在全球範圍內處於有利地位，可以利用這一點。我們的戰略是轉向西方。鑑於價格如此之低，而且經濟正在西方國家建立供應鏈，我們已經有所退縮，我們仍然希望這樣做，但我們必須等待，看看川普政府想要做什麼。

Got it. That's helpful. And then for my second one, in slide 17, you mentioned potential upside actions, accelerating productivity and reducing capital intensity even more. I guess maybe could you provide a little more detail as to what's on the table right now? Anything you can share as to what that might entail?Thanks.

知道了。這很有幫助。然後，在我的第二張投影片 17 中，您提到了潛在的上行行動，即進一步提高生產力並降低資本密集度。我想您能否提供更多關於目前正在討論的內容的細節？能分享一下這可能需要什麼嗎？

So look, I think we're working through this, and we as we said before, we've given a range because and we're being pretty aggressive around that, and it covers everything from overhead to R&D, part of that and our manufacturing base. So there's some opportunities to take cost out of there. So I don't know that we want to speculate on those.

所以看，我認為我們正在解決這個問題，正如我們之前所說，我們已經給出了一個範圍，因為我們對此非常積極，它涵蓋了從管理費用到研發的所有內容，其中一部分以及我們的製造基地。因此，有一些機會可以降低成本。所以我不知道我們是否想推測這些。

We need to do the work and then we'll come back to it. I think first you'll see, hopefully, we'll be narrowing the range to the upside as we go through and execute against this. And then if we have anything new to report, we'll do that in time. But I'm not I don't want to get out in front of that.

我們需要完成工作，然後再回來處理。我想首先你會看到，希望我們在經歷並執行這一點時將範圍縮小到上行。如果我們有任何新的情況要報告，我們會及時報告。但我不是，我不想在這之前出去。

Joshua Spector with UBS.

瑞銀集團的約書亞‧斯佩克特。

Hi. Yes, It's Chris Perrella on for Josh. I wanted to follow up on the contract outlook for lithium next year. I know it's two-third under contract for this year. What are your expectations for the mix in 2025? And then I had a follow-up on use of cash in the fourth quarter.

你好。是的，克里斯佩雷拉 (Chris Perrella) 替補喬許 (Josh)。我想跟進明年鋰的合約前景。我知道今年的合約中有三分之二。您對 2025 年的組合有何期望？然後我對第四季度的現金使用情況進行了追蹤。

So I guess, as we go through this, so as the we're not our mix won't change materially other than the fact that a lot of the growth will come on at spot volumes. And it may be under a contract, but it would be probably not with the same level of floors that we have in our current contracts.

所以我想，當我們經歷這個過程時，除了大規模增長將來自現貨量這一事實之外，我們的組合不會發生重大變化。它可能是根據合約簽訂的，但可能與我們目前合約中的樓層不同。

So the growth kind of creates additional mix, if you will, so it's not really a change in those contracts the existing contracts per se, but that new ones, either that come on or the volume that we sell is on a spot basis, it's more reflective of the spot market.

因此，如果你願意的話，這種增長會創造出額外的組合，所以這並不是這些合約和現有合約本身的真正變化，而是新合約的變化，無論是新合約的出現還是我們銷售的數量都是現貨的。

And then I guess for Neal, the use of cash in the fourth quarter from an operational standpoint is quite large. Could you just bucket or size out expand upon what the cash outflow or the use of cash is going to be from an operational standpoint in the fourth quarter?

然後我猜對尼爾來說，從營運角度來看，第四季的現金使用量相當大。從營運角度來看，您能否對第四季度的現金流出或現金使用情況進行分類或規模擴展？

Yes. Let me maybe give you a couple of things to think about. So first of all, in the fourth quarter, as I mentioned on a previous Q&A, we're right now not expecting a dividend from the Talison JV. If you go back and look at what we did in the third quarter or what we got in the third quarter, you'd probably find that, that dividend was in the, let's call it, $70 million to $80 million kind of range in the third quarter.

是的。也許讓我給你一些需要思考的事情。首先，正如我在先前的問答中提到的，在第四季度，我們目前預期泰利森合資公司不會派發股息。如果你回頭看看我們在第三季度做了什麼或我們在第三季度得到了什麼，你可能會發現，股息在，我們稱之為，7000萬美元到8000萬美元的範圍內。 。

And so that's one piece that we won't we're not expecting on in the fourth quarter. The other piece is, as we mentioned in the prepared remarks, one of the reasons that we there are two things behind our working capital performance in the third quarter.

所以這是我們不會在第四季出現的一個部分。正如我們在準備好的評論中提到的，另一件事是我們第三季營運資本表現背後有兩件事的原因之一。

The first, we said was working capital management, which very much happened. We reduced our inventories in the quarter, and we're still focused on driving those to an efficient point by the end of the year. But we also talked about timing of working capital. And what that was specifically is we had some items in A-Pay that moved from the third quarter into the fourth quarter.

我們說的第一個是營運資金管理，這種情況經常發生。我們在本季減少了庫存，並且仍致力於在年底前將庫存提高到有效水準。但我們也討論了營運資金的時間安排。具體來說，我們 A-Pay 中的一些項目從第三季轉移到了第四季。

So we'll eventually have to obviously make those payments. And I won't give you the exact number here, but you can imagine that, that's going to be in the tens of millions of dollars. As we finish up those payments.

所以我們最終顯然必須支付這些款項。我不會在這裡給你確切的數字，但你可以想像，這將是數千萬美元。當我們完成這些付款時。

And then the last one is the payments related to the cost reduction actions that we announced today. If you go and look in our queue, I don't know if you've had time to look at that, but we breadbox that and it's kind of in that $40 million to $50 million kind of cash outflow range as well. So that maybe gives you a few key buckets to think about from an operating cash flow perspective.

最後一項是與我們今天宣布的成本削減行動相關的付款。如果你去看看我們的隊列，我不知道你是否有時間看一下，但我們把它放在麵包箱裡，它也在 4000 萬到 5000 萬美元的現金流出範圍內。因此，這可能會給您從營運現金流角度考慮的幾個關鍵問題。

Patrick Cunningham from Citi.

來自花旗銀行的派崔克‧坎寧安。

Hi, good morning. This is Eric on for Patrick on the 2025 CapEx guide. Can you walk us through the actions you guys have taken to bring down CapEx and what is contemplated? And are there any assets under consideration that could potentially go into care and maintenance? Thank you.

嗨，早安。這是 Eric 為 Patrick 講述的 2025 年資本支出指南。您能否向我們介紹一下你們為降低資本支出所採取的行動以及計劃採取的行動？是否有任何正在考慮的資產可能用於維護和保養？謝謝。

So okay, let me do the capital first. So and then you can help me on this a little bit. But we've looked across the organization, and we've taken out there some growth projects that we have taken out of capital. We've tightened others up and from a maintenance capital standpoint, we've gotten tighter on that, a little more rigorous.

好吧，讓我先做資本。那你可以在這方面幫助我一點。但我們已經審視了整個組織，並從資本中拿出了一些成長項目。我們已經收緊了其他方面的規定，從維護資本的角度來看，我們在這方面已經收緊了，更加嚴格了。

And as we said before, what we've kept in, we've got maintenance capital, what we think is a minimum that we need and again, we're targeting that 4% to 6% of revenue for in the range for maintenance capital, and we're a little ahead of that for '25 because we just that's on a normalized revenue basis. And we think we're below a normalized level given lithium prices.

正如我們之前所說，我們保留了維護資本，我們認為這是我們需要的最低限度，我們的目標是將收入的 4% 到 6% 用於維護範圍資本，我們比25 年領先一點，因為我們只是在標準化收入的基礎上。我們認為，考慮到鋰價格，我們的價格低於正常水平。

And we've got projects around either a pretty short payback investment projects, whether they're for cost improvement or additional product that would be high-return, short payback type projects, we're still doing those. And the larger growth projects, which is why were we pulled back on our growth forecast out into the future because we're not doing some of those bigger projects that we had planned.

我們的專案要麼是回報期相當短的投資項目，無論是為了提高成本，要麼是高回報、回報期短的額外產品，我們仍在做這些項目。還有更大的成長項目，這就是為什麼我們取消了對未來的成長預測，因為我們沒有做一些我們計劃的更大項目。

And then the second part of the question, I'm sorry?

然後問題的第二部分，對不起？

On the question so we.

關於這個問題我們也是如此。

Yes. So, we've done yes, I got it. Sorry. So, we've done the train two at Kemerton in care and maintenance. And depending on where prices go, we will look at other assets, both from a resource and conversion standpoint across the portfolio. It's something that we are that we will look at. We've not made decisions around that. And some of those are acquire like JV decisions as well.

是的。所以，我們已經做到了，是的，我明白了。對不起。因此，我們在凱默頓對二號列車進行了保養和維護。根據價格走勢，我們將從整個投資組合的資源和轉換角度來審視其他資產。這是我們將會關注的事情。我們還沒有就此做出決定。其中一些也是像合資企業那樣的收購決策。

So Wodgina is one where we're deciding about the number of trains that we operate at Wodgina, but it's something we have to agree with our joint venture partner.

因此，我們正在決定在沃吉納運行的列車數量，但我們必須與合資夥伴達成協議。

Thank you. That's all the time we have for questions. I will now pass it back to Kent Masters for closing remarks.

謝謝。這就是我們提問的時間。現在我將把它傳回肯特馬斯特斯以供結束語。

Okay. Thank you, Jimmy. Albemarle continues to deliver solid operational results due to our execution across the company. With proactive steps underway to reduce cost and drive performance, we are well positioned to take advantage of the long-term growth opportunities across our end markets. Thank you for joining us today, and please stay safe.

好的。謝謝你，吉米。由於我們整個公司的執行力，雅寶繼續提供穩健的營運績效。透過採取積極措施降低成本並提高績效，我們已做好充分準備，充分利用終端市場的長期成長機會。感謝您今天加入我們，請保持安全。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。